Full text of Business Conditions Digest : April 1981
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moNS U.S. DEPARTMENT OF COMMERCE BUREAU OF ECONOMIC ANALYSIS U.S. DEPARTMENT OF COMMERCE Malcolm Baldrige, Secretary William A. Cox, Acting Chief Economist for the Department of Commerce BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H. Young, Deputy Director Charles A. Waite, Acting Associate Director Tor National Analysis and Projections Feliks Tamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication a r e Barry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Morton Somer—Seasonal adjustments Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541) The cooperation of government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee under the auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of the following persons: Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of Commerce Joseph W. Duncan, Office of Federal Statistical Policy and Standards Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor J. Cortland Peret, Board of Governors of the Federal Reserve System Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce ABOUT THIS REPORT BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic time series found most useful by business analysts and forecasters. The original BCD, which began publication in 1961 under the title Business Cycle Develop- Most of the data contained in this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. ments, 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. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate economic activity. In this report, cyclical indicators are classified both by economic process and by their average timing at business cycle peaks, at business cycle troughs, and at peaks and troughs combined. These indicators have been selected primarily on the basis of their cyclical behavior, but they also have proven useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate economic activity. Annual subscription price: $55.00 domestic, $68.75 foreign. Single copy price: $4.75 domestic, $5.95 foreign. Foreign airmail rates are available upon request. Address all correspondence concerning subscriptions to the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Make checks payable to the Superintendent of Documents. Other Economic Measures provide additional in- formation 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 ItCII iii METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures How To Read Charts How To Locate a Series Summary of Recent Data and Current Changes 1 1 1 1 4 5 5 6 APRIL 1981 Data Through March Volume 21, Number 4 PART I. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Al A2 A3 A4 Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Chart Table 10 12 14 15 60 — — — 16 19 21 23 26 28 31 61 63 64 65 68 69 71 36 —' 39 74 77 — CYCLICAL INDICATORS BY ECONOMIC PROCESS Bl 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 DIFFUSION INDEXES AND RATES OF CHANGE Cl C2 C3 Diffusion Indexes Selected Diffusion Index Components Rates of Change The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public required by law of this Department. Use Digitizedbusiness for FRASER of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through September 1, 1983. ItCII PART II. OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME Al A2 A3 A4 A5 A6 A7 A8 AND PRODUCT GNP and Persona! Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving, , Shares of GNP and National Income Chart 40 41 42 43 44 45 46 47 Table 80 80 81 81 82 82 82 83 48 49 84 87 51 89 52 53 90 90 56 57 92 93 58 59 59 94 95 96 PRICES, WAGES, AND PRODUCTIVITY Bl B2 Price Movements Wages and Productivity LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Civilian Labor Force and Major Components GOVERNMENT ACTIVITIES Receipts and Expenditures Defense Indicators U.S. INTERNATIONAL TRANSACTIONS Merchandise Trade Goods and Services Movements INTERNATIONAL COMPARISONS Industrial Production Consumer Prices Stock Prices PART III. APPENDIXES A. MCD and Related Measures of Variability (January 1981 issue) QCD and Related Measures of Variability (January 1981 issue) B. Current Adjustment Factors (February 1981 issue) C. Historical Data for Selected Series 97 D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide") E. Business Cycle Expansions and Contractions (October 1980 issue) F. Specific Peak and Trough Dates for Selected Indicators 105 G. Experimental Data and Analyses 106 Alphabetical Index—Series Finding Guide 110 Titles and Sources of Series 114 Readers are invited to submit comments and suggestions concerning this publication. Address them to Feliks Tamm, Chief, Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, 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 Changes in this issue are as follows: methods, benchmark 1. The series on manufacturing and trade sales and inventories have been revised by the source agency for the months of February 1980 and January and February 1981. Thus, data for these months are not comparable with data for other months. These revisions reflect the rebenchmarking of data for the retail and wholesale sectors. Historical revised data are expected to become available in May when the rebenchmarking of the manufacturing sector is scheduled for completion. data, etc. Changes may result in revisions of data, additions or deletions of series, changes in placement of series in relation to other series, changes in composition of The series that are affected by these revisions are series 56 and 71 (for all three of the above-mentioned months) and series 31, 57, 70, and 77 (for January and February 1981). Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of the Census, Business Division. 2. Series 92, Change in sensitive crude materials prices, has been revised for the period January 1976 through February 1981. These revisions reflect the source agency's correction of a systematic calculation error in the December 1975 to January 1976 movement. Further information concerning this revision may be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and Living Conditions, Division of Industrial Prices and Price Indexes. (Continued on page iv.) The May issue of BUSINESS CONDITIONS DIGEST is scheduled for release on June 2. ill indexes, etc. 3. The Fixed-weighted price index, gross business product, (series 311) has been revised for all periods by the source agency. This revision reflects the use of greater detail in the calculation of this index. Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Wealth Division. 4. Appendix C contains historical data for series 16, 18, 22, 30, 34, 35, 49, 55, 64, 68, 79-81, 86-89, 92, 107, 113, 220, 224, 225, 227, 230-233, 235-243, 245, and 247-252. 5. Appendix G contains cyclical comparisons for series 5, 30, 40, 50, 82, 86, 910, and 920. IV METHOD OF PRESENTATION adjustment is occasionally required for holidays Part I. CYCLICAL INDICATORS with variable dates, such as Easter. An additional adjustment is sometimes necessary for series This report is organized into two major parts. Business cycles have been defined as sequences which contain considerable variation due to the Part I, Cyclical Indicators, includes about 150 time number of working or trading days in each month. of expansion and contraction in various economic series which have been found to conform well to As used in this report, the term "seasonal processes that show up as major fluctuations in agbroad fluctuations in comprehensive measures of adjustment" includes trading-day and holiday gregate economic activity—that is, in comeconomic activity. Nearly three-fourths of these are prehensive measures of production, employment, adjustments where they have been made. individual indicators, the rest are related analytical Most of the series in this report are presented in income, and trade. While recurrent and pervasive, measures: Composite indexes, diffusion indexes, seasonally adjusted form and, in most cases, these business cycles of historical experience have been and rates of change. Part II, Other Important are the official figures released by the source definitely nonperiodic and have varied greatly in Economic Measures, covers over 140 series which agencies. However, for the special purposes of this duration and intensity, reflecting changes in are valuable to business analysts and forecasters report, a number of series not ordinarily published economic systems, conditions, policies, and but which do not conform weii enough to business in seasonally adjusted form are shown here on a outside disturbances. cycles to qualify as cyclical indicators. (There are a seasonally adjusted basis. One of the techniques developed in business few exceptions: Four series which are included in cycle research and widely used as a tool for analyzpart I are also shown in part II to complete the ing current economic conditions and prospects is MCD Moving Averages systematic presentation of certain sets of data, the cyclical indicators approach. This approach such as real GNP and unemployment.) The largest identifies certain economic time series as tending Month-to-month changes in a series are often section of part II consists of quarterly series from to lead, coincide with or lag behind the broad dominated by erratic movements. MCD (months for the national income and product accounts; other movements in aggregate economic activity. Such cyclical dominance) is an estimate of the approsections relate to prices, labor force, government indicators have been selected and analyzed by priate span over which to observe cyclical and defense-related activities, and international NBER in a series of studies published between movements in a monthly series. (See appendix A.) transactions and comparisons. It is the smallest span of months for which the 1938 and 1967. During the 1972-75 period, a new The two parts are further divided into sections average change in the cyclical factor is greater than comprehensive review of cyclical indicators was (see table of contents), and each of these sections that in the irregular factor. The more erratic a carried out by the Bureau of Economic Analysis is described briefly in this introduction. Data are series is, the larger the MCD will be; thus, MCD is 1 (BEA) with the cooperation of the NBER research shown both in charts and in tables. Most charts for the smoothest series and 6 for the most erratic. staff. The present format and content of part I of begin with 1956, but those for the composite MCD moving averages (that is, moving averages of BCD are based on the results of that study. indexes and their components (part I, section A) the period equal to MCD) tend to have about the begin with 1948, and a few charts use a two-panel same degree of smoothness for all series. Thus, a Section A. Composite indexes and format which covers only the period since 1969. 5-term moving average of a series with an MCD of 5 Their Components Except for section F in part II, charts contain will show its cyclical movements about as clearly shading which indicates periods of recession in as the seasonally adjusted data for a series with an All cyclical indicators have been evaluated acgeneral business activity. The tables contain data MCD of 1. cording to six major characteristics: Economic for only the last few years. The historical data for The charts in this report generally include significance, statistical adequacy, consistency of the various time series are contained in the 1977 centered MCD moving averages for those series timing at business cycle peaks and troughs, Handbook of Cyclical Indicators. with an MCD greater than 4. The seasonally conformity to business expansions and In addition to the charts and tables described adjusted data are also plotted to indicate their contractions, smoothness, and prompt availability above, each issue contains a summary table which variation about the moving averages and to provide (currency). A formal, detailed weighting scheme shows the current behavior of many of the series. was developed and used to assess each series by all observations for the most recent months. Appendixes present seasonal adjustment factors, of the above criteria. (See articles in the May and measures of variability, specific cycle turning November 1975 issues of BCD.) The resulting Reference Turning Dates dates, cyclical comparison charts, and other scores relate to cyclical behavior of the series information of analytical interest. An index appears The historical business cycle turning dates used during the period 1947-70. This analysis produced at the back of each issue. It should be noted that in this report are those designated by the National a new list of indicators classified by economic the series numbers used are for identification Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks purposes only and do not reflect precise mark the approximate dates when, according to and troughs. (See tables on page 2 and text below relationships or order. However, all series NBER, aggregate economic activity reached its relating to section B.) considered as cyclical indicators are numbered in This information, particularly the scores relating cyclical high or low levels. As a matter of general the range 1 to 199. practice, neither new reference turning dates nor to consistency of timing, served as a basis for the the shading for recessions will be entered on the selection of series to be included in the composite Seasonal Adjustments charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring the new reference trough bounding the shaded area series from many different economic-process Adjustments for average seasonal fluctuations have been designated. groups and combine those with similar timing are often necessary to bring out the underlying The historical reference turning dates are subject behavior, using their overall performance scores as trends of time series. Such adjustments allow for to periodic review by NBER and on occasion are weights. Because they use series of historically the effects of repetitive intrayear variations changed as a result of revisions in important tested usefulness and given timing characteristics resulting primarily from normal differences in economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs), weather conditions and from various institutional lication for the 1948-1970 time period are those with diversified economic coverage and a minimum arrangements. Variations attributable to holidays determined by a 1974 review. The turning dates for of duplication, composite indexes give more are usually accounted for by the seasonal the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the adjustment process; however, a separate holiday Annual Report. individual indicators. Furthermore, much of the Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks \. Economic \Process Cyclical Timing \ N. LEADING (L) INDICATORS (62 series) EMPLOYMENT II. Mi. IV. PRODUCTION CONSUMPTION. TRADE, ORDERS, AND DELIVERIES (13 series) FIXED CAPITAL INVESTMENT (18 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) AND AND UNEMPLOYMENT (18 series) INCOME (10 series) Marginal employment adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 series) Capacity utilization (2 series) V. VI. INVENTORIES PRICES, COSTS, A N D PROFITS (17 series) VII. MONEY A N D CREDIT (26 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) AND INVENTORY INVESTMENT (9 series) Inventory investment (4 series) Inventories on hand and on order (1 series) 1 rttoyoct rstoc (1 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) i LAGGING (Lg) | INDICATORS (18 series) TIMING UNCLASSIFIED (U) Comprehensive employment (1 series) Comprehensive output and real income (4 series) Industrial production (4 series) Consumption and trade (4 series) Backlog of investment commitments (1 series) Business investment expenditures (5 series) Duration of unemployment (2 series) Velocity of money (2 series) Interest rates (2 series) Business investment expenditures (1 series) Comprehensive employment (3 series) Trade (1 series) (8 series) Inventories on hand and on order (4 series) Business investment commitments (1 series) _ _ Unit labor costs and labor share (4 series) Interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) Interest rates (1 series) .__. _. .„.._ „ ! j j \ j ! .,..„ B. Timing at Business Cycle Troughs ._ \ Economic .Process Cyclical X Timing \. LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (40 series) II. III. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. F IXED CAPITAL INVESTMENT (18 series) EMPLOYMENT PRODUCTION AND AND Marginal employment adjustments (3 series) Industrial production (1 series) New and unfilled orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business investment commitments (4 series) Residential construction (3 series) Marginal employment adjustments (2 series) Comprehensive employment (4 series) Comprehensive output and real income (4 series) Industrial production (3 series) Capacity utilization (2 series) Consumption and trade (3 series) Business investment commitments (1 series) Unfilled orders (1 series) Business investment commitments (2 series) Business investment expenditures (6 series) UNEMPLOYMENT (18 series) Marginal employment adjustments (1 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive and duration INCOME (10 series) M V. INVENTORIES AND INVENTORY INVESTMENT (9 series) Inventory investment (4 series) Inventories on hand and on order (5 series) VI. PRICES, COSTS, AND PROFITS (17 series) VII. MONEY A N D CREDIT (26 series) Stock prices (1 series) Commodity prices (2 series) Profits and profit margins (6 series) Cash flows (2 series) Money flows (2 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) j Profits (2 series) Money flow (1 series) Velocity of money (1 series) Unit labor costs and labor share (4 series) Velocity of \ money (1 series) | Bank reserves i (1 series) i Interest rates (8 series) Outstanding debt (3 series) j j unemployment (5 series) TIMING UNCLASSIFIED (U) (1 series) Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The main composite indexes are distinguished by their cyclical timing. Thus, there is an index of leading indicators, series which historically reached their cyclical peaks and troughs earlier than the corresponding business cycle turns. There is an index of roughly coincident indicators, consisting of series which historically reached their turning points at about the same time as the general economy, and an index of lagging indicators, which includes series that typically reached their peaks and troughs later than the corresponding business cycle turns. The leading index contains series with long as well as short leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chance, given the historical distribution of cyclical timing. (An analogous statement applies to the components of the lagging index.) Since 1948, leads were generally more frequent and longer at peaks than at troughs of business cycles, while lags were generally more frequent and longer at troughs than at peaks. The adopted system of scoring and classifying the indicators takes into account these well-established differences in timing. Consequently, rough coincidences include short leads (-) and lags ( + ) as well as exact coincidences (0). (For monthly series, the range is from -3 through + 1 at peaks and from -1 through + 3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 1977 Handbook of Cyclical Indicators.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags ( + ) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. " L " denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency to lag. Since these series have been selected for the consistency of their timing at both peaks and troughs, all components of the leading index are denoted "L,L,L," all components of the coincident index "C,C,C," and all components of the lagging index "Lg,Lg,Lg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 1948-70 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the 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 type. Eight series are unclassified at peaks, one series at troughs, and 19 series at all turns (of the 19, 15 have definite but different timing at peaks and at troughs). No series that is classified as U both at peaks and at troughs is included in the list of cyclical indicators. The classification scheme which groups the indicators of this section by economic process and cyclical timing is summarized in the two tabulations on page 2. Cross-classification A is based on the observed behavior of the series at five business cycle peaks (November '48, July '53, August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1977 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and expectations for several operating variables are presented, along with the corresponding indexes based on actual data, as the last set of diffusion series. This section also records rates of change for the three composite indexes (leading, coincident, and lagging) and ior 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. 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 This part is divided into six sections which cover a wide range of quarterly and monthly time series private business. The former include all private measuring various aspects of economic activity. purchases of dwellings, whether purchased for Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used pertaining to the U.S. economy as a whole, others goods are also included. Government purchases of goods and services have to do with particular sectors or markets, and still others relate to U.S. international transactions (A4) is the compensation of government employees or to selected foreign countries. The represented and purchases from business and from abroad. It variables include incomes, outputs, and excludes transfer payments, interest paid by expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross labor resources; government receipts, investment by government enterprises but excludes expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of ports and imports; and selected indicators for a few used goods and excludes sales and purchases of land and financial assets. key foreign countries. Net exports of goods and services (A5) is exports less imports of goods and services. Exports are part Section A. National Income and Product of the national production; imports are not, but are The national income and product accounts, included in the components of GNP and are compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S. final expenditures for the personal, business, international transactions is provided in section E. foreign, and government sectors of the economy. National income (A6) is the incomes that Section Al shows the gross national product, originate in the production of goods and services final sales, and personal and disposable personal attributable to labor and property supplied by income. The four major components of the gross residents of the United States. Thus, it measures national product—personal consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of government purchases of goods and services, and employees, proprietors' income, rental income of net exports of goods and services—are presented in persons, corporate profits, and net interest. sections A2 through A5. Most of the series in Saving (A7) is the difference between income section A are presented in current as well as and expenditures during an accounting period. constant dollars. There are also a few per capita Total gross saving includes personal saving, series. The national income and product accounts, business saving (mainly undistributed corporate briefly defined below, are described more fully in profits and capital consumption allowances), and the Survey of Current Business, Part I, government surplus or deficit. January 1976. Shares of GNP and national income (A8).—The Gross national product (GNP) is the market major expenditure components of GNP value of final goods and services produced by the (consumption, investment, etc.) are expressed as labor and property supplied by residents of the percentages of GNP, and the major income United States, before deduction of allowances for components of national income (compensation of the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as most comprehensive measure of aggregate percentages of national income. economic output. Final sales is GNP less change in business inventories. Personal income is the income received by persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity businesses, nonprofit institutions, private trust funds, and private noninsured welfare funds) from The important data on price movements include all sources. It is the sum of wage and salary the monthly consumer and producer price indexes disbursements, other labor income, proprietors' and their major components. Based largely on income, rental income of persons, dividends, these series are the quarterly price indexes from personal interest income, and transfer payments, the national income and product accounts, notably less personal contributions for social insurance. the GNP implicit price deflator (with weights Disposable personal income is the personal reflecting the changing proportions of different income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government. uct. Data on both levels and percent changes are Personal consumption expenditures (A2) is presented for the period since 1969. The group of series on wages and tyoductivity goods and services purchased by individuals, operating expenses of nonprofit institutions, and consists of data on average hourly earnings and the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings and financial services received in kind by in- and other benefits) in current and constant dollars, dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and rates of change for most of these measures. cluded. Part II. OTHER IMPORTANT ECONOMIC 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. Also shown is a selection of series from the discontinued Defense Indicators. These series measure defense activities which influence short-term changes in the national economy. Included are series relating to obligations, contracts, orders, production, shipments, inventories, outlays, and employment. These series are grouped according to the time at which the activities they measure occur in the defense order-production-delivery process. Series measuring activities which usually precede production, such as contract awards and new orders, are classified as "advance measures of defense activity." Series measuring activities which tend to coincide with production, such as employment, and activities which usually follow production, such as shipments, are classified as "intermediate and final measures of defense activity." Section E. U.S. International Transactions This group includes monthly series on exports (excluding military aid) and general imports, plus a few selected components of these aggregates. Also shown are the balances between receipts and expenditures for goods and services, merchandise, and investment income. Section F. International Comparisons This section is designed to facilitate a quick review of basic economic conditions in six of the nations with which we have important trade relationships. The U.S. business cycle shading has been omitted from these charts. Data on industrial production, consumer prices, and stock prices for Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European countries in the Organization for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1969) 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. Dotted line indicates anticipated quarterly data over various spans. Rates of Change Solid line indicates percent changes over 3- or 6-month spans. Arabic number indicates latest month used in computing the changes. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3- or 4-quarter spans. Roman number indicates latest quarter used in computing the changes. HOW TO LOCATE A SERIES See ALPHABETICAL INDEX-SERIES FINDING GUIDE at the back of the report where series are arranged alphabetically according to subject matter and key words and phrases of the series titles, o r 2. See TITLES AND SOURCES OF SERIES at the back of the report where series are listed numerically according to series numbers within each of the report's sections. Table 1. Summary of Recent Data and Current Changes for Principal Indicators Basic data1 Timing classification3 Series title Unit of measure Percent chan§e Avetage 1979 1980 3dQ 1980 4th Q 1980 1st Q 1981 Jan. 1981 Jan. to Feb. 1981 Mar. 1981 Feb. 1981 Feb. to Mar. 1981 3dQ to 4th Q 1980 4th Q to lstQ 1981 _• E 3 I. CYCLICAL INDICATORS A. Composite Indexes 910. Twelve leading indicators 920. Four coincident indicators 930. Six lagging indicators Leading Indicator Subgroups: 913. Marginal employment adjustments 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917. Money and financial flows 1967=100 .. do. . . . do. . . . Lg.Lg.Lgi 140.1 145.1 166.4 131.7 140.4 176.8 131.6 137.2 163.2 137.1 141.2 178.1 136.1 142.9 184.3 135.9 142.9 189.0 135.2 142.8 186.2 137.1 142.9 111 .1 -0.5 -0.1 -1.5 1.4 0.1 -4.6 4.2 2.9 9.1 -0.7 1.2 3.5 91 92 93 do do. . . . do. . . . do do. . . . 96.8 113.5 105.9 91.7 145.5 93.4 107.4 101.1 90.7 135.9 92.9 107.7 100.0 91.2 136.6 95.5 108.1 103.4 91.9 139.8 95.3 106.5 103.0 NA 139.0 95.7 107.4 101.5 92.0 139.7 95.2 105.6 102.9 91.5 139.0 94.9 106.4 104.7 NA 138.4 -0.5 -1.7 1.4 -0.5 -0.5 -0.3 0.8 1.7 NA -0.4 2.8 0.4 3.4 0.8 2.3 -0.2 -1.5 -0.4 NA -0.6 91 91 91 91 91 L,L,L c,c,c . LL L L,L,L i L,L,L LL L L,L,L B. Cyclical Indicators by Economic Process B1. Employment and Unemployment 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 (inverted4) *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. . . . 40.2 3.3 4.0 381 1.1 2.0 39.7 2.8 3.5 484 1.7 1.5 39.3 2.6 3.6 513 1.7 1.3 39.9 2.9 3.7 411 1.2 1.4 40.1 3.0 3.5 413 1.4 1.5 40.4 3.1 3.5 415 1.3 1.5 39.9 2.9 3.6 402 1.4 1.5 40.0 2.9 3.5 421 1.4 1.4 -1.2 -0.2 0.1 3.1 -0.1 0. 0.3 0. -0.1 -4.7 0. -0.1 1.5 0.3 0.1 19.9 0.5 0.1 0.5 0.1 -0.2 -0.5 -0.2 0.1 Job Vacancies: 60. Ratio, help-wanted advertising to persons unemployed2 46. Help-wanted advertising ULg,U L,Lg,U Ratio 1967=100... 0.786 158 0.520 129 0.448 119 0.491 130 0.488 128 0.486 128 0.495 129 0.483 126 0.009 0.8 -0.012 -2.3 0.043 9.2 -0.003 -1.5 6 4 u,c,c A.r., bil. hrs.. Thousands. . do. . . . do. . . . 169.72 93,648 89,886 26,504 169.96 93,960 90,657 25,855 168.17 93,769 90,131 25,317 170.41 93,925 90,932 25,780 172.32 94,692 91,590 26,002 173.03 94,294 91,481 26,041 171.74 94,646 91,644 25,987 172.18 95,136 91,645 25,978 -0.7 0.4 0.2 -0.2 0.3 0.5 0. 0. 1.3 0.2 0.9 1.8 1.1 0.8 0.7 0.9 4 4 4 4 59.25 58.51 58.27 58.18 58.43 58.30 58.38 58.61 0.08 0.23 -0.09 0.25 9 5,963 5.8 2.9 10.8 1.2 7,448 7.1 3.9 11.9 1.7 7,921 7.5 4.3 12.4 2.0 7,897 7.5 3.8 13.5 2.2 7,788 7.3 3.3 14.3 2.1 7,847 7.4 3.4 14.4 2.2 7,754 7.3 3.2 14.4 2.1 7,764 7.3 3.3 14.0 2.1 1.2 0.1 0.2 0. 0.1 -0.1 0. -0.1 2.8 0. 0.3 0. 0.5 -8.9 -0.2 1.4 0.2 0.5 -5.9 0.1 3 4 4 y 4 1483.0 1480.7 1471.9 1485.6 1509.2 1197.4 1207.5 1207.6 1220.0 1230.2 1228.5 1230.6 1231.5 1043.8 1043.2 1035.6 1050.4 1060.9 1058.5 1061.5 1062.6 0.2 0.3 0.1 0.1 0 9 1.0 1.4 1 6 0.8 1.0 5 5 5 0 1 2 2 1 0 c 4.9 6.8 3.9 0.8 1.6 1.7 1.1 3.1 4 7 7 4 3 5 2 5 1 0 5 NA 1 5 8 3 8 2 9 3 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 c,c,c L,C,U Percent U,Lg,U Comprehensive Unemployment: 37. Total unemployed (inverted4) L,Lg,U Thousands.. 43. Unemployment rate, total ^inverted4)2 L,Lg,U Percent 45. Avg. weekly insured unemploy-rate (inv. 4 ) 2 .. L,Lg,U do. . . . *91. Avg. duration of unemployment (inverted4) .. 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. GNP in 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 C,C,C c,c,c c,c,c A.r., bil. dol. do do C,C,C do 247 2 231 0 226 0 231 0 233 2 234 9 232 5 232 2 -1 0 c,c,c c,c,c 1967=100 do do. . . . A.r., bil. dol. 152.5 146.4 164.0 674.5 147.1 136.6 161.1 665.2 142.1 129.8 157.3 657.5 149.1 138.6 163.4 662.9 151.5 140.9 165.2 683.6 151.7 141.3 165.3 151.1 140.1 165.2 151.7 141.3 165.0 -0.4 -0.8 -0.1 85.6 82 87.4 79.0 78 79. 8 75.7 76 74. 9 79.2 78 80.0 79. 7 NA 81. 5 Industrial Production: *47. Industrial production, total 73 Industrial production, durable mfrs 74. Industrial production, nondurable mfrs 49. Value of goods output, 1972 dollars c,c,c Capacity Utilization: 82. Capacity utilization rate, mfg., FRB2 83. Capacity utilization rate, mfg., BEA2 84. Capacity utilization rate, materials, FRB2 L,C,U Percent do do. . . . Orders and Deliveries: 6 New orders, durable goods L,L,L 7. New orders, durable goods, 1972 dollars L,L,L *8. New orders, cons, goods and mtls., 1972 dol. . L,L,L 25 Chg. in unfilled orders, durable goods2 L,L,L L.Lg,U 96. Mfrs.' unfilled orders, durable goods5 *32. Vendor performance2 @ L,L,L Bil dol do do. . . . do Bil. dol., EOP Percent 77.20 76.34 75.14 81.46 82.27 81.34 8 2 . 2 1 83.25 41.40 36.87 35.98 38.10 38.02 37.74 38.01 38.31 36.46 32.80 32.13 34.30 33.56 32.62 34.38 33.67 3.26 0.99 1.41 1.71 1.26 1.08 1.13 1.57 267.88 279.75 274.62 279.75 283.53 280.82 281.95 283.53 63 40 35 45 49 46 50 52 1.1 0.7 5.4 0.05 0.4 4 1.3 0.8 -2.1 0.44 0.6 2 8.4 5.9 6.8 0.30 1.9 10 1.0 -0.2 -2.2 -0.45 1.4 4 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 (§) 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. 1Q1966=100 288.22 159.46 150.8 74,529 45,172 65. 3 66.0 -0.1 -0.5 -0.2 1.6 0.9 NA NA 0.5 0.1 -0.4 -6.3 -0.6 6.8 3.0 3.1 3.3 0.8 12 6 6.3 NA NA -0.1 4.6 2.7 13. 9 -5.3 L.L.L L.L,L 1967=100... Number. . . . 131.7 1 2 1 . 1 117.9 120.0 43,714 44,337 44,604 47,470 1.8 6.4 NA NA C,L,L L,C,U 0.4 0.9 -0.1 B3. Consumption, Trade, Orders, and Deliveries 311.61 153.35 145.5 79,721 43,660 61. 8 64.4 310.16 151.21 143.0 79,980 43,461 58. 7 67.8 331.39 NA 345.58 155.77 NA 157.42 147.4 147.2 147.3 82,586 86,419 85,463 43,796 44,986 44,768 66.1 75. 3 72.1 71.4 68.3 NA 345.19 NA 156.58 147.7 146.9 86,851 86,943 45,188 45,002 66.9 66.5 NA NA NA NA c 5 -j c 5 5 c B4. Fixed Capital Investment Formation of Business Enterprises: *12 Net business formation 13 New business incorporations NA 118.2 NA 46,022 NA NA NA HA 1 •J Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued Basic data 1 Series title Timing classification 3 Unit of 3dQ 1980 4th Q lstQ 1981 1979 Jan. 1981 Feb. 1981 Mar. 1981 Jan. to Feb. 1981 Feb. to Mar. 1981 3dQ to 4th Q 4th Q to 'lstQ 1981 I. 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 Bil. dol 24.67 24.23 26.31 27.39 23.74 -13.3 17.1 7.1 1.3 L.L.L L.L.L ..do. . . . do. . . . 14.65 21.64 13.26 21.30 13.06 20.61 13.58 21.38 13.52 22.89 14.17 24.51 12.34 20.59 14.05 23.56 -12.9 -16.0 13.9 14.4 4.0 3.7 -0.4 7.1 L,L,L do. . . . 12.68 11.72 11.42 11.51 12.00 12.89 10.95 12.17 -15.1 11.1 0.8 4.3 L.C.U Mil.sq.ft. .. U,Lg,U Bil. dol C,Lg,Lg Bil. dol., EOP 90.52 22.20 76.66 77.96 26.38 91.85 69.50 24.29 89.72 85.24 25.89 91.85 84.37 NA NA 78.70 84.41 90.00 7.3 6.6 22.6 6.6 2.4 -1.0 NA NA 1.1 3.5 NA 318.05 310.70 178.7 178.5 178.0 161.7 NA 179.5 -2.3 -0.3 NA 0.8 3.7 2.7 1.0 NA 2.2 3.0 1,535 105.7 50.6 1,386 95.0 50.7 L,L,L C.Lg,Lg A.r., bil. dol. 270.46 295.63 296.23 299.58 310.10 do. . . . CLg,Lg C,Lg,U 1967-100... C,Lg,C A.r., bil. dol. 271.93 298.01 294.14 304.95 171.3 173.3 170.3 174.9 163.3 158.4 155.5 157.0 L,L,L L,L,L L,L,L A.r., thous. . 1967=100... A.r., bil. dol. L,L,L do. 1,745 123.8 59.1 1,292 95.5 48.1 1,390 112.0 44.7 1,660 99.2 1,214 94.1 1,284 91.8 -26.9 -5.1 5.8 -2.4 10.4 -5.6 13.2 -9.7 -10.1 0.2 -2.2 1.5 -5.52 40.7 0.11 -7.34 58.6 0.89 NA NA NA -1.82 17.9 0.78 NA NA NA 12.79 -21.3 0.96 NA NA NA NA 465.11 469.99 NA 263.17 262.90 NA 75.38 76.62 NA NA NA 1.0 -0.1 NA NA NA 1.6 -0.5 -1.5 NA NA NA NA NA NA -0.06 NA NA 1.8 NA 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 (smoothed6)2 31. Chg. in book value, mfg. and trade invent.2 . 38. Chg. in mtl. stocks on hand and on order2 .. 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 goodss 77. Ratio, inventories to sales, mfg. and trade, constant dollars2 78. Materials and supplies, stocks on hand and on order5 UL.L L,L,L L,L,L do. do. Bil. dol. . Lg,Lg,Lg Bil. dol., EOP do. . . . Lg.Lg.Lg do. . . . Lg.Lg.Lg Lg,Lg,Lg Ratio 10.2 -2.9 -5.0 -7.2 -5.7 10.49 46.2 2.56 -9.60 30.0 0.42 -13.69 30.1 0.25 -0.90 8.8 1.21 NA NA NA 426.80 461.72 454.57 461.72 265.44 262.97 264.24 262.97 70.53 75.58 76.76 1.66 L,Lg,Lg Bil. dol., EOP 1.73 1.75 75.58 1.6 204.38 205.26 NA 204.27 Sensitive Commodity Prices: *92. Chg. in sensitive prices (smoothed6)2 23. Spot market prices, raw industrials ® L.L.L U,L,L Percent 1967=100... Stock Prices: *19. Stock prices, 500 common stocks(g) UL.L 194143=10. Profits and Profit Margins: 16. Corporate profits after taxes 18. Corp. profits after taxes, 1972 dollars 79. Corp. profits after taxes with IVA and CCAdj . . 80 do in 1972 dol... 15. Profits (after taxes) per dol. of sales, mfg.2 .. 26. Ratio, price to unit labor cost nonfarm bus L,L,L L,L,L L,C,L L.C.L L,L,L L.L.L A.r.f bil. dol. do. . . . do. . . . do. . . . Cents 1977=100.. 167.8 99.6 109.2 65.5 5.7 96.8 163.1 88 100.3 55.1 4.9 96.3 159 85 99 54.0 4.6 96.5 164.3 86.6 98 52.2 4.9 96.4 L,L,L A.r., bil. dol. do. . . . 257.1 149.1 265.4 141.8 262.9 138.6 272.0 141.1 Lg,Lg,Lg 119.9 132.4 133.9 Lg,Lg,Lg Dollars. . . . 1967=100.. Lg,Lg,Lg Percent. . . . Lg,Lg,Lg 1.092 175.8 1.196 195.1 1.203 200.9 74.4 75.3 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 1.68 0.01 199.20 204.27 200.63 B6. Prices, Costs, and Profits Cash Flows: 34. Net cash flow, corporate 35. Net cash flow, corporate, 1972 dollars 1.67 1.69 1.98 293.0 1.46 298.0 1.14 289.3 2.16 301.3 0.4 2.32 288.5 0.93 291.6 2.13 284.2 3.89 289.8 1.20 -2.5 1.76 2.0 1.02 4.1 0.16 -4.2 103.01 118.78 123.28 133.12 131.52 132.97 128.40 133.19 -3.4 3.7 8.0 -1.2 NA NA NA NA NA 96.6 3.3 1.3 -1.3 -3.3 0.3 -0.1 NA NA NA NA NA 0.2 NA NA 3.5 1.8 139.5 2.3 1.8 NA 204.3 2.2 -0.4 NA 2.1 1.230 200.1 202.8 0. 75.4 NA . NA 0.1 B7. Money and Credit Money: 85. Change in money supply (M1-B)2 102. Change in money supply (M2)2 *104. Chg. in total liquid assets (smoothed6)2 105. Money supply (M1-B), 1972 dollars •106. Money supply (M2), 1972 dollars L.L.L L.C.U LL.L UL.L L,L,L Percent. do. do. Bil. dol. . do. 0.60 0.71 0.97 215.8 846.5 0.53 0.77 0.75 202.1 813.0 1.40 1.18 0.74 202.1 819.4 0.32 0.59 0.91 201.4 813.0 0.78 0.80 0.94 198.8 806.2 1.00 0.48 0.99 199.4 806.0 0.31 0.64 0.98 198.1 803.5 Velocity of Money: 107. Ratio, GNP to money supply (M1-B)2 108. Ratio, pers. income to money supply (M2)2 . C,C,C C,Lg,C Ratio 6.446 1.323 6.592 1.348 6.559 1.339 6.612 1.353 6.758 1.367 1.369 1.369 Credit 33. 112. 113. 110. L,L,L L,L,L L,L,L Flows: Change in mortgage debt2 Change in business loans2 Change in consumer installment credit2 Total private borrowing do. .. A.r., bil. do. do. do. dol. .. .. .. 86.08 60.78 61.72 81.69 NA 22.88 24.38 35.54 -19.64 19.60 38.69 1.38 12.64 2.90 NA 356.98 284.12 282.74 340.72 NA 1.03 1.29 0.85 199.0 809.0 -0.69 0.16 -0.01 -0.7 -0.3 0.72 0.65 -0.13 0.5 0.7 0. NA 53.94 67.37 NA 13.43 0.82 -12.64 -47.10 -13.46 •34.46 NA 10.43 23.95 NA 13.52 -1.08 -0.59 0.17 -0.3 -0.8 0.46 0.21 0.03 -1.3 -0.8 0.053 0.014 0.146 0.014 19.97 11.16 11.26 20.5 NA -55.18 NA NA Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data 1 Series title Timing classification 3 Unit of Percent change Average 3d Q 1979 4th Q 1980 Feb. 1981 lstQ 1981 Feb. Jan. to Feb. 1981 .Mar. 1981 3dQ to 4th Q Mar. 1981 4th Q 1st Q 1981 I. CYCLICAL INDICATORS-Con. B7. Money and Credit-Con. Credit Difficulties: 14. Liabilities of business failures ( i n v . 4 ) © 39. Delinquency rate, instal. loans (inv. 4 ) 2 s ... L,L,L L.L.L Mil.dol Percent, EOP 222.28 2.64 Bank Reserves: 93. Free reserves (inverted 4 )' 2 © 94. Borrowing from the Federal Reserve 2 © L,U,U L,Lg,U Mil.dol. . do. -1,131 1,338 -1,141 1,420 L,Lg,Lg C,Lg,Lg CLg,Lg Lg,Lg,Lg U,Lg,Lg Lg,Lg,Lg Lg,Lg,Lg Lg,Lg,Lg 'ercent. . . . . .do. . . . .do. . . . .do. . . . .do. . . . .do. . . . .do. ....do. 11.19 10.04 8.74 10.05 6.52 10.89 13.18 12.67 13.36 11.61 10.81 12.77 8.60 13.42 15.17 15.27 Interest Rates: 119. Federal funds r a t e 2 © 114. Treasury bill r a t e 2 © 115. Treasury bond y i e l d s 2 © . 116. Corporate bond yields 2 © 117. Municipal bond yields 2 © 118. Mortgage yields, residential 2 © 67. Bank rates on short-term bus. loans 2 © *109. Average prime rate charged by b a n k s 2 © . . . . Outstanding Debt: 66. Consumer installment credit 5 *72. Commercial and industrial loans outstanding, weekly reporting large comm. banks *95. Ratio, consumer install, credit to pers. income2 386.26 598.01 NA NA NA NA NA NA NA NA NA NA 50.6 0.13 NA NA -872 1,229 -916 -1,076 1,405 1,278 -624 1,004 160 -127 -452 -274 761 915 -397 -474 16.57 14.37 12.01 14.37 9.98 14.69 19.91 19.21 19.08 14.72 11.65 14.01 9.68 14.23 15.93 14.90 12.23 14.60 10.10 14.79 14.70 13.48 12.15 14.49 10.16 15.04 -3.15 0.18 0.58 0.59 0.42 0.56 -1.23 -1.42 -0.08 -0.11 0.06 0.25 20.16 19.43 18.05 -0.73 -1.38 6.01 4.47 1.21 1.70 1.04 0.91 4.15 5.12 0.72 0.66 0.37 U.49 0.36 0.38 4.20 2.48 295.63 2.57 NA NA -508 788 -1,269 1,703 9.84 9.24 10.43 12.18 8.58 13.40 11.56 11.61 15.85 13.71 11.64 13. 9.62 14.31 15.71 16.73 Lg,Lg,Lg Bil.dol., EOP 303.58 306.47 303.31 306.47 307.34 Lg,Lg,Lg Lg,Lg,Lg Bil. dol Percent 147.06 14.79 163.76 162.81 14.14 13.86 170.91 172.25 13.52 NA 174.26 173.21 169.28 13.36 13.35 NA -0.6 -0.01 -2.3 NA 5.0 -0.34 0.8 NA 0.7 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 i t e m s ® Change in CPI, all items, S/A2 CPI, food Producer prices (PPI), all commodities© PPI, crude materials PPI, intermediate materials PPI, capital equipment PPI, finished consumer goods 1972=100... 1967=100... Percent 1967=100... 162.8 217.4 1.0 234.5 177.4 246.8 1.0 254.6 179.2 249.6 0.6 257.5 183.8 256.2 1.0 267.4 187.3 262.9 0.8 270.7 260.5 0.7 269.8 263.2 1.0 270.6 265.1 0.6 271.6 1.0 0.3 0.3 0.7 -0.4 0.4 2.6 2.6 0.4 3.8 1.9 2.6 -0.2 1.2 do. do. do. do. do. 235.6 282.2 242.8 216.7 215.7 268.7 304.3 280.3 239.6 248.9 272.9 314.3 283.3 242.9 253.5 279.1 327.7 290.4 249.5 258.5 286.7 326.8 298.6 255.5 264.1 283.5 322.1 296.8 253.0 261.5 286.9 331.4 297.9 255.8 263.6 289.6 327.0 301 257.7 267.2 1.2 2.9 0.4 1.1 0.8 0.9 -1.3 1.1 0.7 1.4 2.3 4.3 2.5 2.7 2.0 2.4 2.2 ... ... ... ... ... 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 ..do. 229.8 250.6 253.8 260.2 266.4 264.4 266.3 268.5 0.7 0.8 2.5 do. . . 1977 = 100.. do. . . do. . . 105.6 118.6 99.1 99.4 101 130 95 99.0 101.8 131.6 95.9 99.2 101.2 134 95.1 98. 9 100. 138.3 95.1 99.8 101.0 100.8 101.0 -0.2 0.2 -0.6 2.4 -0.8 -0.3 2.7 0. 0.9 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, 16-19 years of age . . . Millions . . . do. . . Thousands. do. . . do. . . do. . . 102.91 96.94 5,963 2,223 2,213 1,528 105.17 97.28 7,897 3,496 2,734 1,66 105.80 98.01 7,788 3,323 2,718 1,747 105.54 97.70 7,847 3,352 2,750 1,744 1.7 -1.6 -0.3 -3.7 5.2 -1.3 0.6 0.8 -1.4 -4.9 -0.6 4.8 Force Participation Rates: Males,.20 years and over2 Females, 20 years and over2 Both sexes, 16-19 years of age2 Percent. . . . do. . . do. . . 79. 50.6 58.1 79.4 51.4 56.9 79.4 51.5 56.4 79. 51.4 56.4 78.9 51.9 56.9 78.8 51.8 57.0 0.5 0.2 -0.4 -0.2 -0.1 0. -0.3 0.5 0.5 A.r.,bil.dol. do. . . do. . . do. . . do. . . do. . . 494.4 509 -14 351.2 324.4 26.7 540.8 602.0 -61 384.0 355.0 29.1 540.8 615.0 -74.2 386 358 28.6 573. 641.1 -67.9 403.4 366 37.1 NA 660 NA NA 374.4 NA 6.0 4.2 6.3 4.3 2.3 8.5 MA 3.0 NA NA 2.2 NA Mil.dol.... do. . . do. . . A.r.,bil.dol. 11,141 13,392 5,356 6,961 3,284 4,57 111. 131.7 13,319 7,270 5,113 131.4 13,905 7,010 4,729 141.6 Mil.dol. do. do. do. do. do. 15,136 18,390 2,886 3,435 3,009 3,788 17,195 2 0 , 4 1 4,676 6,139 1,853 2,03G 18,727 3,480 4,081 19,597 5,38 2,171 19,060 3,596 3,968 20,548 6,060 2,133 C. Labor Force, Employment, and Unemployment 441. 442. 37. 444. 445. 446. Labor 451. 452. 453. 104.72 104.98 97.2 97.06 7,448 7,921 3,261 3,631 2,600 2,54 1,640 1,689 105.68 106.18 98.41 97.93 7,764 7,754 3,305 3,312 2,725 2,680 1,734 1,76 78.7 51.9 57.0 -1.2 -1.2 -2. 5 1.0 79. 52.1 56.6 D. Government Activities D 1 . Receipts and Expenditures 501. 502. 500. 511. 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 . . D2. 517. 525. 548. 564. Defense Indicators Defense Department obligations Military prime contract awards New orders, defense products National defense purchases NA 14,808 NA NA 4,824 4,193 144 NA NA 5,65 NA NA 4,623 NA NA 34.9 NA NA -18.3 4.4 -3.6 -7.5 7.8 NA NA 2.0 2.3 5.0 -7.4 2.4 -5.5 9 -23.1 NA NA NA NA NA NA 1.8 3.3 -2.8 4.9 12.6 -1.8 NA NA NA NA NA NA E. U.S. International Transactions E 1 . 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 Imports of automobiles and parts 18,825 19,764 4,295 3,977 4,058 4,155 23,194 21,922 7,359 8,018 2,264 1,74 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Percent change Series title Unit of measure Average 4th Q 1979 1978 1st Q 1980 2dQ 3dQ 1980 4th Q 1980 lstQ 1981 2dQ to 3dQ 3dQ to 4th Q 4th Q to 1st Q 1981 II. O T H E R I M P O R T A N T E C O N O M I C 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 U.S. . . . . . Exports of goods and services Imports of goods and services Balance on goods and services2 35,514 ,517 43,953 ,864 8,440 346 10,743 ,492 5,518 365 55,260 ,630 57,560 70 390 2,301 240 55,445 62,284 -6,838 19,008 10,874 85,222 83,452 1,770 50,239 59,397 -9,158 18,407 9,524 78,307 78,490 -183 54,604 65,452 10,848 20,824 10,762 85,521 86,330 -809 54,605 62,108 -7,503 16,620 10,518 81,767 82,882 -1,115 56,181 59,039 -2,858 18,756 10,700 86,015 79,995 6,020 56,391 62,536 -6,145 19,830 11,514 87,586 84,603 2,983 NA NA NA NA NA NA NA NA 0.4 2.9 5.9 -4.9 4,645 -3,287 5.7 12.9 7.6 1.7 1.8 5.2 5.b -3.5 7,135 -3,037 NA NA NA NA NA NA NA NA 6ia 620 622 651 652 668 669 667 A.r., bil. dol. do.. do. . do. . .......do.. A.r., dollars. do. . 1436.9 2156.1 1423.0 1462.9 981.5 6,568 4,487 1480.7 2626.1 1483.6 1821.7 1018.4 6,646 4,571 1490.6 2496.3 1491.3 1710.1 1017.7 6,731 4,596 1501.9 2571.7 1502.8 1765.1 1021.0 6,767 4,600 1463.3 2564.8 1462.0 1784.1 1008.2 6,578 4,532 1471.9 2637.3 1476.9 1840.6 1018.5 6,597 4,565 1485.6 2730.6 1492.7 1897.0 1025.8 6,640 4,585 1509.2 2826.8 1515.0 1945.5 1032.2 6,732 4,604 3.2 1.0 0.3 0.7 0.9 3.5 1.1 3.1 0.7 0.7 0.4 1.6 3.5 1.5 2.6 0.6 1.4 0.4 50 200 213 224 225 217 227 A.r., bil.dol. do. . do. . ..do. , . .do. . .do.. . .do. ..do. 904.8 930.9 935.1 941.6 943.4 919.3 930.8 946.8 957.8 146.3 146.6 135.8 146.0 145.4 126.2 132.6 139.1 146.6 345.7 354.6 358.4 361.3 361.5 356.6 354.9 360.4 363 412.8 429.6 440.9 434.3 436.5 436.5 443.3 447.3 447.4 1348.7 1510.9 1672 1582.3 1631.0 1626.8 1682.2 1751.0 1805.4 199.3 212.3 211.9 216.1 220.9 194.4 208.8 223.3 238 529.8 602.2 675.7 639.2 661.1 664.0 674.2 703.5 724.4 619.6 696.3 785.2 727.0 749.0 768.4 799.2 824.2 842.8 1.3 5.1 -0.5 1.6 3.4 7.4 1.5 4.0 1.7 4.9 1.5 0.9 4.1 6.9 4.3 3.1 1.2 5.4 0.9 0. 3.1 6.6 3.0 2.3 231 233 238 239 230 232 236 237 2.7 3.7 -2.2 5.5 5.6 -1.4 3.0 2.3 1.5 6.4 3.8 9.5 241 243 30 240 242 245 1.1 3.0 -0.1 3.6 2.3 261 263 267 260 262 266 4. 3.9 3.3 7.3 7.6 1.0 256 257 255 252 253 250 1.2 4.3 NA 3.6 -1.9 NA 0.9 4.4 220 280 282 286 284 288 1.2 1.4 -12.4 14.8 -1.0 NA NA -6.5 NA -0.4 290 295 292 298 293 MiL do!. , .do. ..do. do., do. do. do. do. A. National Income and Product A 1 . G N P a n d Personal Income 50. 200. 213. 224. 225. 217. 227. GNPin 1972 dollars GNP in current dollars Final sales, 1972 dollars Disposable personal income, current dollars . . . Disposable personal income, 1972 dollars Per capita GNP in 1972 dollars Per capita disposable pers. income, 1972 d o l . . . 1483.0 2413.9 1472.9 1641.7 1011.5 6,721 4,584 A 2 . 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 3 . Gross Private Domestic Investment 241. 243. 30. 240. 242. 245. Total, 1972 dollars Total fixed investment, 1972 dollars Change in busrness inventories, 1972 dol. 2 Total, current dollars Total fixed investment, current dollars Chg. in bus. inventories, current dol. 2 ..do. ..do. ..do. ..do. ..do. ..do. 229.7 215.8 14.0 375.3 353.2 22.2 232.6 222.5 10.2 415.8 398.3 17.5 203.6 206.6 -2.9 395.3 401.2 -5.9 221.5 222.2 -0.7 410.0 410.8 -0.8 218.3 219.2 -0.9 415.6 413.1 2.5 200.5 199.2 1.3 390.9 383 7.4 195.3 200.2 -5.0 377.1 393.2 -16.0 200.5 207.6 -7.2 397.7 415.1 -17.4 206.6 212.4 -5 423 431.0 -7.9 -2.6 0.5 -6.3 -3.5 2.5 -23.4 ..do. ..do. ..do. 277. 8 99.8 178.0 432.6 153.4 279.2 281.8 101.7 180.1 473.8 167.9 305.9 290.0 108.1 181.9 534.7 198.9 335.8 285. 103. 182. 496.4 178.1 318.3 290.1 107.6 182.5 516.8 190.0 326.8 291.9 110.7 181.2 530.0 198.7 331.3 288.2 106.9 181.3 533.5 194.9 338.6 289.8 107.4 182.4 558.6 212.0 346.6 292.9 110.6 182.3 574.1 219.6 354.5 -1.3 -3.4 0.1 0.7 -1.9 2.2 127.5 103.0 24.6 219 220 -0.6 146.9 109.2 37.7 281.3 267.9 13.4 161.1 109.1 52.0 339.8 316.5 23.3 154.8 112.6 42.2 306.3 298.7 7.6 165.9 115.8 50.1 337.3 329.1 8.2 160 108.9 51.7 333.3 316 17.1 160.5 102.8 57.6 342.4 297.9 44.5 157.4 108.9 48.5 346.1 322.7 23.3 164.9 113.1 51.8 371.5 347. 24.3 0. -5.6 5.9 2.7 -5.8 27.4 1745.4 1963.3 2121.4 2031, 2088.5 2070.0 2122.4 2204.8 NA 1299.7 1460.9 1596.5 1518, 1558.0 1569.0 1597.4 1661.8 1721.8 117.1 131.6 130.6 136.3 133.7 124.9 129.7 134.0 131.4 185.5 196.8 182 189 200.2 169 177.9 183.3 NA 27.4 31.8 30.5 31.0 31.2 32.0 32.4 31.5 32.7 115.8 143.4 179.8 156.5 165.4 175.3 185.3 193.3 201.9 2.5 1.8 3.8 5.1 1.6 5.7 A 4 . Government Purchases o f 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 sen/., 1972 dol. 2 . . . . Exports of goods and services, current dol Imports of goods and services, current dol Net exports of goods and sen/., current dol. 2 . . . .do. . .do. . .do. A 5 . Foreign Trade ..do. ..do. ..do. ..do. ..do. ..do. -1.9 5.9 -9.1 1.1 8.3 -21.2 A 6 . National Income and Its Components 220. 280. 282. 286. 284. 288. National income Compensation of employees Proprietors' income with IVA and CCAdj Corporate profits with IVA and CCAdj . . Rental income of persons with CCAdj . . Net interest 290. 295. 292. 298. 293. Gross saving (private and govt.) . Business saving Personal saving Government surplus or deficit 2 . Personal saving rate2 . .do ..do ..do ..do . .do . .do 4.0 3.3 A 7 . Saving , .do. do. do.. do.. Percent . . . 355.2 279,1 76.3 -0.2 5.2 411.9 312.7 86.2 11.9 5.2 401.9 331.6 101.3 -32.1 5.6 402.0 315.7 80.7 4.4 4.7 404.5 326.7 86.4 -9.6 4.9 394.5 325.8 110.0 -42.5 6.2 402.0 334.6 111.4 -45.6 6.1 406.7 339.3 97.6 -30.8 5.1 NA NA 91.3 NA 4.7 1.9 2.7 1.3 -3.1 -0.1 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 ail 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. CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS Chart A l . Composite Indexes (Nov.) (Oct.) P T (July) (May) P (Aug.) (Apr.) T P (Dec.) (Nov.) P T (Apr.) (Feb.) T P T (Nov.) (Mar.) P T Index: 1967=100 160 - 910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) 150- -9 140 • 5 130120110 100 - XX 80 -23 V f / 160 - -2 A/ 150 n -l 1.40 - I -6 -2 / S 4 920. Index of four roughly coincident indicators (series 41, 47, 51, 57 —\ sJ* 3 i V i -t •10 -1 J — 930. Index of six lagging indicators (series 62,70,72,91,95,109) T_ vy ••*• •: ' 50 51 52 53 54 55 56 57 58 7F 59 60 61 G2 63 64 65 66 67 88 6G 78 79 30 1981 NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates. data for these series are shown on page 60. forCurrent FRASER Digitized 10 APRIL 1981 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A l . Composite Indexes—Continued (Nov.) (Oct.) P T (July) (May) P T (Aug.) (Apr.) P T adjustments (series l, k 3, 5) . : - f t l l ... ^ . t ? I i i i i i ••••• |Hj. Krv flitf jll '•• .• • •' 1 • • • • ; m • : .... .?ftB|ii.. .... ^ i i f . ••=•• .• :::r iHr 1 ' " * § • • ' : •• ^mM IP -; ' Index: 1967=100 mm ^ ^ ^ • ^ f l l t t l "'••• •'•' • (Nov.) (Mar.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T '• Y.li. itlii .iliill. , mi 110100- . i mi nil 90- 111"" p.; 80120110100901201101009011010090- 916. Profitability Series 19. 26. 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates. Current data for these series are shown on page 60. http://fraser.stlouisfed.org/ 1981 Federal ReserveAPRIL Bank of St. Louis 11 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components (Nov.) (Oct.) P (July) (May) T P T (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.)(Nov.) T P T (Nov.) (Mar.) P T 1. Average workweek, production workers, manufacturing (hours) 1 I L L 414039- 3. Layoff rate, manufacturing (per 100 employees—inverted scale) 12- 8. New orders for consumer goods and materials, 1972 dollars (bil. dol.) LLL 32. Vendor performance, percent of companies receiving slower deliveries (percent) im 12. Net business formation (index: 1967=100) 20. Contracts and orders for plant and equipment, i37ra5iBnirarTO Current data for these series are shown on pages 6 1 , 64, 65, and 66. 12 APRIL 1981 BCII CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components-—Continued (Nov.) (Oct.) P T (July) (May) P T (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 200- 29. New building permits, private housing units (index: 1967=100) 180- fOT 160140120100- 80- 60 J 36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.) V V w 92. Change in sensitive crude materials prices, smoothed1 (percent) 1 L,LyL 104. Change in total liquid assets, smoothed1 (percent) [ t J 19. Stock prices, 500 common stocks (index: 1941-43=10) 106. Money supply—M2—in 1972 dollars (bil. dol.) IXX 50 1 51 52 53 54 55 56 57 58 5S .•> >I o4 76 '7 ?B 79 80 !9H? 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 pages 67, 68, 69, and 71. http://fraser.stlouisfed.org/ U P APRIL FederalH Reserve Bank of1981 St. Louis 13 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index Components (Nov.)(Oct.) P T (July) (May) P T (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) (Mar.) P T 41. Employees on nonagricultural payrolls (millions) 51. Personal income less transfer payments, 1972 dollars (ann. rate, bit. 57. Manufacturing and trade sales, 1972 dollars (bil. dot.) 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 62, 63, and 65. 14 APRIL 1981 IICII CYCLICAL INDICATORS A ] COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components (Nov.)(Oct.) P T (July) (May) P T (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) (Mar.) P T 91. Average duration of unemployment (weeks—inverted scale) 70. Manufacturing and trade inventories, 1972 dollars (bil. dol.) 62. Labor cost per unit of output, manufacturing (index: 1967=100) 109. Average prime rate charged by banks (percent) 72. Commercial and industrial loans outstanding, weekly ^ reporting large commercial banks (EiTUoTJ ^ v ^ y 95. Ratio, consumer installment credit to personal income (percent) 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 82 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 62, 68, 70, and 73. http://fraser.stlouisfed.org/ APRILof 1981 Federal Reserve Bank St. Louis ItCII 15 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart B l . Employment and Unemployment (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P T (Nov.) (Mar.) P T IMijirial Employrtllit Adjustments | 1. Average workweek. Droductlon workers manufacturing (hours} 21. Average weekly overtime hours, production workers, manufacturing (hours) 4- 3- 2- 2. Accession rate, manufacturing (per 100 employees) 54- 5. Average weekly initial claims, State unemployment insurance (thousands-inverted scale) 200- 300- 3. Layoff rate, manufacturing (per 100 empkyees-Hnverted scale) l l t L , L l 2- 4-J 4. Quit rate, manufacturing (per 100 employees) 3T 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 6 1 . 16 APRIL 1981 ItCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B l . Employment and Unemployment—Continued (Aug.) (Apr.) P (Apr.) (Feb.) T P (Nov.) (Mar.) P T T 48. Employee-hours in (ann. rate, bil. hours) 41. Employees on nonagricuttural payrolls (millions) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 6 1 and 62. http://fraser.stlouisfed.org/ APRIL 1981 Federal Reserve Bank of St. Louis !!€(» 17 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued (Aug.)(Apr.) (Dec.) (Nov.) P T (Apr.) (Feb.) PI P T (Nov.) P (Mar. T [Cojpfrehensive Elgfoyment—Con7| 6O-1 90. Ratio, civilian employment to total population of working age (percent) ~, ±^ fwfl z 59- r 53- 56- | Comprehensive Unamploymentl 37. Number unemployed, total (millions—inverted scale) J X 43. Unemployment rate, total (percent-inverted scale) 45. Average weekly insured unemployment rate (percent—inverted scale) 91. Average duration of unemployment (weeks—inverted scale) 44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale) U.U.U 1956 57 58 59 60 61 62 63 €4 6F> 6t 3 9^ Current data for these series are shown on page 62. 18 APRIL 1981 BCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T ;ft§ 50. GNP in 1972 dollars, 0 (ann. rate, bil. Di. rersonai income tess (ann. rate, bil. dol.) clc 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 63. http://fraser.stlouisfed.org/ APRII 1QR1 Federal Reserve Bank of St. Louis itm 19 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income—Continued (Aug.)(Apr.) P (Apr.) f FcU i T (Dty ) iN PI P P I 170 — 160- I Industrial Production! 150- LU 47. Industrial production, total (index: 1 9 6 7 = 1 0 0 ) ^ X 74. Industrial production, nondurable manufactures (index: 1967=100) 73. Industrial production, durable manufactures (index: 1967=100) 49. Value of goods output in 1972 dollars, Q (inn. iti; bit. M) j = ^ | Capacity Utilization| 83. Rate of capacity utilization, manufacturing (BEA), Q (percent) 82. Rate of capacity utilization, manufacturing (FRB), Q (percent) WTMi ofcapocity utiffeitfon7 v^a^£} Q (pwcoit) Current data for these series are shown on pages 63 and 64. 20 AODII mm Itilfc CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec) (Nov.) P T (Nov.) P (Mar.) T 7. New orders, durable goods industries, 1972 dollars 8. New orders in 1S72 25. Change in unfilled orders, durable (bil. dol.; MCD moving avg. 96. Manufacturers' unfilled orders, 32. Vendor performance, percem or companies receiving slower deliveries (percent) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 64. ADDII 1QQ1 Kill 21 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued (Aug.) (Apr.) P (Dec.) (Nov.) (Apr.) (Feb.) T P T P (Nov.) (Mar.) P T T 380 z 1 Consumption and Trade] A> 340 300 260 220 180- 56. Manufacturing and trade sales in current dollars—-, (bil-dol.) fcxxi 140- 57. Manufacturing and trade sales in 1972 dollars (bil. dot.) 100170-1 „ 160H 150H ^ 140-1 s 130-J 00 75. Industrial production, consumer goods (index: 1967=100) 908070- 60- 54. Sales of retail stores in current dollars (bil. M . ) ~ ^ J 50- 40- 59. Sales of retail stores hi 1972 dollars (bil. dot.) SOD X 80706050- 40- 30- 55. Personal consumption expenditures, automobiles, Q (arm. rate, bil doL) iLC.Cl 20- 58. Index of consumer sentiment (1st Q 1966=100) 1009080706050- il-U-l 1956 57 58 59 60 61 62 63 Current data for these series are shown on page 65. 22 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T i Formation of Business Enterprises! ^->* 12. Net bus!ness formation (index: 1967-=100) li v 160 140 120 100 - 13. New business incorporations (thous3nds) I Business Investment Commitments 1 20. Contracts and ordersforplant and equipment \n 1972 dollars (bit dol.) . X 10. Contracts and ordersforplant and equipment k current dollars (bil. dol.) j 27. Manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (bil. dol.) X 24. Manufacturers' new orders, caabl goods industries, 9. Construction contracts, commercial and industrial buildings sq. u. w now area; m u i moving 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Current data for these series are shown on pages 65 and 66. FRASER Digitized for 23 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.)(Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T lnvestnt«?Commitments—Con. 11. New capital appropriations, manufacturing, Q (bil. dol.) 97. Backlog of capital appropriations, manufacturing, Q 61. Business expenditures for new plant and equipment, Q (ana rate, Ml. d&J [F7 I Bifijftess lnvestrr|§|: Expenditures 69. Machinery and equipment sales and business construction expenditures (am. rate, bil. 76. Industrial (index: 1967=100) 1956 57 58 59 60 61 62 63 64 Currant data for these series are shown on pages 66 and 67. 24 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) T 180160140- iresidential fixed investment in 1972 dollars, Q (ann. 12010080- 60- 40- 20 J 2.6 T 2.422' 2.01.81.61.41.21.00.8- 29. New building permits, 200180160140120100- 60 J 70605040- 30 J ipfliF., f S I I I 1956 57 •-..- ••.. ••••.•••• •• 58 s^s^s-:' $ 59 W 60 m • 61 •• • •. 62 - •' " . 63 • • 64 • •• • 65 66 -K-r-•:>..-.•; 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 67. http://fraser.stlouisfed.org/ IM II M Federal Reserve Bank of St. Louis 1 25 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued Chart B5. Inventories and Inventory Investment (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T 30. Change in business inventories, 1972 dollars, Q fanrt rate. h | +30- 1L.L.U y\ ^ +20- w* +10- \ / 0- -10-20- 36. Net change in inventories on hand UN)gm iVn^r. 1.^7? (arm. rate, b&. dol.j moving a\^—4te^) j X T T l i 31. Change in book «*•» mawArfmi^;.fi||.toib (arm. rate, bit dol.; MCD moving avg.-6-term) 38. Change in stocks of materials and supplies manufacturing (bil. dol,; MCD moving 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 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. 26 •""*" CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T 500450400350300- 250- Manufacturing and trade inventories, 1972 d o t e 200908580757065605550- 65. Book value of of finished goods 4540353025- 20- 77. Ratio, deflated inventories to mm 1.8-j 1.71.61.5220200180160140120 100 - 78. Stocks of materials and supplies on manufacturing (bil. dol.) 80- 60- 40-> 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 68. http://fraser.stlouisfed.org/ADDII 1QQ1 Federal Reserve Bank of St. Louis 27 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T [Sensitive CommoU^ Prices [ 92. Change in sensitive crude materials prices (percent; moving avg.-4-temi 1 ) ,; 23. Spot market prices, raw industrials (index: 1967=100) 19. Stock prices, 500 common stocks (index.- 194143=10) 16. Corporate profits after taxes, cutmd dullard Q (arm. rate, bil. dol.) [Profits and Profit Margins! 1& Corporate profits after taxes, 1972 dollars, Q (ann. rate, Ml. dol.) 80. Corporate profits after taxes with IVA and CCAdj, 1972 dollars, 0 (ann. rata bil. dol.) 79. Corporate profits after taxes with IVA and CCAdj, current dollars, Q (ana rate, bil. *fc> 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 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 69. 28 APPII 1QQ1 tun CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Nov.) P (Dec.) (Nov.) P T (Aug.) (Apr.) P T (Mar.) T 111 111:.-.:,. 14- m 121086108- prtrfits (after taxes) with inventory valuation and adjustments to total corporate domestic income, 6- 2- 15. Profits (after taxes) per dollar of sales, all 7- 5- 3- 26. Ratio, price to unit labor cost, nonfarm 104102100989694320280240200- 160- 35. Net cash flow, corporate, in 1972 120- 80- 40- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 69 and 70. BCII APRIL 1981 29 CYCLICAL INDICATORS B j CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 160- lUnJlabor Costs j i t Labor Share! 150140- s 130120- X 11010090- 63. Unit labor cost, private business sector, Q (index: 1977=100) 70- 601.3- S 12* / 1.11.00.9- 0.8- 68. Labor cost (currert dollars) per unit of gross domestic product (1972 dollars), nonfinancial corporation^ Q (dollars) 0.7- 220-t 210200190180170160150- 62. Labor cost per unit of output, manufacture* (index: 1967=100) 140130120110100- 64. Compensation of employees as a percent of national income, Q (percent) 7876747270- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 70. 30 APRIL 1981 ItCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) (Mar.) P T IBf 11111:18 im iiiti .. in money supply Ml-B _ I L L L MCD moving avg.-6-term) in money supply M2 MCO movira avt-*tenn) I L.C.U 104. Change in total Squid asseb (percent moving 1-B-in 1972 doUars (bil. dot.) liix 107. Ratio, GNP to money supply Ml-B. 0 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 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 71. http://fraser.stlouisfed.org/ IMHl .__ Federal Reserve Bank of St. Louis 31 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T ICrtjit Flows! 33. Change in mortgage debt (ami rate, M, dol) 112. Change in bank loans to busiofisse + 40- 113. Change in consumer installment credit (ana rate, M. dot) +30+20+ 100-10-20-30- 110. Total private borrowin& Q (ana rate, bil. dol.) 100- 50 -* 1956 57 58 59 60 61 62 63 64 Current data for these series are shown on pages 71 and 72. 32 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T ICfiilDifficultiesj 14. Current liabilities of business failures (mil. d o l . inverted scale; MCD moving avg.-6-term) 39. Delinquency rate, 30 days and over, consum ' ^ •.. (percent—inverted seale); • ;§jj 1,LL I IBaJlJfteservesl ' ' | | 93. Free reserves (bil. do*.—inverted scale) 94. Member bank borrowing from the Federal Reserve (M. dd.) 1956 57 58 59 60 61 62 63 Current data for these series are shown on page 72. 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P (Dec.) (Nov.) P T (Apr.) (Feb.) T P T (Nov.) P (Mar.) T 201918- Rates! 1716151413- 119. Federal funds rate (percent) 116. Corporate bond yields (percent) 115. Treasury bond yields (percent) ICle.Lgl 118. Secondary mariiet yieWs on FHA mortgages (percent) - * • ,AA~7' 2- f rj 117. Municipal bond yields (percent) 1956 57 58 59 60 61 62 63 64 Current data for these series are shown on pages 72 and 73. 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T {Interest Rate$~Cj|; 67. Bank isles on short-term business loans (percent) 5-i J ' ' '<f • •-• 109. Avenge prime rate charged by banks (percent) 330 340300260 220- [Outstanding Debtf 180- 66. Consumer installment credit (bil. dol.) 140 - 100200180 160- 7 2 Commercial and industrial loans outstanding weekly reporting large commercial • banks (bi. dol) m z 14012010080- 6016- Ratio, consumer installment credit to personal income (percent) 14- 12- 10- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 73. http://fraser.stlouisfed.org/ APRIL 1981 Federal Reserve Bank of St. Louis ItCIt 35 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE Chart C l . Diffusion Indexes (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Percent rising 950. Twelve leading indicator components (6-mo. span**-"-, 1-mo. s p a n — ) 100-1 50- 0J 951. Four roughly coincident indicator components (6-mo. span—•», 1-ma. s p a n — ) 100 T ."..*! if •..•!.'!.". H i 5/ jj ir in ? j; 95Z Six lagging indicator components (6-mo. s p a n — , 1-mo. s p a n — - ) 100 T so- % 1 . Average workweek, production workers, manufacturing-20 industries (9-mo. s p a n — , 1-mo. s p a n — ) 100 T 96Z Initial claims, State unemployment insurance-51 areas (percent declining; 9-mo. s p a n — , 1-mo. span — ) 100-1 50- 963. Employees on private nonagnculturai payrolls—172 industries (6-mo. span—i 1-mo. span—) 100-f J 1956 57 58 i 59 60 61 62 63 64 85 66 67 68 89 70 71 72 • 73 y 74 Vm r 75 76 77 78 79 80 1981 Current data for these series are shown on page 74. 36 APPII 1QCM 50- CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C l . Diffusion Indexes—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Percent rising 964. New orders, durable goods industries-35 industries (9-mo. span—•, 1-mo. s p a n — ) 100-1 50- 965. Newly approved capital appropriations, deflated—17 industries (4-Q moving a v g . - ~ , 1-Q span •—•) 90-i 966. Industrial production—24 industries (6-tflo. span——*, l-m& s p a n — ) 100-i 50- 967. Spot market prices, raw industrials—13 industrial materials (9-mo. s p a n — , 1-mo. s p a n — ) 100 T 50- 968. Stock prices, 500 common stocks—53-82 industries (9-mo. s p a n — , 1-mo. s p a n — ) 100 *i 0-1 1 960. Net profits, manufacturing-about 700 companies (44} span) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Current data for these series are shown on page 75. http://fraser.stlouisfed.org/APRIL 1981 Federal Reserve Bank of St. Louis ItCII 37 CYCLICAL INDICATORS DIFFUSION INDEXES A N D RATES OF C H A N G E — C o n t i n u e d Chart C l . Diffusion Indexes—Continued vOec.) P (Nov.) T (Nov.) P (Dec ) (Nov.) (Mar.) T 3 Percent rising Actual - ~ Anticipated •••••-• (Nov.) P T (Mar.) T Actual **-• Anticipated** • Percent rising 970. Business expenditures for new plant and equipment-18 industries (1-Q span) (a) Actual expenditures 974. Number of employees, manufacturing and trade (4-Q span)1 100 *i V (b) Later anticipations^ 975. Level of inventor^s, manufacturing and trade (4^J span)1 (a) Actual expenditures \VA 976. Selling prices, manufacturing (4-Q span)1 971. New orders, manufacturing (4-( span)1 v V 90- /•• 80- / VV /0- V • 60- 972. Net profits, manufacturing and trade (4-Q span)1 977. Selling prices, wholesale trade («? span) 1 90- 10090V Ai "I ii v 807060- 973. Net sales, manufacturing and trade (4-Q span) 978. Selling prices, retail trade (4-Q span)1 1 100- 100- 90- 90- V V 1969 70 V 80- i 70- 807060- 60- 71 72 73 74 75 76 77 78 79 80 1981 1969 70 71 72 73 74 75 76 77 78 79 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. Current data for these series are shown on page 76. 38 APRII Kill CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change (Aug.) (Apr.) P T (Apr.) (Feb P T (Nov.) P 910c Composite index of twelve (series 1, 3, 8,12,19, (Mar.) T 1-mo. span 3-mo. span indicators 32, 36, 92, 104, 920c. Composite index of four roughly coincident indicators (series 41, 47, 51, 57) 930c. Composite index of six lading indicators (series 62, 70 72, 91, 9 | 409) 50c. GNP in constant (1972) Mars (1-Q span) §3|g 47c. Index of industrial production 48c. Employee-hours in nonagricultural establishments 51c Personal income less transfer payments in 1972 dollars -MrVwviJH litf bit 60 1,1 b,? 63 I1- * 68 6a 70 71 ! "' ?\ /'•* 76 77 78 19 80 19" NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series were published. ItCII APRIL 1981 39 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov ) P (Dec.) (Nov.) P T (Mar.) T 3000280026002400220020001800- 200. GNP in current dollars, Q (ann. rate, bil. dot.) 1600- X X] . I - / s 1S';O- \L xz 223. Personal income In current dollars (ann. rate, bil. dol.) \ .-—A ^^—224. Disposable personal income in current ikkm, Q (ann. rate, bil. dol.) Dispb^^TwreoniriSSfhelnHI? 217. Per capita GNP in 1972 dollars (ann. rate, thous. dol.) 227. Per capita disposable personal income in 1972 dollars, Q (ann.rate,thous. dol.) 1956 57 58 59 60 H t:\ ',: 84 67 88 69 70 71 Current data for these series are shown on pages 63 and 80. 40 APRIL 1981 BCII OTHER IMPORTANT ECONOMIC PLEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 20001800160014001200- dollars (current) Personal consumption expenditures— 1000900 800700- 230. Total, Q 600500400- 237. Services, 300 - -236. NonduraWe goods, Q 240?;0 ;oo 180 23Z Durable goods, Q ^^ j± y (1(1 „,• Annual rate, billion dollars (1972) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 80 and 81. APRIL 1981 BCII 41 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT-Continued Chart A3. Gross Private Domestic Investment (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P Mar.) T Annual rate, billion dollars (current) 480440- 11 Gross private domestic investment— 400 360320280 240 - a a Toy, Q 200- J 160- 242. Total fixed investment, Q 120- AA J*2Zf 245. Change in business inventories, Q v y Annual rate, billion dollars (1972) N 243. Toy fixed investment, Q 30. Change in business inventories, Q r:?h 5? 58 59 60 in. 62 G B7 68 69 K Current data for these series are shown on page 81. 42 APRIL 1981 BCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services (Aug.) (Apr.) P T III isi 11 (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T ' ; • Hi Annual rate, billion dollars (current) . • wmi ••'•:.. ' l i l t . ' It!! .IBIS • |l i * — » • s of goods and services— 660620580540- mW • fPSis 500460- I 420380340300 - ^JT-:,.. 260. Toy, 0 : i ^ y ^ 260- ••;•[• 220 - 180 H j* 2 6 6 . State-WA l o c i j r ^ governments, Q ^ ^ ^ ^ / M§i 140 — lill 100- f 7SL Federal Government, Q 60 J Annual rate, billion dollars (1972) | 340-| 300?60220- 180- 267. State and local governments, Q X 140- 100- 263. Federal Government, Q 60-* 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 81. http://fraser.stlouisfed.org/ ADDII 1QQ1 Federal Reserve Bank of St. Louis itni 43 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A5. Foreign Trade (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Annual rate, billion dollars (current) I 252. Exports of goods and services, Q 253. Imports of goods and services, Q 250. Net exports of goods and services, 0 200 180 160 140 Annual rate, billion dollars (1972) 120 256. Exports of goods and services, Q - ^ 100 30 60 J 257. Imports of goods and services, Q +70 +60 z + 50 +40 + 30 255. Net exports of goods and services, Q + 20+ 10- J_ 0- -10- 1956 57 58 59 60 61 62 63 Current data for these series are shown on page 82. 44 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T billion dollars (current) ±L 220. National income, Q 24002200200018001600140012001000900800700600- 280. Compensation of employees, Q 500400300- 286. Corporate profits with inventory valuation and capital consumption adjustments, Q / z 200180160140120 1009080706050- 288. Net interest, Q 40- and capita! consumption adjustments, Q V 30- 20- 284. Rental income of persons with capital consumption adjustment, Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 82. http://fraser.stlouisfed.org/APPII IQfti Federal Reserve Bank of St. Louis Kill 45 OTHER IMPORTANT ECONOMIC MEASURES I A I NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec) (Nov » P T (Mar.) T Annual rate, billion dollars (current) _, [IV 290. Gross saving (private and government), 240- Q 298. Govemmert surplus or deficit, O 1956 57 58 59 60 61 62 63 64 Current data for these series are shown on pages 82 and 83. 46 65 66 67 68 69 70 71 72 73 320280- / j 440-j 400360- 74 75 76 77 78 79 80 1981 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued 1 Chart A8. Shares of GNP and National Income (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T I Percent 70-1 m 235, Personal consumption expenditures, Q 65- 6(H 20 - I 268. State and local government purchases of goods and services, Q 15- 265. Federal Government purchases of goods and services, Q \ 10- 248. Presidential fixed investment, Q 249. Residential fixed investment, Q "247. Change in business inventories, Q 251. Net exports of goods and services, Q Percent [Percent of National Income| 64. Compensation of employees, Q s\ 283. Proprietors' income with inventory valuation and capital consumption adjustments, Q 287. Corporate profits with inventory valuation and capital consumption adjustments, Q 285. Rental income of persons with capital consumption adjustment, Q 1956 57 58 59 60 61 62 63 64 73 74 75 76 71 78 79 80 198 1 Current data for these series are shown on page 83. APRIL 1981 ItCII 47 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements (Dec.) (Nov.) (Nov.) (Mar.) P T PI (Dec.) (Nov.) P T Index: 1972=100 200 190 180' 170 • 160' 150' 140 130 120' L10 - 310. Implicit price deflator, GNP,Q- (Nov.) P (Mar.) T I Percent changes at annual rate | 310c Implicit price deflator, • GNP (1-Q span) a i r u-W span; >s^ 311c Fixed-weighted price Mflf t grpss business product (1-Q span) 311. Fixed-weighted price index, gross business product, Q 334c Finished consumer goods ltJflw 70 71 72 73 74 75 76 77 78 79 80 1381 ..,9 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 84, 85, and 86. 48 APRIL 1981 BCII OTHF- ^>-:\-:Tr\h) B I Kv^C.vnC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B l . Price Movements—Continued 'Aug.) (Apr.) P T (Nov.) P (Apr.) (Feb.) PI (Mar.) T Consumer prices— Percent changes at annual rate 320c. Ati items (6-month span) ^t^W Chart B2. Wages and Productivity Index: 1967=100 340. Average hourly earnings of production workers, private nonfarm economy (current dollars)1 UJ 341. Real average hourly earnings of production Index: 1977*100 346. Real average hourly compensation, all employees, nonfarm business sector, Q s . LJJ 345. Average hourly compensation, all employees, nonfarm business sector, Q (current dollars) iViSf 57 58 59 80 61 62 83 64 65 *>•> >*>' hH VA 71 72 73 74 75 78 77 78 79 80 1.981 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. Current data for these series are shown on pages 84, 87, and 88. APRIL 1981 49 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY-Continued Chart B2. Wages and Productivity—Continued (Aug.)(Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T 'Nov.) P (Mar ) T [Wages—Con7| Change in average hourly eamir^s of production workers, private nonfarm economy1 — 6-month spans (ann. rate) > ;j 340c Current-dollar earnings jtf 341c Real earnings 6-month spans (ann. rate) Change in average hourly compensation, all employees, nonfarm business sector, Q— Negotiated wage and benefit decisions, ail industries— 348. First year average changes, Q (ann rate)—i 349. Average changes over life o f . contract, Q (ann. rate) 1 Productivity] 358. Output per hour, all persons, nonfarm business sector, 370. Output per hour, all persons, private business sector, Q 370c Change in output per hour, private business sector, Q i-<juarter spans (ann. rate) . 358 57 58 59 60 61 62 63 64 65 66 67 68 69 Percent change t 70 71 00 1981 2 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. One-month percent changes have been multiplied by a constant (12) to make them comparable to the annualized 6-month changes. See the current data table for actual 1-month percent changes. Current data for these series are shown on pages 87 and 88. 50 APRIL 1981 ItCII OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart C l . Civilian Labor Force and Major Components i Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 11010510095- 441. Civilian labor force, total (millions) 90- 85- **T-—" 80- 442 Total enjoyed 7570 J ^ y Labor force participation rates (percent)— ^^ ^ k 90- 451. Males 20 yens and over HI 85- 75- 453. Both sexes 16-19 years of age 55504540- Number unemployed (millions)— 654343- 444. Mates 20 years and over ^ >*A « i Females 20 years j^^^sCZ^s 765- 447. Number unemployed, full-timeworkers (millions) 448. Number employed part-time for economic 432-J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 89. 51 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart D l . Receipts and Expenditures (Aug.) (Apr.) P (Dec.) (Nov.) (Apr.) (Feb.) T P T P (Nov.) (Mar.) P T T [Annual rate, billion dollars (current) 50Z Federal Government expenditures, Q 501. federal Government receipts, Q 500. Federal Government surplus or deficit Q 511. State and local government receipts, Q 512. State and local government expenditures, Q 510. State and local government surplus or deficit, Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 ADDII 1QO1 Current data for these series are shown on page 90. 52 urn OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T Measures #f Defense Activity| 517. Defense Department gross obligations incurred (bil. d d ; MCD moving avg.-6-term) 525. Defense Department mitary prime contract awards (bil. dol.; MCD moving avg.-6-term) 543. C^ense Department g?r?ss unpaid obligatkjns (>utstanding (bil. dol.) 1 548. Manufacturers'new orders, defense yoducts (bil. dol.; MCD moving avg.-6-term) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 90. http://fraser.stlouisfed.org/APRIL 1 9 8 1 Federal Reserve Bank of St. Louis 53 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued (Aug.) (Apr.) P (Dec.) (Nov.) P T (Apr.) (Feb.) T P T (Nov.) (Mar.) P T |Intermediate and Final Measures of Defense Activity) 557. Output of defense and space equipment (index: 1967=100) 120-1 110100 90- 70601413 • 1211" 10 • 9- 559. Manufacturers' inventories, defense products (bil. dol.) 5- 70656055- 45 - 561. Manufacturers' unfilled orders, defense products (bil. dol.)M 403b3025- 201413i? - 580. Defense Department net outlays, military functions and military assistance (bil. dol^ IKD trmng a^.-6-tenu) Ji 11109- 6544,54.0- 588. Manufacturers1 shipments, defense products (bil. dol.; MCD moving avg.-^-term) 3.53.02.52.0- 1.5- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 9 1 . 54 APRIL 1981 BCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued (Aug.) (Apr.) P T (Dec) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T Measures of Defense Activity—Con.| 570. Employment in defense products industries (millions) 1.81.61.41.21.0- Defense Department personnel (millions)— 577. Military, active duty 3.53.02.52.0- 578. Civilian, direct hire employment 1.5- 1.0- 0.5 J 160 T Defensejjrchasesl 140- 564. Federal Government purchases of goods and servicesfornational defense, Q (arm. rate, HI. do!.) 120100- 60- 40- 565. National defense purchases as a percent of GNP, Q (percent) 10987654- 1956 57 58 59 60 61 62 63 Current data for these series are shown on page 91. 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade (Aug.) (Apr.) p (Apr.) (Feb ) r (Dec) (Nov.) P T PI (Nov.) P (Mar) T 602. Exports, excluding military aid shipments (bil. dol.; MCD moving avg.-5-term) 604. Exports of agricultural products, t o y (bil. dol.) 606. Exports of nonelectrical machinery (bil. dol.) 2622181410- 61Z General imports (bil. dol.; MCD moving avg.-4term) 10.09.08.07.06.0; \0- 614. Imports of petroleum and petroleum products (bil. dol.) 616. Imports of automobiles and parts (bil. dol.) 0 6H 0.4- 1956 57 58 59 60 61 62 63 Current data for these series are shown on page 92. 56 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T SftiS liiii mm • mm « •I - • illii • iiitft i m •.•• .JRB • ill •I Mi •I 62Z Merchandise trade balance, Q 618. Exports, 651. Income on U.S. investments 1956 57 58 59 60 61 62 63 64 NOTE: Annual totals are shown for the period prior to 1960. FRASER Current data for these series are shown on page 93. Digitized for 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS C h a r t F l . Industrial P r o d u c t i o n [index: 1967=100 Industrial production— 721. OECD European countries . 47. United States 728. Japan 725. West Germany • Current data for these series are shown on page 94. 58 722. United Kingdom F INTERNATIONAL COMPARISONS—Continued C h a r t F2. C o n s u m e r Prices Percent changes at annual rate C h a r t F3. Stock Prices 6-month spans Index: 1967=100 Stock prices- Consumer prices— 19. United States 320c. United 745. West Germany 735c. West Germany 736c. France 733c Canada Current data for these series are shown on pages 95 and 96. BCII APRIL 1981 59 CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS M | Year and month 910. Index of 12 leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)x 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) 940. Ratio, coincident index to lagging index1 COMPOSITE INDEXES Leading indicator subgroups 913. Marginal employment adjustments (series 1, 2, 3, 5) 1 914. Capital investment commitments (series 12, 20, 29) x (1967 = 100) (1967 = 100) (1967 = 100) 915. Inventory 916. Profitinvestment ability (series and purchasing 19, 26, 80) * (series 8, 32, 36, 92) (1967 = 100) (1967 = 100) 917. Money and financial flows (series 104, 106, HO)1 (1967 = 100) 1979 January February March 142.6 142.3 143.2 144.8 144.9 E)146.6 157.4 158.5 158.4 92.0 91.4 92.6 98.5 98.4 98.0 113.9 113.9 115.5 107.4 108.3 1)108.8 93.2 92.2 92.2 148.6 145.6 144.5 April May June 140.3 141.4 141.6 144.1 145.6 145.0 161.8 162.5 163.6 89.1 89.6 88.6 94.6 97.3 96.7 113.6 113.3 113.9 107.8 107.3 106.6 92.3 91.7 91.8 146.1 146.9 148.4 July August September 141.2 140.1 140.1 145.4 145.0 144.9 164.8 166.4 170.6 88.2 87.1 84.9 96.4 96.0 96.4 113.6 112.9 114.0 106.1 105.7 104.6 91.7 92.0 91.8 148.6 148.3 146.2 October November December 137.8 135.6 135.2 145.1 145.0 145.2 175.9 179.1 177.9 82.5 81.0 81.6 96.6 96.1 96.3 112.7 112.0 112.4 103.3 102.3 102.3 90.8 90.3 90.6 143.9 140.4 138.3 January February March 134.7 134.1 131.5 146.1 145.2 143.5 178.4 180.8 190.0 81.9 80.3 75.5 96.3 96.4 94.5 111.6 109.9 107.8 102.7 102.1 101.6 90.9 91.6 89.6 137.2 138.7 136.4 April May June 126.2 123.4 124.4 140.5 138.0 136 7 H>196.2 183.5 168 5 71.6 75.2 81 1 '90.3 88.3 oq a 104.3 103.2 104 7 100.3 98.8 97 7 88.7 88.5 131.8 127.3 ftQ 7 1?Q ft July August September 128.6 131.1 135.2 136.4 136.9 138.4 163.6 161.7 164.2 83.4 84.7 84.3 92.0 92.8 94.0 106.3 107.3 H09.4 r98.6 99.6 101.7 90.6 91.4 91.5 133.8 137.1 138.9 October November December 136.3 r!37.8 rl37.3 140.2 141.4 142.0 168.3 175.3 190.6 83.3 80.7 74.5 95.0 95.5 96.0 107.6 108.5 r108.2 103.4 r!O3.5 H03.2 91.7 92.1 91.9 139.8 140.4 H39.1 135.9 135.2 137.1 r!42.9 142.8 4 142.9 189.0 186.2 177.7 r75.6 r76.7 p80.4 r95.7 r95.2 p94.9 H07.4 r!O5.6 p!06.4 101.5 H02.9 P1O4.7 92.0 P91.5 (NA) rl39.7 r!39.0 p!38.4 1980 1981 January February March 2 3 5 April May June July August September October November December NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Current high values are indicated by (H); for series that move counter to movements in general business activity, current low values are indicated by J j ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; " e " , estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 10 and 1 1 . lr The following series reached their high values before 1979: Series 910 (143.6) in October 1978, series 940 (106.6) in March 1977, series 913 (99.1) in December 1978, series 914 (117.2) in October 1978, series 916 (97.2) in August 1977, and series 917 (151.1) in November 1978. 2 Excludes series 12 for which data are not yet available. Excludes series 12 and 36 for which data are not yet available. "•Excludes series 57 for which data are not yet available. 5 Excludes series 70 and 95 for which data are not yet available. 60 APRIL 1981 ito CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process Timing Class Year and month L, L, L L, C, L 1. Average workweek of production workers, manufacturing 1 21. Average weekly overtime hours, production workers, manufacturing1 (Hours) (Hours) L,L, L 2. Accession rate, manufacturing x (Per 100 employees) L, C, L 5. Average weekly initial claims, State unemployment insurancex 2 (Thous.) Comprehensive Employment Job Vacancies Marginal Employment Adjustments L, L, L 3. Layoff rate, manufacturing1 (Per 100 employees) L, Lg, U 4. Quit rate, manufacturing (Per 100 employees) L, Lg, U L, Lg, U U, C, C 60. Ratio, helpwanted advertising to persons unemployed1 46. Index of help-wanted advertising in newspapers 48. Employeehours in nonagricultural establishments (Ratio) (1967 = 100) (Ann. rate, bit. hours) 1979 January February March 40.6 40.6 40.6 3.7 3.7 3.7 4.2 4.1 4.0 344 334 347 0.9 0.9 0.9 2.2 H>2.2 2.1 0.805 0.785 0.780 161 158 156 168.70 168.89 170.04 April May June 39.3 40.2 40.1 2.9 3.4 3.3 4.0 4.0 4.0 434 350 375 1.1 1.0 1.2 2.1 2.0 2.0 0.780 0.794 0.796 155 154 153 166.30 169.34 169.88 July August September 40.1 40.1 40.1 3.3 3.3 3.2 3.9 3.9 3.9 395 390 387 1.1 1.4 1.2 1.9 2.0 1.9 0.804 0.762 0.793 155 155 159 170.09 170.20 170.57 October November December 40.1 40.1 40.2 3.2 3.3 3.2 4.1 4.0 3.9 395 409 407 1.2 1.3 1.2 2.0 2.0 1.9 0.811 0.771 0.755 0)167 158 159 170.50 170.81 171.34 January February March 40.3 40.1 39.8 3.2 3.0 3.1 3.9 3.9 3.6 404 375 440 1.3 1.3 1.5 1.9 1.9 1.9 0.705 0.696 0.660 154 151 145 172.63 172.29 171.28 April May June 39.8 39.3 39.1 3.0 2.6 2.4 3.0 3.0 3.3 569 635 617 2.9 3.5 2.9 1.5 1.4 1.4 0,504 0.420 0.438 122 112 115 170.27 169.20 168.12 July August September 39.0 39.4 39.6 2.5 2.7 2.7 3.4 3.6 3.8 536 502 501 1.7 1.9 1.5 1.3 1.3 1.3 0.438 0.439 0.466 118 117 122 167.12 168.28 169.12 October November December 39.7 39.9 40.1 2.8 2.9 3.1 3.9 3.6 3.6 439 399 394 1.4 1.2 1.1 1.3 1.4 1.5 0.475 0.502 0.497 127 134 130 169.78 170.22 171.22 40.4 r39.9 p40.0 3.1 2.9 p2.9 3.5 3.6 p3.5 415 402 p421 rl.3 1.4 pi.4 1.5 1.5 pi. 4 0.486 0.495 pO.483 128 129 pl26 E>H73.03 H71.74 P172.18 1980 1981 January February March April May June July August September i October November December See note on page 60. Graphs of these series are shown on pages 12, 16, and 17. x The following series reached their high values before 1979: Series 1 (40.9) in April 1978, series 21 (3.8) in April 1978, series 2 (4.4) in December 1978, series 5 (323) in October 1978, series 3 (0.8) in September 1978, and series 60 (0.827) in October 1978. 2 Data exclude Puerto Rico, which is included in figures published by the source agency. APRIL 1981 61 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS EMPLOYMENT AND UNEMPLOYMENT-Continued Minor Economic Process Comprehensive Employment—Continued Timing Class . . Year and month Comprehensive Unemployment U, C,C C, C, C L, C, U U, Lg, U 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 (Thous.) (Thous.) (Thous.) (Percent) L, Lg, U L, Lg, U 37. Number of persons unemployed, labor force survey 43. Unemployment rate, total 45. Average weekly insured unemployment rate, State programs * 91. Average duration of unemployment 44. Unemployment rate, persons unemployed 15 weeks and over (Thous.) (Percent) (Percent) (Weeks) (Percent) L, Lg, U Lg, Lg, Lg Lg, Lg, Lg 1979 January February March 92,781 93,088 93,318 88,858 89,109 89,455 26,363 26,377 26,537 59.13 59.27 59.31 5,958 5,993 5,956 5.8 5.9 5.8 3.0 3.0 3.0 11.2 11.3 11.7 1.2 1.2 1.3 April May June 93,061 93,364 93,562 89,386 89,708 89,909 26,473 26,522 26,557 59.07 59.16 59.24 5,918 5,776 0)5,718 5.8 5.6 5.6 2.9 2.8 2.8 11.0 10.9 10.5 1.2 1.2 1.1 July August September 93,995 93,706 94,189 90,054 90,222 90,283 26,582 26,528 26,554 59.43 59.21 0)59.43 5,738 6,057 5,971 H>5.6 5.9 5.8 0)2.8 2.9 2.9 0)10.3 10.6 10.6 0)1.0 1.1 1.1 October November December 94,153 94,123 94,458 90,441 90,552 90,678 26,554 26,504 26,590 59.24 59.21 59.30 6,132 6,104 6,272 5.9 5.9 6.0 3.0 3.1 3.1 10.5 10.6 10.6 1.1 1.2 1.2 January February March 94,421 94,488 94,291 91,031 91,186 91,144 0)26,715 26,623 26,476 59.18 59.18 58.99 6,500 6,454 6,543 6.2 6.2 6.3 3.2 3.2 3.4 10.6 10.7 11.0 1.3 1.2 1.3 April May June 93,963 93,764 93,548 90,951 90,468 90,047 26,121 25,745 25,422 58.68 58.54 58.26 7,202 7,944 7,811 6.9 7.6 7.5 3.7 4.2 4.6 11.2 10.6 11.7 1.5 1.6 1.7 July August September 93,732 93,793 93,781 89,867 90,142 90,384 25,163 25,312 25,476 58.30 58.23 58.27 8,021 7,942 7,800 7.6 7.6 7.4 4.4 4.3 4.3 11.8 12.5 13.0 1.8 2.0 2.2 October November December 93,887 93,999 93,888 90,710 90,961 91,125 25,636 25,811 25,892 58.21 58.22 58.11 7,961 7,946 7,785 7.6 7.5 7.4 4.1 3.8 3.5 13.3 13.6 13.5 2.2 2.2 2.3 94,294 94,646 0)95,136 r91,481 r91,644 H>P91,645 r26,041 r25,987 p25,978 58.30 58.38 58.61 7,847 7,754 7,764 7.4 7.3 7.3 3.4 3.2 p3.3 14.4 14.4 14.0 2.2 2.1 2.1 1980 1981 January February March April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 14, 15, 17, and 18. x Data exclude Puerto Rico, which is included in figures published by the source agency. 62 APRIL 1981 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q [ Minor Economic Process Timing Class Year and month PRODUCTION AND INCOME Industrial Production Comprehensive Output and Income C Cr C 50. Gross national product in 1972 dollars c, c, c 52. Constant (1972) dollars 51. Personal income, less transfer payments, in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 53. Wages and salaries in mining, mfg., and construction in 1972 dollars (Ann. rate, bil. dol.) Persona income 223. Current dollars (Ann. rate, bil. dol.) c, c, c C, C, C (Ann. rate, bil. dol.) C, C, C 47. Index of industrial production, total (1967 = 100) C, C, C 73. Index of industrial production, durable manufactures (1967 = 100) C, L, L 74. Index of industrial production, nondurable manufactures (1967 = 100) C, C,C 49. Value of goods output in 1972 dollars (Ann. rate, bil. dol.) 1979 January February March 1,479'.9 1,845.9 1,863.0 1,884.8 1,184.0 1,185.1 1,190.7 1,033.9 1,035.8 1,040.8 251.1 251.3 E>252.6 152,0 152.5 0)153.5 147.0 147.2 H>148.6 161.6 162.9 164.0 681! 8 April May June 1,473.4 1,891.9 1,903.4 1,923.5 1,188.4 1,188.1 1,193.2 1,037.1 1,037.5 1,043.3 251.4 249.5 248.2 151.1 152.7 153.0 144.5 147.6 147.6 162.6 163.6 163.7 669.1 July August September 1,488^2 1,954.0 1,974.8 1,987.9 1,202.5 1,206.4 1,203.3 1,045.2 1,048.4 1,046.3 247.3 245.1 244.4 153.0 152.1 152.7 147.2 144.4 145.9 164.8 165.2 165.4 673^6 October November December 1,49Q.*6 2,011.3 2,032.7 2,051.8 1,205,8 1,209.9 1,211,9 1,049.0 1,053.6 1,055.3 242.9 241.5 241.7 152.7 152.3 152.5 146.0 145.2 144.8 164.8 165.0 165.3 673*.3 January February March 1.50K9 2,077.2 2,086.4 2,101.0 1,216.2 1,207.4 1,199.2 1,056.5 1,050.9 1,044.0 240.6 239.2 236.3 152.7 152.6 152.1 144.7 144.1 143.4 E>166.0 165.9 164.7 682 .'i April May June 1,463.3 2,102.1 2,114.1 2,127.1 1,194.4 1,195.1 1,195.0 1,037.6 1,036.0 1,035.1 231.9 228.2 225.1 148,3 144.0 141.5 138.4 133.3 129.9 161.6 158.0 155,3 658 ."i July August September 1,47K9 2,161.2 2,179.4 2,205.7 1,206.7 1,207.4 1,208.6 1,033.8 1,036.2 1,036.9 224.2 226.2 227.7 140.4 141,8 144,1 128.3 129.4 131.7 154.7 156.9 160.3 657^5 October November December 1,485.6 2,234.3 2,257.6 2,276.6 1,216.3 1,221.0 1,222.7 1,045.5 1,051.6 1,054.2 229.4 231.5 232.1 146.9 149,4 H51.0 135.8 139.3 H40.6 161.8 163,3 r!65.0 662*9 E>pl ,509.2 r2,301.0 r2,317.3 E>P2,334.9 rl,228.5 r l ,230.6 0>pl,231.5 rl,058.5 rl,061.5 [H>pl,062.6 r234.9 232.5 p232.2 rl51,7 rl51.1 pl51.7 r!41.3 H40.1 pl41.3 r!65.3 r!65.2 pl65.0 DP683.6 1980 1981 January February March April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 14, 19, 20, and 40. A P R I L 1 9 8 1 63 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS £ Q Minor Economic Process CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization Timing Class Year and month J J PRODUCTION AND INCOME-Continued L, C, U 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.) L, L,L L, L, L L, Lg, U L, L, L 32. Vendor performance, companies receiving slower deliveries © 7. Constant (1972) dollars 8. New orders for consumer goods and materials in 1972 dollars 25. Change in unfilled orders, durable goods industries 96. Manufacturers' unfilled orders, durable goods industries (Bil. dol.) (Bil. dol.) (Bil. dol.) (Bil. dol.) (Percent reporting) 1979 January February March H>86!9 H>88."4 78.68 80.43 81.65 44.23 44.76 E>45.06 E)39.00 38.52 38.73 E>7.10 5.89 234.72 241.82 247.71 69 77 E>78 8^9 8^5 75.93 77.04 76.03 41.44 41.73 40.90 36.81 36.90 36.39 4.73 1.52 3.23 252.43 253.96 257.19 76 76 70 85*.3 87^2 74.58 74.76 77.65 39.82 39.81 40.82 35.92 35.39 35.86 0.71 0.40 3.45 257.90 258.30 261.74 60 55 51 84*.4 86*.3 76.52 75.90 77.20 39.63 39.06 39.49 35.55 34.30 34.15 0.98 2.15 3.01 262.72 264.87 267.88 50 47 49 83.4 85!5 81.47 81.02 77.55 40.69 40.05 38.35 36.16 36.09 33.62 3.52 1.86 1.62 271.40 273.26 274.88 48 42 45 77*.9 7^7 72.42 67.33 66.45 35.69 33.07 32.32 30.41 28.99 29.03 0.21 -2.12 -2.60 275.10 272,98 270.38 4Q 32 28 75^7 74!9 74.23 72.23 78,96 35.77 34.58 37.58 31.67 31.62 33.09 1.68 0.17 2.39 272.06 272.23 274.62 32 34 39 79.*2 80.0 80.69 81.05 82.65 37.96 r37.94 38.39 34.93 r33.97 34.00 1.19 1.31 2.62 275.81 277.12 279.75 44 45 47 p79^7 p81.5 81.34 r82.21 [H>p83.25 37.74 r38.01 p38.31 32.62 r34.38 p33.67 1.08 r l .13 p i . 57 280.82 r281.95 0>p283.53 46 50 52 E>*84 April May June *83 July August September October November December "82 *81 5.91 1980 January February March *80 April May June *76 July August September ? October November December 76 p78 1981 January February March (NA) April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 12, 20, and 21. 64 APRIL 1981 ItO CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q | Minor Economic Process C, C, C C, C, C Manufacturing and trade sales 56. Current dollars (Mil. dol.) 2 1979 ( ) 57. Constant (1972) dollars (Mil. dol.) C, L, C 75. Index of industrial production, consumer goods (1967=100) C, L, U U, L, U Sales of retail stores 54. Current dollars (Mil. dol.) FIXED CAPITAL INVESTMENT Formation of Business Enterprises Consumption and Trade Timing Class Year and month • • l i l CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued 59. Constant (1972) dollars (Mil. dol.) I C, C L, L, L L, L, L 55. Personal consumption expenditures, automobiles 58. Index of consumer, sentiment1 ® 12. Index of net business formation * (Ann. rate, bil. dol.) (1st Q 1966 = 100) (1967 = 100) L, L, L 13. Number of new business incorporations (Number) 2 ( ) January February March 274,091 274,844 283,741 160,037 158,967 0)162,650 151.3 151.8 [H>153.4 71,402 71,702 72,590 45,421 45,152 45,312 69.*2 72.1 73.9 68.4 131.3 132.1 132.5 42,410 42,302 42,761 April May June 276,406 286,413 283,772 157,009 160,851 158,198 149.3 152.2 152.1 72,610 73,198 73,496 44,960 44,990 44,787 62l9 66.0 68.1 65.8 130.9 130.5 130.9 43,034 43,895 43,044 July August September 289,994 293,167 296,761 159,890 160,066 160,125 151.2 148.7 150.0 74,211 75,623 76,815 44,922 45,501 [H>45,778 65^0 60.4 64.5 66.7 131.8 130.3 132.5 44,655 42,911 44,687 October November December 298,452 298,949 302,117 159,305 157,932 158,464 150.0 149.1 148.6 76,428 76,946 77,475 45,144 45,077 45,017 6^2 62.1 63.3 61.0 131.9 131.4 133.9 46,478 44,811 43,579 312,458 r315,394 305,165 161,386 158,817 154,642 147.9 148.4 148.6 79,561 78,899 77,603 45,751 44,931 43,524 71'.6 67.0 66.9 56.5 131.0 129.8 125.8 44,447 44,583 42,615 April May June 294,998 292,478 294,203 149,415 147,355 147,687 145.3 142.4 142.1 76,404 75,975 77,843 42,660 42,279 43,007 5CK7 52.7 51.7 58.7 120.5 117.8 114.8 42,461 41,974 39,746 July August September 304,154 308,019 318,321 150,468 149,586 153,574 142.0 142.7 144.3 79,491 79,829 80,620 43,700 43,433 43,251 58! 7 62.3 67.3 73.7 115.3 117.7 120.6 44,058 43,266 46,488 October November December 325,838 328,983 r339,357 155,507 155,676 156,123 146.6 148.0 147.7 81,552 82,764 83,443 43,518 43,907 43,964 66.1 75.0 76.7 64.5 119.6 119.2 H21.3 47,225 46,888 H>48,297 |H>r345,578 p345,192 (NA) rl57,415 pl56,585 (NA) H47.2 r!46.9 P147.7 r85,463 r86,851 H>p86,943 r44,768 r45,188 p45,002 B)p75'.3 71.4 66.9 66.5 el!8.2 (NA) p46,022 (NA) 1980 January February March 1981 January February March April May June July August September Octbber November December See note on page 60. Graphs of these series are shown on pages 12, 14, 22, and 23. Series 58 reached its high value (89.1) in 2d quarter 1977; series 12 reached its high value (134.8) in October 1978. 2 See "New Features and Changes for This Issue," page iii. APRIL 1981 ItCII 65 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q g Minor Economic Process Business Investment Commitments Timing Class L, L, L L, L, L Contracts and orders for plant and equipment Year and month FIXED CAPITAL INVESTMENT—Continued 10. Current dollars 20. Constant (1972) dollars (Bil. dol.) (Bil. dol.) L, L, L L, L, L Value of manufacturers' new orders, capital goods industries, nondefense 24. Current dollars (Bil. dol.) L, C, U 9. Construction contracts for commercial and industrial buildings1 27. Constant (1972) dollars Square feet of floor space (Bil. dol.) (Millions) Square meters of floor space2 (Millions) U, Lg, U C Lg, Lg 11. Newly approved capital appropriations, 1,000 manufacturing corporations 97. Backlog of capital appropriations, 1,000 manufacturing corporations (Bil. dol.) (Bil. dol.) 1979 26.16 25.48 H>28.10 15.40 15.17 B> 16.99 21.23 22.48 23.60 12.72 13.56 [H>14.60 85.78 (H)104.38 94.15 7.97 H>9.70 8.75 21'.61 April May June 25.36 22.67 24.66 14.76 13.14 14.32 20.60 21.13 21,70 12.24 12.34 12.78 96.06 89.32 86.61 8.92 8.30 8.05 21.20 July August September 25.82 23.83 24.52 14.55 13.38 13.69 21.23 21.08 21.58 12.20 12.00 12.21 92.79 84.75 91.05 8.62 7.87 8.46 22 '.69 October November December 24.14 27.42 27.50 13.52 15.49 15.34 21.07 21.75 22,28 12.01 12.73 12.81 95.23 81.97 84.18 8.85 7.62 7.82 23^28 27.30 23.71 r26.13 14.98 13.07 r!4.01 23.86 21.48 22.59 13,34 12.02 12.35 94.57 84.27 80.55 8.79 7.83 7.48 H> 29^50 73.39 67.09 71.39 6.82 6.23 6.63 25^86 January February March 67^63 69^95 73145 76^66 1980 January February March 84.09 April May June 24.20 21.18 22.92 12.97 11.52 12.60 22.16 19.59 19.95 12,02 10.79 11.26 July August September 24.86 23.96 23.87 13.71 12.58 12.89 21.61 19.37 20.86 12.24 10.50 11.53 71.40 68.63 68.47 6.63 6.38 6.36 24.*29 October November December 23.82 27.47 26.60 H2.37 rl4.48 H3.88 20.62 21.85 21.67 10.92 11.95 11.67 72.12 86.15 97.45 6.70 8.00 9.05 p25.*89 27.39 r23.74 p27.81 r!4.17 rl2.34 p!4.05 H)24.51 r20.59 p23.56 12.89 rlO.95 pl2.17 78.70 84.41 90.00 7.31 7.84 8.36 (NA) ....... 87^94 89.72 B>p91.'85 1981 January Fefcftfary Mtrcft (NA) April May June July August September October November December See note on page 60. Graphs af these series are shown on pages 12, 23, and 24. x 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. Converted to metric units by the Bureau of Economic Analysis. 66 APRIL 1981 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS . . . . . . . Q | FIXED Minor Economic Process Residential Construction Commitments and Investment Business Investment Expenditures Timing Class Year and month CAPITAL INVESTMENT-Continued C Lg, Lg C, Lg, Lg C, Lg, U 61. Business expenditures for new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures 76. Index of industrial production, business equipment (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (1967 = 100) C Lg, C Lg, Lg, Lg C, Lg, C Nonresidentia fixed investment ir 1972 dollars 86. Total (Ann. rate, bil. dol.) 87. Structures (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann. rate, bil. dol.) L, L, L 28. New private housing units started, total1 L, L, L 29. Index of new private housing units authorized by local building permits1 (Ann. rate, thous.) (1967 = 100) L, L, L 89. Residential fixed investment, total, in 1972 dollars1 (Ann. rate, bil. dol.) 1979 January February March 255*.55 256.93 256.86 268.78 168.2 169.3 171.0 161.4 45*8 115*6 1,672 1,444 1,817 119.1 120.4 136.7 60.8 April May June 265*. 24 261.20 268.02 265.92 168.7 171.2 171.2 161! 3 48.'6 113.2 1,760 1,867 1,891 125.0 133.1 132.4 59* * July August September 273.'15 274.41 278.61 280.10 171.3 171.6 173.4 E>166*4 49.4 H>H7.'6 1,758 1,717 1,844 126.3 131.0 136.9 58*6 October November December 284*30 285.29 279.46 287.54 172.3 172.6 174.1 164* 1 i>50."7 113*5 1,697 1,502 1,563 119.4 104.0 100.7 58*1 January February March 291*89 297.92 303.20 300.05 174.9 176.0 176.1 165.0 50." 5 114*5 1,389 1,273 1,040 102.7 94.3 78.2 54*2 April May June 294.36 291.99 293.49 292.17 174.2 171.9 169.8 156* 1 48.' 7 107*4 1,044 938 1,184 63.7 66.6 87.1 43*1 July August September 296.23 293.84 285.47 303.11 170.1 170.3 170.5 155.5 46.'8 108*8 1,277 1,411 1,482 99.8 109.9 126.3 44.7 October November December H>299!58 303.52 304.58 306.74 172.3 174.5 157.0 47.8 109.3 107.7 109.5 99.8 50.6 H77.8 1,519 1,550 1,535 H)r318.05 p310.70 (NA) H78.5 r!78.0 G>pl79.5 pl6l'.7 p49.1 pll'2.6 rl,660 r l ,214 pi ,284 99.2 94.1 91.8 p50*.7 1980 1981 January February March a3T0.10 April May June a317.29 July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 24, and 25. 1 The following series reached their high values before 1979: Series 28 (2,197) in April 1978, series 29 (160.2) in June 1978, and series 89 (63.3) in 2d quarter 1978. APRIL 1981 67 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued M MAJOR ECONOMIC PROCESS Minor Economic Process Timing Class Year and month Inventories on Hand and on Order Inventory Investment L, L, L L, L, L L, L, L L, L, L 30. Change in business inventories in 1972 dollars 36. Change in inventories on hand and on order, 1972 dollars 31. Change in book value of mfg. and trade inventories, total 38. Change in stocks of materials and supplies on hand and on order, mfg. (Ann. rate, bil. dol.) Smoothed data1 2 Monthly data x (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Bil dol.) (3) 1979 Lg, Lg, Lg Lg, Lg, Lg Manufacturing and trade inventories 71. Current dollars 70. Constant (1972) dollars (Bil dol.) (Bil dol.) (3) (3) Lg, Lg, Lg Lg, Lg, Lg 65. Manufacturers' inventories of finished goods, book value 77. Ratio, constantdollar inventories to sales, mfg. and trade 78. Stocks of materials and supplies on hand and on order, mfg. (Bil dol.) (Ratio) (Bil dol.) L, Lg, Lg (3) 32.51 18.43 16.04 20.32 23.34 22.92 56.8 15.4 47.2 39.8 [H>5.09 3.70 2.98 385.38 389.31 392.63 259.85 260.51 261.52 64.70 65.51 65.88 1.62 1.64 1.61 173.60 177.30 180.29 E>18*.4 25.91 -3.61 17.57 21.23 16.45 13.04 68.1 43.7 57.3 4.33 0.52 2.59 398.31 401.94 406.72 262.97 263.77 265.08 67.08 67.22 68.08 1.67 1.64 1.68 184.62 185.14 187.73 16.84 0.37 -15.23 11.78 10.93 6.13 H>82.3 42.6 16.0 1.24 2.21 1.74 413.58 417.13 418.46 267.21 H>267.56 266.29 68.62 68.95 69.87 1.67 1.67 1.66 188.97 191.18 192.93 -0.7 -1.00 -13.30 -18.31 -2.31 -7.57 -10.36 51.0 38.9 10.1 2.24 2.52 1.51 422.71 425.95 426.80 267.02 266.63 265.44 69.75 69.94 70.53 1.68 1.69 1.68 195.16 197.69 199.20 -0.9 -17.33 -15.35 4.90 -13.59 -16.66 -13.13 55.5 44.8 47.5 2.48 2.54 1.21 431.42 H39.70 439.11 264.77 264.14 264.60 71.78 72.76 73.94 1.64 1.66 1.71 201.67 204.22 [H>205.43 -4.54 -27.35 -24.61 -7.13 -7.00 -13.92 72.7 7.6 14.8 -0.36 -2.85 -2.32 445.17 445.80 447.03 266.02 265.24 264.73 75.76 76.21 76.61 1.78 [H)1.80 1.79 205.07 202.22 199.90 -3.30 -6.23 -1.56 -18.63 -14.90 -7.54 29.7 29.3 31.4 1.37 -1.50 0.87 449.51 451.95 454.57 264.79 264.39 264.24 77.00 E)77.19 76.76 1.76 1.77 1.72 201.27 199.76 200.63 7.45 -1.90 r0.26 r-1.05 23.6 17.4 -14.6 1.44 0.85 1.35 456.53 457.99 r461.72 264.33 264.10 262.97 76.43 76.81 75.58 1.70 1.70 1.68 202.07 202.92 204.27 r-5.52 p-7.34 (NA) r40.7 p58.6 (NA) 0.11 p0.89 (NA) r465.ll [H>p469.99 (NA) r263.17 p262.90 (NA) 75.38 76.62 (NA) rl.67 pi. 68 (NA) 204.38 P205.26 (NA) January February March April May June INVENTORIES ANC INVENTORY INVESTMENT July August September October November December 1980 January February March April May June V.3 July August September -5.0 October November December -7.2 r-3.96 r-11.70 1981 January February March p-5'.7 r-9.23 pi. 78 (NA) April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. Series 36 (monthly) reached its high value (37.30) in March 1978; series 36 (smoothed) reached its high value (26.38) in May 1978. 2 Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. J See "New Features and Changes for This Issue," page iii. APRIL 1981 ItO CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS £ ^ Minor Economic Process L, L, L U, L, L 92. Change in sensitive crude materials prices Year and month Stock Prices Sensitive Commodity Prices Timing Class Smoothed data2 Monthly data (Percent) (Percent) 1979 Revised 4 PRICES, COSTS, AND PROFITS 23. Index of spot market prices, raw industrials ® I L, L 19. Index of stock prices, 500 common stocks © (1967 = 100) (1941-43 = 10) Profits and Profit Margins L, L, L L, L, L Corporate pro ts after taxes 16. Current dollars (Ann. rate, bil. dol.) 18. Constant (1972) dollars (Ann. rate, bil. dol.) UC L L, C, L Corporate profits after taxes with IVA and CCAdjJ 79. Current dollars (Ann. rate, bil. dol.) 80. Constant (1972) dollars3 (Ann. rate, bil. dol.) L, L, L 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) Revised* January February March 0.62 3.07 2.98 1.11 1.23 1.87 258.3 273.5 288.5 99.71 98.23 100.11 164*.6 IOI'O H>113.*4 70.'1 H>li.*9 April May June 0.88 2.67 3.25 2.27 2.24 2.22 294.5 293.8 293.9 102.07 99.73 101.73 164.6 98.9 110.2 66*9 11*5 July August September 1.18 0.38 3.39 2.32 1.98 1.63 297.3 298.1 297.3 102.71 107.36 108.60 173^6 101.8 111'.! 65^7 ii'4 October November December 2.79 1.98 2.11 1.92 2.45 2.51 307.7 304.0 309.6 104.47 103.66 107.78 168 *. 2 96'.7 102^2 59*4 li'i January February March . . 2.99 2.43 —11 .99 CC. 2.33 2.44 316.2 G>322.5 316.9 110.87 115.34 [H)182'. 9 [H>102'6 106.0 60.'1 ii.*5 April May . . June 0.26 -0.09 0.02 0.94 0.07 -0.14 301.9 278.5 267.5 102.97 107.69 114.55 146.5 80.'3 97*8 54*1 9*4 July August September 2.26 2.35 1.98 0.40 1.14 1.87 277.6 292.1 298.3 119.83 123.50 126.51 159.1 85*5 99*4 54.6 1616 October November December 2.60 2.45 -0.66 2.25 2.33 1.90 300.8 304.7 298.4 130.22 E>135.65 133.48 H64.3 r86.6 r98.1 r52.2 rlO.3 -0.61 [H>12.87 -0.50 0.93 2.13 291.6 284.2 289.8 132.97 128.40 133.19 (NA) (NA) (NA) (NA) (NA) 1980 11 . Qfi I70 1 f)4 fiQ 1U^.D 3 1981 January February March E>3.89 April May June 5 293.6 6 134.80 July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 28, and 29. 1 2 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. Series is a weighted 4-term moving average (with weights 3 1,2,2,1) placed on the terminal month of the span. Series 80 reached its high value (71.0) in 3d quarter 1977. "See "New Features and 5 6 Changes for This Issue," page iii. Average for April 7, 14, and 21. Average for April 1, 8, 15, and 22. http://fraser.stlouisfed.org/ APRIL 1981 Federal Reserve Bank of St. Louis ItUI 69 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS B B Minor Economic Process U, L, L 81. Ratio, profits (after taxes) with IVA and CCAdj to corp. domestic income12 (Percent) Unit Labor Costs and Labor Share Cash Flows Profits and Profit Margins-Continued Timing Class Year and month PRICES, COSTS, AND PROFITS-Continued L, L, L L, L, L L, L, L 15. Profits (after taxes) per dollar of sales, all manufacturing corporations 26. Ratio, price to unit labor cost, nonfarm business sector2 (Cents) (1977 = 100) (Ann. rate, bil.dol.) 0>5*.9 97.6 247.4 147^9 115^4 1.052 170.2 171.6 171.7 74.'l L, L, L Net cash flow, corporate 34. Current dollars 35. Constant (1972) dollars (Ann. rate, bil.dol.) Lg, Lg, Lg Lg, Lg, Lg 63. Index of unit labor cost, private business sector 68. Labor cost per unit of real gross domestic product, nonfinancial corporations (1977 = 100) (Dollars) Lg, Lg, Lg 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) 1979 January February March April May June 6*.9 5*.6 97.0 252!o 14A4 118.5 1.079 176.4 173.9 174.6 74^5 July August September 6.3 5.*8 96.6 266.1 152.5 121 !4 1.104 175.7 177.3 177.7 74^3 October November December 5*.7 5^4 96.*2 262^9 148^6 124*2 1.135 178.9 180.0 181.7 74.*7 January February March 5^5 5!6 96.5 E>280.'7 H>155!2 127^0 1.158 182.9 184.9 186.8 74^6 April May June 5.5 4.4 95.*8 246.'1 132." 2 131.' 3 1.193 190.5 194.8 198.6 H>75*.8 July August September s'.A 4*.6 96.*5 262.9 i38!e 133.9 1.203 200.6 201.4 200.6 7^3 October November December 5.'i 4.9 96.*4 r272.0 r!41.1 r!37.0 0)1.230 199.9 200.0 r200.3 75*4 (NA) (NA) p96^6 (NA) (NA) E>pl39.*5 (NA) 1980 1981 January February March r202.8 205.0 (NA) E>p205.1 April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 15, 29, and 30. X 1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 2 Series 81 reached its high value (8.8) in 3d quarter 1977; series 26 reached its high value (100.7) in 3d quarter 1975. 70 APRIL 1981 ItCIt CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS ^ H Minor Economic Process MONEY AND CREDIT Money Timing Class L, L, L 85. Change in money supply (Ml-B) Year and month L, L, L L, C, U 102. Change in money supply (M2)l (Percent) (Percent) L, L, L 104. Change in total liquid assets Monthly data Smoothed data2 (Percent) Credit Flows Velocity of Money (Percent) 105. Money supply (Ml-B) in 1972 dollars1 (Bil. dol.) L, L, L 106. Money supply (M2) in 1972 dollars1 (Bil. dol.) C C, C 107. Ratio, gross national product to money supply (Ml-B) (Ratio) C, Lg, C L, L, L 108. Ratio, personal income to money supply (M2) 33. Net change in mortgage debt held by financial institutions and life insurance companies (Ann. rate, bil. dol.) (Ratio) 1979 6.469 1.312 1.318 1.321 100.76 82.08 88.07 6.397 1.313 1.313 1.312 75.10 91.80 94.58 848.3 847.0 843.4 6.430 1.322 1.324 1.323 97.24 83.89 87.31 212.7 211.1 210.0 838.5 833.0 828.1 6.487 1.332 1.340 1.345 E>103.58 77.04 51.55 0.51 0.67 0.80 207.8 206.8 204.1 821.4 817.8 810.6 6.587 1.353 1.348 1.351 87.48 67.45 69.22 0.43 0.75 0.58 0.76 0.68 0.61 199.7 197.9 198.6 801.4 801.4 805.7 6.612 1.356 1.352 1.340 50.04 16.75 8.11 1.57 1.24 0.73 0.69 1.08 1.04 0.63 0.73 0.86 200.5 202.6 203.2 817.7 821.5 818.9 6.559 1.340 1.335 1.341 43.40 65.93 75.84 0.98 0.73 -0.75 0.74 0.86 0.16 0.55 1.18 rl.04 0.91 0.91 r0.92 203.1 202.3 198.9 816.5 814.6 6.612 808.0 1.349 1.351 1.360 95.80 77.17 r72.ll January February March rl.00 r0.31 p i . 03 r0.48 0.64 pi.29 0.95 re0.74 e0.68 0.99 re0.98 e0.85 rl99.4 198.1 p!99.0 r806.0 r803.5 p809.0 rl.369 r53.94 p67.37 (NA) April May June 3 0.19 0.89 0.41 0.46 0.91 0.60 0.81 1.18 1.02 0.92 0.85 219.7 217.9 217.8 858.1 853.3 853.2 1.57 -0.14 1.30 1.02 0.58 1.13 1.14 1.06 1.43 0.95 1.09 853.8 850.0 H>1.17 219.1 216.6 217.2 July August September 0.94 0.66 0.60 0.85 0.91 0.74 0.74 0.89 E>1.43 1.14 1.05 1.02 216.7 215.9 214.6 October November December 0.16 0.37 0.62 0.49 0.44 0.59 0.44 0.27 0.69 0.97 0.82 0.59 0.36 0.80 0.00 0.57 0.84 0.45 0.66 1.04 0.70 -1.30 -0.05 1.35 -0.27 0.86 1.53 July August September 1.07 E>1.82 1.32 October November December January February March 0.06 April May June 850.8 1980 January February March April May June 1981 [H)p6.758 K>rl.369 pi.362 1.57 July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 31, and 32. x The following series reached their high values before 1979: Series 102 (1.64) in June 1975, series 105 (224.3) in January 1978, and series 106 (868.6) in January 1978. 2Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the 3 span. Average for weeks ended April 1, 8, and 15. APRIL 1981 ItCII 71 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS I M Minor Economic Process Credit Flows—Continued Timing Class L, L, L 112. Net change in bank loans to businesses Year and month (Ann. rate, bil. dol.) L, L, L 113. Net change in consumer installment credit l (Ann. rate, bil. dol.) MONEY AND CREDIT-Continued Credit Difficulties L, L, L 110. Total private borrowing (Ann. rate, mil. dol.) L, L, L 14. Current liabilities of business failures l@ (Mil. dol.) Bank Reserves L, L, L 39. Delinquency rate, 30 days and over, consumer installment loans (Percent) Interest Rates L, U, U L, Lg, U 93. Free reserves © 94. Member bank borrowing from the Federal Reserve @ (Mil. dol.) (Mil. dol.) L, Lg, Lg 119. Federal funds rate @ (Percent) C Lg, Lg 114. Treasury bill rate @ (Percent) 1979 January February March 39.31 33.07 5.76 50.57 50.64 40.20 347,904 182.22 177.09 187.76 E>2.12 2.31 2.33 -692 -764 -742 994 973 999 10.07 10.06 10.09 9.35 9.27 9.46 April May June 39.62 31.99 23.23 45.71 37.99 31.33 355,864 242.76 200.45 273.17 2.43 2.37 2.45 -899 -1,490 -1,175 897 1,777 1,396 10.01 10.24 10.29 9.49 9.58 9.05 July August September 40.55 30.54 43.36 33.79 32.77 48.10 0)414,400 212.20 287.44 186.20 2.45 2.47 2.59 -989 -904 -1,339 1,179 1,097 1,344 10.47 10.94 11.43 9.26 9.45 10.18 October November December 3.72 -21.10 4.55 36.40 32.33 24.40 309,748 395.75 184.31 138.02 2.45 2.50 2.64 -1,750 -1,751 -1,079 2,022 1,906 1,473 13.77 13.18 13.78 11.47 11.87 12.07 [H}55.48 35.83 -1.52 32.72 28.84 7.85 347,304 243.15 190.79 274.24 2.37 2.32 2.53 -999 -1,465 E>-2,638 1,241 1,655 [H>2,824 13.82 14.13 17.19 12.04 12.81 15.53 2.47 -38.96 2.14 -20.05 -32.12 -24.54 165,712 428.15 381.15 436.68 2.53 2.64 2.74 -2,261 -835 -169 2,455 1,018 380 17.61 10.98 9.47 14.00 9.15 7.00 July August September 13.06 30.23 29.86 -14.39 5.87 12.66 282,744 445.69 345.41 1,002.94 2.77 2.94 2.70 -111 -357 -1,055 395 659 1,311 9.03 9.61 10.87 8.13 9.26 10.32 October November December 29.81 35.66 r41.15 8.42 10.07 19.43 p340,720 359.24 239.34 288.30 2.53 2.66 2.57 p-1,018 p-1,201 p-1,587 pi,335 p2,156 pi,617 12.81 15.85 18.90 11.58 13.89 0)15.66 r0.82 r-12.64 p-47.10 10.43 23.95 (NA) (NA) (NA) (NA) rp-916 p-1,076 p-624 pi ,405 pi,278 pi,004 H>19.08 15.93 14.70 14.72 14.90 13.48 3 3 1980 January February March April May June 1981 January February March April May June 2 -2.68 -l,001 1,159 3 15.31 A 13.50 July August September October November December See note on page 60. Graphs of these series are shown on pages 32, 33, and 34. Series 113 reached its high value (51.37) in June 1978; series 14 reached its high value (96.99) in September 1977. 2 Average for weeks ended April 1, 8, and 15. 3 Average for weeks ended April 1, 8, 15, and 22. 4 Average for weeks ended April 2, 9, 16, and 23. 72 APRIL 1981 ItCIt CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS R f l j MONEY AND CREDIT-Continued Minor Economic Process Outstanding Debt Interest Rates—Continued Timing Class Lg, Lg, Lg C Lg, Lg U, Lg, Lg 116. Corporate bond yields © 115. Treasury bond yields © 117. Municipal bond yields @ Year and month (Percent) (Percent) (Percent) Lg, Lg, Lg Lg, Lg, Lg 118. Secondary market yields on FHA mortgages © 67. Bank rates on short-term business loans (Percent) (Percent) ® Lg, Lg, Lg Lg, Lg, Lg 109. Average prime rate charged by banks ® 66. Consumer installment credit (Percent) (Mil. dol.) Lg, Lg, Lg Lg, Lg, Lg 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (Mil. dol.) 95. Ratio, consumer installment credit to personal income (Percent) 1979 January February March 9.47 9.52 9.65 8.43 8.43 8.45 6.47 6.31 6.33 10.24 10.24 10.26 12*.27 11.75 11.75 11.75 269,107 273,327 276,677 134,984 137,740 138,220 14.58 14.67 14.68 April May June 9.69 9.82 9.51 8.44 8.55 8.32 6.29 6.25 6.13 (NA) 10.61 10.49 12^34 11.75 11.75 11.65 280,486 283,652 286,263 141,522 144,188 146,124 14.83 [0)14.90 14.88 July August September 9.47 9.57 9.87 8.35 8.42 8.68 6.13 6.20 6.52 10.46 10.58 11.37 12!31 11.54 11.91 12.90 289,079 291,810 295,818 149,503 152,048 155,661 14.79 14.78 14,88 October November December 11.17 11.52 11.30 9.44 9.80 9.58 7.08 7.30 7.22 (NA) 12.41 12.24 15^81 14.39 15.55 15.30 298,851 301,545 303,578 155,971 154,213 154,592 14.86 14.83 14.80 January February March 11.65 13.23 14.08 10.03 11.55 11.87 7.35 8.16 9.17 12.60 (NA) 14.63 15.67 15.25 15.63 18.31 306,305 308,708 10)309,362 159,215 162,201 162,074 14.75 14.80 14.72 April May June 13.36 11.61 11.12 10.83 9.82 9.40 8.63 7.59 7.63 13.45 11.99 11.85 17.75 19.77 16.57 12.63 307,691 305,014 302,969 162,280 159,033 159,211 14.64 14.43 14.24 July August September 11.48 12.31 12.74 9.83 10.53 10.94 8.13 8.67 8.94 12.39 13.54 14.26 11.56 11.48 11.12 12.23 301,770 302,259 303,314 160,299 162,818 165,306 13.96 13.87 13.75 October November December 13.17 14.10 14.38 11.20 11.83 11.89 9.11 9.56 0)10.20 14.38 14.47 14.08 15! 71 13.79 16.06 0)20.35 304,016 304,855 306,474 167,790 170,762 rl74,191 13.61 13.50 13.46 14.01 11.65 [0)12.23 12.15 9.68 10.10 10.16 14.23 14.79 [0)15.04 H>19*91 20.16 19.43 18.05 307,343 309,339 (NA) E>rl74,259 173,206 p!69,281 r!3.36 pl3.35 (NA) 1980 1981 January February March 10)14.60 14.49 April May June M2.53 2 10.54 3 17.02 "169,058 July August September October November December See note on page 60. Graphs of these series are shown on pages 15, 34, and 35. 1 Average Average 3 Average ''Average 2 for for for for weeks weeks April weeks ended April 3, 10, 17, and 24. ended April 2, 9, 16, and 23. 1 through 24. ended April 1, 8, and 15. APRIL 1981 73 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Q | 950. Twelve leading indicator components (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) Year and month 1-month span 6-month span January February March 58.3 41.7 66.7 33.3 41.7 41.7 April May June 25.0 45.8 41.7 July August September October November December DIFFUSION INDEXES 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 (20 industries) 962. Initial claims for State unemployment insurance, week including the 12th (51 areas) 963. Number of employees on private nonagricultural payrolls (172 industries) 6-month span 1-month span 6-month span 1-month span 9-month span 1-month span 9-month span 1-month span 25.0 75.0 100.0 75.0 87.5 50.0 83.3 75.0 75.0 100.0 100.0 100.0 52.5 37.5 67.5 15.0 10.0 15.0 11,8 72.5 68.6 46.1 27.5 25.5 66.9 66.3 62.2 74.7 71.8 64.0 41.7 33.3 29.2 12.5 75.0 75.0 75.0 50.0 25.0 91.7 75.0 83.3 83.3 100.0 100.0 0.0 92.5 32.5 17.5 30.0 17.5 7.8 66.7 66.7 56.9 49.0 31.4 49.7 58.1 57.8 60.5 53.8 51.5 45.8 29.2 54.2 37.5 33.3 45.8 100.0 50.0 50.0 100.0 50.0 75.0 66.7 83.3 75.0 100.0 83.3 75.0 75.0 45.0 72.5 32.5 25.0 90,0 37.3 54.9 86.3 21.6 23.5 r47.1 57.0 54.4 52.9 58.1 55.5 55.2 16.7 20.8 41.7 41.7 45.8 16.7 62.5 50.0 100.0 75.0 75.0 25.0 83.3 41.7 50.0 50,0 66.7 50.0 37.5 57.5 65.0 45.0 32.5 27.5 8.8 53.9 68.6 35,3 33.3 5.9 65.1 55.2 53.5 59.3 63.1 56.4 January February March 41.7 29.2 33.3 0.0 16.7 16.7 100.0 25.0 0.0 25.0 0.0 0.0 41.7 66.7 50.0 50.0 58.3 33.3 75.0 10.0 0.0 17.5 2.5 5,0 r23.5 60.8 46.1 2.0 2.0 9.8 60.2 54.9 45.9 45.3 36.9 32.3 April May June 12.5 29.2 50.0 16.7 41.7 45.8 0.0 0.0 25.0 0.0 0.0 0.0 66.7 33.3 33.3 41.7 50.0 33.3 55.0 17.5 17.5 12.5 5.0 10.0 3.9 33.3 70.6 19.6 3.9 7.8 34.6 28.8 30.2 24.7 26.7 25.6 July August September 83.3 75.0 91.7 75.0 100.0 100.0 25.0 75.0 100.0 50.0 100.0 100.0 41.7 33.3 33.3 33.3 33.3 50.0 32.5 87.5 65.0 35.0 70.0 85.0 62.7 84.3 13.7 58.8 21.6 96.1 36.3 62.8 62.8 32.3 46.8 68.6 October November December 66.7 r70.8 r50.0 83.3 72.7 2 70.0 100.0 100.0 100.0 100.0 100.0 3 100.0 50.0 50.0 66.7 50.0 50.0 75.0 70.0 72.5 75.0 r95.0 p97.5 76.5 96.1 5.9 (NA) 64.0 66.9 64.0 r78.8 r76.5 p74.1 1-month span 6-month span 1979 1980 X 1981 January February March 25.0 27.3 2 65.0 X 100.0 50.0 3 83.3 r50.0 25.0 A 50.0 r92.5 r!2.5 p65.0 86.3 (NA) r64.5 r57.8 p51.5 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, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter. Series are seasonally adjusted except for those, indicated b y ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 36. Excludes Excludes Excludes ^Excludes 2 3 series series series series 12 12 57 70 74 for and for and which data are not yet available. 36 for which data are not yet available. which data are not yet available. 95 for which data are not yet available. APRIL 1981 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE-Continued Q Year and month 964. Value of manufacturers' new orders, durable goods industries (35 industries) 965. Newly approved capital appropriations, deflated (17 manufacturing industries) 1-month span 9-month span 1-quarter span January February March 62.9 45.7 62.9 82.9 80.0 61.4 48 April May June 25.7 62.9 51.4 65.7 62.9 60.0 45 July August September 42.9 57.1 60.0 54.3 45.7 75.7 48 October November December 51.4 45.7 54.3 62.9 62.9 42.9 53 January February March 72.9 40.0 31.4 22.9 28.6 34.3 71 April May June 17.1 34.3 42.9 44.3 54.3 40.0 15 July August September 71.4 54.3 82.9 51.4 67.1 85.7 39 October November December 71.4 48.6 48.6 88.6 P91.4 4-Q moving average DIFFUSION 1 NDEXES-Continued 966. Index of industrial production (24 industries) 967. Index of spot market prices, raw industrials © (13 industrial materials) 968. Index of stock prices, 500 common stocks l © 960. Net profits, manufacturing2 © (about 700 companies) 1-month span 9-month span 96.2 96.2 88.5 94.8 35.5 85.5 18.2 32.7 57.4 i\ 80.8 84.6 91. 7 80.0 16.4 90.0 90.7 88.9 75.0 *74 66.7 66.7 58.3 64.8 92.6 53.7 63.0 68.5 68.5 63 66.7 58.3 58.3 3.7 38.0 95.4 69.8 37.7 39.6 54 58.3 50.0 53.8 74.1 52.8 3.8 39.6 47.2 77.4 *56 15.4 0.0 50.0 46.2 46.2 26.4 92.5 89.6 90.6 94.3 86.8 56 39.6 75.0 r91.7 53.8 76.9 57.7 46.2 42.3 38.5 92.5 88.7 76.4 84.9 96.2 94.3 (NA) rlOO.O rlOO.O p83.3 65.4 53.8 46.2 61.5 65.4 "65.4 43.4 55.7 15.1 90.6 88.7 1-month span 6-month span *48 62.5 54.2 70.8 62.5 66.7 50.0 61.5 76.9 76.9 48 16.7 62.5 56.2 56.2 54.2 45.8 69.2 42.3 53.8 54 52.1 39.6 45.8 66.7 50.0 54.2 46.2 30.8 53.8 *47 64.6 52.1 58.3 58.3 58.3 45.8 *45 75.0 37.5 35.4 16.7 12.5 16.7 12.5 12.5 11.5 p45 12.5 16.7 16.7 (NA) 29.2 62.5 81.3 P 53 87.5 97.9 r66.7 (NA) r79.2 r41.7 p52.1 1-month span 9-month span (4-quarter span) 1979 3 62.5 61.5 76.9 3 3 3 3 3 3 3 1980 16.7 50.0 73.1 61.5 3 3 1981 January February March April May June 54.3 51.4 p45.7 30.8 30.8 65.4 66.0 42.5 85.8 "84.6 July August September October November December See note on page 74. Graphs of these series are shown on page 37. 1 Based on 58 industries for January 1979, on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries thereafter. Data for component industries are not shown in table C2 but are available from the source agency. 2 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. 3 Based on 12 components (excluding rosin). **Based on average for April 7, 14, and 21. APRIL 1981 75 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q | Year and quarter 971. New orders, manufacturing l @ 970. Business expenditures for new plant and equipment (18 industries) a. Actual expenditures (1-Q span) b. Later anticipations c. Early anticipations (1-Q span) (1-Q span) DIFFUSION INDEXES-Continued Anticipated Actual 972. Net profits, manufacturing and t r a d e 1 ® 973. Net sales, manufacturing and trade i © Actua 1 Actual (4-Q span) (4-Q span) Anticipated (4- } span) Anticipated (4-Q span) (4-Q span) (4-Q span) 1978 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 72.7 90.9 72.7 86.4 81.8 81.8 77.3 75.0 70.5 59.1 86.4 72.7 83 86 86 86 82 83 88 86 73 76 78 78 79 82 84 83 84 86 88 88 86 87 92 90 86.4 68.2 68.2 88.6 52.3 63.6 63.6 47.7 63.6 50.0 68.2 77.3 85 81 73 78 80 84 80 72 78 74 70 72 78 82 80 70 87 84 82 82 85 88 84 78 77.3 59.1 50.0 54.5 54.5 45.5 36.4 40.9 81.8 59.1 81.8 77.3 74 63 60 60 66 75 57 62 62 54 57 56 66 73 59 61 73 62 68 66 72 80 63 67 (NA) 72.7 70.5 68.2 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . (NA) Q j Year and quarter 974. Number of employees, manufacturing and trade ' © 975. Level of inventories, manufacturing and trade ' @ Actual Actual Anticipated Anticipated (NA) 74 74 DIFFUSION (NA) 70 69 78 76 NDEXES-Continued 976. Selling prices, manu facturing l © 977. Selling prices, wholesale trade l © 978. Selling prices, retail trade' © Actua 1 Actual Actual Anticipated Anticipated Anticipated (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) 62 64 64 63 59 60 62 62 76 76 76 78 67 70 73 74 87 88 90 91 82 84 87 87 89 92 93 94 84 90 87 90 91 94 94 93 90 88 92 92 62 60 60 58 60 60 58 56 80 76 73 75 70 74 71 68 92 93 92 94 86 88 88 86 96 95 95 96 88 90 92 90 94 95 94 96 90 92 92 90 58 54 53 51 54 56 48 50 67 61 64 60 62 70 53 56 90 88 90 90 87 90 83 86 92 90 92 90 90 92 87 88 92 91 94 90 90 93 84 90 (NA) 56 54 (NA) 63 61 (NA) 88 90 (NA) 90 89 (NA) 90 90 1978 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those, indicated b y © , that appear to contain no seasonal movement. The "r" indicates revised; " p " , preliminary; and "NA", not available. Graphs of these series are shown on page 38. x This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun § Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. 76 APRIL 1981 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1981 1980 August September 961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING (Average weekly hours) All manufacturing industries + Percent rising of 20 components 39.4 + (88) 39.6 + (65) 39.7 + 39.9 l + (72) (70) March p February r January December November October 40.1 + (75) 40.4 39.9 (92) (12) + 40.0 (65) Durable goods industries: Lumber and wood products Furniture and fixtures + + 38.9 37.4 + 38.8 38.0 o 38.7 38.0 + 0 39.3 38.0 + + 39.4 38.6 + + r40.1 r38.9 Stone clay and glass products Primary metal industries + + 40.3 39.2 + + 40.9 39.7 o + 40.9 40.1 + + 41.1 40.9 + + 41.3 41.4 + Fabricated metal products Machinery, except electrical + + 40.1 40.8 + + 40.4 40.9 o 40.4 40.7 + + 40.6 41.0 o o 40.6 41.0 Electric and electronic equipment Transportation equipment + + 39.4 40.9 + 39.5 40.6 + + 39.9 40.8 + + 40.0 41.4 + Instruments and related products Miscellaneous manufacturing 0 + 40.1 38.6 o + 40.1 38.9 + 40.2 38.7 + 40.5 38.6 Food and kindred products Tobacco manufacturers + 39.8 37.3 39.7 37.5 + 39.6 39.5 + + Textile mill products Apparel and other textile products + o 39.2 35.1 + o 39.7 35.1 + + 39.9 35.3 + Paper and allied products Printing and publishing + + 41.8 37.1 + 42.2 36.9 o + 42.2 37.1 Chemicals and allied products Petroleum and coal products + o 41.0 42.2 + + 41.3 42.7 + + Rubber and miscellaneous plastics products Leather and leather products + + 40.2 36.5 40.1 36.2 + + 38.9 38.9 + + 39.5 39.0 r41.6 r41.2 40.7 40.8 + + 41.0 41.3 + + 40.7 41.3 40.5 40.8 + + 40.6 41.1 40.2 41.3 + + 40.4 r41.9 39.7 40.4 + + 39.9 41.2 o + 40.5 39.0 + o r41.0 39.0 40.6 38.8 + 40.7 38.7 39.8 38.9 o 39.8 37.2 + + 40.3 r39.7 40.0 35.0 + + 40.3 35.6 + + r40.5 r36.0 40.2 35.7 + 42.6 36.8 + + 43.0 37.4 + + r43.1 37.7 42.9 37.4 41.4 43.1 + + 41.7 43.2 o o 41.7 43.2 + + r41.8 43.4 40.4 36.5 + 40.8 36.2 + + 40.9 36.6 + + r41.3 r37.1 82,654 - 81,336 o Nondurable goods industries: 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES (Millions of dollars) All durable goods industries - Percent rising of 35 components 72,229 + 78,960 + (83) (54) 80,693 + 81,047 + (49) (71) o o + 40.0 39.7 39.6 37.6 + 39.9 35.8 42.8 37.2 41.8 43.6 + 41.6 43.7 40.2 37.0 + + 40.5 37.3 82,209 + 83,253 l 2 + (54) (49) (46) (51) Primary metals Fabricated metal products + 11,412 8,522 + + 12,554 8,903 + + 13,745 10,121 - 13,029 9,884 + 12,899 10,514 - 10,977 9,705 + + 12,412 10,124 + 11,985 10,201 Machinery, except electrical Electrical machinery + 12,931 10,790 + 14,817 9,977 + 14,806 11,098 + + 14,822 11,459 + - 15,100 10,565 + + 16,545 11,420 + 15,281 11,542 + 15,021 11,613 Transportation equipment Other durable goods industries - 14,175 14,399 + + 17,487 15,222 + 15,007 15,916 + - 15,957 15,896 + + 17,169 16,407 + 16,164 16,525 + 15,828 17,022 + - 17,992 16,441 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. ( + ) = rising, (o) = unchanged, and ( —) = falling. The "r" indicates revised; "p", x Data are seasonally adjusted by the source agency. Data for most of the 35 diffusion index components are not available for publication; however, they are included in the totals and directions of change for the six major industry groups shown here. 2 APRIL 1981 77 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q j SELECTED DIFFUSION INDEX COMPONENTS : Basic Data and Directions of Change—Continued Diffusion index components 1980 August September 1981 October November Decemberr March p February 1 " January 966. INDEX OF INDUSTRIAL PRODUCTION l (1967 = 100) All industrial production Percent rising of 24 components + 2 141.8 + (62) 144.1 + 146.9 + (88) (81) 149.4 + (98) 151.0 + (67) 151.7 151.1 (79) (42) (52) 122.0 149.9 (NA) (NA) + 151.7 Durable manufactures: Lumber and products Furniture and fixtures + + 121.7 141.1 + + 122.6 144.8 + 122.2 147.2 + o 124.9 147.2 Clay, glass, and stone products Primary metals + + 135.7 86.0 + + 141.4 90.1 + + 145.2 100.6 + + 147.8 113.4 + Fabricated metal products Nonelectrical machinery + + 125.8 158.8 + + 129.0 159.1 + + 132.8 161.1 + + 134.1 163.4 Electrical machinery Transportation equipment + 166.7 108.3 + + 167.5 112.9 + + 170.0 118.8 + + Instruments Miscellaneous manufactures + 167.4 142.8 + + 169.6 145.0 167.6 144.2 122,0 149.0 + + 125.3 149.6 151.4 112.1 + + 155.3 113.9 + + 137,4 167.5 + + 137.6 168.9 173.0 191 7 + 174.9 ion fi + 177.6 117 1 1 1 / . 1 + + 169.9 147.5 + + 172.1 149.5 + + 173.0 151.8 + 150.7 118.8 + 150.6 122.9 133.9 125.1 + 133.1 125.5 + + 156.8 144.9 + + 157.0 145.5 + + 218.8 137.5 + + 219.4 138.0 259.2 67.8 + 258.2 68.9 ~ + 1C \ . 1 1 C\J. D + + 153.1 113.5 + (NA) 113.7 138.3 168.1 + + 139.2 169.0 174.6 + 175.8 1 4- 1 1 Q + 171.9 153.0 TIC 1 1 0 . 1T + 172.1 152.5 "3 1 |y . O Nondurable manufactures: Foods Tobacco products 148.3 117.4 + + 148.6 119.1 + + 149.4 123.1 + + 150.5 125.1 + 151.2 (NA) (NA) (NA) 132.8 (NA) (NA) (NA) 156.5 146.7 155.8 146.6 218.5 136.7 (NA) 134.5 + 257.4 69.2 (NA) (NA) (NA) 148.2 Textile mill products Apparel products + + 132.6 123.8 + + 133.0 126.7 + + 133.8 127.5 + + 135.0 128.0 Paper and products Printing and publishing + + 147.1 140.3 + o 152.3 140.3 + + 153.0 141.5 + + 154.4* 142.7 Chemicals and products Petroleum products + 197.8 126.7 + + 206.8 130.5 + 209.1 130.1 + + r212.0 131.2 Rubber and plastics products Leather and products + 245.9 67.7 + 253.1 67.2 + + 259.2 70.2 + + 259.6 71.2 71.2 154.9 + 73.1 148.9 + 90.8 145.7 + + 107.2 151.6 + + 122.2 155.3 + 127.1 150.5 + + 127.9 158.7 133.6 123.5 + + 134.7 128.2 + + 135.4 129.0 + + 137.4 133.0 + + 139.1 137.8 + + 141.8 140.1 + 143.4 139.3 + Mining: Metal mining Coal Oil and gas extraction Stone and earth minerals + NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling. preliminary; and "NA", not available. x Data are seasonally adjusted by the source agency. 2 Where actual data for separate industries are not available, estimates are used to compute the percent rising. 78 + 145.9 (NA) The "r" indicates revised; " p " , APRIL 1 9 8 1 KCII CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued j Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change—Continued Diffusion index components 1981 1980 September August November October December January February April1 March 96 1. INDEX OF SPOT MARKET PRICES RAW INDUSTRIALS 2 Raw industrials price index (1967 = 100) . . . . + Percent rising of 13 components 292.1 + (77) 298.3 + (58) 300.8 + • (65) 284.2 + 289.8 + 304.7 298.4 291.6 (54) (46) (31) (31) (65) (85) 0.676 1.490 0.683 1.506 293.6 Dollars 0.732 1.614 0.716 + 1.578 0.732 1.614 + 0.256 + 0.564 0.294 + 0.648 0.302 0.666 (U.S. ton)., (metric ton).. + 78.000 + 85.979 89.000 + 98.105 93.000 102.514 Tin (pound)., (kilogram).. o 7.742 + 17.068 7.974 17,579 Zinc (pound)., (kilogram).. + 0.359 + 0.791 0.374 + 0.825 0.383 0.844 Burlap (yard).. (meter).. + 0.331 0.362 0.325 0.355 0.314 0.343 Cotton (pound)., (kilogram).. + 0.857 + 1.889 0.875 1.929 0.861 1.898 0.668 0.731 0.656 + 0.717 Copper scrap (pound)., (kilogram).. Lead scrap.. (pound)., (kilogram).. Steel scrap . 7,728 17.037 - - + - 0.719 1.585 0.654 + 1.442 0.662 1.459 0.652 1.437 0.294 0.648 0.260 0.573 0.239 0.527 0.206 0.454 + 0.233 0.514 + 0.248 0.547 98.000 108.025 + 106.600 117.505 + 109.000 120.151 6.372 14.048 6.280 13.845 + 6.297 13.882 98.000 + 108.025 7,405 16.325 103.800 114.419 6.766 14.916 96.000 + 105.821 6.668 14.700 0.396 + 0.873 0.416 o 0.917 0.416 o 0.917 0.416 0.917 + 0.420 0.926 + 0.436 0.961 0.286 0.313 0.273 + 0.299 0.280 0.306 0.266 0.291 + 0.275 0.301 + 0.282 0.308 0,869 + 1.916 0.875 1.929 0,850 1.874 0.825 1.819 0.816 1.799 + 0.817 1.801 0.665 + 0.727 0.684 + 0.748 0.702 0.768 0.688 + 0.752 0.722 0.790 + 0.752 0.822 + 0.777 0.850 + - + Print cloth .. (yard)., (meter).. Wool tops .. (pound)., (kilogram).. + 3.400 + 7.496 3.460 + 7.628 3.500 0 7.716 3.500 o 7.716 3.500 o 7.716 3.500 + 7.716 3.575 7.881 + 3.600 0 7.937 3.600 7.937 Hides (pound).. (kilogram).. + 0.522 1.151 0.474 + 1.045 0.498 1.098 0.592 + 1.305 0.624 1.376 0.572 1.261 0.519 1.144 + 0.528 1.164 0.548 1.208 Rosin (100 pounds).. (100 kilograms).. o 45.000 o 99.207 45.000 o 99.207 45.000 0 99.207 45.000 o 99.207 45.000 o 99.207 Rubber (pound).. (kilogram).. + 0.688 + 1.517 0.756 + 1.667 0.802 1,768 0.796 1.755 Tallow (pound).. (kilogram).. + 0.187 0.412 0.179 0.395 0.169 0.373 0.180 0.397 + + 45.000 o 99.207 45.000 0 99.207 45.000 0 99.207 45.000 99.207 0,722 1.592 0.704 1,552 0.684 1.508 0,652 1.437 0.597 1.316 0.177 o 0.390 0.177 0.390 0.175 0.386 0,171 0.377 0.175 0.386 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling. preliminary; and "NA", not available. 1 Ayerage for April 7, 14, and 21. 2 Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis. APRIL 1981 + + The "r" indicates revised; "p", 79 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Ei Year and quarter c. Percent change at annual rate b. Difference (Ann rate, bil. dol.) (Ann. rate, bil. dol.) 217. Per capita GNP in 1972 dollars 50. 3ross national product in 1972 dollars 200. Gross national product in current dollars a. Total GNP AND FPERSONAL INCOME b. Difference a. Tota (Ann rate, (Anr . rate, bil dol.) c. Percent change at annual rate (Ann. rate, dollars) bil. dol.) 213. Final sales in 1972 dollars (Ann . rate, bil. dol.) 1978 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2 , 032.4 2 , 129.6 2, 190.5 2, 271.9 43.8 97.2 60.9 81.4 9. 1 20. 5 11. 9 15. 7 1 ,402 1,432 1,446 1,465 .3 .8 .7 .8 10.8 30.5 13.9 19.1 3 .2 9 .0 3 .9 5 .4 2, 340.6 2, 374.6 2, 444.1 2, 496.3 68.7 34.0 69.5 52.2 12. 7 5. 9 12. 2 8. 8 1 , 4 7 9 .9 1 , 4 7 3 .4 1 , 4 8 8 .2 1 , 4 9 0 .6 14.1 -6.5 14.8 2, 571.7 2, 564.8 2, 637.3 2, 730.6 75.4 -6.9 72.5 93.3 12. 6 -1. 1 11. 8 14. 9 1 ,501 1,463 1 ,471 1,485 p2, 826.8 p96.2 p!4. 9 6,431 6,55£ I 6,606 6,67< ) 1 ,384 1 ,416 1 ,435 1 ,455 .6 .8 .2 .3 3 .9 -1 .7 4 .1 0 .6 6,73C 6,687 6,737 6,731 1 ,464 1 ,455 1 ,480 1 ,491 .4 .0 .6 .3 6,76/ 7 6,578 ] 6 , 5 9 ;r 6,640 1 ,502 .8 1 ,462 .0 1 ,476 .9 1 ,492 .7 p6,732) Pi ,515 .0 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2.4 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . .9 .3 .9 .6 11.3 -38.6 13.7 3 .1 -9 .9 2 .4 3 .8 Pi , 5 0 9 .2 p23.6 p6 .5 8.6 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . D Year and quarter B GNP AND PERSONAL INCOME—Continued Disposable personal income 224. Current dollars (Ann. rate, bi . dol.) PERSONAL CONSUMPTION EXPENDITURES 230. Total in currenl dollars 231. Total in 1972 dollars 232. Durable goods in current dollars (Ann rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 233. Durable goods in 1972 dollars 227. Per capita in 1972 dollars 225. Constant (1972) dollars (Ann. rate dollars) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1978 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1,398. 0 1,440. 7 1,482. 1 1,531. 0 966 .8 975 .5 985 .9 998 .0 4, 434 4 465 4 502 4S 547 1,278 1,330 1 ,369 1,416 1,580. 2 1,612. 8 1,663. 8 1,710. 1 1,005 .7 1,006 .9 1,015 .7 1,017.7 4, 574 4, 570 4, 598 4 , 596 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 1,765. 1 1,784. 1 1,840. 6 1,897. 0 1,021 1,008 1,018 1,025 .0 .2 .5 8 4 , 600 4 , 532 4 , 565 4 , 585 1,626 8 1,682 2 1,751 0 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . \Dl,945. 5 pi,032 2 P4, 604 Pi , 8 0 5 4 3 1 9 6 884 ,1 900 6 911 2 923 4 185,0 200,1 202.0 210.2 139. 148. 147. 150. 1,454 1 1 ,478 0 1,529.1 1 ,582 3 925 922 933 941 5 8 4 6 212.5 207.4 213.3 216.1 149. 6 144.2 146. 7 146. 0 1,631 0 943 919 930 946 4 3 8 8 220.9 194.4 208.8 223.3 145. 4 126. ? 132.6 139.1 p957 8 p238.1 p!46. 6 5 1 0 7 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1980 NOTE: Series are seasonally adjusted except for those, indicated by <u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 40 and 41. APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued H H 236. Nondurable goods in current dollars Year and quarter (Ann. rate, bil. dol.) PERSONAL CONSUMPTION 238. Nondurable goods in 1972 dollars (Ann. rate, bil. dol.) i Q EXPENDITURES-Continued 237. Services in current dollars 239. Services in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 240. Total in current dollars (Ann. rate, bil. dol.) GROSS PRIVATE DOMESTIC INVESTMENT 241. Total in 1972 dollars (Ann. rate, bil. dol.) 242. Fixed investment, total, in current dollars 243. Fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1978 First quarter Second quarter Third quarter Fourth quarter .... .... 504.0 520.4 536.3 558.3 339.8 342.4 347.2 353.5 589.3 609.5 631.6 648.1 404.8 410.1 417.1 419.2 350.7 377.7 380.4 392.6 224.9 232.9 229.3 231.8 325.8 350.7 361.3 374.9 207.2 216.9 217.8 221.3 571.8 586.4 611.5 639.2 351.1 350.6 355.4 361.3 669.9 684.2 704.3 727.0 424.8 428.0 431.3 434.3 408.3 423.2 421.7 410.0 237.7 238.7 232.6 221.5 384.0 390.1 408.3 410.8 222.3 220.4 225.0 222.2 661.1 664.0 674.2 703.5 361.5 356.6 354.9 360.4 749.0 768.4 799.2 824.2 436.5 436.5 443.3 447.3 415.6 390.9 377.1 397.7 218.3 200.5 195.3 200.5 413.1 383.5 393.2 415.1 219.2 199.2 200.2 207.6 p724.4 p363.8 p842.8 p447.4 P423.1 p206.6 p431.0 p212.4 1979 First quarter Second quarter Third quarter Fourth quarter .... .... 1980 First quarter Second quarter Third quarter Fourth quarter .... .... 1981 First quarter . . . . . . Second quarter . . . . Third quarter Fourth quarter . . . . • • GROSS PRIVATE • f i l DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars Yoar Tear and quarter (Ann. rate, bil. dol.) 30. Change in business inventories in 1972 dollars (Ann. rate, bil. dol.) | j | 260. Total in current dollars (Ann. rate, bil. dol.) 261. Total in 1972 dollars (Ann. rate, bil. dol.) GOVERNMENT PURCHASES OF GOODS AND SERVICES 262. Federal Government in current dollars 263. Federal Government in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 266. State and local government in current dollars (Ann. rate, bil. dol.) 267. State and local government in 1972 dollars (Ann. rate, bil. dol.) 1978 First quarter Second quarter Third quarter Fourth quarter 27.0 19.1 17.7 17.7 16.0 11.5 10.6 415.7 425.1 438.3 451.3 274.6 276.3 280.0 280.1 149.5 149.1 154.1 160.7 99.4 98.0 100.8 101.0 266.2 276.0 284.2 290.6 175.3 178.3 179.2 179.2 24.3 33.1 13.3 -0.8 15.4 18.4 7.6 -0.7 458.2 465.1 475.4 496.4 280.6 280.3 281.1 285.3 164.8 163.6 165.1 178.1 102.9 100.8 99.9 103.1 293.4 301.6 310.4 318.3 177.7 179.4 181.2 182.2 2.5 7.4 -16.0 -17.4 -0.9 1.3 -5.0 -7.2 516.8 530.0 533.5 558.6 290.1 291.9 288.2 289.8 190.0 198.7 194.9 212.0 107.6 110.7 106.9 107.4 326.8 331.3 338.6 346.6 182.5 181.2 181.3 182.4 p-7.9 p-5.7 p574.1 p292.9 p219.6 pllO.6 p354.5 p!82.3 24.9 .... .... 1979 First quarter Second quarter Third quarter Fourth quarter .... .... 1980 First quarter Second quarter Third quarter Fourth quarter .... .... 1981 First quarter Second quarter Third quarter Fourth quarter .... .... See note on page 80. Graphs of these series are shown on pages 41, 42, and 43. APRIL 1981 81 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued • • 139 H E | FOREIGN TRADE Imports of goods and services Exports of goods and services Net exports of goods and services Year and quarter 255. Constant (1972) dollars 250. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 253. Current dollars 256. Constant (1972) dollars 252 Current dollars Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 257. Constant (1972) dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) NATIONAL INCOME AND ITS COMPONENTS 220. National income in current 280. Compensation of dollars employees (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1978 First quarter Second quarter Third quarter Fourth quarter 195.9 214.8 225.3 243.5 118.3 125.4 129.8 136.6 208.2 218.1 223.3 232.0 99. 102! 103. 106. 5 4 11.4 18.7 23.0 26.1 30.5 19.9 8.2 17.9 7.6 36.0 31.6 41.1 42.2 259,1 266.8 293.1 306.3 141.1 140.5 151.3 154.8 239.2 258.6 275.2 298.7 105, 108. 110. 112. 8.2 17.1 44.5 23.3 50.1 51.7 57.6 48.5 337.3 333.3 342.4 346.1 165.9 160.5 160.5 157.4 329.1 316.2 297.9 322.7 P24.3 p51.8 p371.5 p!64.9 p347.2 -12.3 .... .... 1 929, 7 2 1\,utt.0 644 fi 1,720.7 1,771.7 1,844.6 1 8 2 6 1,903.6 1,932.0 1,986.2 2,031,3 1,409.9 1,439.0 1,476.7 1,518.1 115. 3 108. 9 102. 8 108. 2,088.5 2,070.0 2,122.4 r2,204.8 1,558.0 1,569.0 1,597.4 1,661.8 (NA) pi,721.8 K282.3 1,316.5 1,361.7 1979 First quarter Second quarter Third quarter Fourth quarter .... .... 1980 First quarter Second quarter Third quarter Fourth quarter .... .... 1981 First quarter Second quarter Third quarter Fourth quarter p!13 1 .... .... E 282. Proprietors' income with inventory valuation and capital consumption adjustments Year Ted 1 and quarter (Ann. rate, bil. dol.) 1 JSm SAVING NATIONAL INCOME AND ITS COMPONENTS—Continued 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.) 288. Net i nterest (Ann rate, bil. dol.) 290. Cross saving (private and government) (Ann. rate, bil. dol.) 295. Business saving (Ann. rate, bil. dol.) 292. Personal saving (Ann. rate, bil. dol.) 1978 First quarter Second quarter Third quarter Fourth quarter .... .... 110.3 115.5 118.2 124.6 25 .3 25 .4 28 .7 30 .0 163.6 185.2 190.5 202.7 107.3 112.3 117.8 125.7 326.9 354.0 359.4 380.4 260.1 275.5 284.9 295.8 84.6 73.6 73.4 73.8 127.8 129.4 132.9 136.3 30 .7 30 .1 30 .3 31 .0 201.9 196.6 199.5 189.4 133.4 136.9 146.8 156.5 407.4 416.2 422.3 402.0 304.4 310.3 320.5 315.7 83.8 90.9 89.3 80.7 133.7 124.9 129.7 134.C 31 .2 31 .5 32 .0 32.4 200.2 169.3 177.9 r!83.3 165.4 175.3 185.3 193.3 404.5 394.5 402.0 r406.7 326.7 325.8 334.6 r339.3 86.4 110.0 111.4 97.6 p!31.4 p32 .7 (NA) p201.9 (NA) 1979 First quarter Second quarter Third quarter Fourth quarter .... .... 1980 First quarter Second quarter Third quarter Fourth quarter .... .... 1981 First quarter Second quarter Third quarter Fourth quarter (NA) p91.3 .... .... See note on page 80. Graphs of these series are shown on pages 44, 45, and 46. 82 APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Q Year and quarter Q | SAVING—Continued 298. Government surplus or deficit, total (Ann. rate, bil. dol.) 293. Personal saving rate (percent of disposable personal income) (Percent) SHARES OF GNP AND NATIONAL INCOME Percent of gross national product 235. Personal consumption expenditures, total 248. Nonresidential fixed investment (Percent) (Percent) 249. Residential fixed investment 247. Change in business inventories (Percent) (Percent) (Percent) 251. Net exports of goods and services 1978 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1.1 10.8 6.0 5.1 5.0 4.8 62.9 62.5 62.5 62.4 11.0 11.2 11.3 11.4 5.1 5.2 5.2 5.1 1.2 1.3 0.9 0.8 -0.6 -0.2 0.1 0.5 18.1 13.9 11.3 4.4 5.3 5.6 5.4 4.7 62.1 62.2 62.6 63.4 11.4 11.5 11.8 11.6 5.0 4.9 4.9 4.8 1.0 1.4 0.5 0.0 0.9 0.3 0.7 0.3 -9.6 -42.5 -45.6 r-30.8 4.9 6.2 6.1 5.1 63.4 63.4 63.8 64.1 11.6 11,3 11.1 11.1 4.5 3.6 3.8 4.1 0.1 0.3 -0.6 -0.6 0.3 0.7 1.7 0.9 (NA) p4.7 p63.9 pll.l p4.1 p-0.3 p0.9 -17.7 4.9 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . H B Year and quarter SHARES OF GNP AND NATIONAL INCOME—Continued Percent of GNP-Continued Percent of national income 265. Federal Government purchases of goods and services 268. State and local government purchases of goods and services 64. Compensation of employees (Percent) (Percent) (Percent) 283. Proprietors' income with IVA and CCAdj• 285. Rental income of persons with CCAdj1 (Percent) (Percent) 287. Corporate profits with IVA and CCAdj* 289. Net interest (Percent) (Percent) 1978 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 7,4 7.0 7.0 7.1 13.1 13.0 13.0 12.8 75.3 74.5 74.3 73.8 6.7 6.7 6.7 6.8 1.5 1.5 1.6 1.6 9.9 10.8 10.8 11.0 6.5 6.5 6.6 6.8 7.0 6.9 6.8 7.1 12.5 12.7 12.7 12.8 74.1 74.5 74.3 74.7 6.7 6.7 6.7 6.7 1.6 1.6 1.5 1.5 10.6 10.2 10.0 9.3 7.0 7.1 7.4 7.7 7.4 7,7 7.4 7,8 12.7 12.9 12.8 12.7 74.6 75.8 75.3 75.4 6.4 6.0 6.1 6.1 1.5 1.5 1.5 1.5 9.6 8.2 8.4 8.3 7.9 8.5 8.7 8.8 p7.8 P12.5 (NA) (NA) (NA) (NA) (NA) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . See note on page 80. Graphs of these series are shown on pages 46 and 47. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. http://fraser.stlouisfed.org/ APRIL 1981 Federal Reserve Bank of St. Louis 83 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY Q | PRICE MOVEMENTS Implicit price deflator, gross national product Year and month 310. Index (1972 = 100) 310c. Change over 1-quarter spans1 (Ann. rate, percent) 1979 Fixed-weighted price index, gross business product 311. Index (1972 = 100) (Ann. rate, percent) Revised2 Revised2 8.4 January February March 15^2 April May June 16K2 July August September 164.2 October November December 167! 5 311c. Change over 1-quarter spans ' 320c. Change over 1-month spans l 320c. Change over 6-month spansl (1967 = 100) (Percent) (Ann. rate, percent) (1967 = 100) 322. Index 322c. Change over 1-month spansl 322c. Change over 6-month spans ' (Percent) (Ann. rate, percent) 0.8 1.0 0.9 10.6 11.4 12.2 225.2 228.2 230.1 1.3 1.3 0.8 12.0 12.0 10.6 9.7 211.5 214.1 216.6 1.0 1.0 1.0 12.9 13.0 13.6 231.5 233.2 233.9 0.6 0.7 0.3 9.0 6.3 7.0 9.5 218.9 221.1 223.4 1.2 1.1 1.2 13.9 14.0 14.4 235.1 235.3 238.0 0.5 0.1 1.1 7.6 7.7 9.7 10.0 225.4 227.5 229.9 1.1 1.1 1.2 14.9 15.4 15.8 240.1 242.0 245.0 0.9 0.8 1.2 8.9 8.3 7.7 10.1 233.2 236.4 239.8 1.4 1.3 1.3 15.3 14.8 14.3 245.3 244.9 247.0 0.1 -0.2 0.9 6.9 6.1 4.5 9.8 242.5 244.9 247.6 0.9 0.9 1.0 11.4 10.3 9.6 248.3 249.3 250.5 0.5 0.4 0.5 6.3 10.6 12.5 9.6 247.8 249.4 251.7 0.1 0.8 1.0 10.0 10.5 10.5 252.9 257.6 262.0 1.0 1.9 1.7 13.4 15.2 16.3 9.3 253.9 256.2 258.4 1.0 1.1 1.0 11.9 12.3 11.4 264.4 267.6 270.2 0.9 1.2 1.0 13.8 10.3 7.5 plO.2 260.5 263.2 265.1 0.7 1.0 0.6 269.8 270.6 271.6 -0.1 0.3 0.4 169.9 8.1 320. Index © 204.7 207.1 209.1 166.1 7.8 Consumer prices, food 9.7 162.3 7.8 Consumer prices, all items 174.0 1980 January February March 171.2 April May June 175*.3 July August September 179.2 October November December 183.8 9.3 178.2 9.8 182^4 9.2 186.7 10.7 19CK9 1981 January February March p7.8 pl87.3 p!95.*5 April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 48 and 49. x 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, and 1-quarter changes are placed on the 1st month of the 2d quarter. 2 See ;iNew Features and Changes for This Issue," page iii. 84 APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued M M Producer prices, all commodities Year and month 330. Index ® (1967 = 100) 330c. Change over 1-month spans l @ (Percent) PRICE MOVEMENTS-Continued Producer prices, crude materials Producer prices, industrial commodities 330c. Change over 6-month spans1 @ (Ann. rate, percent) 335. Index @ 335c. Change over 1-month spans: @ (1967 = 100) (Percent) 335c. Change over 6-month spans1 © (Ann. rate, percent) 331. Index (1967 = 100) 331c. Change over 1-month spans x (Percent) 331c. Change over 6-month spansl (Ann. rate, percent) 1979 January February March 220.8 224.1 226.7 1.5 1.5 1.2 14.5 15.7 15.3 220.0 222.5 225.4 1.3 1.1 1.3 13.8 15.0 16.1 255.3 261.4 266.5 2.2 2.4 2.0 21.1 20.2 20.7 April May June 230.0 232.0 233.5 1.5 0.9 0.6 15.1 13.1 14.0 229.0 231.6 234.0 1.6 1.1 1.0 16.5 16.9 17.4 271.2 271.4 1.8 0.1 l1 . ?C 18.1 8.6 July August September 236.9 238.3 242.0 1.5 0.6 1.6 14.0 13.5 14.4 237.5 240.6 244.2 1.5 1.3 1.5 18.2 17.1 17.0 277.4 272.4 281.1 1.0 -1.8 3.2 9.4 12.0 12.2 October November December 245.6 247.2 249.7 1.5 0.7 1.0 15.8 19.2 17.1 249.0 250.6 253.1 2.0 0.6 1.0 20.4 22.1 21.0 283.7 287.2 290.9 0.9 1.2 1.3 8.4 17.4 5.3 January February March 254.9 260.2 261.9 2.1 2.1 0.7 14.5 14.2 13.1 260.6 265.9 268.6 3.0 2.0 1.0 18.7 17.7 16.8 288.8 295.1 288.4 -0.7 2.2 -2.3 -0.4 -0.8 -1.8 April May June 262.8 264.2 265.6 0.3 0.5 0.5 12.5 10.7 1.0 0.2 12.3 9.5 0.6 7.7 283.1 286.1 288.3 -1.8 1.1 9.9 271.3 271.9 273.5 0.8 10.5 15.8 24.5 July August September 270.4 273.8 274.6 1.8 1.3 0.3 11.7 rll.6 11.4 276.2 278.2 278.8 1.0 0.7 0.2 8.0 r8.6 9.4 303.6 317.5 321.8 5.3 4.6 1.4 33.6 r33.6 27.3 October November December 277.8 r279.1 280.3 1.2 r0.5 r0.4 9.9 9.8 11.2 282.0 r283.4 286.1 1.1 rO.5 rl.O 10.2 12.3 14.9 327.2 r330.7 325.3 1.7 rl.l r-1.6 12.6 8.9 3.3 283.5 286.9 289.6 1.1 1.2 0.9 289.9 294.8 298.9 1.3 1.7 1.4 322.1 331.4 327.0 -1.0 2.9 -1.3 L. 1 •+ . O n1 1 . ^O 1980 1981 January February March April May June July August September October November December See note on | Graphs of these series are shown on page 48. Percent changes are centered within the spans: month. APRIL 1981 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th 8E OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Q j 332. Index (1967 = 100) 332c. Change over 1-month spans ' (Percent) Producer prices, finished consumer goods Producer prices, capital equipment Producer prices, intermediate materials Year and month PRICE MOVEMENTS-Contmued 332c. Change over 6-month spans ' (Ann. rate, percent) 333. Index (1967 = 100) 333c. Change over 1-month spans ' (Percent) 333c. Change over 6-month spans ' (Ann. rate, percent) 334. Index (1967 = 100) 334c. Change over 1-month spansJ (Percent) 334c. Change over 6-month spans 1 (Ann. rate, percent) 1979 January February March 227.0 228.9 231.6 0.8 1.2 13.3 13.8 14.7 208.1 210.0 211.4 0.7 0.9 0.7 10.0 9.2 9.2 206.1 208.3 210.3 1.3 1.1 1.0 13.0 12.7 11.3 April May June 235.2 238.0 240.4 1.6 1.2 1.0 15.9 16.9 17.9 213.3 214.7 215.9 0.9 0.7 0.6 9.2 7.7 7.9 212.3 213.5 214.7 1.0 0.6 0.6 11.1 11.2 13.5 July August September 244.4 247.5 251.5 1.7 1.3 1.6 18.0 17.4 17.5 217.5 217.9 219.6 0.7 0.2 0.8 7.7 8.0 8.4 217.2 219.7 224.0 1.2 1.2 2.0 13.9 16.1 16.7 October November December 255.5 257.9 260.6 1.6 0.9 1.0 19.6 20.8 18.7 221.4 223.1 224.8 0.8 0.8 0.8 10.1 11.4 11.7 226.6 230.0 231.9 1.2 1.5 0.8 17.9 18.6 16.8 January February March 267.3 272.0 274.0 2.6 1.8 0.7 15.6 14.9 14.1 228.2 230.0 232.1 1.5 0.8 0.9 13.4 12.5 12.3 235.8 239.3 242.1 1.7 1.5 1.2 15.3 April May June 274.7 276.4 278.4 0.3 0.6 0.7 10.5 8.8 8.3 235.8 236.6 238.2 1.6 0.3 0.7 11.6 12.2 10.4 243.3 244.5 246.6 0.5 0.5 0.9 13.5 12.9 11.0 July August September 281.0 283.7 285.2 0.9 1.0 0.5 9.6 rlO.2 11.0 241.1 243.6 243.9 1.2 1.0 0.1 10.7 rll.4 10.7 251.2 254.3 255.1 1.9 1.2 0.3 11.7 rl2.1 10.7 October November December 287.6 r290.2 293.3 0.8 r0.9 rl.l 11.6 10.3 11.5 248.1 r249.7 250.6 1.7 r0.6 r0.4 10.1 257.1 r258.9 259.4 0.8 rO.7 r0.2 8.4 7.4 9.7 296.8 297.9 301.1 1.2 0.4 1.1 253.0 255.8 257.7 1.0 1.1 0.7 261.5 263.6 267.2 0.8 0.8 1.4 1.1 1980 10.3 11.6 13.0 13.1 1981 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 48. Percent changes are centered within the spans: month. 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings, production workers, private nonfarni economy, adjustec Year and month Current-dollar compensation Real earnings Current-dollar earnings IIIUII III 340. Index (1967 = 100) 340c. Change over 1-month spans2 (Percent) 340c. Change over 6-month spans2 (Ann. rate, percent) 341. Index (1967 = 100) 341c. Change over 1-month spans2 (Percent) 341c. Change over 6-month spans2 (Ann. rate, percent) 345. Index (1977 = 100) 345c. Change over 1-quarter spans2 345c. Change over 4-quarter spans2 (Ann. rate, percent) (Ann. rate, percent) 1979 January February March 222.6 224.0 225.2 0.7 0.6 0.5 7.8 7.6 7.5 108.3 107.8 107.4 -0.2 -0.5 -0.4 -3.0 -3.8 -4.4 114! 7 April May June 226.7 227.6 229.2 0.7 0.4 0.7 7.5 7.6 8.2 107.1 106.4 106.1 -0.3 -0.7 -0.3 -5.0 -4.8 -4.8 117.5 July 230.8 232.3 234.3 0.7 0.6 0.9 7.5 8.8 9.1 105.6 105.2 104.8 -0.5 -0.4 -0.4 -5.5 -4.5 -4.5 119! 8 235.0 237.3 239.4 0.3 1.0 0.9 8.4 8.9 9.6 104.1 104.0 103.6 -0.7 -0.1 -0.4 -5.5 -5.5 -5.2 122! 5 240.3 242.4 245.2 0.4 0.9 1.2 9.8 9.4 9.8 102.6 102.2 102.0 -1.0 -0.4 -0.2 -4.8 -4.6 -3.8 125.3 246.2 248.3 250.9 0.4 0.9 1.0 10.0 9.8 8.4 101.5 101.5 101.6 -0.5 0.0 0.1 -1.1 -0.3 -1.2 128^7 252.1 254.0 255.4 0.5 0.8 0.6 9.7 10.5 9.0 102.0 102.0 101.5 0.4 0.0 -0.5 -0.2 -0.1 -1.7 131.6 257.9 260.9 261.8 1.0 1.2 0.3 rlO.O rlO.O plO.5 101.4 101.4 100.8 -0.1 0.0 -0.6 r-2.1 r-2.4 p-0.8 134!) r264.4 rl.O rO.7 p0.8 rlOl.O rl00.8 plOl.O rO.2 r-0.2 pO.2 August September October November December 10.8 9*.6 10.0 9^5 8.2 9!3 9.2 9!o" 1980 January February March April May June July August September October November December 9.6 9.*9 11.4 10.0 9.3 pl0.4 9.5 1981 January February March r266.3 p268.5 pll.2 p!38.3 April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. Adjusted for overtime (in manufacturing only) and interindustry employment shifts. 2 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 1981 87 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Q Average hourly compensation, all employees, nonfarm business sector-Continued Year and month 346c. Change over 1-quarter spans * (1977 = 100) (Ann. rate, percent) 346c. Change over 4-quarter spans: (Ann. rate, percent) PRODUCTIVITY—Continued Negotiated wage and benefit decisions, all industries © 348. First year average changes Real compensation 346. Index WAGES AND (Ann. rate, percent) 349. Average changes over life of contract (Ann. rate, percent) Output per hour, all persons private business sector 370. Index (1977 = 100) 370c. Change over 1-quarter spans' (Ann. rate, percent) 370c. Change over 4-quarter spans' (Ann. rate, percent) 358. Index of output per hour all persons, nonfarm business sector (1977 = 100) 1979 January February March 2.8 -0.4 April May June 99*6 July August September 98*5 October November December 97*5 99*7 10.5 -2.5 99*6 9.0 -3.8 4'.2 99*2 8.5 99*5 -0*9 99*1 -6*4 98*7 -o*8 98*6 0.0 98*6 r-O.l 97*9 p6!5 98*8 -1.5 6.1 -4*. 3 -0.7 -0.2 7.8 -2.8 -4.6 -0.8 5.3 -1*9 100*3 -1.1 6.0 99*0 1980 January February March r8.8 -6.2 April May June ' July August September October November December r6.7 -2*6 95.9 rl0.2 -2.0 2.0 p-6.8 95*9 r-3.0 -1.9 r7.4 98." 8 r-2.3 95*5 1.3 99*. 3 rll.4 1.5 r7.2 99.'2 r8.5 r-1.2 r6.1 r98.7 r98.9 r95.1 1981 January February March p-0.2 p95.'l pl0.4 p3.9 p7.3 p99'.8 p99.6 April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. Percent changes are centered within the spans: placed on the middle month of the 3d quarter. 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are APRIL 1981 BUI OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT D | CIVILIAN LABOR FORCE AND VIAJOR COMPONENTS Civilian labor force Year and month 441. Total (Thous.) 442. Employed (Thous.) 451. Males 20 years and over 448. Number em- Number unemployed Labor force participatiorl rates 452. Females 20 years and over 453. Both sexes, 16-19 years of age (Percent) (Percent) (Percent) 37. Total (Thous.) 447. Fulltime workers 444. Males 20 years and over 445. Females 20 years and over 446. Both sexes, 16-19 years of age (Thous.) (Thous.) (Thous.) (Thous.) ployed part-time for economic reasons (Thous.) 1979 January February March 102,014 102,393 102,578 96,056 96,400 96,622 80.0 80.1 79.9 50.1 50.3 50.5 58.8 58.9 58.7 5,958 5,993 5,956 2,201 2,188 2,188 2,205 2,251 2,246 1,552 1,554 1,522 4,573 4,692 4,602 3,234 3,209 3,248 April May June 102,213 102,366 102,556 96,295 96,590 96,838 79.8 79.7 79.7 50.2 50.3 50.4 58.4 57.9 57.8 5,918 5,776 5,718 2,165 2,083 2,097 2,178 2,147 2,177 1,575 1,546 1,444 4,621 4,450 4,422 3,279 3,252 3,267 July August September 103,015 103,105 103,492 97,277 97,048 97,521 79.9 79.8 79.9 50.7 51.0 50.9 57.6 56.6 58.1 5,738 6,057 5,971 2,177 2,235 2,232 2,122 2,303 2,180 1,439 1,519 1,559 4,484 4,661 4,670 3,243 3,286 3,155 October November December 103,566 103,605 104,053 97,434 97,501 97,781 79.7 79.5 79.5 50.9 50.9 51.2 57.7 57.9 58.5 6,132 6,104 6,272 2,333 2,385 2,435 2,240 2,214 2,276 1,559 1,505 1,561 4,785 4,814 4,911 3,289 3,405 3,541 January February March 104,208 104,271 104,171 97,708 97,817 97,628 79.5 79.6 79.4 51.3 51.3 51.2 58.0 57.5 57.4 6,500 6,454 6,543 2,629 2,581 2,736 2,314 2,311 2,295 1,557 1,562 1,512 5,130 5,114 5,265 3,549 3,454 3,470 April May June 104,427 105,060 104,591 97,225 97,116 96,780 79.5 79.9 79.4 51.4 51.5 51.4 56.5 57.9 56.7 7,202 7,944 7,811 3,192 3,569 3,558 2,501 2,593 2,569 1,509 1,782 1,684 5,825 6,586 6,430 3,803 4,276 3,969 July August September 105,020 104,945 104,980 96,999 97,003 97,180 79.4 79.4 79.4 51.5 51.6 51.3 57.1 55.5 56.7 8,021 7,942 7,800 3,630 3,612 3,652 2,655 2,633 2,513 1,736 1,697 1,635 6,631 6,553 6,516 4,086 4,143 4,183 October November December 105,167 105,285 105,067 97,206 97,339 97,282 79.3 79.2 79.0 51.4 51.5 51.4 56.8 56.5 56.0 7,961 7,946 7,785 3,532 3,532 3,425 2,732 2,720 2,750 1,697 1,694 1,610 6,559 6,632 6,549 4,220 4,176 4,218 105,543 105,681 106,177 97,696 97,927 98,412 78.8 78.7 79.2 51.8 51.9 52.1 57.0 57.0 56.6 7,847 7,754 7,764 3,352 3,312 3,305 2,750 2,680 2,725 1,744 1,762 1,734 6,460 6,396 6,407 4,474 4,145 4,227 1980 1981 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 5 1 . APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Q | RECEIPTS AND EXPENDITURES Federal Government1 Year and month 500. Surplus or deficit (Ann. rate, bil. dol.) H I DEFENSE INDICATORS 1\dvance measures of defense activity State and local governments' 501. Receipts 502. Expenditures 510. Surplus or deficit 511. Receipts 512. Expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 517. Defense Department gross obligations incurred 525. Defense Department military prime contract awards 543. Defense Department gross unpaid obligations outstanding 548. Value of manufacturers' new orders, defense products (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) 10,770 10,226 10,935 5,706 4,773 5,763 65,120 48,267 67,128 2,684 3,871 3,102 1979 January February March 488! 4 April May June 340! 9 485.'9 494.'6 2K9 342!) 320.8 9,784 10,683 10,615 4,936 4,720 5,117 68,883 68,468 68,976 3,181 3,640 2,464 26.*5 355.*4 328.' 9 11,792 11,022 12,278 6,135 5,282 6,364 70,252 81,542 71,886 2,332 3,029 4,237 365.6 336.7 12,081 11,505 11,997 4,318 5,670 5,489 64,325 68,634 68,525 3,048 4,033 3,787 372*.i 345'.4 12,578 12,399 13,806 5,515 7,152 5,781 70,088 68,497 72,961 3,352 3,680 4,594 37^9 350.6 13,722 13,718 12,809 7,572 7,483 7,184 73,766 74,848 75,204 4,948 5,279 3,546 386! 8 358!2 12,677 13,728 13,552 6,768 7,633 7,410 76,366 76,506 79,260 4,366 4,515 6,458 13,014 12,876 15,825 4,572 6,794 9,663 77,930 76,530 79,312 3,908 4,453 5,825 14,808 (NA) (NA) 80,829 (NA) 4,193 r5,657 p4,623 July August September -15.*2 500.6 ™-° October November December -24.5 514.0 538!o" 2 ^ 1980 January February March - 3 6 '.3 528'.4 564'.7 April May June -66*. 5 52CL9 587! 3 July August September -7^2 540.'8 615!6 28.6 October November December r-67.9 r573.2 641.1 37 .'l r403.4 366.3 (NA) p66Ch3 (NA) (NA) p374!i 26*.6 2 - 1981 January February March (NA) April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 52 and 53. 1 Based on national income and product accounts. 90 APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES £) I GOVERNMENT ACTIVITIES—Continued Q DEFENSE INDICATORS-Continued National defense purchases Intermediate and final measures of defense activity Year and month 557. Output of defense and space equipment 559. Manufacturers' inventories, defense products 561. Manufacturers' unfilled orders, defense products 580. Defense Department net outlays (1967 = 100) (Mil. dol.) (Mil. dol.) 588. Manufacturers' shipments, defense products 570. Employment in defense products industries (Mil. dol.) (Mil. dol.) (Thous.) Defense Department personnel 577. Military, active duty © 578. Civilian, direct hire employment @ (Thous.) (Thous.) 564. Federal purchases of goods and services 565. Federal purchases as a percent of GNP (Ann. rate, bil. dol.) (Percent) 1979 January February March 92.3 92.4 93.0 7,397 7,485 7,586 43,409 44,515 44,588 9,645 9,452 9,525 2,838 2,765 3,029 1,242 1,262 1,278 2,040 2,030 2,026 972 971 968 106^0 4^5 April May June 92.1 92.4 92.2 7,573 7,806 7,953 44,854 45,670 45,138 9,299 9,781 9,425 2,915 2,824 2,996 1,283 1,289 1,299 2,022 2,018 2,024 968 972 979 108.' 1 4^6 July August September 92.9 91.9 93.8 8,048 8,178 8,553 44,656 44,697 46,000 10,499 10,103 9,982 2,814 2,988 2,934 1,310 1,312 1,324 2,027 2,024 2,027 982 974 960 112!6 4,'<5 October November December 95.4 96.4 96.7 8,871 9,275 9,462 46,010 46,893 47,492 9,982 10,206 11,182 3,038 3,150 3,188 1,336 1,349 1,356 2,030 2,029 2,020 964 967 967 11&\7 k'.S January February March 97.0 97.2 97.1 9,592 9,619 10,075 47,769 48,196 49,401 11,341 10,632 11,235 3,076 3,253 3,389 1,359 1,366 1,377 2,029 2,032 2,033 964 965 966 12b!o 4.9 April May June 97.6 97.2 96.8 10,277 10,451 10,588 51,061 52,902 53,011 11,356 11,061 11,480 3,286 3,440 3,435 1,373 1,375 1,373 2,028 2,031 2,034 969 975 988 12&\7 5^6 July August September 97.2 96.9 97.4 10,908 11,177 11,310 53,922 55,112 57,771 11,303 11,135 11,648 3,453 3,324 3,798 1,371 1,379 1,384 2,044 2,049 2,051 990 973 971 13K4 5!6 October November December 98.5 99.8 100.7 11,647 11,833 12,038 57,904 58,501 60,599 12,371 11,209 13,055 3,776 3,858 3,726 1,394 1,398 1,401 2,053 2,056 2,051 971 972 973 141.6 s'.2 rl00.8 rlOO.7 plOl.O 12,449 12,645 (NA) 61,107 r62,844 p63,097 r!2,769 (NA) 3,686 r3,919 p4,371 rl,400 pi,393 (NA) 2,056 p2,061 (NA) 973 p972 (NA) pl44.9 p5.1 1980 1981 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 54 and 55. http://fraser.stlouisfed.org/ APRIL 1981 Federal Reserve Bank of St. Louis 91 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS Q | Year and month 602. Exports, excluding military aid shipments, total (Mil. dol.) 604. Exports of agricultural products (Mil. dol.) MERCHANDISE TRADE 606. Exports of nonelectrical machinery (Mil. dol.) 612. General imports, total (Mil. dol.) 614. Imports of petroleum and petroleum products 616. Imports of automobiles and parts (Mil. dol.) (Mil. dol.) 1979 14,297 2,531 2,444 2,609 2,682 2,832 2,917 16,528 14,605 15,358 3,580 3,634 3,667 1,963 1,706 1,589 April May June 13,979 14,083 14,817 2,540 2,597 2,828 2,706 2,859 3,034 15,841 16,438 16,835 3,832 4,000 4,199 1,956 1,851 1,730 July August September 15,691 15,713 15,822 2,954 3,019 3,032 3,022 3,241 3,153 16,806 18,277 18,407 4,692 4,949 5,662 1,815 2,113 1,849 October November December 16,680 16,928 16,742 3,309 3,459 3,311 3,251 3,172 3,240 19,037 18,548 19,665 6,050 5,351 6,502 1,805 1,984 1,871 January February March 17,419 16,984 18,265 3,442 3,484 3,325 3,297 3,454 3,423 21,142 21,779 20,947 5,614 7,741 6,991 1,899 2,035 1,960 April May June 18,567 17,647 18,440 3,329 3,326 3,085 3,571 3,620 3,943 19,766 20,587 20,353 5,185 7,191 6,611 1,710 1,999 1,843 July August September 18,267 19,086 18,828 3,286 3,557 3,596 3,985 4,230 4,027 19,139 19,713 19,940 5,153 6,018 4,982 2,103 2,139 2,270 October November December 19,214 18,715 19,251 3,485 3,464 3,838 4,117 3,968 3,819 20,347 19,860 21,436 5,876 6,051 6,254 2,189 2,314 1,897 18,825 19,764 (NA) 4,295 3,977 (NA) 4,058 4,155 (NA) 23,194 21,922 (NA) 7,359 8,018 (NA) 2,264 1,742 (NA) January February March 13,265 13,616 1980 1981 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 56. 92 APRIL 1981 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Continued Q j GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise, adjusted l Goods and services Year and month 667. Balance (Mil.dol.) 668. Exports (Mil.dol.) 622. Balance 669. Imports (Mil.dol.) (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 United States (Mil.dol.) 1979 January February March 2,730 65,668 62,938 -5,116 41,806 46,922 14,263 7,225 -100 67,764 67,864 -8,060 42,816 50,876 15,250 7,980 July August September 2,514 74,782 72,268 -7,052 47,207 54,259 18,050 8,731 October November December -183 78,307 78,490 -9,158 50,239 59,397 18,407 9,524 -809 85,521 86,330 -10,848 54,604 65,452 20,824 10,762 -1,115 81,767 82,882 -7,503 54,605 62,i 08 16,620 10,51*8 July August September 6,020 86,015 79,995 -2,858 56,181 59,039 18,756 10,700 October November December p2,983 p87,586 p84,603 p-6,145 p56,391 p62,536 pl9,830 pll,514 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) April May June 1980 January February March April May June 1981 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 57. 1 Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). APRIL 1981 93 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS Q | 47. United States, index of industrial production Year and month (1967 = 100) 721. OECD1 European countries, index of industrial production (1967 = 100) 728. Japan, index of industrial production (1967 = 100) 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) 727. Italy, index of industrial production (1967 = 100) 723. Canada, index of industrial production (1967 = 100) 1979 January February March 152.0 152.5 153.5 154 156 158 210.7 213.4 213.1 159 157 161 158 160 163 122 131 133 152.8 160.0 156.0 160.8 161.0 162.0 April May June 151.1 152.7 153.0 158 159 159 214.4 218.2 218,5 161 164 164 160 164 164 132 134 136 156.7 151.9 145.1 160.3 162.1 160.6 July August September 153.0 152.1 152.7 162 159 161 221.2 221.8 220.5 167 164 164 170 170 167 134 130 129 150.4 150.1 159.4 163.1 163.3 165.4 October November December 152.7 152.3 152.5 162 162 162 225.0 228.1 228.4 166 167 167 164 164 166 130 132 131 166.8 167.3 164.7 164.7 163.7 160.8 January February March 152.7 152.6 152.1 163 165 165 230.9 243.3 235.0 168 170 170 166 167 166 130 126 125 rl68.9 rl76.1 r!74.6 160.9 161.2 164.2 April May June 148.3 144.0 141.5 163 158 159 238.8 236.4 234.0 168 164 163 167 160 160 124 123 123 r!76.1 rl62.3 H67.4 160.6 157.3 155.9 July August September 140.4 141.8 144.1 161 r!55 r!56 235.0 224,0 233.2 164 161 160 166 166 157 123 120 H65.2 rl41.5 H60.8 155.5 157.2 159.7 October November December 146.9 149.4 r!51.0 158 r!56 r!55 235.2 232.1 237.2 163 160 157 160 154 163 r!17 rl!6 rl62.9 H69.7 rl59.5 160.7 H61.3 rl61.5 rl51.7 r!51.1 pl51.7 (NA) 238.7 p242.0 (NA) (NA) pl52 (NA) p!15 (NA) P157.7 (NA) 160.5 pl61.8 (NA) 1980 117 117 1981 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 58. O r g a n i z a t i o n for Economic Cooperation and Development. 94 APRIL 1981 KCII OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q United States Year and month 320. Index © (1967 = 100) West Germany Japan 320c. Change over 6-month spansl (Ann. rate, percent) 738. Index © (1967 = 100) CONSUMER PRICES 738c. Change over 6-month spansi (Ann. rate, percent) 735. Index © (1967 = 100) United kingdom France 735c. Change over 6-month spansl (Ann. rate, percent) 736. Index © (1967 = 100) 736c. Change over 6-month spans' (Ann. rate, percent) 732. Index © (1967 = 100) 732c. Change over 6-month spans ' (Ann. rate, percent) 1979 January February March 204.7 207.1 209.1 10.6 11.4 12.2 253.9 253.1 255.1 1.8 3.1 4.6 162.9 163.6 164.4 4.4 4.3 4.7 245.5 247.1 249.4 9.8 10.4 10.9 332.9 335.6 338.3 11.4 11.4 April May June 211.5 214.1 216.6 12.9 13.0 13.6 258.6 261.3 261.5 7.3 7.0 5.3 165.3 165.7 166.6 6.0 5.8 5.8 251.8 254.5 256.6 11.9 12.6 11.7 344.1 346.8 352.8 21.5 21.4 22.1 July August September 218.9 221.1 223.4 13.9 14.0 14.4 263.8 261.1 264.4 6.7 6.9 6.9 167.7 167.8 168.3 6.0 6.4 6.1 260.0 262.7 264.9 12.7 12.4 12.8 368.0 370.9 374.6 23.2 23.7 21.5 October November December 225.4 227.5 229.9 14.9 15.4 15.8 267.7 266.7 268.3 6.0 8.9 10.8 168.7 169.3 170.1 4.0 5.4 5.6 268.1 269.8 272.0 14.2 14.7 15.6 378.5 381.8 384.6 15.4 16.8 17.4 January February March 233.2 236.4 239.8 15.3 14.8 14.3 270.8 273.3 275.5 9.9 9.5 9.9 171.0 172.8 173.8 5.6 5.6 5.7 277.2 280.2 283.4 15.0 15.0 14.1 394.1 399.7 405.1 20.4 20.5 20.5 April May June 242.5 244.9 247.6 11.4 10.3 9.6 280.2 282.7 283.5 9.5 8.2 7.2 174.9 175.6 176.5 6.9 5.5 4.7 286.7 289.3 291.1 12,9 12.3 11.6 419.0 422.8 426.8 18,5 15.8 14.1 July August September 247.8 249.4 251.7 10.0 10.5 10.5 284.2 283.7 288.1 5.6 7.3 4.3 176.8 177.0 177.0 4.6 5.0 5.2 295.5 298.4 301.0 11.8 12.2 13.2 430.4 431.3 434.1 10.6 10.4 9.9 October November December 253.9 256.2 258.4 11.9 12.3 11.4 288.5 289.1 287.2 5.7 5.2 (NA) 177.3 178.3 179.4 4.9 5.4 6.3 304.3 306.4 309.1 12.7 12.7 (NA) 436.8 440.3 442.7 8.2 9.7 11.1 13.2 1980 1981 January February March 260.5 263.2 265.1 290.7 290.9 (NA) 180.9 182.3 183.5 312.7 315.6 (NA) 445.5 449.5 456.2 April May June July August September October November December See note on page 80. Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. APRIL 1981 95 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Year and month 1 9 CONSUMER PRICES-Continued Italy Canada 737. Index © 737c. Change over 6-month spansl 733. Index ® 733c. Change (1967 = 100) (Ann. rate, percent) (1967 = 100) Q | STOCK PRICES 748. Japan, index of stock prices ® 745. West Germany, index of stock prices © 746. France, index of stock prices © 742. United Kingdom, index of stock prices © 747. Italy, index of stock prices © 743. Canada, index of stock prices © over 6-month spans' 19. United States, index of stock prices, 500 common stocks © (Ann. rate, percent) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) 1979 January February March 305.1 309.7 313.8 14.5 15.6 15.6 211.2 213.2 215.7 10.9 10.1 9.9 108.5 106.9 108.9 416.1 409.9 405.7 135.0 131.9 131.2 160,9 149,9 155.4 211.1 212.2 240.8 52.4 54.8 57.9 138.4 141.1 150.7 April May June 317.8 321.3 323.9 14.9 15.5 17.8 217.2 219.3 220.3 9.5 8.5 8.5 111.0 108,5 110.7 402.9 411.1 402.3 130.6 127.8 121.7 164.5 162,0 171.7 255.7 255.0 241.0 54.1 56.8 58.0 149.5 154.8 168.9 July August September 326.7 330.6 339.2 19.2 19.4 21.7 222.1 222.9 224.9 7.9 8.8 9.5 111.7 116.8 118.1 400.6 408.0 412.5 122.0 124.3 125.7 173,7 188.6 207.4 232.8 233.9 236.3 58.8 61.7 63.0 159.4 178.6 191.7 October November December 345.5 350.3 356.6 25.8 26,1 23.1 226.5 228.7 230,1 10.0 10.4 9.9 113.6 112.8 117.2 408.2 403.4 410.8 123.5 118.3 118.8 187.5 189.1 186.8 238,9 215.6 217.1 62.6 58.6 55,4 175.2 189.3 199.5 January February March 367.9 374.3 378.2 23.0 22.6 20.4 231.3 233.3 235.8 10,3 9.9 10.6 120,6 125.5 113.9 420.1 425.5 413.0 117.2 123.3 118.1 203.8 207.4 185.4 224.3 239.4 231.6 59.8 61.1 61.1 224.7 256.3 203.2 April May June 384.3 388.2 391.7 18.4 18.1 19.6 237.2 240.0 242.7 10.0 11.0 11.5 112.0 117.1 124.6 417.6 422.9 423.8 116.5 118.8 120.6 189.0 201.1 201.4 228.1 230.3 240.7 61.0 61.5 64.8 212.8 216.4 227.5 July August September 398.7 403.5 411.6 19.1 21.6 23.2 244.5 246.8 249.0 11.7 12.7 12.0 130.4 134.3 137.6 424.9 429.1 437.6 121.2 121.7 120.0 198.9 199.9 203.0 255.9 256.7 262.6 66.0 74.4 82.7 240.0 232.3 233.5 October November December 418.6 427.4 433.0 21.5 21.7 20.7 251.2 254,3 255.8 14.1 13.3 13.2 141,7 147.6 145.2 447.5 447.8 443.5 120.6 117,2 116.3 218.0 r215.2 206.6 267.4 277,5 267.6 93.5 99.2 96.0 223.3 235.2 219.9 144.6 139.7 144.9 457.9 458.2 467.3 115.3 114.0 116.3 rp!84.6 rp!86.7 rpl94.3 259.0 269.0 273.2 110.0 122.1 125.9 223.7 218.6 rp223.3 pl46.6 p487.5 pl21.5 pl92.5 P288.7 p!34.7 p233.5 1980 ....... 1981 January February March 441.2 449.1 455.4 259.1 261.7 265.2 April May June July August September October November December See note on page 80. Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. 96 APRIL 1981 C. Historical Data for Selected Series Year 92. Jan Fet). Mar. Apr. May June Aug. July Sept. Oct. CHANGE IN SENSITIVE CRUDE MATERIALS PRICES (PPI OF CRUDE MATERIALS LESS AGRICULTURAL MONTHLY DATA 1 (MONTHLY IIATE, PERCENT) Nov. Dec IQ II Q III Q IV Q Annual PRODUCTS) AVERAGE FOR PERIOD 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958.. . 1959.. . 1960.. . 1961.. . 1962. . . 1963... 1964.. . i. 83 -0. 76 0. 1. 61 -0. 73 -0. 65 -1. 25 2. 36 1. 17 -1. 04 -0. 84 0. 30 -0. 10 -0.32 0. 72 -0. 63 0. 0. 68 - 2 . 51 1. 69 0. 19 -0.42 1. 63 -0. 81 2. 09 -1. 73 -1. 34 1. 05 1. 41 -1. 65 0. 63 -0. 31 0. 11 -0. 32 -0. 45 -1. 34 1. 43 0. 0. 21 0. 21 -0. 46 0. 54 0. 98 -0. 68 -0. 52 0. 79 -1. 88 1. 16 -1. 12 0. 0. 32 3.37 -4.53 1.76 0.09 -0.63 -0.53 1.52 0.75 1.07 -1.76 -0.84 0.29 0.30 0.73 -0.93 -0.21 1.48 1.41 -3.08 3.00 -0.28 0.21 -0.43 2.64 -0.53 -1.44 1.59 0.53 0. 0.20 0.31 -0.31 0. -0.42 -0. 21 -0. 98 4. 03 -1.78 -2.64 1. 61 -0. 56 0. 11 - 4 . 19 2. 06 0. 53 0. 39 -1. 20 0. 10 -0. 84 -0. 11 0. 42 2. 90 -0. 87 1. 08 -1. 90 -0. 65 1. 06 -0. 56 3. 20 0. 20 -0. 29 0. 63 0. -0. 71 0. 51 -0. 11 0. 0. 83 -0. 52 0. 3. 51 -2. 52 -0. 33 -1. 36 -1. 13 1. 86 2. 84 -1. 25 0. 73 0. -1. 02 0. 51 -0. 32 -0. 64 1. 24 -0.94 3.24 2.57 -0.80 -0.66 -2.02 0.11 2.43 0.49 -2.54 0.93 0.59 -0.41 0.30 0.32 0.11 0. -1.27 -0.48 1.80 -0.80 0.99 -2.60 2.17 -0.59 0.29 -2.60 2.45 0.29 -1.04 0.51 -0.32 0.43 0.81 0. 0.73 2.26 -2.63 0.11 -0.11 0.67 0.20 1.27 -2.26 0.40 0.58 -0.73 -2.52 -0.21 0.11 0.61 -0. 75 -0. 36 1. 35 -0. 21 0. 98 -1. 90 -1. 11 2. 09 1. 84 0. 63 -1. 29 -0. 87 0. 0. 93 0. 85 0. 53 1. 31 0. 69 -1. 54 1. 04 0. 60 -0. 31 0. 40 -0. 84 1. 66 0. 14 -1. 02 -0. 10 0. 83 -1. 21 0. 49 -0. 24 -0. 17 0. 1.52 -2.86 2.93 -0.66 -1.02 0.22 1.20 0.11 -1.52 0.63 0.07 0.23 -0.23 0.38 -0.69 -0.11 0.49 0.48 0.79 2.39 -1.74 -0.55 -0.77 -0.53 2.50 1.18 -1.36 0.76 0.20 -0.71 0.44 -0.04 -0.18 0.69 -0.67 -0.04 1.80 -1.21 0.69 -1.54 0.58 0.57 1.13 -1.41 0.52 0. -0.59 -0.36 0.11 0.36 0.91 0.50 -0.91 2.04 -0.75 -0.30 -0.42 0.10 1.21 0.23 -0.79 0.31 0.31 -0. 69 0.24 -0.21 -0.02 0.52 1965... 1966... 1967. . . 1968... 1969... 1970... 1971... 1972.. . 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980.. . 1981... -1. 98 1. 07 -0. 59 -0. 29 0. 48 0. 78 0.50 0.40 0. 94 4. 39 - 2 . 09 -1. 15 - 2 . 23 -0. 25 0. 62 0. 1. 25 -0. 99 0. 20 0. 1. 20 0. 0.16 1. 22 5. 89 0. 32 -1. 46 3 68 0. 72 3. 07 0. 30 0. 76 -0. 80 0. 79 1. 53 0. 25 -0. 33 1. 58 0. 07 4. 27 -1. 90 1. 09 0. 96 0. 50 2. 98 0.71 -0.28 -1.21 -1.5b 1.41 0.59 1.49 -0.39 2.05 5.28 0.83 3.19 0.88 2.34 0.88 1.20 0.19 0.61 -0.79 0.93 0.25 -0.08 0. 70 2.35 -3.30 1.65 1.46 1.52 1.56 2.67 -0. 40 0. 66 0. 71 0. 70 1. 10 0. 42 -0. 16 0. 39 2. 64 0. 84 0. 94 1. 15 -1. 04 1. 98 3. 25 0. 10 0. 19 0. 10 0. 99 1. 27 -0. 50 0. 81 1. 01 1. 12 6. 03 -0. 04 3.14 0. 53 1. 91 1. 18 0. 99 -3. 18 0. 0. 1. 61 -1. 01 -0. 16 1. 53 1. 63 0. 09 0. 04 -0. 91 0. 71 0. 03 0. 38 -0.20 -0.19 0.30 0.29 1.06 1.27 0.49 0.45 3.40 0.70 2.85 -0.36 0.30 1.35 3.39 0.49 -0.19 0.20 1.18 0.17 1.68 0.24 1.35 2.85 0.22 -0.52 2.28 0.45 1.65 2.79 0.49 -0.29 0. 90 0.58 0.09 -1.90 -0.64 1.70 5.90 0.30 0.91 1.68 0.74 1.31 1.98 0. 19 -0. 78 0. 59 0. 48 0. 61 1. 68 1. 62 1. 02 3. 70 -2. 81 1. 60 -1. 69 2. 31 0. 88 2. 11 -0. 56 1. 03 -0. 79 0. 23 0. 67 0. 74 0. 06 0. 71 0. 74 4. 85 -1. 22 -0. 51 0. 80 0. 32 2. 22 0.50 0.19 0.04 -0.55 1.15 0.42 0.42 0.23 2.35 0.94 1.14 1.93 0.45 1.96 2.27 0.30 -1.06 0.13 0.43 1.31 -0.08 0.38 1.00 2.05 2.27 0.95 0.62 0.51 1.10 1.65 0.39 -0.42 0.56 0.75 0.29 0.49 0.41 1.36 4.15 -0.76 0.66 0. 76 1.17 1.28 2.29 0.16 -0.07 -0.01 0.21 0.86 0.39 0.32 0.82 2.32 1.82 0.38 0.70 0.73 1.16 2.11 92. CHANGh IN SENSITIVE CRUDE MATERIALS PRICES (PP] OF CRUDE MATERIALS LESS AGRICULTURAL SMOOTHED DATA 1 2 (MONTHLY RATE, P ERCENT) PRODUCTS) f AVfc RAGE FOR PERIOD 1948. . . 1949... 1950.. . 1951... 1952... 1953.. . 1954... 1955. . . 1956.. . 1957... 1958... 1959... I960... 1961... 1962... 1963... 1964... 1. 99 -0. 59 0. 04 1. 77 -1. 20 0. 42 -1. 31 0. 61 0. 86 0. 91 -1. 12 0. 16 -0. 06 -0. 47 -0. 32 0. 05 0.28 1 72 -0. 92 0 28 1 39 -0.82 0 40 -1 20 0 88 0.83 0 25 -0 27 -0 03 -0 50 -0 12 0 08 0 06 0 14 1. 17 -1. 44 0. 74 0. 82 -0.38 0. 52 -1. 08 1. 39 0. 32 -0. 60 0. 09 0. 49 -1. 04 0. 30 0. 10 -0 03 0 03 0.94 -2.16 1.33 0.35 -0.30 0.42 -0.38 1.39 0.12 -1.14 -0.10 0.83 -1.14 0.66 -0.51 -0.10 0.25 1.32 -2.89 1.84 0.01 -0.17 0.09 0.66 0.69 0.15 -0.77 -0.19 0.59 -0.77 0.79 -0.79 -0.05 0.48 1. 48 -2. 92 2. 50 -0 36 -0. 54 -0. 02 1 22 0. 18 -0 66 0 17 -0 10 0 29 -0 35 0 56 -0 74 -0.09 0 48 1. 44 -2. 25 2. 82 -0. 99 -1. 02 0. 48 0. 85 0. 52 -1. 66 0. 87 0. 32 0. 18 -0. 40 0. 34 -0. 56 -0. 07 0. 38 1. 04 -1. 13 2. 79 -1. 69 -1. 12 0. 59 -0. 12 1. 32 -1. 10 0 65 0 60 0. 13 -0 77 0 34 -0 42 -0 14 0 55 0. 60 0.09 2.63 -1.90 -0.88 -0.17 -0.64 2.11 0.40 -0.59 0. 70 0.16 -0.84 0.41 -0.23 -0.21 0.76 -0.21 0.85 2.51 -1.56 -0.27 -1.38 -0. 07 1.86 1.19 -1.74 1.07 0.24 -0.77 0.44 -0.07 -0.11 0.69 -0.82 1.04 2.42 -1.39 0.07 -1.78 0. 68 0.96 0.94 -2.30 1.31 0. 39 -0.77 -0.06 -0.09 0.09 0.58 -0. 70 0. 56 2. 01 - 1 . 31 0. 42 -1. 56 0. 78 0. 62 0. 91 -1. 94 0. 89 0. 24 -0. 66 -0. 46 0 02 0. 29 0 69 1. 63 -0. 98 0. 35 1. 33 -0. 80 0. 45 -1. 20 0.96 0. 67 0. 19 -0. 43 0. 21 -0. 53 -0. 10 -0. 05 0. 03 0. 15 1.25 -2.66 1.89 0. -0.34 0.16 0.50 0.75 -0.13 -0.58 -0.13 0.57 -0.75 0.67 -0.68 -0.08 0.40 1.03 -1.10 2.75 -1.53 -1.01 0.30 0.03 1.32 -0.79 0.31 0.54 0.16 -0.67 0.36 -0.40 -0.14 0.56 -0.58 0.82 2.31 -1.42 0.07 -1.57 0.46 1.15 1.01 -1.99 1.09 0.29 -0.73 -0.03 -0.05 0.09 0.65 0.83 -0.98 1.83 -0.40 -0.52 -0.17 -0.05 1.04 0.19 -0.52 0.27 0.31 -0.67 0.23 -0.29 -0.03 0. 44 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 0. 44 0. 49 -0. 49 0.48 0. 63 0. 39 0 29 0 43 1 29 4 41 -1 15 0 56 0 01 1 05 1 11 -0 12 0 71 -0 67 0 28 0 42 0 68 0 41 0 59 1 14 4 66 -1 53 0 06 -0 41 0.93 1 23 -0 0 -0 0 0 0 0 0 0 4 -1 -0 0 0 1 39 93 79 20 49 80 39 72 90 75 37 42 36 62 87 -0.11 0.80 -0.90 0.02 0.82 0.71 0.22 0.58 0.93 5.00 -0.74 0.22 1.32 0.76 2.27 0.54 0. 40 -0.73 -0.35 1.13 0.52 0.37 0.54 1.30 3.61 -0.03 1.43 1.48 1.33 2.24 0 0 -0 -0 1 0 0 0 1 1 0 1 0 1 2 62 21 21 53 22 39 39 43 92 51 67 92 79 71 22 0. 40 0. 27 0. 25 -0. 12 1. 12 0. 24 0. 30 0.47 2. 19 1. 07 0.99 1. 93 0 39 1. 89 2. 32 0 -0 0 0 1 -0 0 0 1 1 0 1 0 1 1 0.26 -0.92 0.20 0.49 1.3 2 -0.22 0.27 0.99 1.92 2.29 0.63 0.88 0.29 1.20 1.63 0.36 -1.12 0.15 0.46 1.13 0.28 0.28 1.05 2.34 1.30 0.87 0.48 0.50 1.05 1.92 0.34 -0.70 0.32 0.59 0.69 0.50 0.11 1.14 3.34 0.37 0.93 0.77 0.49 1.22 2.45 0 -0 0 0 0. 0 0 1 4 -0 0 0 0 1 2 32 32 51 71 36 42 22 26 10 18 87 98 83 36 51 -0. 02 0. 71 -0. 65 0. 32 0. 51 0. 62 0. 36 0. 58 1. 11 4. 61 -1. 35 0. 07 -0. 01 0. 87 1. 40 0.35 0.47 -0.61 -0.29 1.06 0.54 0.33 0.52 1.38 3.37 -0.03 1.19 1.20 1.27 2.24 0.31 -0. 29 0.27 0.27 1.22 -0.04 0.25 0.77 2.01 1.70 0.73 1.44 0.29 1.55 1.98 0.34 -0.71 0.33 0.59 0.73 0.40 0.20 1.15 3.26 0.50 0.89 0.74 0.61 1.21 2.29 0.24 0.04 -0.17 0.22 0.88 0.38 0.29 0.75 1.94 2.54 0.06 0.86 0.52 1.22 1.98 26 21 37 43 21 15 18 84 92 75 58 52 20 56 98 1981... 113 . NET CHANGE IN C O N S U M E R INSTALLMENT CREDIT 3 (ANNUAL RATE, B I L L I O N S OF DOLLARS) AVERAGE FOR PERIOD 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 3 1 3 1 1 6 -0 4 4 0 0 4 5 0 2 6 8 40 03 20 61 28 46 71 39 06 85 10 52 18 18 56 59 40 3 .14 1 .32 3 . 40 0 65 1 .78 5.60 0 16 5 .09 4 .57 2 70 -1 87 4 .08 6 .00 -1 .20 3 .13 5 .82 9 .66 3 1 2 -0 1 6 -0 6 3 2 -1 5 3 -0 3 5 8 36 51 87 05 62 82 74 67 90 39 16 42 85 43 11 95 14 3.26 2.52 3.28 -0. 58 2.06 4.08 -0.40 5.84 3.26 2.78 -0. 91 4.69 6.11 -1.78 6.22 7.31 6.61 2.58 3.44 3.92 -0.29 5.72 4.63 0.08 6.30 2.52 2.27 -1.44 5.83 4.66 0.44 4.91 5.72 9.26 1 .86 2 42 4 67 -0 . 26 6 .79 2 98 0 .38 5 .72 2 76 2 81 -0 .98 5 .92 3 .96 0 .04 5 .40 6 .94 7 .58 2 3 7 -0 4 3 0 5 1 3 -0 5 3 0 4 7 6 54 01 15 58 49 65 62 00 96 74 28 84 94 66 93 55 85 2 50 2 60 4 31 1 38 3.26 3 08 0 44 6 24 2 32 1 82 -0 50 8 00 2 74 1 22 4 94 6 .85 7 .63 2.58 2.80 4.31 1.54 4.99 2.89 1.21 5.96 2.32 2.62 -1.37 7.60 2.80 1.24 4.87 7.33 9.77 1.00 4.01 2.17 1.25 6.46 2.53 1.64 4.38 2.71 2.33 0.25 6.74 2.93 2.33 5.75 7.92 6.92 0.98 3.66 -1.10 1.31 5.54 2.50 1.68 3.92 2.78 1.57 2. 08 5.59 2.99 2.62 5.95 6.37 4.61 1 39 3 07 0 78 1 92 6 46 0 65 2 72 4 04 2 86 1 60 3 .67 3 29 0 94 4 .06 6 .68 6 .52 7 .75 3. 30 1 29 3 16 0 74 1 56 6 29 -0.43 5 38 4 18 1 98 -0 98 4 67 5 01 -0 48 2 93 6 12 8 73 2.57 2.79 3.96 -0.38 4.86 3.90 0.02 5.95 2.85 2.62 -1.11 5.48 4.91 -0.43 5.51 6.66 7.82 2.54 2.80 5.26 0. 78 4.25 3.21 0.76 5.73 2.20 2.73 -0.72 7.15 3.16 1.04 4.91 7.24 8.08 1.12 3.58 0.62 1. 49 6.15 1.89 2.01 4.11 2.78 1.83 2.00 5.21 2.29 3.00 6.13 6.94 6.43 2.38 2.62 3.25 0.66 4.20 3.82 0.59 5.30 3.00 2.29 -0.20 5.63 3.84 0.78 4.87 6.74 7.76 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980. .. 1981... 8 69 7 30 3 48 8 38 7 30 6 54 5.74 15 85 25 81 10 13 -0 92 16 00 31 09 32 60 50 57 8 .06 5 .60 0 .52 9 .46 13 .02 4 .93 8 .33 12 .34 24 . 70 12 .31 3 .89 19 .73 32 .38 37 .08 50 .64 7.75 6 42 3 26 8 .39 9 43 4 .42 8 16 15 .68 22 .75 8 .60 -4 .31 16 .54 40 .15 43 .96 40 .20 10.62 5.30 0.73 9.13 12.22 1.96 7.75 18.19 21.41 13.66 -1.03 22.75 37.51 46.00 45.71 10.14 4.74 2.59 8.99 12.84 4.31 9.08 15.60 21.04 14.87 -0.55 20.60 34.37 49.96 37.99 7 .93 4 .87 3 .79 9 .24 10 .86 6 .14 5 .62 15 .28 20 .08 14 .75 4 .15 18 .62 33 .37 51 .37 31 .33 7 6 3 9 8 4 5 10 20 12 16 20 29 43 33 56 71 00 97 40 88 20 56 04 74 28 62 56 07 79 8 .16 5 .87 4 .84 7 .58 8 .12 5 .59 10 .68 13 .85 16 .32 14 .26 11 .92 21 .18 35 .36 36 .90 32 .77 8.27 3.41 5.64 9.08 10.84 5.40 12.89 13.91 15.52 9.42 12.IB 24.20 32.84 39.40 48.10 6.77 4.75 3.42 11.14 8.02 3.46 14.15 16.96 22.64 2.56 13.o; 23.56 37.3£ 33.56 36.4C 6.77 4.73 5.99 9.82 7.72 -0.32 16.31 17.50 17.86 -1.81 14.33 21.55 38.21 43.72 32.33 6 .68 4 .64 7 .01 10 .32 3 .26 5 .96 15 .79 22 .98 14 .05 -1 .94 18 .00 26 .87 38 . 47 45 .20 24 .40 8 17 6 44 2 42 8 .74 9 .92 5 .30 7 41 14 .62 24 .42 10 .35 -0 .45 17 .42 34 .54 37 .88 47.14 9.56 4.97 2.37 9.12 11.97 4.14 7.48 16.36 20.84 14.43 0.86 20.66 35.08 49.11 38.34 8.00 5.33 4.49 8.88 9.12 5.29 9.59 12.77 17.29 12.14 13.46 22.00 32.59 39.79 38.22 6.74 4.71 5.47 10.43 6.33 3.04 15.42 19.15 18.18 -0.40 15.12 23.99 38.02 40.83 31.04 8.12 5.36 3.69 9.29 9.34 4.44 9.98 15.72 20.18 9.13 7.25 21.02 35.06 41.90 38.69 This series contains revisions beginning with 1976. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 3 This series contains revisions beginning with 1975. (APRIL 1981) 97 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 16. CORPORATE PROFITS AFTER TAXES IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE Year 1 Q II Q III Q IV Q 18. CORPORATE PROFITS AFTER TAXES IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 22.7 20.6 19.0 25.3 20.7 22.4 19.6 26.3 27.6 28.4 20.5 28.9 29.6 24.7 30.4 31.5 38.2 23.9 18.2 22.7 21.6 19.6 22.4 20.2 26.7 28.1 27.3 20.9 31.3 27.4 26.0 30.4 33.2 38.1 23.5 18.9 27.7 19.7 19.5 21.8 21.4 27.5 26.5 26.7 23.3 28.1 26.4 27.5 31.3 34.0 39.1 22.7 18.5 30.4 21.1 21.4 17.1 23.0 28.5 28.0 24.4 26.7 27.4 25.2 29.6 32.2 34.8 38.7 23.2 19.0 25.0 21.9 20.2 20.9 21.1 27.2 27.6 26.7 22.9 28.9 27.1 26.9 31.1 33.4 38.5 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 44.3 38.4 35.0 42.8 34.2 36.4 31.3 42.0 42.1 34.0 29.5 40.6 41.0 34.3 41.8 42.8 51.3 45.9 33.5 41.8 36.3 32.1 36.1 32.2 42.5 42.6 39.3 29.9 43.8 37.9 36.0 41.6 45.0 51.1 43.8 34.9 49.7 33.0 32.1 35.0 34.2 43.1 39.6 38.3 33.3 39.1 36.5 37.9 42.8 46.0 52.3 41.9 34.2 53.4 34.9 34.9 27.4 36.7 44.3 41.2 34.8 37.8 38.2 35.0 40.8 43.8 47.0 51.7 44.0 35.2 45.0 36.8 33.3 33.7 33.6 43.0 41.4 36.6 32.6 40.4 37.6 37.3 42.5 45.2 51.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 44.2 49.8 46.1 48.1 49.6 41.8 45.7 56.2 73.8 82.4 69.4 100.7 114.1 125.4 164.6 45.9 49.8 46.1 49.3 48.0 41.6 47.3 56.6 76.8 85.0 73.2 102.3 118.6 137.2 164.6 46.4 49.4 47.2 49.5 46.2 42.1 50.8 59.0 76.6 90.9 88.3 103.5 123.3 142.9 173.6 48.9 48.5 49.4 50.7 45.0 39.6 52.3 63.9 79.0 82.2 95.2 103.4 124.0 155.8 168.2 46.3 49.4 47.2 49.4 47.2 41.3 49.0 58.9 76.6 85.1 81.5 102.5 120.0 140.3 167.8 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 58.7 64.8 58.0 58.5 57.8 46.3 48.3 56.9 72.4 75.2 55.2 75.1 81.3 83.6 101.0 60.8 64.2 57.7 59.2 55.2 45.5 49.3 57.0 74.1 75.0 57.0 75.8 83.2 89.6 98.9 61.1 63.3 58.6 58.9 52.5 45.5 52.4 58.8 72.8 77.2 67.5 75.7 85.1 91.1 101.8 64.2 61.4 60.7 59.7 50.5 42.3 53.5 63.6 73.9 67.1 71.7 74.8 84.0 97.9 96.7 61.2 63.4 58.7 59.1 54.0 44.9 50.9 59.0 43.3 43.6 62.9 75.4 83.4 90.6 99.6 22. RATIO OF PROFITS (AFTER TAXES) TO TOTAL CORPORATE DOMESTIC INCOME (PERCENT) AVERAGE 30. GROSS PRIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS INVENTORIES, IN 1972 DOLLARS (ANNUAL RATE, BIL. DOL.) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 18.6 16.3 15.2 16.1 12.1 12.1 10.9 13.4 12.7 12.2 9.3 11.9 11.1 9.3 10.5 10.1 11.4 19.1 14.9 17.1 13.2 11.6 12.0 11.2 13.2 12.8 11.6 9.5 12.4 10.3 9.7 10.2 10.5 11.3 18.5 15.4 19.3 11.8 11.4 11.8 11.9 13.2 11.9 11.3 10.3 11.2 10.0 10.0 10.4 10.6 11.3 17.5 15.8 20.1 12.4 11.8 9.5 12.2 13.4 12.4 10.6 11.4 10.7 9.6 10.5 10.4 10.7 11.1 18.4 15.6 17.9 13.4 11.7 11.4 11.6 13.3 12.4 11.4 10.1 11.6 10.2 9.9 10.4 10.5 11.3 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 4.1 -0.3 4.4 13.4 7.3 3.9 -3.4 5.9 7.5 2.5 -6.8 5.5 12.7 -4.1 10.4 7.4 6.9 5.6 -7.1 7.7 19.9 -2.7 5.1 -4.1 8.0 5.5 2.9 -6.2 12.6 3.3 1.8 8.1 7.9 7.4 6.9 -2.5 8.0 14.6 5.4 1.9 -2.7 7.8 4.9 3.7 0.3 1.4 3.4 6.5 7.5 8.0 5.5 5.3 -7.7 22.1 7.0 7.2 -5.0 1.5 9.2 5.4 -3.0 5.3 8.7 -5.3 7.7 5.3 6.7 8.6 5.5 -4.4 10.6 13.7 4.3 1.5 -2.2 7.7 5.8 1.5 -1.8 7.0 3.5 3.0 7.8 7.5 7.1 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 12.2 12.6 10.9 10.5 9.6 7.5 7.8 8.7 10.0 9.6 8.1 10.7 11.0 10.6 11.9 12.4 12.4 10.9 10.4 9.1 7.3 7.9 8.6 10.1 9.9 8.6 10.6 11.0 11.4 11.5 12.4 12.1 10.9 10.1 8.5 7.3 8.5 8.7 9.5 10.8 10.1 10.6 11.0 11.3 11.4 12.8 11.6 11.2 10.1 8.2 7.0 8.5 9.1 9.6 9.7 10.3 10.4 11.0 11.6 11.1 12.4 12.2 11.0 10.3 8.8 7.3 8.2 8.8 9.8 10.0 9.3 10.6 11.0 11.2 11.5 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 14.8 15.6 14.5 5.4 11.7 2.1 11.2 6.3 16.0 13.2 -14.3 10.0 12.4 17.7 15.4 11.3 17.1 7.3 12.2 11.8 5.0 10.4 12.1 15.2 12.6 -11.3 11.3 12.4 16.0 18.4 11.0 13.6 11.8 9.8 13.7 6.5 7.0 12.8 13.8 7.7 1.0 7.3 16.3 11.5 7.6 10.0 20.8 15.2 8.6 7.0 1.4 3.6 9.7 23.7 12.9 -2.3 2.4 8.3 10.6 -0.7 11.8 16.8 12.2 9.0 11.1 3.8 8.1 10.2 17.2 11.6 -6.7 7.8 12.3 14.0 10.2 34. NET CASH FLOW, CORPORATE, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 35. NET CASH FLOW, CORPORATE, IN 19 72 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 22.2 21.1 19.3 26.7 23.8 26.3 24.6 32.9 35.4 36.8 31.1 40.1 41.6 37.8 46.3 47.9 55.5 24.0 18.9 23.0 23.2 22.4 26.1 26.2 33.8 36.0 36.1 31.2 42.8 39.7 39.5 46.1 50.1 55.2 23.f 19.£ 27.' 21.i 22.' 26.: 27..> 35.]L 34..> 36.]L 34.]L 39.'I 38.{i 40.{I 47.' 51.]L 56.^I 22.7 19.4 30.1 23.5 24.8 22.4 29.6 36.1 35.8 34.6 38.1 39.2 37.9 42.7 48.5 52.2 56.0 23.2 19.8 25.0 23.7 23.3 25.3 26.9 34.3 35.5 36.1 33.7 40.4 39.5 40.2 47.1 50.3 55.8 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 44.9 40.6 36.9 46.2 39.9 43.5 40.1 53.4 53.9 45.2 43.4 55.1 56.6 51.5 63.0 64.8 74.8 47.8 36.1 43.5 39.8 37.4 42.9 42.7 54.6 54.1 50.9 43.5 58.6 54.0 53.8 62.7 67.9 74.2 45.3 37.9 50.8 36.9 38.0 42.8 44.7 55.1 50.7 50.5 47.4 53.6 52.7 55.6 64.4 69.2 75.7 43.4 37.0 54.0 39.4 41.1 36.4 47.8 56.1 51.7 48.1 52.7 53.3 51.6 58.1 65.8 70.5 74.9 45.3 37.9 46.3 40.6 39.1 41.4 43.8 54.8 52.6 48.7 46.7 55.2 53.7 54.7 64.0 68.1 74.9 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 62.1 69.1 68.9 73.4 78.4 74.5 81.6 97.2 118.9 131.8 125.5 159.6 178.5 202.1 247.4 64.0 70.4 69.3 75.0 77.9 75.2 84.6 101.0 123.3 135.8 131.5 159.9 188.2 215.3 252.0 65.() 71.]L 71.. 75..> 77. I 76. 5 89. 3 102. 5 123. 3 143. 1 147.1J 161. J 196. 3 221. 3 266. L 67.3 71.7 75.1 77.7 76.7 75.3 92.2 108.8 127.6 136.1 155.9 164.4 198.7 235.7 262.9 64.6 70.5 71.2 75.4 77.5 75.4 86.9 102.4 123.3 136.8 140.2 161.4 190.4 218.5 257.1 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 82.9 90.4 87.2 89.5 91.8 82.8 85.9 98.3 117.0 121.7 98.0 116.6 123.5 130.9 147.9 85.3 91.3 87.0 90.6 90.2 82.6 88.1 101.5 119.7 120.7 100.3 115.7 128.8 136.9 147.4 86.1 91.5 88.6 90.2 87.9 83.0 92.0 102.1 117.7 121.8 111.1 115.3 132.1 137.0 152.5 88.6 91.1 92.4 91.7 86.0 80.2 93.9 108.0 120.1 110.0 115.1 115.5 130.9 143.9 148.6 85.7 91.1 88.8 90.5 89.0 82.1 90.0 102.5 118.7 118.5 106.1 115.8 128.8 137.2 149.1 NOTE: These series contain revisions beginning with the first year shown. (APRIL 1981) C. Historical Data for Selected Series—Continued Year IQ 49. II Q III Q IV Q Annual Year 55. VALUE OP GOODS OUTPUT IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE IQ II Q III Q IV Q PERSONAL CONSUMPTION EXPENDITURES, AUTOMOBILES (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 241.4 243.4 250.1 275.4 289.1 306.2 294.3 304.4 321.8 324.6 302.9 327.1 342.9 325.3 358.5 366.5 387.2 243.5 239.4 255.7 281.4 286.4 310.2 287.0 315.1 321.0 322.8 303.6 337.5 338.3 335.1 360.1 369.4 392.6 245.6 241.6 266.8 288.8 290.9 307.6 290.4 321.6 319.4 325.0 314.8 330.0 336.5 341.0 363.4 374.0 396.5 248.7 236.6 273.4 289.3 302.0 302.9 298.9 325.9 321.4 314.4 325.1 335.5 325.6 350.5 363.3 378.9 398.8 244.8 240.3 261.5 283.7 292.1 306.8 292.7 316.7 320.9 321.7 311.6 332.5 335.8 338.0 361.3 372.2 393.8 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 6.0 7.3 10.4 12.1 9.2 12.3 11.1 14.2 14.0 15.4 12.3 15.3 16.4 13.6 17.0 19.8 21.7 5.5 9.3 10.9 10.3 9.5 12.2 11.6 16.0 13.2 15.0 12.0 16.4 16.9 14.2 18.0 20.6 21.9 6.3 9.6 13.2 9.3 7.5 12.0 10.8 16.9 12.9 14.1 11.9 17.1 17.1 14.9 17.7 20.6 23.0 6.9 9.6 12.3 8.8 10.9 11.5 11.8 15.7 14.1 14.4 12.7 14.8 16.0 16.3 19.2 21.1 20.6 6.2 9.0 11.7 10.1 9.3 12.0 11.3 15.7 13.5 14.7 12.2 15.9 16.6 14.8 18.0 20.5 21.8 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 412.8 451.6 459.5 471.4 495.6 487.2 497.3 508.4 571.0 567.6 531.6 583.1 617.4 635.4 681.8 415.5 453.3 461.6 482.9 496.8 489.2 494.1 526.3 569.3 569.2 541.9 588.7 624.8 655.1 669.1 423.9 456.8 464.5 489.7 498.3 492.7 497.2 536.0 569.3 565.9 560.5 590.7 635.9 659.5 673.6 438.2 464.0 468.0 488.3 493.2 478.4 500.3 547.8 582.2 553.3 562.9 592.9 637.2 673.5 673.3 422.6 456.4 463.4 483.1 496.0 486.9 497.2 529.6 573.0 564.0 549.2 588.9 628.8 655.9 674.5 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 25.6 27.0 22.9 28.0 30.7 27.8 32.8 36.1 44.2 34.2 34.6 48.5 57.9 57.8 69.2 24.8 24.0 25.5 28.5 30.0 29.0 33.7 37.4 43.0 34.4 34.8 49.4 57.4 65.1 62.9 25.4 24.8 25.0 30.6 30.5 29.0 34.3 38.6 41.0 38.0 40.5 49.9 57.8 64.2 65.0 25.4 24.6 24.6 30.1 30.0 23.3 35.7 40.9 36.8 32.6 43.0 52.1 58.4 66.6 64.2 25.3 25.1 24.5 29.3 30.3 27.3 34.1 38.2 41.2 34.8 38.2 50.0 57.9 63.4 65.3 64. COMPENSATION OF EMPLOYEES AS PERCENT OF NATIONAL INCOME (PERCENT) AVERAGE 68. LABOR COST (CURRENT DOLLARS) PER UNIT OF REAL GROSS DOMESTIC PRODUCT, NONFINANCIAL CORPORATIONS (DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 64.9 65.7 65.8 65.6 67.6 68.4 69.8 67.7 69.3 70.0 71.0 69.5 70.2 71.5 70.2 70.4 69.8 63.4 66.3 65.5 66.1 67.9 69.0 69.6 67.9 69.6 70.1 70.8 69.0 71.0 70.9 70.6 70.1 70.0 64.4 65.9 64.7 66.2 67.9 69.4 69.0 68.2 69.9 70.1 70.3 70.2 71.2 70.7 70.5 70.1 70.1 64.6 66.6 64.8 66.1 68.3 70.6 68.5 68.4 70.2 70.7 69.6 70.3 71.5 70.3 70.2 70.2 70.4 64.3 66.1 65.2 66.0 67.9 69.4 69.2 68.0 69.8 70.2 70.4 69.8 71.0 70.8 70.4 70.2 70.1 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 0.378 0.388 0.384 0.401 0.422 0.435 0.451 0.435 0.458 0.479 0.502 0.490 0.499 0.511 0.499 0.499 0.492 0.375 0.389 0.380 0.409 0.428 0.438 0.449 0.435 0.464 0.481 0.500 0.488 0.508 0.506 0.504 0.493 0.496 0.389 0.384 0.382 0.409 0.433 0.440 0.444 0.440 0.471 0.486 0.498 0.498 0.505 0.503 0.500 0.491 0.498 0.387 0.390 0.387 0.412 0.435 0.451 0.442 0.446 0.477 0.492 0.491 0.499 0.508 0.497 0.497 0.494 0.501 0.382 0.388 0.383 0.408 0.430 0.441 0.446 0.439 0.467 0.484 0.497 0.494 0.505 0.504 0.500 0.494 0.497 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 69.4 69.0 71.1 71.7 72.4 75.5 74.8 74.5 73.5 74.8 76.6 74.4 74.8 75.3 74.1 69.1 69.8 71.2 71.7 73.1 75.3 74.9 74.9 73.9 75.2 75.5 75.1 74.6 74.5 74.5 69.3 70.4 71.2 72.0 73.8 75.4 75.0 74.4 73.9 76.0 74.3 75.4 74.0 74.3 74.3 69.3 70.5 71.3 72.3 74.7 75.8 74.6 74.1 73.8 76.3 74.3 75.7 74.6 73.8 74.7 69.3 69.9 71.2 71.9 73.5 75.5 74.8 74.5 73.8 75.6 75.2 75.2 74.5 74.5 74.4 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 0.496 0.504 0.535 0.550 0.577 0.624 0.635 0.653 0.669 0.743 0.842 0.853 0.906 0.970 1.052 0.495 0.514 0.535 0.555 0.588 0.628 0.642 0.658 0.683 0.773 0.832 0.870 0.919 0.982 1.079 0.498 0.519 0.540 0.559 0.598 0.631 0.644 0.661 0.697 0.804 0.829 0.884 0.926 1.004 1.104 0.497 0.525 0.540 0.566 0.611 0.641 0.645 0.665 0.716 0.825 0.844 0.903 0.944 1.025 1.135 0.497 0.515 0.538 0.558 0.594 0.631 0.641 0.659 0.692 0.786 0.837 0.878 0.924 0.996 1.092 79. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCADJ IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 80. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCADJ IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 16.1 18.1 14.7 11.9 17.3 17.7 16.2 22.9 22.3 22.1 17.6 25.1 26.6 23.2 32.2 34.4 41.1 17.2 17.1 15.6 16.0 16.1 16.8 16.8 23.8 21.7 22.4 17.9 27.9 24.7 25.6 31.7 36.0 41.0 16.5 18.0 16.4 18.6 15.7 16.0 17.5 23.8 21.7 22.3 19.8 25.0 24.9 26.4 32.3 36.5 41.4 18.3 14.9 17.5 18.0 17.7 13.7 19.5 23.7 21.0 20.5 22.5 25.9 23.7 28.0 34.4 36.8 41.2 17.0 17.0 16.0 16.1 16.7 16.0 17.5 23.6 21.7 21.8 19.4 26.0 25.0 25.8 32.6 35.9 41.2 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 31.0 33.6 27.0 20.1 28.7 28.7 25.8 36.5 34.3 32.3 25.5 35.2 36.8 32.1 44.2 46.6 55.2 32.6 31.3 28.5 26.8 26.4 27.0 26.9 37.7 33.0 32.4 25.7 39.2 34.2 35.5 43.4 48.9 55.1 30.4 33.3 29.1 31.3 25.7 25.4 27.9 37.3 32.6 32.0 28.3 35.0 34.5 36.4 44.2 49.3 55.3 33.6 27.5 30.5 29.9 28.9 21.9 31.1 36.8 31.1 29.2 31.7 36.0 32.7 38.6 47.0 49.6 55.0 31.9 31.4 28.8 27.0 27.4 25.8 27.9 37.1 32.8 31.5 27.8 36.4 34.6 35.6 44.7 48.6 55.2 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 47.5 52.5 49.5 47.8 49.0 37.0 43.3 53.2 62.1 52.2 46.0 77.5 82.0 92.4 113.4 48.9 51.1 49.0 50.7 46.9 39.2 43.6 53.2 57.1 47.2 55.6 73.0 90.9 101.9 110.2 49.2 50.0 49.7 50.8 45.7 37.8 46.4 55.5 58.2 35.0 65.6 73.6 102.4 105.5 111.1 50.7 52.1 51.4 50.6 40.7 34.9 49.4 57.8 59.7 38.8 72.3 72.9 93.4 110.4 102.2 49.1 51.4 49.9 50.0 45.6 37.2 45.7 54.9 59.3 43.3 59.9 74.2 92.2 102.6 109.2 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 63.0 68.3 62.5 58.1 57.1 40.9 45.7 53.8 60.9 47.4 36.9 58.1 58.8 62.2 70.1 65.0 66.0 61.2 61.0 53.9 43.0 45.3 53.5 55.0 41.4 43.7 54.5 64.0 67.0 66.9 64.9 63.9 61.8 60.4 51.9 40.9 47.9 55.5 55.0 29.7 50.6 54.3 71.0 67.8 65.7 66.6 66.2 63.1 59.6 45.5 37.2 50.5 57.2 55.6 32.1 54.8 53.1 63.7 69.6 59.4 64.9 66.1 62.2 59.8 52.1 40.5 47.4 55.0 56.6 37.6 46.5 55.0 64.4 66.6 65.5 NOTE: These series contain revisions beginning with the first year shown. (APRIL 1981) 99 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 81. RATIO OF PROFITS AFTER TAXES WITH IVA AND CCADJ TO TOTAL CORPORATE DOMESTIC INCOME (PERCENT) Annual Year 1 Q II Q III Q IV Q 86. NONRESIDENTIAL FIXED INVESTMENT, TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE Annual AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 12.9 14.2 11.6 7.0 10.0 9.3 8.9 11.5 10.0 9.3 7.8 10.2 9.8 8.6 11.2 11.1 12.3 13.4 13.8 11.5 9.5 9.4 8.7 9.2 11.6 9.6 9.2 8.0 10.9 9.1 9.5 10.7 11.5 12.2 12.6 14.6 11.0 11.1 8.9 8.3 9.5 11.3 9.5 9.2 8.6 9.8 9.4 9.5 10.8 11.5 12.1 13.9 12.6 11.1 10.5 9.6 7.4 10.1 10.9 8.9 8.7 9.4 10.0 8.9 9.9 11.3 11.3 11.9 13.2 13.8 11.3 9.5 9.5 8.4 9.4 11.3 9.5 9.1 8.4 10.2 9.3 9.4 11.0 11.4 12.1 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 51.6 49.3 44.8 51.8 53.1 55.6 55.3 56.6 64.3 66.1 61.5 61.1 67.4 65.2 70.0 71.8 79.3 50.4 46.8 48.9 53.0 53.6 55.9 54.8 60.2 65.3 65.9 58.8 63.1 67.8 66.3 72.2 74.1 81.6 50.4 44.4 53.0 53.9 48.9 57.0 56.0 63.2 66.2 67.3 57.6 65.0 66.2 66.5 73.3 76.1 83.9 51.9 43.5 53.3 52.8 52.8 56.7 55.6 65.2 65.7 65.7 59.3 65.1 66.3 68.6 72.5 78.2 86.0 51.1 46.0 50.0 52.9 52.1 56.3 55.4 61.3 65.4 66.2 59.3 63.6 66.9 66.7 72.0 75.1 82.7 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 13.2 13.3 11.8 10.4 9.5 6.4 7.3 8.2 8.1 5.1 4.8 7.9 7.4 7.3 7.5 13.3 12.7 11.6 10.7 8.8 6.8 7.1 8.0 7.0 4.4 6.1 7.1 8.0 8.0 6.9 13.2 12.2 11.5 10.4 8.4 6.5 7.6 8.1 6.6 2.7 7.1 7.0 8.8 7.9 6.3 13.3 12.5 11.6 10.1 7.3 6.1 7.9 8.1 6.7 3.5 7.3 6.8 7.9 7.6 5.7 13.2 12.7 11.6 10.4 8.5 6.4 7.5 8.1 7.1 3.9 6.3 7.2 8.0 7.7 6.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 91.7 106.7 105.8 109.9 115.1 115.4 110.8 117.3 132.8 140.3 120.7 122.0 134.5 145.7 161.4 95.6 108.1 105.5 107.4 116.2 115.0 112.1 119.1 138.3 138.2 117.8 124.1 139.8 153.5 161.3 98.9 109.0 104.8 108.6 118.5 114.7 112.2 120.4 140.5 135.2 119.2 127.4 141.6 155.0 166.4 103.4 108.2 106.3 112.3 117.4 110.3 113.6 127.2 140.7 129.1 119.6 128.9 146.3 159.4 164.1 97.4 108.0 105.6 109.5 116.8 113.8 112.2 121.0 138.1 135.7 119.3 125.6 140.6 153.4 163.3 87. NONRESIDENTIAL FIXED INVESTMENT, STRUCTURES, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 88. NONRESIDENTIAL FIXED INVESTMENT, PRODUCERS1 DURABLE EQUIPMENT, IN 1972 DOLLARS (ANN. RATE, BIL. DOL. ) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 17.4 18.7 18.0 20.4 20.2 22.0 23.5 24.5 27.3 28.5 27.9 26.3 29.3 30.6 30.4 30.6 32.8 18.3 18.3 18.7 21.1 20.4 22.5 23.7 25.0 28.4 28.5 26.9 27.2 29.0 30.1 31.6 32.1 34.3 18.9 17.5 19.7 21.0 20.6 22.6 23.7 25.9 28.8 28.4 26.2 28.0 29.2 30.1 32.7 32.3 35.1 19.1 17.1 20.4 20.1 21.4 23.1 23.7 26.4 28.8 28.3 26.4 27.9 30.6 29.9 31.9 32.8 35.6 18.4 17.9 19.2 20.7 20.6 22.6 23.6 25.4 28.3 28.4 26.8 27.4 29.5 30.2 31.6 31.9 34.4 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 34.2 30.6 26.9 31.4 32.9 33.6 31.8 32.1 36.9 37.6 33.7 34.8 38.1 34.6 39.6 41.2 46.5 32.1 28.5 30.1 31.9 33.2 33.4 31.1 35.1 36.9 37.4 31.9 35.9 38.8 36.2 40.6 42.1 47.4 31.5 26.9 33.3 32.9 28.3 34.4 32.3 37.3 37.4 38.9 31.4 37.1 37.0 36.5 40.6 43.9 48.9 32.7 26.5 33.0 32.7 31.4 33.6 31.8 38.8 37.0 37.3 32.9 37.2 35.7 38.6 40.5 45.5 50.4 32.6 28.1 30.8 32.2 31.5 33.7 31.8 35.9 37.0 37.8 32.5 36.2 37.4 36.5 40.4 43.1 48.3 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 37.6 43.8 42.8 43.0 44.1 44.2 43.2 43.5 45.9 46.6 38.6 39.2 38.9 42.1 45.8 40.7 43.2 41.7 42.4 44.5 44.3 42.9 43.9 47.3 45.2 37.6 39.4 40.3 44.7 48.0 40.9 44.1 41.9 42.1 45.9 43.9 43.0 44.0 48.3 41.8 38.3 39.8 41.5 45.3 49.4 43.4 42.7 41.5 43.6 45.4 43.3 42.3 45.2 47.9 40.8 38.5 39.5 41.4 46.3 50.7 40.6 43.4 42.0 42.8 45.0 43.9 42.8 44.1 47.4 43.6 38.3 39.5 40.5 44.6 48.5 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 54.1 62.9 63.0 66.9 71.1 71.1 67.7 73.8 86.8 93.6 82.2 82.8 95.7 103.6 115.6 55.0 64.9 63.8 65.1 71.7 70.7 69.2 75.1 90.9 93.0 80.2 84.6 99.5 108.9 113.2 58.0 64.9 62.9 66.4 72.6 70.8 69.2 76.3 92.1 93.5 80.9 87.7 100.0 109.7 117.0 60.0 65.5 64.9 68.7 72.0 67.0 71.3 82.1 92.9 88.2 81.1 89.4 105.0 113.1 113.5 56.8 64.5 63.6 66.8 71.8 69.9 69.3 76.9 90.7 92.1 81.1 86.1 100.0 108.8 114.8 89. RESIDENTIAL FIXED INVESTMENT, TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 107. RATIO, GROSS NATIONAL PRODUCT TO MONEY SUPPLY Ml-B (RATIO) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960. 1961 1962 1963 1964 25.4 22.3 30.3 31.4 26.0 28.0 27.3 35.2 32.1 29.9 28.2 37.1 37.3 32.9 36.4 39.5 45.6 26.9 22.0 33.2 27.1 26.5 28.2 29.0 35.7 31.9 29.2 28.2 38.4 34.1 33.1 38.0 42.6 43.4 26.0 23.9 35.0 25.3 26.2 27.1 30.8 34.9 31.2 28.9 30.2 37.6 32.9 34.9 38.3 43.1 42.1 24.1 26.9 33.3 25.5 27.6 26.9 32.7 33.3 30.7 29.0 33.5 36.4 32.7 36.3 38.2 44.7 41.4 25.6 23.8 33.0 27.3 26.6 27.5 29.9 34.8 31.5 29.2 30.0 37.4 34.2 34.3 37.7 42.5 43.1 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 .254 .388 .435 .789 .821 .924 .863 ..963 .104 .278 .272 .410 .610 .574 .780 5.888 t .029 2.341 2.351 2.485 2.830 2.802 2.932 2.855 3.008 3.139 3.293 3.264 3.479 3.611 3.621 3.815 3.909 4.056 2.402 2.377 2.616 2.853 2.818 2.919 2.863 3.060 3.175 3.344 3.328 3.441 3.588 3.663 3.860 3.944 4.045 2.424 2.358 2.694 2.836 2.887 2.875 2.900 3.102 3.225 3.323 3.384 3.513 3.562 3.727 3.875 3.974 4.032 2.355 2.368 2.558 2.827 2.832 2.912 2.870 3.033 3.161 3.310 3.312 3.461 3.593 3.646 3.832 3.929 4.040 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 42.9 42.4 32.3 41.9 45.6 40.6 47.8 62.4 66.9 52.8 39.4 49.4 56.4 61.5 60.8 43.6 39.8 36.1 43.0 45.0 38.4 52.6 63.4 63.7 50.1 40.3 50.3 61.4 63.3 59.1 42.5 37.7 38.4 43.3 43.2 40.4 56.0 63.7 61.1 47.4 43.1 49.9 62.8 62.8 58.6 41.9 33.0 41.5 44.0 40.5 44.5 58.2 65.7 57.4 42.4 45.9 55.0 61.9 61.9 58.1 42.7 38.2 37.1 43.1 43.6 41.0 53.7 63.8 62.3 48.2 42.2 51.2 60.6 62.4 59.1 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1.126 .324 .479 1.523 1.592 1.707 iU804 1.893 >.067 ).2O1 >.348 5.720 3.881 5.033 5.469 4.180 4.343 4.465 4.581 4.631 4.721 4.780 4.929 5.100 5.289 5.401 5.721 5.954 6.182 6.397 4.221 4.420 4.459 4.585 4.729 4.752 4.789 4.936 5.159 5.351 5.521 5.767 6.033 6.243 6.430 4.272 4.492 4.489 4.570 4.704 4.706 4.837 4.972 5.247 5.365 5.627 5.802 6.021 6.357 6.487 4.200 4.395 4.473 4.565 4.664 4.722 4.802 4.932 5.143 5.302 5.474 5.752 5.972 6.204 6.446 NOTE: These series contain revisions beginning with the first year shown. 100 (APRIL 1981) C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 220. NATIONAL INCOME IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Year Annual 224. AVERAGE IQ II Q HI Q IV Q DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE 1948 ... 1949. .. 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961. . . 1962... 1963... 1964... 211. 5 218.1 219.1 265.9 282.7 303.0 297.1 319.7 342.3 363.0 357.5 392.7 416.5 414.8 453.4 476.2 511.9 219 .1 213.0 229.4 272.4 283.1 305.2 297.3 328.2 347.3 365.1 358.3 405.9 416.3 424.0 459.5 485.2 520.8 223.5 213.2 244.8 276.9 288.3 303.8 300.8 334.1 350.3 368.9 369.1 400.4 416.3 432.1 464.3 492.4 530.4 225 4 210.4 256.8 281.5 297.9 296.5 309.0 340.4 357.0 363.3 382.0 404.2 413.6 444.1 470.7 500.2 536.6 219 9 213.6 237.6 274.1 287.9 302.1 301.1 330.5 349.4 365.2 366.9 400.8 415.7 428.8 462.0 488.5 524.9 1948.... 1949 1950 1951 1952 1953 •1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 179.1 188.1 201.7 220.4 231.1 248.8 255.0 265.8 285.9 303.7 312.4 331.7 348.3 357.2 380.3 397.3 426.1 186.6 187.4 201.2 225.5 233.9 253.0 254.3 272.1 290.4 307.4 314.5 339.0 352.3 362.5 385.6 402.0 438.6 193.1 187.2 208.6 227.3 240.3 253.4 256.8 278.3 294.3 311.8 322.0 339.6 353.5 368.0 388.7 408.3 445.7 193.1 188.8 214.3 230.5 245.3 253.7 261.9 282.7 300.6 311.9 327.1 343.5 353.9 375.3 392.5 416.0 451.9 188.0 187.9 206.6 226.0 237.7 252.2 257.1 275.0 292.9 308.6 319.0 338.4 352.0 365.8 386.8 405.9 440.6 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975. . . 1976 1977... 1978... 1979 1980... 1981... 553.8 613.3 647.2 696.9 761.5 798.1 849.4 930.7 1052.3 1133.1 1180.4 134 6 0 1473.8 1644.6 190 3 6 566.2 622.6 653.8 715.6 773.9 808.8 863.9 946.1 1071.4 1155.1 1210.9 1363 9 1523.8 1720.7 19 32 0 576.5 633.0 666.5 731.6 788.5 818.6 876.9 971.2 1094.9 1170.7 1264.2 1388 6 1576.0 1771.7 198 6 2 593.2 643.4 681.5 746.1 793.4 817.3 895.9 1006.7 1126.1 1184.0 1302.0 1418 4 1612.4 1844.6 2031 3 572.4 628.1 662. 2 722.5 779.3 810.7 871.5 963.6 1086.2 1160.7 1239.4 1379 2 1546.5 1745.4 1963 3 1965 1966 1967... 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980.... 1981 458.8 502.2 535 3 575.8 616.6 671.5 732.7 782.2 878.9 963.9 1035.2 1163 7 1255.2 1398.0 1580 2 468.0 507.8 543 i 591.0 630.2 692.4 749.3 794.5 903.5 988.6 1105.2 1180 8 1291.0 1440.7 1612 8 482.7 518.1 552. 0 598.1 649.1 705.8 757.6 815.6 925.3 1012.7 1109.4 1203 3 1332.1 1482.1 1663 8 493.7 526.7 561. 3 608.8 659.9 711.5 767.4 849.0 950.3 1028.1 1134.5 1229.6 1367.8 1531.0 1710.1 475.8 513.7 547. 9 593.4 638.9 695.3 751.8 810.3 914.5 998.3 1096.1 1194.4 1311.5 1462.9 1641.7 227. 225. DISPOSABLE PERSONAL INCOME IN 19 72 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE PEF CAPITA DISPOSABLE PERSONAL INCOME IN 19 72 DOLLARS (ANNUAL RATE, DOLLARS) AVERAGE 1948. . . 1949... 1950... 1951. .. 1952. .. 1953... 1954. . . 1955. . . 1956. . . 1957. .. 1958. . . 1959.. . 1960. .. 1961. . . 1962... 1963. . . 1964.. . 324.8 336.2 361.5 365.7 375.1 395.5 399.8 414.8 441.0 452.7 452.2 474.4 488.2 493 .6 519.4 533. 5 563.5 334.6 336.2 359.4 373.7 379.0 401.2 397.5 423.7 444.5 455.5 454.9 482.2 490.9 500.6 524.1 538.7 579.5 341.2 336.5 362.2 375.6 387.3 399.7 403.9 430.8 446.9 457.7 464.7 479.2 490.9 505. 8 526.7 544.6 586.7 342.7 338.2 368.2 375.6 391.2 400.1 411.7 437.8 452.5 456.2 471.0 483.0 489.0 515.0 529.2 552. 5 593.5 335.8 336.8 362.8 372.6 383.2 399.1 403.2 426.8 446.2 455.5 460.7 479.7 489.7 503.8 524.9 542.3 580.8 1948 1949 1950 1951 1952 1953 1954... 1955 .. 1956 . . 1957... 1958... 1959... I960... 1961 1962... 1963.... 1964... 2,228 2,267 2,396 2,385 2,404 2,493 2 477 2 525 2 638 2,660 2,612 2,683 2,717 2 703 2,799 2,833 2,951 2,286 2,258 2,374 2,427 2,420 2,520 2,453 2, 569 2 648 2,665 2,617 2,717 2,722 2 731 2,815 2, 852 3,025 2,322 2,251 2,382 2,428 2,462 2,499 2, 481 2, 600 2 650 2,666 2,662 2,688 2,710 2 747 2,818 2, 872 3,052 2,321 2,251 2,411 2,417 2,475 2,490 2, 517 2, 630 2 670 2,645 2,686 2,698 2,688 2, 785 2,820 2,902 3,076 2,290 2,257 2,392 2,415 2,441 2,501 2,483 2,582 2 653 2,660 2,645 2,697 2,709 2,742 2,813 2,865 3,026 1965... 1966... 1967. .. 1968... 1969... 1970.. . 1971.. . 1972... 1973... 1974. .. 1975... 1976. . . 1977. . . 1978.. . 1979... 1980.. . 1981... 599.4 639.8 665.0 690.5 710.5 737.4 771.1 792.0 855.6 861.2 845.8 900. 3 918.7 966.8 1005.7 607.4 642.1 671.1 702.2 716.8 752.5 779.9 798.7 862.9 860.6 892.2 904 .7 931.6 975.5 1006.9 623.5 649.6 676.2 703.9 729.8 760.1 780.7 812.4 868.8 860.1 879.2 909.5 948.1 985.9 1015.7 634.8 655.9 681.6 708.5 732.8 756.2 785.2 838.1 874.1 851.8 886.1 915.1 960.9 998.0 1017.7 616.3 646.8 673.5 701.3 722.5 751.6 779.2 810.3 865.3 858.4 875.8 907.4 939.8 981.5 1011.5 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973. .. 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 3,098 3,268 3,359 3,453 3,518 3,613 3,737 3,803 4,077 4,074 3,973 4 195 4,248 4,434 4,574 3,131 3,271 3,381 3,503 3,541 3,678 3,771 3,828 4,105 4,065 4,183 4, 209 4,300 4,465 4,570 3,203 3,299 3,398 3,502 3,595 3,705 3,765 3,886 4,125 4,055 4,112 4, 222 4,366 4,502 4,598 3,251 3,321 3,416 3,515 3,600 3,675 3,778 4,000 4,142 4,007 4,135 4, 240 4,415 4,547 4,596 3,171 3,290 3,389 3,493 3,564 3,668 3,763 3,879 4,112 4,050 4,101 4, 216 4,332 4,487 4,584 230. PERSONAL CONSUMPTION EXPENDITURES, TOTAL, IN CURRENT DOLLARS (ANNUAI RATE, BILLIONS OF DOLLARS) 266.8 282.8 291.7 314.2 326.0 335.7 357.0 377.8 405.9 1948. .. 1949... 1950... 1951... 1952... 1953 . 1954... 1955 1956... 1957... 1958... 1959... 1960... 1961. . . 1962.. . 1963.. . 1964... 308.8 315.8 327.7 345.7 342.7 362 8 363.5 385 2 403.2 411.7 411.0 434.1 448.1 454.0 474.5 493.1 516.6 312.1 319.8 333.6 337.8 348.6 364 .6 366.2 392 2 403.9 412.4 414.7 439.7 454.1 459.9 479.8 497.4 525.6 312.6 319.3 348.0 340.7 350.2 363.6 371.8 396.4 405.1 415.2 420.9 443.3 452.7 461.4 483.7 503.9 534.3 315.4 322.5 339.9 342.1 358.8 362.6 378.6 402.6 409.3 416.0 425.4 444.6 453.2 470.3 490.0 507.5 535.3 312.2 319.3 337.3 341.6 350.1 363.4 370.0 394.1 405.4 413.8 418.0 440.4 452.0 461.4 482.0 500.5 528.0 432.9 469.4 494. 0 545.7 586.7 628.1 677.5 744. 2 820.6 906.7 992.1 1094.2 1217.4 1369.9 1529.1 446.3 474.2 500. 8 554.0 597.8 634.1 692.6 767 .0 834.3 914.1 1016.9 1127.9 1254.5 1416.6 1582.3 430. 4 465.1 490.3 536.9 581.8 621.7 672.2 737.1 812.0 888.1 976.4 1084.3 1205.5 1348.7 1510.9 1965... 1966... 1967 1968.. . 1969... 1970. .. 1971... 1972.. 1973... 1974. . . 1975... 1976... 1977... 1978... 1979... 1980... 1981... 546.0 581.2 594 8 620.7 651.9 667.4 687.0 718 6 769.0 762.1 764.0 810.6 851.9 884.1 925.5 550.7 582.3 602 4 629 .9 656.2 670.5 693.3 731 1 766.8 764.9 776.3 817.7 856.0 900.6 922.8 559.2 588.6 605. 2 642.3 659.6 676.5 698.2 741. 3 770.5 770.1 786.3 827.1 866.4 911.2 933.4 573.9 590.5 608. 2 644.7 663.9 673.9 708.6 757.1 767.4 757.3 794.2 839.4 881.3 923.4 941.6 557.5 585.7 602.7 634.4 657.9 672.1 696.8 737.1 768.5 763.6 780.2 823.7 863.9 904.8 930.9 176.9 177.6 200.4 206.2 217.2 2 30 5 236.4 1956... 1957. . . 1958. . . 1959. .. 1960... 1961... 1962... 1963... 1964... 261.4 276.1 284.0 303.5 319.8 328.5 347.5 367.2 390.6 263.9 278.3 286.8 309.1 325.9 333.1 353.0 371.2 397.9 1965. . 1966... 1967 1968.. . 1969... 1970... 1971... 1972 1973... 1974... 1975. . . 1976... 1977... 1978... 1979... 1980... 1981... 417.9 456.2 478.7 517.6 565.8 607.8 652.8 709 6 790.0 853.0 935.1 1047.8 1163.9 1278.3 1454.1 424.3 460.6 487 .5 530.2 576.9 616.9 666.0 727.3 802.9 878.6 961.6 1067.2 1186.2 1330.1 1478.0 .. NOTE: These series contain revisions beginning with the first year shown. AVERAGE 174.7 178.1 192.0 207.1 217.1 229 7 235.8 253 7 266.0 280.4 289.5 310.8 324.9 335.0 355.2 374.6 400.5 174.0 178.2 186.8 203.8 215.1 2 29 9 234.3 1954. 231. PERSONAL CONSUMPTION EXPENDITURES , TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 177.8 180.1 197.8 209.9 225.0 230 0 240.8 260 0 271.9 284.4 295.4 316.2 328.0 342.7 363.4 382.1 407.6 170.3 176.6 182.9 208.3 211.1 228 3 231.9 1948.. . 1949. . . 1950... 1951... 1952... AVERAGE (APRIL 1981) 101 C. Historical Data for Selected Series—Continued Year 232. 1 Q II Q III Q IV Q PERSONAL CONSUMPTION EXPENDITURES, DURABLE GOODS, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 233. AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 22.0 22.8 27.7 33.8 28.9 32.9 31.2 36.2 37.6 40.0 36.8 41.2 43.0 39.7 45.0 49.8 55.0 22.4 24.8 28.1 28.9 29.0 32.8 31.8 38.6 37.6 39.5 36.0 43.0 43.9 40.7 46.3 51.1 56.4 23.7 25.8 35.6 28.3 27.3 32.5 31.3 40.3 37.3 39.1 36.7 43.9 43.4 41.9 46.8 51.9 58.2 23.3 26.8 31.5 28.3 31.4 31.9 33.0 39.4 38.9 38.8 38.0 41.6 42.2 44.0 48.8 52.9 56.1 22.9 25.0 30.8 29.8 29.1 32.5 31.8 38.6 37.9 39.3 36.8 42.4 43.1 41.6 46.7 51.4 56.4 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 61.6 68.7 67.3 76.8 85.3 84.9 93.0 105.6 125.5 118.5 122.4 152.0 173.7 185.0 212.5 61.5 66.0 70.6 78.7 85.7 86.3 95.9 109.0 124.3 121.7 127.1 154.6 175.7 200.1 207.4 63.3 68.5 70.8 83.0 85.9 87.3 98.2 112.2 123.4 127.4 136.7 158.1 179.4 202.0 213.3 65.6 68.8 71.6 83.3 86.0 82.4 102.0 117.6 120.2 118.5 142.6 162.6 186.4 210.2 216.1 63.0 68.0 70.1 80.5 85.7 85.2 97.2 111.1 123.3 121.5 132.2 156.8 178.8 199.3 212.3 235. Year Annual PERSONAL CONSUMPTION EXPENDITURES, TOTAL, AS PERCENT OF GNP (PERCENT) AVERAGE * IQ II Q III Q IV Q PERSONAL CONSUMPTION EXPENDITURES, DURABLE GOODS, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 32.1 32.2 38.9 44.3 37.5 42.3 40.9 48.1 49.4 49.9 45.1 49.5 51.0 47.7 52.9 58.2 63.2 32.2 35.4 39.2 38.1 38.3 41.9 41.4 51.3 48.9 48.8 44.5 51.3 52.3 48.4 54.2 59.4 64.8 32.9 36.8 49.0 37.1 35.9 41.8 42.4 52.7 48.1 48.0 45.1 52.1 51.8 49.4 54.7 60.1 66.8 32.8 37.7 43.2 36.9 40.5 42.5 45.1 52.2 48.8 47.9 46.6 49.7 50.5 51.8 57.0 61.0 64.6 32.5 35.5 42.6 39.1 38.0 42.1 42.5 51.1 48.8 48.6 45.3 50.7 51.4 49.3 54.7 59.7 64.8 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 70.5 79.7 77.2 85.2 92.3 89.7 94.0 106.2 124.8 114.4 106.5 125.1 135.7 139.5 149.6 70.6 76.3 80.7 86.9 92.1 90.7 96.3 108.9 122.5 114.7 109.0 125.6 136.8 148.1 144.2 73.1 78.8 79.9 90.9 91.7 91.1 99.0 111.7 120.8 115.8 115.9 126.9 138.7 147.0 146.7 76.1 78.7 80.1 90.4 91.3 84.8 103.5 117.6 117.2 104.5 119.2 128.5 142.4 150.7 146.0 72.6 78.4 79.5 88.3 91.8 89.1 98.2 111.1 121.3 112.3 112.7 126.6 138.4 146.3 146.6 236. PERSONAL CONSUMPTION EXPENDITURES, NONDURABLE GOODS, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 68.1 67.8 68.3 65.0 61.7 62.4 64.0 63.6 63.3 62.7 65.0 63.6 63.1 64.6 62.7 63.1 62.5 67.6 69.3 67.4 62.1 62.9 62.2 64.7 63.6 63.1 62.9 65.1 63.0 64.4 64.2 62.7 62.8 62.8 66.9 68.6 68.0 61.6 62.4 62.6 64.5 63.2 63.0 62.9 64.3 64.3 64.2 63.6 62.8 62.8 63.1 66.9 70.1 64.6 61.9 62.5 63.3 64.1 63.3 62.9 64.1 63.3 63.9 65.0 63.2 63.3 62.4 62.8 67.4 69.0 67.1 62.6 62.4 62.6 64.3 63.4 63.1 63.2 64.4 63.7 64.2 63.9 62.9 62.8 62.8 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 95.1 96.3 94.8 107.6 110.8 117.0 117.1 120.5 127.2 132.5 137.6 144.3 148.8 153.9 159.3 165.2 172.7 97.0 95.3 96.3 107.1 113.0 116.9 117.1 122.2 128.1 133.9 138.9 145.6 151.8 154.7 160.6 165.9 175.7 97.0 93.5 100.9 109.0 115.0 116.2 118.1 123.3 129.4 137.2 140.8 147.1 151.4 155.2 162.2 168.3 179.1 97.3 94.3 100.9 111.4 116.9 116.0 119.5 125.7 130.8 136.9 141.9 148.7 152.5 157.4 164.1 168.8 180.1 96.6 94.9 98.2 108.8 113.9 116.5 118.0 122.9 128.9 135.2 139.8 146.4 151.1 155.3 161.6 167.1 176.9 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 62.5 61.8 61.3 61.5 61.4 62.5 62.2 62.1 61.6 61.5 63.2 62.7 63.3 62.9 62.1 62.2 61.4 61.8 61.1 61.5 62.5 62.3 62.1 61.4 61.7 63.4 62.8 62.6 62.5 62.2 62.2 61.7 61.3 61.7 61.4 62.6 62.4 62.2 61.3 62.5 62.9 63.3 62.4 62.5 62.6 62.2 61.2 60.8 61.5 62.1 62.8 62.6 62.2 60.6 62.0 62.7 63.6 63.1 62.4 63.4 62.3 61.5 61.3 61.4 61.6 62.6 62.4 62.2 61.2 61.9 63.0 63.1 62.8 62.6 62.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 182.6 200.5 209.6 223.1 241.3 260.2 273.8 288.8 321.6 358.4 392.2 429.6 464.9 504.0 571.8 186.0 203.9 211.2 228.2 245.9 263.5 277.4 297.2 327.7 369.4 402.5 436.2 474.0 520.4 586.4 189.5 206.8 213.4 234.2 249.9 267.3 279.9 304.0 337.5 380.4 414.1 445.6 481.5 536.3 611.5 196.5 207.4 216.2 236.9 254.3 271.9 284.0 312.6 346.8 385.1 420.4 455.5 495.6 558.3 639.2 188.6 204.7 212.6 230.6 247.8 265.7 278.8 300.6 333.4 373.4 407.3 441.7 497.0 529.8 602.2 237. PERSONAL CONSUMPTION EXPENDITURES, SERVICES, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 238. AVERAGE PERSONAL CONSUMP1 ION EXPENDITURES, NONDURABLE GOODS, IN 1972 DOLLARS ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 53.2 57.5 60.3 66.9 71.5 78.4 83.6 90.1 96.5 103.6 109.6 117.9 128.0 135.0 143.2 152.1 162.9 54.6 58.1 62.3 67.9 73.1 80.2 85.3 91.1 98.1 104.9 111.9 120.5 130.2 137.6 146.1 154.1 165.7 56.2 58.3 63.9 69.0 74.9 81.8 87.0 92.4 100.1 106.5 114.2 123.2 131.2 138.6 148.0 157.7 168.5 57.2 59.0 65.4 70.1 76.7 82.1 88.3 94.9 102.1 108.7 115.5 125.9 133.3 141.4 150.5 160.4 171.4 55.3 58.2 63.0 68.5 74.0 80.6 86.1 92.1 99.2 105.9 112.8 121.9 130.7 138.1 147.0 156.1 167.1 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 154.0 157.2 160.1 164.7 166.5 176.1 175.8 181.4 191.6 193.1 193.4 203.2 207.2 209.6 216.5 221.5 228.2 155.6 157.5 161.7 162.7 170.3 176.6 175.0 184.4 191.1 193.9 194.9 204.6 209.5 211.6 217.4 222.4 232.2 154.1 156.3 164.4 166.0 172.8 175.2 177.2 185.9 191.2 196.7 198.3 205.5 208.1 211.7 219.3 224.1 236.1 156.4 158.4 161.0 167.7 174.9 174.9 180.0 189.8 192.5 195.7 200.6 206.8 208.1 214.8 220.8 224.2 236.7 155.0 157.4 161.8 165.3 171.2 175.7 177.0 185.4 191.6 194.9 196.8 205.0 208.2 211.9 218.5 223.0 233.3 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 173.7 187.0 201.9 217.8 239.2 262.8 286.0 315.2 343.0 376.1 420.6 466.2 525.2 589.3 669.9 176.9 190.6 205.7 223.2 245.3 267.1 292.7 321.2 350.9 387.5 432.0 476.4 536.5 609.5 684.2 180.1 194.1 209.8 228.4 250.9 273.6 299.5 328.0 359.8 398.9 441.3 490.5 556.5 631.6 704.3 184.3 198.0 213.0 233.8 257.4 279.7 306.6 336.8 367.3 410.4 453.9 509.8 572.4 648.1 727.0 178.7 192.4 207.6 225.8 248.2 270.8 296.2 325.3 355.2 393.2 437.0 485.7 547.7 619.6 696.3 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 239.2 253.5 258.3 266.1 275.7 281.3 287.6 292.4 310.2 303.5 303.5 317.0 329.8 339.8 351.1 240.9 255.4 259.4 269.0 277.0 282.4 288.5 299.3 306.9 303.4 308.5 320.7 332.0 342.4 350.6 244.1 257.2 259.5 273.6 277.7 284.5 288.4 303.3 308.2 305.1 309.9 324.1 334.0 347.2 355.4 251.8 255.9 260.8 273.3 278.7 286.7 290.2 307.6 306.7 301.2 311.1 328.0 340.0 353.5 361.3 244.0 255.5 259.5 270.5 277.3 283.7 288.7 300.6 308.0 303.3 308.2 322.5 334.0 345.7 354.6 NOTE: These series contain revisions beginning with the first year shown. 102 (APRIL 1981) C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 239. PERSONAL CONSUMPTION EXPENDITURES, SERVICES, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE Year IQ II Q III Q IV Q 240. GROSS PRIVATE DOMESTIC INVESTMENT, TOTAL, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) Annual AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 122.7 126.4 128.6 136.7 138.7 144.4 146.8 155.7 162.2 168.7 172.5 181.5 189.9 196.7 205.1 213.4 225.2 124.3 126.8 132.7 137.1 140.0 146.0 149.7 156.5 163.9 169.7 175.3 183.8 192.3 199.9 208.3 215.7 228.7 125.6 126.2 134.6 137.6 141.5 146.6 152.1 157.7 165.8 170.5 177.5 185.7 192.7 200.2 209.7 219.7 231.4 126.3 126.4 135.7 137.5 143.4 145.3 153.4 160.6 168.0 172.3 178.2 188.1 194.6 203.7 212.1 222.4 234.1 124.7 126.5 132.9 137.2 140.9 145.6 150.5 157.6 165.0 170.3 175.9 184.8 192.4 200.2 208.8 217.8 229.8 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 43.3 39.3 43.6 60.7 54.1 54.8 49.5 63.5 70.8 69.8 57.8 74.5 86.0 66.9 84.9 86.4 95.6 46.1 32.7 50.5 63.9 47.5 56.1 50.4 67.9 70.4 69.8 56.5 83.0 76.4 72.9 85.9 90.4 96.7 47.9 35.7 55.4 58.7 51.1 54.2 53.1 70.1 71.3 71.8 62.5 75.2 74.2 78.0 86.4 92.3 96.8 46.1 33.4 65.6 53.4 55.7 48.2 57.8 72.0 71.6 65.4 70.4 79.7 66.9 81.3 84.5 94.5 100.2 45.9 35.3 53.8 59.2 52.1 53.3 52.7 68.4 71.0 69.2 61.9 78.1 75.9 74.8 85.4 90.9 97.4 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 236.2 248.0 259.2 269.5 283.9 296.4 305.4 320.0 334.1 344.2 354.0 368.4 386.3 404.8 424.8 239.2 250.6 262.3 274.0 287.1 297.4 308.5 322.9 337.5 346.8 358.8 371.3 387.2 410.1 428.0 242.1 252.6 265.7 277.8 290.2 300.8 310.8 326.4 341.5 349.2 360.5 376.1 393.7 417.1 431.3 246.0 255.9 267.4 281.0 293.9 302.5 314.9 331.9 343.5 351.6 363.9 382.8 398.9 419.2 434.3 240.9 251.8 263.7 275.6 288.8 299.3 309.9 325.3 339.2 348.0 359.3 374.7 391.5 412.8 429.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 111.5 124.8 120.2 127.1 147.1 141.3 159.4 183.3 221.6 225.8 191.4 248.8 298.8 350.7 408.3 111.8 127.4 117.1 133.6 149.4 143.6 166.9 193.2 227.0 232.9 193.0 258.3 318.7 377.7 423.2 114.2 123.5 123.5 133.8 154.1 147.8 168.7 197.5 229.6 227.9 217.5 259.6 335.3 380.4 421.7 116.7 127.1 130.6 138.6 146.5 144.1 170.6 206.1 240.9 228.0 222.4 264.7 336.2 392.6 410.0 113.5 125.7 122.8 133.3 149.3 144.2 166.4 195.0 229.8 228.7 206.1 257.9 322.3 375.3 415.8 241. GROSS PRIVATE DOMESTIC INVESTMENT, TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 242. GROSS PRIVATE DOMESTIC FIXED INVESTMENT, TOTAL, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 81.0 71.3 79.6 96.6 86.4 87.6 79.1 97.7 103.9 98.4 82.9 103.7 117.4 94.0 116.8 118.7 131.8 82.8 61.6 89.8 100.1 77.4 89.1 79.7 103.9 102.7 98.0 80.8 114.1 105.1 101.1 118.3 124.6 132.4 83.4 65.8 96.0 93.8 80.5 86.0 84.0 105.8 102.2 99.8 88.1 104.0 102.5 107.9 119.1 127.3 131.5 81.2 62.8 108.7 85.3 87.6 78.6 89.7 107.8 101.7 91.7 98.0 110.2 93.8 112.6 116.0 129.6 136.1 82.1 65.4 93.5 93.9 83.0 85.3 83.1 103.8 102.6 97.0 87.5 108.0 104.7 103.9 117.6 125.1 133.0 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 40.0 39.3 41.2 50.2 48.9 52.4 52.1 58.9 64.8 67.8 63.2 70.3 75.5 70.2 76.7 80.7 90.2 41.0 38.0 45.8 48.7 49.9 53.0 53.1 61.9 66.1 67.5 61.6 72.9 73.6 71.4 79.5 84.3 90.9 41.8 37.4 50.6 48.3 46.8 53.5 55.3 64.0 67.2 68.6 62.4 73.8 71.6 72.8 80.5 85.9 92.3 41.8 38.6 50.6 48.3 50.3 52.8 56.6 64.9 67.3 67.6 66.3 72.9 71.1 75.5 80.0 88.9 93.5 41.1 38.4 47.0 48.9 49.0 52.9 54.3 62.4 66.3 67.9 63.4 72.5 72.9 72.5 79.2 84.9 91.7 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 149.4 164.8 152.6 157.2 172.5 158.1 169.8 186.0 215.7 206.3 145.8 181.4 203.3 224.9 237.7 150.5 165.0 148.9 162.7 173.1 158.3 175.1 194.5 217.2 200.9 146.8 185.7 213.7 232.9 238.7 152.4 160.3 155.1 161.6 175.4 161.6 175.3 196.8 215.4 190.3 163.3 184.6 220.6 229.3 232.6 155.4 162.0 163.0 164.9 164.8 156.2 175.4 202.7 221.8 184.3 163.3 186.3 216.5 231.8 221.5 151.9 163.0 154.9 161.6 171.4 158.5 173.9 195.0 217.5 195.5 154.8 184.5 213.5 229.7 232.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 99.2 111.7 107.8 122.5 136.7 139.8 148.8 177.1 205.3 213.1 205.7 233.5 276.3 325.8 384.0 102.3 112.9 111.1 123.0 139.0 139.2 157.0 181.1 211.6 215.2 207.6 241.0 298.0 350.7 390.1 105.0 112.2 113.3 125.3 141.8 141.8 161.9 184.7 214.5 217.1 215.5 248.2 307.7 361.3 408.3 108.2 109.5 117.8 130.9 140.2 143.2 167.3 196.3 213.8 212.6 223.2 261.5 323.1 374.9 410.8 103.7 111.6 112.5 125.4 139.5 141.0 158.8 184.8 211.3 214.5 213.0 246.0 301.3 353.2 398.3 243. GROSS PRIVATE DOMESTIC FIXED INVESTMENT, TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 245. GROSS PRIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS INVENTORIES, ALL INDUSTRIES (ANN. RATE, BILLION DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 77.0 71.7 75.2 83.2 79.1 83.7 82.5 91.8 96.4 96.0 89.7 98.2 104.7 98.1 106.3 111.3 125.0 77.3 68.8 82.1 80.1 80.1 84.0 83.8 95.8 97.2 95.1 87.0 101.5 101.8 99.4 110.2 116.7 125.0 76.4 68.4 88.0 79.2 75.1 84.1 86.7 98.1 97.3 96.1 87.8 102.6 99.1 101.4 111.6 119.3 126.1 75.9 70.4 86.7 78.4 80.4 83.5 88.3 98.5 96.4 94.6 92.8 101.5 99.0 104.9 110.7 122.9 127.4 76.6 69.8 83.0 80.2 78.7 83.8 85.3 96.1 96.8 95.5 89.3 100.9 101.2 100.9 109.7 117.5 125.9 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 3.3 0. 2.4 10.5 5.2 2.4 -2.5 4.6 6.0 2.1 -5.4 4.2 10.5 -3.2 8.3 5.7 5.4 5.1 -5.3 4.8 15.2 -2.3 3.2 -2.7 6.1 4.3 2.3 -5.1 10.2 2.8 1.5 6.4 6.1 5.9 6.1 -1.7 4.9 10.4 4.3 0.7 -2.2 6.0 4.1 3.2 0.1 1.4 2.6 5.2 5.9 6.5 4.5 4.3 -5.3 15.1 5.1 5.4 -4.5 1.3 7.1 4.3 -2.2 4.1 6.8 -4.2 5.8 4.5 5.6 6.7 4.7 -3.1 6.8 10.3 3.1 0.4 -1.5 6.0 4.7 1.3 -1.5 5.7 3.0 2.3 6.3 6.0 5.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 134.6 149.1 138.1 151.7 160.7 155.9 158.6 179.7 199.7 193.1 160.1 171.4 190.9 207.2 222.3 139.2 147.9 141.5 150.5 161.2 153.3 164.7 182.5 202.0 188.3 158.1 174.4 201.2 216.9 220.4 141.4 146.6 143.3 151.8 161.7 155.1 168.2 184.0 201.6 182.6 162.3 177.3 204.4 217.8 225.0 145.3 141.2 147.8 156.3 157.9 154.8 171.8 193.0 198.1 171.5 165.5 183.9 208.3 221.3 222.2 140.1 146.2 142.7 152.6 160.4 154.8 165.8 184.8 200.4 183.9 161.5 176.7 201.2 215.8 222.5 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 12.3 13.1 12.4 4.6 10.4 1.6 10.5 6.3 16.3 12.7 -14.3 15.3 22.5 24.9 24.3 9.5 14.5 6.0 10.7 10.4 4.4 9.9 12.0 15.4 17.7 -14.6 17.3 20.8 27.0 33.1 9.2 11.3 10.2 8.5 12.3 6.0 6.8 12.8 15.1 10.7 2.1 11.4 27.6 19.1 13.3 8.5 17.6 12.8 7.7 6.3 0.9 3.3 9.8 27.1 15.4 -0.8 3.3 13.1 17.7 -0.8 9.9 14.1 10.3 7.9 9.8 3.2 7.7 10.2 18.5 14.1 -6.9 11.8 21.0 22.2 17.5 NOTE: These series contain revisions beginning with the first year shown. (APRIL 1981) 1103 C. Historical Data for Selected Series—Continued Year 247. 1 Q II Q III Q IV Q Year Annual GROSS PRIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS INVENTORIES, AS PERCENT OF GNP (PERCENT) 248. AVERAGE IQ II Q III Q IV Q GROSS PRIVATE DOMESTIC FIXED INVESTMENT, NONRESIDENTIAL, AS PERCENT OF GNP (PERCENT) Annual AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1.3 0. 0.9 3.3 1.5 0.7 -0.7 1.2 1.5 0.5 -1.2 0.9 2.1 -0.6 1.5 1.0 0.9 2.0 -2.1 1.7 4.6 -0.7 0.8 -0.7 1.5 1.0 0.5 -1.2 2.1 0.6 0.3 1.1 1.0 0.9 2.3 -0.7 1.7 3.1 1.2 0.2 -0.6 1.5 1.0 0.7 0. 0.3 0.5 1.0 1.0 1.1 0.7 1.6 -2.1 4.9 1.5 1.5 -1.2 0.3 1.7 1.0 -0.5 0.9 1.4 -0.8 1.1 0.8 0.9 1.0 1.8 -1.2 2.3 3.1 0.9 0.1 -0.4 1.5 1.1 0.3 -0.4 1.2 0.6 0.4 1.1 1.0 0.9 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 10.2 10.0 8.9 9.5 9.3 9.2 9.4 9.0 10.2 10.6 9.9 9.2 9.7 9.2 9.1 9.0 9.3 9.9 9.7 9.4 9.5 9.4 9.3 9.3 9.4 10.4 10.5 9.4 9.3 9.7 9.2 9.3 9.1 9.5 10.0 9.1 9.9 9.5 8.4 9.6 9.4 9.9 10.6 10.7 9.0 9.6 9.4 9.1 9.3 9.2 9.7 10.4 9.0 9.8 9.3 8.9 9.6 9.2 10.2 10.5 10.6 9.1 9.5 9.4 9.1 9.2 9.4 9.8 10.1 9.4 9.5 9.4 9.0 9.4 9.3 9.6 10.4 10.6 9.4 9.4 9.6 9.2 9.2 9.2 9.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1.8 1.8 1.6 0.5 1.1 0.2 1.0 0.6 1.3 0.9 -1.0 0.9 1.2 1.2 1.0 1.4 1.9 0.8 1.2 1.1 0.4 0.9 1.0 1.2 1.2 -1.0 1.0 1.1 1.3 1.4 1.3 1.5 1.3 1.0 1.3 0.6 0.6 1.1 1.1 0.7 0.1 0.7 1.4 0.9 0.5 1.2 2.3 1.6 0.9 0.7 0.1 0.3 0.8 2.0 1.0 0. 0.2 0.7 0.8 0. 1.4 1.9 1.3 0.9 1.0 0.3 0.7 0.9 1.4 1.0 -0.5 0.7 1.1 1.0 0.7 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 10.2 10.9 10.6 10.6 10.6 10.6 10.0 10.2 10.5 11.0 10.5 10.0 10.4 11.0 11.4 10.4 11.1 10.6 10.2 10.7 10.6 10.0 10.1 10.9 10.9 10.2 10.1 10.7 11.2 11.5 10.6 11.0 10.4 10.2 10.8 10.5 10.0 10.1 11.0 11.0 10.1 10.3 10.7 11.3 11.8 10.8 10.9 10.4 10.5 10.8 10.2 10.0 10.4 10.8 10.8 10.0 10.2 11.1 11.4 11.6 10.5 11.0 10.5 10.4 10.7 10.5 10.0 10.2 10.8 10.9 10.2 10.2 10.7 11.2 11.6 249. GROSS PRIVATE DOMESTIC FIXED INVESTMENT, RESIDENTIAL, AS PERCENT OF GNP (PERCENT) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 L964 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 251. 250. AVERAGE NET EXPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 5.8 5.1 6.5 6.2 5.0 5.1 5.0 6.2 5.5 4.8 4.6 5.5 5.2 4.6 4.7 4.9 5.1 6.0 5.1 7.1 5.3 5.1 5.1 5.4 6.2 5.4 4.7 4.6 5.6 4.8 4.5 4.8 5.1 4.8 5.8 5.4 7.3 4.9 5.1 4.9 5.7 6.0 5.3 4.6 4.8 5.5 4.6 4.7 4.8 5.0 4.7 5.4 6.1 6.7 4.9 5.1 5.0 5.9 5.6 5.0 4.6 5.1 5.2 4.6 4.8 4.8 5.2 4.6 5.8 5.4 6.9 5.3 5.1 5.0 5.5 6.0 5.3 4.7 4.8 5.4 4.8 4.6 4.8 5.0 4.8 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 8.7 7.9 3.4 1.7 5.7 1.3 1.7 3.6 3.4 8.0 3.8 1.1 3.8 7.8 5.7 6.3 10.7 6.7 7.6 3.0 3.8 4.0 0.8 2.3 2.3 4.9 7.6 3.2 0.4 4.7 6.4 7.0 7.9 9.4 6.4 6.5 0.9 5.8 2.0 1.3 2.6 3.3 5.6 7.4 3.5 2.1 6.1 6.1 6.7 7.3 10.1 6.0 4.1 1.5 6.4 1.0 1.6 3.5 2.9 7.2 6.1 2.4 2.1 7.3 6.3 6.0 8.8 10.0 6.9 6.5 2.2 4.4 3.2 1.3 2.5 3.0 5.3 7.3 3.3 1.4 5.5 6.6 6.4 7.6 10.1 4.6 4.2 3.2 3.9 4.2 3.7 4.2 5.3 5.5 4.4 3.4 4.0 4.6 5.1 5.0 4.6 4.0 3.5 4.0 4.2 3.5 4.6 5.3 5.3 4.2 3.5 4.1 5.1 5.2 4.9 4.5 3.7 3.7 4.0 4.0 3.6 4.9 5.3 5.1 4.0 3.6 4.1 5.1 5.2 4.9 4.3 3.2 3.9 4.1 3.8 4.0 5.1 5.5 4.7 3.6 3.8 4.5 5.2 5.1 4.8 4.5 3.8 3.6 4.0 4.0 3.7 4.7 5.4 5.2 4.0 3.6 4.2 5.0 5.2 4.9 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 7.9 7.5 7.0 4.1 3.9 6.5 7.3 -0.2 7.0 22.0 25.6 18.4 -2.2 -12.3 19.9 10.0 6.7 6.7 4.9 3.7 8.1 3.5 -0.3 11.4 11.7 28.5 15.0 -2.0 -3.3 8.2 9.2 5.7 6.3 4.4 3.9 6.6 3.9 1.4 18.5 7.8 24.9 12.2 -0.2 1.9 17.9 8.1 6.2 5.3 3.7 5.2 5.5 1.7 2.1 19.8 12.1 28.1 9.4 -12.4 11.4 7.6 8.8 6.5 6.3 4.3 4.2 6.7 4.1 0.7 14.2 13.4 26.8 13.8 -4.2 -0.6 13.4 NET EXPORTS OF GOODS AND SERVICES AS PERCENT OF GNP (PERCENT) 2 52. AVERAGE EXPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 3.5 3.0 1.3 0.5 1.7 0.4 0.5 0.9 0.8 1.8 0.9 0.2 0.7 1.5 1.0 1.1 1.7 2.6 3.0 1.1 1.2 1.2 0.2 0.6 0.6 1.2 1.7 0.7 0.1 0.9 1.2 1.2 1.3 1.5 2.4 2.5 0.3 1.7 0.6 0.4 0.7 0.8 1.3 1.6 0.8 0.4 1.2 1.2 1.2 1.2 1.6 2.3 1.6 0.5 1.9 0.3 0.4 0.9 0.7 1.7 1.4 0.5 0.4 1.4 1.2 1.0 1.4 1.5 2.7 2.5 0.8 1.3 1.0 0.4 0.7 0.8 1.2 1.6 0.7 0.3 1.0 1.3 1.1 1.2 1.6 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 18.7 18.0 13.5 17.3 21.3 17.8 17.2 20.5 23.2 29.0 24.2 23.5 27.7 30.0 30.5 31.9 38.3 17.2 17.5 13.8 19.7 19.3 18.0 19.2 20.2 24.6 28.7 24.2 24.0 28.7 28.9 32.4 34.3 37.8 17.4 15.9 14.5 20.7 17.9 18.3 18.7 21.5 25.7 28.0 24.2 26.0 29.5 30.0 32.3 34.6 39.2 16.5 13.8 15.8 21.0 18.0 17.8 19.7 21.8 26.6 26.6 24.2 25.7 29.5 30.8 32.0 36.1 40.0 17.5 16.3 14.4 19.7 19.1 18.0 18.7 21.0 25.0 28.1 24.2 2.4.8 28.9 29.9 31.8 34.2 38.8 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1.2 1.0 0.9 0.5 0.4 O.'7 0. / 0. 0.5 1.6 1.7 1.1 -0.1 -0.6 0.9 1.5 0.9 0.8 0.6 0.4 0.8 0.3 0. 0.9 0.8 1.9 0.9 -0.1 -0,2 0.3 1.3 0.7 0.8 0.5 0.4 0.7 0.4 0.1 1.4 0.5 1.6 0.7 0. 0.1 0.7 1.1 0.8 0.6 0.4 0.5 0.5 0.2 0.2 1.4 0.8 1.7 0.5 -0.6 0.5 0.3 1.3 0.8 0.8 0.5 0.4 0.7 0.4 0.1 1.0 0.9 1.7 0.8 -0.2 0. 0.6 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 36.9 43.4 47.5 49.8 49.7 63.6 68.4 74.0 95.8 136.8 156.0 164.0 178.3 195.9 259.1 42.6 43.8 46.8 51.8 59.0 66.7 69.1 73.8 105.0 146.3 149.2 168.4 185.4 214.8 266.8 42.3 45.0 46.9 54.3 59.5 66.1 71.8 78.0 114.1 147.5 152.7 173.6 187.5 225.3 293.1 42.5 46.0 48.1 53.5 61.9 66.2 66.0 84.1 123.5 154.2 161.9 177.5 181.9 243.5 306.3 41.1 44.6 47.3 52.4 57.5 65.7 68.8 77.5 109.6 146.2 154.9 170.9 183.3 219.8 281.3 NOTE: These series contain revisions beginning with the first year shown. 104 (APRIL 1981) F. Specific Peak and Trough Dates for Selected Cyclical Indicators Specific trough dates corresponding to expansions beginning in-Series Mar. 1975 LEADING INDICATORS 1. Average workweek, production workers, manufacturing. . 3. Layoff rate, manufacturing (inverted) 8. New orders, consumer goods and materials, 1972 dollars 32. Vendor performance, slower deliveries 12. Index of net business formation 20. Contracts and orders, plant and equipment, 1972 dol. . 29. New building permits, private housing units 36. Change in inventories on hand and on order in 1972 dollars (smoothed1) 92. Change in sensitive crude materials prices (smoothed1) 19. Index of stock prices, 500 common stocks 104. Change in total liquid assets (smoothed1) 106. Money supply (M2) in 1972 dollars 910. Composite index of 12 leading indicators 940. Ratio, coincident index to lagging index ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls 51. Personal income less transfers in 1972 dollars . . . . 47. Index of industrial production, total 57. Manufacturing and trade sales in 1972 dollars 920. Composite index of 4 roughly coincident indicators . . LAGGING INDICATORS 91. Average duration of unemployment (inverted) 70. Manufacturing and trade inventories in 1972 dollars. . 62. Index of labor cost per unit of output, manufacturing. 109. Average prime rate charged by banks 72. Commercial and industrial loans outstanding 95. Ratio, consumer installment credit to personal income. 930. Composite index of 6 lagging indicators 3/75 2/75 3/75 2/75 2/75 12/75 3/75 3/75 2/75 12/74 1/75 1/75 2/75 1/75 (0) (-1) (0) (-D (-1) (+9) (0) (0) (-D (-3) (-2) (-2) (-1) (-2) 4/75 (+1) 3/75 (0) 3/75 (0) 3/75 (0) 3/75 (0) 1/76 12/75 9/75 4/77 5/76 10/75 4/76 (+10) (+9) (+6) (+25) (+14) (+7) (+13) Nov. 1970 Feb. 1961 9/70 (-2) 10/70 (-1) (0) 11/70 12/70 (+1) 8/70 (-3) (-1) 10/70 / () () 1/70 (-10) 12/60 (-2) 2/61 (0) 1/61 (-D 3/60 (-11 1/61 (-1 5/61 '(+3) 12/60 (-2) 4/58 3/58 4/58 12/57 4/58 3/58 2/58 (0) (-1) (0) (-4) (0) (-1) (-2) 4/54 1/54 10/53 12/53 3/54 3/54 9/53 (-1) (-4) (-7) (-5) (-2) (-2) 3/70 (-8) 9/70 (-2) 6/70 (-5) () 8/69 (-15) 4/70 (-7) () 7/70 (-4) ) 10/70 (-) 1) 2/61 (0) 4/60 (-10) 10/60 (-4) 1/60 '(-13) NSC 12/60 (-2) 12/60 (-2) 3/58 11/57 12/57 12/57 1/58 1/58 4/58 (-1) (-5) (-4) (-4) (-3) (-3) (0) 11/53 11/53 9/53 12/53 NSC 11/53 1/54 (-6) (-6) (-8) (-5) 11/70 NSC 11/70 11/70 11/70 2/61 12/60 2/61 1/61 2/61 (0) (-2) (0) (-1) (0) 5/58 (+1) 4/58 (0) ,4/58 (0) 4/58 (0) 4/58 (0) 8/54 4/54 4/54 12/53 8/54 7/61 3/61 12/61 11/65 NSC 11/61 11/61 (+5) (+1) (+10) (+57) 10/58 8/58 5/59 8/58 8/58 11/58 8/58 5/55 10/54 5/55 7/55 10/54 11/54 10/54 6/72 (0) (0) (0) (0) (+19) NSC NSC 3/72 7/71 6/71 2/72 (+16) (+8) (+7) (+15) (+9) (+9) Apr. 1958 (+6) (+4) (+13) (+4) (+4) (+7) (+4) May 1954 (-6) (-4) (+3) (-D (-D (-5) (+3) (+12) (+5) (+12) (+14) (+5) (+6) (+5) Oct. 1949 4/49 5/49 6/49 3/49 7/49 4/49 1/49 (-6) (-5) (-4) (-7) (-3) (-6) (-9) 6/49 (-4) 6/49 (-4) 6/49 (-4) NA 8/48 (-14) 6/49 (-4) 10/49 (0) 10/49 7/49 10/49 7/49 10/49 (0) (-3) (0) (-3) (0) 6/50 (+8) 2/50 (+4) 8/50 (+10) NSC 12/49 (+2) NSC 3/50 (+5) Specific peak dates corresponding to contractions beginning in-Series LEADING INDICATORS 1. Average workweek, production workers, manufacturing. . 3. Layoff rate, manufacturing (inverted) 8. New orders, consumer goods and materials, 1972 dollars 32. Vendor performance, slower deliveries 12. Index of net business formation 20. Contracts and orders, plant and equipment, 1972 dol. . 29. New building permits, private housing units 36. Change in inventories on hand and on order in 1972 dollars (smoothed1) 92. Change in sensitive crude materials prices (smoothed1) 19. Index of stock prices, 500 common stocks 104. Change in total liquid assets (smoothed1) 106. Money supply (M2) in 1972 dollars 910. Composite index of 12 leading indicators 940. Ratio, coincident index to lagging index Nov. 1973 Dec. 1969 4/73 (-7) 10/73 (-D 3/73 (-8) 5/73 (-6) 3/73 (-8) 11/73 (0) 12/72 (-11) 10/68 (-14) 4/69 (-8) 7/69 (-5) 6/69 (-6) 4/69 (-8) 4/69 (-8) 2/69 (-10) 5/59 5/59 2/59 10/59 3/59 3/59 11/58 (-11) (-11) (-14) (-6) (-13) (-13) (-17) 11/55 11/55 7/55 10/55 6/55 11/56 2/55 (-21) (-21) (-25) (-22) (-26) (-9) (-30) 4/53 (-3) 12/47 (-11) 11/52 (-8) *12/47 (-11) 4/53 (-3) 6/48 (-5) 7/52 (-12) 10/48 (-1) 9/52 (-10) *l/48 (-10) 2/53 (-5) *4/48 (-7) 11/52 (-8) 10/47 (-13) 3/73 4/74 1/73 1/73 1/73 2/73 12/72 12/68 9/69 12/68 10/68 2/69 1/69 11/68 4/59 11/58 7/59 8/59 NSC 5/59 5/59 (-12) (-17) (-9) (-8) (-11) (-23) (-13) (-4) (-16) (-23) (-27) 2/53 3/53 1/53 5/53 NSC 3/53 11/52 (-5) (-4) (-6) (-2) (-11) (-11) 9/56 9/55 7/56 4/57 4/56 9/55 5/55 4/60 (0) 5/60 (+1) 1/60 (-3) 1/60 (-3) 1/60 (-3) 3/57 8/57 3/57 2/57 2/57 (-5) (0) (-5) (-6) (-6) 6/53 6/53 7/53 3/53 5/53 (-D (-D 6/60 (+2) 9/60 (+5) 2/61 (+10) 7/60 (+3) NSC 12/60 (+8) 6/60 (+2) 9/57 9/57 4/58 12/57 9/57 1/58 9/57 (+1) (+1) (+8) (+4) (+1) (+5) (+1) 9/53 9/53 3/54 2/54 8/53 4/54 9/53 (+2) (+2) (+8) (+7) (+1) (+9) (+2) (-8) (+5) (-10) (-10) (-10) (-9) (-11) (-12) (-3) (-12) (-14) (-10) (-11) (-13) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls 51. Personal income less transfers in 1972 dollars . . . . 47. Index of industrial production, total 57. Manufacturing and trade sales in 1972 dollars 920. Composite index of 4 roughly coincident indicators . . 10/74 (+11) 11/73 (0) 6/74 (+7) 11/73 (0) 11/73 (0) 3/70 (+3) NSC 10/69 (-2) 10/69 (-2) 10/69 (-2) LAGGING INDICATORS 91. Average duration of unemployment (inverted) 70. Manufacturing and trade inventories in 1972 dollars. . 62. Index of labor cost per unit of output, manufacturing. 109. Average prime rate charged by banks 72. Commercial and industrial loans outstanding 95. Ratio, consumer installment credit to personal income. 930. Composite index of 6 lagging indicators 9/73 12/74 3/75 9/74 12/74 2/74 9/74 10/69 NSC NSC 2/70 9/70 11/69 2/70 (-2) (+13) (+16) (+10) (+13) (+3) (+10) (-2) (+2) (+9) (-D (+2) Apr. 1960 Aug. 1957 July 1953 (-4) (-8) (0) (-4) (-2) Nov. 1948 *7/48 9/47 6/48 NA *l/47 *l/48 *l/48 9/48 10/48 7/48 12/48 10/48 (-4) (-14) (-5) (-22) (-10) (-10) (-2) (-D (-4) (+D (-D 11/48 (0) 9/49 (+10) 11/48 (0) NSC 8/48 (-3) NSC 2/49 (+3) NOTE: Specific peak and trough dates mark the cyclical turning points in individual series, whereas reference peak and trough dates indicate the cyclical turning points in business activity as a whole. This table shows the specific peaks and troughs corresponding to post-World War II business cycles for the major composite indexes and their components. Numbers in parentheses indicate the leads (-) or lags (+) of the specific dates in relation to the reference dates. The determination of specific peaks and troughs is not an entirely objective matter, and honest disagreement may exist among individual analysts. Therefore, the dates above should not be considered absolute. See MEASURING BUSINESS CYCLES by Burns and Mitchell (NBER: 1946) for further information on the selection of specific peaks and troughs. NA, not available. This indicates that data necessary to determine a turning point are not available. NSC, no specific cycle. This indicates that no specific turning point corresponding to the indicated reference date is discernible. *This is not necessarily the peak but is the high point in the available data. l This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 105 G. Experimental Data and Analyses Year and quarter I m p l i c i t price deflator, gross nonfarm business product 1 (Index: 1977=100) ni Unit labor cost, a l l persons, nonfarm business sector 1 MI in in series 2 6 - (Index: 1977=100) 1979 I Q.... II Q... I l l Q.. IV Q . . . 112.6 115.1 117.4 119.7 115.4 118.7 121.5 124.4 122.9 126.3 128.8 rl31.9 127.4 131.8 133.5 r!36.8 Impllcit price deflator, gross business product, Q • (index: 1977 = 100) ; 1980 I Q.... II Q... I l l Q.. IV Q . . . 1981 pl34.5 I Q.... II Q... I l l Q.. IV Q . . . p!39.2 Inventory-sales ratios in 1972 dollars 2 Year and month Manufacturing (Ratio) Merchant wholesalers (Ratio) Retail trade Unit labor cost, all persons, nonfarm business sector, Q : (index: 1977 = 100) j ; Inventory-sales ratios in 1972 dollars (ratio) mm Manufacturing (Ratio) 1980 Jan.... Feb.. Mar.. Apr.. May.. June. 1.90 1.91 1.98 2.08 2.12 2.12 1.37 1.39 1.41 1.45 1.46 1.46 1.37 1.39 1.43 1.47 1.48 1.46 July. Aug.. Sept. Oct.. Nov.. Dec. 2.08 2.08 1.99 1.96 1.96 1.96 1.44 1.46 1.43 1.40 1.41 1.38 1.44 1.43 1.43 1.45 1.43 1.41 1.97 p i . 98 (NA) rl.37 pi.41 (NA) rl.38 p i . 35 (NA) Merchant wholesalers 1981 Jan Feb.. Mar.. Apr.. May.. June. July. Aug.. Sept. Oct.. Nov.. Dec. 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 preliminary, and "NA", not available. NOTE: The "r" indicates revised; ' Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s . 2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. 106 G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Basic data Series t i t l e (and unit of measure) Dec. 1980 LEADING INDICATORS 1. Average workweek, production workers, manufacturing (hours) 40.1 3. Layoff rate, manufacturing1 (per 100 employees) .. . 1.1 8. New orders for consumer goods and materials in 1972 dollars (billion dollars) 34.00 32. Vendor performance, companies receiving slower deliveries (percent) 47 12. Net business formation (index: 1967=100) rl21.3 20. Contracts and orders for plant and equipment in 1972 dollars (billion dollars) rl3.88 29. New building permits, private housing units (index: 1967=100) 99.8 36. Change in inventories on hand and on order in 1972 do!., smoothed2 (ann. rate, bil. dol.) . r - 1 . 0 5 92. Change in sensitive crude materials prices, smoothed2 (percent) rl.90 19. Stock prices, 500 common stocks 133.48 (index: 1941-43=10) 104. Change in total liquid assets, smoothed2 r0.92 (percent) 106. Money supply (M2) in 1972 dollars 808.0 (billion dollars) 910. Composite index of 12 leading indicators3 rl37.3 (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls (thousands) 51. Personal income less transfers in 1972 dollars (annual rate, billion dollars). 47. Industrial production, total (index: 1967=100) 57. Manufacturing and trade sales in 1972 dollars (million dollars) 920. Composite index of 4 roughly coincident indicators3 (index: 1967=100) LAGGING INDICATORS 91. Average duration of unemployment1 (weeks) 70. Manufacturing and trade inventories, total, in 1972 dollars (billion dollars) 62. Labor cost per unit of output, manufacturing (index: 1967=100) 109. Average prime rate charged by banks (percent) 72. Commercial and industrial loans outstanding (million dollars) 95. Ratio, consumer installment credit to personal income (percent) 930. Composite index of 6 lagging indicators 3 (index: 1967=100) Net contribution to index Mar. 1981 Dec. to Jan. 1981 Jan. Feb. 1981 40.4 r39.9 p40.0 0.25 -0.46 0.10 rl.3 1.4 pi.4 -0.20 -0.11 0.0 32.62 r34.38 p33.67 -0.22 0.30 -0.13 46 50 52 -0.04 0.15 0.08 ell8.2 NA NA -0.37 Jan. 1981 to Feb. 1981 NA Feb. to Mar. 1981 IMA rl4.17 rl2.34 pl4.05 0.05 -0.34 0.36 99.2 94.1 91.8 -0.02 -0.17 -0.09 r-5.52 p-7.34 -0.28 -0.12 r0.93 r2.13 3.89 -0.41 0.55 0.88 132.97 128.40 133.19 -0.02 -0.23 0.27 r0.99 e0.98 e0.85 0.22 -0.03 -0.50 r806.0 r803.5 p809.0 -0.10 -0.13 0.32 rl35.9 rl35.2 pl37.1 -1.02 -0.52 1.41 91,125 r91,481 r91,644 p91,645 0.31 0.14 0.00 1,054.2 rl,058.5 rl,061.5 pi,062.6 0.20 0.14 0.07 rl51.0 rl51.7 pl51.7 0.13 -0.11 0.14 156,123 rl57,415 pl56,585 0.18 -0.12 142.0 rl42.9 rl42.8 pl42.9 0.63 -0.07 0.07 13.5 14.4 14.4 14.0 -0.40 0.0 0.26 262.97 r263.17 P262.90 NA 0.04 -0.05 r200.3 r202.8 205.0 p205.1 0.39 0.34 0.02 20.35 20.16 19.43 18.05 -0.37 -1.42 -4.02 rl74,191 rl74,259 173,206 169,281 0.01 -0.13 -0.75 13.46 rl3.36 pl3.35 NA -0.34 -0.03 190.6 189.0 rl86.2 -0.84 -1.48 NA NA pl77.7 NA NA NA NA -4.56 NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated. x This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170. 2 3 107 G. Experimental Data and Analyses—Continued Recession Comparisons: Current and Selected Historical Patterns I I I I I I I I I I I I I I I I I I I 1111111 • 11111111111 • 111 • Deviations . Average weekly initial claims, State unemployment insurance (inverted) from reference Actual data for current cycle Percent -f - 2 0 • 350 • 400 1450 + 20 • 500 • 550 +40 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK 1/80 DATA YEAR 1 2 3 4 SERIES 5 THOUSANDS -7.2 375. 8.9 440. 40.8 569. 57.2 635. 2/80 3/80 4/80 5/80 5 6 7 8 52.7 32.7 24.3 24.0 617. 536. 502. 501. 6/80 7/80 8/80 9/80 9 10 11 12 8.7 -1.2 -2.5 2.7 439. 399. 394. 415. 10/80 11/80 12/80 1/81 13 14 -0.5 4.2 402. 421. #650 • 700 +80 Deviations 910. Composite index of 12 leading from reference indicators peaks Actual data for current cycle Percent + 15 • 150 + 10 +5 • 140 2/81 3/81 MONTHS DEVIFROM ATIONS CURRENT MONTH AND FROM ACTUAL REF. DATA YEAR PEAK 1/80 • 600 + 60 pTTTT| SERIES 910 1967=100 134.1 131.5 126.2 123.4 • 130 1 2 3 4 -0.4 -2.4 -6.3 -8.4 5 6 7 8 -7.6 -4.5 -2.7 0.4 124.4 128.6 131.1 135.2 6/80 7/80 8/80 9/80 9 10 11 12 1.2 2.3 1.9 0.9 136.3 137.8 137.3 135.9 10/80 11/80 12/80 1/81 13 14 0.4 1.8 135.2 137.1 2/81 3/81 2/80 3/80 4/80 5/80 -5 -10 • 120 • 750 +100 • 800 • 850 -J + 120 40. Employees in goods-producing industries Percent +2 • 27,000 • 26,500. • 26,000 -4 -6 ~° -6 0 + 6 +12 +18 +24 +30 +.36 • 25,500 1 2 3 4 SERIES 40 THOUSANDS -0.3 26623 -0.9 26476 -2.2 26121 -3.6 25745 2/80 3/80 4/80 5/8 0 5 6 7 8 -4.8 -5.8 -5.3 -4.6 25422 25163 25312 25476 6/8 0 7/80 8/80 9/80 9 10 11 12 -4.0 -3.4 -3.1 -2.5 25636 25811 25892 26041 10/80 11/80 12/80 1/81 13 14 -2.7 -2.8 -12 ©23,500 SERIES 920 1967=100 145.2 -0.6 143.5 -1.8 140.5 -3.8 -5.5 138.0 indicators Percent - I +10 Median • 155 +5 • 145 -5 5 6 7 8 -6.4 -6.6 -6.3 -5.3 136.7 136.4 136.9 138.4 6/80 7/80 8/80 9/80 9 10 11 12 -4.0 -3.2 -2.8 -2.2 140.2 141.4 142.0 142.9 10/80 11/80 12/80 1/81 13 14 -2.3 -2.2 142.8 142.9 2/81 3/81 NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the December 1980 issue. 108 920. Composite index of 4 coincident 2/80 3/80 4/80 5/80 Months from reference peaks -20 25987 2/81 25978 3/81 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK 1/80 DATA YEAR ©24,500 • 24,000 1110 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK 1/80 DATA YEAR • 25,000 "10 -15 • 135 -10 1973 -15 ill -6 ,»,.,.,I,.,.,1...,.I,...,I, 0 +6 +12 +18 +24 +30 +36 Months from reference peaks • 125 G. Experimental Data and Analyses—Continued Recession Comparisons: Current and Selected Historical | 30. Patterns-Continued QRTRS. FROM REF. PEAK Actual data Change in business inventories, CURRENT QRTR. ACTUAL AND DATA YEAR 82. Deviations from reference peaks Rate o '' capacity utilization, manufg during (FRB) 1972 dollars -1 + 25 +20 SERIES 30 ANN. RATE B I L . DOL. -0.7 IV/79 0 -0.9 1/80 1 2 3 4 1.3 -5.0 -7.2 -5.7 11/80 111/80 IV/80 1/81 +15 QRTRS. DEVIFROM ATIONS CURRENT QRTR. REF. FROM ACTUAL AND PEAK 1/80 DATA YEAR +10 [Zcju] 1 +5 1980 • 85 ' t\ I \ 1.0 84.4 0. P 83.4 1/80 77.9 75.7 79.2 79.7 11/80 [11/80 IV/80 1/81 A•• 1L A +5 O O Actual SERIES 82 PERCENT -1 n u • 80 - - 5 Jg Median IV/79 0 • 75 1 2 3 4 -5 Actual data for current cycle - -10 1957 1 / • 70 -10 - -15 -J -15 • 65 - -20 50. GNP, in 1972 dollars c,c,c I Deviations from Actual data for reference peaks current cycle 86. M600 lc,Lg>c | -1 SERIES 50 ANN. RATE BIL. DOL. -0.8 1490.6 IV/79 1501.9 +5 -2, -2. -1.1 0.5 • 1500 +6 +12 +18 +24 +30 1450 1463.3 11/80 1471.9 111/80 1485.6 IV/80 1509.2 1/81 Percent Median 0. P -5.4 -5.8 -4.8 -2.0 I 1980 \ 165.0 1/80 156.1 155.5 157.0 161.7 11/80 111/80 IV/80 1/81 +36 • I — n u - - 5 NA X73 -6 • 170 • 160 \ \J / SERIES 86 ANN. RATE BIL. DOL. -0.5 164.1 IV/79 Months from reference peaks NOTE: D 1/80 DEVIQRTRS. FROM ATIONS CURRENT QRTR. ACTUAL AND FROM REF. DATA YEAR 1/80 PEAK -1 • 0 investment, totai, 1972 dollars QRTRS. DEVIFROM ATIONS CURRENT QRTR. REF. FROM ACTUAL AND PEAK 1/80 DATA YEAR + 10 -5 Nonre sidential fixed 0 + 6 + 1 2 • 150 - -10 -1 -15 • 140 +18 +24 +30 +36 Months from reference peaks For an explanation of these charts, see "How to Read Charts on p. 107 of the December 1980 issue. 109 ALPHABETICAL INDEX-SERIES FINDING GUIDE Current issue (page numbers) Series titles (See complete titles in "Titles and Sources of Series," following this index) 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 Historical Series data descriptions issue date) (issue date) 2 604 16 56 61 92 8/80 61 970 58 974 975 971 976 978 977 972 973 24 38 22 38 38 38 38 38 38 38 38 67 76 65 76 76 76 76 76 76 76 76 3/81 3/81 8/80 10/80 10/80 10/80 10/80 10/80 10/80 10/80 10/80 11/68 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 55 616 22 56 65 92 4/81 8/80 10/69* 8/68 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 Canada-See International comparisons. Capacity utilization Manufacturing (BEA) Manufacturing (FRB) Materials Capital appropriations, manufacturing Backlog Newly approved Newly approved, DI 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 72 112 29 76 61 970 14 12 13 15,35 32 73 72 12/80 12/80 11/72 11/72 33 33 72 72 9/80 9/80 11/72 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 1/80 3/81 3/81 10/80 3/80 3/80 46 82 11/79 4/69 11/68 11/68* 20 20 20 64 64 64 9/79 9/79 9/79 24 24 37 66 66 75 10/80 10/80 10/80 914 35 34 11 29 29 60 70 70 9/80 4/81 4/81 442 90 441 37 51 18 51 18,51 89 62 89 62, 2/81 2/81 2/81 2/81 920 10 39 36 11 23 15,35 32 60 1/81 1/81 12/80 9/80 3/81 12/80 12/80 11/75 74* 60 66 73 72 49 87 11/80 10/72^ 920c 951 940 9 72 112 345c 280 50 45 64 30,47 346 49 346c 50 340 49 Composite indexes Coincident indicators Four coincides Four coinciders, rate of change Ratio to lagging indicator index Lagging indicators Six (aggers 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. 110 Series Historical data descriptions (issue date) issue date) 920 920c 940 10 39 11 1/81 1/81 9/80 11/75* 930 930c 10 39 1/81 1/81 11/75* 914 915 913 917 916 910 910c 11 11 11 11 11 10 39 9/80 9/80 9/80 9/80 9/80 1/81 1/81 29 9 13,25 23 24 67 66 67 3/81 8/80 248 87 86 249 47 25 25 47 25 25 83 67 67 83 67 67 4/81 4/81 4/81 4/81 4/81 3/81 12,21 22 64 65 3/81 12/79 66 113 95 39 35 32 15,35 33 73 72 73 72 3/81 4/81 8/79 10/80 10/72 10/72 320 320c 322 322c 58 49 49,59 49 49 22 84,95 84,95 3/81 3/81 3/81 3/81 5/69* 5/69* 5/69* 5/69* 11/68* 20 10 116 12,23 23 34 7/80 7/80 11/80 9/68 7/64 112 110 72 32 32 15,35 12/80 3/81 12/80 11/72 7/64 11/72 66 113 95 39 33 35 32 15,35 33 32 3/81 4/81 8/79 10/80 3/81 10/72 10/72 4/72* 4/72* 4/72* 11/72 11/72 11/80 11/79 10/72 10/69 70,83 4/81 10/69 11/80 10/72 11/80 10/72 10/80 6/72* 340c 50 87 10/80' 6/72* 341 49 87 10/80 6/72* 341c 348 349 50 50 50 87 88 88 10/80 11/79 11/79 6/72* 6/72* 6/72* 53 19 63 4/80 Debt-See Credit. Defense Military prime contract awards National defense purchases New orders, defense products Obligations incurred 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. 525 564 548 517 5/75* 4/69 65 9/68* 10/69* 10/69* 6/72 11/72 11/72 5/80 10/79 8/80 < 3/81 ' 10/69* 39 32 33 12,21 10/80 10/80 11/72 12/74 970 965 951 974 963 967 38 37 36 38 36 37 3/81 10/80 12/80 10/80 9/80 5/80 11/68* 11/68* 4/69* 966 12/80 962 975 952 950 964 11/80 10/80 12/80 12/80 9/80 6/69* 11/68* 971 968 976 978 977 960 972 973 961 10/80 12/80 10/80 10/80 10/80 10/79 10/80 10/80 9/80 11/68* 5/69* 11/68* 11/68* 11/68* 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. Current issue (page numbers) Series number 1/72* 1/72 87 82 87 Series titles (See complete titles in "Titles and Sources of Series," following this index) 11/68* 11/68* ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Earnings-See Compensation. Employment and unemployment Accession rate, manufacturing Civilian labor force, total 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, 16-19 years old Participation rate, females 20 years and over Participation rate, males 20 years and over Part-time workers for economic reasons Persons engaged in nonagricultural activities Quit rate, manufacturing Unemployed, both sexes, 16-19 years old Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment, average duration Unemployment rate, 15 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 Equipment—See Investment, capital. Exports-See Foreign trade and International transactions. 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 Exports of agricultural products 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 Imports, merchandise, total Imports of automobiles and parts Imports of goods and services, constant dol., NIPA . . . . Imports of goods and services, current dol., NIPA Imports of goods and services, total Imports 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 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 Current issue (page numbers) Series number 2 441 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 39 17 38 14, 17 36 18 51 17 17 16 36 12, 16 11 16 51 51 51 51 17 16 51 51 51 51 15, 18 18 18 18 18, 51 12, 16 961 36* 119 62 76 62 74 62 89 61 61 61 74 61 60 61 89 89 89 89 62 61 89 89 89 89 62 62 62 62 62 61 77 74 Historical Series data descriptions issue date! issue date] 8/80 2/81 8/68 4/72* 3/81 8/68* 3/81 9/80 10/80 9/80 9/80 2/81 2/81 11/80 3/81 7/80 11/80 8/80 9/80 8/80 2/81 2/81 2/81 2/81 2/81 8/80 2/81 2/81 2/81 2/81 2/81 2/81 2/81 2/81 2/81 8/80 8/68* 11/68* 8/68 4/72* 12/74 6/69* 6/69* 8/68* 12/74 4/72* 11/80 94 213 917 33 40 11 72 80 60 9/80 10/79 9/80 311 311c 48 48 84 84 11/79 11/79 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 255 250 251 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 44 44 47 93 93 93 92 92 82 82 93 92 93 92 92 82 82 93 92 82 82 83 7/80 7/80 7/80 8/80 8/80 11/79 4/81 7/80 8/80 7/80 8/80 8/80 11/79 11/79 7/80 8/80 11/79 4/81 4/81 72 9/80 Gross business product Fixed weighted price index Fixed weighted price ifidex, percent changes Gross domestic product, labor cost per unit Gross national product GNP, constant dollars GNP, constant dollars, differences GNP, constant dollars, percent changes GNP, current dollars GNP, current dollars, differences GNP, current dollars, percent changes G NP, ratio to money supply Goods output in constant dollars Implicit price deflator Implicit price deflator, percent changes Per capita GNP, constant dollars Gross private domestic invest.-See Investment, capital. Current issue (page numbers) Series number Tables Series descriptions issue date) issue date) 311 311c 68 48 48 30 84 84 70 11/79 11/79 4/81 50 50b 50c 200 200b 200c 107 49 310 310c 217 19 10/79 10/79 10/79 10/79 10/79 10/79 4/81 4/81 11/79 11/79 10/79 10/69* 40 63,80 80 80 80 80 80 71 63 84 84 80 17 17 61 61 11/80 3/81 12/74 16 12,16 39 40 31 20 48 48 7/68 10/69* 10/69* 10/69 10/69 10/69 10/69* 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 12/74 8/68 961 36 61 61 77 74 67 67 67 83 3/81 8/80 4/81 4/81 6/72 4/69 249 25 13,25 25 47 310 310c 48 84 11/79 11/79 10/69* 10/69* 345 49 87 11/80 10/72* 345c 280 64 50 45 30,47 87 82 70,83 11/80 11/79 4/81 10/72* 10/69 346 49 8/80 9/80 10/69* I 4/72* 6/69 4/72 4/72* 8/68 9/80 72 Series titles (See complete titles in "Titles and Sources of Series," following this index) 11/73 5/69* 5/69* 5/69* 5/69* 5/69* 5/69* 5/69* 5/69* 5/69' 10/69 11/72 20 63 4/81 502 501 500 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/79 9/79 9/79 10/79 10/79 10/79 11/79 7/68* 7/68* 7/68* 263 262 265 564 267 266 268 261 260 43 43 47 55 43 43 47 43 43 81 81 83 91 81 81 83 81 81 11/79 11/79 11/79 10/79 11/79 11/79 11/79 11/79 11/79 11/73 10/69 10/69* 10/69* 11/73 10/69 10/69* 10/69 10/69 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 d o l . . . 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 . Income on foreign investment in the U.S Income on U.S. investments abroad Interest, net Interest, net, percent of national income National income Personal income, constant dollars Personal income, current dollars Personal income, less transfers, constant dollars Personal income, less transfers, constant dols. rate of chg. Personal income, ratio to money supply Proprietors' income with IVA and CCA Proprietors' income with IVA and CCA, percent of national income 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 Industrial materials prices Industrial materials prices, components Industrial materials prices, Dl Industrial production - See also International comparisons. Business equipment Consumer goods Durable manufactures Nondurable manufactures Total Total, components Total, Dl Total, rate of change Installment debt-See Credit. Insured unemployment Avg. weekly initial claims, unemploy. insurance Avg. weekly initial claims, unemploy. insurance, Dl . . . Avg. weekly insured unemployment rate 346c 95 286 287 225 224 50 15,35 45 47 40 40 227 40 10/72* 88 73 82 83 80 80 80 49 87 340c 50 341 49 341c 87 652 651 288 289 220 52 223 51 51c 108 282 283 284 285 348 349 53 13 23 50 57 57 45 47 45 19 40 14,19 39 31 45 47 45 47 50 50 19 23 28 967 37 76 75 73 74 47 24 22 20 20 14,20,58 966 47c 37 39 5 962 45 16 36 18 11/80 8/79 11/79 11/79 4/81 4/81 4/81 87 340 10/69* 11/80 87 93 93 82 83 82 63 63 63 71" 82 83 82 83 63 65 69 79 75 67 65 63 63 63,94 78 75 61 74 62 10/72* 10/69 10/69* 10/69 .10/69 10/69 10/80 6/72* 10/80 6/72* 10/80 6/72* 10/80 7/80 7/80 11/79 11/79 4/81 2/80 1/80 10/80 10/80 2/81 11/79 11/79 11/79 11/79 n/79 n/79 6/72* 5/69* 5/69* 10/69 10/69* 10/69 7/68* 10/69 10/69* 10/69 10/69* 6/72* 6/72* 4/80 3/80 5/80 4/69 5/80* 4/69* 1/80 12/79 12/79 12/79 9/80 11/68 12/80 9/80 7/80 11/80 2/81 6/69 6/69* 6/69 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) 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 Ini national 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 Imports of automobiles and parts I mports 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 Historical Series data descriptions issue date! (issue date] 288 289 11/79 11/79 10/69 10/69* 67 116 119 118 117 109 114 115 3/81 11/80 11/80 11/80 11/80 11/80 11/80 11/80 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. Tables 112 Series Historical descriptions data (issue date! issue date) 61 970 20 10 24 38 12,23 23 67 76 66 66 3/81 3/81 7/80 7/80 9/68* 652 651 57 57 93 93 7/80 7/80 5/69* 5/69* 30 15,30 30 29 4/81 12/79 7/80 7/80 7/68 11/68 10/72 930 930c 952 3 10 39 36 12,16 1/81 1/81 12/80 8/80 11/75* 910 910c 950 14 104 10 39 36 33 13,31 1/81 5/75* 1/81 12/80 ' 10/80 2/81 11/68 11/68* Japan-See International comparisons. 733 733c 736 736c 737 737c 738 738c 732 732c 320 320c 735 735c 59 59*" 59*" 59*" 59 49 49,59 59*' 96 96 95 95 96 96 95 95 95 95 84,95 84,95 95 95 11/80 11/80 11/80 11/80 11/80 11/80 11/80 11/80 11/80 11/80 3/81 3/81 11/80 11/80 12/80 12/80 12/80 12/80 12/80 12/80 9/80 12/80 723 726 727 728 721 722 47 725 58 58 58 58 58 58 14,20,58 58 94 94 94 94 94 94 63,94 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 6/79 6/79 6/79 6/79 6/79 6/79 6/79 667 622 618 602 604 668 606 620 612 616 669 614 652 651 57 57 57 56 56 57 56 57 56 56 57 56 57 57 93 93 93 92 92 93 92 93 92 92 93 92 93 93 7/80 7/80 7/80 8/80 8/80 7/80 8/80 7/80 8/80 8/80 7/80 8/80 7/80 7/80 30 245 247 65 36 77 915 70 71 31 975 78 26,42 42 47 27 13,26 27 11 15,27 27 26 38 27 68,81 81 83 68 68 68 60 4/81 4/81 4/81 8/80 3/81 1/80 9/80 12/79 12/79 9/80 10/80 8/80 9/72* 9/72* 9/72* 9/72* 9/72* 5/69* 5/69* 9/72* 10/72* 10/72* 10/72* 10/72* 10/72* 11/68 10/72* 5/69* 5/69* 5/69* 5/69* 5/69* 5/69* 5/69* 5/69* 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, nonfarm business...... 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 D if fusion index Liabilities of business failures Liquid assets, change in total Loans-See Credit. 8/68* M 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 inter mediate-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 Money supply Liquid assets, change in total Money supply M1 Money supply M l , percent changes Money supply M2 .......... Money supply M2, percent changes Ratio, GNP to money supply Ml Ratio personal income to money supply M2 Mortgage debt, net change Mortage yields secondary market Municipal bond yields 60 913 78 9/80 8/80 26 12,21 20 3/81 9/79 917 11 9/80 104 105 85 106 102 107 108 33 118 117 13,31 31 31 13,31 31 31 31 32 34 34 2/81 2/81 2/81 2/81 2/81 4/81 2/81 3/81 11/80 11/80 27 24 8 ?0 10 548 7 23 23 12,21 12,23 23 53 21 21 8/80 3/81 7/80 7/80 8/80 3/81 3/81 10/72 10/72 7/64* 7/64 N 26 914 9 24 24 37 11 23 10/69 10/69* 9/68 2/69 2/69 11/68* 8/80 10/80 10/80 10/80 9/80 3/81 243 242 42 42 4/81 4/81 86 248 88 89 249 87 241 240 25 47 25 25 47 25 42 42 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 10/69* 10/69* 10/69 23 23 9/68 9/68" 9/68" 964 971 9/80 10/80 11/68 87 86 248 4/81 4/81 4/81 4/81 10/69 517 721 3/81 12/80 9/68* 24 24 National defense-See Defense. National Government-See Government. National income-See Income. New orders, manufacturers' Capital goods industries, nondefense, constant d o l . . . Capital goods industries, nondefense, current dol Consumer goods and materials, constant dollars . . . . Contracts and orders, plant and equip., constant dol. Contracts and orders, plant and equip., current dol. . Defense products Durable goods industries, constant dollars Durable goods industries, current dollars Components Diffusion index New orders, manufacturing, Dl Nonresidential fixed investment, GPDI Producers' durable equipment, constant dollars Structures, constant dollars Total, constant dollars Total, percent of GNP 8/80 9/68 Obligations incurred, Defense Department OECD, European countries, industrial production . . . Orders—See New orders and Unfilled orders. Output-See also Gross national product and Industrial production. Goods output, constant dollars Labor cost per unit of Per hour, nonfarm business sector Per hour, private business sector Per hour, private business sector, percent changes . Ratio to capacity, manufacturing (BEA) Ratio to capacity, manufacturing (FRB) Ratio to capacity, materials Overtime hours, production workers, manufacturing 19 52 358 370 370c 83 82 84 21 NOTE: The following abbreviations tions are used in this index: Cl, icomposite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been leen changed sin since the publication date shown. Current issue (page numbers) Series number 20 15,30 50 50 50 20 20 20 16 4/81 12/79 11/68 6/68* 10/72 10/72 9/79* 9/79 9/79 12/74 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Participation rates, civilian labor force Both sexes, 16-19 years of age Females 20 years and over Males 20 years and over Personal consumption expenditures Automobiles Durable goods, constant dollars Durable goods, current dollars Nondurable goods, constant dollars Nondurable goods, current dollars Services, constant dollars Services, current dollars Total, constant dollars Total, current dollars Total, percent of GNP Personal income-See Income. Personal saving Personal saving rate Petroleum and products, imports Plant and equipment-See also Investment, capital. Business expenditures 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, Dl 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, nonfarm business Prices, selling Manufacturing, Dl Retail trade, Dl Wholesale trade, Dl 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 IVA and CCA, constant dollar Corporate, after taxes, with IVA 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.. Charts Tables Historical Series data lescriptions [issue date) [issue date) 51 51 51 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 292 293 614 46 46 56 11/79 11/79 10/69 7/68* 61 970 20 10 90 24 38 12,23 23 18 3/81 3/81 7/80 7/80 2/81 11/68 11/68* 320 320c 322 322c 49 49,59 49 49 84,95 84,95 84 84 3/81 3/81 3/81 3/81 5/69* 5/69* 5/69* 5/69* 311 311c 310 310c 23 48 48 48 48 28 11/79 11/79 11/79 11/79 5/80 10/69* 10/69* 4/69 967 26 92 37 29 13,28 84 84 84 84 69 79 75 70 69 5/80 7/80 4/81 4/69* 19 968 13,28 37 69 75 3/81 12/80 5/69 5/69* 330 330c 334 334c 331 331c 332 332c 333 333c 26 48 48 48 48 48 48 48 48 48 48 6/80 6/80 5/80 5/80 6/80 6/80 6/80 6/80 6/80 6/80 7/80 6/69* 29 85 85 86 86 85 85 86 86 86 86 70 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 10/80 10/80 10/80 5/80 11/80 11/68* 11/68* 11/68* 25 67 4/81 358 370 370c 89 2/81 2/81 2/81 50 50 50 11 9/80* 18 16 28 28 4/81 4/81 80 79 286 287 972 960 15 916 22 28 28 45 47 38 37 29 11 29 4/81 4/81 11/79 11/79 10/80 10/79 7/80 9/80 4/81 81 282 283 29 45 47 4/81 11/79 11/79 16 8/80 285 Current issue (page numbers) Series number Charts Tables Series Historical descriptions data [issue date) issue date) 93 89 249 9/80 4/81 4/81 59 54 6/80 6/80 11/72 10/69* 6/72* 10/69* 10/69 10/69 10/69 10/69 10/69 10/69* 9/68 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. 11/73 1/72 7/68 10/69 10/69 11/68 3/69" 7/68* 10/69 10/69 11/79 10/69 11/79 10/69^ 40 10/79 69 57 56 973 77 59 54 24 14,22 22 38 27 22 22 8/80 1/80 1/80 10/80 1/80 6/80 6/80 295 298 290 292 293 46 46 46 46 46 11/79 11/79 11/79 11/79 11/79 13,28 4/81 13,28 37 27 3/81 12/80 5/69 5/69* 11/80 11/80 7/64 7/64 6/69 6/69* 8/68* 213 26 114 115 Treasury bill rate Treasury bond yields . . . 6/68* 10/72 10/72 916 Series titles (See complete titles in "Titles and Sources of Series," following this index) 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 ••_•••• 453 452 451 Quit rate, manufacturing . . Rental income of persons, with CCA Rental income of persons, with CCA, percent of national income Current issue (page numbers) Series number 9/68* 2/69* 11/68* 6/72 10/69 10/69 10/69 7/68* 68 U 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 Males, 20 years and over Total unemployed Quit rate, manufacturing Unemployment rates 15 weeks and over Insured, average weekly Total Unfilled orders, manufacturers' Durable goods industries Durable goods industries, change in United Kingdom-See International comparis Velocity of money GNP to money supply M l , ratio Personal income to money supply M2, ratio Vendor performance 91 60 5 962 3 15,18 17 16 36 12,16 2/81 3/81 7/80 11/80 8/80 446 445 447 444 37 4 51 51 51 51 18,51 16 2/81 2/81 2/81 2/81 2/81 8/80 44 45 43 18 18 18 2/81 2/81 2/81 4/72 6/69 4/72 96 25 21 21 8/80 9/68 107 108 32 31 31 12,21 4/81 2/81 10/80 12/74 4/72* W Wages and salaries-See Compensation. West Germany-See International comparisons. Wholesale prices All commodities, index All commodities, percent changes 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 Sensitive prices, change in Workweek of production workers, manufacturing . . . . Workweek of production workers, manufacturing, components Workweek of production workers, manufacturing, Dl . 330 330c 334 334c 331 331c 332 332c 333 333c 92 1 13,28 12,16 961 36 6/80 6/80 5/80 5/80 6/80 6/80 6/80 6/80 6/80 6/80 4/81 6/69* 8/68 9/80 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. 113 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. " M " following a series title indicates monthly data; "Q" indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter). To save space, the commonly used sources listed below are referred to by number: Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department of Labor, Bureau of Labor Statistics; Source 4—Board of Governors of the Federal Reserve System. 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.) (23,66) 10. Contracts and orders for plant and equipment in current dollars (M).—Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis (23,66) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board (24,66) 12. Index of net business formation (M).—Source 1; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (12,23,65) Following the source for each series is an indication of the pages on which that series appears. The "Series Finding Guide" also lists chart and table page numbers for each series. 13. Number of new business incorporations (M).—Dun & Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (23,65) I-A. Composite Indexes 14. Current liabilities of business failures (M).-Dun & Bradstreet, Inc. (33,72) 910. Composite index of twelve leading indicators (includes series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) 913. Composite index of marginal employment adjustments (includes series 1, 2, 3, 5) (M).-Source 1 (11,60) 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 (29,70) 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M).-Source 1 (11,60) 16. Corporate profits after taxes in current dollars (Q).— Source 1 (28,69) 915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 92) (M).-Source 1 (1160) 916. Composite index of profitability (includes series 19, 26, 18. Corporate profits after taxes in 1972 dollars ( Q ) . Source 1 (28,69) (M).-Source 1 (10,39,60) 33. Net change in mortgage debt held by financial institutions and life insurance companies (M).— American Council of Life Insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S. Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis (32,71) 34. Net cash flow, corporate, in current dollars (Q).— Source 1 (29,70) 35. Net cash flow, corporate, in 1972 dollars (Q).—Source 1 (29,70) 36. Net change in inventories on hand and on order in 1972 dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) 38. Change in stocks of materials and supplies on hand and on order, manufacturing (M).—Source 2 (26,68) 39. Percent of consumer installment loans delinquent 30 days and over (EOM). —American Bankers Association (33,72) 40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and construction (M).-Source 3 (17,62) 41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source 3 (14,17,62) 42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (17,62) 43. Unemployment rate, total (M).-Sources 2 and 3(18,62) 19. Index of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation (13,28,59,69,96) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Sources 2 and 3 (18,62) 917. Composite index of money and financial flows (includes series 104, 106, 110) (M).-Source 1 (11,60) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (12,23,66) 45. Average weekly insured unemployment rate, State programs (M).—U.S. Department of Labor, Employment and Training Administration (18,62) 920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source 1 (10,39,60) 21. Average weekly overtime hours of production workers, manufacturing (M).-Source 3 (16,61) 46. Index of help-wanted advertising in newspapers (M).— The Conference Board (17,61) 930. Composite index of six lagging indicators (includes series 62, 70, 72, 91, 95, 109) (M).-Source 1 (10,39,60) 22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1 (29,69) 23. Index of spot market prices, raw industrial materials (M).-Source 3 (28,69,79) 80) (M).-Source 1 (11,60) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (1160) 1-B. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (12,16,61,77) 2. Accession rate, manufacturing (M).—Source 3 (16,61) 24. Value of manufacturer's new orders, capital goods industries, nondefense, in current dollars (M).-Source 2 (23,66) 25. Change in manufacturers' unfilled orders, durable goods industries (M).-Source 2 (21,64) 47. Index of industrial production, total (M).—Source 4 (14,20,39,58,63,78,94) 48. Employee-hours (M).-Source 3 in nonagricultural establishments (17,39,61) 49. Value of goods output in 1972 dollars (Q).-Source 1 (20,63) 50. Gross national product in 1972 dollars (Q).-Source 1 (19,39,40,63,80) 51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1 (14,19,39,63) 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector (Q).-Sources 1 and 3 (29,70) 52. Personal income, total, in 1972 dollars (M).-Source 27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).—Sources 1, 2, and 3 (23,66) 53. Wage and salary income in mining, manufacturing, and construction in 1972 dollars (M).—Sources 1 and 3 (19,63) 28. New private housing units started, total (M).—Source 2 (25,67) 54. Sales of retail stores in current dollars (M).-Source 29. Index of new private housing units authorized by local building permits (M).-Source 2 (13,25,67) 55. Personal consumption expenditures, automobiles ( Q ) . Source 1 (22,65) 7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).-Sources 1, 2, and 3 (21,64) 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).—Source 1 (26,42,68,81) 56. Manufacturing and trade sales in current dollars ( M ) . Sources 1 and 2 (22,65) 8. Value of manufacturers' new orders for consumer goods and materials in 1972 dollars (M).-Sources 1, 2, and 3 (12,21,64) 31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2 (26,68) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M).—McGraw-Hill Information Systems Company; seasonal adjustment by 32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago (12,21,64) 3. Layoff rate, manufacturing (M).-Source 3 (12,16,61) 4. Quit rate, manufacturing (M).-Source 3 5. Average weekly initial claims for insurance, State programs (M).—U.S. Labor, Employment and Training seasonal adjustment by Bureau Analysis (16,61) unemployment Department of Administration; of Economic (16,61) 6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).-Source 2(21,64,77) 114 1 2 (19,63) (22,65) 57. Manufacturing and trade sales in 1972 dollars (M).— Sources 1, 2, and 3 (14,22,65) 58. Index of consumer sentiment (Q,M).—University of Michigan, Survey Research Center (22,65) 59. Sales of retail stores in 1972 dollars (M).-Sources 1 2, and 3 (22,65) TITLES AND SOURCES OF SERIES- Continued 60. Ratio, help-wanted advertising in newspapers (series 46) to number of persons unemployed (series 37) (M).—Sources l r 2, 3, and The Conference Board (17,61) 84. Rate of capacity utilization, materials (Q).-Source 4 (20,64) 61. Business expenditures for new plant and equipment, total (Q).-Source 1 (24,67) 86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1 (25,67) 62. Index of labor cost per unit of output, total manufacturing—ratio, index of compensation of employees in manufacturing (sum of wages, salaries, and supplements to wages and salaries) to index of industrial production, manufacturing (M).—Sources 1 and 4 (15,30,70) 87. Gross private domestic fixed investment, nonresidential structures, in 1972 dollars (Q).-Source 1 (25,67) 63. Index of unit labor cost, private business sector (Q).— Source 3 (30,70) 89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1 (25,67) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 90. Ratio, civilian employment to total population of working age (M).-Sources 1, 2, and 3 (18,62) 65. Manufacturers' inventories of finished goods, book value, all manufacturing industries (EOM).—Source 2 (27,68) 91. Average (mean) duration of unemployment in weeks (M).-Sources 2 and 3 (15,18,62) 66. Consumer installment credit (EOM).-Source 4; FRB seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current figure (35,73) 88. Gross private domestic fixed investment, nonresidential producers' durable equipment, in 1972 dollars ( Q ) . Source 1 (25,67) 92. Chance in sensitive crude materials prices (PPI of crude materials less agricultural products) (smoothed) (M).— Sources 1 and 3 (13,28,69) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (33,72) 94. Member bank borrowings from the Federal Reserve (M).-Source 4 (33,72) 68. Labor cost (current dollars) per unit of gross domestic product (1972 dollars), nonfinancial corporations—ratio of current-dollar compensation of employees to real gross corporate product (Q).—Source 1 (30,70) 95. Ratio, consumer installment credit to personal income (EOM).-Sources 1 and 4 (15,35,73) 70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1, 2, and 3 (15,27,68) 71. Manufacturing and trade inventories, total book value, in current dollars (EOM).-Sources 1 and 2 (27,68) 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis (15,35,73) 73. Index of industrial production, durable manufactures (M).-Source 4 (20,63) 74. Index of industrial production, manufactures (M).-Source 4 nondurable (20,63) 75. Index of industrial production, consumer goods ( M ) . Source 4 (22,65) 76. Index of industrial production, business equipment (M).-Source 4 (24,67) 77. Ratio, constant-dollar inventories (series 70) to sales (series 57), manufacturing and trade, total (EOM).— Sources 1, 2, and 3 (27,68) 78. Stocks of materials and supplies on hand and on order, manufacturing (EOM).—Source 2 (27,68) 79. Corporate profits after taxes with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1 (28,69) 80. Corporate profits after taxes with inventory valuation and capital consumption adjustments in 1972 dollars (Q).-Source 1 (28,69) 81. Ratio of profits (after taxes) with inventory valuation and capital consumption adjustments to total corporate domestic income (Q).-Source 1 (29,70) 82. Rate of capacity utilization, manufacturing (Q).—Source 4 (20,64) 83. Rate of capacity utilization, manufacturing (EOQ).— Source 1 (20,64) (34,72) 1-C. Diffusion Indexes 85. Change in money supply Ml-B (M).-Source 4(31,71) 67. Bank rates on short-term business loans (Q).—Source 4 (35,73) 69. Manufacturers' machinery and equipment sales and business construction expenditures (industrial and commercial construction put in place) (M).—Source 2 (24,67) 119. Federal funds rate (M).-Source 4 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2 (21,64) 97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board (24,66) 102. Change in money supply M2 (M).-Source 4 (31,71) 104. Change in total liquid assets (smoothed) (M).-Sources 1 and 4 (13,31,71) 950. Diffusion index of twelve leading indicator components (M).-Source 1 (36,74) 951. Diffusion index of four roughly coincident indicator components (M).-Source 1 (36,74) 952. Diffusion index of six lagging indicator components (M).-Source 1 (36,74) 960. Diffusion index of net profits, manufacturing—about 700 companies (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (35,75) 961. Diffusion index of average workweek of production workers, manufacturing—20 industries (M).-Sources 1 and 3 (36,74,77) 962. Diffusion index of initial claims for unemployment insurance, State programs—51 areas (M).—Source 1 and U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (36,74) 963. Diffusion index of number of employees on private nonagricultural payrolls—172 industries (M).-Source 3 (36,74) 964. Diffusion index of value of manufacturers' new orders, durable goods industries—35 industries (M).—Sources 1 and 2 (37,75,77) 965. Diffusion index of newly approved capital appropriations, deflated—17 manufacturing industries (Q).-The Conference Board (37,75) 966. Diffusion index of industrial production—24 industries (M).-Sources 1 and 4 (37,75,78) 967. Diffusion index of spot market prices, raw industrials— 13 industrial materials (M)-Sources 1 and 3 (37,75,79) 105. Money supply Ml-B in 1972 dollars (M(.-Sources 1, 3, and 4 (31,71) 968. Diffusion index of stock prices, 500 common stocks— 53-82 industries ( M ) . - S t a n d a r d & Poor's Corporation (37,75) 106. Money supply M2 in 1972 dollars (M).-Sources 1, 3, and 4 (13,31,71) 970. Diffusion index of business expenditures for new plant and equipment, total—18 industries (Q).—Source 1 (38,76) 107. Ratio, gross national product to money supply Ml-B (Q).-Sources 1 and 4 (31,71) 108. Ratio, personal income to money supply M2 ( M ) . Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 (32,72) 112. Net change in bank loans to businesses (M).—Source 4; seasonal adjustment by Bureau of Economic Analysis (32,72) 113. Net change in consumer installment credit (M).-Source 4 (32,72) 114. Discount rate on new issues of 91-day Treasury bills (M).-Source 4 (34,72) 115. Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury (34,73) 116. Yield on new issues of high-grade corporate bonds ( M ) . - C i t i b a n k and U.S. Department of the Treasury (34,73) 117. Yield on municipal bonds, 20-bond average (M).-The Bond Buyer (34,73) 118. Secondary market yields on FHA mortgages (M).—U.S. Department of Housing and Urban Development, Federal Housing Administration (34,73) 971. Diffusion index of new orders, manufacturing—about 700 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 972. Diffusion index of net profits, manufacturing and trade—about 1400 businessmen reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 974. Diffusion index of number of employees, manufacturing and trade—about 1400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 975. Diffusion index of level of inventories, manufacturing and trade—about 1400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 976. Diffusion index of selling prices, manufacturing—about 700 businessmen reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 115 TITLES AND SOURCES OF SERIES- Continued 977. Diffusion index of selling prices, wholesale trade—about 450 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 978. Diffusion index of selling prices, retail trade—about 250 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) Il-A. National Income and Product 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).—Source 1 (26, 42, 68, 81) 50. Gross national product in 1972 dollars (Q).-Source 1 (19,39,40,63,80) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 200. Gross national product in current dollars (Q).—Source 1 (40,80) 213. Final sales (series 50 minus series 30) in 1972 dollars (Q).-Source 1 (40,80) 217. Per capita gross national product in 1972 dollars (Q).— Sources 1 and 2 (40,80) 220. National income in current dollars (Q).—Source 1 (45,82) 223. Personal income in current dollars (M).—Source 1 (40,63) 224. Disposable personal income in current dollars (Q).— Source 1 (40,80) 225. Disposable personal income in 1972 dollars (Q).— Source 1 (40,80) 227. Per capita disposable personal income in 1972 dollars (Q).-Sources 1 and 2 (40,80) 230. Personal consumption expenditures, total, in current dollars (Q).-Source 1 (41,80) 231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1 (41,80) 232. Personal consumption expenditures, durable goods, in current dollars (Q).-Source 1 (41,80) 233. Personal consumption expenditures, durable goods, in 1972 dollars (Q).-Source 1 (41,80) 235. Personal consumption expenditures, total, as a percent of gross national product (Q).—Source 1 (47,83) 236. Personal consumption expenditures, nondurable goods, in current dollars (Q).-Source 1 (41,81) 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (47,83) 292. Personal saving (Q).-Source 1 248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).-Source 1 (47,83) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).-Source 1 (46,82) 249. Gross private domestic fixed investment, residential, as a percent of gross national product (Q).-Source 1 (47,83) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).-Source 1 (44.82) 251. Net exports of goods and services as a percent of gross national product (Q).-Source 1 (47,83) 252. Exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 253. Imports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 255. Net exports of goods and services in 1972 dollars; national income and product accounts (Q).—Source 1 (44,82) 256. Exports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 257. Imports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 260. Government purchases of goods and services, total, in current dollars (Q).-Source 1 (43,81) 261. Government purchases of goods and services, total, in 1972 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) (46,82) 293. Personal saving rate—personal saving as a percent of disposable personal income (Q).—Source 1 (46,83) 298. Government surplus or deficit, total (Q).-Source 1 (46,83) I I B . Prices, Wages, and Productivity 310. Implicit price deflator, gross national product (Q).— Source 1 (48,84) 311. Fixed-weighted price index, gross business product (Q).-Source 1 (48,84) 320. Index of consumer prices, all items (M).—Source 3 (49,59,84,95) 322. Index of consumer prices, food (M).-Source 3(49,84) 330. Index of producer prices, all commodities (M).-Source 3 (48,85) 331. Index of producer prices, crude materials for further processing (M).-Source 3 (48,85) 332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3 (48,86) 333. Index of producer prices, capital equipment (M).— Source 3 (48,86) 334. Index of producer prices, finished consumer goods (M).-Source 3 (48,86) 335. Index of producer prices, industrial commodities ( M ) . Source 3 (48,85) 340. Index of average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source 3 (49,87) 265. Federal Government purchases of goods and services as a percent of gross national product (Q).—Source 1 (47,83) 266. State and local government purchases of goods and services in current dollars (Q).—Source 1 (43,81) 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 341. Index of real average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).—Source 3 (49,87) 268. State and local government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 280. Compensation of employees (Q).-Source 1 348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source 3 (50,88) (45,82) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).-Source 1 (45,82) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).— Source 3 (50,88) 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (41,81) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3 (49,88) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 285. Rental income of persons with capital consumption adjustment as a percent of national income ( Q ) . Source 1 (47,83) 370. Index of output per hour, all persons, private business sector (Q).-Source 3 (49,88) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 (42,81) 241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1 ' (42,81) 242. Gross private domestic fixed investment, total, in current dollars (Q).-Source 1 (42,81) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q).-Source 1 (42,81) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars ( Q ) . Source 1 (42,81) 116 286. Corporate profits with inventory valuation and capital consumption adjustments (Q).-Source 1 (47,82) 287. Corporate profits with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) Il-C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) (45,82) 441. Total civilian labor force, labor force survey (M).— Sources 2 and 3 (51,89) 289. Net interest as a percent of national income (Q).— Source 1 (47,83) 442. Total civilian employment, labor force survey (M).— Sources 2 and 3 (51,89) 290. Gross saving—private saving plus government surplus or deficit (Q).-Source 1 (46,82) 444. Number unemployed, males 20 years and over, labor force survey (M).-Sources 2 and 3 (51,89) 288. Net interest (Q).-Source 1 TITLES AND SOURCES OF SERIES- Continued 445. Number unemployed, females 20 years and over, labor force survey (M).-Sources 2 and 3 (51,89) 565. National defense purchases as a percent of gross national product (Q).-Source 1 (55,91) 47. United States, index of industrial production, total 446. Number unemployed, both sexes 16-19 years of age, labor force survey (M).-Sources 2 and 3 (51,89) 570. Employment in defense products industries (M).— Source 3; seasonal adjustment by Bureau of Economic Analysis (55,91) 320. United States, index of consumer prices, all items 447. Number unemployed, full-time workers, labor force survey (M).-Sources 2 and 3 (51,89) 448. Number employed, part-time workers for economic reasons, labor force survey (M).-Sources 2 and 3 (51,89) 451. Civilian labor force participation rate, males 20 years and over (M).-Sources 2 and 3 (51,89) 577. Defense Department personnel, military, active duty (EOM).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services (55,91) 578. Defense Department personnel, civilian, direct hire employment (EOM).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services(55,91) 453. Civilian labor force participation rate, both sexes 16-19 years of age (M).-Sources 2 and 3 (51,89) 580. Defense Department net outlays, military functions and military assistance (M).—U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,91) Il-D. Government Activities 588. Value of manufacturers' shipments, defense products (M).-Source 2 (54,91) 500. Federal Government surplus or deficit; national income and product accounts (Q).—Source 1 (52,90) Il-E. U.S. International Transactions 501. Federal Government receipts; national income and product accounts (Q).-Source 1 (52,90) 602. Exports, excluding military aid shipments, total ( M ) . Source 2 (56,92) 502. Federal Government expenditures; national income and product accounts (Q).-Source 1 (52,90) 604. Exports of agricultural products (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 452. Civilian labor force participation rate, females 20 years and over (M).-Sources 2 and 3 (51,89) 510. State and local government surplus or deficit; national income and product accounts (Q).—Source 1 (52,90) 511. State and local government receipts; national income and product accounts (Q).-Source 1 (52,90) 512. State and local government expenditures; national income and product accounts (Q).-Source 1 (52,90) 517. Defense Department gross obligations incurred (M).— U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 525. Defense Department military prime contract awards for work performed in the United States (M).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services; seasonal adjustment by Bureau of Economic Analysis (53,90) 543. Defense Department gross unpaid obligations outstanding (EOM).-U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 548. Value of manufacturers' new orders, defense products ( M ) . - Source 2 (53,90) 557. Output of defense and space equipment (M).— Source (56,92) 614. Imports of petroleum and petroleum products (M).— Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 616. Imports of automobiles and parts (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military grants (Q).-Source 1 (57,93) 620. Merchandise imports, adjusted, excluding military (Q).-Source 1 (57,93) 622. Balance on merchandise trade (Q).—Source 1 (57,93) 651. Income on U.S. investments abroad (Q).-Source 1 (57,93) 652. Income on foreign investments in the United States (Q).-Source 1 (M).-Source 3 (14,20,39,58,63,78,94) (48,59,84,95) 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) 722. United Kingdom, index of industrial production (M).— Central Statistical Office (London) (58,94) 723. Canada, index of industrial production (M).—Statistics Canada (Ottawa) (58,94) 725. West Germany, index of industrial production (M).— Deutsche Bundesbank (Frankfurt) (58,94) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (58,94) 727. Italy, index of industrial production (M).—Instituto Centrale di Statistica (Rome) (58,94) 606. Exports of nonelectrical machinery (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 612. General imports, total (M).-Source 2 (M).-Source 4 (57,93) 667. Balance on goods and services (Q).-Source 1(57,93) 728. Japan, index of industrial production (M).—Ministry of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M).— Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 733. Canada, index of consumer prices (M).—Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 735. West Germany, index of consumer prices ( M ) . Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 736. France, index of consumer prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 737. Italy, index of consumer prices (M).-lnstituto Centrale di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 738. Japan, index of consumer prices (M).-Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 742. United Kingdom, index of stock prices (M).-The Financial Times (London) (59,96) 743. Canada, index of stock prices (M).-Statistics Canada (Ottawa) (59,96) 745. West Germany, index of stock prices (M).—Statistisches Bundesamt (Wiesbaden) (59,96) (54,91) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 669. Imports of goods and services, total (Q).—Source 1 (57,93) 746. France, index of stock prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (59,96) 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) Il-F. International Comparisons 747. Italy, index of stock prices (M).—Instituto Centrale di Statistica (Rome) (59,96) 4 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) 19. United States, index of stock prices, 500 common stocks (M).-Standard & Poor's Corporation (13,28,59,69,96) 748. Japan, index of stock prices (M).—Tokyo Stock Exchange (Tokyo) (59,96) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USDC WASHINGTON , D.C. PERMIT No. G-56