View original document

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




U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert G. Dederick, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Acting Associate Director for
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 consisting of the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
John H. Auten, U.S. Department of the Treasury
Norman Frumkin, Office of Management and Budget
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System
Adrian W. Throop, Council of Economic Advisers
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 Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects, The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $5.50 domestic, $6.90 foreign. Foreign airmail rates are
available on request. Address correspondence

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.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

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

AUGUST 1 9 8 2
Data Through July
Volume 22, Number 8

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS

Chart

Table

Al
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

Bl
B2
B3
B4
B5
B6
B7

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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

Cl
C2
C3

DIFFUSION INDEXES
AND RATES OFCHANGE
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
77
—

The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department. Use of funds




for printing this periodical has been approved
by the Director of the Office of Management
and Budget through April 1F 1985.

BCII




PART li.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
11,
A2
A3
A4
A5
A6
A7
Aft

GNPand Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

Chart

Table

40
41
42
43
. . . . 44
45
. . . 46
47

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

....

97

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 (July 1982 issue)
C. Historical Data for Selected Series

D. Descriptions and Sources Of Series (See •'Alphabetical Index—Series Finding Guide")

E. Business Cycle Expansions and Contractions (July 1982 issue)
F. Specific Peak and Trough Dates for Selected Indicators (June 1982 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

104
110
114

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

The subscription price of BCD has been reduced
to $55 per year ($68.75 for foreign delivery).
This is a direct result of the cost-cutting
actions taken in April of this year. If those
actions had not been taken, the subscription
price would have increased.

concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of

Changes in this issue are as follows:

indexes, etc.

1. Two monthly series that measure changes in sensitive
credit are under consideration for inclusion in the cyclical
indicators section of BCD. Beginning with this issue, these
series are shown in appendix G (page 105). Both series are
based on five components: (1) consumer installment credit,
(2) commercial and industrial loans outstanding at large commercial banks, (3) real estate loans at large commercial
banks, (4) mortgage loans at savings and loan institutions,
and (5) commercial paper of nonfinancial companies. The
series are compiled by the Bureau of Economic Analysis from
data supplied by the Board of Governors of the Federal Reserve System and the Federal Home Loan Bank Board.
Further information concerning these series may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Statistical Indicators Division.
(Continued on page iv.)
The September issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on October 4.



in

2. The series on current-dollar manufacturing and trade sales and
inventories (series 31, 56, and 71) have been revised by the source agency
for the period 1977 to date. These revisions reflect the incorporation of
recent revisions in the series' components—the sales and inventories of
manufacturers, merchant wholesalers, and retailers--and updated seasonal
adjustment factors.
Further information concerning these revisions may be obtained from
the U.S. Department of Commerce, Bureau of the Census, Business Division.
3. Data on productivity and costs (series 26, 48, 63, 345, 346, 358,
370, and the implicit price deflator and unit labor cost for nonfarm business
(shown in appendix G) have been revised by the source agency to reflect
(a) revised output and compensation measures released as part of the annual
revision of the national income and product accounts and (b) revised measures
of labor input based on updated seasonal adjustment factors and the 1980
Census of Population.
Further information concerning these revisions may be obtained from the
U.S. Department of Labor, Bureau of Labor Statistics, Office of Productivity
and Technology, Division of Productivity Research.
4. Appendix C contains historical data for series 6-8, 10, 20, 24, 27,
34-36, 49, 50, 107, 108, 200, 618, 620, 622, 651, 652, 667-669, and 964.
5. Appendix G contains recession comparisons for series 21, 29, 30,
47, 50, 90, 910, and 920.




IV

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform welt to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1956, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1971.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, alt series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor, The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.

Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity-that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
Reference Turning Dates
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
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
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
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this (for example, leading at both peaks and troughs),
publication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. Since then, NBER has of duplication, composite indexes give more
designated turning points for the 1973-1975 reces- reliable signals over time than do any of the
sion and the 1980 recession.
individual indicators. Furthermore, much of the

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
N. Economic
\Process
CycllcalV
Timing
^v

LEADING (L)
INDICATORS
(62 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

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

Capacity
utilization
(2 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)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)
1nventory

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

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

VII.
MONEY
AND CREDIT
(26 series)

Stock prices
(1 sertos)
Commodity
pr!c*£
(1 $*fte$)
Profit* aact
profit
margin*
(7 serHss)
Ca*h f low*
(2 series)

• mmm m

>
:

i
(1 *tr

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
( u >series)
(8

Comprehensive
employment
(1 series)

Comprehensive
output and
real Income
(4 series)
Industrial
production
(4 series)

Consumption
and trade
(4 series)

Duration of
unemployment
(2 series)

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

Comprehensive
employment
(3 series)

Trade

(1 series)

k
m
m
n
^$

vlt-MrtM}

Inventories on
hand and on
order
(4 series)

unit U&or emu
and labor sharo
(4 sertes)

(4 MrtM}

:

Commotftty

Business
Investment
commitments
(1 series)

Profit shir*

;

(1 series)

B. Timing at Business Cycle Troughs
x. Economic
\Process
CycllcalV
Timing >v

LEADING (L)
INDICATORS
(47 series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

II.

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

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

New and unfilled Formation of
orders and
business
deliveries
enterprises
(5 series)
(2 series)
Consumption
Business
and trade
Investment
(4 series)
commitments
(4 series)
Residential
construction
(3 series)

Comprehensive
output and
real Income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)

Consumption
and trade
(3 series)

Marginal
employment
ROUGHLY
| adjustments
(2 series)
COINCIDENT(C) Comprehensive
INDICATORS
employment
(23 series)
(4 series)

Marginal
employment
adjustments
(1 series)
Job vacancies
LAGGING (Lg) i (2 series)
INDICATORS I Comprehensive
(40 series)
| employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

TIMING
i
UNCLASSIFIED1
(U)
1
(1 series)
;




V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

Inventory
investment
(4 series)

Stock prices

Business
investment
commitments
(1 series)

VII.
MONEY
AND CREDIT
(26 series)

(1 sertes)
Commodrty
prices
(2 sertes)
Profits and
profit margins
{6 series)
Cash flows
(2 sertes)

Profits
(2 sertes)

t

Unfilled orders
(1 series)

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

Inventories on
hand and on
order
(5 series)

Unit labor coast* I
and labor stw«
(4 $*rte$)

jam*

Bank r«§#rv«s
(1 $*r )«*)

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
1973-1975 recession and the 1980 recession are
shaded according to the dates of the NBER reference
cycle chronology.

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 7 0 ) . 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
Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
presented, along with the corresponding indexes
This section covers 111 individual time series, based on actual data, as the last set of diffusion
including the 22 indicators used in the series.
This section also records rates of change for the
construction of the composite indexes. The peak
and trough timing classifications are shown on the three composite indexes (leading, coincident, and
charts in the same manner as described above, but lagging) and for four indicators of aggregate
this section includes series with different timing at economic activity; GNP in constant dollars
peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
are labeled U, i.e., unclassified as to timing at 1-quarter spans.
turning points of the given type. Eight series are
Although movements in diffusion indexes and in
unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
different timing at peaks and at troughs). No series present information about two related but distinct
that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
is included in the list of cyclical indicators.
measure the prevailing direction or scope of
The classification scheme which groups the change, while rates of change measure the degree
indicators of this section by economic process and as well as the overall direction. As is the case for
cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
business cycle peaks (November r 48, July '53, at the business cycle turns as well.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5, Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in

the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.

Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index tor the gross business product. Data on both levels and percent changes are
presented for the period since 1971.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.

Section C. Labor
Unemployment

Force, Employment, and

This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as" intermediate and final
measures of defense activity."
Section E U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1971) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1971) 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.).

Various scales are used to

Diffusion Indexes

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

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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




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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data1
Timing
classification 3

Series title

Unit
of
measure

Percent change

Average
May

June

July

to

to

1982

1982

1982

1982

June

July

4th Q
to
1st Q

1982

4th Q

1980

2dQ

1982

1982

1st 0
to
2d Q
1982

-2.0
-2.5
-1.1

-0.7
0,4

910
920
930

NA
-0.6
-3.1
-3.3

NA
0.8
0.7
NA
2.9

913
914
915
916
917

1..0
0.1
M
A
-3.5
KA
NA

1
21
2
5
3
4

May
1981

1st Q
1982

1981

June

I

1. C Y C L I C A L I N D I C A T O R S
A. Composite Indexes

Lg,Lg,Lg

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

131.2
140.3
176.8

133.1
141.3
187.8

127.9
138.3
185.4

129.8
132.7
183.2

-1.3
-0.3

-0.3
-0.3

L.L.L
L,L,L
L.L.L
UUL
L.L.L

910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators

do.
do.
do.
do.
do.

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

92.9
107.2
101.0
90.8
135.6

93.0
103.2
102.3
93.4
137.7

NA
NA
90.0
NA
NA
NA
99.1 100.7
99.4
98.8
99.4
99.6
98.4
99.1
99.6
96.5
97.2
97.2
NA
NA
92.1 89.1
88.5
NA
133.9 138.2 142.2 142.7 141.4 141.3

NA
-0.3
1.2
NA
-0.9

1.6
0.7
NA
-0.1

0.3
0.1
NA
5.8
NA
NA

0.3
0.
NA
6.5
NA
NA

L,L,L

c,c,c

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

125.3
134.9
183.3

127.5
134.0
184.1

127.7
134.9
184.2

128.1
133.1
183.7

0.3

1.3

NA

3.2

1.8

8 . Cyclical Indicators by Economic Process
B 1 . Employment and U n e m p l o y m e n t
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

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

39.7
2.8
3.5
480
1.7
1.5

39.8
2.8
3.2
446
1.6
1.3

39.3

L.C.L
L.L.L
L,C,L
L,L,L
ULg,U

2.5
2.9
536
2.2
1.1

2.3
NA
548
NA
NA

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
....
....
46. Help-wanted advertising

L,lg,U
L,Lg,U

Ratio
1967=100...

0.508
129

0.429
119

0.360
110

U.C.C
C.C.C
L.C.U

A.r., bit. hrs..
Thousands. .
do. . . .
do. . . .

169.48
95,938
90,406
25,658

169.99
97,030
91,105
25,481

U,Lg,U

Percent

58.47

Thousands..
Percent
do. . . .
Weeks
Percent

7,637
7.1
3.9
11.9
1.7

Comprehensive Employment:
48. Employee hours in nonagri. establishments,..
42. Persons engaged in nonagri. activities
* 4 1 . Employees on nonagri. payrolls
40, Employees in mfg., mining, construction
90. Ratio, civilian employment to total population of working age2

LLL

u,cc

Comprehensive Unemployment:
37. Total unemployed (inverted4)
L,Lg,U
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U
45. Avg. weekly insured unemploy. rate (inv. 4 } 2 . . L,Lg,U
* 9 1 . Avg. duration of unemployment (inverted4) . . Lg,Lg,Lg
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 . . Lg,Lg,Lg

39.2
2.4
NA
551

NA
NA

39.1
2.3
NA
585
NA
NA

0.316
102

0.247
87

0.245
87

0.243
85

169.05
96,723
90,954
25,159

167.50
96,177
90,408
24,588

167.24
96,356
90,036
24,179

167.99
96,629
90,166
24,255

166.50
96,406
89,860
23,992

166.79
96,272
89,843
23,878

-0.9
-0.2
-0.3
-1.1

0.2
-0.1
0.
-0.5

-0.9
-0.6
-0.6
-2.3

-0.2
0.2
-0.4
-1.7

43
42
41
40

58.28

57.78

57.33

57.26

57.47

57.22

57.14

-0.25

-0.08

-0.45

-0.07

90

8,273
7.6
3.4
13.7
2.1

9,113
8.4
3.8
13.2
2.2

9,576 1 0 , 4 2 8 10,549 10,427 10,790
9.5
9.8
8.8
9.5
9.5
4.7
4.5
4.1
4.6
4.6
16.5
15.6
13.8
15.1
14.6
3.3
3.2
2.5
3.0
3.0

1.2
0.
-0.1
-13.0
-0.3

-3.5
-0.3
0.2
5.5
0.1

-5.1
-0.4
-0.3
-4.5
-0.3

-8.9
-0.7
-0.5
-9.4
-0.5

37
43
45
91
44

1474.0 1502.6 1490.1 1470.7 1475.3
1205.7 1242.0 1249.0 1241,6 1251.7 1256.1 1249.9 1253.5
1039.9 1069.1 1073.4 1066.3 1072.6 1076.8 1071.1 1069.8

-0.5
-0.5

0.3

0.3
0.8

38.7

39.1
2.4
NA
567

NA
NA

39.3
2.4
NA
515
NA
NA

-1.5

-0.2
NA
-2.2
Nh
NA

0.221 -0.002 -0.022 -0.044 -0.069
-5.9
-14.7
80 - 2 . 3
-7.3

60
46

B2. Production and Income
Comprehensive Output and Income:
50 GNPin 1972 dollars
52 Personal income in 1972 dollars . . .
....
* 5 1 . Pers. income less transfer pay., 1972 dollars . .
53. Wages and salaries in mining, mfg., and construction 1972 dollars . . . .
....
Industrial Production:
*47 Industrial production total
73. Industrial production, durable mfrs
74 Industrial production, nondurable mfrs
49 Value of goods output 1972 dollars
Capacity Utilization:
82 Capacity utilization rate mfg FRB 2
83 Panaritv utilization rate mfo SEA^
84 Capacity utilization rate materials FRB 2

....

ccc
c.cc

do

-0.1

-1.3
-0.6
-0.7

0.6

50
52
51

ccc

do

232.6

230.2

225.7

222.4

219.6

220.3

217.6

216.0

-1.2

-0.7

-1.5

-1.3

53

1967-100...
do. . . .
do
A r bil dol

147.0
136.7
161.2
667.9

151.0
140.5
164.8
689.5

146.3
134.5
160.2
678.0

141.8
128.2

156.7
661.8

139.2
126.0
155.1
663.2

139.2
126.0
154.9

138.2
125.3
154.2

138.1
125.2
154.2

-0.7
-0.6
-0.5

-0.1
-0.1
0.

-3.1
-4.7
-2.2
-2.4

-1.8
-1.7
-1.0
0.2

47
73
74
49

79.1
78
80.0

78.4
76
79.9

74.8
72
75.2

71.6
72
72.0

70.2
NA
69.6

-3.2
0
-3.2

-1.4
NA
-2.4

82
83
84

-1.3
-1.6
-2.7
2.01
-0.8
1

-0.7
-1.3
2.2
~ . l . 81
-2.6
-1

6
7
8
25
96
32

1.3
1.5
1.5
2.7
2.3
-0.9
-0.5

156
57
75
54
59
55
58

NA

NA
NA

12
13

ccc

ccc
ccc
C.L.L

ccc

A r bil dol
do. . . .

LC U
..

Percent
do

LC U

do

LLL
L.L.L
L,L,L
L,L,L
LLg.U
LLL

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

79.07 83.24 77.40 76.41 75.89 76.28 74.51 76.91
38.18 37.41 33.96 33.40 32.98 33.14 32.23 33.22
33.32 33.12 30.25 29.44 30.09 30.80 30.04 30.42
1.51 - 0 . 1 4 -2.82 - 0 . 8 1 -2.62 - 3 . 2 4 -4.37 -2.44
310.05 308.37 308.37 305.95 298.09 302.46 298.09 295.65
45
33
34
40
38
37
33
30

CCC
C.L.C
C L U
U,L,U
L.CC
L,L,L

Bil. dol
do. . . .
1967-100...
Mil dol
do. . . .
A.r., bil. dol.
1 Q 1966=100

321.01
154.41
145.4
79,325
43,440
60.6
64.4

339.81
149.24
141.0
86,660
42,852
68.0
66.5

344.33
151.48
143.1
89,007
43,841
67.4
66.2

LLL
LLL

1967-100
Number. . . ,

NA
121.1 113.6 107.6
44,293 48,465 48,305 45,821

NA
NA

B3. C o n s u m p t i o n , Trade, Orders, and
Deliveries
Orders and Deliveries:
6 New orders durable goods
7 New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance2 ®
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 @
. .

ccc

350.52
155.87
147.9
86,566
43,993
67.2
70.7

344.21
151,23
144.2
86,573
43,142
62.8
65.7

349.15
153.90
143.5
90,841
44,815

344.45
NA
150.90
NA
143.7 144.5
87,887 88,723
42,977 43,195

-2.3
-2.7
-2.5
-1.13
-1.4
8

3.2
3.1

1.3
1.93
-0.8
-1

-1.3
-1.9
0.1
-3.3
-4.1

NA
NA
0.6
1.0

67.5

65.7

65.4

-2.7

-0.5

-1.3
-1.3
-2.2
0.1
-0.7
8.3
1.2

NA

NA
NA

NA
NA

NA
NA

NA
NA

-5.1

0.5

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




46,995

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

Timing
classification 3

Unit
of
measure

Average
4th Q
1981
1980

1st Q
1982

2dQ
1982

Percent change
May
1982

June
1982

May
to
June
1982

July
1982

1981

June
to
July
1982

4th Q
to
1st Q
1982

1st Q
to
2dQ
1982

I. C Y C L I C A L I N D I C A T O R S - C o n .
B4. Fixed Capital Investment—Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 do!
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. s
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
B5.

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

26.57

Bil.dol
do. . . .

27.92

26.92

25.63

24.14

22.95

23.78

23.93

14.33
23.45

14.07
24.04

13.83
23.01

12.73
21.82

12.16
20.74

11.39
20.33

11.24
19.28

11.49
21.28

-1.3
-5.2

12.90

12.39

12.15

11.12

10.72

10.28

9.35

10.38

-9.0

11.0

-8.5

-3.6

77.81
25.90
90.73

77.72
26.42
92.74

71.89
22.99
92.74

61.52
25.77
91.11

59.01
20.04
82.96

51.70

60.02

56.41

31.6

-17.1

-14.4
12.1
-1.8

-4.1
-22.2
-8.9

0.

-1.2

NA
152.0

-0.9
-3.1

NA
-2.1

-4.5
-4.8
-1.3

-2.2
-6.3
-3.3

1,211
85.8

-15.0
-1.7

33.7
14.4

6.4
7.5
-2.5

3.4
12.4
2.6

3.6

0.6

-4.8

2.2
10.4

-8.0
-5.2

-4.5
-4.9

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

Mil.sq.ft. ..
Bil.dol
Bil.dol., EOP

C,Lg,Lg A.r., bit.

dol.

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

295.63 321.49 327.83 327.72 323.75
317.92 348.59 354.91 338.79 331.27 335.59 332.71
160.2
155.2
17p.9
160.1
173.2
181.1
179.5
172.0
166.4
166.1
172.0
174.2

1,087
80.0
44.9

865
61.3
39.9

-5.0

9.0

4.8

-9.10
38.4
0.77

3.42
37.5
0.10

L,LL
L,L,L
L,L,L

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

1,292
96.7
47.2

L,L,L

do.

920
65.9
38.9

951
74.1
39.9

1,066
76.3

906
75.0

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 bookvalue, 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 s
•70. Mfg. and trade invent., total, 1972 dol. s
65. Mfre.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order5

L,L,L
UL.L
L,L,L

do.
do.
Bil.dol. .

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

-15.4

-5.3

-20.2

3.16 -20.19 -15.46 -14.29 -13.71
19.9
7.5 -54.3
18.6 -39.6
-4.04
-2.68
-2.33
-1.73 -2.57

NA
NA
NA

0.58
74.2
-1.71

NA
NA
NA

23.35
-58.2
-0.84

482.57 520.02 520.02 510.13 512.01 510.36 512.01
262.78 269.85 269.85 265.98 264.99 264.57 264.99

NA
NA
NA

0.3
0.2

NA
NA
NA

-1.9
-1.4

79.99

87.66

87.66

1.71

1.71

1.79

Lg,Lg,Lg Ratio
L,Lg,Lg Bil.dol., EOP

88.49

85.90

1.79

1.75

86.56

85.90

-0.8
NA

NA
1.72

1.76

NA

221.89 223.13 223.13 215.42 207.39 211.42 207.39

0.04

NA

-1.9

0.9
0.

10.1
4.73
47.1
-0.11
0.4
-0.4
-2.9
-0.04
-3.7

-3.5

B6. Prices, Costs, and Profits
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®

L,L,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
UL.L
LC.L
L.C.L
L,L,L
L,L,L

A x , bil. dol.
do. . . .
do. . . .
do. . . .
Cents
1977=100...

157.8
86.1
97.0
53.3
4.8
96.5

150.9
76.2
109.4
55.5
4.8
98.0

144.9
71.2
112
55.5
4.3
97.7

115.9
56.7
101.3
49.7
4.0
96.7

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

L,L,L
L,L,L

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

263.1
139.8

275.2
134.7

277.5
131.8

132.9

143.1

147.9

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

Lg,Lg,Lg 1977 =

100..

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

1.49
298.0

-0.24
270.6

-0.89
259.6

-0.78
241.7

-0.90
245.5

0.22
232.2

0.94
237.0

1.12
-5.4

0.72
2.1

118.78 128.04 122.17 114.21 114.12 116.35 109.70 109.38

-0.65
-4.1

-0.1

115.0
55.6
101.2
49.1
NA
96.4

-20.0
-20.4
-9.8
-10.5
-0.3
-1.0

-0.8
-1.9
-0.1
-1.2
NA
-0.3

255.8
121.0

263.0
123.1

-7.8
-8.2

150.9

153.0

75.4

76.4

0.74
0.83
804.7

0.56
0.77
0.83
198.0
818.0

0.23
0.76
0.94
197.4
828.1

-0.20
0.89
0.96
197.3
829.3

-0.02
0.55
0.93
195.2
825.2

1.380

6.685
1.356

6.731
1.347

1.348

61.48 41.01 17.98
8.74
17.21 19.40 16.77 38.04
6.03
20.87
6.27
2.63
292.75 288.60 201.98 280.10

NA
44.85
15.69
NA

3.07
40.56
16.79

NA
39.68
16.19

1.4

2.0
3.1

0.9
1.7

1.346

75.1

1.389
230.5

2.8
1.7

2.0

1.376
226.6

1.305
210.3

0.11
-6.9

-6.5

1.349
219.7

1.211
196.6

75.5

Lg,Lg,Lg Percent

1.27
283.4

230.9

232.5

232.2

0.7

-0.1

1.0

-0.1

B7. Money and Credit
Money:
85. Change in money supply (Ml ) 2
102. Change in money supply {M2) 2
*104. Chg. in total liquid assets (smoothed6]
105. Money supply (Ml), 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.

0.53
0.73
0.74
203.7
807.8

0.52
0.80
0.93
197.6
803.6

Velocity of Money:
107. Ratio, GNP to money supply (Ml) 2
108. Ratio, pers. income to money supply (M2) 2

CC.C
CLg,C

Ratio

6.561
1.357

6.839
1.383

Credit
33.
112.
113.
110.

Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment credit3
Total private borrowing




L,L,L
LL,L
L,L,L
L,L,L

do. . .

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

dol.
..
..
..

0.90
194.5

-0.04
0.79
0.90
194.0
826.8

0.18
-0.34
-0.03
-1.1
-0.5

-0.02
0.24
-0.03
-0.6
0.2

-0.18
-0.06
-0.07
1.8
1.7

-0.33
-0.01
0.11
-0.3
1.2

-0.009
NA
10.61
NA

NA
-0.88
-0.60

NA
-29.07
NA

-9.24
21.27
-0.24
38.7

NA
6.81
9.66
NA

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

Timii
classification1

Unit
of

Percent change

Average
1980

May
to
June
1982

2dQ
1982

May
1982

June
1982

NA
2.24

NA
2.16

NA
2,21

NA
2.16

-516 -1,278
829 1,639

-98
1,297

-745
1,105

-895
1,205

14.23
12.89
13.45
16.14
13.0
16.96
17.13
16.27

14.51
12.36
12.94
15.65
12.33
16.41
17.11
16.50

14,45
12.15
12.6
15.3
11.95
16.19

14.15
12.11
13.32
15.96
12.45
16.73

12.5
11.91
12.9
15.75
12.28
16.2

16.50

16.50

16.2

4th Q
1981

1st Q
1982

1981

July
1982

to
July
1982

4th Q
to
lstQ
1982

2d Q
11)32

I. C Y C L I C A L I N D I C A T O R S - C o n .
B7, Money and C r e d i t - C o n .
Credit Difficulties:
14. Liabilities of business failures {inv. 4 }©
39. Delinquency rate, instal, loans (inv. 4 ) 2 s

L,L,L
L,L,L

Mil.dol
Percent, EOP

386.26
2.57

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

L,U,U
L,Lg,U

Mil.dol...
do. .

-1,141 -1,051
1,420
1,359

NA
2.37

NA
0.05

NA
NA

NA

NA

0.13

0..08

150
100

-585
-535

762
310

-296
-342

-0.30
-0.04
0.65
0.59
0.50
0.54

-1 56
-0.20
-0.35
-0.21
-0.17
-0.44

0.64
0.87
0.22
0.13
0.48
0.35
-0.10
-0.74

0.28
-0.53
-0.51
-0.49
-0.69
-0.55
-0.02
0.23

16
.
0.

0.4
NA

4.7
-0.05

5.0
-0.09

0.6
-0.4
-0.1

1.0
0.8
-0.3
1.1

1.2
1.5
0.(5
1.0

0.5
0.6

0.8
-0.3
0.2
1.0
0.7

0.1
2.4
-0.7
1.1
-0.1

0.2

0.5

1.6

1.5

92.8

-0.7

-0.2

0.9
1.8
1.1
-0'.2

0.5
1.5
0.3
0.3

106.94 108.67 109.16 109.13 110.17 110.67 110.19 110.52
99.30 100.40 100.04 99.55 99.74 100.12 99.76
99.73
7,637 8,273 9,113 9,576 10,428 10,549 10,427 10,790
3,353 3,615 4,166 4,407 4,892 4,904
5,031
5,088
2,615
2,895 3,100 3,275
3,583 3,608 3,554 3,684
1,669
1,763 1,847 1,893
1,953 2,037 1,842
2,018

-0.4
-0.4
-1.2
2.6
-1.5
-9.6

0.3
0.
3.5
1.1
3.7
9.6

0.
-0.5
5.1
5.8
5.6
2.5

1.0
0.2
8.9
11.0
9.4
3.2

-0.3
0.2
-3.3

0.
0.2
0.7

-0.4
-0.1
-0.4

0.4
0.5
-0.1

-2.7
0.1
-17.6
0.6
1.0
-1.4

0.8
1.1
-3.1
2.3
1.4
4.6

21.6
43. L
41.3
-0.4

-4.7
3.2
-21.4
6.0

-2.0
-3.1
-2.5
-4.7
-10.1
3.7

-2.1
1.8
-2.4
-4.8
-19.9
-2.3

NA
2.37

NA

67i

Interest Rates:
119. Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ©
115. Treasury bond yields 2 ©
116. Corporate bond yields 2 ©
117. Municipal bond yields 2 ©
118. Mortgage yields, residential2 ©
67. Bank rates on short-term bus. loans 2 ©
*109. Average prime rate charged by banks 3 ®

L.Lg.Lg Percent..
do.
C,Lg,Lg
do.
C,Lg,Lg
Lg,Lg,Lg
do.
U.Lg.Lg
do.
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.

Outstanding Debt:
86, Consumer installment credit9
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
"95. Ratio, consumer install, credit to pars, income3

Lg.Lg.Lg Bil.dol., EOP

306.21 327.08 327.08 328.59 332.51 331.16 332.51

Lg,LgX9 Bil.dol
Lg,Lg,Lg Percent

164.51 182.24 191.22 200.26 210.28 210.30 213.61 214.4
14.15 13.21 13.11 13.06
12.97 12.95 12.95
NA

13.36
11.61
10.81
12.77
8.60
13.4
15.1
15.27

16.38
14.08
12.8'
15.48
11.33
16.31
19.56
18,87

13.59
12.0
13.23
16.01
12.54
16.61
17.23
17.01

0.

II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310.
320.
320c.
322.

Implicit price deflator, GNP
Consumer prices (CPI), all items ©
Change in CPI, all items, S/A2
CPI, food

330.
331.
332.
333.
334.

Producer prices (PPI), all commodities©
PPI, crude materials
PPI, intermediete materials
PPI, capital equipment
PPI, finished consumer goods

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

..
.,
..
..
..

178.6
246.8
1.0
254.6

195.5
272.4
0.7
274.6

201.6
280.7
0.4
279.3

203.
283.0
0.1
282.3

206.1
287.3
0.7
285.2

287.1
1.0
285.4

290.6
1.0
287.2

292.2
0.6
287.0

1
0
0.6

268.8
304.6
280.3
239.8
248.9

293.4
329.0
306
264
271.3

295.8
318.1
310.5
272.4
276.1

298.3
317.1
311.1
275.1
278.0

298.6
324.8
309.0
278.0
277.7

298.6
327.3
308.8
277.7
276.6

299.4
327.0
309.7
279.9
279.7

300.6
323.
311.0
281.2
281.3

0.3
-0.1
0.3
0.8

138.9

142.8

145.1

147.3

147.

148.0

148.

92.6
143.2
95,4
100.7

92.
147.4
95.1
100.2

93.0
150.1
96.1
100.0

93.5
152.3
96.4
100.3

93.

93.0

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

1977 = 100..
do.
do.
do.
do.

..
..
..
..

93.
130.
96.
98.9

C. Labor Force, Employment, and
Unemployment
Total civilian labor forceTotal 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

441.
442.
37.
444.
445.
446.
Labor
• 451.
452.
453.

Millions . . .
do. ..
Thousands.
do. ..
do. ..
do. ..

Force Participation Rates:
Males,,20 years and over2
Females, 20 years and over2
Bothsexes, 16-19 years of age2

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

79.4
51.3
56.7

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

540.7
602.1
-61.4
385.9
357.8
28.2

79.0
52.1
55.4

78.9
52.3
54.6

78.5
52.2
54.2

78.9
52.7
54.1

79.1
52.8
55.7

78.8
53.0
52.4

78.8
53.
53.1

D. Government Activities
D 1 . Receipts and Expenditures
501.
502.
500.
511.
512.
510.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit2 .
State and local government receipts
State and local government expenditures
State and local govt. surplus or deficit 3 '..

517.
525.
548.
564.

Defense Department obligations
Military prime contract awards .
New orders, defense products . . ,
National defense purchases

628.2 625.7
688.2
727.4
-60.0 -101.7
416.8 421.5
385.0
392.4
31.7
29.1

609.0 613.6
728.3 736.0
-119.3 -122.4
424.2 434.1
396
401.9
27.7
32.3

D2. Defense Indicators
Mil.dol
do. ...
do. . . ,
A.r., bil.dol.

13 ,392 15, 945 16,124 19,613 18,694 17,786 17,503
6 ,754 8, 065 7,777 11,129 11,490 9,657 14,296
4 ,396 4, 855 4,919 6,950 5,462 4,775 5,437
131.4 153.7 166.9 166.2 176.1

Mil. dol.
do.
do.
do.
do.
. . . . .do.

18,390 19,456 19,067 18,681 18,294 18,218 18,822
3,435 3,608 3,466 3,358 3,420 3,527 3,332
3,788 4,456 4,236 4,132 4,033 3,957 4,211
20,771 21,751 21,777 20,756 19,752 20,558 21,310
6,139 6,319 5,747 5,165 4,137 4,027 4,823
2,030 2,190 2,289 2,373 2,319 2,896 1,798

NA
NA
4,639

-1.6
48.0
13.9

NA
N
A
-14.7

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




NA
NA
NA
NA
NA
NA

3.3
-5.5
6.4
3.7
19.8
-37.9

NA
NA
NA
NA
NA
NA

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

Unit
of
measure

Percent change

Average
1st Q
1981

1979

2dQ
1981

3d Q

4th Q

1981

1981

1st Q
1982

2dQ
1982

1981

3dQ
to
4th Q
1981

4th Q
to
1st Q
1982

1st Q
to
2dQ
1982

II. O T H E R I M P O R T A N T ECONOMIC
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651.
652.
668.
669.
667.

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

Mil. dol.
..do.
..do.
, .do..
. .do..
. .do. .
, .do. ,
. .do.

46,118
52,955
-6,836
L6.O33
8,229
71,694
70,420
1,274

56,059
62,394
-6,334
18,171
10,694
85,526
83,451
2,074

59,064
66,036
-6,972
21,486
13,227
93,223
90,454
2,770

60,683
64,995
-4,312
20,528
12,405
93,280
88,613
4,667

60,284
66,831
-6,547
21,642
13,441
94,389
91,480
2,909

57,694
65,539
-7,845
22,048
13,865
92,965
90,406
2,559

57,593
66,778
-9,185
21,727
13,198
92,259
91,316
943

55,610 55,616
-0.2
61,669 60,733
1.9
-6,059 -5,117 -1,340
21,188
NA
-1.5
14,208
NA
-4.8
90,363
-0.8
NA
87,193
1.0
NA
3,170
-1,616

-3.4
-7.7
3,126
-2.5
7.7
-2.1
-4.5
2,227

0.
-1.5
942
NA
NA
NA
NA
NA

618
620
622
651
652
668
669
667

A.r.( fail. dol. .
....do...

1479.4
2417.8
L472.2
1650.2
L015.7
6,572
4,512

1474.0
2633.1
1479.0
1824.1
1018.0
6,475
4,472

1502.6
2937.7
1493.7
2029.1
1043.1
6,537
4,538

1507.8
2864.9
1505.4
1958.7
1035.0
6,583
4,519

1502.2
2901.8
1490.1
1996.5
1036.6
6,544
4,516

1510.4
2980.9
1493.9
2060.0
1048.8
6,563
4,557

1490.1
3003.2
1485.3
2101.4
1051.9
6,458
4,559

1470.7
2995.5
1486.1
2117.1
1046.9
6,360
4,527

1475.3
3041.2
1480.6
2154.5
1056.1
6,367
4,558

-1.3
0.7
-0.6
2.0
0.3
-1.6
0.

-1.3
-0.3
0.1
0.7
-0.5
-1.5
-0.7

0.3
1.5
-0.4
1.8
0.9
0.1
0.7

50
200
213
224
225
217
227

927.6 930.5 947.6 951.1 944.6 951.4 943.4 949.1 953.8
147.2 137.1 140.0 145.3 138.6 142.2 134.1 137.5 138.0
353.1 355.8 362.4 361.6 361.7 363*0 363.1 362.2 364.6
427.3 437.6 445.2 444.2 444.3 446.2 446.2 449.5 451.2
1507.2 1667.2 1843.2 1799.9 1819.4 1868.8 1884.5 1919.4 1945.8
213.4 214.3 234.6 236.9 230.4 241.2 229.6 237.9 240.2
600.0 670.4 734.5 720.6 729.6 741.3 746.5 749.1 755.0
693.7 782.5 874.1 842.4 859.4 886.3 908.3 932.4 950.6

-0.8
-5.7
0.
0.
0.8
-4.8
0.7
2.5

0.6
2.5
-0.2
0.7
1.9
3.6
0.3
2.7

A. National Income and Product
A 1 . G N P a n d Personal Income
50.
200.
213.
224.
225.
217.
227.

GNP in 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 . . .

. .do. .
. . . .do...
.......do...
A.r., dollars.,
do...

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.r., bil. dol.

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

231
233
238
239
230
232
236
237

A 3 . Gross Private Domestic Investment
241.
243.
30.
240.
242.
245.

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

236.3
229.1
7.3
423.0
408.8
14.3

208.4
213.3
-5.0
402.3
412.4
-10.0

225.8
216.9
9.0
471.5
451.1
20.5

221.6
219.2
2.4
455.7
443.5
12.2

229.5
217.4
12.1
475.5
450.9
24.6

233.4
216.9
16.5
486.0
454.2
31.8

218.9
214.1
4.8
468.9
455.7
13.2

195.4
210.8
-15.4
414.8
450.4
-35.6

201.0
206.3
-5
429.7
447.0
-17.4

-6.2
-1.3
-11.7
-3.5
0.3
-18.6

-10.7
-1.5
-20.2
-11.5
-1.2
-48.8

2.9
-2.1
10.1
3.6
-0.8
18.2

241
243
30
240
242
245

..do.
..do.
..do.
. .do.,
..do.
..do.

278.3
102.1
176.2
474.4
168.3
306.0

284.6
106.5
178.1
538.4
197.2
341.2

287.1
110.4
176.7
596.9
228.9
368.0

286.8
107.9
179.0
578.1
217.0
361.1

283.9
107.0
176.9
583.2
218.2
365.0

286.4
110.7
175.7
600.2
230.0
370.1

291.3
116.0
175.3
626.3
250.5
375.7

289.2
114.4
174.9
630.1
249
380.4

284.7
109.8
174.9
630.6
244.5
386.0

1.7
4.8
-0.2
4.3
8.9
1.5

-0.7
-1.4
-0.2
0.6
-0.3
1.3

-1.6
-4.0
0.
0.1
-2.1
1.5

261
263
267
260
262
266

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

146.2
109.0
37.2
281.4
268.1
13.2

159.2
108.6
50.6
339.2
314.0
25.2

158.5
116.4
42.0
367
341
26.1

159.3
111.1
48.2
365.4
334.2
31.2

159.7
115.5
44.2
368.9
345.1
23.7

157.8
118.7
39.2
367.2
341
25.9

156.9
120.4
36.5
367.9
344.4
23.5

151.7
114.7
36.9
359.9
328.6
31.3

154.0
118.3
35
365.3
330.2
35.1

-0.6
1.4
-2.7
0.2
0.9
-2.4

-3.3
-4.7
0.4
-2.2
-4.6
7.8

1.5
3.1
-1,
1
3.8

256
257
255
252
253
250

1966.7 2117.1 2352.5 2293.7 2324.4 2387.3 2404.5 2396.9 2425.1
1458.1 1598.6 1767.6 1718.0 1750.0 1789.1 1813.4 1830.8 1850.6
132.1 116.3 124.7 123.4 123.8 127.5 124.1 116.4 118
194.8 181.6 190.6 200.3 185.1 193.1 183.9 157.1 154.9
33.9
33.6
34.2
34.4
33.6
27.9
33.9
34.0
32.9
153.8 187.7 235.7 217.6 231.6 244.0 249.5 258.7 267.4

0.7
1.4
-2.7
-4.8
0.
2.3

-0.3
1.0
-6.2
-14.6
0.9
3.7

1.2
1.1
1.5
-1.4
0.9
3.4

220
280
282
286
284
288

482.4
367.0
122.0
-7.6
6.1

-2.8
2.6
18.0
-48.0
1.0

-10.0
-2.0
-12.3
-19.1
-0.9

3.8
1.2
7.4
1.5
0.3

290
295
292
298
293

.
.
.
.
.
.

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

A 4 . Government Purchases
of Goods and Services
261.
263.
267.
260.
262.
266,

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

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

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

A 5 . Foreign Trade

A 6 . National Income and Its Components
220.
280.
282.
286.
284.
286.

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..

A 7 . Saving
. .do.
..do.
..do.
Percent .

422.7
310.6
96.7
14.3
5.9

406.2
332.1
106.2
-33.2
5.8

477.5
374.5
130.2
-28.2
6.4

461.4
362.7
105.9
-8.3
5.4

490.0
379.1
134.4
-24.5
6.5

476.3
389.1
158.6
-72.5
7.5

428.8
381.2
139.1
-91.6
6.6

444.9
385.6
149.4
-90.1
6.9

NOTE: Series are seasonally adjusted except tor those indicated by <S>, 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 SCO. 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 * capitaf consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L » leading; C * roughly coincident; Lg * lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.




CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
(July)(May)

(Nov.)(0ct)
P T

(Aug.)<Apr.)

(Dec.XNov.)

(Apr.)(Feb.)

(Nov.) (Mar.)

(Jan.)(July)

9 1 d Jindex o f T O v e leading indicators
|(wrie$iM«,12|l19(2B,29ll32(36fI92,l

. Index of four roughly coJnridentJBicators
1
(sines,41, 47, 51, 57)

82,7^72,91,95,109)

i imliftf$

JII'I

ilBiijI'

'i i

iMbn

i iiTO'ini

r

jJL

I

ll n i l j L n

ill

M i l

I1

I

".iBBBI n.j^.Ji.fLJ'LJUIJUIA?JL.=UT..nJL:I.J-...

1 9 4 8 4 9 SO 5 1 5 2 S 3 S 4 S i 5 6 S 7 5 8 S 9 6 0 6 1 S 2 6 3 6 4 6 5 6 6 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9
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.

10



81 821983

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
(Aug.)(Apr.)
P T

(Jan.XJuly)
P T

(Apr.)(Feb.)
FT

r

_ q f j f l 3 . Marginal sitoploymeiif Adjustments (series l t 2, 3, 5)

914.|iapitalin

commitments (series 12, 20,
1

915. S iventory inVesflntiand Khasing (series 8, 32, 36, 92)

-8

.

916. Profitability (series 19, 26,

17. Money i l l fin

(series 104,106,110)

—

Ratio, coincident index to lagging in

1948 49 50 51 52 53 94 55 9© 57 58 59

61 62 63 64 65 66 @7 68 if

81 821983

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.

BCII

AUGUST 1982




11

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
(Nov.)(Oct.)
P T

(iuly)(May>

P I
1.

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P T

*

(Dec.)(Nov.)
P T

(Nov.) (Mar.)
P
T

(Jan.)(July)
P T

Averagliforkwee^p-oduction workers,

manMfaHring (hoft)

fiTI

s and materials, 1972 dollars

32. fflffdor performance, percent of
eries (percent) i

12.Wet business formation (index: 1967

20llontracts and

iers for n h t and equipment

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65

©7 68 S9 70 71 72 73 74 75 76 77 78 79 80 81 821983

Current data for these series are shown on pages 61, 64, 65, and 66.

12



AUGUST 1982

ItCII

CYCLICAL INDICATORS
IA

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
<Nov.)(0ct)
P T

(Jiily)(May)
P T

<Aug.)(Apr.)

P T

(Apr.XFeb.)

(Dec.)(Nov.)
P T

PI
I

i

'

I

'I

ii

i

(Jan.)(July)
PT

ii

i!

(Nov.) (Mar.)
P
T

Ii

vate housing units (index: 1967 =
I

! ~ — i

I

il

ll Lf f i ' f OJJ L I ' l ' L n ' l j i ' n J ' r r j u L j i J I i i n J I f l l J nilil I L U ' J f ! n i ! i i l H

'il'u'iL

' n a i 1 L i i i u \ Lift

1948 49 50 51 52 53 94 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 79 76 77 78 79 80 81 821983
'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, and 71.

ItCII

AUGUST 1982




13

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
(Nov.)(Oct.)
P T

(July)(May)

(Aug.)(Apr.)

(Apr.)(Feb.)

P 1

P T

PT

(Dec.)(Nov.)
P T

(Nov.) (Mar.)
P
T

on rwnagrkuttiiral payrolls (jtMons)

51. Personal N » $m tra
1972 dollar J i n n , rate,

1948 49 50 51 52 53 54 55 66 57 58 59 60 61 62 63 64 69 66 67 68 §9 70 71 72 73 74 7S 76 77 78 79 80 81 821983
Current data for these series are shown on pages 62, 63, and 65.

14



AUGUST 1982

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
(Nov.XOct.)
P T

(July)(May)
P T

(Aug.)(Apr.)
P T

(DecXNov.)
PI

(Apr.)(Feb.)
P T

(Nov.) (Mar,)
P T

<Jan.)(July)
P T

it Average llration o&rtemployment (weeks—inverted scaled

ctuiing m trade inventories, 1972 dollars (b

,

,

,

|!

i

|

outputj manufacturing (index:

| 109||iverage ptine rate charged by banks (percent W

|l

j|

MM

and inipria loans outsti
ge coipercial banks (btl. dol.)

. Ratio, consumer installment ere

19484® 50 51 52 53 54 55 56 57 58 59 60 01 62 63 64 65 66 §7

81 821983

Current data for these series are shown on pages 62, 68, 70, and 73.

BCD

AUGUST 1982




15

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
(Aug.) (Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

(Nov.) (Mat)
T

(Jan.) (July)
P T

4241403938-

workers, manufa><ipn£ (hours)

e?ertime hours, pr

acturing (per l M M l o y M s )

2. Accession rate,

5, Average weekly initial claims, State un

-inverted scale)

30C-

7IM"-

. Layoff rate, manufacturing (per 1

4i Quit ratei mamrfacturing ( M O O employees)

ii

1956 57

58

59

60

• jl

61

il I i I Ji '

62

63

J i ' i L

64

65

'

J

66

I

' 1 I'

67

i

68

'

l ^ J t

69

7©

Current data for these series are shown on page 6 1 .

1
6



AUGUST 1982

BCII

CYCLICAL
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
FT

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Jan.) (July)
P T

•r v
60, Ratio, help-wan
of persons unen

rtising to number
(ratio)

, 46. Help-wanted advertising (index:

48. Employee-hours in r^|ricultural es
(inn. rate, bit.
U,C,C

42. Persons engaged irilSagricultural

al payrolls (millions)

40. Employees in
|
manufacturing, coriMfction (millions)

1956 57

98

S9

60

61

62

§3

64

§9

70

71

72

73

74

75

76

77

78

79

80

81

83 1983

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

AUGUST 1982




17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
(Aug.) (Apr.)
P T

(Dee.) (Nov.)
P T

(Apr.) (Feb.)
P T

(Jen.) (July)

(Nov.) (Mm.)
P
T

FT!;

io, civilian employment to total population of w

NTtZJ

CoiwiRhensjve \)nwm oyment
37. Number unemployed, total

43. Unemployment rate, total (pffent—inverted $c

UP

45. Average weekly insured unemployment ral ™ r cent—inverted!

91,

Average duration of une

Unemployment rate, persons unemployed 15

1956 57

98

59

60

SI 62

71

72

73

J4

75

76

77

79

80

81

82 :i983

Current data for these series are shown on page 62.

18



AUGUST 1982

IICII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar)
T

(Jan.) (July)
P T

1

i-

1

1700-

i

1600mtmtmm*mmmm
1

50. GNP in 1972|p|rs, Q

i

'

1500-

1

i

i—^^^rr....... J

; 113

1

,i',:

IT

t

•
t

1300-

1

i

j1
I.

r
''

1400-

j

i

1200-

1'

11001000-

'•

90014001300-

52.

1200-

Idol.)

Personal income ii

noo-

I

1000i i '

I

i|

i
I.

i

900-

;r

800-

—\—

700-

;

i
ji
•i

i

!;

ii
51.

>

i

ii

;
»

i

1

53.
I

Wages and
constructio

ii

I'

i

incf and
1. dol.)

es in mining, ma

972 dollars ,(annj

n
(i
ii .
i!
i

i
i

|

(

:

1100-

p
1i
I
I

iij

|i

900ij •

.

80H700\"

i
i!

600-

: ii'

i

i

1000-

it •
•

!

1
1;

1200-

In

!i

1972 dollars

j$s transfer pay

Personal!
(arm. rate,!

•

i

ii
|

•

•

!|

,

j! .

500 *

,

j : • • !|
• |j
i • . , il .
!i . . .
;

260240-

!

i!

i

220-

!• 1 ' 10
!
;
i!

I
1

58

59

60

61

62

63

64

155

66

67

68

69

70

71

72

73

74

75

76

77

ii • ' S •
:
il'

|!
jj

;

:

57

180"

^

||

1956

200-

|i

ij

78

II •
il

160-

! | ij -

140-

;i

79

80

i
81

Ii

-

8 2 1983

Current data for these series are shown on page 63.

BCD

AUGUST 1982




19

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
(Aug.) (Apr.)
P

P

(Nov.)

T

«••

~ '
~

ii

(ian.)(Ju!y)
P T

(Mar)

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

T

T

~

•1

m

47. Industrial preduction, total ( i w « 9 € 7 - 1 0 0

1956 57

58

59

60

61

82

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

81

83 1983

Current data for these series are shown on pages 63 and 64.

20



AUGUST 1982

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P T

(Jan.) (July)
P 1

(Dec.) (Nov.)
P
T

1D09080-

current dollars (bit dol.)

706050-

New orders, durable goods industries, 1972 dollaH
1

IWdoL)

|| X

'

'

40-

^

30J

45-

8. New orders for consumer goods and imate
in 1972 dollars (bil.

.40353025-

le goods industri
term)

25. Change in unfilled orders,
(bil. dol.; MCD moving av
LLL

+4-

-2-

380-|

340300260220-

96. Manufacturers' unfilled orders, d
(bil. dol.) i

180140-

100-

60-

32. Vendor performance,
receiving slower deliv

of companies
cent)
100-

L

7550-

1956 57

98

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 7§

81

82 1983

Current data for these series are shown on page 64.

BCII

AUGUST 1982




21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(kn.) (July)
PT

(Dec.) (Nov.)
P
T

380 - |

l£J

3403002S0-

220180-

56. Manufacturing ami trade
(ML

140ing and trade safes

(hi dol.)

1303030-

54. Sates of retail s t o n H f current dollars (
§3*

of retail stores m 1972 dollars

80-

30-

expenditures,
(am. rate, bii. dol)

1C0*-

50 J
1956

57

98

59

SO

81

62

S3

64

65

79

71

72

73

74

75

76

77

78

79

80

81

82 IMZ

Current data for these series are shown on page 65.

22



AUGUST 1982

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
I

(Mow.)
P

(Mar.)
T

(Jan.) (July)
P T

160140-

ForflBon of Busi
12. Net business fmnatidrflUdex: 1 9 6 7 - 1 0 0 > y f f t J

120100 J
55-

so-

13. New business incorppr&iofis (thousands)

a I. .

4540«
35-

f^7-

30-

^r*

25353025-

iflvestmeBilmmitments [
15-

10-

30-

C ( M w t s and orders for
in I l r e n t dollars (bil.

25-

15-

10-

Manufacturminew orders, capital goods industries,
nondefenseSp72 dollars (bit. dol.)

turers' new orcM|H|pital goods industries,

11010090706050 «
9. Construction contracts, comme
(mtl. sq tt. of floor area;

40-

LCl)

1956 57

98

9®

60

61

S2

63

64

65

82

1983

'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.

I

AUGUST 1982




23

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
(NOT.)

(Mar.)

(Jan.) (July)

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
(Fe
P
T

(Aug.) (Apr.)
P T

T

P I

II

1956 57

58

59

80

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 66 and 67.

24



AUGUST 1982

ItCIt

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Jan.) (July)
P T
200-

B u s l l s Investmerfflllpenditures—Con.

180*

idential fixed investment in 1972 dollars, Q (ann. J ^ g bil. dol.)

160140120-

100-

88.

Producers'durable
80"

5

60-

40«

Commitments and Investment 1
28. New private housing

2.6-

Life

2.422°

2.01.81.61.41.21.00.8-

29. New buying permits, priv

20018016014012010080-

60-

89. Residential fixed
(ann. rate, bik do

7060-

S0S
40 -

1956 57

59

SO

SI

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for

itcn AUGUST 1982



25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(DQC.) (Nov.)

(Nov.)

T

P

(thf.)
T

30. Change in business mventories,liS2 dollars, Q

36. Net change in inventories on
(ann. rate, foil, dol.; moving a

31. Change in book value, manufacturing and tr
(ann. rate, bit. dol.; MCD moving avg.—6-t

Change in stocks of materials and supplies o n | H p and on order
manufacturing (bit. dol.; MCD moving a v g . - 4 | | § ) ,. .

Ahym

19S6 97

S8

72

73

74 7§

70

77

78

79

80

31

82 19S3

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

26



AUGUST 1982

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
(Aug.) (Apr.)
P T

i j

llnvl

(Apr.) (Feb.)
P T

'M

JHanjgiId

i 0£ L

(Dec.) (Nov.)
P
T

(Nov.)
F

(Mar.)
T

(Jan.) (July)
P T

on Order

•«>«• U J
[

i

i
I

!!

Ii I

,

'

!

,

7 L Book va
!i current

Nnufac'turing ;
'
il)

600-1
550500450400-

nventdriel

350300-

I •

i
i
I1
ii
;:
ring and trade inventories, 197? dollars (bil. dol

250-

200-

II IU,Lf,lLfl

150100"!
00807060-

65. Book value of ma
of finished goods
iLg.Lglg

rrers' bventoriesi

50-

30-

J

20

77. Ratio, deflated in
(ratio) |Lg,L

^-ies to sates, maii^Hfing and trade

1.81.71.61.5-

1 '; !
• i
78. Stocks of materials and supplies •
I manufacturing (bH. dol.) ( 7 7

JS

I1

%

on order.

260-1
240220200180160140-

100-

80-

1 ' ' • '%

601

81

32 1983

Current data for these series are shown on page 68.

ItCII

AUGUST 1982




27

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
(Jin.) (July)
P T

(Aug.) (Apr)
T

(percent; moving avg.—4-t
b±t

23. Spot market prices, raw industrials2 (in

OIL

19. Stock prices, 500 common s
L
16. Corporate
(ann. rat

ate profits after taxes, 1972 dollars, Q
, rate, bil, dol.)
X

80. Corporate profits after
1972 dollars, Q (arm.

with IVA and C
. dot

79. Corporate profits after taxes
current dollars, Q (ann. rate,

1956 57

58

99

60

61 62

63

64

65

66

67 68

69

70

71

72 73

74 75

76 77

79

80

81 82 2 0 3
18

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28



AUGUST 1982

ItCII

CYCLICAL INDICATORS
B

I

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

(Jan.) (July)
P T

P r o l i a n t ! Profit Wins—Con.
iatio, .corporate flfff1 (after taxes)

14-

12*

10-

8-

6-

10-

8-

profits (after taxes) with inventory valuation
ion adjustments to total corporate domestic
n t ) n !•• i • i

'

'

i

6-

4-

2-

15. Profits (after taxes) per dollar of
753-

26, Ratio, price to unit labor cost,
102100989694-

320280240200-

160-

35. Net cash flow, corporate, in 197
120-

80-

34. Net cash flow,
(ann. rate, bil.
40 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 81 82 1983
Current data for these series are shown on pages 69 and 70.

AUGUST 1982



29

CYCLICAL INDICATORS
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

(Jan.) (July)
? T

I

1 ^ 1

!

:
:

ii

Hi

?

!!: :' y
; :

:

' ,; , * |fli|
*

i t " !»!x
^

wt

:

•L>T i 1
i 63. ijUft labor post, private business

I

limm 1977—100)

1

ii

j :
l !

H

'
•

l

•

-

' i'
' >^

Labor cost (current M a r s ) per unit of gross j
(1972 dollars), rwnfimncial corporations,

]

1

Ii "

!
:

•

"

Ml

n

>

!i

Labor cost per unit of output, manufactu

r

I1
(64. Compensation of employees as a percent of g w i a l income,

"I^rl

Hi ^'^ i
;
1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

1
81

82

1983

Current data for these series are shown on page 70.

30



AUGUST 1982

BCD

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
(Aug.) (Apr.)
P

T

(Apr) (Feb.)
P

(Dec.) (Nov.)

T

P

(Jan.) (July)

T

P T

ent; MCD moving avg.—6-term)

Change ill money supply M2
(percent; MCD moving avg.—64erm)

Change in total liquid assets (percent; moving aifjM-term1)

K

^

Money supply~Ml~in 1972 dollars (bil. doi.)

106. Money $upply^-M2-in 1972

107. Ratio, GNP to

1956 57

y supply Ml, Q i

58 S9 SO 61 02 63 64 65 66 67 68 69

81

82 1983

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 7 1 .

IMJI

AUGUST 1982




31

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P
T

(Mar.)
T

(Apr.) (Feb.)
P T

(Jan.) (juiy)
P T

33;; Change in mortgage debt (ann. rate, bil. doi.)

112. Change m bank loans to businesses (ann. r le, bil. dol.;
MCD moving avg.~6-term)

113. Change in consumer installment credit

110. Total private borrowing, Q (ann. rate, bil. dol.)

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

81

82

;i§83

Current data for these series are shown on pages 7 1 and 72,

32



AUGUST 1982

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Hm.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

(Jan.) (July)
P T

ICrfJDifficulties
14. Current liabilfe of business f a i i u r H i l dol.inverted scale; MCD moving avg.-

i. Delinquency rate, 30 days and over, consumer installme
j! (^ercerit—inverted scale!) •
! lt
!

iBalieserveslli g;

93. Free reserves (bil.
LILU

94.

1956 57

Member bank borrowinj||brn
the Federal Reserve ( B o l . )

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 72.

BCII

AUGUST 1982




33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Dec.) (Wow.)
P T

(Apr.) (Feb.)

PI

PI

(Nov.)
P

(Mar.)
T

P T

\ 111 1

ybiMfalf

i!

m

f
r

m

j,

B

:

i

,•

/

j!

\

M

s

-i

m

cent)

'ui nil
58
1956 57

59

60

61

62

63

§4

Si

70

71

72

73

74

79

' • 1

76

77

78

79

80

81

82 11983

Current data foi these series are shown on pages 72 and 73.

34



AUGUST 1982

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
FT

(Jan.) (July)
PT

H i . . .

!

i

21-

1
i

i

I

i

'

)

f

"i

1

—

20-

1IIT1

11

19-

I
I

wm • I

i

1

1 ,fnl

L

I

1

16-

1
1

7

%
\

IE
a—

15141

tr--

n\

67, Bank rates on short-term business idflBtlpercent)

E

•

-f-

r

cent)

11II

mmmmm

1

[|

1

^

imaiiwIf

—

r
i

-

—

fr'1
.1

II...

•

HI

:•-#'

\iumwm

—

••'•'!'

IMMMM

WMMrtW

1

109. Average prime|ie charged by bai

8
1

I1

! ' S

[riding I

220180

mmmmm

IIIIIM.MM

—

] [

1

66.

do!,)

Consumer

1

.

M M M

I

140-

ii
r

1

-

1/^

|

12. jComniercia

1817-

I industrial loans i

weekly r e p I B i 1 large commercii
IbanU

——

T 1 ~H—1

II
MMMMM
]
i|

MWMMMI

t

W^HMM

95.

Ratio, con

al It
1
^
^
MMM

mmamt

—4

F
1
•

tMMTMM

80-

•M.M.I

M M M M M M

1-]

1

t

|

!

I

L_

1
l

II

1

H

"
I

'teMMM.

Current data for these series are shown on page 73.

AUGUST 1982



35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
(Aug.) (Apr.)
P
T

(Dec.) (Now,)
P
T

(Apr.) (fib.)
P
T

!

(Jan.) (July)
P T

950. Twelve leading indicator comp

50-

50-

0-

952.

Six lagging indicator ctrnipofients ( J H ' span—, I
100-

§0-

Average workwetk, production workers, mamifai^Bg-* 20

span—«, 1-mo. span
100-

Initial claims, State uiremploymant insurance—51^8$ (percent (tec

, span—, 1-mo. span1(0-

M

t

i
59-

Employees on private nonagrieutWaJ payrorts-17^B6 industrms (6

—-, 1-mo. span—)
1001

50-

0J

1956 57

58

59

60

61

62

63

64

65

66

67

63

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1933

Current data for these series are shown on page 74.

36



AUGUST 1982

KCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
(Aug.) (Apr.) '
P T

(Apr.) (Feb.)
FT

(Dec.) (Nov.)
P
T

(Jan.) (July)
P T

. New orders, durable goods industries—34-35 industries (9-mo. span

100-

ME A <MM [M

50-

0-

5. Newly approved capita! appropriations, deflatec%^|7 industries ( 4 - Q l i | f i f avg.*~,| 1-Q span---*)
90-

705030-

100-|

50-

Spot market prices, raw industrials—13 industri»|terials (9-mo. s
100-

50-

0-

I 968. St<ick prices, 500 common stocks—52-821
100-

50-

0-

960. Net profits, manufacturing
90-

70-

50-

30 J

1956 57

58

59

60

61

62

63

64 65

66

67

68

69

70

71

72

73

74 7S

76

77

78 79

80

81

82 1983

'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.

BCI»

AUGUST 1982




37

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued

!

(Jan.)Uu;y)
P T

(Mar.)
T

r

| Percent ri

sss expenditures for new
ent—22 industries (1-Q

97

H

nt and
an)

ctual expenditures
\

-(b) Later antkipatkwii
tual expenditures

V

Jt*
(c) Early antw
1

97:

I orders, manufacturing

it
7C50 J

972,

(4-Q span)1

fpfits, manufacturing and tr
,*'.

$0-

90'

100-

^

v^v

J
tales, manufacturing and traB (4-Q span)1

973

978.

S H H I ces, retail trade (4-Q sp

J\/:

1971 72

73

74

75

76

77

78

79

80

81

82 1983

1971 72

73

74

75

76

77

78

79

80

81

82 51983

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 76.

38



AUGUST 1982

ItCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
(Aug.) (Apr.)
P T

(Dec.) (tow.)
P T

(Apr.) (Feb.)
P T

(Jan.) (July)
P T

1-month smarts ^ —
3-month s p a n s * —

910c. Composite index of twelve 3-acfmg indicators
series 1, 5, 8, 12, 19f 20 #£32,36,92,1104,1

920c. Composite index of four rougtiy i&incident indicator
(series 41, 47, 51, 57)!'

930c, Composite index of six la
(series 62, 70, 72, 91, 9

50c. GNP in constant (W2)

47c. Index of industrial p

48c. Employee-hours in nonagricultural

q. Personal! income less tr
payments in 1372 dollars

1956 §7

58

59

60

61

62

63

64

69

66

®7

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

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.

AUGUST 1982




39

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
(Aug.) (Apr.)
P
T

r
I

•
•
•

•'

^11

1
H •
•1

1

•

(Nov.)

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

i

(Mar.)

(Jan.) (July)
f T

'

•

pfi ;"
•••VW"

•

"

.

"

^

•

m.
;

•

$

•

*

i

r
kmrnrnmt

V

800-

•i

I personai income in cm%

iv-.-v*;!

( m

w>

rate, b9. dol.)

HI00H:00-

50.

uoo13001200-

1600151)014(101300-

1972 * • Q (m

213.

12C011C010G0-

in 137?

, rate, bi. dol.)

ous. dol.)
' 'I M!./l!La.'UlJLri JU1
1956

57

58

59

60

61

62

63

€4

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

983

Current data for these series are shown on pages 63 and 80.

40



AUGUST 1982

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
(Nov.)
P

(Dec.) (Nov.)
F
T

(Apr.) (Feb.)
P
T

(Aug.) (Apr.)
P T

(Mar.)
T

Ji I

1956 57

58

99

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 80 and 8 1 .

KCII

AUGUST 1982




41

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
(Aug.) (Apr.)

(Nov.)
P

(Apr,) (Fat)

FT

P

T

(fen.) (July)
p y

(Mar.)
T

I Annual rate, bSton dollars < rrent) I

stic investment—

242.

Total M

investment, Q

Annual rate, bilon doltarjp972) |

243.

1956 57

58

59

60

61

02

63

64

65

I H f i x e d investment,,!

70

71

72 73

74 79

76

77

78 79 80

81 82 1S83

Current data for these series are shown on page 8 1 .

42



AUGUST 1982

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P T

(Jan,) (July)
P T

(Nov.)

r—T-i|"l""
[i

| Annual rate, billion dollars

intent)

l&vernment d i | f ases of goods and services—

700660620580540500460420-

§

380i

340i

300-

'

II

260220-

t

p

y^

180-

266.

s, Q

gove

140-

100-

[262. Federal i

60-

[ Annual rate, bi^on dotia

(1972)]
340300260-

220-

267.

180-

state

140-

100-

263W8deral Governmen

1956 57

58

99

60

61

62

63

64

65

66

SJ

68

69

70

71

72

73

74

79

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 8 1 .

AUGUST 1982



43

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
(Aug.) (Apr.)
f
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

(Jan.) (July)
P T

256. Exports of g w K p d services, Q

+20+10-

19S6 57

98

59

60

61 62

63 64

66

67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983

Current data for these series are shown on page 82.

44



AUGUST 1982

BCII

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
(Aug.) (Apr.)
P
T

(Dec) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Jan.) (July)
P T

(Mar.)
T

20-

10-

i A !i JL i L J C J J I K . fLJiJUJI A / i H H I i t JL JI JLJIJLJLILJLJLAJ i J JULJ LJULJL JUJU LJl.il Jl J L'L JIA11 JUL JL . B B H Jl Jl j LJ L iU LJ f IJ Li 1. fL J J B H l l u L JU U Jl A. i L A JI JULjl A Jl. J l j LJlJlBl IIJ Li__ J i J . - JL, .. u
L

1956 57

53

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

32 1983

Current data for these series are shown on page 82.

ItCII

AUGUST 1982




45

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
(Aug.) (Apr.)
P
T

(Apr.) (Fell.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Jan.) (Inly))
P T

km&.

-

Mw
'fyp;

:

rT •

koss s

!

i

'
i

150-

i 1
:

•!
•

;

200-

i

1

•i1:'

•

" ]
';

t

^

100-

/I,,.

1

60-

40-

291

it

l

!

I

:

1

!
;
1

!

!

.

i,

j

S3. Personal s

!

Irate,

i

! 1

'it
j;

j
; i , i.

1956 57

58

§9

60

61

62

63

64

6S

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 82 and 83.

46



AUGUST 1982

BCII

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
(Aug.) (Apr.)
P
T

(Apr.) (Fab.)
P T

(Nov.)
P

(Dec.) (Nov.)
T

(Mar.)
T

(Jan.) (July)
P T

70-

235. Pers|onal c o n s u | i j p expenditures, 0

65-

60 J
20State am) foe
of goods land

15-

purchases of goods and services, Q
10248. | Nonresidential fixed investrf—Q

ed vivas

47. Change In txjsmess inventories, Q

641 Compensation

70-

65'ith inventory vakiatfon
i adjustments. Q
15-

inventory valuation and
justmenis, Q
II

Corporate profi
capital cons

10-

585. R » j income of persons w th capital consumption a d j u t a n t , Q

-IS
1956 57

58 59 60 61 62 63 64 65 66

68

69

70

71

72

73

74

71

76

77

79

80

81

82 1983

Current data for these series are shown on page 83.

BCD

AUGUST 1982




47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
(Nov.)
P

(Mar.)
T

(Nov.)
P

(Jan.) (July)
P T

310c. Implicit!

(Mar.)
T

(Jan.)(iu!yJ
P T

eflator.

Irate!

I Percent change j

160
140-J

ce index, gross business

311c. Fixed

I

riuct (1-0 span)

n

Producer prices-

spans j
II 330c. Alt commodities

strial commodities

A

240

c. Crude materials

-10

332c. Intermediate
i

<

i

Mm

M

•

1
I
-

materials

ISO

Capital equipment

J

m

334c. Finished consumer,

m
1971 72 73 74 75 76 77 78 79 80 81 82 1983

1971 72 73 74 75

77

78

79

S
O 81

8^ 1983

Current data for these series are shown on pages 84, 85, and 86.

48



AUGUST 1982

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
(Aug.) (Apr.)
P

_JL • •

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

T

(Nov.)

(Mar.)

(Jan.) (July)

P

T

P T

!
l

C h a r t B 2 . Wages a n d P r o d u c t i v i t y

i

I !
341. Real average
workers, private

0. Average hourly earnings of production
private nonfarm economy (current dollars)

346. Real average hourly c
nonfarm business sect

compensation, alt employ
s Rector, Q (current

J

1956 57

58 59 60 il

64

8S @6 67 68 69 70 71 72 73 74 75 76 77 78 79

80

81 82 1983

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
Current data for these series are shown on pages 84, 87, and 88,

AUGUST 1982




49

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
(Aug.) (Apr.)
P
T

(Dec.) (Nov.)
T

(Apr.) (Feb.)
P
T

(Nov.)

(Mir.)
T

(Jan.)(Ju!y)

P I

earnings of production

In avera£^urly compensation, all employees,
tor, Q -

6-mon

Current-doJIar compensation

. Real compensation

benefit decisions, all industries—
irst year average changes, Q (ann. r a t e ) —
Average changes over Hfe of
contract, Q (ann. rate)

hour, all persons,
buskiess sector, Q
r, an persons,
s sector, Q
370c. Change in output per hour, privat
I-quarter spans (ann. ratej;

1956 57

58

59

60

61

62

63

64
6

65

i6

67

68

69
9

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally. 2One-month percent changes have been multiplied by a constant (12) to make them
comparable with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88,

50



AUGUST 1982

ltd)

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P T

(Dec.) (Hov.)
P
T

(Nov.)
P

(Mar.)
T

(Jan.) (July)
P T

441. Civilian labor force, tttai (oii

Labor f o r ^ participation rates (percent)—
451. MalesSiiyears and over jbHi;

445. Females 20 years
and ovter Vj

unemployed, full-!
(miions)
oyed part-time for i economic

1956 57

58

99

60

61 62

63

64 65

66

67

68

69

70

71

72

73

74 75

76

77

78

79 80

81 82 1983

Current data for these series are shown on page 89.

AUGUST 1982



51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
(Aug.) (Apr.)
P
T

(Apr,) (Feb.)
P
T

L

1956

57

58

59

60

61

(Nov.)
P

(Dec.) (Nov.)
P
T

62

63

64

65

66

67

(Mar.)
T

(Jan.) (July)
P T

JLJL II JLJULII

68

69

70

71

72

73

74

75

76

77

78

79

80

31

82 1983

Current data for these series are shown on page 90.

52



AUGUST 1982

BCD

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Jan.) (July)
P T

26i
24222018161412-

Adfifle Measures

10-

16141210-

2

1301201101009080-

70605040109876-

54-

3-

2-*

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

81

82 1983

Current data for these series are shown on page 90.

BCII

AUGUST 1982




53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
(Aug.) (Apr.)
P T

(Dec.) (Nov.)
P
T

[ Mea$u res jof Defanse Activity | |

j

];

!

(Nov.)
P

(kn,)(kly)
f 1

(Mm.)
T

I

b ? , butp^t of

: 1^67-100)!

space<

ii

!

'

1301
120110100-

!
jl

::

1

so-

LZT

8070-

!

. ,161
t

ij

?

-

1412-

/

:

16-

10-

559. Manufacturers'!

(bl. dot.)

ies, defense i

8-

6-

10090-

J VX

80/060-

t\

561. Manufacturers' K d orders, de
40-

3018-

01
580. Defense D
! assistance (bilJ

161412-

net outlays, r
MCD moving

and mitary
10-

6-1

5,5 n
5.04.54 0-

588. Manufacturer
; (bil

\$\ defuse j
| 4 t

39*
3.02,3-

2.9-

1.3

1956 57

98

59

60

61

03

63

64

65

66

67

68

69

70

71

72

7Z

74

79

76

77

78

79

80

81

J

82 1983

Current data for these series are shown on page 91.

54



AUGUST 1982

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

(Jan.) (July)
P T

(Mar.)
T

ea$jure$ ,of Defense ftctivity—Con.| ,
570., Employment in def
1.81.6"
1.4121.0

Defense Department personri
M i | i t a r y t ; » e duty
3.53.02.52.0-

578. Civilian, dire
1.5-

1.0-

0.5 J
220-1
200180"
160140-

564, Federal Government
1
defense, Q (ann.rat

120100-

80-

60-

_Ln ji ]I rL i l B i f t j i i' '' w
1956

57

58

59

' i5SBS- IL Juu'i iJ
60

61

62

Ln

63

'

J1 i 'L ^ " > M r r ' J
^
64

65

66

i
67

I P I 1 I M JSS^Tt
68

69

70

i

i »
"

71

72

i

JLJUUUU n
73

74

75

i JI J i n
76

77

!

78

31

32

1983

Current data for these series are shown on page 9 1 .

BCII

AUGUST

1982




55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
(Aug.) (Apr.)
P T

1956 97

58 99

(Dae.) (Nov.)
P
T

(Apr.) (Feb.)
P T

60

61

62

63

64 69

66

67 68

69

70

71

(Nov.) (Mar.)
T

72 73

74 75

(Jan.) (July)
P T

76 77

78 79 80

81 82 1983

Current data for these series are shown on page 92.

56



AUGUST 1982

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
(Aug.) (Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
1

(Nov.)
P

(Mar.)
T

(Jan.) (July)
P T

1667, | Mam on gocwte mi

622. Merchandise trade balance

Experts,

1956 57

58

59

60

61

62

63

64

65

66

67

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.

ItCII

AUGUST 1982




5
7

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
(Aug.) (Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

(Nov.)
P

(Jon.) (July)
P T

(Mar.)
T

•][

!

I

'I

i
Industrial productkm—

721.- OECD European countries

722. United Kkigckmi

47.; Unitid States

725. West Germany

MM Stiei

726. France - 4
47. United States

1956 57

§8

59

60

61 62

63

64 65 66

68

69

70

71 72

73

74 75

76

77

78 79 80

81 I 2 1983
B

Current data for these series are shown on page 94.

5
8



AUGUST 1982

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices
(Nov.)
P

Chart F3. Stock Prices

(Mar.)
T

(Nov.)
P

(Jan.) (July)

Percent change at annual rate |

(Mar.)
T

(Jan.) (July)
P T

I Index: ;i967|H 1QO| j

I Stotk prices—

Consumer prices—

745. Wist Germany
735c. West, Germany

742. United Kingdom

1971 72

73

74

7S

76

77

78

79

80

81

82 1983

1971 72

73

74

75

76

77

78

79

80

81

82

1983

Current data for these series are shown on pages 95 and 96.

AUGUST 1982




59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Q |
910. Index of
12 leading indicators (series
1. 5 , 8 , 12, 19,
20, 29, 32, 36,
92, 104, 106)

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

(1967 = 100)

Year
and
month

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

(1967 = 100)

(1967 = 100)

940. Ratio,
coincident
index to
lagging index

(1967 = 100)

COMPOSITE INDEXES
Leading indicator subgroups
913. Marginal
employment
adjustments
(series 1, 2, 3,
5)

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

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

(1967-100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967-100)

916. Profitability (series
19, 26, 80)

917. Money
and financial
flows (series
104, 106, 110)

CO

1980
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
123.0
123.9

140.5
138.0
136.7

196.2
183.5
168.5

71.6
75.2
81.1

90.3
88.3
89.6

104.3
103.2
104.5

100.3
98.8
97.7

88.7
88.5
89.7

131.8
126.4
128.9

July
August
September

128.1
130.7
134.4

136.5
136.7
138.1

163.6
161.7
164.2

83.4
H>84.5
84.1

91.7
92.2
92.9

106.1
107.0
B>108.8

98.5
99.5
101.5

90.6
91.3
91.5

133.5
137.4
139.0

October
November
December

135.0
136.5
136.4

139.7
140.8
141.3

168.5
175.6
191.0

82.9
80.2
74.0

93.6
94.2
94.5

107.3
108.2
108.3

103.1
103.4
103.2

91.8
92.2
93.0

139.4
139.9
138.8

135.2
134.2
135.8

142.0
142.5
142.4

189.1
186.5
181.2

75.1
76.4
78.6

94.2
94.1
94.1

106.7
105.2
106.0

102.1
103.1
103.7

93.9
94.4
(B> 9 4 . 5

139.4
137.5
139,0

(H>137.3
136.0
135.2

142.2
142.2
142.7

179.4
189.6
191.4

79.3
75.0

106.3
105.1

[H>104.3
103.7

94.4
93.7

74 fi

94.9
94.2
94.5

140.4
140.7
140.1

134.8
134.1
130.8

JH}142.8
142.5
141.8

192.6
193.5
©194.1

74.1
73.6
73.1

E>95.0
93.6
91.4

102.5
102.4
101.8

103.8
102.8
rlO1.9

93.5
r93.8
r92.3

139.1
133,5
:L36.0

128.4
128.2
127.2

139.9
138.4
136.5

189.5
184.9
181.7

73.8
74.9
75.1

90.5
90.3
89.3

99.2
99.7
99.3

100.6
99.6
98.7

r92.3
r92.4
r91.7

134.2
133.0
134.6

125.7
125.2
125.1

134.1
135.7
135.0

182.3
184.0
183.7

73.6
73.8
73.5

(NA)

99.0
98.0
99.4

97.2
96.4
95.9

r90.1
r88.9
88.3

136.7
137.7
140.1

3
126.8
V127.7
3
128.1

134.0
rl34.9
133.1

rl84.5
rl84.2
183.7

72.6
r73.2
r72.5

100.3
99.4
99.1

r95.9
r97.2
r98.4

88.7
p88.5
(NA)

142.5
H>142.7
H41.4

•183.2

P72.4

plOO.7

P99.1

1981
January
February
March
April
May
June
July . . . .
August
September

. .

October
November
December

/ *t. D

J.UO. 0

1982
January
February
March . .
April
May
June
July
August
September

2
3
3

*129.8

5

132.7

P141.3

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(R). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 10 and 11.
1
See "New Features and Changes for This Issue" on page iii of the February 1982 issue.
2
Excludes series 12, for which data are not available, and includes a substitute value for series 1. See "New Features and Changes for
This Issue" on page iii of the March 1982 issue.
3
Excludes series 12, for which data are not available. See "New Features and Changes for This Issue" on page iv of the July 1982 issue.
''Excludes series 12 and 36, for which data are not available.
s
Excludes series 57, for which data are not available.
6
Excludes series 70 and 95, for which data are not available.

6
0



AUGUST 1982

IHCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

^ |

Minor Economic
Process
L, L, L

L.C.L

1. Average
workweek of
production
workers,
manufacturing

21. Average
weekly overtime
hours, production workers,
manufacturing

(Hours)

(Hours)

L, L, L

2. Accession
rate, manufacturing

(Per 100 employees)

L,C, L

5. Average
weekly initial
claims, State
unemployment
insurance l
(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L, L, L

3. Layoff rate,
manufacturing

(Per 100 employees)

L, Lg, U

4. Quit rate,
manufacturing

(Per 100 employees)

U Lg, U

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

48. Employeehours in nonagricultural
establishments

(Ratio)

(1967 = 100)

(Ann. rate,
bil. hours)

C2)

1980

U.C.C

Revised3

January .
February
March . .

40.3
40.0
39.8

3.1
2.9
3.1

3.9
3.8
3.7

416
397
438

1.4
1.3
1.4

19
.
19
.
1.8

0.688
0.677
0.643

154
151
145

171.55
171.45
170.58

April
May
June

39.8
39.4
39.2

3.0
2.6
2.4

3.2
3.1
3.4

532
616
581

2.7
3.2
2.6

16
.
15
.
1.4

0.493
0.414
0.427

122
112
115

169.68
168.95
168.24

July
August . . . . . .
September . . .

39.2
39.4
39.6

2.5
2.7
2.8

3.5
3.6
3.7

510
495
488

1.6
1.8
1.5

14
.
1.4
1.3

0.422
0.423
0.453

118
117
122

167.36
168.22
168.95

October
November . . .
December . . .

39.6
39.8
40.0

2.8
3.0
3.0

E>3.7
3.6
3.5

447
422
420

1.5
1.3
1.2

13
.
1.4
15
.

0.466
|H)0.495
0.490

127
H>134
130

169.31
169.19
170.24

H>40.4
39.7
39.9

3.0
2.8
2.8

3.5
3.5
3.4

424
410
413

1.4
1.3
1.3

1.4
1.4
13
.

0.475
0.482
0.468

128
129
125

0)171.34
170.20
170.77

April
May
June

40.1
40.2
40.1

3.0
B>3.1
3.0

3.4
3.1
3.4

395
40 r
405

1.1
1.3
1.3

13
.
1.3
14
.

0.445
0.426
0.450

118
118
121

169.57
170.80
170.70

July
August
September . . .

40.0
39.9
39.4

3.0
3.0
2.7

3.4
3.2
2.9

E>395
421
483

Di.o
1.4
1.7

0)1.5
13
.
13
.

0.468
0.444
0.405

123
119
112

171.04
170.96
167.34

October
November . . .
December . . .

39.
39.
39.1

2.7
2.5
2.4

2.9
3.1
2.7

517
539
551

2.2
2.3
2.2

12
.
11
.
11
.

0.378
0.363
0.339

110
111
109

169.73
168.76
168.66

37.6
39.4
39.0

2.3
2.4
2.3

(NA)

563
514
566

(NA)

(NA)

0.339
0.320
0.290

106
103
96

165.66
168.93
167.92

April
May
June

39.0
39.1
r39.2

2.4
2.3
2.4

566
585
551

0.254
0.245
0.243

88
87
85

167.23
167.99
166.50

July
August
September . . .

p39.3

p2.4

515

pO.221

p80

P166.79

1981
January
February
March

1982
January
February
March

October
November . . .
December . . .
See note on page 60.
* Graphs of these series are shown on pages 12, 16, and 17.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue" (item 2) on page iii of the February 1982 issue.
3
See "New Features and Changes for This Issue," page iii.

licit

AUGUST 1982




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

j Q

Minor Economic
Process

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Employment-Continued

Timing Class

Comprehensive Unemployment

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.)

Year
and
month

U, C, C

(Thous.)

(Thous.)

(Percent)

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Ur Lg, Lg

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,
parsons unemployed 15
wtieks and over

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

L, Lg, U

1980
January
February
March

96,506
96,521
96,205

90,801
90,846
90,929

26,489
26,377
26,285

59.20
59.17
58.91

6,660
6,635
6,714

6.3
6.2
6.3

3.3
3.2
3.4

10.5
10.6
11.0

1.3
1.3
1.4

April
May
June

95,832
95,552
95,483

90,723
90,308
89,976

25,951
25,628
25,329

89,692
89,955
90,126

25,055
25,203
25,271

7.8
7.7
7.5

3.7
4.2
4.5
4.3
4.2
4.2

11.3
10.7
11.7
11.9
12.4
13.0

1.6
1.6
1.7

95,546
95,667
95,759

7,370
8,059
8,024
8,330
8,239
8,024

6.9
7.5
7.5

July
August
September . . .

58.55
58.39
58.20
58.16
58.11
58.21

October
November . . .
December . . .

95,965
96,164
96,146

90,320
90,560
90,725

25,355
25,484
25,537

58.21
58.27
58.26

8,109
8,066
7,899

7.5
7.5
7.3

4.0
3.8
3.6

13.2
13.5
13.6

2.1
2.2
2.2

96,456
96,723
97,063

90,909
90,913
91,014

25,588
25,501
25,588

58.34
58.38
58.52

8,022
7,965
7,958

7.4
7.4
7.3

3.5
3.3
3.4

14.4
14.1
13.9

2.2
2.1
2.1

97,408
0)97,640
97,082

91,099
91,131
91,286

25,534
25,540
25,656

58.73
0)58.76
58.33

7,899
8,248
8,004

7.3
7.5
7.4

3.4
3.3
3.3

13.7
13.3
14.3

2.0
2.0
2.2

July
August
September . . .

97,522
97,436
96,900

0)91,396
91,322
91,363

0)25,718
25,637
25,583

58.51
58.44
58.03

0)7,824
7,978
8,236

0)7.2

0)3.1

7.3
7.6

3.2
3.3

14.1
14.3
13.7

2.0
[H)2.0

October
November . . .
December . . .

96,965
96,800
96,404

91,224
90,996
90,642

25,393
25,176
24,908

58.01
57.85
57.47

8,669
9,100
9,571

8.0
8.3
8.8

3.5
3.9
4.1

13.6
13.1

©12.8

2.1
2.2
2.2

January
February
March

96,170
96,217
96,144

90,460
90,459
90,304

24,684
24,631
24,450

57.40
57.35
57.23

9,298
9,575
9,854

8.5
8.8
9.0

4.0
4.0
4.3

13.5
14.1
13.9

2.2
2.5
2.7

April
May . .'
June

96,032
96,629
96,406

90,083
r90,166
r89,860

24,289
r24,255
r23,992

57.09
57.47
57.22

10,307
10,549
10,427

9.4
9.5
9.5

4.6
4.6
4.7

14.2
14.6
16.5

2.7
3.0
3.3

July
August
September . . .

96,272

p89,843

p23,878

57.14

10,790

9.8

p4.5

15.6

3.2

1.9
2.0
2.1

1981
January
February
March
April
May
June

2.1

1982

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.

62



AUGUST 1982

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

Timing Class

Year
and
month

PRODUCTION AND INCOME

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.)

Personal income
223. Current
dollars

(Ann. rate,
bil. dol.)

C, C, C

C, C, C

C, C,C

(Ann. rate,
bil. dot.)

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.)

1980
January
February
March

1,494.9

2,076.6
2,084.5
2,099.2

1,215.8
1,206.
1,201.

1,055.3
1,048.2
1,044.1

241.1
240.2
237.3

153.0
152.8
152.1

144.8
144.4
143.5

166.0
165.8
164.3

682.5

April
May
June

1,457.8

2,098.0
2,107.7
2,123.0

1,192.
1,190.
1,190.0

1,033.8
1,029.9
1,029.5

232.9
229.5
227.3

148.2
143.8
141.4

138.5
133.3
129.9

161.6
158.1
155.1

658.2

July
August
September . .

1,463.8

2,162.5
2,183.3
2,210.0

1,204.7
1,204.2
1,208.3

1,030.9
1,032.5
1,035.1

226.9
229.9
230.6

140.3
142.2
144.4

128.7
129.9
132.1

154.6
157.6
161.0

659.5

1,479.4

2,236.8
2,260.2
2,283.0

1,214.3
1,217.8
1,222.2

1,041.7
1,046.7
1,051.3

231.1
232.2
232.3

146.6
149.2
150.4

135.7
139.2
140.3

162.1
163.0
165.0

671.6

January
February
March

1,507.8

2,308.1
2,330.1
2,351.7

1,227.1
1,232.2
1,234.5

1,056.2
1,061.9
1,064.0

[H}234.2
231.6
231.8

151.4
151.8
152.1

141.0
140.8
142.1

165.6
166.2
165.3

692.8

April
May
June

1,502.2

2,364.5
2,379.1
2,398.4

1,234.7
1,234.0
1,239.5

1,064.5
1,065.0
1,069.4

231.5
231.6
232.3

151.9
152.7
152.9

142.5
143.5
143.2

165.9
166.4
165.8

689.8

July
August
September . . .

Rl.510.4

2,436.3
2,459.6
2,478.6

1,248.1
1,253.6
1,253.1

1,071.8
H>1.078.3
1,077.9

232.0
231.4
228.9

H>153.9
153.6
151.6

(H>143.6
143.4
140.9

167.1
1)167.3
165.9

(H>697.2

October
November . . ,
December . . .

1,490.1

2,487.2
2,499.0
2,497.6

1,251.1
1,250.1
1,245.7

1,076.5
1,074.3
1,069.3

228.1
226.0
223.1

149.1
146.3
143.4

137.8
134.4
131.3

162.8
160.3
157.4

678.0

1,470.7

2,499.1
2,513.8
2,518.6

1,236.0
1,243.8
1,245.0

1,061.7
1,068.8
1,068.3

222,
223.
221.

140,
142.
141,

127.1
129.3
128.2

155.1
157.8
157.3

661.8

rl,475.3

r2,535.8
r2,557.4
r2,567.3

rl,249.2
H>rl,256.1
rl,249.9

rl,069.9
rl,076.8
rl,071.1

220,
r220.
r217.6

140.2
rl39.2
rl38.2

rl26.7
rl26.0
125.3

rl56.1
rl54.9
rl54.2

r663.2

©P2.592.3

pi,253.5

pi,069.8

p216.0

pl38.1

pl25.2

pl54.2

October
November . . .
December . . .

1981

1982
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.

AUGUST 1982



63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

^ Q

PRODUCTION AND INCOME—Continued

L, C, U

83. Rate of
capacity
utilization,
manufacturing
(8EA)

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

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Orders and Deliveries

L, C, U

L, L,L

L, L, L

Value of manufacturers' new
orders, durable goods industries

84. Rate of
capacity
utilization,
materials .

6. Current
dollars

(Percent)

(Bil. dol.)

L. L. L

L, L, L

L, Lg, U

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.)

U L, L

32. Vendor
performance,
companies receiving slower
deliveries (u)
(Percent
reporting)

1980
January
February
March

83.4

85,8

83.62
82.83
78.97

41.81
40.94
39.02

36.63
36.38
33.86

4.19
2.46
1.32

296.07
298.54
299.86

48
42
45

77.9

78.8

74.64
69.47
71.29

36.79
34.12
34.68

31.24
30.28
30.18

-0.17
-3.14
-0.72

299.69
296.56
295.83

40
32
28

75.2

78.94
76.34
81.81

38.04
36.51
38.92

31.97
32.38
33.75

H>3.91

75.9

1.37
2.75

299.75
301.12
303.86

32
34
39

79.1

80.1

83.08
82.89
84.98

39.08
38.84
39.47

34.78
34.48
33.96

1.63
1.19
3.37

305.49
306.68
310.05

44
45
47

H>79.9

.2

82.53
82.70
83.86

38.23
38.15
38.49

33.05
34.38
33.92

1.10
0.52
0.35

311.15
311.67
312.02

46
50
52

81.2

86.41
87.40
86.91

39.33
.51
39.06

34.59
H>35.09
35.02

0.02

313.64
315.60
315.62

1)56

79.8

80

April
May
June

*76

July
August
September , . .
October
November . . .
December . . .

76

*78

1981
January
February
March

*78

April
May
June

E>78

July
August
September . , .

'76

October
November , . .
December . . .

*72

52
48

79.3

81.1

H>87.58
84.82
84.46

39.15
37.73
37.42

34.65
33.12
32.81

1.84
-0.40
-0.22

E>317.46
317.06
316.84

46
48
43

74.8

75.2

77.19
78.59
76.42

34.02
34.44
33.43

30.72
30.03
30.01

-4 07
1.69
2.71

312.77
311.08
308.37

38
32
30

71.6

72.0

75.06
76.31
77.86

32.79
33.40
34.01

28.78
29.28
r30.25

-0.49
-1.67
-0.26

307.88
306.21
305.95

32
36
35

r70.2

r69.6

76.89
r76.28
r74.51

33.58
r33.14
r32.23

29.44
r30.80
r30.04

-0.25
-3.24
r-4.37

305.70
302.46
r298.09

31
30
38

P76.91

p33.22

p30.42

p-2.44

P295.65

37

1982
January
February
March
April
May
June

p72

<NA)

July
August
September . . .
October . . ,
November ,
December ,
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 2 1 .

64



AUGUST 1982

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

Minor Economic
Process
Timing Class

C C, C

c, c,c

56. Current
dollars
(Mil. dol.)

1980

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

C, L, C

75. Index of industrial production, consumer
goods

(1967 = 100)

C,1, U

U, L, U

Sales of retail stores
54. Current
dollars
(Mil. dol.)

FIXED CAPITAl
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Manufacturing and trade sales
Year
and
month

• H
l i l

CONSUMPTION, TRADE, ORDERS, AND DEUVERIES-Continued

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

L, C, C

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

L, L, L

58. Index of
consumer,
sentiment ( § )

(1st Q
1966 = 100)

L, L, L

12. Index of
net business
formation

(1967 = 100)

L, L, L

13. Number of
new business
incorporations

(Number)

Revised1

January
February
March

316,565
317,513
313,589

160,427
158,918
154,830

147.9
148.2
148.0

78,409
77,951
76,898

45,114
44,391
43,250

68.0

67.0
66.9
56.5

131.0
129.8
125.8

44,230
44,175
43,359

April . t
May
June

307,644
306,516
307,113

151,542
149,397
149,942

145.2
142.1
141.8

76,543
76,730
77,616

42,738
42,628
42,834

50.9

52.7
51.7
58.7

120.5
117.8
114.8

42,240
42,710
40,648

July
August
September . . .

316,518
319,783
328,922

152,390
150,614
154,341

142.
142.
144.

79,114
79,393
80,026

43,445
43,102
42,979

58.9

62.3
67.3
73.7

115.
117,
120.

43,621
44,255
45,746

October
November . . .
December . . .

336,198
339,269
342,509

156,659
156,522
157,349

146.
148.
147.1

81,325
82,249
82,855

43,443
43,657
43,700

64.7

75.0
76.7
64.5

119.6
119.2
D121.3

45,945
46,750
47,840

348,308
349,441
350,352

157,793
H>158,639
158,081

146.9
147.8
148.3

84,104
85,201
86,128

44,034
44,283
44,488

H>71.6

71.4
66.9
66.5

118.1
117.1
117.7

46,039
48,588
47,972

352,751
353,398
1)356,277

158,128
156,883
158,298

148.9
150.7
150.3

86,263
86,361
87,299

44,351
44,174
44,518

72.4

63.0

76.
73.

118.0
115.4
114.6

49,413
48,997
49,172

July
August
September . . .

355,070
354,594
353,419

157,376
155,792
155,765

[H>150.7
149.6
147.8

87,292
87,961
87,823

44,243
44,402
43,999

71.5

74.
E>77.
73.1

113.1
113.6
112.4

49,404
48,631
48,450

October
November . . ,
December . . .

346,619
344,913
341,106

151,724
151,548
150,419

146.5
144.0
142.0

86,413
86,733
86,572

43,163
43,215
43,049

62.8

70.
62
64.3

108.2
108.5
elO6.O

47,947
(H>49,413
47,556

334,710
341,415
343,299

146,449
150,352
150,915

139.6
141.8
141.5

85,320
87,418
87,242

42,113
43,233
43,211

71.0
66.5
62.0

(NA)

68.0

43,330
47,234
46,899

339,385
349,148
p344,454

149,648
rl53,9O3
p150,902

r142.1
rl43.5
rl43.7

88,294
[H>r90,841
r87,887

43,732
H>r44,815
r42,977

r67.4

(NA)

(NA)

P144.5

p88,723

p43,195

1981
January
February
March
April
May
June

1982
January
February
March
April

May
June
July
August
September . . .

.

65.
67.
65,

46,876
46,995
(NA)

65.4

October
November . . .
December . . .
See note, on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
x
See "New Features and Changes for This Issue," page iii.
2
See "New Features and Changes for This Issue" on page iv of the July 1982 issue.

AUGUST 1982



6
5

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Business Investment Commitments

Timing Class

1,1, L

L, Lf L

Contracts and orders for plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

10, Current
dollars

(Bil. dol.)

20. Constant
(1972) dollars

(Bil. dol.)

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars

(Bil. dol.)

L, C, U

L, L f L

U, Lg, U

9. Construction contracts for commercial and industrial buildings'

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space2

(Millions)

C, Lg, Lg

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

97. Backlog of
capital appropriations, LOCO
manufacturing
corporations

(Bil, dol.)

(Bil. dol.)

1980
January
February
March

28.47
25.74
26.24

16.20
13.68
14.00

25.43
23.18
23.36

14.74
12.48
12.65

99.43
82.08
78.31

9.24
7.63
7.27

27.50

April
May
June

26.23
23.46
25.34

13.89
12.64
13.96

23.74
21.15
22.21

12.74
11.57
12.54

72.76
67.35
71.59

6.76
6.26
6.65

25.81

July
August
September . . .

27.09
26.52
26.75

15.20
14.04
14.41

24.28
22.19
23.59

13.93
12.09
12.98

74.62
71.41
64.15

6.93
6.63
5.96

24.12

26.74
27.61
28.70

13.94
14.32
(fi>15.66

23.31
23.70
25.22

12.40
12.58
H>14.12

73.46
H>90.80
87.75

6.82
E)8.44
8.15

26.15

January
February
March

29.13
25.57
28.17

15.10
12.69
14.17

25.06
21.86
24.46

13.32
11.06
12.56

83.72
83.86
83.79

7.78
7.79
7.78

r27.70

April
May
June

.61
28.07
28.70

15.19
14.09
14.16

H>25.69
24.49
24.04

13.05
12.53
12.14

79.64
84.75
81.01

7.40
7.87
7.53

E>r28.06

July
August
September . . .

28.21
27.95
27.92

13.48
14.16
14.29

24.66
24.87
24.31

11.94
12.83
12.75

73.46
78.67
68.12

6.82
7.31
6.33

r26.94

October
November . . .
December . . .

26.24
27.71
26.81

13.28
14.23
13.97

22.53
24.37
22.13

11.68
12.80
11.98

74.26
70.77
70.65

6.90
6.57
6.56

r22.99

26.32
24.90
25.67

13.27
11.95
12.98

21.72
21.56
22.17

11.32
10.54
11.49

56.29
65.10
63.17

5.23
6.05
5.87

r25.77

April
May
June

r25.69
22.95
r23.78

13.84
11.39
rll.24

22.61
20.33
rl9.28

12.55
10.28
r9.35

57.32
51.70
68.02

5.33
4.80
6.32

p20.04

July
August
September . . .

P23.93

pll.49

D21.28

plO.38

56.41

5.24

October
November . . .
December . . .

82.36

86.38

88.12

90.73

1981

r93.44

r96.18

B>97.34

r92.74

1982
January
February
March

r91.ll

P82.96

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
l
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



AUGUST 1982

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

B :

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

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.)

Year
and
month

CAPITAL INVESTMENT—Continued

(Ann. rate,
bil. dot.)

(1967 = 100)

C Lg, C

Lg, Lg, Lg

C Lg, C

Nonrestdential fixed investment in 1972 dollars
86. Total

{Ann. rate,
bil. dol.)

87. Structures

(Ann. rate,
bil. dol.)

88. Producers'
durable equipment
(Ann. rate,
bil. dot,)

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits

(1967 = 100)

L, L, L

89. Residential
fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

1980
January .
February
March . .

291.89

312.50
320.69
317.90

175.2
176.5
176.2

171.9

51.1

120.8

1,339
1,356
1,060

103.4
96.8
79.8

53.4

April .
May .
June .

294.36

310.76
313.38
312.48

174.5
171.8
169.7

162.4

48.5

113.9

1,030
939
1,196

65,
69.
90,

42.0

July . . . .
August . .
September

296.23

315.98
306.42
324.35

169.5
171.1
170.7

163.8

47.1

116.7

1,273
1,418
1,463

101.7
110.4
0)119.9

44.0

October . .
November
December

299.58

326.37
325.84
328.40

171.9
173.9
177.1

166.4

47.5

118.9

1,504
1,539
1,457

110.3
111.7
100.9

49.5

January .
February
March . .

312.24

332.78
331.57
344.52

177.7
177.5
179.3

169.7

49.5

120.1

0)1,585
1,294
1,318

99.8
96.6
94.7

H>49.6

April . .
May . .
June . .

316.73

344.36
345.78
353.20

181.0
182.0
183.6

170.1

51.0

119.1

1,301
1,172
1,046

95.8
95.2
79.6

47.3

July
August . .
September

0)328.25

348.42
357.31
0)360.38

0)184.8
184.4
182.7

173.9

52.5

E)121.4

1,040
946
899

76.0
70.9
67.4

42.9

October . .
November
December

327.83

349.27
358.67
356.78

180.5
179.0
179.0

0)174.2

53.3

120.9

854
860
882

59.6
60.0
64.4

39.9

327.72

330.07
342.57
3^3.72

172,
171,
169.0

172.0

53.5

118.5

885
945
931

64.9
64.0
68.7

38.9

April .
May .
June .

a323.75

r325.51
r335.59
P332.71

164.9
rl60.2
rl55.2

rl66.4

rllZ.6

882
rl,066
r906

71.0
76.3
75.0

r39.9

July
August . .
September

pi,211

85.8

a328.04

October. .
November
December

a334.78

1981

1982
January .
February
March . .

(NA)

pl52.0

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.

AUGUST 1982



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

D

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

INVENTORIES ANC INVENTORY INVESTMENT
Inventories on Hand and on Order

Inventory Investment
L, L, L

L.L, L

L, Lf 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. dot.)

Monthly
data

Smoothed
data 1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Bil dol.)

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

(Bil dol.)

70. Constant
(1972) dollars

(Bil dol.)

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
mater al:, and
supplies on
hand and on
order, mfg.

(Bil dol.)

(Ratio)

(Bit dol.)

L, Lg, Lg

Revised2

Revised 2

1980

Lg. Lg, Lg

January .
February
March . .

-2.6

-11.29
-11.18
-2.68

-12.36
-13.06
-10.27

56.5
51.5
49.8

2.76
2.86
1.52

448.84
453.13
457.28

264.08
263.78
263.95

74.00
75.02
76.31

1.65
1.66
1.70

215.40
218.26
219.78

April
May
June

-2.5

0.96
-15.94
-26.63

-6.34
-5.09
-9.88

76.3
26.8
17.6

-0.54
-1.97
-1.55

463.64
465.88
467.34

265.69
265.61
264.67

77.76
78.84
79.14

1.75
1.78
1.77

219.24
217.27
215.72

July
August
September , . .

-8.5

-10.99
-9.46
-0.65

-15.86
-16.77
-11.36

31.3
38.1
32.5

0)1.97
-0.18
0.85

469.95
473.12
475.83

264.36
263.66
263.62

79.84
80.14
79.90

1.71

217.69
217.51
218.36

-6.2

4.27
-7.32
-5.89

-4.49
-1.59
-2.11

33.1
21.9
25.9

1.43
1.32
0.78

478.59
480.42
482.57

263.77
263.09
262.78

79.84
80.31
79.99

1.68
1.68
1.67

219.79
221.11
221.89

2.4

-15.50
16.34
-5.47

-6.28
-5.63
-1.61

36.0
55.5
24.4

0.58
0.77
-0.34

485.57
490.19
492.23

262.33
263.33
263.10

79.42
80.55
82.36

1.66
1.66
1.66

222.47
223,. 24
222.90

12.1

0.32
©17.44
17.27

1.09
3.91
7.89

22.1
44.0
43.8

0.55

494.07
497.74
501.38

263.41
264.70
265.92

82.10
83.55
84.00

H>16.5

5.15
4.84
14.14

E)12.48
11.19
8.56

40.3
62.6
E>65.1

.88
,09
.12

504.74
509.96
515.39

266.53
267.56
269.42

84.22
85.65
86.86

1.69
1.72
1.73

228.28
227.19
(H)228.32

4.8

-1.16
-2.51
-20.09

6.99
4.72
-2.22

36.9
38.2
-19.4

-2.71
-1.26
-1.22

518.46
0)521.64
520.02

270.47
1)271.17
269.85

88.05
[H>88.50

1.78
1.79
1.79

225.61
224.35
223.13

-33.66
-25.61
r-9.22

-13.34
-22.60
-24.64

-43.0
-31.7
-44.0

-2.96
-2.64
-2.11

516.44
513.80
510.13

267.69
266.45
265.98

86.84
87.90
88.49

H>1.83

220.17
217.53
215.42

r-6.96
r-27.76
p-3.58
(NA)

r-18.38
r-14.29
p-13.71

57.0
-54,
pl9.

-1.67
-2.33
p-4.04

514.88
510.36
p512.01

r266.55
r264.57
p264.99

87.39
86.56
85.90

1.78
rl.72
pi. 76

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

October
November . . .
December . . .

1981
January
February
March
April
May
June
July
August
September . . .
October
November . . .
December . . .

87.66

224.211
225.85
226.40

1982
January
February
March

-15.4

April
May
June

r-5.3

July
August
September . . .

1.77
1.76

213.75
211.42
P207.39
(NA)

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
lf
rhis
2

series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
See "New Features and Changes for This Issue," page iii.

68



AUGUST 1982

ItClft

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

IQj

Minor Economic
Process

U, L, L

L.L.L

92. Change in sensitive crude
materials prices
Year

and

Stock
Prices

Sensitive Commodity Prices

Timing Class

23. Index of
spot market
prices, raw
industrials 3 ®

Smoothed
data 2

Monthly
data

PRICES, COSTS, AND PROFITS

L, L,L

19. Index of
stock prices,
500 common
stocks (u)

Profits and Profit Marg ns

L, L, L

L, C, L

L, L, L

Corporate profits after taxes
with IVA and CCAdj'

Corporate profits after taxes
16. Current
dollars

I, C.L

18. Constant
(1972) dollars

79. Current
dollars

80. Constant
(1972) dollars

L, L, L

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

month
(Percent)

(Percent)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dot.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1967 = 100)

(1941-43 = 10)

316.2
322.5
316.9

110.87
115.34
104.69

172.9

97.0

100.0

56.7

10.8

301.
278,
267.

102.97
107.69
114.55

144.3

79.4

98.9

54.8

8.9

155.9

.2

95.6

52.0

9.7

158.1

83.7

93.4

49.8

3.9

9.8

(Percent)

1980
3.21
1.48
-1.44

2.30
2.30
1.65

April
May
June

0.54
O.O7
0.96

0.64
-0.04
0.12

iuly
August
September . . .

2.04
2.41
2.06

0.77
1.41
1.99

277.6
292.1
298.3

119.83
123.50
126.51

October
November . . .
December . . .

2.46
2.31
1.45

2.24
2.29
2.18

300.8
E>304.7
298.4

|H>135.65

2.74
H>.6.64
-0.62

2.12
2.89
E>3.26

291.6
284.2
289.8

132.97
128.40
133.19

(3)161.6

84.0

108.8

JH>56.8

1.71
2.25
0.23

2.75
1.84
1.26

293.0
288.9
282.9

134.43
131.73
132.28

146.2

74.2

105.9

54.1

January
February
March

130.22
133.48

1981
January
February
March
April
May
June
July
August
September . . .

0.47
-0.63
0.79

1.19
0.50
0.12

286.
289.
283.

129.13
129.63
118.27

150.8

75.4

110.7

55.6

8.8

October
November . . .
December . . .

-1.09
-0.51
0.16

-0.05
-0.29
-0.38

277.
270.

144.9

71.2

0)112.3

55.5

264.2

119.80
122.92
123.79

8.1

January
February
March

-1.13
-2.09
r-2.21

-0.49
-0.76
-1.42

263.4
261.0
254.5

117.28
114.50
110.84

115.9

56.7

101.3

49.7

6.8

April
May
June

r-0.29
1.67
0.78

r-1.67
-0.90
rO.22

247.4
245.
232.

116.31
116.35
109.70

P115.0

p55.6

plOl.2

p49.1

p6.7

1.03

0.94

237.0
"235.6

1982

July
August
September . . .

5

109.38
108.71

October . .
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 2This series is a weighted 4-term moving average (with
weights 1,2,2,1) placed on the terminal month of the span.
beginning with data for June 1981, this series is based on copyrighted data
used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. *Average for August 1 through
5
25, excluding weekends.
Average for August 4, 11, 18, and 25.

ItCII

AUGUST 1982




69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

U, L,L

L.L.L

I, I, I

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income'

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

26. Ratio, price
to unit labor
cost, nonfarm
business sector

(Percent)

Year
and
month

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins-Continued

Timing Class

PRICES, COSTS, AND PROFITS—Continued

(Cents)

(1977=100)

L, L, L

Net cash flow, corporate
34, Current
dollars
(Ann. rate,
bil. dol.)

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

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)

Revised2

Revised

1980

Lg, Lg, U

January
February
March

5.1

5.6

96.7

272.5

149.7

127.6

1.168

183.7
186.2
188.2

74.8

April .
May .
June .

5.3

4.4

96.0

247.5

132.6

132.3

1.208

191.7
196.6
201.0

76.0

July
August
September . . .

5.1

4.6

96.4

262.8

137.8

134.7

1.224

203.1
203.7
202.2

75.6

October
November . . .
December . . .

5.1

4.8

97.0

269.7

139.1

137.0

1.245

201.1
200.9
201.1

75.6

[H> 9 8 . 2

E>279.0

0)141.2

139.0

1.267

202.6
203.6
204.4

74.9

19S1
January .
February
March . ,

6.0

April . ,
May . .
June . .

6.0

4.9

97.9

267.7

132.0

141.5

1.289

206.1
207.4
208.9

715.3

July
August
September . . .

5.1

4.8

98.1

276.5

133.9

144.2

1.315

208.9
209.9
212.6

74.9

October
November . . .
December . . .

5.9

4.3

97.7

277.5

131.8

147.9

1.349

216.6
219.9
222.5

75.4

5.8

p4.0

96.7

255.8

121.0

•150.9

1.376

227.9
226.0
225.8

E>76.4

p5.8

(NA)

p96.4

p263.0

pl23.1

[H>pl53.0

(H>pl.389

228.0
r230.9
E)r232.5

p76,3

1982

January .
February
March . .
April .
May .
June .
July
August . .
September

P232.2

October . .
November
December
See note on page 60.

Graphs of thtst serin are shown on pates 15, 29, and 30.
'IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
3
See "New Features and Changes for This Issue," page iii.

70



AUGUST 1982

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

I l l

Minor Economic
Process

Money

Timing Class

Year
and
month

MONEY AND CREDIT

L, L, L

85. Change in
money supply
(Ml)

L,C, U

102. Change
in money
supply (M2)

(Percent)

L, L, L

L. L, I

104. Change in total liquid assets
Smoothed
data1

Monthly
data

(Percent)

Velocity of Money

(Percent)

(Percent)

L, L, L

105. Money
supply (Ml)
in 1972
dollars

106. Money
supply (M2)
in 1972
dollars

(Bit. dol.)

(Bil. dot.)

C Lg, C

L, L, L

103. 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.)

C.C.C

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

Credit Flows

(Ratio)

(Ratio)

1980
0.75
0.82
0.00

0.65
0.86
0.52

0.87
1.00
0.75

0.47
0.64
0.81

209.9
209.0
206.2

818.6
815.6
808.9

6.538

1.-358
1.352
1.354

95.30
67.63
79.57

-1.32
-0.23
1.21

-0.28
0.82
1.23

0.44
0.83
0.50

0.80
0.70
0.63

201.6
199.
199.

799.3
798.2
800.1

6.583

1.357
1.353
1.346

54.13
23.42
14.26

July
August
September . . .

1.09
1.78
1.38

1.34
1.24
0.68

0.83
0)1.22
0.57

0.66
0.78
0.86

201.
203.
204.

810.2
814.6
812.0

6.534

1.353
1.349
1.356

48.16
62.92
71.05

October
November . . .
December . . .

1.17
0.48
-0.72

0.68
0.96
0.01

0.69
1.15
0.76

0.85
0.82
0.84

0)204.9
203.6
200.2

808.8
807.7
800.0

6.588

1.364
1.36.5
1.378

0)82.61
73.37
65.39

0.82
0.36
1.19

0.57
0.75

0)1.36

0.94
0.97
0.93

200.3
199.1
200.4

798.4
796.8
803.1

6.811

1.386
1.389
1.383

56.63
61.70
48.07

-0.95
-0.19

1.30
0.53
0.49

1.13
0.87
0.82
0.72
1.12
0.95

0.87
0.84
0.91

203.7
200.2
198.4

6.744

55.69
43.18
48.16

July
August
September . . ,

0.23
0.40
0.02

0.74
1.07
0.33

0.95
1.16
0.68

0.97
0)1.01
0.98

196.6
195.8
193.7

806.1
802.8
804.9
798.9

1.372
1.373
1.378

0)6.923

1.389
1.388
0)1.394

61.81
35.27
27.68

October

0.39
0.81
1.03

0.63
1.14
0.71

0.88
1.13
0.51

0.92
0.90
0.87

193.7
194.2
195.5

800.5
805.6
808.1

6.877

1.390
1.381
1.370

22.91
24.08
6.95

1.75
-0.29
0.22
V0.91
r-0.20
r-0.02

1.02
0.36
0.93

0.93
0.84
1.00

0.85
0.81
0.84

198
197.
198.

814.1
815.0
824.9

6.685

1.357
1.360
1.350

rl6.30
r3.41

0.83
0.89

e0.94
e0.96
re0.93

rl99.6
197,
195,

0)829.7
829.3
r825.2

r6.731

r0.55

el.00
re0.92
re0.74

1.348
rl.348
rl.346

rlO.62
r3.07
(NA)

pO.79

el.05

e0.90

P194.0

P826.8

January
February
March
April
May
June

1981
January
February
March

j>

April
May

June

November . . .
December . . .

r810.
808

1982
January
February
March
April
May
June
July
August
September . .

p-0.04
2
0.35

r6.50

pi.348

October
November . .
December . .
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Average for weeks ended August 4 and 11.

2

AUGUST 1982



71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Year
and
month

Credit Difficulties

Credit Flows-Continued

Timing Class

L. L, L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil. dot.)

L.L.L

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

MONEY AND CREDIT—Continued

L, L, L

110, Total
private
borrowing

(Ann. rate,
mil. dol.)

L,

L, L

14. Current
liabilities
of business
failures ©

(Mil. dot.)

Interest Rates

Bank Reserves

L.L.L

39. Delinquency
rate, 30 days
and over, consumer installment loans

{Percent)

L,U, U

93. Free
reserves (

(Mil. dol.)

L. Lg, U

94. Member
bank borrowing from the
Federal
Reserve (u)

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate ®

(Percent)

C, Lg, Lg

114. Treasury
bill rate ©

(Percent)

1980
-999
-1,465
-2,638

1,241
1,655
2,824

13.82
14.13
17.19

12.04
12.81
15.53

428.15
381.15
436.68

-2,261
-835
-169

2,455
1,018
380

17.61
10.98
9.47

14.00
9.15
7.00

284,148

445.69
345.41
1,002.94

-111
-357
-1,055

395
659
1,311

9.03
9.61
10.87

8.13
9.26
10.32

4.82
7.40
16.19

341,M2

359.24
E>239.34
288.30

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
15.66

6.31
-7.09
-18.96

14.47
22.14
35.65

293,812

341.36
789.20
485.34

2.42
2.51
2.53

-1,028
-1,023
-719

1,386
1,301
994

19.08
15.93
14.70

14.72
14.90
13.48

April
May
June

35.71
41.36
32.80

32.66
18.85
24.37

536.88
428.20
408.54

2.40

0)370,700

-1,136
-1,968
-1,700

1,338
0)2,220
2,039

15.72
18.52
H>19.10

13.63
H>16-30
14.56

July
August
September . , .

41.10
28.34
22.93

18.61
29.14
E)35.70

287,888

619.46
450.41

-1,335
-1,122
-1,035

1,679
1,417
1,451

19.04
17.82
15.87

14.70
15.61
14.95

October
November . . .
December . . .

13.62
13.32
23.36

12.02
7.20
-0.40

201,980
2.37

r-871
r-348
-330

rl,149
r695
642

15.08
13.31
12.37

13.87
11.27
10.93

46.64

5.32
0.90
11.88

p280,096

9.40

2.48
2.39
2.24

r-1,092
r-1,490
r-1,253

rl,517
rl,789
rl,610

13.22
14.78
14.68

12.41
13.78
12.49

April
May
June

54.30
r40.56
r39.68

14.10
16.79
16.19

(NA)

2.20
2.21

-1,307
-745
r-895

1,581
1,105
rl,205

14.94
14.45
14.15

12.82
12.15
12.11

July
August
September . . .

plO.61
X
7.46

(NA)

p-310
2
-195

p670
2
511

12.59
10.18

11.91
"9.01

January
February
March

31.93
8.28

31.62
28.44
7.85

351,964

243.15
190.79
274.24

6.41
-35.40
11.84

-21.06
-31.76
-24.85

192,976

July
August
September , . ,

5.46
20.65
26.00

-6.74
9.44
10.22

October
November . , .
December . . .

25.90
43.91
22.69

38.88

April
May
June

2.37
2.32
2.53

1981
January
February
March

(NA)

1982
January
February
March

[H>58.09

D2.16
(NA)

3

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
1
Average for weeks ended August 4 and 11.
2
Average for weeks ended August 4, 11, and 18.
3
Average for weeks ended August 4, 11, 18, and 25.
'•Average for weeks ended August 5, 12, 19, and 26.

72



AUGUST 1982

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

MONEY AND CREDIT-Continued

Interest Rates-Continued

Lg, Lg, U

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

Outstanding Debt

Lg. Lg, Lg

118. Secondary
market yields
on PHA
mortgages ©

67. Bank rates
on short-term
business loans

(Percent)

(Percent)

Lg, Lg, Lg

109. Average
prime rate
charged by

Lg, Lg, Lg

66. Consumer
installment
credit

banks ®

(Percent)

(Mil. dol.)

Lg, Lg, Lg

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

Lg, Lg, Lg

95. Ratio,
consumer installment credit
to personal
income

(Percent)

1980
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

306,213
308,583
309,237

159,510
162,171
162,861

14.75
14.80
14.73

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

307,482
304,835
302,764

163,395
160,445
161,432

14.66
14.46
14.26

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

302,202
302,989
303,841

161,887
163,608
165,775

13.97
13.88
13.75

October
November , . .
December . . .

13.17
14.10
14.38

11.20
11.83
11.89

9.11
9.56
10.20

14.38
14.47
14.08

15.71

13.79
16.06
20.35

304,243
304,860
306,209

167,933
171,592
173,483

13.60
13.49
13.41

January
February
March

14.01
14.60
14.49

11.65
12.23
12.15

9.68
10.10
10.16

14.23
14.79
15.04

19.91

20.16
19.43
18.05

307,415
309,260
312,231

174,009
173,418
171,838

13.32
13.27
13.28

April
May
June

15.00
15.68
14.97

12.62
12.96
12.39

10.62
10.78
10.67

15.91
16.33
16.31

19.99

17.15
19.61
20.03

314,953
316,524
318,555

174,814
178,261
180,994

13.32
13.30
13.28

July
August
September . . .

15.67
16.34
83)16.97

13.05
13.61
1)14.14

11.14
12.26
12.92

16.76
17.96
H>18.55

0)21.11

20.39
[H>20.50
20.08

320,106
322,534
325,509

184,419
186,781
188,692

13.14
13.11
13.13

October
November . . .
December . . .

16.96
15.53
15.55

14.13
12.68
12.88

12.83
11.89
12.91

17.43
15.98
16.43

17.23

18.45
16.84
15.75

326,511
327,111
327,078

189,827
190,937
192,884

13.13
13.09
13.10

January
February
March

16.34
16.35
15.72

13.73
13.63
12.98

E>13.28
12.97
12.82

17.38
17.10
16.41

17.13

15.75
16.56
16.50

327,521
327,596
328,586

196,771
201,612
202,395

13.11
13.03
13.05

April
May
June

15.62
15.37
15.96

12.84
12.67
13.32

12.59
11.95
12.45

16.31
16.19
16.73

17.11

16.50
16.50
16.50

329,761
331,160
0)332,509

206,920
r210,300
r213,607

rl3.00
rl2.95
P12.95

12.28
11.52

16.29

16.26
14.56

(NA)

(H)p2l4,491
"215,113

1981

1982

July
August
September . . .

l

15.75
14.87

l

12.97
12.36

2

3

(NA)

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1

Average
Average
Average
"Average

2

3

for
for
for
for

weeks ended August 6, 13, and 20.
weeks ended August 5, 12, and 19.
August 1 through 26.
weeks ended August 4 and 11.

M J I AUGUST 1982



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 92, 104,
106)

1-month
span

6-month
span

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

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

1-month
span

6-month
span

1-month
span

6-month
span

961. Average workweek
of production workers,
manufacturing (20
industries)

1-month
span

9-month
span

963. Number of employees on private
nonagricultural payrolls
(186 industries)

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

1-month
span

9-month
span

1-month
span

6-month
span

1980
January
February
March

41.7
29.2
33.3

0.0
16.7
8.3

100.0
25.0
0.0

25.0
0.0
0.0

April
May
June

12.5
33.3
50.0

16.7
45.8
41.7

0.0
0.0
25.0

0.0
0.0
0.0

July
August
September . . ,

83.3
83.3
91.7

75.0
100.0
91.7

25.0
75.0
100.0

50.0
100.0
100.0

October
November . . .
December . . .

62.5
70.8
50.0

75.0
66.7
75.0

100.0
87.5
100.0

January
February
March

16.7
33.3
70.8

75.0
58.3
58.3

April
May
June

75.0
16.7
41.7

July
August
September . . .

October
November . . .
Oecember . . .

50.0
58.3
33.3

70.0
7.5
10.0

15.0
0.0
0.0

23.5
60.8
46.1

2.0
2.0
9.8

53.8
48.9
49.2

39.8
34.1
29.3

41.7
50.0
33.3

57.5
22.5
22.5

12.5
10.0
15.0

3.9
33.3
70.6

19.6
3.9
7.8

29.0
32.8
29.6

23,1
26.6
28.8

41.7
33.3
33.3

33.3
33.3
50.0

22.5
87.5
85.0

37.5
75.0
95.0

62.
84.
13.

58.8
23.5
96.1

35.2
64.0
61.0

35.8
44.1
59.1

100.0
100.0
100.0

50.0
50.0
66.7

50.0
50.0
50.0

57.5
80.0
72.5

87.5
85.0
97.5

76.
96.
5.9

96

62,
59,
54.6

71.2
64.0
61.0

100.0
100.0
75.0

100.0
75.0
100.0

33.3
41.7
41.7

50.0
66.7
50.0

90.0
7.5
60.0

95.0
87.5
77.5

86.
39.
31.4

76.5
81.4
70.6

56.7
48.7
51.1

64.8
65.9
67.2

45.8
50.0
25.0

50.0
62.5
100.0

75.0
75.0
50.0

83.3
83.3
66.7

83,
66,
83,

72.5
77.5
22.5

60.0
17.5
5.0

64.
78.
17.6

19.6
19.6
5.9

68.3
65.3
54.0

67 ,,7
67.2
67.5

25.0
50.0
8.3

16.7
25.0
8.3

75.0
25.0
37.5

50.0
25.0
12.5

75.0
66.7
83.3

83,
66,
66,

35.0
35.0
15.0

15.0
12.5
5.0

r70.6
58.8
9.8

17.6
9.8
27.5

59.9
50.3
50.3

51.3
39.0
33.9

25.0
41.7
25.0

2

9.1
9.1
18.2

0.0
0.0
0.0

0.0
0.0
0.0

75.0
66.7
66.7

66.7
50.0
33.3

62.5
20.0
30.0

7.5
5.0
5.0

61.8
49.0
22.5

11.8
5.9
7.8

34.7
28.2
31.2

30.1
27.7
24.2

2
36.4
2
36.4
2

0.0
87.5
r25.0

0.0
r50.0
50.0

58.3
33,3
50.0

33.3
33.3
50.0

5.0
95.0
12.5

rl2.5
40.0
p30.0

96.1
24.5
5.9

11.8
p33.3
(NA)

32.5
42.5
35.8

21.8
r27.4
r28.8

0.0

25.0
75.0
0.0

"33.3

58.3
41.7
66.7

75.0

42.5
r75.0
r75.O

60.8
r68.6
p23.5

40.9
r51.1
r33.9

p32.5

p52.5

(NA)

p44.1

41.7
66.7
50.0

1981

2

2

1982
January
February
March

2
2

31.8

45,
2
45,

2

April
May
June

63,
63.
a
45.

July
August
September . , .

3

2

70.0

68.2

"16.7

5

50.0

5

October
November , . .
December . . .
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2ti 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.
l

Figures are the
Excludes series
Excludes series
'•Excludes series
Excludes series
2
3

percent of components declining.
12, for which data are not available. See "New Features and Changes for This Issue" on page iv of the July 1982 issue.
12 and 36, for which data are not available.
57, for which data are not available.
70 and 95, for which data are not available.

74



AUGUST 1982

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INDEXES—Continued

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (34 industries)

1-month
span

9-month
span

965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)

1-quarter
span

4-Q moving
average

966. Index of industrial
production (24
industries)

1-month
span

6-month
span

967. Index of spot
market prices, raw
industrials <§)
(13 industrial materials)

1-month
span

9-month
span

968. Index of stock
prices, 500 common
stocksx ©

1-month
span

9-month
span

960. Net profits,
manufacturing 2 ©
(about 700 companies)

(4-quarter span)

1980

41

70.8
20.8
41.7

25.0
16.7
12.5

50.0
73.1
61.5

41

16.7
16.7
14.6

16,
12.
16,

r39

39.6
70.8
66.7

3

58.3
50.0
53.8

74.1
52.8
3.8

39.6
47.2
77.4

56

11.5
15.4
0.0

50.0
46.2
46.2

26.4
92.5
89.6

90.6
94.3
86.8

56

37.5
70.8
87.5

53.8
76.9
57.7

46.2
42.3
38.5

92.5
88.7
76.4

84.9
96.2
94.3

*60

95.8
95.8
95.8

65.4
53.8
46.2

61.5
65.4
65.4

43.4
55.7
15.1

90.6
88.7
86.8

*64

r48

79.2
91.7
66.7

79.2
70.8
58.3

30.8
30.8
65.4

38.5
38.5
46.2

66.0
42.5
85.8

79.2
67.3
59.6

*60

r49

83.3
62.5
45.8

54.2
58.3
45.8

69.2
26.9
38.5

46.2
46.2
53.8

81.
30.
67,

44.
42.

*59

r43

56.2
62.5
45.8
87.5
52.1
12.5

31.3
20.8
16.7

61.5
61.5

42.3

61.5
42.3
23.1

19.2
40.4
0.0

46.
32.
9.6

p49

20.8
8.3
20.8

8.3
8.3
10.4

38.5
26.9
46.2

23.1
23.1
15.4

58.7
65.4
67.3

14.4
10.6
34.6

(NA)

r48

33.3
75.0
31.3

0.0
rl2.5
r33.3

42.3
34.6
38.5

15.4
30.8
26.9

10.6
34.6
28.8

34.6
42.3
38.5

p33

r20.8
r39.6
r37.5

p45.8

30.8
34.6
23.1

"26.9

88.5
54.8
11.5

January
February
March

70.6
45.6
41.2

23.5
29.4
32.4

65

April
May
June

19.1
38.2
50.0

47.
63,
44.

18

July
August
September . . .

76.5
50.0
82.4

45.6
64.7
73.5

27

October
November . . .
December . . .

70.6
60.3
55.9

85.3
85.3
79.4

53

January
February
March

41.2
52.9
58.8

88.2
73.5
70.6

r56

April
May
June

64.7
52.9
50.0

50.0
47.
35.

r53

July
August
September . . .

47.1
26.5
47.1

32.
20,
20.

r33

October

26.5
58.8
32.4

29.
20.
14.7

r30

47.1
50.0
35.3

26.5
r20.6
p41.2

3

1981

November . . .
December . . .

P36

59.6

1982
January
February
March
April
May
June

48.
67,
r32.4

July
August
September , . ,

p52.9

p58.3

61.5
"50.0

52.9

October
November . .
December . .
See note on page 74.
Graphs of these series are shown on page 37.
l
Based on 54 industries for January 1980, on 53 industries through May 1981, and on 52 industries thereafter. Data for component industries are not shown in table C2 but are available from the source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
3
Based on 12 components (excluding rosin).
"Based on average for August 3, 10, 17, and 24.

IM:

AUGUST 1982




75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

1
J

Year
and
quarter

DIFFUSION 1NDEXES—Continued

a. Actual
expenditures

b. Later
anticipations

(1-Q span)

(1-Q span)

(1-Q span

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Actual

Anticipated

Actual

Anticipated

Actual

c. Early
anticipations

973. Net sales, manufacturing
and trade' ®

972. Net profits, manufacturing
and rade' <§)

971. New/ orders, manufacturing l <g)

970. Business expenditures for new plant and
equipment (22 industries)

(4-Q span)

1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

72.7
63.6
72.7
36.4

72.7
40.9
54.5
59.1

70.5
68*2
77.3
68.2

68
70
62
62

74
74
76
76

60
66
60
60

70
69
74
72

70
74
71
68

78
76
80
80

54.5
(NA)

59.1
22.7

59.1
59.1
65.9

52
(NA)

60
68
64

53
(NA)

61
66
66

63
(NA)

65
70
72

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter , .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

1
H

Voar

Tear
and
quarter

974. Number of employees,
manufacturing and trade' (u)

975. Level of inventories,
manufacturing and trade l @

Actual

Actual

Anticipated

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

DIFFUSION NDEXES—Continued
976. Selling prices, manu
facturing l @

977. Selling prices, wholesale
trade l (§)

978. Selling prices, retail
trade' ®

Actua 1

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

1979
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1980

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1981

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982

51
53
52
52

56
54
56
55

62
64
62
63

63
61
66
64

88
86
84
82

88
90
89
84

90
88
34
32

90
89
89
84

94
90
86
86

90
90
92
87

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

48
(NA)

50
51
51

58
(NA)

54
56
56

72
(NA)

80
76
68

-'2
(NA)

82
78
72

78
(NA)

B?
81
76

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
l
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun §
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

76



AUGUST 1982

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1981

1982

December

January

February

March

May

April

Julyp

June

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

All manufacturing industries

39.1

37.6

39.4

39.0

39.0

39.1

39.2

39.3

Percent rising of 20 components .

(30)

(5)

(95)

(12)

(42)

(75)

(75)

(52)

38.5
37.8

Durable goods industries:
Lumber and wood products
Furniture and fixtures

37.7
37.9

35.0
33.6

37.9
37.7

37.6
37.3

37.6
37.4

r38.5
37.5

Stone, clay, and glass products..
Primary metal industries

39.7
39.2

38.6
38.3

40.1
39.4

40.0
38.8

40.0
38.5

40.2
38.5

Fabricated metal products .,
Machinery, except electrical ,

39.5
40.4

38.1
39.3

39.7
40.7

39.5
40.2

39.4
40.1

Electric and electronic equipment .
Transportation equipment

39.5
39.7

38.3
39.0

39.8
40.5

39.4
40.4

Instruments and related products .
Miscellaneous manufacturing

39.9
38.5

39.0
37.3

39.9
38.6

Food and kindred products
Tobacco manufacturers

39.8
38.1

39.1
36.1

Textile mill products
Apparel and other textile products

37.8
35.1

Paper and allied products.
Printing and publishing ...

+

38.3
37.9

40.4 +
38.9 0

40.6
38.9

39.5
r39.8

39.4
39.8

+
+

39.5
40.0

39.3
41.1

39.4
r41.1

39.5
41.6

+

39.8
41.1

39.9
38.6

39.9
38.5

r40.2
38.7

40.2
38.5

40.2
38.3

39.5
37.3

39.4
36.6

r39.4
r37.2

39.5
38.3

0

39.5
36.7

32.3
31.4

38.3
35.5

37.6
35.0

37.7
34.7

37.9
34.8

37.9

+

35.1

0

38.1
35.1

41.8
37.1

41
36

42.3
37.4

41.8
37.1

42.1
37.1

41.8
r36.8

42.0
37.0

+

42.2
36.9

Chemicals and allied products .
Petroleum and coal products ..

41.3
42.7

41.0
44.3

41.2
43.5

40.7
43.5

40.7
44.0

.41.0
r44.1

41.1
44.0

-

41.0
43.3

Rubber and miscellaneous plastics products..
Leather and leather products

39.4
36.1

37.9
34.1

40.0
35.6

39.6
35.8

39.8
35.6

39.9
r35.6

40.1
35.8

+

40.2
35.5

+

76,911

+

40.0
38.6

Nondurable goods industries:

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '
(Millions of dollars)
76,421

Percent rising of 34 components .

75,061

(32)

All durable goods industries

(47)

+

Machinery, except electrical
Electrical machinery

-

16,343
11,566

Transportation equipment
Other durable goods industries.

+

14,617
15,642

76,309
(50)

77,859

76,890

r76,278

74,506

(35)

+

(48)

(68)

(32)

(53)

9,163
8,777

+

8,241
9,052

+

7,596
9,819

8,137
8,988

8,453
9,405

8,617
9,389

+

8,545
9,711

+

15,120
11,842

-

14,506
11,391

+

14,438
12,782

15,264
12,508

14,408
11,888

13,015
11,705

+
+

13,623
12,583

+
-

15,182 +
14,977 +

17,305
15,814

+

17,138
16,086

16,594
15,399

rl6,011
16,113

16,347
15,433

+
+

16,982
15,467

8,981 +
9,272

Primary metals
Fabricated metal products

+

+

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"t not available.

The "r" indicates revised; "p",

l

Data are seasonally adjusted by the source agency.
Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.
2

AUGUST 1982



77

CYCLICAL INDICATORS
C

I DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued

Diffusion index components

1981

1982

December

February

January

March

April

July p

June

Ma/

966. INDEX OF INDUSTRIAL PRODUCTION
(1967 = 100)

143.4

140.7

142.9

141.7

140.2

139.2

(21)

(33)

(75)

(31)

(21)

(40)

Lumber and products.,
Furniture and fixtures ,

104.8
149.4

99.2
144.3

+
+

104.9
148.4

103.5
150.2

Clay, glass, and stone products,..
Primary metals

131.5
89.6

128.5
89.7

+

135.0
88.5

Fabricated metal products
Nonelectrical machinery,.,

126.1
167.4

120.7
160.9

+

Electrical machinery
Transportation equipment

170.7
103.7

Instruments
Miscellaneous manufactures .

All industrial production

Percent rising of 24 components *

138.2

138.1

(38)

(58)

Durable manufactures:

rlO6.2
151.8

111.0
151.2

111.5
150.0

(NA)
(NA)

131.5
83.0

127.0
r76.4

124.4
74.6

125.8
72.7

(NA)
73.1

121.4
160.0

121.1
157.3

119.1
153.7

116.0
150.2

114.8
145.9

114.9
142.1

168.2
96.6

172.9
102.0

172.6
104.4

rl72.2
105.9

170.5
110.0

171.3
111.7

171.4
114.0

166.8
147.9

162.2
144.9

164.5
144.5

163.0
145.3

162.8
144.6

163.5
143.6

164.1
140.8

163.3
1143.0

Foods
Tobacco products .

152.8
112.6

151.1
112.7

151.7
126.7

150.8
126.7

rl49.7
116.1

150.0
117.2

(NA)
(NA)

(NA)
(MA)

Textile mill products
Apparel products....

122.8
114.1

120.0
(NA)

125.8

126.0

126.3
(NA)

124.4
(NA)

123.4
(NA)

(NA)
(NA)

Paper and products . . . .
Printing and publishing ,

146.6
145.3

148.3
145.6

151.5
146.4

150.6
145.9

rl49.8
144.2

146.5
143.3

144.6
141.0

Chemicals and products
Petroleum products . . . .

199.8
128.3

196.7
123.3

201.3
119.5

200.
121.

rl98.6
rl20.8

194.0
121.8

192.2
125.9

Rubber and plastics products.
Leather and products

247.3
65.6

244.7
63.1

251.8
64.0

253.4
61.2

255.1
r60.6

255.1
61.2

257.5
60.4

Metal mining .
Coal

110.9
145.5

121.3
147.9

120.8
156.0

109.9
155.6

rlO8.8
146.2

90.6
149.2

71.4
144.4

(NA)
142.0

Oil and gas extraction , . .
Stone and earth minerals

150.5
115.7

151.5
115.8

146.6
120.5

141.4
121.6

rl37.7
119.6

133.4
117.3

129.4
118.7

127.0

+

+
+

+

Nondurable manufactures:

<NA)

(NA)

143.9
140.5
+

(NA)
128.1
(NA)
(NA)

Mining:

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; "pM,

1

Data are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

a

78



(NA)

AUGUST 1982

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE-Continued

0 1
Diffusion index components

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directionsof Change-Continued
1982

1981
December

February

January

March

April

May

June

August1

July

967. INDEX OF SPOT MARKET PRICES RAW INDUSTRIALS J
Rw industrials price index (1967 = 100) ....
a

-

264.2 -

-

(42)

(46)

Percent rising of 13 components

263.4

261.0

-

254.5

-

(38)

(35)

247.4 -

245.5

-

(35)

(31)

232.2

+

(23)

237.0 -

235.6

(62)

(50)

Dollars
0.565
1.246

-

0.530
1.168

+

0.534
1.177

-

0.530
1.168

-

0.427
0.941

+

0.465
1.025

-

0.458
1.010

0.168
0.370

0.175
0.386

-

0.160
0.353

-

0.152
0.335

-

0.150 0.331

0.142
0.313

+

0.146
0.322

+

0.166
0.366

+ 81.600 + 88.000
89.948 . 97.002

83.750
92.318

74.600
82.232

-

72.750
80.192

-

70.000
77.161

57.800
63.713

+ 59.000 o
65.036

59.000
65.036

5.284
11.649

-

0.368
0.811

+

0.388 +
0.855

0.398
0.877

0.238
0.260

-

0.236
0.258

+

0.240
0.262

Copper scrap

(pound).,
(kilogram)..

-

0.578
1.274

-

0.572
1.261

Lead scrap..

(pound).,
(kilogram)..

-

0.180 0.397

. .

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

....

.(pound)..
(kilogram)..

+

.(pound)..
(kilogram)..

-

0.451
0.994

(yard)..
(meter)..

-

(pound).,
(kilogram)..

Print cloth..

Steel scrap

-

5.658
5.280 +
11.640
12.474

7.120 +
7.200
15.697
15.873

+

7.280
16.049

6.080
13.404

-

5.830 +
12.853

5.842
12.879

-

+

0.436
0.961

0.402
0.886

-

0.362 o
0.798

0.362
0.798

0.229 +
0.250

0.233 o
0.255

0.233
0.255

+

0.235
0.257

+

0.244
0.267

0.242
0.265

-

0.553 +
1.219

0.577
1.272

-

0.571
1.259

+

0.598
1.318

+

0.618 +
1.362

0.625
1.378

-

0.613
1.351

+

0.659 1.453

0.618
1.362

(yard).,
(meter)..

-

0.734
0.803

0.710 0.776

0.700
0.766

-

0.693
0.758

-

0.650 0.711

0.630 0.689

0.626
0.685

-

0.588 0.643

0.545
0.596

Wool tops ..

(pound).,
(kilogram)..

o

3,600 7.937

3.580
7.892

-

3.520
7.760

-

3.460
7.628

-

3.412
7.522

-

3.400
7.496

0

3.400
7.496

o

3.400 o
7.496

3.400
7.496

Hides

(pound).,
(kilogram)..

+

0.584 +
1.287

0.590
1.301

0

0.590
1.301

-

0.584
1.287

-

0.545
1.202

+

0.558
1.230

-

0.526
1.160

+

0.541 +
1.193

0.542
1.195

Rosin

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

o

47.000 o 47.000
103.616
103.616

0

47.000
103.616

+

53.500
117.946

-

49.000
108.025

-

47.000
103,616

0

47.000
103,616

o

Rubber

(pound).,
(kilogram)..

+

0.484
1.067

-

0.483
1.065

-

0.470
1.036

+

0.471
1.038

-

0.460
1.014

-

0.458
1.010

0.463
1.021

+

0.468
1.032

Tallow

(pound).,
(kilogram)..

+

0.180
0.397

-

0.167
0.368

-

0.161
0.355

+

0.171
0.377

+

0.177
0.390

+

0.182
0.401

0.176
0.388

-

0.168
0.370

Tin
Zinc
Burlap ..
Cotton

-

0.433
0.955

+

+

-

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.

47.000 o 47.000
103.616
103.616
0.465
1.025
-

0.147
0.324

The "r" indicates revised; "p"

1

Average for August 3,.10, 17, and 24.
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.
3

AUGUST 1982



79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

i9
Year
and
quarter

b. Difference

(Ann rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
GNP in 1972

50. Gross national i >roduct in 1972 dollars

200. Gross national product in current dollars
a. Total

G P A D 'ERSONAL INCOME
N N

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann . rate
bil. dol.)

(Ann. rate,
bi . dol.)

213. Final sales
in 1972 dollars

Hnllarc
QOIIars

c. Percent
change at
annual rate

(Ann. rate,
dollars)

(Ann. rate,
bil dol.)

1979
1,459. 7
1,455. 4
1,481. 9
1,491. 6

2 335.5
2 377.9
2 ,454.8
2 502.9

53.9
42.4
76.9
48.1

9. 8
7. 5
13. 6
8. 1

1,472 .6
1,469 .2
1,486 .6
1,489 .3

4 .2
-3 .4
17 .4
2 .7

-0 .9
4 .8
0.7

2
2
2,
2

575.9
573.4
643.7
739.4

73.0
-2.5
70.3
95.7

12. 2
-0. 4
11. 4
15. 3

1,494 9
1,457 .8
1,463 .8
1,479 'A

5 .6
-37 .1
6 .0
15

1 *
-9 .6
1.6
4 .3

6,4i; J
6,42!
6,47; •

1,497. 5
1,460.' 3
1,472. 3
L485! 7

2
2
2
3

864.9
901.8
980.9
003.2

125.5
36.9
79.1
22.3

19. 6
5. 3
11. 4
3. 0

U507 .8
L,502 .2
1,510 .4
1,490 .1

28 .4
-5 .6
8.2
-20 .3

7.9
-1 .5
2.2
-5 .3

6,58: J
6,544\
6,56; J
6,45*I

1,505. 4
1,490. 1
1,493. 9
1,485. 3

2 995.5
041.2

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

-7.7
r45.7

-1. 0
r6. 2

1,470 .7
rl,475 .3

-19 .4
r4 .6

-5 .1
r l .3

6,36C)
r6,36>t

1,486. 1
rl,480. 6

.i

6,570
6,53^ i
6.59J

6,58f

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

6,59;j

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

D
Year
and
quarter

ia

GNP AND PERSONAL INCOME—Continued
230. Total in current
dollars

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

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1972
dollars

232. Durable goods
in current dollars

(Ann rate,
bit. 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

(Anr . rate,
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1979
1,587. 5
1,624. 0
1,674. 3
1,714. 9

1,011
1,011
1,019
1.02C

1,766. 9
1,781. 0
1,845. 5
1,902. 9

1,022
1,005
1,018
1,025

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

.1
.7
.8
.1

4 ,511
4 ,502
4 ,524
4 ,511

1 ,446 .3
1 , 4 7 6 !o
1 , 5 2 8 .3
1 , 5 7 8 .0

921 ,2
919 '.5
930 .9
938 .6

211.1
208! 7
217.3
216.6

148.
144! 9
149. 1
146. 3

.8
.5
.2
.7

4 ,511
4 ,423
4 ,466
4 ,487

1 , 6 1 8 .7
1 , 6 2 2 .2
1 ,682 .0
1 ,745 .8

937 .0
915 .8
928 .0
941 .0

220.8
199.0
212.7
224.7

145. 4
128. 9
134. 6
139. 5

1,958. 7
1,996. 5
2,060. 0
2,101. 4

1,035 .0
1,036 .6
1,048 .8
1,051 .9

4 ,519
4 ,516
4 ,557
4 ,559

1 , 7 9 9 .9
1 ,819 .4
1 ,868 .8
1 ,884 .5

951 .1
944 .6
951 .4
943 .4

236.9
230.4
241.2
229.6

145. 3
138. 6
142. 2
134. 1

2.117 1
r2*,154! 5

rl,056 .1

1,046 .9

4 527
r4 ,558

.. ,919 4
r l ,945 '.8

949 I
r953 IB

237.9

137. r

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981

5

NOTE: Series are seasonally adjusted except for those, indicated by ( § ) , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 4 1 .




AUGUST 1982

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

i

Q f

Q j GROSS PRIVATE

'ERSONAL CONSUMPTION EXPENDITURES—Continued

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1972
. dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

241. Total in
1972 dollars

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

DOMESTIC INVESTMENT
242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

569.3
586.0
609.3
635.5

349.9
349.2
353.4
359.8

666.0
681.3
701.7
725.9

422.8
425.4
428.5
432.6

415.1
428.3
431.9
416.8

241.5
241.3
237.2
225.3

401.9
420.2
419.4

228.6
227.6
232.4
227.6

650.6
656.7
673.7
700.5

357.8
352.7
353.7
359.0

747.3
766.6
795.6
820.6

433.9
434.3
439.7
442.5

424.0
391.0
384.1
410.3

222.7
201.9
199.2
209.6

424.6
391.4
405.3
428.0

225.3
204.4
207.8
215.9

720.6
729.6
741.3
746.5

361.6
361.7
363.0
363.1

842.4
859.4
886.3
908.3

444.2
444.3
446.2
446.2

455.7
475.5
486.0
468.9

221.6
229.5
233.4
218.9

443.5
450.9
454.2
455.7

219.2
217.4
216.9
214.1

749.1
r755.0

362.2
r364.6

932.4
r950.6

449.5
r451.2

414.8
r429.7

195.4
r201.0

450.4
r447.0

210.8
r206.3

393.5

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

• •
Wm

Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST—Con.

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

30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)

M l
260. Total in
current dollars

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal

263. Federal

Government in
current dollars

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.)

1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

21.5
26.4
11.8
-2.6

12.9
13.7
4.8
-2.3

456.9
464.5
478.5
497.6

276.4
276.8
278.8
281.2

164.4
163.2
168.0
177.8

101.0
101.9
103.4

292.5
301.2
310.5
319.8

177.8

-0.7
-0.4
-21.2
-17.7

-2.6
-2.5
-8.5
-6.2

519.2
536.0
538.5
559.8

284.7
286.9
283.4
283.2

189.6
198.8
193.3
207.0

106.4
109.1
105.5
104.8

329.6
337.2
345.2
352.8

178.3
177.8
177.9
178.4

12.2
24.6
31.8
13.2

2.4
12.1
16.5
4.8

578.1
583.2
600.2
626.3

286.8
283.9
286.4
291.3

217.0
218.2
230.0
250.5

107.9
107.0
110.7
116.0

361.1
365.0
370.1
375.7

179.0
176.9
175.7
175.3

-35.6
r-17.4

-15.4
r-5.3

630.1
r630.6

289.2
r284.7

249.7
r244.5

114.4
rlO9.8

380.4
r386.0

174.9
rl74.9

102.2

174.2
175.9
176.8

1980
First quarter . . . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

,

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

AUGUST 1982



81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

^ J

255. Constant
(1972) dollars

250. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dot.)

280. Compensation of
employee;;

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services

Year
and
quarter

• M
Wm

FOREIGN TRADE

(Ann. rate,
bil dol.)

(Ann. rate,
bit. dol.)

(Ann, rate,
bil dol.)

1979
17.2
9.1
16.1
10.5

33.4
31.5
39.8
44.2

256.1
268.2
290.6
310.5

138.8
140.4
149.2
156.4

238.9
259.1
274.5
300.0

105.4
109.0
109.4
112.2

1,907.4
1,941.3
1,993.6
2,024.5

1,406.5
1.434.9
1,477.6
1,513.6

....

14.0
24.2
39.0
23.5

50.5
53.2
53.1
45.6

335.7
337.3
337.2
346.7

164.4
161.2
155.9
155.1

321.7
313.1
298.2
323.2

113.9
108.0
102.8
109.6

2,079.7
2,067.2
2.122.3
2,199.2

1,555.2
1,571.7
1,(504.9
1,662.8

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

31.2
23.7
25.9
23.5

48.2
44.2
39.2
36.5

365.4
368.9
367.2
367.9

159.3
159.7
157.8
156.9

334.2
345.1
341.3
344.4

111.1
115.5
118.7
120.4

2,293.7
2,324.4
2,387.3
2,404.5

1,718.0
1,750.0
1,789.1
1,813.4

31.3
r35.1

36.9
r35.7

359.9
r365.3

r!54.0

151.7

328.6
r330.2

114.7
rll8.3

2,396.9
p2.425.1

1,830.8
rl,850.6

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....

1981

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

^ J
282. Proprietors'
income with inventory valuation and
capital consumption adjustments

Year
and
quarter

(Ann. rate,
bil. dol)

D

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 interest

(Ann. rate,
bil. dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil. dol.)

SAVING

295. Business
saving

292. Personal
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1979
First quarter
Second quarter
Third quarter
Fourth quarter

128.9
134.1
133.3
132.2

28.2
27.0
27.2
29.2

201.3
197.2
197.5
183.1

142.5
148.1
158.1
166.4

423.1
432.2
431.4
404.4

301.6
308.0
318.7
313.9

98.0
102.8
98.6
87.3

....

122.7
108.9
315.5

....

118.0

30.8
32.7
33.8
34.2

195.3
172.2
177.8
181.2

175.7
181.6
190.4
203.0

410.8
395.8
404.4
414.0

322.3
330.2
335.5
340.3

97.9
108.6
113.1
105.3

123.4
123.8
327.5
124.1

34.4
34.0
33.6
33.6

200.3
185.1
193.1
183.9

217.6
231.6
244.0
249.5

461.4
482.4
490.0
476.3

362.7
367.0
379.1
389.1

105.9
122.0
134.4
1158.6

116.4
rllS.l

33.9
34.2

157.1
pl54.9

258.7
r267.4

428.8
p444.9

381.2
p385.6

rl49,4

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter
1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

139.1

See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.

82



AUGUST 1982

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

SAV(NG—Continued

298. Government
surplus or deficit,
total

(Ann. rate,
bil. dol.)

Q |

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

SHARES OF GNP AND NATIONAL INCOME
Percent of gross national product

235. Personal consumption expenditures, total
(Percent)

(Percent)

248. Nonresidential
fixed investment

(Percent)

(Percent)

247. Change in
business inventories

251. Net exports of
goods and services

(Percent)

249. Residential
fixed investment

(Percent)

1979
22.2
20.1
12.9
2.1

6.2
6.3
5.9
5.1

61.9
62.1
62.3
63.0

11.9
11.9
12.2
12.1

5.0
5.0
5.0
4.7

0.5
-0.1

0.7
0.4
0.7
0.4

-10.6
-44.2
-45.9
-32.2

5.5
6.1
6.1
5.5

62.8
63.0
63.6
63.7

12.1
11.7
11.6
11.6

4.4
3.5
3.7
4.0

0.0
0.0
-0.8
-0.6

0.5
0.9
1.5
0.9

-8.3
-7.6
-24.5
-72.5

5.4
6.1
6.5
7.5

62.8
62.7
62.7
62.7

11.5
11.8
11.8
12.0

4.0
3.8
3.4
3.2

0.4
0.8
1.1
0.4

1.1
0.8
0.9
0.8

-91.6
p-90.1

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

6.6
r6.9

64.1
64.0

11.9
11.6

3.1
3.1

-1.2
-0.6

1.0
1.2

0.9
1.1

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q |

SHARES OF GNP AND NATIONAL INCOME-Continued

1

Year
and
quarter

Percent of national income

Percent of GNP—Continued

(Percent)

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

265. Federal Government purchases of
goods and services

(Percent)

283. Proprietors'
income with IVA
and CCAdj'

285. Rental income
of persons with
CCAdj'
(Percent)

(Percent)

287. Corporate
profits with IVA
and CCAdj>

289. Net interest

(Percent)

(Percent)

1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter

12.6
12.8

73.7
73.9
74.1
74.8

6.8
6.9
6.7
6.5

1.5
1.4
1.4
1.4

10.6
10.2
9.9
9.0

7.5
7.6
7.9
8.2

7.4
7.7
7.3
7.6

12.8
13.1
13.1
12.9

74.8
76.0
75.6
75.6

5.9
5.3
5.4
5.4

1.5
1.6
1.6
1.6

9.4
8.3
8.4
8.2

8.4
8.8
9.0
9.2

7.6
7.5
7.7
8.3

12.6
12.6
12.4
12.5

74.9
75.3
74.9
75.4

5.4
5.3
5.3
5.2

1.5
1.5
1.4
1.4

8.7
8.0
8.1
7.6

9.5
10.0
10.2
10.4

8.3
8.0

12.7
12.7

76.4
p76.3

4.9
p4.9

1.4
pi.4

6.6
p6.4

10.8
pll.O

7.0
6.9
6.8
7.1

12.5
12.7

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
2
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

AUGUST 1982



83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

1 9 PRICE
Implicit price deflator,

Year

Fixed-weighted price index,

gross national product

gross business product

310. Index

and
month

(1972 = 100)

310c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

311. Index

(1972 = 100)

311c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

MOVEMENTS

Consumer prices, food

Consumer prices, all terns
320. Index ®

320c. Change
over 1-month
spans'

320c. Change

322. Index

over 6-month
spans '

322c. Change
over 1-month
spans'

(Percent)

percent)

over S-month
spans'

(Ann. rate,

(Ann. rate,

(1967 = 100)

322c. Change

(1967 = 100)

(Percent)

percent)

1980

15.5
15.0
14.5

244.5
244.9
246,9

0.4
0.2

10.4

242.5
244.9
247.6

0.9
0.9
1.0

11.6
10.4
9.6

248.6
250.4
251.7

0.7

0.7
0.5

7.7
10.8
12.2

9.9

247.8
249.4
251 7

0.1

0.7
1.0

10.0
10.3
10.3

253.7
257.8
261.5

0.8
1.6
1.4

12.5
13.4
13.5

253.9
256.2
258.4

1.1
1.1
1.0

11.8
12.4
11.4

263.7
266.6
268.2

0.8
1.1
0.6

12.7
10.5

10.4

260.5
263.2
265.1

0.8
1.0
0.6

10.0
9.3
8.8

269.3
271.0
271.7

0.4
0.6
0.3

6.6
4.6
3.8

8.6

266.8
269.0
071 0

0.4
0.8
n 7

9.6
9.3
in a

272,3
272.6
273 2

0.2
0.1
02

4.3
4.1
49

9.3

274.4
276.5

1.1
0.8

10.5
9.8

i

1

Q 1

0.7
0.5
n 7

5.0
5.0

?7Q ^

275.0
276.5
070 0

A 7

7.4

279.9
280.7
281.5

0.4
0.5
0.4

7.2
6.0
3.2

279.0
279.3
279.5

0.3
0.1
0.1

4.8
4.9
2,8

4.4

282.5
283.4
283.1

0.3
0.2
-0 3

2.8
3.7
51

281.5
283.2
282 2

0.7
0.6
-0 4

2.9
4.4
5 6

r4.0

284.3
287.1
290.6

0.2
1.0
1.0

5.7

283.0
285.4
287.2

0.3
0.8
0.6

3.9

292.2

0.6

287.0

-0.1

March

10.1

April

183.4

176.5

My
a
June
July

9.6

180! 6

August

1871s

September

10.0

10.5

October
November

7.7
7.9
6.8

1.4
1.2
1.4

178.9

172.3

February

233.2
236.4
239.8

11.0

10.5

January

185.2

192! 3

December

0.8

a.o

1981

10.9

January

i9o!6

February

197ll

March
April

6.8

May

20^2

193^2

June
July

9.0

August
September
October
November

197^4

205^7

8.8
201! 6

209 .*4

December
1982
January
February

4.3
203^7

2iils

March
April
May

r4.9
r206.*i

June
July
August
September

r213.*9

October
November
December

See note on page 80.
Graphs of these series are shown on pages 48 and 49.
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.

84



AUGUST 1982

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

M R

Producer (Hices, industrial commodities

Producer prices, all commodities
Year
and
month

330. Index <g)

330c. Change
over 1-month
spansl @

(1967 = 100)

(Percent)

PRICE MOVEMENTS-Continued

330c. Change
over 6-month
spans' (u)

(Ann. rate,
percent)

335. Index ©

(1967 = 100)

335c. Change
over 1-month
spans1 <§)

(Percent)

Producer prices, crude materials

335c. Change
over 6-month
spansl (g)

(Ann. rate,
percent)

331. Index

(1967 = 100)

331c. Change
over 1-month
spans*

(Percent)

331c. Change
over 6-month
spansl

(Ann. rate,
percent)

1980
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

289.0
295.1
289.0

0.0
2.1
-2.1

0.5
0.9
0.1

April
May
June

262.8
264.2
265 6

0.3
0.5
0.5

12.5
10.7
9.9

271.3
271.9
273.5

1.0

0.2
0.6

12.3
9.5
7.7

283.2
287.5
289.2

-2.0
1.5
0.6

10.6
16.3
22.8

July
August
September

270.4
273.8
274 6

1.8
1.3
0 3

11.7
11.6
11 8

276.2
278.2
278.8

1.0
0.7
02

8.0
8.6
9.8

304.0
318.2
320.3

5.1
4.7
0.7

32.1
31.0
26.8

October
November
December

277.8
279.1
280 8

1.2

0.5
06

10.9
10.3
11 8

282.0
283.4
286.6

1.1
0.5
1 i

11.4
13.0
15 5

325.5
329.0
325.7

1.6
1.1
-1.0

17.2
8.9
5.1

January
February
March

284.8
287.6
290.3

1.4
1.0
0.9

11.5
11.0
10.2

291.5
295.7
299.6

1.7
1.4
1.3

15.8
15.6
13.3

329.1
332.1
328.4

1.0
0.9
-1.1

4.8
2.9
7.0

April

293.4
294.1

1.1
0.2

1.3
0.4

10.3
7.9
c o

333.2
333.7
336 9

1.5
0.2
1 0

5.2
1.4
0 0

1981

May
June .

8.2
6.2

303.5
304.7

1 o

one i

n 1

9QA Q

n o

July
August
September

296.2
296.4
295.7

0.5
0.1
-0.2

1.8
1.0
0.7

306.2
307.2
307.4

0.4
0.3
0.1

3.7
3.0
3.2

337.6
334.4
328.4

0.2
-0.9
-1.8

-6.2
-9.1
-13.4

October
November
December

296.1
295.5
295.8

0.1
-0.2
0.1

1.4
1.5
rl.6

309.0
309.3
310.0

0.5
0.1
0.2

3.7
2.9
2.4

322.7
318.1
313.6

-1.7
-1.4
-1.4

-10.5
-10.0
-8.2

298.3
298.6
r298.0

0.8
0.1
-0.2

1.2
2.1
2.4

311.8
311.6
311.0

0.6
-0.1
-0.2

5.8
0.1
0.5

319.3
317.3
r314.7

1.8
-0.6

-1.5
5.9
8.7

April
May
June

297.9
298.6
299.4

0.0
0.2

1.5

309.9
309.5
310.7

-0.4
-0.1
0.4

0.8

0.3

320.2
327.3
327.0

rl.7
2.2
-0.1

July
August
September

300.6

0.4

313.0

0.7

323.7

-1.0

1982
January
February
March

r-0.8

2.8

October
November
December

See note on page 80.
Graphs of these series are shown on page 48.
1

Changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

licit

AUGUST 1982




85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

H I

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-Continued

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 l

(Ann. rate,
percent)

334c. Change
over 1-month
spans'

334. Index

(1967-100)

334c. Change
over (i-month
spans'

(Percent)

(Ann. rate,
percent)

1980
January
February
March

267.1
272.0
273.9

2.5
1.8
0.7

15.0
14.3
14.2

228.2
230.0
232.1

1.4
0.8
0 9

13.1
12.2
11 9

235.9
239.4
242 1

1.7
1.5
1 1

15.6
12.9
13 1

April
May
June

274.2
276.0
278.5

0.1
0.7
0.9

10.8
9.0
8.5

235.6
236.3
238.1

1.5
0.3
0.8

11.4
11.9
10.5

243.5
244.4
246.6

0.6
0.4
0.9

13.2
12.9
10.8

281.1
284.0
285.3

0.9
1.0
0.5

10.2
10.7
11.0

240.9
243.3
244.0

1.2
1.0
0.3

11.0
11.6
11.0

251.0
254.4
254.8

1.8
1.4
0.2

11.3
12.0
10.8

287.9
290.4
293.4

0.9
0.9
1.0

11.7
10.4
11.7

248.2
249.6
250.9

1.7
0.6
0.5

11.0
10.7
11.7

256.9
258.7
259.6

0.8
0.7
0.3

9.5
8.2
10.5

January
February
March

297.1
298.4
301.5

1.3
0.4
1.0

11.6
10.8
9.4

253.8
256.0
257.9

1.2
0.9
0.7

9.9
10.2
10.8

262.7
264.6
267.8

1.2
0.7
1.2

10.8
9.4
9.8

April
May
June

304.1
305.7
306.9

0.9
0.5
0.4

7.5
7.7
5.6

260.2
262.0
264.1

0.9
0.7
0.8

9.5
9.1
7.8

270.4
270.6
272.0

1.0
0.1
0 5

7.9
6.7
4 6

July
August .
September

308.1
309.7
309.8

0.4
0.5

0.0

3.7
3.2
2.8

265.6
267.4
267.8

0.6
0.7
0.1

8.1
8.2
7.7

272.9
273.3
273.9

0.3
0.1
0.2

3.6
4.3
3.6

October
November
December

309.7
310.6
311 1

0.0
0.3
02

2.5
0.9
rO 2

270.5
272.5
274 1

1.0
0.7
0 6

7.5
5.2
r6 0

275.2
276.3
q

0.5
0.4
n9

4.1
3.6

312.0
311.1
r310.1

0.3
-0.3
r-0.3

-0.8
-1.2
-0.9

275.4
274.3
r275.7

0.5
-0.4
rO.5

4.5
3.9
4.3

278.5
278.2
r277.3

0.6
-0.1
r-0.3

\,2
0.2
2.0

April
May
June , . .

308.5
308.8
309.7

r-0.5
0.1
0.3

-0.6

276.5
277.7
279.9

rO.3
0.4
0.8

4.3

276.8
276.6
279.7

r-0.2
-0.1
1.1

2.0

July
August
September

311.0

0.4

281.2

0.5

281.3

0.6

July
August
September

.. .

October
November
December
1981

07c

1982
January
February
March

October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
1
Changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

86



AUGUST 1982

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

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

Average hourly earnings, production workers, private nonfarm economy, adjusted'
Year
and
month
340. Index

340c. Change
over 1-month
spans 2

Current-dollar compensation

Real earnings

Current-dollar earnings
340c. Change
over 6-month
spans 2

341. Index

341c. Change
over 1-month
spans 2

341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

345. Index

345c. Change
over 1-quarter
spans 2

(Percent)

(Ann. rate,
percent)

(1977=100)

(Percent)

1980

(1977=100)

(Ann. rate,
percent)

Revised3

(1977 = 100)

Revised3

January
February
March

121.7
122.7
124.1

0.3
0.9
1.1

9.4
9.5
9.6

94.4
94.0
93.8

-1.1
-0.4
-0.2

-5.1
-4.6
-4.2

125.9

April
May
June

124.6
125.8
127.0

0.5
0.9
1.0

10.2
9.9
8.8

93.3
93.4
93.4

-0.5
0.1
0.0

-1.2
-0.3
-0.8

129.0

July
August
September . . .

127.7
128.7
129.4

0.6
0.7
0.6

10.0
10.2
9.0

93.8
93.8
93.4

0.5
0.0
-0.5

0.0
-0.4
-1.6

132.3

October
November . . .
December . . .

130.7
132.0
132.6

1.0
1.0
0.4

9.6
9.8
9.9

93.3
93.2
92.7

-0.1
-0.2
-0.5

-2.2
-2.5
-1.4

135.4

January
February
March

133.7
134.8
135.7

0.8
0.8
0.6

9.1
8.6
8.9

92.8
92.7
92.7

0.2
-0.2
0.1

-0.6
-0.4
0.6

139.2

April
May
June

136.6
137.6
138.4

0.7
0.8
0.6

8.1
8.7
8.7

93.0
93.0
92.9

0.3
0.0
-0.1

-1.3
-0.3
-1.3

141.6

July
August
September . . .

139.1
140.5
141.4

0.5
1.1
0.6

8.1
8.0
7.6

92.2
92.5
92.1

-0.8
0.3
-0.4

-2.0
-1.4
-1.4

144.7

October
November . . .
December . . .

142.0
143.0
143.5

0.4
0.7
0.3

8.6
6.4
5.7

92.1
92.3
92.3

-0.1
0.3
-0.1

1.6
0.5
2.6

147.4

144.9
145.0
145.4

1.0
0.1
0.3

6.3
r6.6
r6.4

92.9
92.8
93.3

0.7
-0.2
0.6

3.7
r3.0
rl.5

146.3
rl47.7
rl48.0

0.6
0.9

P 5.3

0.4
-0.1
-0.8

p-0.3

r0.3

93.7
93.7
r93.0

July
August
September . .

p!48.7

p0.4

P92.8

Revised3

150.1

April
May
June

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

p-0.2

11.8

10.4

10.4
10.6
10.4

10.6

9.7
9.7

1981

11.8
9.4
6.9
8.9
9.2
7.8
7.5
p7.6

1982

January
February
March

7.7

p!52.3

P5.9

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
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.
3
See "New Features and Changes for This Issue," page iii.

AUGUST 1982



87

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

* ^ 9 WAGES AND PRODUCTIVITY—Continued

Negotiated wage and benefit
decisions, all industries (g)

Average hourly compensation, all employees,
nonfarm business sector-Continued
Year
and
month
346. Index

346c. Change
over 1-quarter
spans'

(1977-100)
1980

348. First year
average changes

Real compensation

Revised

January
February
March

2

(Ann. rate,
percent)

(Ann. rate,
percent)
Revised

346c. Change
over 4-quarter
spansl

2

Revised

April
May
June

(Ann. rate,
percent)

2

-i'.h

(1977=100)
2

6.7

-2*2

-2.5

370c. Change
over 1-quarter
spans'

370. Index

Revised

8.8

-4.1
96.4

(Ann. rate,
percent)

349. Average
changes over
life of
contract

e
Output D r hour, all persons , private
business sector
370c. Change
over 4-quarter
spansl

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised

2

0.6

7.4

(1977=100)
Revised 2

98.7

6!2

97!6

i!i

98! 4

99.2

Z.I

I06! 4

6!9

106! 6

-0:7

106! 6

P-6!4

-4.3
98.*2

-6!s

2!5

99*3

10.2

Revised

2

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

99! i

*:'

July
August
September

96*3

October
November
December

95*7

11.4

2.4

7.2

-6*6
-2.8

6!6

2.6
98.*9

8.5

6.1

2.0
99.' 3

1981
January
February
March

95*7

April
May
June

95! 7

July
August
September

95!i

October
November
December

95.*1

0.4

7.7

7.2

11.6

-0.1

10.8

-6!6
8.1

ioi!6

EM
11.0

-0.3

0.0

io6!7
10.5

-2.5

5.6
106! 7

•"I"

5.8

p6*7

ioo!2

1.1

-2.9

1982
January
February . . . .
March
April
May
June

4.3

rpl.9

rpl.2

pi.2
p96\4

-1.0

106*6

96* 1

P 2.1

pi.6

99*2
pi.2

pioo!3

P 9

^

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
l
Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed
on the middle month of the 3d quarter.
2
See "New Features and Changes for This Issue," page iii.




AUGUST X982

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q |

Civilian labor force
Year
and
month

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Labor force participation rates

448. Number em-

Number unemployed

441. Total

442. Employed

451. Males
20 years
and over

452, Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Percent)

(Percent)

(Percent)

37. Total

(Thous.)

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

ployed
part-time
for economic
reasons

(Thous.)

1980
January
February
March . . .

106,493
106,548
106,321

99,833
99,913
99,607

79.6
79.7
79.4

51.3
51.2
51.1

57.6
57.1
57.0

6,660
6,635
6,714

2,722
2,682
2,826

2,370
2,383
2,351

1,568
1,570
1,537

5,276
5,241
5,397

3,567
3,539
3,531

April
June

106,482
107,022
106,809

99,112
98,963
98,785

79.4
79.7
79.3

51.3
51.3
51.3

55.9
57.3
56.8

7,370
8,059
8,024

3,276
3,630
3,644

2,578
2,640
2,653

1,516
1,789
1,727

5,987
6,568
6,666

3,943
4,397
4,172

July
August
September

107,221
107,159
107,232

98,891
98,920
99,208

79.4
79.4
79.3

51.4
51.5
51.3

57.4
55.7
56.5

8,330
8,239
8,024

3,772
3,731
3,756

2,739
2,751
2,588

1,819
1,757
1,680

6,908
6,833
6,732

4,243
4,315
4 11?

October
November
December

107,437
107,600
107,531

99,328
99,534
99,632

79.3
79.3
79.2

51.4
51.5
51.4

56.6
56.2
56.1

8,109
8,066
7,899

3,607
3,595
3,476

2,784
2,767
2,783

1,718
1,704
1,640

6,709
6,747
6,617

4,236
4,222
4,191

January
February
March

107,923
108,034
108,364

99,901
100,069
100,406

79.1
79.0
79.2

51.7
51.8
52.0

56.6
56.5
56.2

8,022
7,965
7,958

3,461
3,433
3,410

2,804
2,763
2,787

1,757
1,769
1,761

6,611
6,537
6,553

4,451
4,227
4,290

April
May
June

108,777
109,293
108,434

100,878
101,045
100,430

79.2
79.6
78.9

52.1
52.4
52.3

57.0
56.6
53.9

7,899
8,248
8,004

3,337
3,595
3,497

2,796
2,871
2,824

1,766
1,782
1,683

6,442
6,631
6,577

4,200
4,264
4,033

July
August
September

108,688
108,818
108,494

100,864
100,840
100,258

78.9
78.9
78.8

52.3
52.2
51.8

54.5
55.1
55.1

7,824
7,978
8,236

3,298
3,459
3,569

2,872
2,825
2,918

1,654
1,694
1,749

6,365
6,400
6,757

4,374
4,350
4,656

October
November
December

109,012
109,272
109,184

100,343
100,172
99,613

78.8
78.8
79.0

52.3
52.4
52.2

54.8
55.0
54.0

8,669
9,100
9,571

3,851
4,105
4,543

3,017
3,109
3,175

1,801
1,886
1,853

7,204
7,545
8,127

5,009
5,026
5,288

January
February
March

108,879
109,165
109,346

99,581
99,590
99,492

78.5
78.5
78.5

52.1
52.2
52.4

54.2
54.6
53.8

9,298
9,575
9,854

4,322
4,351
4,548

3,104
3,286
3,435

1,872
1,938
1,870

7,805
7,897
8,355

5,071
5,563
5,717

April

May

109,648
110,666

June

110,191

99,340
100,117
99,764

78.7
79.1
78.8

52.4
52.8
53.0

54.3
55.7
52.4

10,307
10,549
10,427

4,742
4,904
5,031

3,586
3,608
3,554

1,979
2,037
1,842

8,601
8,717
8,873

5,834
5,763
5,444

July
August
September

110,522

99,732

78.8

53.2

53.1

10 790

5 088

3 684

C

? mR
,UIO

Q QAO
O ,
3tt

May

1981

1982

October
November
December

See note on page 80.
Graphs of these series are shown on page 5 1 .

AUGUST 1982




OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

DEFENSE INDICATORS

RECEIPTS AND EXPENDITURES

Federal Governmentl
Year
and
month

500. Surplus
or deficit

(Ann. rate,
oil. dol.)

Advance 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. dot.)

(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'
nev/ orders,
defence
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1980
January . .
February .
March . . .

-39.7

525.7

565.4

29.1

374.5

345.3

12,578
12,399
13,806

5,491
6,839
5,887

71,178
71,665
73,179

3,583
3,680
4,741

April . ,
May . .
June . .

-67.5

520.2

587.7

23.3

376.6

353.3

13,722
13,718
12,809

6,944
6,901
6,450

73,912
74,252
74,592

4,489
3,724
4,230

July
August . . ,
September ,

-73.1

542.4

615.4

27.1

389.3

362.2

12,677
13,728
13,552

6,211
7,188
6,893

74,870
75,133
76,745

5,839
4,128
5,483

October . .
November
December

-65.2

574.6

639.9

33.0

403.3

370.3

13,014
12,876
15,825

5,639
6,773
9,835

77,777
78,183
79,936

3,963
3,770
5,122

January
February
March

-39.7

620.0

659.7

31.3

410.0

378.6

14,808
15,741
15,560

7,155
7,514
7,590

82,087
83,608
84,883

4,341
15,340
4,198

April . ,
May . ,
June . .

-40.5

627.0

667.5

32.9

415.2

382.2

15,210
15,699
15,156

8,505
7,967
7,041

84,994
85,165
86,126

4,153
4,842
4,680

July
August
September , . .

-58.0

640.2

698.2

33.5

420.3

386.9

16,836
17,374
16,584

8,845
9,504
9,325

87,968
89,857
91,896

5,010
5,010
5,927

October
November . . .
December . . .

-101.7

625.7

727.4

29.1

421.5

392.4

12,892
15,674
19,805

4,466
9,817
9,049

91,354
92,575
93,827

4,109
5,003
5,644

-119.3

609.0

728.3

27.7

424.2

396.5

19,361
20,608
18,869

9,756
13,761
9,870

98,818
102,677
105,418

6,573
7,213
7,065

p-122.4

P613.6

r736.0

p32.3

p434.1

r401.9

20,793
rl7,786
pl7,503

10,518
9,657
14,296

108,428
108,841
109,654

r6,174
4,775
r5,437

(NA)

(NA)

(NA)

P4.639

1981

1982
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 52 and 53.
l
Based on national income and product accounts.

90



AUGUST 1982

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

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.)

(Mil. dol.)

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil. dot.)

(Thous.)

Defense Department
personnel
577. Military,
active duty <g)

578. Civilian,
direct hire
employment (§)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

(Ann. rate,
bil. dol.)

565. Federal
purchases as
a percent of
GNP

(Percent)

1980
January
February
March

97.2
97.6
97.4

8,448
8,504
8,849

48,917
49,594
51,293

10,900
10,652
11,358

2,829
3,003
3,042

1,346
1,352
1,358

2,029
2,032
2,033

964
965
966

April
May
June

97.6
97.4
97.7

9,012
9,177
9,319

52,708
53,276
54,378

11,188
11,061
11,537

3,074
3,157
3,127

1,360
1,364
1,365

2,028
2,031
2,034

969
975

July
August

97.9
97
98,

9,604
9,917
9,966

57,023
58,009
60,068

11,193
11,425
11,993

3,194
3,141
3,424

1,367
1,373
1,377

2,044
2,049
2,051

99.
1OO,
101.0

10,238
10,298
10,535

60,597
60,863
62,544

12,193
12,224
11,992

3,433
3,504
3,440

1,382
1,386
1,388

January . . . .
February . . .
March

100.9
100.5
100.7

10,918
11,154
11,406

63,458
65,143
65,468

12,639
12,932
12,619

3,427
3,655
3,873

April
May
June

101.5
102.0
101.7

11,627
11,760
12,155

65,852
66,940
67,758

12,833
13,433
13,264

July
August
September ..

102.6
102.8
103.0

12,163
12,217
12,492

68,799
69,711
71,650

October . . . .
November . .
December . .

104.5
105.3
107.0

12,618
12,962
13,154

105.2
106.5
107.0

April
May
June
July
August
September . .

126.8

4.9

130.0

5.1

990
973
971

130.5

4.9

2,053
2,056
2,051

971
972
973

138.1

5.0

1,391
1,388
1,390

2,056
2,061
2,062

973
972
974

143.1

5.0

3,768
3,754
3,863

1,393
1,393
1,394

2,060
2,064
2,070

980
990
1,008

150.5

5.2

13,889
13,809
14,014

3,968
4,099
3,988

1,394
1,396
1,396

2,082
2,084
2,083

1,023
1,017
984

154.4

5.2

71,701
72,560
73,919

14,227
14,548
15,298

4,057
4,145
4,285

1,391
1,384
1,389

2,090
2,097
2,093

998
1,006
1,009

166.9

5.6

13,334
13,598
13,857

76,490
79,329
81,905

14,152
14,689
15,075

4,002
4,374
4,490

1,385
1,378
1,376

2,104
2,109
2,107

1,008
1,013
1,018

166.2

5.5

rlO7,
rlO7,
rlO8.1

13,946
14,029
14,227

15,670
15,379
rl5,334

r4,271
4,669
r4,821

1,373
rl,369
pi,366

2,106
2,104
2,108

1,022
1,028
1,045

rl76.1

r5.8

plO9.O

(NA)

83,808
83,914
r84,530
p84,418

pl6,287

p4,748

(NA)

September ..,
October
November . .
December . .

1981

1982
January . . . .
February . . .
March

pi,051

October....
November . .
December . .
See note on page 80.
Graphs of these series are shown on pages 54 and 55.

AUGUST 1982



91

OTHER IMPORTANT ECONOMIC MEASURES

U.S. INTERNATIONAL TRANSACTIONS

MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil, do!.)

604. Exports of agricultural products

606. Exports of nonelectrical machinery

(Mil.dol)

(Mil.dol.)

612. General imports,
total

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

(Mil. do!.)

616. Imports of
automobiles and parts

(Mil. do.l)

1980
January
February
March

17,419
16,984
18,265

3,442
3,484
3,325

3,297
3,454
3,423

21,181
21,834
24,866

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

19,831
20,658
20,427

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

19,189
19,719
19,934

5,153
6,018
4,982

2,1139
2,270

October

19,217
18,715
19,251

3,485
3,464
3,838

4,117
3,968
3,819

20,327
19,856
21,427

5,876
6,051
6,254

2,189
2,314
1,897

January
February
March

18,902
19,788
21,278

4,295
3,977
4,201

4,058
4,155
4,352

22,616
21,916
21,029

7,359
8,018
5,992

2,264
1,742
2,125

April
May
June

19,786
18,899
19,750

3,604
3,708
3,256

4,311
4,160
4,388

22,249
21,232
22,005

6,919
6,329
6,521

2,042
2,299
2,257

July

19,289
19,031
19,551

3,089
3,202
3,563

4,567
6,207
4,559

20,114
23,242
21,274

5,400
6,335
5,709

2,108
2,635
1,943

19,163
19,153
18,885

3,735
3,442
3,220

4,338
4,366
4,005

23,077
22,508
19,746

6,123
6,483
4,636

2,464
2,239
2,164

January
February
March

18,737
18,704
18,602

3,258
3,590
3,225

4,346
4,054
3,997

22,829
19,090
20,349

6,810
4,396
4,290

2,389
2,135
2,596

April
May
June

17,843
18,218
18,822

3,400
3,527
3,332

3,932
3,957
4,211

17,387
20,558
21,310

3,560
4,027
4,823

2,264
2,896
1,798

July

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

November . . .
December . . .

1981

August
September . . .

October
November . , .
December . . .

1982

August

September . . .
October
November . . .
December . . .
See note on page 80.
Graphs of these series are shown on page 56.

92



AUGUST 1982

ltd)

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued

Q j

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted'

Goods and services
Year
and
month

668. Exports

667. Balance

(Mil.dol.)

(Mil.dol.)

669, Imports

(Mil. dol.)

622. Balance

(Mil.dol.)

618. Exports

(Mil.dol.)

Income on investments
620. Imports

(Mil.dol.)

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the United
States

{Mil.dol,)

1980
January
February
March . . .

37

85,277

85,240

-9,679

54,752

64,431

19,944

10,505

306

82,949

82,643

-6,520

55,843

62,363

16,016

10,268

July
August
September

4,824

85,385

80,561

-3,949

55,786

59,735

17,848

10,485

October
November
December

3,13i

88,491

85,360

-5,190

57,856

63,046

18,877

11,518

4,667

93,280

88,613

-4,312

60,683

64,995

20,528

12,405

April
May
June

2,909

94,389

91,480

-6,547

60,284

66,831

21,642

13,441

July
August
September

2,559

92,965

90,406

-7,845

57,694

65,539

22,048

13,865

October
November
December

943

92,259

9i,3ie

-9,i85

57,593

66,778

21,727

13,198

p3,170

p90,363

p87,i93

-6,059

55,6K)

61,669

p21,188

pl4,208

(NA)

(NA)

(NA)

p-5,117

p55,616

p60,733

(NA)

(NA)

April
May
June

1981
January
February
March

.

1982
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).

AUGUST 1982



9
3

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

INDUSTRIAL PRODUCTION

Year
and
month

47. United States,
index of industrial production

(1967-100)

721. OECD 1
European countries, index of
industrial
production

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1967 = 100)

(1967-100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

727. Italy, index
of industrial
production

(1967 = 100)

723. Canada,
index of industrial production

(1967-100)

1980
January
February
March

153.0
152.8
152.1

163
163
163

230.7
241.0
235.0

164
167
164

166
167
166

130
128
125

168.9
176.1
174.6

162.9
1161.9
164.8

April
May
June

148.2
143.8
141.4

163
158
159

238.2
235.7
234.4

164
161
160

167
160
160

124
124
124

176.1
162.3
167.4

160.8
158.4
158.1

July
August
September . . .

140
142
144

161
154
155

234.5
225.3
233.4

161
157
157

166
166
156

123
120
118

165.2
141.5
160.8

157.5
158.8
160.9

October
November . . .
December . . .

146.6
149.2
150.4

156
156
156

235.7
232.6
236.4

160
157
156

159
157
163

118
117
117

163.2
169.5
159.4

162.0
162.7
163.1

January
February
March

151.4
151.8
152.1

154
159
158

237.2
237.0
237.7

156
164
160

156
159
157

116
117
117

158.6
170.3
169.3

160.7
163.8
166.2

April
May
June

151,
152,
152,

156
156
155

238.0
235.2
240.7

160
160
156

156
159
160

117
116
118

168.4
158.0
159.8

166.2
168.4
169.8

July
August . . . .
September , .

153.9
153.6
151.6

156
152
156

243.1
240.7
245.6

157
157
160

157
157
160

117
117
118

164.2
137.2
164.1

165.9
163.0
160.6

October
November . . .
December . . ,

149.1
146.3
143.4

156
158
156

248.3
248.4
247.1

160
157
156

160
160
163

121
118
118

160.2
170.8
160.3

158.3
155.6
153.6

140.7
142.9
141.7

156
159
158

245.8
244.0
247.1

160
161
163

156
156
157

117
118
118

160.9
173.6
168.1

152.2
151.8
150.0

(NA)

p244.8
e238.2
e242.0

pl63
el62
(NA)

pl56
el59
(NA)

pll8
el20
(NA)

pl67.6
el67.1
el60.0

rl4786
rlSO.l
P145.9

(NA)

(NA)

1981

1982

January . . .
February
March
April
May
June

140.
rl39,
rl38.

July
August
September . . .

pl38.1

(NA)

October
November . . .
December . . .
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.

94



AUGUST 1982

licit

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q

United States
Year
and
month

320. Index ®

(1967 = 100)

Japan

320c. Change
over 6-month
spans'

(Ann. rate,
percent)

738. Index ®

CONSUMER PRICES

West Germany

738c. Change
over 6-month
spans'

735. Index ®

United Kingdom

France

735c. Change
over 6-month
spans'

736. Index ©

736c. Change
over 6-month
spans'

732. Index ®

732c. Change
over 6-month
spans'

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

1980
January
February
March

233.2
236.4
239.8

15 5
15.0
14 5

271.3
273.3
275.0

9.9
9.6
9.4

171.0
172.8
173.8

5.6
5.6
5.5

277.2
280.2
283.4

14.8
14.5
14.1

394.1
399.7
405 1

20.2
19.8
19.5

April
May
June

242 5
244.9
247.6

11.6
10.4
9.6

280 1
282.6
284.0

8.5
7.6
8.0

174,9
175.6
176.5

6.4
5.5
4.9

286.7
289.3
291.1

12.7
12.5
12.1

419.0
422.8
426.8

17.2
14.4
13.3

July
August
September

247.8
249.4
251.7

10.0
10.3
10.3

284.0
283.2
288,3

6.1
7.2
5.5

176.8
177.0
177.0

4.6
5.0
5.4

295.5
298.4
301.0

12.2
12.6
13.2

430.4
431.3
434.1

10.9
11.3
11.1

October
November
December

253.9
256.2
258.4

11.8
12.4
11.4

288.8
289.4
288,3

6.2
5.3
4.6

177.3
178.3
179.4

5.4
5.4
6.3

304.3
306.4
309.1

12.9
12.7
12.6

436.8
440.3
442.7

9.1
10.6
12.0

January
February
March

260.5
263.2
265 1

10.0
9.3
8.8

291.1
290.8
292 2

4.4
3.1
3.8

180.9
182.3
183 5

6.6
6.2
5.7

312.7
315.6
318.8

13.2
13.0
13.0

445.5
449.5
456 2

13.0
12.1
11.6

April
May
June

266.8
269.0
271.3

9.6

9.3
10.4

294.5
297.0
297,3

2.6
2.9
3.2

184.7
185.4
186.3

6.3
6.7
6.9

323.1
326.0
329.2

13.8
14.3
15.3

469.4
472.4
475.2

12.5
12.1
10.7

274.4
276.5
279.3

10.5
9.8
9.1

296.4
294.7
299.5

3.9
4.1
4.2

187.1
187.7
188.6

6.9
7.1
6.9

334.9
339.0
342.9

14.9
15.7
15.1

477.3
480.8
483.5

10.4
11.8
12.5

279.9
280.7
281.5

7.2

300.7
299.8
299.8

4.0
3.3
2.4

189.2
190.1
190.7

6.3
4.8
3.5

347.1
350.3
352.4

13.9
13.6
13.0

487.9
493.0
496.1

11.5
9.9
10.0

282.5
283.4
283.1

2.8
3.7

300.7
299.8
300.4

1.9
0.5
0.1

192.3
192.8
193.1

3.0
3.5
4.9

356.0
359.6
363.8

13.0
12.0
12.0

499.0
499.1
503.5

8.4
7.3
r6.0

284.3
287.1
290.6

5.7

302.9
303.8
303 8

(NA)

194.0
195.2
197.1

4.9

368.2
371.1
373.7

(NA)

513.6
517.3
r518 9

6.0

1981

July
August
September

. . .

October
November
December

6.0
3.2

1982
January
February
March

. .

Apri)
May
June
July
August
September

292.2

5.1

(NA)

197.6

(NA)

518.9

. ..

October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
l
Changes over 6-month spans are centered on the 4th month.

AUGUST 1982



9
5

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

STOCK PRICES

CONSUMER PRICES—Continued

Year
and
month

748. Japan,
index of
stock
prices (u)

746. France,
index of
stock
prices <§)

742. United
Kingdom,
index of
stock
prices (§)

747. Italy,
index of
stock
prices ©

index of
stock
prices (§)

over 6-month
spans'

745. West
Germany,
index of
stock
prices (g)

(Ann. rate,
percent)

(1967-100)

(1967-100)

(1967 = 100)

(1967-100)

(1967 = 100)

(1967-100)

(1967-100)

203.8
207.4
185.4

224.3
239.4
231.6

59.8
61.1
61.1

224.7
256.3
203.2

Canada

737. Index ® 737c. Change
over 6-month
spans l

733. Index @ 733c. Change

(1967 = 100)

(Ann. rate,
percent)

M l Canada,

19. United
States, index
of stock
prices, 500
common
stocks (u)

Italy

(1967 = 100)

1980
22.3
22.5
19.9

231.3
233,3
235.8

9.9
9.7
9.9

120.6
125.5
113.9

413.0

117
123
118

384.3
388.2
391.7

18.9
19.3
20.3

237.2
240.0
242.7

10.4
11.2
11.7

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,
403,
411,

20.0
21.4
22.7

244.5
246.8
249.0

12.2
12.5
12.4

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.
82.

240.0
232.3
233.5

October
November . . .
December . , .

418.
427,
432.5

20,
20,
20.3

251.2
254.3
255.8

13.6
13.1
13.2

141.7
147.6
145.2

447.5
447.8
443.5

120.6
117.2
116.3

218.0
215.2
206.6

267.4
277.5
267.6

93.
99.
96.0

223.3
235.2
219.9

January
February
March

440.7
449.1
455.4

20.1
20.1
19.3

259.1
261.7
265.2

13.1
12.2
13.2

144.6
139.7
144.9

457.9
458.2
467.3

115.3
114.0
116.3

191.
201,
209.

259,
269.

April
May
June

461.3
468.7
473.9

18.9
18.2
16.8

267.2
269.6
273.8

12,
12,
11.

146.2
143.3
143.9

494.6
502.8
515.2

122,
122,
126.1

197,
162,
152.3

293,
295,

July
August
September . . .

477.7
481.0
487.7

17.7
16.8
17.0

276.2
278.2
280.2

12,
12.
11.0

140.5
141.0
128.7

534.4
540.7
511.3

127.5
122.5
122.5

October

497.5
506.0
511.1

15.8
15.3
15.6

283.0
285.4
286.7

10.6
10.9
11.2

130.3
133.7
134.7

493.8
505.6
512.7

January
February
March

517.7
524.4
529.1

13.8
13.6
13.1

288.7
292.1
295.8

10.5
11.4
11.4

127.6
124.6
120.6

April
May
June

533.9
539.8
545.2

15.9

297.5
301.5
304.5

11.1

July
August
September . . .

553.4

January
February
March

367.9
374.3
378.2

April
May
June

420,
425,

1981

November . . ,
December . . .

110.0
122.1
125.9

223
218,
233,
232,
245,

289.0

132.4
135.9
123,5

168.9
177.4
176.5

284.8
298.6
278.9

99.1
-112,0
99.1

232.
231.
192.

118.8
118.0
117.7

163.9
169.2
170.7

259.5
278.0
284.2

91.2
93.8
96.9

190.
208.
201.2

518,
516,
486,

116.8
118.4
120.1

185.7
193.1
145.9

291.1
300.1
298.8

95.0
98.8
104.2

185.3
176.7
173.1

126.5
126.6
119.7

484.5
503.4
489.6

120.6
117.6
114.2

184.8
pl92.4
P182.6

303.2
315.4
314.6

96.7
91.0
83.1

171.2
168.4
153.8

119.0
pll8.3

rp485.9
P478.4

113.5
pll2.6

rpl80.0
P177.5

P309.9
p319.9

rp77.8
p83.5

rpH8.4
pl!56.O

273.2

242.9

1982

306.1

October
November . . .
December . . .
See note on page 80.
Graphs of these series are shown on page 59.
l

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

96



AUGUST 1982

ltd*

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.

Apr.

June

My
a

July

Oct.

Sept.

Aug.

Nov.

Dec.

IQ

II Q

6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES , IN CURRENT DOLLARS 1
(BILLIONS OF DOLLARS)
1948...
1949...
1950...
1951...
1952,,.
1953...
1954..,
1955...
1956...
1957...
1958...
1959...
1960.,.
1961...
1962...
1963...
1964...
1965,..
1966...
1967...
1968...
1969,..
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

7.46
7.14
7.56
15.46
11.06
14.45
9.99
13.48
15.72
15.16
12.94
15.68
15.54
14.09
17.46
18.19
20.40
22.12
25.51
24.70
27.41
29.26
27.92
29.85
32.32
40.52
45.56
41,06
45.55
56.56
63.77
78.91
83,62
82.53

7.50
7.08
7.62
1 1.08
1 1.06
1/
1.21
10.31
13.92
14.61
15.64
12.47
16.97
15.97
14,68
17.81
18.82
20,03
22,44
25.80
24.87
27,30
29.99
27.69
30.10
33.06
41.42
45.48
40.37
47.72
56.48
66.29
81.78
82.83
82.70

964. DIFFUSIO N INDEX 3F
1948..,
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960.,.
1961...
1962...
1963...
1964,..
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

66^7
73.8
40.5
66.7
42.9
77.1
31.4
38.6
54.3
70.0
28.6
37.1
57.1
62.9
80,0
54.3
48.6
48.6
48.6
54.3
50.0
57.1
57.1
57.1
60.0
54.3
64.3
47.1
38.2
52.9
70.6
41.2

8.00
6.16
8.35
13.84
12,94
13.69
10. 17
14.24
15.69
14.11
11.80
16.84
15.02
15.25
16.67
18.66
20.46
22.99
26.29
24.72
27.57
31.52
26.86
29.12
33,66
42.53
45.86
40.64
50.43
59.33
71.04
77.88
74.64
86.41

8.85
5.93
11.52
12.61
12.04
12.35
10.50
14.98
14.75
13.43
13.17
15.79
15.28
15.72
17.03
18.86
21.62
23.37
26.28
25.65
27.11
29.60
27.68
29.61
34.21
42.50
49.71
43.88
53.46
60.54
71.03
78.11
78.94
87.58

38.1
57.1
52.4
45.2
38.6
31.4
72.9
57.1
38.6

31.0
76.2
47.6
61.9
68.6
51.4
35.7
67.1
20.0

38.1
81.0
52.4
19.0
27.1
44.3
57.1
51,4
60.0

57.1
52.4
28.6
61.9
14.3
65.7
87.1
50.0
50.0

67.1
48.6
58.6
60.0
70.0
32.9
37.1
72.9
45.7
38.6
64.3
55.7
51.4
62.9
62.9
65.7
45.7
71.4
54.4
67.6
55.9
45.6
52.9

68.6
44.3
62.9
38.6
52.9
65.7
62.9
71.4
42 . 9
57.1
54.3
34.3
48.6
60.0
68.6
54.3
34.3
61.4
69.1
60.3
70.6
41.2
58.8

25.7
55.7
65.7
54.3
65.7
61 .4
55.7
40.0

48,6
40.0
62,9
57.1
61.4
60.0
42,9
50.0

67.1
45.7
68.6
47.1
51.4
60.0
67.1
62.9

28.6
95.2
47.6
66.7
77.1
77,1
45.7
25.7
41.4
54.3
55.7
42.9
44.3
48.6
70.0
68.6
61.4
47.1

48. 6
44.3
55.7
54.3
54. 3
62.9
38.6
65.7
80.0
57.1
55.9
85,3
38.2
19.1
64.7

61,4
47.1
37.1
57.1
60.0
54.3
62.9
74.3
51.4
62.9
63.2
52.9
64.7
38.2
52.9

68.6
54.3
42.9
51.4
47.1
60.0
42.9
48.6
47.1
52.9
55.9
52.9
35.3
50.0
50.0

37,1
51.4
45.7
51.4
55.7
54.3
54.3
57.1
80.0
70.0
47.1
50.0
42.6
76.5
47.1

100.0
47.6
42 . 9
52.4
55.7
88.6
34.3
25.7
61.4
78.6

100.0
50.0
26. 2
28.6
65.7
94.3
40.0
17.1
74. 3
68.6

8,34
6.77
12.00
11.98
11.85
9.99
12.64
15.74
14.84
12.96
14.13
15.77
14.54
16.32
17.82
18.98
20,43
23.85
25.99
25.74
30,04
30.13
25.43
30.00
36.67
44.41
45.78
43.33

7.95
7.12
10.95
11.55
11.95
9.94
11.14
15.74
15.78
13.58
15.34
14.73
14.72
17.01
17.70
18.90
20.84
24.54
25.64
26.39
29.03
29.71
26,12
31.25
37.87
46.10
45.47
44.35

7.72
7.00
11.88
11.18
12.89
9.96
12.60
16.42
15.73
12. 54
14.59
15.96
14.89
17.59
18.62
18,66
22.04
25.15
25.54
26.61
29.14
29.55
29.04
31.92
39.30
43.51
41,21
44. 27

22.78
20.89
23.04
44.18
34.93
42.00
30.02
42.36
45.37
45.94
37.91
49,30
46.72
43.26
52.32
56.02
60.18
67.32
78.14
73.95
83.61
89.33
83.04
89.74
98.59
124.79
136.22
119.67

24.91
17,93
26.97
39.97
36.80
40.47
30.21
43.59
45.91
42.92
37.30
49.72
45.76
46.51
50.32
55.85
61.68
68.19
79.05
77.42
82.29
90.46
82.68
87.16
102.37
128.24
143.54
121.80

26.15
19.70
37.52
34.77
36.46
32.95
32.64
45.76
47.26
41.10
40.37
46.
76
47.06
48.53
51.88
56.46
62.98
70.32
79.39
77.55
83.19
89.66
82.41
89.83
106.04
127.98
149.81
131.14

24,01
20.89
34.83
34.71
36.69
29.89
36.38
47.90
46,35
39.08
44,06
46.46
44.15
50.92
54.14
56. 54
63.31
73.54
77.17
80.74
88.21
89.39
80.59
93.17
113.84
134.02
132.46
131.95

61 .49
74.25
77.48
76.34
84.82

63.
21
75.46
79.32
81.81
84.46

64.46
78.32
78.05
83.08
77.19

64.22
79.57
78.16
82.89
78.59

67.28
77.90
78.36
84.98
76.42

171,72
198.54
244.43
245.42
249.09

180.43
214.42
238.31
215.40
260.72

185.24
220.74
234.91
237.09
256.86

195.96
235.79
234.57
250.95
232.20

19.0
33.3
81.0
64.3
32.9
58.6
68.6
75.7
35.7
48.6

54.3
68.6
55.7
48.6
41.4
45.7
57.1

85.7
31.0
23.8
66.7
47.1
57.1
40.0
40.0
52.9
57.1
84! 3
45.7
54.3
61.4
57.1
64.3
64.3
52.9

44.3
. 55.7
51.4
62.9
50.0
57.1
42.9

51 .4
42.9
41 .4
57.1
77.1
48.6
37.1
48.6
45.7
70,6
70.6
52.9
50.0
26.5

78,6
72.9
71.4
42,9
65.7
51.4
4S.7
51.4
54.3
61 .8
61.8
54.4
82.4
47.1

65.7
50,0
5.7
44.3
42.9
65.7
31.4
60.0
48.6
47.1
76.5
38.2
70.6
26.5

66.7
83,3
38.1
28.6
20.0
58.6
65.7
68.6
57.1
67.1

83.3
57.1
38.1
38.1
45.7
48.6
58.6
80.0
44.3
82.9
30.0
38.6
51.4
62.9
42.9
55.7
80.0
42.9
68.6
42.9
42.9
62.9
60.0
71.4
62.9
30.0
57.1
65.7
67.6
47.1
55.9
60.3
58.8

60.3
52.4
47.6
44.6
46,7
72.4
39.0
45.7
40.0
63.6
40.5
52.9
51.9
61.9
59.5
51.4
64.3

42.1
69.9
42.9
47.6
36.7
53.8
60.0
56.2
43.3
56.2
47.1
47.1
65,7
52.8
59.5
60.5
55.2
51.0

60.3
69.8
36.5
54.0
48.1
64. 3
50.5
44.8
50.5
59.5
55.2
47.6
55.7
55.2
58.6
58.1
57.1
52.4

51.6
58,7
50.8
53.2
46.2
59.5
57.6
64.8
31.4
56. 7
44.7
45.7
49.0
51.4
54.3
54.8
69.5
45.7

47.1
51.4
65.7
68.6
68.6
37.1
25.7
51.4
71.4
64.7
52.9
50.0
55.9
32.4

48.1
57.6
46.7
52.4
60.0
62.9
60.0
44.8
65.7
56.9
55.4
59.8
52.5
51.0

48.6
45.2
54.3
53.8
59.1
48.1
62.9
59.5
57.6
58.3
63.7
46.1
35.8
55.9

60.5
53.8
54.7
51.9
65,7
51.4
46.6
60.0
56.7
59.8
60.6
50.0
69.6
40.2

51.9
48.1
44.8
57.6
61.0
55.2
29.0
56.2
61.9
59.8
58.8
48.0
62.3
39.2

44. 3
48.6
68.6
81.4
91.4
78.6
97 .1
42.9
58.6

34. 3
67.1
60.0
70.0
92.9
88.6
91.4
44.3
71.4

34. 3
62.9
57.1
71.4
74.3
82.9
85,7
42.9
74.3

82.9
62.9
68.6
80.0
80.0
81.4
58.6
54.3

40.0
68.6
91.4
86.6
82.9
25.7
91.4
91.2
86.8
82.4
23.5
88.2

20.0
68.6
91.4
85.7
80.0
28.6
87.1
91.2
92.6
79.4
29.4
73.5

34.3
75.7
91.4
84.3
68.6
45.7
94.3
82.4
79.4
72.1
32.4
70.6

22.9
71 .4
85.7
80.0
65.7
62.9
80.0
82.4
79.4
67.6
47.1
50.0

revisions

beginning

with

95 . 2
95.2
26.6

90. 5
85.7
38.1

27.1
91.4
68.6
41.4
28.6
85.7
22.9
42.9
72.9
80.0
77.1
77.1
94.3
34.3
68.6
82.9
34.3
60.0
82.9
88.6
75,7
17.1
91.4
82.4
85.3
88.2
51.5
85.3
20.6

22.9
88.6
71.4
51 .4
25.7
94.3
34.3
61.4
91.4
77.1
80.0
80.0
97.1
40.0
71.4
91.4
22.9
60.0
94.3
91 .4
71.4
28,6
85. 7
85.3
100.0
88.2
44.1
79.4
14.7

52 . 4
100.0
9.5
57.1
5.7
91.4
80.0
51.4
14.3
77.1
71.4

66. 7
95.2
23.8
38.1
7.1
65.7
74.3
68.6
20.0
85,7
47.1

8.6
94.3
71.4
64.3
17.1
68.6
51.4

7.1
83.6
87.1
38.6
25.7
82.9
41.4

11.4
94.3
68.6
54.3
28.6
85.7
42.9

68.6
65.7
71.4
85.7
80.0
68.6
51.4
52.9

85.7
62.9
62.9
74.3
81.4
62.9
62.9
72.9

77.1
62.9
44.3
71.4
91.4
48.6
65.7
68.6

71 .4
60.0
62.9
80.0
82.9
31.4
80.0
74.3

71.4
68.6
77. 1
80.0
85.7
40.0
78.6
77.1

75,7
64.3
61.4
74.3
91/4
34.3
72.9
84.3

34.3
57.1
80.0
78.6
62.9
58.6
97.1
88.2
88.2
67.6
63.2
47.1

31.4
61.4
85.7
81.4
48.6
65.7
85.7
91.2
94 .1
64.7
44.1
35.3

50.0
68.6
80.0
72.9
42.9
80.0
85.7
94.1
88.2
61.8
45.6
32.4

62.9
80.0
88.6
62.9
31.4
77.1
80.0
91.2
82.4
55.9
64.7
20.6

57.1
82.9
82.9
68.6
34.3
74.3
82.9
85.3
70.6
76.5
73.5
20.6

54.3
77.1
83.6
80.0
17.1
80.0
73.5
91.2
85.3
64.7
85.3
29.4

1977.

3

This

series contains

revisions

beginning

with

1976.

97.85
79.41
122.36
153.63
144.88
145,31
129.25
179.61
184,89
169.04
159.64
192.24
163.69
189.22
208.66
224.87
248.15
279.37
313.75
309.66
337.30
358.84
326.72
359.90
420.84
515.03
562.03
504.56
616.77
733^5
869.49
952.22
948.66
998.87

AVERAGE FOR PERIOD

52.4
85.7
33.3
57.1
60.0
71.4
45.7
38.6
14.3
38.6
67.1
54.3
40.0
40.0
57.1
58.6
71.4
51 .4

85. 7
90.5
9.5

95 . 2
100.0
4.8

Annual

TOTAL FOR PERIOD

8,38
6.92
11.79
10.75
12.66
9.71
11,69
15.74
14.78
13.64
13.63
16.04
15.95
16.
30
17.82
18.93
21.15
23.74
27.25
25.63
28.64
30.67
27.83
30.66
36.91
42.95
48.93
43.94

57 .1
95.2
9.5

100.0
9.5
50.0
42.9
65.7
88.6
21.4
18.6
80.0
88.6

IV Q

8.92
6.85
14.21
11.41
11. 76
10.89
10.45
15.04
17.73
14.03
13.57
14.93
15.83
16.51
17.03
18.67
20.21
23.21
2 5.86
26. 27
27.44
29. 39
26.90
29.56
34.92
42.53
51. 17
43.32

VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS I N D U S T R I E S — 3 4 - 3 5 INDUSTRIES 2
(PERCENT RISING OVER 9-MONTH SPANS)

95.2
57.1
66. 7
47.6
44.3
85.7
68.6
45.7
51.4
94.3




8.85
5.75
9.39
12.88
13.00
13.20
10.29
14.84
15.06
14.23
13.30
16,86
15.52
15.80
16.76
18.20
20.63
22.76
26.76
26.74
27.41
29.14
28.02
29.29
34.29
42.72
48.66
40.52
51.44
61.56
71.77
79.89
71.29
86.91

VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS I N D U S T R I E S — 3 4 - 3 5 INDUSTRIES 1
(PERCENT RISING OVER 1-MONTH SPANS)

90.5
57.1
33. 3
66.7
34.3
94.3
64.3
37.1
31.4
91.4

'This series contains

8.06
6.02
9.23
13.25
10.86
13.58
9.75
14.51
15.16
14.58
12.20
16.02
15.22
15.46
16.89
18.99
20.59
22.44
26.00
25.96
27.31
29.80
27.80
28.75
34.42
42.99
49.02
40.64
51.08
59.54
71.61
80.54
69.47
87.40

52.4
57.1
31.0
57.1
28.6
65.7
67.1
28.6
60.0

964. DIFFUSION INDEX OF
1.948...
1949...
1950...
1951..,
1952..,
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966.
..
1967...
1968.
..
1969...
1970...
1971.. .
1972...
1973. ..
1974...
1975. ..
1976.. .
1977.
..
1978...
1979.
. .
1980...
1981...
1982...

7.82
6.67
7.86
14.64
12.81
13.34
9.72
14.96
15.04
15.14
12.50
16.65
15.21
14.49
17.05
19.01
19.75
22,76
26.83
24.38
28.90
30.08
27.43
29.79
33.21
42.85
45.18
38,24
49.72
58,68
68.48
83.74
78.97
83.86

lit Q

64.7
45.6
50.6
43.9
56.1
60.1
51,2
42,7
53,1
53,9
45.2
55.8
52.8
58.6
58.2
58,3
53.3
53.9
52.3
51.2
50.1
53.9
61.4
54.4
49.6
55.1
60.5
58.7
59.7
51.0
55.0
46.6

AVERAGE FOR PERIOD

95.2
53.9

io6!6
23.0

73.0
96.8
12.7

90.5
90. 5
25.4

55.6
44.8
89.5
55.7
36.2
48.1
88.1

25.7
74.3
87.6
37.6
16.7
77.1
76.2

7.6
82.9
77.6
57.2
20.9
79.1
46.6

20.5
91.4
69.5
49.0
27.6
88.6
33.4

95^6
28.8
51.6
27.3
73.3
81.1
49.9
25.4
73,2
61.1

37.6
59.5
61.9
74.3
66.2
83.4
91.4
43.4
68.1
67.6
31.4
71.0
91.4
86.2
77.2
33.3
90,9
88.3
86.3
78.0
28.4
77.4

41. 9
79.1
63.8
67.6
80.0
80.5
71.0
57.6
60.0
65.7
29.5
63.3
83.8
80.0
59.1
62.4
87.6
87.3
87.2
66.6
51.5
44. 1

36.7
73.3
63.8
61.4
77.1
86.7
40.0
74.8
73.3

47.1
80.0
73.8
72.8
77.1
94.3
36.2
71.0
86.2
30.5
58.1
84.8
89.5
75.7
20.9
85.7
80.4
92.2
87,2
53.4
83. 3
21.6

73^0
65.8
69.0
80.1
86.2
59.6
61.7
71.9
52.5
43^9
74.0
87.1
77.5
48.3
64.6
85.4
89,5
85.3
65.7
56,1
41.9

56.7
77,2
83.8
68.1
36.2
77.1
82.9
90.2
80.4
64.7
61.3
24.5

(AUGUST

1982)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

14.11
12.98
18.19
18.33
18.87
15.25
16.91
22,54
21.35
17.96
20,03
18.91
19.06
22.04
22.96
24.35
26.58
30.87
31.38
31.56
33.52
32.86
27.76
31.92
37.53
42.76
34.39
31.77
36.47
40.19
45.42
40.27
38.84
34.44

13.69
12.74
19.28
17.75
20.33
15.28
19.10
23.49
21.26
16.54
18.97
20.46
19.29
22.79
24.15
24.02
28.11
31.64
31.22
34.14
33,49
32.55
30.86
32.41
38.79
39.88
31.01
31.48
37.88
41.84
44.24
40.08
39.47
33.43

44,29
37.05
41.68
70.39
55.29
65.86
46.05
63.92
64.12
61.72
50.01
63.92
59.87
55.95
67.78
72.76
77.39
85.57
97.97
90.41
99.10
101.66
91.07
94.69
99.45
121.84
121.47
88.80
100.92
113.63
121.78
136.16
121.77
114.87

47.14
32.09
47.96
63.11
58.07
62.61
46.14
65.10
63.85
57.42
49.21
63.97
58.68
60.12
65.10
72.52
79.00
86.40
98.00
94.37
96.79
102.30
89.70
90.86
102.72
122.22
120,22
89.67
106.60
117.51
128.33
129.12
105.59
117.90

11.91
11.66
14.68
14.66
15.78
13.56
16.92
19.85
18.02
15.81
18.11
17.44
17.44
20.32
20.55
22.06
23.74
26.70
26.83
27.54
30.46
29.30
25.52
29.55
34.55
36.83
30.06
30.01
33.47
36.71
39.16
35.56
34.48
30.03

11.40
11.45
15.55
14.19
17.05
13.68
18.14
19.46
18.19
14.91
18.05
18.79
17.37
20.97
20,12
22.07
24.84
27.38
26.55
29.46
29.73
29.02
27,99
29.82
35.06
34.71
26.86
30.18
34.41
37.30
39.67
35.02
33.96
30,01

37.42
32.11
37.04
57.02
45.17
54.28
42.50
58.12
55.42
54.44
45.28
59.90
54.90
51.36
61.15
64.05
67.94
76.15
83.23
78.79
85.67
90.28
83.24
86.09
92.72
110.67
104.44
79.47
94.98
106.10
110.25
117.95
106.87
101.35

39.30
29.58
41.74
48.99
48.60
54.55
44.24
59.10
53.86
52.67
45.62
58.03
53.05
56.26
58.10
64.52
69.30
75.65
82.61
79.42
85.40
89.15
83.15
83,94
94.20
108.43
104.48
82.59
98.26
107.90
115.94
114,87
91.70
104.70

IQ

7. VALUE OF MANUFACTURERS' N W ORDERS, DURABLE UOODS INDUSTRIES, IN 1972 DOLLARS
E
(BILLIONS OF DOLLARS)
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972,,.
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

14.60
12,66
13.72
24.73
17,55
22.71
15.33
20.39
22.33
20.43
17.05
20,36
19.92
18.23
22.64
23.63
26.30
28.14
32.05
30,20
32.60
33.48
30.65
31.62
32.75
39.96
41.12
30.64
32.31
37.61
39.41
44.36
41.81
38.23

14.59
12.55
13.80
22.43
17.50
22.31
15.81
21.00
20.66
20.99
16.45
22.02
20.48
18.98
23.08
24.44
25.74
28.52
32.34
30,41
32.34
34.12
30.40
31.78
33.29
40.52
40.68
29.90
33.70
37.42
40.64
45.58
40.94
38.15

15.10
11.84
14.16
23.23
20.24
20.84
14.91
22.53
21.13
20.30
16,51
21.54
19.47
18.74
22.06
24.69
25.35
28.91
33.58
29.80
34.16
34.06
30.02
31.29
33.41
41.36
39.67
28.26
34.91
38.60
41,73
46.22
39.02
38.49

15.27
10.96
14.99
21.86
20.44
21.33
15.54
21.35
21.89
18.91
15.58
21.73
19.23
19.73
21.57
24.26
26.23
29.17
32.74
30.22
32.48
35.70
29.29
30.46
33.80
40.74
39.44
29.97
35.31
38.83
42.87
42.51
36.79
39.33

15.27
10.79
16.43
20.94
17.13
21.03
14.91
21.66
21.08
19.49
16.10
20.62
19.53
19.97
21.85
24,66
26.36
28.45
32.18
31.66
32.13
33.68
30.15
29.95
34.56
40.87
40.96
29.93
35.64
38.76
42.86
43.63
34.12
39.51

16.60
10.34
16.54
20.31
20.50
20.25
15.69
22.09
20.88
19.02
17.53
21.62
19.92
20.42
21.68
23.60
26.41
28.78
33.08
32.49
32.18
32.92
30.26
30.45
34.36
40.61
39.82
29.77
35.65
39.92
42.60
42.98
34.68
39.06

16.33
10.68
20.11
19.92
18.96
18.82
15.99
22.06
20.54
17.89
17.38
20.27
19.66
20.34
22.03
24.37
27.68
29.51
32.44
31.10
31.70
33.37
29.86
30.53
34.14
40.43
39.77
32.19
36.84
38.88
41.85
41.70
38.04
39.15

16.02
12.41
24,51
18.14
18.46
16.63
15.93
21.96
24.42
18.64
17,83
19.17
20.42
21.34
22.03
24.09
25.84
29.27
31.81
31.73
32.02
33.03
28.95
30.19
34.81
40.32
40.07
31.69
35.51
39.27
43.34
41.21
36.51
37.73

14.99
12.60
20.06
17.12
19.91
14.89
17.82
22.81
20.19
18.11
17.89
20,56
20.69
21.05
23.05
24.42
27.02
29.90
33.52
30.88
33.30
34.31
29.90
31.35
36.65
40.55
37.84
31.98
35.44
39.96
43.77
41.66
38.92
37.42

14.87
12,36
20.14
19.02
18.70
15.32
19.27
22.62
20.13
17.19
18.50
20.24
18.79
21.11
23.09
24.46
26.06
30.04
31.93
30.93
34.73
33.52
27.05
30.64
36.45
41.70
34.94
31.24
35,34
40.54
45.14
40.48
39.08
34.02

12.33
11.01
12.34
20.27
14.43
18.53
13.67
19.03
18.88
17.78
15.66
18.94
18.61
16.74
20.61
20.72
22.83
25.21
27.07
26.50
28.59
30.20
28.18
29.16
30.62
36.56
35.34
26.88
30.97
34.78
36.03
39.68
36.63
33.05

12.22
10.66
12.39
18.13
14.52
17.75
14.39
18,88
18.33
18.52
14.91
20.79
18.68
16.80
20.46
21.60
22.62
25.44
27.56
26.27
28.55
30.06
27.60
28.87
31.13
36.90
34.83
26.75
31.66
35.05
36.93
38.96
36.38
34.38
10.

1946...
1949...
1950...
1951,..
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968., .
1969...
1970...
1971...
1972. . .
1973...
1974...
1975...
1976. . .
1977...
1978...
1979...
1980,,.
1981...
1982...

1.50
1.31
1.60
3.43
2.51
2.84
2,20
2.50
3.35
3.65
2.77
3.09
3.27
3.48
3.62
3 .80
4.89
5.81
5.30
7.74
8.98
9.20
8.21
8.75
11.26
13.88
13.38
14.47
16.66
20.20
25.43
28.47
29.13

12.87
10.44
12.31
18.62
16.22
18.00
14.44
20.21
18.21
18.14
14.69
20.17
17.61
17.82
20.08
21.73
22.44
25.50
28.60
26.02
28.53
30.02
27.46
28.06
30.97
37.21
34.27
25.84
32.35
36.27
37.29
39.31
33.86
33.92

12.52
9.98
12.88
16.95
16.74
18.62
14.50
19.67
18.48
17.56
14.60
19.70
17.52
18.23
18.98
21.99
23.27
25.07
27.61
26.22
28.04
29.87
27.35
28.26
31.05
36.00
34.20
27.17
32.38
35.73
39.04
37.85
31.24
34.S9

12.90
10.03
14.37
16.28
14,74
18.13
14.50
19.52
17.90
17.48
15.06
19.09
17.62
18.75
19.76
21.54
22.97
25.19
27.41
26.45
28.64
29.55
27.60
27.96
31.26
36.34
35.30
27.48
32.84
35.78
38.64
38.89
30.28
35.09

13.88
9.57
14.49
15.76
17.12
17,80
15.24
19.91
17.48
17.63
15.96
19.24
17.91
19.28
19.36
20.99
23.06
25.39
27.59
26.75
28.72
29.73
28.20
27.72
31.89
36.09
34.98
27.94
33.04
36.39
36.26
38.13
30.18
35.02

13.65
10.24
18.05
15.67
16.09
17.62
14.57
20.28
17.59
16.93
16.42
18.91
18.06
18.62
20.01
21.80
23.94
26.01
27.08
26.76
28.22
30.36
27.30
28.52
31.62
35.89
33.94
29.60
33.29
35.89
37.84
37.03
31.97
34.65

13.46
11.86
20.21
14.31
15.71
15.39
15.00
19.67
17.84
17.13
16.79
17.84
18.03
19.40
20.22
21.13
23.20
25.48
27.18
27.96
27.53
29.66
27.02
28.21
32.76
35.75
33.30
29.58
32.71
36.40
38.76
36.82
32.38
33.12

12.71
11.96
15.96
13.73
16.58
13.77
15.78
19.35
17.38
17.19
17.26
18.60
18.30
19.22
20.42
21.28
24.40
25.21
27.09
26.81
29.38
30.18
27.40
28.32
33.32
35.69
32.11
29.94
32.37
36.52
38.21
36.77
33.75
32.81

12.30
11.17
16.11
15.21
15.72
13.32
15.97
19.13
17.95
16.46
17.21
17.97
17.66
19.29
20.58
22.09
23.03
25.66
27.36
26.40
29.97
30.28
25.51
28.70
33.70
36.24
31.15
30.16
31.75
36.17
38.90
36.13
34.78
30.72

4.93
6.28
5.69
7.81
9.33
8.86
8.94
9.23
11.95
14.27
12.45
14.15
16.61
22.43
27.22
25.74
25.57

1.66
1.41
1.74
3.19
2.59
2.64
1.91
3.15
3.28
3.52
2.66
3.73
3.27
3.25
3.65
3. 88
5.22
6.14
5.81
9.63
8.69
8.37
9.02
9.94
12.01
14.64
12.03
14.90
16.06
20.54
29.81
26.24
28.17

47.34
35.69
64.68
55.18
57.33
50.34
49.74
66.83
65.15
54.64
53,10
60.00
60.77
62.73
67.11
72.88
80.54
88.68
97.77
93.71
97.02
100,71
88,71
92.07
105.60
121.30
117.68
95.86
107.79
118.11
128.96
124.57
113.47
114.30

42,67
38.08
57,61
5S.10
57.90
45.85
55.28
68.65
62.74
51.69
57.50
59.61
57.14
65.94
70.20
72,83
80.75
92.55
94.53
96.63
101.74
98.93
85,67
94,97
112.77
124.34
100.34
94.49
109.69
122.57
134.80
120.83
117.39
101.89

39.82
34.06
54.22
43.71
48.38
46.78
45.35
59.30
52.81
51.25
50.47
55.35
54.39
57.24
60.65
64.21
71.54
76.70
81.35
81.53
85.13
90.20
81.72
85.05
97,70
107.33
99.35
89.12
98.37
108.81
114.81
110.62
98.10
100.58

35.61
34.28
46.34
44.06
48.55
40.56
51.03
58.44
54.16
47,18
53.37
54.20
52,47
60.58
61.25
66.22
71.61
79.74
80.74
83.40
90.16
88.60
79.02
88.07
103.31
107.78
88.07
90.35
99.63
110.18
117.73
106.71
103.22
90.76

Annual

181.44
142.91
211.93
243.78
228.59
224.66
197.21
264.50
255.86
225.47
209.82
247.50
236.46
244.74
270.19
290.99
317.68
353.20
388.27
375.12
394.65
403.60
355.15
372.59
420.54
489.70
459.71
368.82
425.00
471.82
513.87
510.68
458.22
448.96

152.15
130.03
179.34
193,78
190.70
196.17
183.12
234.96
216.25
205.54
194,74
227.48
214.31
225.44
241.15
259.00
280.39
308.24
327.93
323.14
346.36
358.23
327.13
343.15
387.93
434.21
396.34
341.53
391.24
432.99
458.73
450,15
399.89
397.39

TOTAL FOR PERIOD

1.84
1.21
1.74
3.21
2.56
2.88
1.96
2.93
3.40
3.15
2.69
3.35
3.52
3.27
3.85
3.98

1.59
1.25
2.16
4.36
2.39
2.76
2.00
2.80
3.56
3.29
2.72
3.46
3.51
3.22
3.68
4.36

1.84
1.37
2.09
2.98
2.69
2.16
2.05
2.99
3,60
3.13
2.85
3.54
3.41
3.41
3.61
3.99

1.68
1.26
2.53
2.84
2.76
2.66
2.15
2.97
3.43
3.06
2.75
3.61
3.41
3.49
3.65
3.96

1.60
1.36
3.20
2.73
2.48
2.23
2.15
3.15
3.41
3.13
3.13
3.22
3.41
3.67
3.66
4.07

1.S9
1.49
3.01
2.36
3.34
2.57
2.31
3.33
3.33
2.83
3.14
3.63
3.44
3.43
3.64
4.20

1.62
1.43
2.71
2.63
2.50
2.72
2.43
3.20
3.34
2.89
3.04
3.50
3.34
3.51
3.73
4.28

1.60
1.61
2.72
2.63
2.36
2.34
2.25
3.45
3.79
2.89
3.00
3,30
3.20
3.72
4.00
4.50

1.59
1.46
3.00
2.83
2.83
2.14
2.40
3.45
3.58
2.74
2.91
3.49
3.49
3.43
4.08
4.56

4.88
4.14
4.94
10.13
7.65
8.36
6.35
8.37
9.89
10.72
8.10
10.01
9.89
10.13
11.21
11.59

5.27
3.83
5.99
10.55
7.64
7.80
6.01
8.72
10.56
9.57
8.26
10.35
10.44
9.90
11.14
12.33

4.87
4.11
8,74
7.93
8,58
7.46
6.61
9.45
10,17
9.02
9,02
10.46
10.26
10.59
10.95
12.23

4.81
4.50
8.43
8.09
7.69
7.20
7.08
10.10
10.71
8.52
8.9S
10.29
10.03
10.66
11.81
13.34

5.25
6.41
5.70
7.97
9.93
8.00
8.89
9.81
12.16
13.93
13.77
14.81
17.46
20.56
27.48
26.23
30.61

5.18
6.34
5.88
7.32
9.35
8.10
8.65
10.79
12.85
15.34
14.34
13.66
19.14
22.89
24.74
23.46
28.07

5.10
6.21
6.11
7.24
8.85
7.80
9.73
9.39
12,73
14.17
14.15
15.97
18.83
21.22
26.29
25.34
28.70

5.27
6.64
6.05
8.30
8.83
8.15
3.00
10.47
13.04
16.64
13.24
17.16
16.84
22.97
26.62
27.09
28.21

5.08
6.22
6.26
8.39
8.75
7.72
8.88
9.69
13.11
15.12
14.63
15.32
18.92
24.17
25.36
26.52
27.95

5.49
6.79
6.09
7.77
9.93
7.94
9.39
11.07
13.02
15.61
12.53
16.55
20.29
24.91
26.36
26.75
27.92

5.51
6.20
6.19
9.29
8.84
7.04
8.49
10.65
14.41
14.94
12,52
16.98
18.34
26.26
26.29
26.74
26.24

5.45
6.14
6.22
7.98
8.61
8.11
9.25
10.98
14.55
13.52
12.76
16.23
18.86
25.33
28.14
27.61
27.71

5.82
6.14
6.40
8.75
8.95
8.90
9.54
11.21
13.90
14.71
12.04
16.49
20.96
22.78
27.63
28.70
26.81

15.04
18.23
16.60
25,18
27.00
26.43
26.17
27.92
35.22
42.79
37.86
43.52
49.33
63.17
82.46
80.45
82.87

15.53
18.96
17,69
22.53
28.13
23.90
27.27
29.99
37.74
43.44
42.26
44.44
55,43
64.67
78.51
75.03
87.38

15.84
19.65
18.40
24.46
27.51
23.81
26.27
31.23
39.17
47.37
40.40
49.03
56,05
72.05
78.34
80.36
84.08

16.78
18.48
18.81
26.02
26.60
24.05
27.28
32.84
42.86
43.17
37.32
49.70
58.16
76.37
82.06
83.05
80.76

NOTE: These series contain revisions beginning with 1977.




IV Q

TOTAL FOR PERIOD

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

1.72
1.42
1.60
3.51
2.55
2.88
2.24
2.72
3.26
3.55
2.67
3.19
3.35
3.40
3.94
3 .91

III Q

TOTAL FOR PERIOD

8 . VALUE OF MANUFACTURERS' N W ORDERS FOR CONSUMER GOODS AND MATERIALS IN 1972 DOLLARS
E
(BILLIONS OF DOLLARS)
1948..,
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959.,.
I960...
1961...
1962...
1963...
1964,..
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

| II Q

19.83
16.58
28.10
36.70
31.56
30.82
26.05
36.64
41.33
37.83
34.33
41.11
40.62
41.28
45.11
49.49
56.74
63.19
7S.32
71.70
98.19
109.24
98.19
106.99
121.98
1S4.99
176.77
157.84
186.69
218.97
276.26
321.37
31B.89
335.09

(AUGUST 1982)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

20. CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN 1972 DOLLARS
(BILLIONS OF DOLLAR 5)
1948...
1949...
1950..•
1951...
1952...
1953,•.
1954...
1955...
1956...
1957...
1958...
1959...
1960,..
1961...
1962...
1963...
1964...
1965...
1966...

3.17
2.54
3.16
5.85
4.22
4.78
3.60
4.07
5.11
5.14
3.81
4.19
4.37

3 A
2.76
3. 14

3.47
2.73
3.42

3.84
2.35
3.41

3.30
2.43
4.20

1.28

4.34

4.30

4.01

J.66
1.41
1.95
1.96
.67
.31
1.47

3 .12
5.09
4.94
4.92
3.65
5.08
4.35

3.19
4.76
5.08
4.37
3.68
4.55
4.72

3.27
4.52
5.26
4.57
3.72
4.66
4.72

4.85
5.06
6.22
6.40
7.49

.30
.21
.61
>.46
8,04

4.94
5.16
5.83
6.81
7.83

5.15
5.30
5.89
6.86
8.14

1968...
1969...
1970..•
1971...
1972...

9.17
10.46
10.14
8.58
8.86

9.24
10.69
9.71
9.28
9.34

11.34
9.93
9.15
9.27
10.04

9. 29
11.25
8.70
9.20
9.89

1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

12.84
10.13
10.48
11.45
12.98
15.36
16.20
15.10

13.07
9.39
10.30
11.34
14.31
16.15
13.68
12.69

13.12
9.03
10.58
10,96
13.18
18.70
14.00
14.17

12.45
10.23
10.77
11.85
13.12
16.01
13.89
15.19

4.94
5.86
6.34
6.78
7.98
7.18
8.63
10.68
8.72
8.90
10.86
12.38
13.27
10,64
9.77
12,92
14.57
14.32
12,64
14.09

24.
1948...
1949...
1950...
1951.,.
1952.
. .
1953...
1954.
..
1955...
1956...
1957...
1958...
1959...
1960...
1961.
..
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974,,.
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
27.
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965,..
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973..,
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
NOTE:

1.43
1.22
1.42
3.09
2.25
2.43
1.86
2.29

. 1.45
1. 21
1.43
2.92
2.30
2.29
1.56
2.62

2.96
2.16
2.70
2.83
2.76
3.27
3.29
3.52
4.06
5.25

6.74
6.85
7,18
6.81
7.28
9.49
12.26
11.94
11.25
14.19
16.55
21.28
25.43
25.06

6.71
7.99
7.09
7.36
8.05
10.04
12.51
10.83
11.62
13.80
17.74
23.82
23.18
21.86

2.83
2.21
3.06
2.78
2.76
2.92
3.34
3.77
4.40
5.17

1.62
1.02
1.49
2.88
2.22
2.41
1.65
2.30
2 .82
2.61
2.25
2.79
2.90
2.73
3.20
3.35
3.72
4.34
5.33

1.31
1.08
1.88
2.74
2.04
2.30
1.61
2.31
2.99
2.63
2.26
2.92
2.89
2.66
3.02
3.49
4.12
4.23
5.37

3.42
2.46
4.85
4.79
4.65

3.19
2.67
5.98
4,61
4.18

3.13
2.93
5.55
3.97
5.71

3.17
2.83
4.92
4.41
4. 23

3.11
3. 19
4.90
4.42
3.99

3.09
2.89
5.21
4.77
4.80

10. 28
8.03
9.72
17.22
12.84

10.94
7.46
11.66
17 .96
12.84

3.36
4.78
5.32
4.34
3.92
4.75
4.56
4.59
4.84
5.32
6.52
6.60
7.78
7.46
8.52
10.02
8.39
9.99
9.41
12.27
12.08
10.46
11.26
12.61
13.32
15.21
13.96
14.16

3.51
4.73
5.06
4.22
3.76
4.84
4.60
4.67
4.90
5.25
6.12
6.83
8.31
7.34
9.73
9.95
8.68
8.22
10.47
12.55
13.82
9.77
12.13
11.27
14.30
14.90
15.20
13.48

3.52
4.98
4.98
4.30
4.33
4.29
4.59
4.92
4.92
5.40
6.18
6.56
7.77
7.59
9.89
9.82
8.22
9.05
9.67
12.59
12.36
10.78
10.84
12.69
15.03
14.19
14.04
14.16

3.78
5.22
4.78
3.85
4.31
4.87
4.66
4.59
4.87
5.56
6.26
7.12
8.51
7.40
9.07
11.04
8.42
9.59
10.98
12.48
12.49
9.25
11.56
13.36
15.40
14.74
14.41
14.29

4.00
4.96
4.76
3.95
4.18
4, 70
4.52
4.70
4.97
5 .68
6.31
7.12
7.66
7.50
10,81
9,85
7.40
8.66
10.57
13.68
11 .73
9.16
11.84
12.15

3.69
5. 34
5.35
3.94
4.07
4.42
4.33
5.02
5.34
6.05
6.76
6.99
7.58
7.49
9.22
9.74
8.50
9.43
10.84
13.76
10.55
9.27
11.25
12.26

3,92
5. 29
5.04
3.75
3.94
4.66
4. 71
4.60
5,52
6.10
6.85
7.46
7.54
7.65
10,12
9.88
9. 29
9.70
11.00
13.05
11 .23
8.78
11.43
13.54

10.38
13.57
15.00
15.02
11.13
13.58
13.19
13.66
15,09
15.43
17.66
19.67
23.36
20.65
29.75
31.08
29.00
27.13
28.24
39.03
28.55
31.36
33.75

9,82
14.06
15.66
13,28
11.32
13.96
14.00
13. 33
14.93
16.48
18,75
20.24
2 3.90
21.61
26.44
31.95
25.81
28.09
30,16
36.37
37.80
31.33
31.80
37.38

9.74
8.06
16.38
13.37
14.54
12 . 23
10.81
14.93
14.82
12.37
12.40
14.00
13.85
14.18
14.69
16.21
18.56
20.51
24.59
22.33
28.69
30.81
25.32
26.86
31.12
37.62
38.67
29.80
34.53
37.32

14,85
13.94

16.07
14.32

15,59
15.66

50.21
43.88

45.54
40.49

43.83
43.65

8.43
7.44
6.77
7.38
8.37
10.40
12.97
10.30
11.69
14.02
17.46
25.79
23.36
24.46

7.27
8.88
6.28
7.22
8.19
10.80
12.61
11.16
12.37
14.57
18.51
22.16
23.74
25.69

6.06
7.64
6.80
7.21
9.12
10.96
12.58
10.83
12.46
14.83
19.02
22.54
21.15
24.49

1.57
1.13
1.81
2.56
2.23
1.90
1.65
2.47
3.02
2.53
2.28
3.00
2.87
2.81
2.97
3.33
4.23
4.38
5.31
5.03
5.93
7.51
6.35
8.17
7.94
10.53
12.42
10.58
12.49
15.86
18.72
23.28
22.21
24.04

1.38
1.06
2.22
2.46
2.36
2.09
1.75
2.43
2.77
2.52
2.29
3.03
2.78
2.94
3.00
3.36
3.90
4.46
5.57
5.13
6.99
7.42
6.68
6.68
8.89
11.00
14.34
11.36
14.08
14.76
19.09
22.56
24.28
24.66

4.14
4.63
4.85
5.93
6.15
7.04
6.21
7.82
7 .71
7.75
7.04
7.38
9.38
11.44
9,12
8.24
9.78
10.69
13.09
14.74
13.32

3 .57
2.77
3.27
6.13
3.53
4.31
4.48
4.77
3.37
4.17
4.26
4.16
4.95
4.99
5.28
6.04
7.68
6.56
7.76
8.98
7.62
7.S6
8.13
.9.88
11.60
8.26
8.54
9.45
11.37
14.31
12.48
11.06

1.38
1.26
2.64
2.11
2.20
1.88
1.94
2.57

1.39
1.19
2.40
2.40
2.19
1,80
1.93
2.64

1.40
1.25
2.37
2.38
1.97
1.78
1.83
2.77

1.43
1,20
2.68
2.37
2.19
1.76
1.95
2.87

4.16
3.56
4.17
9.07
6.73
7.29
5.20
7.00

2,56
2,46
2.79
2.78
3.08
2.99
3.47
3.94
4.34
5.20
5.24
6.65
7,49
6.36
7.12
8.30
10. 74
13.39
11.07
12.86
15.17
20.26
22.79
22.19
24,87

2.42
2.56
3.04
2.75
2.91
3.06
3.53
3.92
4.50
5.46
4.99
6.37
8.56
6.62
8.02
9.33
11.15
13.42
10.85
13.36
16.20
21.17
23.37
23.59
24.31

2,36
2.48
2,93
2.69
2.94
3. 11
3.54
4.01
4.63
5.36

2.33
2.58
2.74
2.60
3.04
3.34
3.45
4.06
4.72
5.15
5,12
6^73
7.66
6.79
7. 77
9.35
12.31
11.88
11 .45
13.31
16.45
22.26
2 3.98
23.70
24.37

2.16
2.47
2 .96
2.86
2.88
3.15
3.61
4.15
5.05
5.19
5 • 40
7'.27
7.20
7.48
8.15
9.56
12.11
11.61
10.72
14,10
17.17
20.02
24.04
25.22
22.13

8.75
6.65
8.38
8.34
8.26
9.25
9.84
11.23
12.59
15.21
21.88
22.28
21.04
21.55
23.70
29.93
37.74
33.07
34.56
42.01
51.75
70.89
71.97
71.38

4.50
3.23
5.18
8.18
6.49
6.61
4.91
7.08
8.83
7.77
6.79
8.71
8.66
8,20
9.19
10.17
12.07
12.95
16.01
14.69
19.26
24.03
19.43
22.60
25.25
32.29
37.61
32.57
37.32
45.26
56.25
67.98
67.10
74.22

7^68
7.29
6. 20
7.26
9.01
12.04
12.00
11.07
13.94
16.50
22.69
23.02
23.31
22.53




9.37
8.91
15,03
13.60
13,02
11 . 82
11.61
15.59
15.15
11.64
12.19
13.78
13.56
14. 32
15,83
17.83
19.92
21.57
22.78
2 2.64
30.15
29.47
25.19
27.79
32.41
40.49
33.51
27.21
34.52
37.95
46.34
46.51
43.92

40.33
32.46
52.79
62 .15
53.24
51.05
42.62
58.15
60.63
52,31
47.04
55.32
54.60
55 .49
60.54
65.95
74.89
81.99
94.63
87.23
115.03
123.31
105.32
109.87
121.93
148.99
149.01
116.89
132.21
146.40
172.55
186.09
171.94
168.81

4.12
3,45
7.67
6.92
6.63
5.81
5.43
7.59
8.45
7.50
7.31
8.86
8.31
8.93
9.05
10.36
11.76
13.30
16.23
15.36
20.01
23.47
19.66
21.82
26.52
32.89
41.15
33.28
40.30
46.13
60.52
68.72
70.06
73.84

4.22
3.64
7.45
7.15
6,35
5.34
5.71
8.28
9.16
6.85
7.53
8.63
8.15
8.86
9.60
10.60
12.22
14.40
15.70
15,56
21.68
22.15
20.47
23.18
27.92
36.46
35.49
33.24
41.35
50.12
64.97
71.04
72.23
69.03

17.00
13.88
24.47
31.32
26.20
25.05
21.25
29.95
34.39
30.87
28.28
34.58
33.46
34.25
37.09
40.97
47.28
53.24
63.15
59.46
82.83
91.93
80.60
89.15
103.39
131.57
151.99
132.16
153.53
183,52
233,49
278.63
281.36
288.47

TOTAL FOR PERIOD

3 .58
2.74
3.27
5.78

3.98
2.30
3.40
5.68

3 .22
2,45
4.29
5.40

3.82
2.58
4.11
5.04

3.32
2.41
4,97
4.84

3.19
2.58
6.15
4.64

3.19
2.89
5.69
4.15

3.18
2.74
5.07
4.72

3.20
2 .8a
4.96
4.68

3.24
2.77
5.41
4.66

10.34
8.07
9.58
17.99

11.02
7.33
11.80
16.12

2.95
4.90
4.70
4.54
3.45
4 . 71
4.20
4 • 16
4.41
5.07
5.66
6.55
7.54
6.61
9.74
8.34
7.27
7.52
8.45
10.17
11 .76
7.82
8,35
9.59
11.26
16.55
12.65
12.56

3.11
4.30
4.88
4.18
3,49
4. 28
4.36
4.13
4.82
5.08
5.56

3.05
4.32
5.12
4.20
3.51

3.12
4.59
5.15
4.04
3.54

3.32
4.49
4.73
4.01
3.56

4.74
4.80
4.05
3.82

4.63
4.73
3.80
3.99

4.74
4.76
3.69
3.86

4.94
5.25
3.64
4.00

3.69
5.09
5.00
3.38
3.82

4.36

4.34

4.20

4.20

4.16

4.55
5.28

4.49
5.02

4.53
5.06

4.52
5.23

4.63
5.31
5.86

7.74
6.68
8.36
9.93
6.71
7.40
8.25
10.44
11. 39
8.40
9.08
9.93
11.87
13.18
12. 74
13,05

7.76
6.81
6.94
8.54
7.23
7.38
9.17
10.61
11.10
8.18
8.94
10.08
12.22
13.17
11.57
12.53

7.64
7.01
6.78
8.36
6.74
8.35
7.94
10.21
10.73
7.95
8.87
10.66
11.83
13.64
12.54
12,14

7.99
7.14
7.97
8.21
7.02
6.83
8.89
10.64
12.10
8.46
10.01
9.91
12.02
12.81
13.93
11.94

7.44
7.28
7.57
8.28
6.70
7.22
8.28
10.41
11.09
8.29
9.14
10.25
12.78
12.89
12.09
12.83

7.79
6.93
7.22
9.38
6.95
8.16
9.26
10.77
10.91
8.08
9.36
10.73
13.26
13.24
12.98
12.75

4.07
4.45
4.69
5.33
6.00
6.84
7.60
6.98
8.68
7.99
6.46
7.38
8.95
11.55
9.63
8, 15
9.76
10.97
14.15
13.24
12.40
11.68

3.94
4.60
5.05
5.19
6.06
6.96
7.27
7.06
7.59
8.36
7.05
7.90
9.26
11.76
9.38
8,35
9, 25
10.73
13.59
14.04
12. 58
12.80

4.34
4.37
4.76
5.41
6.20
7.44
7.30
7.41
8.20
7.80
7.73
8.28
9.39
11 .46
9.03
7.86
9.81
11.15
12.22
13.84
14.12
11.98

9.86
13.15
14.00
14.11
10.38
12.93
12.58
12.46
13.99
14.91
16.87
18.74
22.26
19.38
25.32
25.03
22.64
22. 12
23.96
29.43
34.80
25.20
25.13
28.82
33.32
43.95
39.87
36.94

9.28
13.21
15.15
12.42
10.54
13.31
13.06
12.41
13.86
15.38
18.07
19.22
23.14
20.50
22,08
26.83
20.68
23.13
25.36
31.26
33.22
24.53
26.89
30.67
35.92
39.99
36.85
37.72

These series contain revisions beginning with 1977.

Annual

TOTAL FOR PERIOD

1.36
1.13
2.81
2.35
2.07
1,84
1.74
2,59

VALUE OF MANUFACTURERS' NEW ORDERS , CAPITAL GOODS INDUSTRIES, NONDEFENSE, IN 1972 DOLLARS
(E ILLIONS OF DOLLARS
3.19
2.56
3.04
6.08
4.30
5.07
3.38
3.94
4.82
4.80
3.56
4 .05
4,12

IV Q

TOTAL FOR PERIOD

3.80
2.68
4.05
5.02
4.53

VALUE OF MANUFACTURERS 1 NEW ORDERS , CAPITAL GOODS INDUSTRIES, NONDEFENSE, IN CURRENT DOLLARS
;)
(BILLIONS OF DOLLAR;
1.28
1.13
1.32
3.06
2.18
2.57
1.78
2.09
2.72
2.96
2.28
2.62
2.73
2.74
3.06
3.21
3.94
4.13
4.79

ill Q

9.70
7.88
16.81
13.63
13.08
11.08
10.31
13.86
14.26
11.86
11.37
13.39
12.56
13.53
13.68
15.60
17.58
19.66
23.22
21.35
22.76
25.87
20.67
22.21
26.43
31.82
34.10
24.83
28.51
30.89
38.06
38.94
39.00
37.52

9.62
8.39
15.44
14.06
12.55
10.13
10.83
14.77
15.01
10.71
11.68
13.04
12.35
13.42
14.50
15.93
18.26
21.24
22.17
21.45
24.47
24.15
21.24
23.56
27.60
34.77
28.04
24,36
28.82
32.8S
39.96
41.12
39.10
36.46

40.68 •
31.67
53.63
61.80
51.63
48.36
40.28
54.99
58.42
49.10
43.97
52.67
50.55
51.82
56.03
61.82
70.78
78.86
90.79
82.68
94.63
101.88
85,23
91.02
103.35
127.28
130.16
98.92
109.35
123.23
147.26
164.00
154.82
148.64
(AUGUST 1982)

99

C. Historical Data for Selected Series—Continued
Year

Jan.
36.

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1960...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979,..
1980...
1981...
1982.,.

Feb.

9.'is

36.

Apr.

My
a

-4.15
2.45
34.45
-2.11
4,91
-12.22
5.14
11.75
-2.96
-19.46
29.99
2,02
-3.70
12.01
12.43
7.66
15.47
26.95
7.24
6.98
15.07
-0.43
12.64
8.92
30.11
13.98
-48.17
10.92
13.99
18.29
16.63
-11.18
16.34

4.20
-4.38
7.80
36.43
14.90
-0.35
-19.33
16.00
-0.10
-5.78
-13.50
17.80
-10.67
-4.15
6.04
16.25
10.66
16.62
29.50
2.93
3.68
11.54
-1.82
9.14
1.81
32.23
14.63
-36.20
15.17
7.92
34.19
6.83
-2.68
-5.47

0.70

-8.40
5.58
33.5S
11.32
10.75
-15.66
-2.88
16.40
1.40
-12.16
17.51
-17.51
6.25
-12.50
10.42
11.76
2.76
19.69
9.05
8.40
13.13
7.48
-2.98
4,55
21,10
-4.56
-28.34
10.87
15.13
32.14
21.18
0.96
0.32

0.10
-3.71
19.52
32.26
2.04
4.81
-12.90
8.94
7.32
-3.01
-5.15
0.

-1.68
10.86
6.95
6.13
9.44
12.88
25.44
-0.07
10.58
12.58
-7.04
-4.90
12.66
28.49
16.99
-28.07
10.46
13.39
23.29
6.86
-15.94
17.44

1.60

-4.36
-7.03
21.65
11.10
13.66
-19.76
0.96
9.74
0.76
-13.58
9.56
6.08
-9.73
13.26
4.10
6.83
17.72
14.87
16.58
15.27
13.76
0.55
6.91
5.84
20.80
28.29
-22.50
5.46
8.68
16.32
25,44
-12.36
-6.28

July

Aug.

Sept.

Nov.

Dec.

-4.84
-7.82
19.75
11.46
3.38
-21.53
0.18
5.36
4.10
-10.60
7.51
2.99
-1.76
16.12
-3.13
7.49
19.34
12.52
13.56
16.08
14.34
-2.47
7.56
2.78
18.54
30.36
-20.36
-9.97
4.68
17.87
22.04
-16.58
-7.32
-2.51

-10.37
-12.86
10.10
12.24
7.49
-16.04
0.24
10.91
0.01
-6.24
12.78
11.81
-18.00
13.19
6.48
1.98
19.37
19.27
11.54
23.66
15.49
3.98
7.43
6.53
17.75
32.82
-22.06
-11.56
17.12
20.53
29.82
-14.02
-5.89
-20.09

Oct.

Q

11.62

-10.34
13.80
22.37
26.11
1,91
-15.31
15.84
5,24
-5.02
1.24
3,89
-4.07
4.21
3.96
1.74
15.11
13.10
27.35
1.58
3.77
14.63
6.26
-10.54
10.24
28.80
18.92
-19.76
22.67
8.93
14. 36
13.74
-26.63
17.27

10.00
0.49
10.48
19.36
6.52
-11.06
-15.22
9.92
17.05
-9.64
5.00
14.93
1.75
8.84
6.92
2.52
11.35
15.52
20.88
16.67
-9.37
15.19
1.78
-8.50
4.51
23.60
-5.70
-1.26
-1.64
9.38
9.96
11.27
-10.99
5.15

-9.19
1.78
44.28
12.46
-3.31
-18.29
-13.69
7.93
10.50
-3.47
0.28
6.64
-5.50
8.40
3.55
5.57
10.43
8.28
17.12
18.32
9.44
7.90
5.24
1.18
26.20
18.76
-15.84
5.45
-2.28
21.95
20.59
-3.11
-9.46
4.84

-4.69
9.41
18.91
3.66
13.13
-20.47
2,10
1.08
4.87
-1.70
13.44
9.98
2.47
8.66
9.96
6.88
29.60
4.56
14.33
6.04
14.69
15.84
-2.95
8.05
24.17
27.20
-4.18
-10.00
25.63
23.27
18.71
-22.76
-0.65
14.14

-4.93
-6.37
16.63
11.41
10.04
-23.26
2.30
14.03
-1.03
-24.02
4.90
12.67
-9.11
3.78
8.76
11.72
6.46
8.89
21.73
3.16
15.67
9.24
-6.65
6.37
17.48
25.74
-7.62
2.51
- 3 . SB
3.08
19.99
-1.70
4.27
-1.16

-1.90
-3.34
30.27
8.24
20.62
-17.68
1.85
10.45
-0.68
-15.01
14,47
2.84
-10.16
14.80
6.76
6.62
19.74
18.58
16.49
14.32
12.48
-2.14
11.88
7.49
25.60
24.22
-32.96
1.10
12.84
18.89
26.02
-13,06
-5.63

-0.78
1.82
37.10
6.42
19.56
-16.68
5.30
9.68
-2.82
-17.70
19.05
-1.07
-8.17
12.92
10.98
8.10
18.63
22.69
14.00
9.34
11.94
-2.77
13.02
7.72
29,94
18.46
-39.95
6.84
12.86
21.24
21.28
-10.27
-1.61
108.

III Q

AVERAGE FOR

0.22
5.26
41.49
6.86
18.26
-17.23
7.93
7.85
-3.79
-18.91
19.89
-4.82
-5.86
11.73
12.61
9.55
18.17
24.39
12.57
6.01
11.29
-3.74
13.30
6.94
32.35
15.42
-42.31
11.29
11.33
23.52
17.45
-8.38
-1.54

4.17
-7.48
12.97
29,40
13.16
5.82
-14,62
7.30
9.65
-2.21
-5.36
7.13
-7.75
7.11
-0.53
6.10
12.10
9.58
24.16
3.52
7.58
13.45
2.23
-6.14
9.15
26.13
10.45
-25.39
14.67
12.48
23.26
13.93
-13,87
11.68

-1.29
3.89
24.56
11.83
5.45
-16.61
-8.94
6.31
10.81
-4.94
6.24
10.52
-0.43
8.63
6.81
4.99
17.13
9.45
17.44
13.68
4.92
12.98
1.36
0.24
18.29
23.19
-8.57
-1.94
7.24
18.20
16.42
-4.87
-7.03
0.04

IV Q

Annual

PERIOD
- 6 . 71
-9.02
15.49
11.70
6.97
-20.28
0.91
10.10
1.03
-13.62
8.40
9.16
-9.62
11.03
4.04
7.06
15.06
13.56
15.61
14.57
15.17
3.58
2.78
5.23
17.92
29.64
-16.68
-6.34
6.07
13.83
23.95
-10.77
-2.98
-7.92

-3.10
14.57
23.61
8,11
-3.20
-9.97
7.91
7.33
-6.14
-2.41
11.67
-5,66
5.23
5.51
7.69
13.46
12.69
20.40
11.08
8.42
10.32
0.66
3.16
13.08
27.83
0.16
-18.99
9.82
13.96
21.79
3.94
-8.07
2.56

-2.71
5.27
38.16
7.45
11.68
-16,48
7.01
8.60
-3.12
-16.98
20.83
-6.77
-3.20
6.79
12.82
9.79
14.90
24.89
9.49
6.18
12.27
-1.00
9.78
6.02
30.08
11.72
-39.94
11.81
11.84
25.86
16.17
-6.34
1.09

-5.57
8.12
34.46
8.73
5.09
-15.85
6.72
8.61
-2.46
-12.65
16.77
-9.34
1,89
1.01
11.98
10.32
11.18
25.13
5.19
6.95
12,83
0.64
3.34
5,72
27.54
8.52
-34.22
12.24
12.2S
29.04
13.25
-5.09
3.91

AVERAGE FOR PERIOD

BILLIONS OF DOLLARS)
2 .93

5 . 70

-6.49
11.97
31.75
11.29
5.45
-15.29
7.33
8.76
-2.34
-7.81
9.45
-8.85
5.71
-0.18
8.52
11.36
10.17
24.52
3.74
7.57
12.93
0.89
-2.86
7.75
26.70
9.74
-28.13
13.42
12.32
26.57
12.78
-9.88
7.89

-6.00
13.78
27.03
12.36
2.19
-14.55
9.43
9.76
-4.05
-2.50
6.70
-4.54
7.54
2.71
4.78
12.04
11.71
24.36
4.79
4.62
13.79
1.28
-7.06
9.14
26.55
10.26
-20.88
12.58
11.52
19.57
12.28
-15.86
12.48

1.43
5 .69
-3.60
0.60
23.70
18.73
14.94
21.36
7.61
10.66
-5.30 -12.88
-14.61 -11.84
8.77
11.40
10.87
10.40
-5.49
-5.97
4.21
1.27
9.50
7.38
-1.52
-1.97
7.89
7.56
5.81
5.38
4.13
3.37
14.71
12.13
10.88
13.07
19.61
23.17
12.93
9.13
3.10
1.47
12.78
13.35
2.89
2.38
-2.86
-6.97
15.97
11.39
23.45
, 25.34
-4.72
4.60
-3.56
-10.78
6.74
8.37
15.81
11.99
15.70
15.42
1.22
8.96
-16.77 -11.36
8.56
11.19

-3.78
2.75
25.58
10.50
6.03
-18,64
-6.02
7.00
7.79
-7.33
6.22
10.14
-2.24
7.79
7.12
6.52
16.31
8.35
17.58
11.42
9.09
11.98
-0.05
2.72
20.46
23.54
-8.89
-1.31
6.91
17.15
18.09
-7.03
-4.49
6.99

-5.54
0.01
22.52
9.01
7.74
-21.21
-0.79
7.25
3.71
-10.92
7.41
9.16
-3.42
8.23
6,31
8.38
16.90
7.95
17.13
0.93
14.08
9,26
-1.07
5.47
21.34
25.83
-9.97
-3.25
7.75
15.42
20.01
-11.44
-1.59
4.72

-5.77
-5.30
16.96
10.27
7.91
-21.02
1.22
8.46
1.84
-12.86
8.51
6.85
-6.21
10.28
4.62
7.88
16.76
11.11
16.08
11.63
15.03
5.56
1.05
5.48
18.99
28.70
-13.70
-6.08
7.49
14.28
22.10
-12.22
-2.11
-2.22

-2!35
-2.05
29.67
8.59
17.95
-18.04
2.70
9.96
-0.91
-15.43
14.36
2.62
-9.35
13.66
7.28
7.18
18.70
18. 71
15.69
12.98
12.73
-1.45
10.60
7.02
25.45
23.66
-31.80
4.47
11.46
18.82
24.25
-11.90
-4.51

-4.92
8.45
34.79
9.16
7.41
-15.87
7.02
8.66
-2.64
-12,48
15.68
-8.32
1.47
2.54
11.11
10.49
12.00
24,85
6.14
6.90
12.68
0.18
3.42
6.50
28.11
9.99
-34.10
12.49
12.14
27.16
14.07
-7.10
4.30

1.048
1.014
1.101
1.190
1.205
1.223

1.051
1.019
1.138
1.193
1.215
1.216

1,027
1.019
1.096
1.185
1.198
1.223
1.190
1.295
1.332
1*307
1,311
1.322
1.206
1.267
1.228
1.219
1.221
1.246
1.248
1.262
1.298
1.343
1. 283
1.249
1.271
1.313
1,399
1.263
L.238
1.279
1.327
1.357
1.383

0.981
1.023
1.074

1.002
1.028
1.096

1.009
1.022
1,067

1.017
1.018
L.065

1.038
1.008
1.067

1.040
1.002
1,085

l!l77
1.218
1.203

l!l88
1,224
1.204

l!l88
1.229
1.196

1! 182
1.227
1.191

!l91
L.229
L.185

1.193
1.233
1.182

1.317
1.334
1.304
1.333
1.295
1.278
1.254
1.223
1.219
1.225
1.271
1,241
1.267
1.325
1.325
1.263
1.242
1.290
1.321
1.290
1.233
1.246
1.315
1.358
1.386

1.327
1.316
1.306
1.332
1.291
1.277
1.238
1.221
1.212
1.230
1.264
1.247
1.271
1.337
1.311
1.264
1.252
1.288
1.315
1.283
1.234
1.251
1.320
1.352
1.389

1.327
1.313
1.309
1.329
1.288
1.277
1.233
1.220
1.211
1.231
1.260
1.255
1.277
1.341
1. 301
1.257
1.260
1.286
1.304
1.276
1.234
1.257
1.322
1.354
1.383

1.327
1.299
1.317
1.338
1.284
1.276
1.230
1.224
1.213
1.231
1.257
1.258
1.284
1.371
1. 290
1.257
1.264
1.296
1.300
1.272
1.231
1,267
1.316
1.357
1.372

!2Q7
.329
.295
.316
.339
.284
.271
.228
.224
.220
.234
.249
.263
.291
.357
. 281
.256
.262
.309
.296
.264
.228
.267
1.317
1.353
1.373

1.338
1.290
1.317
1.334
1.289
1.269
1.229
1.222
1.221
1.241
1.246
1.265
1.295
1,351
1.298
1.234
1.260
1.315
1.306
1. 263
1,230
1.275
1.314
1.346
1.378

1.053
1.028
1.113

1.058
1.010
1.125

1.053
1.022
1.133

1.042
1.026
1.156

0.989
1.026
1.070

1.185
1.227
1.179

1.051
1.012
1.104
1,195
1.213
1.222
1.179

l!218
1.220
1.184

1.219
1.225
1.186

1.211
1.215
1.192

1.216
1.209

1.184
L.224

1.021
1.016
1.066
1.191
1.189
1.230

1.340
1.309
1.314
1.327
1.289
1.268
1.223
1.220
1.220
1.250
1.245
1.270
1.305
1.354
1 . 275
1.243
1.268
1.327
1.289
1.266
1.238
1,288
1.328
1.353
1.389

1.305
1.342
1.300
1.298
1.316
1.282
1.264
1.221
1.219
1.217
1.255
1.242
1.271
1.313
1.351
1.273
1.241
1.274
1.327
1,293
1.259
1.237
1.290
1.329
1.349
1.388

1.309
1.337
1.303
1.300
1.312
1.278
1.263
1.221
1.216
1.239
1.259
1.237
1.270
1.316
1.347
1. 266
1.234
1.285
1.329
1.292
1.253
1.239
1.291
1.330
1.356
1.394

1.321
1.336
1. 301
1.303
1.312
1.283
1.258
1.222
1.211
1,225
1.264
1.232
1.270
1.320
1.335

1.317
1.335
1.310
1.315
1.305
1.286
1.255
1.214
1.211
1.227
1.269
1.236
1. 268
1.320
1.327

1.272
L.324
L.321
L.306
L.331
L.291
L.277
L .242
L.221
L.214
L.229
L.265
L.248
L.272
L.334

1.288
1,331
1.295
1.317
1.337
1.286
1.272
1.229
1.223
1.218
1.235
1.251
1.262
1.290
1.360

1.300
1.340
1.304
1.304
1.310
1.283
1.265
1.222
1.218
1.225
1.255
1.241
1.270
1.311
1.351

1.320
1,334
1.308
1.316
1.303
1.285
1.255
1.219
1.213
1.227
1,266
1.236
1.268
1.321
1.328

1.245
1.293
1.335
1.297
1.246
1.246
1.300
1.339
1.364
1.390

1.249
1.296
1.325
1.291
1.247
1.248
1.304
1.346
1.365
1.381

1 .261
1.251
1.288
L.313
L.283
L.234
L.251
L.319
L.35S
1.386

1. 249
1.262
1.307
1.301
1.266
1.230
1.270
1.316
1.352
1.374

1.239
1.276
1.328
1.291
1.259
1.238
1.290
1.329
1.353
1.390

l'.246
1.294
1.329
1.292
1.244
1.249
1.306
1.345
1.369
1.380

NOTE: These series contain revisions beginning with 1977.
'This series 1s a weighted 4-term moving average (with weights 1,2,2,1) plaiced on the terminal month of the span.




-5.03
-0.85
21.69
9.93
7.23
-20.29
-1.86
7.57
4.45
-10.37
7.38
9.38
-3.96
8.77
6.02
7.59
16.68
9.14
16.93
10.66
12.73
8,93
-0.02
4.56
20.26
26.02
-10.85
-3.55
7.38
15.62
20.07
-10.23 '
-2.73
3.16

-2.78
11.51
23.88
8.80
-0.07
=12.36
6.79
8.35
-4.77
-4.88
11.82
-3.08
2.14
6.71
7.52
11.83
12.95
20.72
10.36
0.92
11.91
0.22
3.24
11.49
26.17
6.54
-20.30
8.39
13.08
20.73
a.39
-9.10
3.42

AVERAGE FOR PERIOD

0.983
1.027
1.065

100

4.27
-3.00
18,74
21.11
10.21
-5.33
-13.67
9.87
10.34
-5.17
0.99
7.86
-2.68
7.66
4.63
4.09
12.96
11,89
22,38
8.95
3.06
13.31
2.18
-5.63
12.17
25.11
3.38
-11.74
9.23
13.11
16.90
7.49
-14.66
10.74

RATIO, PERSONAL INCOME TO MONEY SUPPLY M2

(RATIO)
1948...
1949...
1950...
1951
1952!.'!
1953...
1954...
1955.
1956!!!
1957...
1958...
1959...
1960.. .
1961..,
1962,,.
1963.,.
1964...
1965...
1966.. .
1967...
1968...
1969...
1970...
1971...
1972...
1973. . .
1974. . .
1975...
1976...
1977...
1978...
1979. . .
1980...
1981...
1982...

II Q

NET CHANGE IN INVENTORIES ON HAND \ND ON ORDER IN 1972 DOLLARS, SMOOTHED DATA1
(ANNUAL RATE,

1948...
1949...
1950,..
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

June

TOT CHANGE IN INVENTORIES ON HAND AND ON ORDER IM 1972 DOLLARS, MONTHLY DATA
(ANNUAL RATE, BILLIONS OF DOLLARS)
-0.44

5.54
53.60
7.80
50.21
-20.14
2,65
11.89
-2.63
-23.77
11.87
-5.81
-9.74
17.14
9,14
10.32
22.43
16.72
27.53
7.38
7.25
-8.96
18.12
10.08
34.72
17.66
-42.55
7.79
12.07
18,07
28,90
-11.29
-15.50

Mar.

1.265
l!322
1.332
1.313
1.331
1. 291
1.286
1.251
1.221
1.217
1.228
1.264
1.240
1.265
1.322
1.322
1,261
1.245
1.293
1.328
1.287
1.240
1.252
1.313
1.351
1. 378
1.370

(AUGUST 1982)

C. Historical Data for Selected Series—Continued
Year

IQ

ll Q

IV Q

III Q

34 . NET CASH FLOW, CORPORATE, IN CURRENT DOLLARS 1
(ANNUAL RATE, BILLIONS OF DOLLARS)
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
62.1
69.1
68.9
73.4
78 4
74.5
81,6
97 2
118.9
131.8
125.5
159 6
179 .0
204.7
244. 5
272.5
279.0

1948...
1949
1950...
1951,..
1952,..
1953...
1954...
1955...
1956.
..
1957...
1958 ..
1959...
1960...
1961
1962
1963
1964
1965,..
1966.
..
1967...
1968...
1969
1970...
1971.
. .
1972
1973...
1974,.1975
1976
1977
1978
1979
1980...
1981
1982...
49.

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
412 8
451 6
459.5
471.4
495 6
487 2
497 3
508 4
570. 7
566 2
530 0
581.3
612 .9
636 9
681 4
682 5
692 8

1973
1974
1975
1976
1977 ..
1978
1979
1980
1981
1982...

1948
1949...
1950
1951
1952
1953 .,
1954 ..
1955
1956...
1957
1958
1959
1960
1961
1962
1964
1965
1966...
1967...
1968...
1969
1970
1971
1972
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980.
..
1981...
1982...

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
67.3
71.7
75,1
77.7
76 7
75.3
92.2
108.8
127.6
136 . 1
155.9
164 4
199.1
240.7
260.7
269.7
277.5

23.5
19.8
27.5
21.8
22.7
26.3
27.5
35.1
34.5
36.1
34.1
39.4
38.8
40 .8
47 4
51.1
56.4
65.0
71.1
71.3
75.5
77 2
76.6
89.3
102.5
123,3
143,4
147.8

161 9
197 .9
228.2
262 .8
262.8
276.5

VALUE OF GOODS OUTPUT IN L972 DOLLARS 2
(ANNUAL RATE, BILLIONS OF DOLLARS)

1948
1949
1950
1951...
1952
1953
1954
1955
1956
1957
1958
1959...
1960
1961...
1962
1963
1964
1965
1966
1967...
1968 ..
1969
1970
1971

651.

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
64.0
70.4
69.3
75.0
77 9
75.2
84.6
101.0
123,3
135.8
131.5
159 9
189.6
221,4
252 .6
247.5
267.7

243 5
239 4
255. 7
281.4
286 4
310. 2
287.0
315.1
32L 0
322 .8
303 .6
337.5
338.3
335.1
360 .1
369 4
392.6
415 5
453 3
461.6
482.9
496 8
489 2
494 1
526 3
568. 7
567 8
540 2
587 .0
625.2
662 2
671 9
658 2
689 8

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
423. 9
456 8
464.5
489.7
498 3
492 7
497. 2
536 0
568.4
564 4
558 6
589.0
636.9
666 4
678 7
659 5
697 2

807
942
1 092
1 490
1 689
1 953
1,857
1,875
2,430
2 673
3 030
3 198
3 576
5,187
7,104
6,002
7,371
7,999
9,704
14,929
16,016
21,642

846
997
1, 084
1 531
1, 739
1, 853
1,873
2,075
2,402
2, 794
2 977
3 156
3 803
5,913
7,123
6, 352
7,429
8,337
10,465
17,445
17,848
22,048

This series contains revisions beginning with 1977.
contains revisions beginning with 1978.




Year

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
64.6
70.5
71.2
75.4
77 5
75,4
86.9
102.4
123.3
136.8
140.2
161 4
191.4
223.8
255.1
263.1
275.2

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
422.6
456.4
463.4
483.1
496 .0
486.9
497.2
529 6
572.3
562.5
547.4
587.2
628.1
662 .0
677.7
667.9
689.5

2.248
2.383
2.431
2.784
2.816
2.919
2.857
2.959
3.097
3.270
3.265
3 .400
3.598
3.561
3.770
3.875
4.016
4.111
4.309
4.464
4.506
4.574
4.687
4.783
4.867
5.041
5.170
5.313
5.681
5.817
5.977
6.392
6. 538
6.811

1948'. . . .
1949....
1950,...
1951
1952
1953....
1954
1955....
1956....
1957
1958....
1959
.
1960....
1961....
1962....
1963..,.
1964,...
1965.
. .,
1966....
1967
1968....
1969,...
1970.
. ..
1971....
1972....
1973
1974....
1975....
1976
1977...,
1978...,
1979....
1980....
1981....
1982
652.

892
1 032
1, 245
1 604
1 677
1, 733
1,959
2,181
2,346
2 875
2 773
3 340
3 933
6,080
6,464
6,884
7,455
8,129
12,465
18,284
18,877
21,727

II Q

III Q

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
85.3
91.3
87.0
90.6
90.2
82.6
88.1
101.5
119.7
120.7
100.3
115.7
129.8
140.9
148. 3
132.6
132.0

IV Q

2.337
2.347
2.479
2.825
2.795
2.927
2.848
3.002
3.132
3.286
3.257
3.470
3.598
3.611
3.802
3.896
4.043
4.167
4.330
4.445
4.564
4.618
4.706
4.761
4.907
5.072
5.258
5.363
5.675
5.902
6.155
6.350
6.583
6.744

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
88.6
91.1
92.4
91.7
86.0
80.2
93.9
108.0
120.1
110.0
115.1
115.5
131.0
147.1
146.4
139.1
131.8

This series contains revisions beginning with 1973.

282
245
271
371
437
487
566
679
784
1,004
1,422
1,227
1,479
2,102
2,706
3,237
3,405
3,099
4,372
7,254
10,505
12,405

This series

271
245
277
380
441
526
584
681
838
1,148
1,405
1, 283
1,623
2,392
3,005
3,143
3,332
3,398
5,326
7,834
10,268
13,441

45.3
37.9
46.3
40.6
39.1
41.4
43.8
54.8
52.6
48.7
46.7
5S.2
53.7
54.7
64.0
68.1
74.9
85.7
91.1
88.8
90.5
89.0
82.1
90.0
102.5
118.7
118.5
106.1
115.8
129.6
140.7
148.1
139.8
134.7

SUPPLY Ml1
AVERAGE

2.398
2.373
2.609
2.846
2.812
2.915
2,856
3.053
3 .168
3.336
3.320
3.432
3.577
3.650
3.849
3.931
4.033
4.208
4.404
4.444
4.568
4.685
4.730
4.764
4.910
5.131
5.313
5.481
5.716
5.988
6.216
6.406
6.534
6.923

2.419
2.354
2.689
2.831
2.882
2.870
2.894
3.095
3.217
3.316
3.377
3.506
3.55S
3.716
3.862
3.961
4.020
4.256
4.474
4.467
4.552
4.681
4.682
4.810
4.944
5.217
5.332
5.589
5.753
5.967
6.324
6.459
6.588
6.877

INCOME ON FOREIGN INVESTMENTS IN THE U.S.3
(MILLIONS OF DOLLARS)

1948....
1949....
1950 ...
1951
1952 . .
1953 .
1954
1955....
1956
1957....
1958....
1959....
1960
1961.
. ..
1962....
1963
1964....
1965....
1966....
1967....
1968....
1969
1970....
1971 ....
1972....
1973
1974...,
1975
1976
1977....
1978
1979
1980
1981
1982....

Annual
AVERAGE

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
86.1
91.5
88.6
90.2
87.9
83.0
92.0
102.1
117.7
121.8
111.1
115.3
133.2
142.1
151.0
137.8
133,9

RATIO, GROSS NATIONAL PRODUCT TO MONEV
(RATIO)

TOTAL
1, 340
1,395
1,593
1 882
1,828
1,910
2,227
2,444
2,662
2,817
2,845
3,043
4,616
4, 999
5,618
6 157
6,824
7,437
7,528
8,020
9,368
10,912
11 747
12,707
14 764
21,808
27,587
25,351
29,286
32,179
42,245
64,129
72,686
85,945

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
82.9
90.4
87.2
89.5
91.8
82.8
85.9
98.3
117.0
121.7
98.0
116.6
124.3
132.9
146.6
149. 7
141.2

1948....
1949
1950....
1951
1952 .
1953..
1954
1955
1956
1957....
1958.,..
1959...,
1960 .
1961....
1962 •
1963....
1964....
1965.. .
1966
1967
1968 ...
1969....
1970 •
1971....
1972....
1973
1974....
1975.
. ..
1976....
1977....
1978 . .
1979....
1980....
1981....
1982
107.

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
438.2
464.0
468.0
488.3
493 2
478.4
500. 3
547 8
581.4
551.6
560 9
591.2
637.2
682, 3
678. 7
671.6
678.0

IQ

35 . NET CASH FLOW, CORPORATE, IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE

AVERAGE

INCOME ON U.S. INVESTMENTS ABROAD 3
(MILLIONS OP DOLLARS)

806
973
999
1 532
1 718
1 898
1,837
1,890
2,190
2 569
2 968
3 012
3 451
4,628
6,895
6,113
7,031
7,714
9,612
13,473
19,944
20,528

Annual

267
254
281
393
439
515
652
672
867
1,324
1,377
1,428
1,650
2,518
3, 276
3,212
3,293
3,612
5,630
8,513
10,485
13,865

245
263
283
416
466
562
679
715
890
1,392
1,311
1,497
1,821
2,643
3,098
2,973
3,281
4,108
6,352
9, 315
11,518
13,198

2.350
2.364
2.552
2.822
2.826
2.908
2.864
3.027
3.154
3.302
3.305
3.452
3.582
3.634
3.821
3.916
4.028
4.186
4.379
4.455
4.548
4.640
4.701
4.780
4.907
5.115
5.268
5.436
5.706
5.918
6.168
6.402
6.561
6.839

TOTAL
260
333
369
414
421
461
420
489
568
639
669
828
1,237
1,245
1,324
1,561
1,784
2,088
2,481
2,747
3,378
4,369
5.S16
5,436
6,572
9,655
12,084
12,564
13,311
14,217
21,680
32,914
42,776
52,908

(AUGUST 1982)

101

C. Historical Data for Selected Series—Continued
Year

IV Q

IQ

618. MERCHANDISE EXPORTS, ADJUSTED, EXCLUDING MILITARY
GRANTS 1
(MILLIONS OF DOLLARS)
1948..
1949..
1950..
1951. .
1952. .
1953. .
1954..
1955. .
1956, ,
1957..
1958..
1959. .
1960. .
1961..
1962. .
1963. .
1964..
1965..
1966. .
1967..
1968..
1969. .
1970..
1971. .
1972..
1973. .
1974..
1975..
1976..
1977. .
1978..
1979..
1980..
1981..
1982.,

4,685
5,095
5,077
5,063
6,242
5,768
7,242
7,752
7,997
7,468
10,258
10,920
11,833
15,474
22,614
27,480
27,575
29,668
30,947
42,036
54,752
60,683

622.

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

4,916
4,806
5,336
5,599
6,199
6,876
7,169
7,693
8,325
9,536
10,744
10,878
11,618
17,112
24,500
25,866
28,256
30,852
35,392
43,834
55,843
60,284

5,031
5,038
5,331
5,671
6,423
6,643
7,290
7,531
8,744
9,400
10,665
11,548
12,351
18,271
24,629
26,109
29,056
30,752
36,811
47,236
55,786
57,694

5,018
5,169
5,037
5,939
6,637
7,174
7,609
7,690
8,560
10,010
10,802
9,973
13,579
20,553
26,563
27,633
29,858
29,544
38,904
51,367
57,8S6
57,593

BALANCE ON MERCHANDISE TRADE 1
(MILLIONS OF DOLLARS)

873
1,701
1,111
999
1,826
1,057
1,230
1,044
201
24
671
320
-1,668
-811
672
2,535
-565
-6,864
-11,116
-4,730
-9,679
-4,312

1,058
1,368
1,256
1,373
1,601
1,448
974
.1,218
274
9
978
-736
-1,636
-56
-1,784
3,075
-1,878
-7,156
-8,307
-7,283
-6,520
-6,547

1,383
1, 229
1,215
1,299
1,667
1,127
714
1,005
132
20
616
-623
1,671
588
2,693
1,656
3,111
7,200
7,525
6,974
3,949
7,845

6,605
7,225
7,354
7,997
9,574
9,341
10,921
11,818
12,435
12,428
15,902
17,097
18,512
23,958
34,293
39,260
41,112
44,925
49.367
64,921
85,277
93,280

6,853
6,963
7,806
8,561
9,452
10,610
10,947
11,654
13,071
14,753
16,680
17,288
18,445
26,259
36,730
37,474
42,200
46,654
53,785
68,167
82,949
94,389

7,060
7,255
7,764
8,628
9,799
10,342
11,135
11,725
13,563
14,871
16,532
17,943
19,498
28,544
37,033
38,293
43,644
47,019
56,167
74,201
85,385
92,965

TOTAL
13,265
12,213
10,203
14,243
13,449
12,412
12,929
14,424
17,556
19,562
16,414
16,458
19,650
20,108
20,781
22,272
25,501
26,461
29,310
30,666
33,626
36,414
42,469
43,319
49,381
71,410
98,306
107,088
114,745
120,816
142,054
184,473
224,237
236,254

IV Q

Year

1948.
1949.
1950,
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
I960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.

3,812
3,394
3,966
4,064
4,416
4,711
6,012
6,708
7,796
7,444
9,587
10,600
13,501
16,285
21,942
24,94 5
28,140
36,532
42,063
46,766
64,431
64,995

667.

1,578
1,273
939
1,553
1,707
1,319
899
533
28
554
338
-1.221
-1*441
1,190
-1,538
1,781
-3,752
-9,653
-6,811
-8,359
-5,190
-9,185

7,079
7,441
7,685
9,030
10,002
10,795
11,559
12,118
13,297
15,469
16,561
16,508
21,039
31,479
38,609
40,703
44,674
45,741
60,818
79,486
88,491
92,259

5,708
5,339
1,122
3,067
2,611
1,437
2,576
2,897
4,753
6,271
3,462
1,148
4,892
5,571
4,521
5,224
6,801
4,951
3,817
3,800
635
607
2,603
-2,260
-6,416
911
-5,343
9,047
-9,306
-30,873
-33,759
-27,346
-25,338
-27,889

1948.
1949.
1950.
1951,
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.

1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975,
1976.
1977.
1978.
1979.
1980.
1981.
1982.




3,648
3,809
4,116
4,372
4,756
5,516
6,576
6,526
8,612
9,380
10,049
12,171
14,022
17,683
27,322
24,453
32,167
37,952
44,336
54,210
59,735
65,539

803
1,324
1,432
1,870
2,241
2,363
1,534
1,480
1, 160
742
1,782
485
-710
1,903
2,020
6,167
2,675
1,721
3,036
78
306
2,909

1,160
1,257
1,336
1,721
2,421
2,025
1,181
1,435
922
766
1,354
444
-319
3,647
1,014
5,185
1,874
-1,460
-2,118
2,137
4,824
2,559

IMPORTS OF GOODS AND SERVICES,
(MILLIONS OF DOLLARS)

6,016
5,585
6,233
6,511
7,023
7,408
9,094
10,285
11,609
11,654
14,495
15,589
19,202
23,055
29,694
33,804
37,507
46,461
54,133
62,808
85,240
88,613

This series contains revisions beginning w i t h 1980. (Also, the 3d quarter and annual figures f o r 1975 fFor w w . „
o r series
622 were revised.) 2 TMs series contains revisions beginning w i t h 1977. 3 T h i s series contains revisions beginning with 1978.

102

3,858
3,438
4,080
4,226
4,598
5,428
6,195
6,475
8,051
9,527
9,766
11,614
13,254
17,168
26,284
22,791
30,134
38,008
43,699
51,117
62,363
66,831

3,440
3,896
4,098
4,386
4,930
5,855
6, 710
7,157
8,532
9,456
10,464
11,914
15,020
19,363
28,101
25,852
33,610
39,197
45,715
59,726
63,046
66,778

7,557
6,874
3,081
IX,176
10,838
10,975
10,353
11,327
12,803
13,291
12,952
15,310
14,758
14,537
16,260
17,048
18,700
21,510
25,493
26,866
32,991
35,807
39,age
46,299
55,79?
70,499
103,649
98,041
124,051
151,689
175,813
211,019
249,575
264,143

1,488
1,308
1,152
2,091
2,390
1,961
1,420
1,258
657
1,107
1,080
-170
-222
4,568
1,674
6,084
1,226
-4,734
176
768
3,131
943

6,518
6,218
1,692
3,817
2.3S6
532
1,959
2,153
4,145
5,901
2,336
310
5,132
6,346
6,025
7,K>7
9,604
8,2BS
5,963
5,708
3,563
3,393
5,625
2,269
-1,941
ll,02J
9,309
22,893
9,382
-9,451
-9,743
5,093
8,303
11,079

5,591
6,133
6,533
6,939
7,612
8,834
10,139
10,860
12,640
14,362
15,481
1'6,678
21,56.1
26,911
36,93a
34,619
43,448
50,475
60,642
78,718
85,360
91,316

10,343
9,616
12,001
15,047
15,766
16,546
15,930
17,795
19,627
20,752
20,861
23,342
23,729
23,591
25,778
27,047
29,222
32,801
38,599
41,606
48,800
54,129
6C,O5O
66,569
79,435
99,21?
137,357
132,836
162,248
193,788
229,880
281,677
333,800
361,813

BALANCE ON GOODS AND SERVICES 3
(MILLIONS OF DOLLARS)

589
1,640
1,121
1,486
2,551
1,933
1,827
1,533
826
774
1,407
1,508
-690
903
4,599
5,456
3,605
-1,536
-4,766
2,113
37
4,667
669.

TOTAL

16,861
15,834
13,893
18,864
18,122
17,078
17,889
19,948
23,772
26,653
23,217
23,652
28,861
29,937
31,803
34,214
38,826
41,087
44,562
47,314
52,363
57,522
65,674
68,838
77,495
110,241
146,666
155,729
171,630
184,337
220,137
286,772
342,102
372,892

Annual

620. MERCHANDISE IMPORTS, ADJUSTED, EXCLUDING MILITARY
{MILLIONS OF DOLLARS)

TOTAL

668. EXPORTS OF GOODS AND SERVICES, EXCLUDING TRANSFERS
UNDER MILITARY G R A N T S 2 (MILLIONS OF DOLLARS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

Annual

6,050
5,639
6,374
6,691
7,211
8,247
9,413
10,174
11,911
14,011
14,898
16,803
19,155
24,356
34,710
31,307
39,525
48,375
56,821
68,089
82,643
91,480

TOTAL

TOTAL 3

5,900
5,998
6,428
6,907
7,378
8,317
9,954
10,290
12,641
14,105
15,178
17,499
19,817
24,89?
36,019
33,108
41,770
48,479
58,285
72,064
80,561
90,406

TOTAL

(AUGUST 1982)

C. Historical Data for Selected Series—Continued
Year

IQ

II Q

III Q

IV Q

50. GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

.•
..

..

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

479.4
492 .6
512.6
564.4
593.7
623 . 2
610.5
644.1
666.8
683.5
665. 5
711 . 5
740.7
737.7
789.2
815 .0
864.2
906.7
975.4
997.8
1036.6
1084.2
1081.4
1111.5
1157.2
1246.8
1253.3
1204.3
1285.0
1341.3
1400.0
1472.6
1494.9
1507.8

488. 3
490. j
526.'I
575.<)
594. j
628..
608. ]
I
653 .;
670.;\
684. ]
669.'
726.;
738.-:
750.
798.-;
826."
873."7
919.'1
979.3
1004.;
1055.7
1088.II
1083.0
1116.9
1178. >
1248.3
1254.7
1218.9
1293.'
1363.:
1437.0
1469.3
1457.t
1502.;

492.9
494.8
543.8
587.9
600.5
624.4
616.9
663.2
670.7
688.5
685.9
721.2
737.7
759.6
805.5
839.8
880.9
934.1
987.9
1016.2
1068.2
1092.0
1093.3
1125.7
1193.1
1255.8
1246.8
1246.1
1301.1
1385.8
1448.8
1486.6
1463.8
1510.4

3.2
-4.2
19.1
6.0
3.2
5.7
-4.9
10.3
-1.6
3.0
-7.8
5.2
7.2
3.1
5.3
3.5
7.5
9.3
8.0
0.5
3.7
4.7
-1.5
10.3
7.9
10.9
-4.0
-8.2
9.1
8.9
3.4
1.1
1.5
7.9

7.6
-1.8
11.2
8.4
0.4
3.3
-1.6
5.8
2.0
0.4
2.7
8.5
-1.2
6.9
4.8
5.8
4.5
5.8
1.6
2.6
7.6
1.7
0.6
2.0
7.6
0.5
0.4
4.9
2.7
6.7
11.0
-0.9
-9.6
-1.5

3.8
3.8
13,9
8.6
4.2
-2.4
5.9
6.3
0.3
2.6
9.9
-2.8
-0.4
5.2
3.6
6.5
3.3
6.4
3.6
4.9
4.8
1.2
3.9
3.2
5.0
2.4
-2.5
9.2
2.3
6.8
3.3
4.8
1.6
2.2

497.9
490.8
556.3
589.1
6X4.6
618. 2
628.4
669. 5
678.4
679.1
702.5
727 .9
732.1
779.0
808.0
848.6
886.8
956.8
996.6
1027.3
1071.8
1085.6
1084.7
U35.4
1214.8
1266.1
1230.3
1257.3
1313.1
1388.4
1468.4
1489.3
1479.4
1490.1

4.1
-3.3
9.5
0.8
9.7
-3.9
7.7
3.8
4.7
-5.3
10.0
3.8
-3.0
10.6
1.2
4.3
2.7
10.1
3.6
4.4
1 .4
-2.3
-3.1
3.5
7.5
3.3
-5.2
3.6
3.7
0.8
5.5
0.7
4.3
-5.3

200-B. DIFFERENCE FROM PRECEDING PERIOD IN GNP, CURRENT
DOLLARS2
(ANNUAL RATE, BILLIONS OF DOLLARS)

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979.....
1980
1981
1982

6.0
-5.4
10.8
14.1
2.7
6.1
-0.6
12.6
1.8
8.1
-7.2
10.0
11.9
3.4
11.6
7.7
12.9
20,0
21.3
5.8
17.9
20,9
10.0
40.3
36.6
50.0
11.0
6.0
50.2
62.3
42.8
53.9
73.0
125.5

7.5
-3.5
9.5
7.9
0.2
3.3
-0.2
8.0
5.6
2.1
3.9
13.6
-0.6
11.0
8.5
8.7
8.7
12.9
11.5
7.9
26.0
16.2
14.3
19.6
29.3

24.1
36.1
36.9

26.6
60.3
107.8
42.4
-2.5
36,9

7.0
1.9
17.7
6.7
5.7
-1.0
4.4
8.6
5.1
7.1
13.2
-1.6
1.7
9.0
6.2
11.1
8.8
14.7
10.6
17.1
17.7
17.9
17.3
17.7
24.4
30.1
27.8
61.8
30.4
59.3
63.0
76.9
70.3
79.1

Year

1.4
-2.1
11.5
4.2
12.2
-5.3
8.9
6.2
8.6
-5.4
13,1
6.0
-3.2
14.4
5.4
10,6
6.0
20.8
14.3
17.6
15.4
6.7
5.4
19.2
37.4
39.0
22.2
43.3
43.5
34.5
79.1
48.1
95.7
22.3

489.8
492.2
534.8
579.4
600.8
623.6
616.1
657.5
671.6
683.8
680.9
721.7
737.2
756.6
800.3
832.5
876.4
929.3
984.8
1011.4
1058.1
1087.6
1085.6
1122.4
1185,9
1254.3
1246.3
1231.6
1298.2
1369.7
1438.6
1479.4
1474.0
1502.6

38.2

18.6
18.1
40.4
31.7
41.0
53,4
64.9
43.6
73.8
70.6
48.7
84.9
108.3
140.5
107.8
115.0
168.8
200.3
245.6
253.9
215.3
304.6

250.0
260.5
267.6
320.4
341.9
366.1
362.5
388.2
412.8
440.2
436,8
477.0
506.9
508.2
554.2
582.0
625.3
668.8
738.5
780.7
841.2
921.2
972.0
1049.3
1142.4
1283.5
1387.7
1479.8
1672.0
1834.8
2031.7
2335.5
2575.9
2864.9

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

III Q

IV Q

8.9
-2.3
13.8
11.5
0.6
5.1
-2.4
9.1
3.4
0.6
4.4
14.7
-2.3
12.4
9.2
11.7
9.5
13.0
3.9
6.4
19.1
4.6
1.6
5.4
21.3
1.5
1.4
14.6
8.7
22.0
37.0
-3.4
-37.1
-5.6

5.0
-4.0
12.5
1.2
14.1
-6.2
11.5
6.3
7.7
-9.4
16.6
6.7
-5.6
19.4
2.5
8.8
5.9
22.7
8.7
11.1
3.6
-6.4
-8.6
9.7
21.7
10.3
-16.5
11.2
12.0
2.6
19.6
2.7
15.6
-20.3

4.6
4.5
17.4
12.0
6.2
-3.9
8.8
10.0
0.5
4.4
16.0
-5.0
-0.7
9.5
7.1
13.1
7.2
14.4
8.6
12.0
12.5
3.2
10.3
8.8
14.6
7.5
-7.9
27.2
7.4
22.S
11.8
17.4
6.0
8.2

257.5
257.0
277.1
328.3
342.1
369.4
362.3
396.2
418.4
442.3
440.7
490.6
506.3
519.2
562.7
590.7
634.0
681.7
750.0
788.6
867.2
937.4
986.3
1068.9
1171.7
1307.6
1423.8
1S16.7
1698.6
1895.1
2139.5
2377.9
2573.4
2901,8

264.5
258.9
294.8
335.0
347.8
368.4
366.7
404.8
423.5
449.4
453.9
489.0
508.0
528.2
568.9
601.8
642.8
696.4
760.6
805.7
884.9
955.3
1003.6
1086.6
1196.1
1337.7
1451.6
1578.5
1729.0
1954.4
2202.5
2454.8
2643.7
2980.9

10.3
-7.9
17.9
19.7
3.2
7.0
-0.7
14.1
1.7
7.7
-6.3
8.9
10.0
2.7
8.9
5.4
8.7
13.0
12.4
3.1
9.0
9.6
4.2
16.9
13.9
17.2
3.2
1.6
13.0
14.8
8.9
9.8
12.2
19.6

1948.
1949.
1950.
1951.
1952.
1953.
1954.
195S.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
3

Year-to-year

12.5
-5.3
15.0
10.2
0.3
3.7
-0.2
8.5
5.5
1.9
3.7
11.9
-0.5
9.0
6.3
6.1
5.7
7.9
6.4
4.1
13.0
7.2
6.0
7.7
10.7
7. 7
10.8
10.4
6.5
13.8
23.0
7.5
-0.4
5.3

11.3
3.1
28.0
8.5
6.8
-1.1
5.0
9.0
4.9
6.6
12.5
-1.3
1.4
7.1
4.4
7.7
5.7
8.9
5.8
9.0
8.4
7.9
7.2
6.8
8.6
9.6
8.0
17.3
7.3
13.1
12.3
13.6
11.4
11.4

Annual
DIFFERENCE 3
19.5
2.4
42.6
44.6
21.4
22.8
-7.5
41.4
14.1
12.2
-2.9
40.8
15.5
19.4
43.7
32.2
43.9
52.9
55.5
26.6
46.7
29.5
-2.0
36.8
63.5
68.4
-8.0
-14.7
66.6
71.5
68.9
40.8
-5.4
28.6

AVERAGE

265.9
256.8
306.3
339.2
360.0
363.1
375.6
411.0
432.1
444.0
467.0
495.0
504.8
542.6
574.3
612.4
648.8
717.2
774.9
823.3
900.3
962.0
1009.0
1105.8
1233.5
1376.7
1473.8
1621.8
1772.5
1988.9
2281.6
2502.9
2739.4
3003.2

259.5
258.3
286.5
330.8
348.0
366.8
366.8
400.0
421.7
444.0
449.7
487.9
506.5
524.6
565.0
596.7
637.7
691.1
756.0
799.6
873.4
944.0
992.7
1077.6
1185.9
1326.4
1434.2
1549.2
1718.0
1918.3
2163.9
2417.8
2633.1
2937.7
PERCENT
CHANGE3

200-C. CHANGE FROM PRECEDING PERIOD IN GNP,
CURRENT DOLLARS2
(ANNUAL RATE, PERCENT)

'This series contains revisions beginning with 1973. 2 This series contains revisions beginning with 1977.
differences and percent changes are computed from annual data.




II Q

200. GROSS NATIONAL PRODUCT IN CURRENT DOLLARS2
(ANNUAL RATE, BILLIONS OF DOLLARS)

DIFFERENCE3

26.4
-1.2
28.2
44.3
17.2
18.8
0.
33.2
21.7
22.3
5.7

3.7
-5.3
21.8
8.1
4.6
8.6
-7.7
15.7
-2.7
5.1
-13.6
9.0
12.8
5.6
10.2
7.0
15.6
19.9
18.6
1.2
9.3
12.4
-4.2
26.8
21.8
32.0
-12.8
-26.0
27.7
28.2
11.6
4.2
5.6
28.4

1948
1949
1950
1951
1952.....
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

PERCENT
CHANGE3
4.1
0.5
8.7
8.3
3.7
3.8
-1.2
6.7
2.1
1.8
-0.4
6.0
2.2
2.6
5.8
4.0
5.3
6.0
6.0
2.7
4.6
2.8
-0.2
3.4
5.7
5.8
-0.6
-1.2
5.4
5.5
5.0
2.8
-0.4
1.9

IQ

50-B. DIFFERENCE FROM PRECEDING PERIOD IN GNP, 1972
DOLLARS 1
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE

50-C. CHANGE FROM PRECEDING PERIOD IN GNP, 1972 DOLLARS1
(ANNUAL RATE, PERCENT)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

Annual

2.2
-3.2
16.6
5.1
14.6
-5.6
10.0
6.3
8.4
-4.8
12.1
5.0
-2.5
11.3
3.9
7.3
3.8
12.5
7.7
9.0
7.2
2.8
2.2
7.3
13.1
12.2
6.3
11.4
10.5
7.2
IS.2
8.1
15.3
3.0

11.3
-0.5
10.9
15.5
5.2
5.4
0.
9.0
5.4
5.3
1.3
8.5
3.8
3.6
7.7

5.6
6.9
8.4
9.4
5.8
9.2
8.1
5.2
8.6
10.1
11.8
8.1
8.0
10,9
11.7
12.8
11.7
8.9
11.6
(AUGUST 1982)

103

G. Experimental Data and Analyses

(Dec.) (Nov..)
P
T

Year

and

quarter
1980

Implicit price
deflator, gross
nonfarm business
product 1
(Index: 1977=100)

Unit labor cost,
all persons, nonfarm
business s e c t o r 1
(Index: 1977=100)

Revised 3

I Q....
II Q . . .
I l l Q..
IV Q . . .

Revised 3
123.6
127.2
129.9
132.7

127.8
132.5
134.7
136.8

136.5
138.9
142.3
145.5

139.0
141.9
145.1
149.0

rum

(Nov.)
P

(Jon ) (July)
P T

(Mar.)
T

TTT

TTT NT TTT TTT
Components of BCD series 2 6 -

I Hi
Implicit price deflator, gross nonfarm
business product, Q
(index: 1977-100)

TTT TTT Rutto scale
"1 160
150
140
130
120
110

160
150
140
130

1981
I Q....
II Q . . .
I l l Q..
IV Q . . .
1982
I Q....
II Q . . .
I l l Q..
IV Q . . .

146.6
pl48.2

100

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977 = 100)

120
110
100
90

151.6
P153.7

80
70
Inventory-sales ratios in 1972 dollars (ratio)—
Inventory-sales r a t i o s in 1972 d o l l a r s 2

Year

and

Manufacturing

month

(Ratio)

Merchant
wholesalers
(Ratio)

Retail trade

JSf
Manufacturing

Arithmetic
scale
2.2

(Ratio)
2.1

1981
Jan..
Feb..
Mar..
Apr..
May..
June.

1.98
1.97
1.98
1.97
1.99
1.95

1.34
1.34
1.36
1.37
1.39
1.42

1.36
1.37
1.36
1.38
1.40
1.41

July.
Aug..
Sept.
Oct..
Nov..
Dec.

1.98
2.01
2.04
2.12
2.15
2.14

1.39
1.43
1.41
1.44
1.43
1.46

1.43
1.42
1.44
1.48
1.48
1.47

July.
Aug..
Sept.
Oct..
Nov..
Dec..

••

1.9
1.8
1.6
1.5
1.4

1982
Jan
Feb..
Mar..
Apr..
May..
June.

2.0

2.19
2.14
2.13
2.16
r2.10
p2.09

rl.45
rl.37
pi.41

rl.40
pi.47

(NA)

(NA)

(NA)

1.49
1.42
1.40

1.48
1.44
1.45
1.45




1.6
1.5

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982
NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
^Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
3
See "New Features and Changes for This Issue," page iii.

104

1.3

1.4
1.3

G. Experimental Data and Analyses—Continued
(Aug.) (Apr.)
P
T

Ill

m

1 I*;
ill

Apr.) (Feb.)
P
T

II

(Dec.) (Nov.)
P
T

III TIT III

t : l | : : II

II III III

II

II

(Nov.)
P

I?:?*: II

II

II;

(Mar.)
T

(Jan.) (July
P T

II

II

Arithmetic
scale

i

Changes in sensitive erei d i t -

ii

rate, bil. ( ol.; n loving>avg - 4 - t erm ]

:3:|

U

ii

S Month-to-month percen changes (ann. rate, percent; moving avg.—4-term1)

il

1

fa

1

1

w

1

80

-

60
40
20

-

0

-

-20

O

1

r

si

100

-

I

120

-

ll

i

\

-

11

1 Jjl

if i
f

y

\

r

'

140

-

/

i. .:::

1 M(>nth-to-mor th differer ces i ann.

160

g
-

1
1

)

II II l l l | | l in in

1

20

10

\

II i
I l l III III III III III
III
III
III III
1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

III

Year

M III

Jan.

Feb.

in

III

Mar.

Apr.

May

June

July

in

Aug.

iii

HI

Sept.

Nov.

Dec.

104.6
44.1

94.0
42.8

70.3
99.5

89.4
76.7

94.5
54.6

7.7
3.6

9.4
3.7

8.4
3.5

6.4
8.4

8.1
6.4

8.5
4.6

Oct.

Month-to-month differences in sensitive credit—monthly data (annual rate, billions of dollars)
198019811982-

151.2
84.3
88.2

122.9
74.1
86.0

82.9
50.5
44.6

8.9
121.1
74.5

-43.2
132.4
73.3

22.9
101.7
20.1

Month-to-month differences in s e n s i t i v e credit—smoothed
198019811982-

95.3
94.4
50.8

112.1
89.2
65.4

120.8
76.9
72.6

95.3
75.8
70.7

43.9
91.6
66.2

0.9
115.6
p-7.5

73.9
108.7

94.1
110.6

84.9
43.0

data 1 (annual r a t e , b i l l i o n s of dollars)

6.2
109.9
60.0

-5.1
117.5
p42.3

13.0
112.6

44.4
110.2

Month-to-month percent changes in sensitive credit—monthly data (annual r a t e , percent)
198019811982-

14.2
7.5
7.3

11.4
6.5
7.0

7.6
4.4
3.6

0.8
10.6
6.0

-4.0
11.4
5.9

2.1
8.7
1.6

0.1
9.8
p-0.6

6.8
9.2

8.6
9.3

1
Month-to-month percent changes in sensitive credit—smoothed data (annual rate, percent)

198019811982-

9.1
8.5
4.2

10.6
8.0
5.4

11.3
6.8
6.0

8.8
6.6
5.8

4.0
8.0
5.3

0.6
9.5
4.8

-0.5
10.1
p3.4

1.2
9.6

4.1
9.3

NOTE: See "New Features and Changes f o r This Issue," page i i i .
SOURCE: These series are compiled by the Bureau of Economic Analysis from data supplied by the Board of Governors
of the Federal Reserve System and the Federal Home Loan Bank Board.
1
This series i s 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—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
5. Average weekly initial claims, State
unemployment insurance1 (thousands)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
slower deliveries (percent)
*12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 dol., smoothed2 (ann. rate, bil. do!.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(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
indicators9 (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)

Apr.
1982

May
1982

Net contribution to index
Apr.
to
May
1982

July
1982

June
1982

May
to
June
1982

June
to
July
1982

39.0

39.1

r39.2

p39.3

0.09

0.09

0.10

566

585

551

515

-0.10

0.19

0.23

29.44

r30.80

r30.04

p30.42

0.26

-0.14

0.08

31

30

38

37

-0.04

0.31

-0 .04

N
A

NA

NA

NA

NA

N
A

NA

13.84

11.39

rll.24

pll.49

-0.48

-0.03

0.06

71.0

76.3

75.0

85.8

0.23

-0.05

0.47

r-18.38

r-14.29

p-13.71

0.28

0.04

r-1.67

-0.90

rO.22

0.94

0.35

0.51

0.36

116.31

116.35

109.70

109.38

0.00

-0.39

-0,02

e0.94

e0.96

re0.93

e0.90

0.07

-0.10

-0.12

829.7

829.3

r825.2

p826.8

-0.02

-0.21

0.09

126.8

rl27.7

rl28.1

pl29.8

0.71

0.31

1.33

90,083

r90,166

r89,860

p89,843

0.07

-0.27

-0.02

rl,069.9

rl,076.8

rl,071.1

pi,069.8

0.32

-0.26

-0.08

140.2

rl39.2

rl38.2

pl38.1

-0.20

-0.20

-0.03

149,648

rl53,9O3

pl50,902

NA

0.61

-0.43

134.0

rl34.9

rl33.1

pl32.7

0.67

-1.33

-0.30

14.2

14.6

16.5

15.6

-0.17

-0.76

0.52

r266.55

r264.57

p264.99

NA

-0.35

0.08

NA

228.0

r230.9

r232.5

p232.2

0.40

0.22

-0.06

16-50

16.50

16.50

16.26

0.00

0.00

- 0 . 70

206,920

r21O,3OO

r213,6O7

p214,491

0.36

0.34

0.14

rl3.00

rl2.95

pl2.95

NA

-0,17

0.00

rl84.5

rl84.2

183.7

pl83.2

-0.16

-0.27

N
A

N
A

N
A

N
A
-0.27

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
2

series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement,
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
*See "New Features and Changes for This Issue," on page iv of the July 1982 issue.

16
0



G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns

HOW TO READ RECESSION COMPARISON CHARTS

These charts show graphically, for selected indicators, the path of
the current business recession. To set the current movements in
historical perspective, cyclical paths over generally similar historical
periods also are shown. The selected periods are superimposed to
compare the current business recession with corresponding historical
patterns and to facilitate critical assessment of the amplitude, duration,
and severity of the indicators' current movements.

1. In most cases, comparisons are based on reference peak levels
and reference peak dates.

The three-part code indicates the timing
classification of the series at peaks, at troughs,
and at all turns: L = leading; C = roughly
coincident; Lg=lagging; and U = unclassified.

This number indicates the latest month (or
quarter) of data plotted. (1--January)

Deviations
from
reference
peaks

TT rxyr F r^rj F
Series number, series title

2. The vertical line represents reference peak dates. The current
and historical periods are alined so that their reference peaks fall on
this line.

Actual
data
for
current
cycle

Percent

+5
• 1075

3. The horizontal line represents the level of data at reference
peaks. The current and historical periods are alined so that their
reference peaks fall on this line.

4. In most cases, deviations (percent or actual differences) from
the reference peak levels are computed and plotted. For series
measured in percent units (e.g., the unemployment rate), those units
(actual data) are plotted rather than deviations. The deviations (if
plotted) and actual data for the current period are shown in the tables
accompanying the charts.

• 1050

• 1025
5. For series that move counter to movements in general business
activity (e.g., the unemployment rate), an inverted scale is used; i.e.,
declines in data are plotted as upward movements, and increases in
data are plotted as downward movements.

• 1000
6. Several curves are shown in each chart. The heavy solid line
( M M ) describes the current period. The dotted line ( • • • ) represents
the median pattern of the seven post-World War II cycles. The remaining
lines represent selected business cycles; each line is labeled according
to the year of the reference peak.

7. These charts use the business cycle (reference) peak and
trough dates designated by the National Bureau of Economic Research,
Inc.
Peaks: Nov. 1948 (IVQ 1948), July 1953 (UQ 1953), Aug. 1957
(IIIQ 1957), Apr. 1960 (IIQ I960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973), Jan. 1980 (IQ 1980), July 1981.*

• 975

i i I i i i i i 1 i i i i i I i

0

+6

+12

Months from reference peaks

Troughs: Oct. 1949 (IVQ 1949), May 1954 (UQ 1954), Apr. 1958
(IIQ 1958), Feb. 1961 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ
1975), July 1980 (IIIQ 1980).

This scale measures time in months before ( - )
and after ( + ) reference peak dates.

This scale shows deviations (percent or actual
differences) from reference peak levels.

This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).

*The NBER has not officially designated the latest reference peak Quarter. However, for purposes of these charts, it is assumed that the third quarter of 1981 is the reference peak for quarterly series.




17
0

G. Experimental Data and Analyses—Continued

Recession Comparisons: Current and Selected Historical Patterns-Continued
I IIIIIIIIII1IIIIII1IIIII1IIIT!•ITTT ITI

1 I 1 11 11 I I I 11 11 I I 1 I I 1 11 I 1 11 11 l l l l l l i l l

QRTRS.
FROM
REF.
PEAK

30. Change in business inventories,
1972 dollars

CURRENT QRTR.
AND
ACTUAL
YEAR
DATA
SERIES 30
ANN. RATE
BIL. DOL.
-6.2 IV/80
2.4 1/81
12.1
11/81

-3
-2
-1
0
1
2
3

Deviations
from
reference
peaks

21. Average weekly overtime hours,
production workers, manufacturing

Actual
data
for
current

16.5 111/81
.

4.8
IV/81
-15.4 1/82
-5.3
11/82
3.4

DEVIMONTHS
FROM A T I O N S CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA
PEAK
7/81
YEAR

-

0 413.0

SERIES 21
HOURS

3.0 7/81
1
2
3
4

50. GNP in 1972 dollars

-0.6
-0.7
-0.6
-0.7

2.4
2.3
2.4
2.3

12/81
1/82
2/82
3/82

-0.6
-0.7
-0.6
-0.6

2.4
2.3
2.4
2.4

4/82
5/82
6/82
7/82

•

2.2

--1.0
• 1.8

-J-1.5

90. Ratio, civilian employment to total
population of working age
QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
AND
REF.
FROM ACTUAL
DATA
YEAR
PEAK 111/81

clc
• 1650

0 2.6

--0.5

8/81
9/81
10/81
11/81

9
10
11
12

Actual
data
for
current
cycle -

3.0
2.7
2.7
2.5

5
6
7
8

Deviations
from
reference
peaks

O.
-O.3
-O.3
-0.5

-3
-2
-1

SERIES 50
ANN. RATE
BIL. DOL.
1479.4
IV/80
-2.1
-0.2 1507.8
1/81
1502.2 11/81
-0.5
1510.4 111/81

• 1600

• 1550

• 1500

• 1450

•6

0 +6

+12 - - 8
41

+24

Months from reference peaks

NOTE:

See "How t o Read Charts" on page 1 0 7 .

108



1490.1 IV/81
1470.7
1/82
1475.3 11/82

DEVIMONTHS
FROM A T I O N S CURRENT MONTH
REF.
AND
FROM ACTUAL
7/81
DATA
YEAR
PEAK

SERIES 90
PERCENT
0. 1 58.51 7/81

0

-5

-1.3
-2.6
-2.3

-0.07
-0.48
-0.50
-0.66
5 -1.04
6 -1.11
7 -1.16
8 -1.28
9 -1.42
10 -1.04
11 -1.29
12 -1.37

58.44
58.03
58.01
57.85

8/81
9/81
10/81
11/81

57.47
57.40
57.35
57.23

12/81
1/82
2/82
3/82

57.09
57.47
57.22
57.14

4/82
5/82
6/82
7/82

• 56.0

0

+6 +12 +18

Months from reference peaks

+24

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns-Continued
1 | 1 1 • • 1 | • • 1 1 • | lltljll
1

29. New building permits, private
housing units

Deviations
from
reference
peaks

Q

Actual
data
for
current
cycle

]

O

s

to

+ 50

Median

A

70 . 9
67 . 4
59 . 6
60 . 0

-15
-14
-15
-9

3
6
8
6

64 . 4
64 . 9
64 . 0
68 . 7

12/81
1/82
2/82
3/82

-6. 6
O. 4
-1. 3
12. 9

71 . 0
76 . 3
75 . 0
85 . 8

4/82
5/82
6/82
7/82

9
10
11
12

• 60

-25

V

• 45

-

• 150

+ 10

+5
• 140

0

SERIES 9 1 0
1967=100
0 P 134. 8
-0
-3
-4
-4

5
0
7
9

134.
130.
126.
128.

1
8
4
2

8/81
9/81
10/81
11/81

-5
-6
-7
-7,

6
8
1
2

127.
125.
125.
125.

2
7
2
1

12/81
1/82
2/82
3/82

9
10
11
12

-5.
-5,
-5.
-3.

9
3
0
7

126.
127.
128.
129.

8
7
1
8

4/82
5/82
6/82
7/82

7/81

-50

Percent

-0.2
-1.5
-3.1
-4.9

153.6
151.6
149.1
146.3

8/81
9/81
10/81
11/81

5
6
7
8

B

SERIES 4 7
1967=100
0 . P 153.9

1
2
3
4

47. Industria 1 production index

• 130

-5

-10
• 120

MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA YEAR
PEAK
7/81

0

J

+15

MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA YEAR
7/81

5
6
7
8
-

data
for
current
cycle

Percent

• 75

•i

Actual '

8/81
9/81
10/81
11/81

1
2
3
4

• 90

1973 * « s /

7
3
6
1

+25

n
V

V
)

1980

-

v

AA
si

?

• 105

Oeviations
from
reference
peaks

910. Composite index of 12 leading
indicators

7/81

-6
-11
-21
-21

5
6
7
8

ercent

• 120

-

SERIES
29
1967=100
O P
76 . 0

1
2
3
4

+75

"m

MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK . 7/81
DATA YEAR

-6.8
-8.6
-7.1
-7.9

143.4
140.7
142.9
141.7

12/81
1/82
2/82
3/82

9
10
11
12

-8.9
-9.6
-10.2
-10.3

140.2
139.2
138.2
138.1

-15

4/82
5/82
6/82
7/82

7/81

110

-20

920. Composite index of 4 coincident
indicators
Percent

+ 5 *150
Median

+5
• 160

1980
A

. - -

^

n

-

• 155

u
• 150

1

/ I

-

[•

-5

|

1111

0

.1.1.nil.nil

+6

.....In

+12 +16

+24

Months from reference peaks

NOTE:

-15

• 130

0
• 140

~ 5 9135

7/81

-0.2
-0.7
-2.0
-3.1

142.5
141.8
139.9
138.4

8/81
9/81
10/81
11/81

5
6
7
8

-4.4
-6.1
-5.0
-5.5

136.5
134.1
135.7
135.0

12/81
1/82
2/82
3/82

9
10
11
12

-6.2
-5.5
-6.8
-7.1

134.0
134.9
133.1
132.7

4/82
5/82
6/82
7/82

• 140

-

-6

SERIES 9 2 0
1967=100
0. P 142.8

-10
• 135

• 145

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
7/81
PEAK
DATA YEAR

• 145

1973

Median

• 130

-10
• 125

-15
-6

0

+6

+12 +18

+24

Months from reference peaks

See M How to Read Charts" on page 107.




19
0

ALPHABETICAL INDEX-SERIES FINDING GUIDE
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, 01
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, 01
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, DI
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

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date]
(*)

2
604

16
56

61
92

8/81
12/81

6
1
970
58
974
975
91
7
976
978
97
7
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

6/82 ' 34
6/82
34
1/82
3
1
48
1/82
1/82
48
1/82
48
1/82
48
1/82
49
1/82
48
1/82
48
1/82
48

55
66
1

22
56

65
92

4/81 ; 50
12/81 * 64

18
64

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 SBving

Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FR8)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars.Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
,
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change ,
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
,
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
.
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

15,35
32

73
72

3/82
3/82

43
43

33
33

72
112

72
72

1/82
1/82

45
45

29
76
6
1
970
1
4
1
2
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

6/82
7/81
6/82
6/82
12/81
12/81
3/82

35
24
34
34
44
32
32

295

46

82

5/81

37

83
82
84

20
20
20

64
64
64

8/81
8/81
8/81

25
25
25

97
11
965

24
24
37

66
66
75

10/81
10/81
10/81

33
33
33

914
35
34

11
29
29

60
70
70

11/81
4/81
4/81 ,

441
37

89
62
89
62,89

4/82
3/82
4/82
3/82

20
20
20
20

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

11/81
11/81
2/82
11/81
3/82
3/82
3/82

15

74*'
60
66
73
72

15
32
43
43

Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio to tagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
".
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. .
Expenditures, plus machinery and equipment sales...
Gross private domestic fixed investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food,index
Food, percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol.
Contracts and orders, plant and equipment, current dol..
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing, total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
Crude materials-See Wholesale prices.

Current issue
(page numbers)

Series
number

Charts

920
920c
940

10
39
11

11/81
11/81
11/81

930
930c

10
39

11/81
11/81

15

914
915
913
917
916
910
910c

11
11
11
11
11
10
39

11/81
11/81
11/81
11/81
11/81
11/81
11/81

15
15
15
15
15
15




15

is'

13,25
23
24

67
66
67

6/82
3/82
9/81

35
32
28

47
25
25
47
25
25

83
67
67
83
67
67

4/81
4/81
4/81
4/81
4/81
3/82

51
51
51
51
51
35

12,21
22

64
65

8/82
7/81

26
24

113
95

35
32
15,35
33

73
72
73
72

5/82
5/82
5/82
2/82

43
43
43
45

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/82
5/82
5/82
5/82
1/82

59
59
59
59
31

20
10
116

12,23
23
34

8/82
8/82
2/82

32
32
46

112
110
72

32
32
15,35

3/82
1/82
3/82

43
44
43

35
32
15,35
33
32

5/82
5/82
5/82
2/82
3/82

43
43
43
45
42

4/82
5/81
10/81
7/82

64
53
26

248
87
86
249
89
28

is"

49

87

1/82

56

345c
280

50
45

87
82

1/82
5/81

56
56

64

30,47

70,83

4/81

56

346

49

1/82 ,

56

346c

50

1/82

56

340

49

6/82

15

340c

50

6/82

15

341

49

7/82

15

341c
348
349

50
50
50

7/82
8/81
8/81

15
62
62

19

3/82

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 end 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.

113
95

525
564
548
517

39
32

33
12,21

2/82
2/82

45
28

970
965
951
974
963
967

38
37
36
38
36
37

6/82
10/81
2/82
1/82
7/82 i
1/82

34
33
15
48
15
36

37

7/82

24"

1/82
1/82

18*'
48
15
15
26

962
975
952
950
964

976
978
977
960
972
973

NOTE: CI, composite index; Dl, diffusion index; 6PDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).

110

Series
Historical
descriptions
data
(issue date)
(*)

15
37
37

51
18
51
18,51

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

urn,

2/82
8/82

1/82
2/82 •
1/82
1/82
1/82
8/81
1/82
1/82
7/82

48"
36
48
49
48
48 "
48
15

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
Ouit 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, D l . . ' .
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., NtPA . .
Net exports, goods and services, current do!., 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

Charts

2
441

16
51

Tables

61
89

39
17
38
14,17
36
18
51
17
17
12,16

36
16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16
36**

(*)

8/81
4/82
7/82

17
48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
44S
42
4
446
445
447
444
91
44
45
43
37
1

Historical
Series
data
descriptions
(issue date)

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
62,89
61
77
74

15

7/82
7/82
1/82
7/82
7/82
3/82
4/82
7/82
3/82
2/82
1/82
8/81
11/81
7/82
4/82
4/82
4/82
4/82
3/82
8/81
4/82
4/82
4/82
4/82
3/82
3/82
3/82
3/82
3/82
7/82
7/82

72:

2/82

46

40
11

72
80
60

1/82
5/81
11/81

45
49
15

311
311c

48
48

84
84

5/81
5/81

58
59

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614

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

8/82
8/82
8/82
5/82
12/81
5/81
4/81
8/82
12/81
8/82
5/82
12/81
5/81
5/81
8/82
12/81
5/81
4/81
4/81

65
65
65
64
64
54
54
65
64
65
64
64

33

72

1/82

45

250
251

Current issue
(page numbers)
number
Charts

Series
Historical
data
descriptions

(*)

Tables

311
311c

48
48
30

84
84
70

5/81
5/81
4/81

58
59
39

50
50b
50c
200
200b
200c
107
49
310
310c
217

19,40

63,1

31
20
48
48
40

80
80
80
80
80
71
63
84
84
80

8/82
8/82
8/82
8/82
8/82
8/82
8/82
4/81
5/81
5/81
8/81

49
49
49
49
49
49
40
25
49
49
49

17
17

61
61

7/82
3/82

19
19

16
12,16

7/82
7/82

15
15

4
6

39*'
40

961

36

61
61
77
74

7/82

15'

28
29
89
249

25
13,25
25
47

67
67
67
83

3/82
6/82
4/81
4/81

35
35
51
51

310
310c

48
48

84
84

5/81
5/81

49
49

49

87

1/82

56

345c
280
64

50
45
30,47

87
82
70,83

1/82
5/81
4/81

56
56
56

I

33

255

Gross business product
Fixed weighted price index
Fixed weighted price index, 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
GNP, 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.

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
,

34
94
213
917

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

54

54
65
64
54
54
54

20

63

4/81

25

502
501
500
512
511
510
298

. 52

52
52
52
52
52
46

90
90
90
90
90
90
83

5/81
5/81
5/81
5/81
5/81
5/81
5/81

62
62
62
62
62
62
58

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

5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81

53
53
53
53
.53
53
53
53
53

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 t . . .
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. IVAand 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, DI
Industrial production • See alsn International comparisons.
Business equipment
.'
Consumer goods
....,,..
Durable manufactures
.'...'......"
Nondurable manufactures
Total
.
Total, components
.'
Total, Dl
Total, rate of change
J
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance . . ; . . .
Avg. weekly initial claims, unemploy. insurance, 01 . . .
Avg. weekly insured unemployment rate

346

49

88

1/82

56

346c
95
286
287
225
224
227

50
15,35
45

88
73
82

40
40

80
80

1/82
5/82
5/81
5/81
4/81
4/81
8/81

56
43
37
37
22
22
22

340

49

87

6/82

15

50

87

6/82

15

341

49

87

7/82

15

341c
652
651
288
289
220
52
223
51
51c
108
282

50
57
57
45
47
45
19
40
14,19
39

87
93
93
82
83
82
63
63
63

7/82
8/82
8/82
5/81
5/81
4/81
6/81
6/81
10/81
10/81
8/82
5/81

15
65
65
57
57
55
22
22
22

283
284
2B5
348
349
53
13
23

47
45
47
50
50
19
23
28

5/81
5/81
5/81
8/81
8/81
3/82
3/82
1/82

56
57
57
62
62
22
32
36

967
76
75
73
74
47

47c

5
962
45

il

37
24
22
20
20
14,20,58
37
39

12,16

36
18

71"
82
83
82
83
88
88
63
65
69
79
75
67
65
63
63
63,94
78
75

61
74
62

40*
56

1/82

36*

7/81
7/81
7/81
7/81
7/81

24
24
24
24
24

7/82
7/81

24*

2/82
1/82
3/82

18
18
18

NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).




11
1

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(Sae 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
Jai
OECD, European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, exc. military
.
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goodsand 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 end trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, DI
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.
NonrBsidential, total constant dollars
Presidential, total, percent of GNP
Producers' durable equip., nonresid., constant dot. . .
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Current issue
(page numbers!

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date)
(*)

288
289

5/81
5/81

67
116
119
118
117
109
114
115

8/81
2/82
2/82
2/82
2/82
2/82
2/82
2/82

(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.

Current issue
(page numbers)

Series
number

Charts

61
970
20
10

24
38
12,23
23

8/82
8/82

651

57
57

8/82
8/82

30
15,30
30
29

4/81
6/81
1/82
12/81

39
39
39

930
930c
952
3

10
39
36
16

U/81
11/81
2/82
8/81

15

910
910c
950
14
104

10
39
36
33
13,31

11/81
11/81
2/82
12/81
5/82

15
15
44
40

11/81
9/81

15
28

9/81

28




6/82
6/82

Japan-See International comparisons.

723
726
727
728
721
722
47
725

96
59
96
95
59**
95
96
59"
96
95
59"
95
95
59
95
49
84,95
49,59
84,95
95
59"
95
58
94
58
94
58
94
94
58
58
94
58
94
14,20,58 63,94
94
58

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

7/81
7/81
7/81
7/81
7/81
6/79
7/81

70
70
70
70
70
36
70

667
622
618

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

8/82
8/82
8/82
5/82
12/81
8/82
12/81
8/82
5/82
12/81
8/82
12/81
8/82
8/82

65
65
65
64
64
65
64
65
64
64
65
64
65
65

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
68
68
68
76
68

4/81
4/81
4/81
9/81
8/82
10/81
11/81
10/81
10/81
9/81
1/82
9/81

51
51
51
28
28
28
15
28
28'
28
48
28

26

68

9/81

28

24
24
37

66
66
75
60
66

10/81
10/81
10/81
11/81
3/82

33
33
33
15
32

9/81

28

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

4/82
4/82
4/82
4/82
4/82
4/82
4/82
4/82
4/82
4/82
5/82
5/82
4/82
4/82

68
68
68
68
69
69
69
69
68
68
59
59
68
68

12/81
12/81
12/81
12/81
12/81
12/81
7/81
12/81

66
66
66
66
66
66
24
66

L
Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
....
Labor cost per unit of output, private business sector..
Labor cost, price per unit of, nonfarm business...
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
.'...•....'
ii.l
Composite index, rate of change
:..
:....
Diffusion index
.'.;
Layoff rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
:.
Diffusion index
.'.;..
Liabilities of business failures
Liquid assets, change in total
;
Loans-See Credit.

Man-hours-SeB Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
change
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization . . . , . ' . ;
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml
'
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

913
78

26
12,21
20

68

15
18

8/82
8/81

11

11/81

15

104
105
85
106
102
107
108
33
118
117

73,31
31
31
13,31
31
31
31
32
34
34

5/82
5/82
5/82
5/82
5/82
8/82
8/82
3/82
2/82
2/82

40
40
40
40
40
40
40
42
46
46

27
24
8
20
10
548
7

23
23
12,21
12,23
23
53
21
21

N

97
11
965
914

n
23
'24

243
242

42
42

4/81
4/81

51
51

66
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

51
51
51
51
51
51
51
51

23

8/82

26

23

8/82

26

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

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

8/82
8/82
8/82
8/B2
8/B2
10/81
B/B2
8/82

26
26
26
32
32
26
26
26

964
971

8/82
1/82

26
48

248

4/81
4/81
4/81
4/81

51
51
51
51

517
721

7/82
12/81

66

4/81
6/81 .
10/81
12/81
12/81
8/81
8/81
8/81
7/82

25
39
61
61
61
25
25
25
15

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

NOTE: Cl, composite index; 01, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).

112

Tables

Series
Historical
descri ptians
data
(issue date]
(*)

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
e 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 G NP
Personal income-See Income.
Personal saving . . ;
Personal saving rate
.
Petroleum and products, imports
Rant and equipment-See also Investment, capital.
Businessexpendituresfor
Businessexpenditues 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, 01
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, DI
.....;.:....
Wholesale trade, Dl
:.
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Product ion-See Industrial production and GNP.
Productivity
Output per hour, nonfarm business1 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, 01
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 I VA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc..

Historical
Series
data
descriptions
(*)

453
452
451

51
51
51

4/82
4/82
4/82

20
20
20

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

50
50
50
50
50
50
50
50
50
50

292
293
614

46
46
56

5/81
5/81
12/81

58
58
64

61
970
20
10

24
38
12,23
23
18

6/82
6/82
8/82
8/82
3/82

34
34
32
32
20

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

5/82
5/82
5/82
5/82

59
59
59
59

311
311c
310
310c
23

48
48
48
48
28

5/81
5/81
5/81
5/81
1/82

58
59
49
49
36

967
26
92

37
29
13,28

84
84
84
84
69
79
75
70
69

1/82
12/81
3/82

60

13,28
37

69
75

7/82
2/82

330
330c
334
334c
331
331c
332
332c
333
333c
26

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

5/82
5/82
6/82
6/82
5/82
5/82
6/82
6/82
6/82
6/82
12/81

59
59
60
60
60
60
60
60
60
60

978
978
977
525
109

38
38
38
53
35

76
76
76
90
73

1/82
1/82
.1/82
4/82
2/82

48
49
48
64
46

25

67

4/81

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

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
data
descriptions
(issue date)
(*)

93
89
249

1/82
4/81
4/81

45
51
51

59
54

6/82
6/82

31
31

36
36

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, 01
Stocks of materials and supplies on hand and on order .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

Treasury bill rate
Treasury bond yields . . .

213

40

5/81

49

57
56
973
77
59
54

24
14,22
22
38
27
22
22

9/81
10/81
10/81
1/82
10/81

6/82
6/82

28
28
28
48
28
31
31

295
298
290
292
293

46
46
46
46
46

5/81
5/81
5/81
5/81
5/81

37
58
58
58
58

13,28

3/82

60

13,28
37
27

7/82
2/82
9/81

36
36
28

26

9/81

28

2/82
2/82

46
46

114
115

U

358
370
370c
916

50
50
50

18
16
80
79
286
287
972
960
15
916
22
81
282
283

10/81
12/81
12/81
11/81

28
28

4/81
4/81

37
37

28

4/81
37
4/81
37
5/81
37
5/81
37
1/82
48
8/81
6/82 . 38
11/81
15
4/81
37

n

28
45
47
38
37
29

1
1
29

61

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 comparisons.

5
962
3

15,18
17
12,16
36
16

62
61
61
74
61

3/82
3/82
2/82
1/82
8/81

20
19
18
18

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
62,89
61

4/82
4/82
4/82
4/82
3/82
8/81

20

44
45
43

18
18
18

62
62
62

3/82
3/82
3/82

20

96
25

21
21

64
64

10/81
9/81

26

107
108
32

31
31
12,21

8/82
8/82
2/82

40
40
28

330
330c
334
334c
331
331c
332
332c
333
333c
92
1

48
48
48
48
48
48
48
48
48
48
13,28
12,16

5/82
5/82
6/82
6/82
5/82
5/82
6/82
6/82
6/82
6/82
3/82 •
7/82

59
59
60
60
60

961

36

7/82

18

20
20
20
20
18
18
20
26

61
61
15

4/81
5/81
5/81

37
56
56

8/81

18

284

5/81

57

285

5/81

57

Quit rate, manufacturing .

Rental income of persons, with CCA
Rental income of persons, with CCA, percent of nation;
i ncorrte
,

Current issue
{page numbers)

Series
number

29

45
47

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance

Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
Alt 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 .

60
60
60
60
60
60
15

NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).




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 (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)

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 ordiar in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

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)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

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, 5, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Com*
mission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

39. Percent of consumer installment loans delinquent 30
days and over (EOM).-American Bankers
Association
(33,72)

913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
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
(11,60)
916. Composite index of profitability (includes series 19,26,
80) (M).-Source 1
(11,60)

18. Corporate profits after taxes in 1972 dollars ( Q ) Source 1
(28,69)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)

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).-Sources2 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
(1,8,62)

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 newspaper; ( 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)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)

23. Index of spot market prices, raw industrial materials
(M).—Source 3 and Commodity Research Bureau, Inc.
(Used by permission. Beginning with June 1981, this
series may not be reproduced without written permission
from Commodity Research Bureau, Inc.)
(28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).-Source
2
(23,66)

48. Employee-hours in nonagricultural
(M).-Source 3

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).-Source
1
(11,60)

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)
3. Layoff rate, manufacturing (M).-Source 3

(16,61)

4. Quit rate, manufacturing (M).-Source 3

(16,61)

5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

unemployment
Department of
Administration;
of Economic
(12,16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)

25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).-Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).-Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)

8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)
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)

114



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)
52. Personal income, total, in 1972 dollars (M).-Source

1

(19,63)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M),-Sources 1 and
3
(19,63)
54. Sates of retail stores in current dollars (M).-Source

2

(22,65)

55. Personal consumption expenditures, automobiles (Q).~
Source 1
(22,65)
56. Manufacturing and trade sales in current dollars ( M ) . Sources 1 and I
(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 1, 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)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, 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)

85. Change in money supply Ml (M).-Source 4

(31,71)

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)

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)

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)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
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)

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)

82. Rate of capacity utilization, manufacturing (Q).-Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)




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—172-186 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, 3, and
Commodity Research Bureau, Inc.
(35,75,79)

970. Diffusion index of business expenditures for new plant
and equipment, total— 22 industries (Q).—Source
1
(38,76)

107. Ratio, gross national product to money supply Ml
(Q).—Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 ( M ) . Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)

115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)

(28,69)

951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)

106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars

(Q).-Source 1

1-C, Diffusion Indexes
950. Diffusion index of twelve leading indicator components
(M).-Source I
(36,74)

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)

79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current 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)

(34,72)

105. Money supply Ml in 1972 dollars (M).-Sources 1,3,
and 4
(31,71)

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)

78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)

119. Federal funds rate (M).-Source 4

116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
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)

11-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)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
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)

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)

Il-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,!>9,84,95)
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 i 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 seasonally (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)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q)-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)

2Z2. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonally (M).-Source
3
(49,87)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)

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)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(47,82)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)

Il-C. Labor Force, Employment, and
Unemployment

(45,82)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
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)

287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).—Source 1
(47,83)
288. Net interest (Q).-Source 1

116



t> U. S. GOVERNMENT PRINTING OFFICE : 1382

36O-993/1Q5

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)

446.

Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570.

447.

Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)

Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

448.

Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)
320.

United States, index of consumer prices, all items

(M).-Source 3

(48,59,84,95)

,

(51,89)

Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

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)

453.

Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)
588.

Il-D. Government Activities
500.

Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

502.

Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

510.

State and local government surplus or deficit; 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)

525.

543.

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)
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)
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)

Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

606.

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)
Italy, index of industrial production (M).—Instituto
Centrale di Statistica (Rome)
(58,94)

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)
Canada, index of consumer prices (M). -Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
West Germany, index of consumer prices ( M ) . Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

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).—Instituto 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)

Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

612.

General imports, total (M).-Source 2

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)

517.

725.

Il-E. U.S. International Transactions
602.

State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)

Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(58,94)

Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

512.

723.

735.

580.

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
452.

United Kingdom, index of industrial production ( M ) . Central Statistical Office (London)
(58,94)

733.

Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

722.

Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)

578.

Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

727.

3

577.

721.

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

(59,95)

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,
(Q).-Source 1

622.

Balance on merchandise trade (Q).-Source 1 (57,93)

651.

Income on U.S.
1

(Q).-Source
(57,93)

742.

United Kingdom, index of stock prices
Financial Times (London)

652.

Income on foreign investments in the United States
(Q).-Source 1
(57,93)

743.

Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)

adjusted, excluding military
(57,93)

investments abroad

548.

Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)

667.

Balance on goods and services (Q).-Source 1(57,93)

557.

Output of defense and space equipment (M).— Source

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)

4

(54,91)

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




(M).-The
(59,96)

745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746.

France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

747.

Italy, index of stock prices (M).—Instituto Centrale di
Statistica (Rome)
(59,96)

748.

Japan, index of
Exchange (Tokyo)

(59,96)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).—Standard & Poor's Corporation (13,28,59,69,96)

stock

prices

(M).-Tokyo

Stock
(59,96)

Superintendent of Documents
U.S. Government Printing Office
Washington, OX. 20402
OFFICIAL BUSINESS
P

" for Private Use $300




FIRST-CLASS MAIL
POSTAGE & FEES PAID
USOC
WASHINGTON, D.C.
PERMIT No. G-56


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102