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CONDITIONS
DIGEST

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AUGUST 1986
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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert Ortner, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, 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 are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Mary D. Young—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:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
Lincoln F. Anderson, Council of Economic Advisers
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, 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.

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.

Annual subscription price: $44.00 domestic,
$5.5.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence

concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

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

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
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

licit

iii

1
1
1
1
4
5
5
6

#328
NTS

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

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

Chart
10
12
14
15

Table
60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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




for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1986.

AUGUST 1986
Data Through July
Volume 26, Number I

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES

Al
A2
A3
A4
A5
A6
A7
A8

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

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
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 (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors (July 1986 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 1986 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1986 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97

106
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, DC 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to in-

BCD DATA ON DISKETTE

corporate recent find-

Data for most BCD series are available on diskette. Current data, covering the
last 5 calendar years, are available on a subscription basis—one diskette per
month for 12 months ($240). Historical data, covering 1945 to date, are
available on a set of five diskettes ($100). For more information, write to the
Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.

ings of economic
research, newly available time series, and
revisions made by
source agencies in
concept composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc, Changes may

Changes in this issue are as follows:

result in revisions of

1. The series on manufacturing and trade sales in 1982
dollars (series 57) and the ratio of manufacturing and trade
inventories to sales in 1982 dollars (series 77) have been
revised for the period 1983 to date. These revisions incorporate recent revisions in retail sales (see item 1 on page
iii of the March 1986 BCD) and in the national income and
product accounts (see item 1 on page iii of the July 1986
BCD).
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Statistical Indicators Division.
2. The series on corporate net cash flow in 1982 dollars (series 35) has been revised for the period 1983 to date
to reflect corrected data.
Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, National Income and Wealth Division.
3. Appendix C contains historical data for series 1,
21, 26, 40, 41, 63, 69, 107, 110, 111, 320, 322, 340, 341,
570, 618, 620, 622, 651, 652, 667-669, and 961.
4. Appendix G contains cyclical comparisons for series
5, 23 5 43, and 101.
The September issue of BUSINESS CONDITIONS DIGEST is scheduled for release on October 3.



i
n

data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

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H A N D B O O K

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CYCLICAL

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BUSINESS CONDITIONS DIGEST (BCD)

HANDBOOK OF CYCLICAL INDICATORS

. . . a monthly report that helps you analyze the current
economy and future trends.

. . . a statistical and technical supplement that helps you
make maximum use of the monthly Business Conditions
Digest

BCD has "a plethora of charts t h a t . . . provide more
information and perspective per minute of reading time than
anything else you can find," according to Edgar R. Fiedler,
former president of the National Association of Business
Economists. (Across the Board, February 1984.)

The HANDBOOK contains:
• Descriptions of all BCD series, providing definitions,
methods of compilation, coverage, and sources.
• Historical data for 1947-82 for all BCD series.

BCD contains:
• Charts providing a 25-year perspective for about 300
economic time series that cover all major aspects of
the economy. Expansions and contractions in the U.S.
economy are clearly marked so that the leading, coincident,
and lagging characteristics of the series are easy to
observe.

• Composite index methodology explaining the construction of the indexes in step-by-step detail.
• Reference materials including—
Scores for cyclical indicators
Average leads or lags for cyclical indicators

• Tables listing current data for all 300 series.

Measures of variability

• Appendixes providing historical data, cyclical turning
points, cyclical comparisons, and seasonal adjustment
factors.

Business cycle turning dates
Bibliography
Addresses of data sources.

AMJAM

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METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1959, but those for the composite
indexes and their components (part I, section A)
begin with 1950, and a few charts use a two-panel
format which covers only the period since 1974.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984

Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.

Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.

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

Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.

Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that \s, 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
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

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

Economic
\Process

CyclicalX
Timing
N.

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

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

Capacity utilization
(2 series)

Orders and deliveries
{$ series)
Consumption and
trade (2 series)

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

Inventory
investment
(4 series)
inventories M
hand and on
order
<1 series)

Stock prices
(1 series)
Sensitive commodity
prices (2 series)
Profits and profit
margins { / series)
Cashflows (2series)

Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
( I series)

Comprehensive
employment
(1 series)

Comprehensive
output and income
(4 series)
Industrial
production
(4 series)

Consumption and
trade <4 series)

Business investment
commitments
U series)
Business investment
expenditures
{$ series)

LAGGING (Lg)
INDICATORS
(19 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Business investment
expenditures
(I series)

Comprehensive
unemployment
(2 series)

Comprehensive
employment
(3 series)

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

Unit labor costs
and labor share
<4 series)

Interest rates
(4 series)
Outstanding debt
(4 series)

Sensitive commodity
prices ( 1 series)
Prof its and prof it
margins ( 1 series)

Inventories on
hand and on
order
(4 series)

Interest rates

Consumption and
trade (1 series)

Business investment
commitments

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

IV.

V.

VI.

VII.

FIXED CAPITAL
INVESTMENT
(19 series)

INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

PRICES, COSTS,
AND PROFITS
(18 series)

MONEY AND
CREDIT
(28 series)

Stock prices
( 1 series)

Money (4 series)
Credit flows
(5 series)
Credit difficulties

0 series)

B. Timing at Business Cycle Troughs
Economic
Process
Cyclical
Timing

I.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

Marginal employment
adiustfnents
U series)
LEADING (L)
INDICATORS
(47 series)

Profits end profit margins (6 series)
Cash flows (2 series)

Marginal employment
adjustments
.,
ROUGHLY
COINCIDENT ( C )
INDICATORS
(23 series)

(turn)
p

i
employment
(4 series)

Job vac«nd*$'; : /! v v
<2 series) - > V < U
LAGGING (Lg)
INDICATORS
(41 series)

PRODUCTION
AND INCOME
(10 series)

Compr«1*«n*i»t ,>//„

TIMING
UNCLASSIFIED (U)
(1 series)




ai)

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.)

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 period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 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 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984
Handbook of Cyclical Indicators.

Section C. Diffusion Indexes and Rates of Change

Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
For purposes of constructing a composite index,
actual data but also from surveys of anticipations
each component series is standardized: The monthor intentions. Indexes based on responses of
to-month percent changes in a given series are
business executives about their plans and
divided by the long-run average (without regard to Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
sign) of those changes. Thus, the more volatile
presented, along with the corresponding indexes
series are prevented from dominating the index.
This section covers 112 individual time series, based on actual data, as the last set of diffusion
The coincident index is calculated so that its long- including the 22 indicators used in the series.
term trend (since 1948) equals the average of the construction of the composite indexes. The peak
This section also records rates of change for the
trends of its four components. This trend, which is and trough timing classifications are shown on the three composite indexes (leading, coincident, and
similar to that of GNP in constant dollars, can be charts in the same manner as described above, but lagging) and for four indicators of aggregate
viewed as a linear approximation to the secular this section includes series with different timing at economic activity: GNP in constant dollars
movement (at an average growth rate) in aggregate peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
economic activity. The indexes of leading and lag- timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
ging indicators have been adjusted so that both as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
their trends and their average month-to-month measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
percent changes (without regard to sign) are ap- are labeled U, i.e., unclassified as to timing at 1-quarter spans.
proximately equal to those of the coincident index. turning points of the given type. Eight series are
Although movements in diffusion indexes and in
(For a more detailed description of the method of unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
constructing the composite indexes, see the 1984 series at all turns (of the 19,15 have definite but generally positively correlated, these two measures
Handbook of Cyclical Indicators.)
different timing at peaks and at troughs). No series present information about two related but distinct
In addition to these principal composite indexes, that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
differentiated according to cyclical timing, there is included in the list of cyclical indicators.
measure the prevailing direction or scope of
are five indexes based on leading indicators which
The classification scheme which groups the change, while rates of change measure the degree
have been grouped by economic process. Taken indicators of this section by economic process and as well as the overall direction. As is the case for
together, these additional indexes include all 12 cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
component series of the overall leading index, plus tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
a few related series. Also shown in this section is based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
the ratio of the index of roughly coincident business cycle peaks (November '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.

4



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 for the gross business product. Data on both levels and percent changes are
presented for the period since 1974.
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 1974) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1974) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Basic Data

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

(Nov.)
P

Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Broken line indicates actual
monthly data for series where
a moving average is plotted.

(Mar.)
T

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Arabic number indicates latest
month for which data are
plotted. ("9" = September)

^LjJT V
J^ffii—

Dotted line indicates anticipated data.

s

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

Solid line with plotting points
indicates quarterly data.

Various scales are used to
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

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

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.

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.

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-or4-quarterspans.

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 data2
1

Series title and timing classification

of
measure

Percent change

Annual average
1984

1985

4th Q
1985

1st Q
1986

2dQ
1986

May
1986

June
1986

July
1986

May
to
June
1986

M
E

4th Q
to
1st Q
1986

1st Q
to
2dQ
1986

1.5
0.7
2.0
- 1 .3

1 .8
0.8
-0.2
1 .1

910
920

0.
0.9
3.2
-0.2

0.
-0.2
NA
0.9

914

0.6
NA
1 .5

-0.2
0.
0.

0.
0.
2.1

-0.2
-0.1
-2.1

0.
0.
1.8

1
21
5

0 .052
10.2

0.012
-0.7

-0.013 -0.038
- 1 .4
-5.0

60
46

0.5

0.2

0.6
0.7
0.4

0.5
0.5
-0.3

48
42
41

0.13 '

0.09

90

-1.2
-0.1
-0.1
3.9
0.

-2.3
-0.1
0.
2.0
0.

37
43
45
91
44

0.9
1 .2

0.2
1.8

50
52

June
to
July
1986

.2

M

1. CYCLICAL INDICATORS
A l . Composite Indexes
910.
920
930
940.

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index

L,L,L.... 1967 = 100
do
.. C,C,C...
do
... Lg,Lg,Lg....
do
L,L,1—

Leading Indicator Subgroups:
914 Capital investment commitments
915. Inventory investment and purchasing
916 Profitability
917 Money and financial flows

do

LL L
L,L,L....
LL L
.. L,L L...

do
..do
do

169.1
160.3
127.0
126.2

172.3
161 .7
129.9
124.5

174.9
162.9
132.5
122.9

178.0

164.2
132.3
124.2

178.2
164.1
132.6
123.8

177 .4
163.2
132.7
123.0

179.4
163 .9
132.0
124.2

-0.4
-0.5

117.3
131 .8
110 .3
105.3
110 .8
136.4

110 .3
102.0
115.2
138.8

110 .2

102.4
115.5
141 .3

110.2
103.3
119.2
141 .0

110 .2
103.1
NA
142.2

109.9
103.2
119.8
142.9

109.4
102.5
NA
143.2

110.3
103.1
NA
145.3

-0.5
-0.7
NA

40.7
3.4
366

40.5
3.3
383

40.8
3.5
376

40.7
3.4
384

40.7
3.4
377

40.7
3.4
378

40.6
3.4
378

40.6
3 .4
370

0.458
131

0.497
139

0.522
143

0.509
141

0 .471
134

0.445
128

0.497
141

0 .509
140

185 .44 1 8 5 . 7 2 1 8 5 . 7 6 1 8 5 . 5 7
105.54 106.04 105.95 106.51
99.92
99.86
99.86
99.40
25 ,028 2 4 , 9 5 3 2 4 , 9 6 5 2 4 , 8 5 7

185.84
106.77
100.25
24,883

-0.1

0.5
-0.1
-0.4

0.1
0.2
0.4
0.1
0.06

165.7
154.5

0.1

-0.6

0.2

1.1

0.4
-0.5
1 .0
0.8

930
940

915
916
917

B. Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted4)

L,L,L.... Hours
do
L,C,L....
L,C,I— Thousands

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers

L.Lg.U.... Ratio
L,Lg,U.... 1967 = 100

Comprehensive Employment:
48 Employee hours in nonagricultural establishments
42 Persons engaged in nonagricultural activities
*41 Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working aee3

U,C,C... A.r., bil. hrs
U C C Millions
do
C,C,C...
L.C.U.... Thousands
U Lg U

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted 4 ) 3
45. Avg. weekly insured unemployment rate (inv. 4 ) 3
* 9 1 . Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3

L,Lg,U....
L,Lg,U....
L.Lg.U....
Lg.Lg.Lg....
Lg.Lg.Lg....

1 7 7 . 3 5 182 .30 1 8 4 . 6 0
101.68 103.97 104.90
94.46
98.67
97.69
24,730 25,054 24,937

Percent

58.79

59.38

59.61

59.74

59.83

59.77

60.02

60.08

0.25

Thousands
Percent
do
Weeks
Percent

8,539
7.5
2.8
18.2
2.4

8,312
7 .2
2 .8
15.6
2.0

8,162
7 .0
2.7
15.5
1 .9

8,259
7.1
2.8
14.9
1 .9

8,446
7.2
2.8
14.6
1.9

8,554
7.3
2.8
14.4
1.9

8,443
7 .1
2 .8
15.2
2 .0

8,190
6.9
2.8
15.0
1 .9

1 .3
0 .2
0.
-5.6
-0.1

3.0
0 .2
0.
1 .3
0 .1

-0.4

0.5

40

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52 Personal income in 1982 dollars
*51. Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction

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

2455 .6 2527 .4 2547 . 1 2 5 7 4 . 4 2 6 2 2 . 7

do

CCC

Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74 Industrial production nondurable mfrs
49 Value of coods output in 1982 dollars
Capacity Utilization:
82 Capacity utilization rate mfg3
84. Capacity utilization rate, materials3

3 4 8 9 . 9 3585 .2 3 6 2 2 . 3 3 6 5 5 . 9
2877.1 2962.8 2982.2 3018.2

... .do

C.C.C.... 1977 = 100
do
C.C.C...
do
C,L,I
C C C A r bil dol
.

3661 .5
3071 .5 3 0 7 2 . 3 3 0 6 0 . 2 3 0 7 5 . 1
2622.8

2612.0

2619.5

-0.4

0.3

1 .1

1 .9

51

542.4

543 .7

538.8

538.3

-0.9

-0.1

0.4

0.2

53

125.4
124.5
125 .6
124.7
121.8
128.9
129.0
128.2
127 . 4
124.8
128.6
122 .5
125 .6
127 .2
130 . 1
1503 .1 1533 .2 1541 .7 1563 .6 1 5 6 3 . 6

124.6
127.5
130.4

124.2
126.4
130.3

124.1
126.3
130.2

-0.3

-0.1
-0.1
-0.1

0.2
0.1
1 .1
1 .4

-0.7
- 1 .2

47
73
74

529.2

538.0

539.5

541 .4

-0.9
-0.1

79.9
79.4

79.2
78.2

79.3
78.0

78.7
77.9

78.5
77.9

-0.6
-0.1

-0.2
0.

105.28 106.80
98 .36
99.98

103.03
96.08

102.62
95.64

102.73
95.74

107.16
99.69

0.1
0.1

4.3
4.1

85.42
83.67
87.02
85.65
86.28
85.45
84.60
82.28
1.53
-1.05
-1.82
2.18
-1.90
0.63
-1.15
2.11
345.44 353.04 353.04 359.59 353.87 355.70 353.87 355.40
50
54
52
45
55
61
48
45

2.4
-0.77
-0.5
-5

-0.3

0.5
0.1
-0.3
-0.1
-0.2

NA
NA
-0.2
0.1
0.4

L C U.. Percent
do
L.C.U....

80.8
82.3

80 .3
80 .3

L,L,L.... Bil. dol
do
L.L.L....

100.56

104.30
97.93

LL L

80.1
79.5

-0.2
-0.1

1 .2
0.

49

-0.7
- 1 .2

82
84

-3.5
-3.9

6
7

0.9
3.33
1.9

-1.8
-4.08
-1.6
4

8
25
96
32

-0.9
0.3
0.5
1.2
1.5
-0.4
4.8

-0.4
1.0
1.1
1.1
2.3
5.1
1.4

56
57
75
54
59
55
58

0.
2.4

-0.2
-4.1

12
13

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders in 1982 dollars, durable goods
•8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods 3
96. Mfrs.' unfilled orders, durable goods5
*32 Vendor performance slower deliveries3 ©
Consumption and Trade:
56 Manufacturing and trade sales
•57. Manufacturing and trade sales in 1982 dollars
75 Industrial production consumer goods
54 Sales of retail stores
. ,
59. Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment (u)

. .do
do
L.L.I
L,Lg,U.... Bil. dol., EOP ...
Percent
L,L,I

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

95.73

424.47 430.26 426.35
406.32 410.34 411.54
120.7
123.2
122.6
114.50 115.69 117.08
106.97 107.35 108.91
115.3
111 . 1
111.6
93.2
95.5
91.1

Bil. dol
do
1977 = 100
Bil, dol
do
A.r., bil. dol
IQ 1966=100.

411.30
394.61
118.2
107.76
102.54
105.7
97.5

1967 = 100
Number

121 .2
120.5
121.3
52,922 55,827 57,785

424.56
415.61
124.5
118.33
111 .42
116.8
96.8

421.61
413.04
124.6
118.68
111.64
94.8

NA
423.60
NA
413.36
123.9
124.2
118.60 118.69
111 .47 1 1 1 . 8 7
99.3

97.7

4.7

3.35
0.4
4

-1.6

1 .4
1 .6

B4. Fixed Capital Investment
Formation of Business Enterprises:
•12 Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
*20. Contracts and orders for plant and equipment
in 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods




L.L.I
L.L.I

L,L,I

.

.

120.2
119.9
117.5
56,718 57,789 52,484

120.1
NA

-2.0
-9.2

2.2
NA

31 .32

32.00

32.75

30.17

30.38

29.92

30.64

31 .72

2.4

3.5

-7.9

0.7

10

do
do

31.78
26.95

32.62
27 . 1 9

33.09
27 .82

30.91
26.49

31.48
26 .25

31 .05
26.14

32.32
26.42

33.77
27.43

4.1
1 .1

4.5
3.8

-6.6
-4.8

1.8
-0.9

20
24

do

27.66

28.26

28.64

27 . 6 1

27.84

27.73

28.62

30.01

3.2

4.9

-3.6

0.8

27

L,L,L... Bil. dol
LL L
L.L.I

120.5
59,165

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title and timing classification

Unit
of
measure

1

Percent change

Annual average

My
a
4th Q

1st Q
1986

2dQ
1986

May
1986

June
1986

7 3 . 0 1
2 4 . 5 0
9 2 . 6 3

7 8 . 9 5
NA
NA

7 6 . 7 1

75.88

June
1986

June
to
July
1986

4th Q
1st Q
1986

1st Q
to
2dQ

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment—Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U... Mil. sq.ft
11. Newly approved capital appropriations, mfg
U,Lg,U... Bil. dol
5
97. Backlog of capital appropriations, mfg.
C,Lg,Lg.... Bil. dol., EOP
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment in 1982 dollars

86.42
27 .22
94.58

7 8 . 0 7
2 9 . 3 6
9 4 . 3 7

8 7 . 9 5
27 .19
9 4 . 5 8

C,Lg,Lg... A.r., bil. dol...

3 5 4 . 4 4 386.41 3 9 7 . 7 4

C,Lg,Lg...
do
C,Lg,U.... 1977 = 100...
C,Lg,C... A.r., bil. dol...

3 7 5 . 0 2
1 3 4 . 9
4 2 2 , 2

L,L,L... A.r., thousands
L,L,L... 1967 = 100....
L,L,L.... A.r., bil. dol....

1 , 7 5 0
1 3 4 . 8
1 7 0 . 6

Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars

1 , 7 7 3
1 3 8 . 5
181 .5

- 1 7 . 0
- 9 . 9
- 2 . 1

8 . 1
NA
NA

-5.4

3.0

NA
0 . 1

-4.7
0.1
-4.0

0 .3
- 1 . 8
- 0 . 6

-1 .8
- 1 . 8

12 .7
5.6
2 .6

-4.5
-0.7
3.2

376.08 3 8 7 . 4 2

401 .80 4 1 4 . 6 0 395.20 3 9 6 . 4 5
141 .2 1 4 0 . 9
141 .0 1 3 8 . 5
461 .4 4 7 6 . 9
457 .8 4 5 5 . 2
1,742
138.1
177.2

-3.7

1 , 9 9 8
1 4 6 . 3
1 8 6 . 3

1,908
145.3
192.3

3 8 9 . 9 0
1 3 8 . 5

3 9 6 . 6 6

1 , 8 5 3
1 4 2 . 6

1 , 8 5 2
1 4 2 . 9

1 3 . 4 7
- 2 2 . 5

-5.48
27 . 4

136

NA
.9

-1

1 , 8 1 8
1 4 0 . 3

1 . 7
.2

- 0 . 1
0 . 2

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
31. Change in mfg. and trade inventories, book value3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order, book value3
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods, book value5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order, book value5

L,L,L...

do

L.L.L....
L.L.L....

do
do..,

L,L,L...

I. dol

59.2

9.0

-5.2

3 9 . 9

11.6

49.21
53.2

2.99
9.7

5 . 0 7
1 6 . 9

2 0 . 0 0
2 0 . 1

12.52
3.3

0.71

-0.31

0.07

0.02

-1.33

Lg,Lg,Lg.... Bil. dol., EOP . 573.43 583 . 1 5 5 8 3 .
630.89 6 3 8 . 4 3 6 3 8 .
Lg,Lg,Lg....
do
88.37
Lg,Lg,Lg....
do
8 8 .
89.69
1 . 5 6
Lg.Lg.Lg.... Ratio
1
1.55
2 1 4 . 2 4
L,Lg,Lg.... Bil. dol., EOP .
2 1 4 .
217.30

1 5
4 3

5 8 8 . 1 8
6 4 5 . 8 7

3 7

8 7 . 6 2

45.1

86.71

87 . 6 6

- 7 . 4 8
- 1 6 . 8

0.54

589.01 5 8 6 . 7 3
646 . 1 4 6 4 4 . 7 9

-28.3

14.93
3.2
-0.05

- 1 . 3 5

0 .4
0 . 2
- 1 . 1

0 . 9
1 .2

0 . 1
0 .

-0.8

- 1 . 0

0 . 0 1

-0.01

0 .

-1.9

1 .02
1 .2
0.25

- 0 . 1 9
-1 .9
- 0 . 0 4

0 . 9 0
- 3 . 9
0 . 0 5

-2.1

1 1 . 7

- 1 8 . 9 5
4 9 . 9

5 8 9 . 0 1
6 4 6 . 1 4

NA
NA
NA

8 6 . 7 1

0.
.55
2 4

1

.56

2 1 4 . 3 1

1 .55
210.31

1 .56

1

.56

211 . 1 7 2 1 0 . 3 1

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99. Change in sensitive materials prices (smoothed6)3

L,L,I Percent
U,L,L... 1967 = 100...
L,L,1 Percent

StocK Prices:
•19. Stock prices, 500 common s t o c k s ©

L.L.L.... 1941-43=10.

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L,L,L... A.r., bil. dol...
L,L,L...
do
L.C.L..,
do
L.C.L...
do
L,L,L Cents
L.L.L.... 1977 = 100...

140.3
135.3
169.3
164.7
4.6
99.0

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

350.4
350.7

Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg.Lg.Lg.... 1977 — 100....
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.... Dollars
62. Labor cost per unit of output, mfg.
a) Actual data
Lg.Lg.Lg.... 1977-100....
*b) Actual data as percent of trend3
Lg.Lg.Lg.... Percent
64. Compensation of employees as percent of
do
national income3
Lg.Lg.Lg....

-0.22
244.8
-0.42

- 0 . 0 1
2 3 5 . 5
- 0 . 2 1

160.46 1 8 6 . 8 4

1 9 6 . 9 6

-0.37
278.9
-0.19

1
1
1
1

31 .4
2 3 . 1
8 8 . 9
8 1 . 0
3.8
98.8

3 7 4 . 9

- 0 . 2 0
231 .1
-0 .25
2 1 9 . 9 6

0 .70
222.1
-0.20

0.79
221.3
-0.26

240.58

- 0 . 4 1
2 2 5 . 0
0 . 2 3
245.30

0
227
0

,61
.6
.48

-1 .20
1 .7
0.49

2 4 0 . 1 8

4
1
2
2
6
2

1 3 5 . 2
124.8
207.3
1 9 6 . 6
3 . 6
9 9 . 0

140.8
130.1
200 . 1
189.3
NA
98.6

- 3 .
- 4 .
9 .
9 .
0 .
0 .

3 8 9 . 4
3 8 8 . 1

380 .9
380 .8

383.4
382.8

- 2 . 2
- 1 . 9

1
1
1
1

3
3
8
8

9
0
9
0
3
9 8

.
.
.
.
.
.

0
1
6
1
8

9.4
4
4
- 3
- 3

. 1
. 2
. 5
. 7
NA
- 0 . 4
0 .7
0.5

159.7

1 6 4 . 8

1 6 7 . 3

1 6 7 . 0

168.2

-0.2

0.7

0.690

0 . 7 0 8

0 . 7 1 6

0 . 7 2 1

0.727

0.7

0.8

134.7
88.2

1 3 7 . 3
8 5 . 0

13 8 . 3
83.9

138.6
82.8

138.5
81 .6

73.0

73.5

73.7

73.7

0.2
-0.2

138.8
81.4

1 3 8 . 6
8 0 . 9

-0.1
-0.5

0 . 2
- 1 . 1

- 0 . 1
-1 .2

0.

138.5
81.6

-0.3

B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply Ml in 1982 dollars
•106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
•111.
110.

Flows:
Net change in mortgage debt3
Net change in business loans3
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers

Credit Difficulties:
39. Delinquency rate, installment loans (inverted*)3 5




L.L.L.
do...
L.C.U....
....do...
L.L.L.
....do...
L.L.L.... Bil. dol
L.L.L...
....do...
C,C,C... Ratio
C,Lg,C...
do...
L.L.L... A.r., bil. dol...
L.L.L....
do
L.L.L.
do
L.L.L.... A.r., percent..
L,L,L... A.r., bil. dol...
L.L.I

Percent, EOP .

0.48
0
0
0.69
0.92
0
506.0
5 3
2116.6 2 2 2
6.914
1.365

99.76
53.11
77.34
15.8
569.92 6
2.09

.
.
.
2
9

9
6
7
.
.

6
5
0
9
7

6 . 7 3 6
1 . 3 3 4
7 8 . 9
2 2 . 7
8 1 . 5
1 0 .
7 5 . 9

6
6
2
5
3

2.32

0.82
0.63
1 .95
1.23
1 .41
1.46
0.48
0.33
1 .00
1.04
0.80
1.05
0.47 • 0 . 6 4
NA
0.87
0.85
0.45
549.2 5 5 7 . 8 5 8 2 . 3 5 8 4 . 2 5 8 8 . 6 596.7
2259.9 2276 .3 2 3 4 5 . 8 2349.9 2357 .8 2381 .7
6.590
1.326

6.563
1.331

6.360
1.317

100.37
56.24
74.71

26.00

NA
- 7 . 6 6
6 5 . 6 0
5 . 2
NA

-8.02
6 3 . 3 6
12.8
6 . 8
965.41 5 0 4 . 2 6
2.32

2 . 4 1

1.315

1.305

1 . 2 9 8

29.47
21.73
77.48

NA
- 4 . 3 4
6 0 . 8 6
3 . 9

NA
- 2 2 . 4 5
NA
5 . 4

8.7

-0.72
-0.24
-0.40
0.8
0.3

- 0

0.18
0.25
NA
1.4
1.0

. 0 1 0 -0.007

NA
• 2 6 . 0 7
- 1 6 . 6 2
-4.8

NA
• 1 8 . 1 1
NA
1 . 5

-0.19
-0.15
-0.40
1.6
0.7
-0.027
0.005
- 7 4 .
- 6 4 .
- 1 1 .
- 6
-47

3
2
3
.

7
6
5
0
.8

- 0 . 0 9

0 . 8 3
0 .67
0 . 1 7
4 . 4
3 . 1
- 0 . 2 0 3
- 0 . 0 1 4

NA
0 . 3 6
2
.24
- 1 . 6
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Percent change
Series title and timing classification1

Annual average
4th Q
1985

1985

4th Q
to
1st Q
1986

My
a
1st Q
1986

2dQ
1986

May
1986

to
July
1986

July
1986

1st Q
to
2dQ
1986

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.

Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 0
114. Discount rate on new Treasury bills 3 ©
116. Yield on new high-grade corporate bonds 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business loans 3 ©
•109. Average prime rate charged by banks 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
•101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3

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

-3,046
3,730
10 .22
9.57
13.37
11.99
1O.1O
13.82
12.0 2,
12 .04

-492
1 ,321

-502
1,415

8.10
7.49
11.75
10.75
9.10
12.24
9.74
9 .93

8 .10
7.15
11 .03
10 .08
8.68
11 .28
9.68
9.50

230
805

-1
857

-38
876

128
803

161
741

-166
-73

-33
-62

-732
-610

231
52

93
94

7 .83
6.89
9.68
8 .90
7 .53
10 .38
9.29
9.37

6.92
6 .13
9 .06
7 .95
7.54
9.95
8.13
8 .61

6 .85
6.12
9 .09
8 .02
7.54
10 .07

6.92
6.21
9.39
8 .23
7 .87
9.98

6.56
5.84
9.11
7 .86
7.51
10 .01

0.07
0.09
0.30
0.21
0.33
-0.09

-0.36
-0.37
-0.28
-0.37
-0.36
0.03

8.50

8.50

8.16

-0.27
-0.26
-1 .35
-1.18
-1.15
-0.90
-0.39
-0.13

-0.91
-0.76
-0.62
-0.95
0.01
-0.43
-1.16
-0.76

119
114
116
115
117
118
67
109

NA
-0.6

3 .0
1 .5

3.0
-1 .6

66
72

-0.2

3.0

0 .4

101

NA

0 .30

0.6
-0.2

310
320
320
322
330
335
331
332
333
334

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

NA
453.58 535.10
35.10 550.94 567 .34 62.27 567 .34
299.66 331 .65 339.29 344.30 338.96 339.68 339.32 337.45

Lg,Lg,Lg....

0.

289.04 321 .52 328.44 338.44 339.64 339.68 339.66 339.15
13.45

Lg,Lg,Lg..

15.02

15.64

15.94

16.12

16.14

16.28

NA

107 .9
311 .1
0.3
302 .9
310.3
322.6
331 .0
320.0
294.1
290 .4

111.5
322 .2
0 .3
309.8
308.8
323 .9
306.2
318.7
300.5

112.8
326,
0
313.2
309.2
324.7
305.7
318.7
303.3
294.4

113 .5
327.3
-0.2
314.6
304.5
318.9
289.9
314.1
303 .8
288.7

114.2
326.5
0.1
316 .0
298.7
311 .5
272.9
306.6
305.5
283 .0

326.3
0 .2
316.4
299.2
311 .7
275.9
306.3
305.5
283 .8

327 .9
0.5
316 .7
298.9
311 .6
273 .0
306.4
305.7
283 .6

328.0
0.
319.5
297 .7
308.5
276.4
304.4
306.3
281 .9

160.7

165.5

166 .9

168.0

168.8

168.7

169.2

94.6
167 .4
97.6
105 .3
104.3

94.1
173.9
98.0
106.4
104.8

94.0
176 .2
98.0
106.4
104.5

94.3
177 .6
98.4
107.3
105 .6

95.3
178.5
99.3
107 .2
105 .5

95.4

95.2

0.9
-0.1

OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
Bl. Price Movements
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.

1982 = 100...
Implicit price deflator for gross national product
Consumer price index for all urban consumers (CPI-U) © . . . . 1967 = 100...
Percent
Change in CPI-U (S/A) 3
1967 = 100...
Consumer price index for all urban consumers, food
do
Producer price index (PPI), all commodities ©
do
PPI, industrial commodities ©
do
PPI, crude materials for further processing
do
PPI, intermediate materials, supplies, and components
do
PPI, capital equipment
do
PPI, finished consumer goods

0.5
0.3
0 .1
-0.1
0.
-1 .1
0.
0 .1
-0.1

-0.6

0.6
0.2
-0.7
0
-1.5
-1
-5.2
-1 .4
0 .2
-1.9

169.0

0.3

-0.1

0 .7

95.1

-0.2

-0.1

0.3
0.8
0.4
0 .8
1 .1

0
0.5
0.9
0.4
-1 0
1.2

-1.9
-2.3
-5.9
-2.4
0 .6
-2.0

B2. Wages and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls
345. Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector
370. Output per hour, business sector
358. Output per hour, nonfarm business sector

1977 = 100..

..do
..do

340
1 .1
0.5
0.9
-0.1

341
345
346
370
358

C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.

Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16-19 years of age
Number unemployed, full-time workers

Civilian Labor Force Participation Rates:
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16-19 years of age3

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

do
Percent
do...
do..

113.54 115.46 116.16 117 .03 117.67 117.66 118.12 118.07
105.00 107.15 108.00 108.77 109.22 109.11 109.67 109.88
8,539
8,312
8,162
8 ,259 8,446
8,554
443
8,190
3,932 3,715
3,633
3,705 3 ,796 3,897
3,824
827
3,107
3,129
3,033
3,094 3,109
3,125
104 2,998
1,499
1 ,468 1 ,496 1,460
1,542
1 ,532
1,368
7,057
6,793 6,674 6,758 6,859
7,037
6,671

78.3
53.7
53.9

78.1
54.7
54.5

78.1
54.9
54.4

78.3
55.0
54.5

78.1
55.4
55.3

78.1
55.4
55 .6

78.2
55 .7
54.7

78.0
55.8
54.1

0
0 .2
-3.0
-0.1
-3.4
-9.5
-1 .3

0 .7
0 .7
1 .2
2.0
2.0
-2.4
1.3

-0.2
0 .1
-0.6

0.4
0 .5
-1 .3
-1
-0
-1.3
-4.0

0
0
0.1

0.5
0 .4
2.3
2.5
0 .5
5.6
1.5

441
442
37
444
445
446
447

0.8

451
452
453

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

Federal Government surplus or deficit3
Federal Government receipts
Federal Government expenditures
State and local government surplus or deficit3
State and local government receipts
State and local government expenditures

517.
525.
548.
557.
570.
564.

Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products
Industrial production, defense and space equipment..
Employment, defense products industries
Federal Government purchases for national defense .

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

do
do

•170.0 - 1 9 8 . 0 -217 .6 -201 .6 -236.9
726.5
80 5.8 800.0 805.9
786.8
896.5
9 8 4 . 9 1023 .4 1001 .5 1042.7
68.5
61 .7
70.0
62.5
59.9
540.8
577.5
592.7
608.4
611 .4
472.4
530.2
551.6
515.8
538.5

16.0
-0.7
-2.1
7
2 .6
1 .6

-35.
0,
4.1

500
501
502
510
511
512

D2. Defense Indicators
Mil. dol...
..do..
..do...
1977 = 100..

Thousands....
A.r., bil. dol..

2 2 , 4 3 7 2 6 , 8 8 3 28,402 29,469 30,776 29,221 34,945
NA
1 2 , 9 4 2 1 2 , 2 4 0 11,586 12,370 11 ,732 8,849 13,493
NA
6 ,714 9,332 7,394 8,430
7,452
8,022
10 ,630
7 ,253
180.0
178.2
157.9
173.6
179.0
179.1
179.5
179.3
1,589
1 , 4 3 8 1 , 5 4 4 1,578
1,590
1 ,598 1,579
NA
266 .4 278.0
268.0
235.0
259.4

19.6
52.5
-14.0
0 .1
-1 .2

NA
NA
46.6
0 .1
NA

3.8
6.8
39.0
-1 .0
0.7
-0.6

4.4
-5.2
-20.8
0.4
0.1
4.4

517
525
548
557
570
564

9.4
-7 .2
-1.7
4.9
0.5
9.5

NA
NA
NA
NA
NA
NA

2 .5
-6.
4.8
2.3
-3.4
0.2

1 .5
-13.6
-5.7
-2.2
-41 .2
1.2

602
604
606
612
614
616

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

Exports, excluding military aid shipments
Exports of domestic agricultural products
Exports of nonelectrical machinery
General imports
Imports of petroleum and petroleum products.
Imports of automobiles and parts




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

18,137 1 7 , 7 7 2 17,456 17,884 18,154 17,430 19,069
1,941
3,146
2,408
2,246
1,960
1,819
2,426
3,875
3,781
3,963 3,736 3,644 3,582
3,917
27 ,133 2 8 , 8 3 8 30,256 30,957 30 ,266 30 ,272 31 ,764
4,419
2,718
2,731
4,180
4,270 2,511
4,689
5,139
5,211
5,054 5,535
4,688
5,147
3,787

NA
NA
NA
NA
NA
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title

Percent change

Annual averag

of
measure

1st Q

1983

1984

1985

1985

2dQ
1985

3d Q

4th Q

1st Q

1985

1985

1986

3d Q
to
4th Q
1985

2dQ
1986

4th Q
to
1st Q
1986

1st Q
to
2dQ
1986

e
,s>

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

Bil. dol
do
do
do
do
do
do
do

- 9 . 2 8 - 2 3 . 5 8 - 2 5 . 6 7 - 2 2 . 8 3 - 2 5 .96 - 2 4 . 4 5 - 2 9 . 4 5 - 3 0 . 6 4
91 . 6 0
83 .32
88.04
90 . 2 3
90 . 8 7
90 .03 8 9 . 6 2
89.35
92.60 113.60 1 1 5 . 3 0 1 1 0 . 8 7 1 1 5 . 3 1 1 1 4 . 6 9 1 2 0 . 3 2 1 2 2 . 2 4
-31 .68 - 3 7 . 3 5 - 3 6 . 5 8
-16.77 -28.13 -31 .11 -25 .04 - 3 0 . 3 7
53.55
52.50
52.73
50.46
53.61
55.32
54.98
53 . 8 8
90 . 1 3
84.17
90.08
67.22
84.72
80.37
83 .10
84.24
24.24
24.50
24.51
19.31
22.50
18.73
21.56
22.25
17 . 4 2
16 . 2 4
15.25
13 .10
16 . 2 0
16 . 5 1
16 .87
16 . 8 0

A r, bil dol
do
A r, dollars
A r, bil dol
do
do
A r, dollars

3405.7
3279.1
13,963
3285 .5
2428.1
2331 .9
9,930

3765.0
3489.9
14,721
3430.7
2670.6
2470.6
10,421

3998 .1 3 9 0 9 . 3
3 5 8 5 . 2 3547 .0
14,981 14,874
3576.2 3523.9
2828.0 2755.4
2528.0 2495.7
10,563 10,466

3965.0 4030.5
3567 .6 3603 .8
1 4 , 9 2 8 15 , 0 4 1
3 5 5 0 . 2 3603 . 1
2 8 4 2 . 3 2832 .0
2550.8 2524.7
10 , 6 7 4 1 0 , 5 3 7

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

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports adjusted
Merchandise imports adjusted
Income on U S investment abroad
Income on foreign investment in the United States

2234.5
2146.0
289.1
283.1
816.7
800.2
1128.7
106 2 7

2428.2
2246.3
331 .2
318.9
870.1
828.6
1227 .0
1098 7

2600.5
2324.5
359.3
343.9
905.1
841 .6
1336.1
1139.0

2530 .9
2292.3
347.7
332.3
888.2
834.3
1294.9
1125 . 8

2576.0
2311 .9
354.0
338.8
902.3
841 .3
1319.7
1131 8

do
do
do
do
do
do

502 .3
504.0
509.4
510 .4
-7.1
-6.4

662.1
652.0
598 .0
592 .8
64.1
59.2

661 .1
647 .7
650.0
638.6
11.1
9.0

650.6
638.2
625.2
615 .0
25 . 4
23 . 2

667 . 1
655.6
648.0
638.1
19.1
17 . 4

657.4
643.8
654.3
643 . 1
3 .1
0 .7

669.5
653.2
672.6
658.4
-3.1
-5.2

708.3
684.0
664.4
644.1
43.8
39 . 9

do
do
do
do
do

do

675.0
649 .0
283.5
275.1
391 .5
373 9

733.4
675.2
311 .3
291 .7
422.2
383 5

815.4
721 .2
354.1
323.6
461 .3
39 7 6

777.3
695.3
333.7
305.8
443.5
389 5

799.0
708.3
340.9
311 .4
458.1
396 9

829.7
731 .8
360.9
329.9
468.8
401 9

855.6
749.4
380.9
347 . 2
474.7
402 2

do
do
do
do
do
do

-6.1
-19.9
352.5
348.1
358.7
368.1

-58.7
-78.9
-83.6 -108.2
369.8
382 .7
362.3
369.7
441 .4 4 4 8 . 6
470.5
453.2

-49.4
-78.8
378.4
369.4
427 . 9
448.2

-77 .1
-108.1
370.0
361 .2
447 . 1
469.3

-83.7
-113.8
362 .3
355.8
446 .0
469.6

-105.3
-132 .0
368.2
362.9
473.6
494.8

NA
NA
NA
NA
NA
NA
NA
NA

-5.00
0.7
4.9
-5.67
0.4
7.0
0.
-6.1

-1.19
0.8
1 .6
0 .77
1.6
0.1
-1.1
14.2

NA
NA
NA
NA
NA
NA
NA
NA

667
668

669
622
618
620
651
652

A. National Income and Product
A l . GNP and Personal Income
200.
50.
217.
213.
224.
225.
227.

Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars

230.
231.
232.
233.
236.
238.
237.
239

Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services
Services in 1982 dollars

240.
241.
242
243
245
30.

Total
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3

4179.8
3661 .5
15,179
3649.8
2981 .7
2627 . 4
10,893

1 .4
0.5
0.3
0.7
1.8
0.6
0.4

1.5
0.9
0.7
-0.3
1 .8
1 .6
1.4

0.7
0.2
-0.1
0.9
1 .6
1 .8
1 .6

200
50
217
213
224
225
227

2627.1 2667.9 2697.9 2735.3
2 3 4 2 . 0 2 3 5 1 .7 2 3 7 2 . 7 2410 .4
375.7
373 .3
362 .0
360.8
358.8
357 . 4
347 . 0
345.4
929.1
907.4
922.6
929.7
878.1
843.8
847 . 2
860.6
1346 . 4 1383 . 2 1407 . 4 1430 .5
1140 8 1157 .5 1 1 6 6 . 6 1173 .5

1 .6
0.4
-3.0
-2.9
1 .7
0.4
2.7
1 .5

1 .1
0.9
-0.3
-0.5
0 .8
1 .6
1.7
0 .8

1 .4
1 .6
4.1
3.9
-0.1
2 .0
1 .6
0 .6

230
231
232
233
236
238
237
239

684,7
659.2
672.2
647 . 5
12.5
11 . 6

1 .8
1.5
2.8
2.4
-6.2
-5.9

5.8
4.7
-1.2
-2.2
46.9
45.1

-3.3
-3.6
1 .2
0.5
-31 .3
-28.3

240
241
242
243
245
30

836.7
725.2
355.7
320.4
480.9
404 8

860.0
742.4
367.1
329.5
492.9
413 0

3 .1
2.4
5.5
5.2
1 .3
0 1

-2.2
- 3 .2
-6.6
-7.7
1 .3
0 6

2.8
2.4
3.2
2.8
2.5
2 0

260
261
262
263
266
267

-93.7
-125.9
374.8
369.2
46 8 . 5
495.1

-100.2
-150.5
367 .9
363.9
468.1
514.4

-21.6
-18.2
1 .6
2.0
6.2
5.4

11.6
6.1
1.8
1 .7
-1.1
0.1

-6.5
-24.6
- 1 .8
- 1 .4
-0.1
3.9

250
255
252
256
253
257

2719.5 3032.0 3222 .3 3157 .0 3201 .4 3243 .4 3287 .3 3 3 4 0 . 7 3 3 7 9 . 5
2 0 2 0 . 7 2214.7 2 3 6 8 . 2 2 3 1 6 . 3 2 3 5 2 . 1 2380 .9 2 4 2 3 . 6 2 4 6 1 .5 2480 . 1
190 .9
236.9
254.4
250.7
265.3
255.5
249.3
262.1
290.7
13.2
8 .3
7 .6
6.8
12 . 8
8.1
7.3
8.3
16.6
213.7
264.7
280 .7
266 . 4
296 . 4
274.3
296.3
285.6
291 .2
281 .0
307 .4
311 .4
316 . 8
304.9
311 .4
309.7
307 .6
300.8

1 .4
1 .8
5.1
13.7
-3.6
-0.7

1 .6
1 .6
1 .2
54.2
3 .8
-0.9

1 .2
0.8
9 .6
29.7
- 1 .8
-1.3

220
280
282
284
286
288

11.3
2.8
15.7
23.5
0.6

-7.1
-0.6
4.9

290
295
292
298
293

4087.7
3622 .3
15,080
3627 .5
2882.2
2540.7
10,577

4149.2
3655.9
15,188
3616.1
2935.1
2581 .2
10,723

A2. Personal Consumption Expenditures

A3.

Gross Private Domestic Investment

.. ..

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

Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars

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

Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services.
Exports of goods and services in 1982 dollars
Imports of goods and services .
Imports of goods and services in 1982 dollars

A5. Foreign Trade

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

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

290.
295.
292.
298.
293.

Gross saving
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3

do
do
do
do
do
do

A7. Saving
do
do
do
do
Percent

463.6
461.6
130.6
-128.6
5.4

573.3
551.5
506.1
544.5
168.7
143.3
- 1 0 1 .5 - 1 3 6 . 3
6 .3
5 .1

NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal
movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A,
seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




573 . 2
525.6
144.1
-96.6
5 .2

566.8
538.9
183.6
-155.6
6 .5

541 .7
524.1
560 . 1
553.5
119.6
125.8
-138.0 -155.1
4.2
4.4

583 .2
569.2
145.6
- 1 3 1 .6
5.0

541.7
566.0
152.7
- 1 7 7 .0
5.1

-3.2
-1.2
5.2
-17.1
0.2

-45.4
0.1

2
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
July May
P

Aug. Apr.

Apr. Feb.

T

Jan. July July Nov.
P T
P
T

mi.,,;
190-]
180
17016015014013012011010090180 n
170
160
150
140130
120110100
90-

150140130120
110
100 90-

80-

70-

60-

50-

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
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



AUGUST 1986

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

Jan. July July

T

P T

P

Nov.
T

. Inventory investment and purchasing

917. Money and financial flows (series 104,

940. Ratio, coincident index to lagging index

•Itiiitill

1950 51

52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987

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 1986



11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

1. Average weekly

Jan. July July Nov.
P T P T

Dec. Nov.
P T

of production or nonsupervisory vim

new orders in 1982 dollars, consumer goods

:

ipi iiid) full

W:

r

/^

comparies receiving slow

12. Net business formation (

20. Contracts and orders for plant and
1982 dollars (bil. do!.)

MX

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 6 1 , 64, 65, and 66.

12



AUGUST 1986

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

Dec. Nov.

P

T

T

Nov.

Mar.

P

T

Jan. July July

PT

P

No
T
200-|
180™

tty^m

160140120100-

80-

60-

acturing aid trade inventories on hand and on

99. Change m sensitive materials prices,

in business and consumer credit

1950 51

52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987

'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, 7 1 , and 72.

I

AUGUST 1986




1
3

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
Aug. Apr.
P T

Apr. Feb
P T

Dec. Nov.
P T

Nov. Mar.
P
T

Jan. July July Nov.
P T P
T

41. Employees on nonagriculturaJ payrols (mftons

£

Personal income less transfer pa
1982 doflars (arm. rate, bi.dol.)

m

47. kidustrial oroduction (index: 1977

57. Manufacturing and trade sales in

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 62,63, and 65.

14



AUGUST 1986

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Jan. July July
P I P

Nov.
T

wmmummmm

77. Ratio, manufacturing and trad

••••m

permit of output, manufactog-actu^ data

109. Average prime rate charged by

101. Commercial and iidustrial loans

95. Ratio, consumer Install

iii

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71

72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987

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

BCII AUGUST 1986



1
5

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Apr. Feb.
P

Dec.

Nov.

Nov.

P

T

p

T

Jan. July
P

T

July

Nv
o
T

P

n m

Employment Adjustments]

WS0B
sst

&§§ SSSfSsi

mi

Sljlft

m

11..

1. Average weekly hours of production or nonsupervisory workers,
^ K (hours)
ITTT

im
Uliiii
iiBiip!
nsmsrn

in
•i

42-|

m
SitftiS

41-

40-

39-

38

21. Average weekly overtinw hours of production or nonsupervisory workers,
manufacturing ( h o u § g j § [ r c T

J

"*
4-1

3-

2-J

5. Average weekly initial claims for unemployment insurance,
State pro^an|p|ousands—inverted scale)

fin

• ill
aim

Ratin hph-wanteri advprfkintr in

in newspapers (index: 1967=100)

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

1986

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

1
6



AUGUST 1986

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

Mar.
T

Nov.
P

Jan. July
P T

July
P

Nov.
T

190180-

170-

re in nonaercultural establishments

160-

150-

140 J
110-

105-

1009590858075-

6528-|

2726252423222120 J
61-

6059-

to population of wording age (percent)

5857565554-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

INJI AUGUST 1986



17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

July

Nov.

P

T

T

37. Number of persons unemployed (millions—inverted scale)
3-1

5-

7-

91113-

43. Unemployment rate (percent—inverted scale)
456-

ma,

ma

Mi

9-

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

LfflJ

3-

56-

91. Average duration of unemployment

.ill
. JRI

7J

rted scale)

s™4

••'"• ! •

J^/

K^^B

:

liiiiii

iWBI

. Iply.^p^p
:;
IB

BIS V*

li^p

12-

:
16-

•!

2022-

44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale)
N^

_ _

lill
lili

H-g.Lg.UI

lifclli

Hi'

||f

Sii

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

H
^

mm

y

82

12-

4-

•in
81

0-

5-

83

84

85 1986

Current data for these series are shown on page 62.

1
8



AUGUST 1986

itcn

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
Jan. July
P T

July
P

Nov.
T

80

81

82

and construction ( m rate, bil. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 63.

BCII AUGUST 1986



1
9

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Jan. July
P T

July
P

Nov.
T

I fill
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

20



AUGUST 1986

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
Jan July
P

I

July
P

Nov.
T

120110-

7. Manufacturers'new
industries (bil. doL)

1009080706050-

6. Manufacturers' new orders i
Hnrahlo orwfc inHnctrioc /hil

40-

8. Manufacturers' new orders in 1982 dollars, consumer
goods and materials industries (bil. doi.)

1009080706050-

+ 6-

25. Change in manufacturers'unfilled
+ 4-

+ 2-

0-

-2-

-4380340300-

96. Manufacturers' unfied orders, durable goods industries

260220-

180-

140-

100-

60->

32. Vendor performance, percent of companies
100-1
755025-

1959 60

61

62

63

64

65

66

67

68

69

70

71

82

83

85 1986

Current data for these series are shown on page 64.

ItCII AUGUST 1986



21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
T

80

81

82

57. Manufacturing

56. Manufacturing and trade sales

75. Industrial

iiiii
1

59. Sales of retail stores in 1982 dollars (bil.

54. Sales of retail stores in current

expenditures,
(arm. rate, bH. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 65.

2
2



AUGUST 1986

KCII

CYCLICAL I N D I C A T O R S
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
July Nov.
P
T
16014012010060-|
5040-

30-

4540353025-

iHllliilllliiiilillll
20-

20. Contracts and orders for plant and equipment

"iiiiiiiiiMiiP' ——• ••

15-

and orders for plant and
4035302520-

10

J

llO-i
1009080706050-

9. Construction contracts

mercial and i

1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986
U

Curren

$edwby

AUGUST 1986




permi$SlOn;

l lm a yn o tb e r e

P r o d u c e d without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.

23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
Apr. Feb.
P T

Jan. July
P T

July
P

Nov.
T
llO-i
1009080706035 T

3025-

20-

15-

10-

480440400360320280240200-

61. Expenditures m

M a r s for new
bil.dol.)

480-i
440400360320280240200-

i

160-

69. Machinery and equi
business construction

160140 -

iiMMr

120100-

production, business

W09
40 J

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

24



AUGUST 1986

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Jan. July
P T

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

July
P

81

Nov.
T

82

83

84

85 1986

Current data for these series are shown on page 67.

AUGUST 1986




2
5

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment
Jan. July
P T

Apr. Feb.
P T

July
P

Nov.
T

81

82

•III:
l l t o i y Investment1

30. Change in business mventories in 1982 defers* 0 (am. rate, bi. dol.)

f t f : ^ i :^:;.;,-

on hand and on order

36. Change in manufacturing and trade
in 1982 dollars (ann. rate, bil. dol.;

immkMmi^m.

31. Change in manufacturing and trade i

I

38. Change in manufacturers'inventories,
and on order book value (bil. dol.; MCD

1959 60

61

62

63

64

65

66

67

68

69

supplies on hand
-4-term)

70

71

72

73

74

75

>6

77

78

79

80

83

84

85 1986

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

26



AUGUST 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Dec.

P

Nov.

Nov.

Mar.

P

Apr. Feb.

T

P

T

T

Jan. July
P

T

July

P

Nov
T

alii
;ories on Hand and on Order]

70. Manufacturing and trade i n v e n t o r i e i ! ^ ^ dollars (ML dol.)^

71. Manufacturing and trade inventories,
book value (bil. dol.)

65; Manufacturers' inventories, finished .goods,
book value (bil. dol.)

50-

Hi

40-

30 J

77. Ratio, manufacturing and trade inventories to sales in 1982 dollars
(ratio)

78. Manufacturers inventories, materials and supplies on hand
and on order, book value (bil. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

12

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 68.

ItCII AUGUST 1986



2
7

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Apr. Feb.
P

Dec.

Nov.

Nov.

Mar.

P

T

T

P

T

Jan. July
P

July

Nov.

T

P

T

80

81

98. Change in producer prices for 28 sensitive crude and
intermediate materials (percent; MCD moving avg.-6-term)

§ j i m Commodity Prices |

99. Change in sensitive materials prices (percent; moving

23. Spot market pric*§§§iY industrial m a t e r i § | f | f ex: 1967=100)

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

18. Corporate profits after tax in 1982 dollars, Q

and Profit MargthJ |

(am. rate, bj§§§)

lb. corporate proms aner tax in current dollars, y
(arm. rate, b i dol.)

X

1959 60

61

62

63 64

65

66

67

68

69

70

71

72

73

74 75

76

77

78 79

82

83

84

85 1986

'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 1 9 8 1 , 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 1986

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued

HHMMNI

••HHflMMHHi

net cash flow in current dollars, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on pages 69 and 70.

ItCII AUGUST 1986



29

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

Mar,
T

Nov.
P

Jan. July
P T

July
P

Nov.
T

180
170
160

150140
130
120
110

10090800.800.750.700.650.600.55

j e r unit of gross domestic product in
corpofstions, Q

0.50-

'•u

0.45'

0.40'

0.35

150'
140'
130'
120'
110'
10090-

80'

7270

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 70.

30



AUGUST 1986

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Dec.

P

T

Nov.

Nov.

Mar.

P

Apr. Feb.

T

P

T

Jan. July
P

Juiy

Nov.

T

P

T

80

81

Mwey smdy Ml »i 1982 dolars (bi. dot.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85 1986

Current data for these series are shown on page 7 1 .

ItCII AUGUST 1986



31

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Apr. Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

33. Net change in mortgage debt held byfinancialinstitutions
and life insurance companies (arm. rate, bit. dot.)

112. Net change in business bans (ann. rate, bil. dot.;
MCD moving avg.~-Mertn) r r y [

113. Net change in consumer installment credit
(ann. rate, bil. doJ.; MOD moving avg.—6-term)

IX

I
and consumer credit outstanding (ann. rate, percent) I L,L,L

110. Funds raised by private nonfinancial borrowers in credit
markets, Q (ann. rate* bil. dol.)

mm
tsti •
:
<

m

US
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80
80

81
81

82

83

84

85 1986

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

32



AUGUST 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec.
P

Apr. Feb.
P T

Nov.
T

Jan. July
P T

Nov. Mar.
P
T

July
P

Nov.
T

I Difficulties

IB

14. Current liabilities of business failures (mil. dol.T p v e r t e d ; scale; MClf | | | § f avg.—$-4eroi)

loans delinquent 30 days and over

94. Member bank borrowings from the Federal Reserve (bil. dol.)
L,lg,U

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 72.

BCII AUGUST 1986




33

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July

Feb.

P

T

July

Nov.

T

Apr.

P

T

80

81

rale on new issues of 91-day
bills (percent)

118. Secondary market yields on FHA

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85 1986

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

3
4



AUGUST 1986

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Apr. Feb.
P

Jan. July
P

T

T

July
P

Nov.
T

212019181716151413121110987-

400 350 -

300250 -

200150-

72. Commercial and kiAistry loans outstanding

ii«iiiIlBir •

600 550500450400350 300 -

250200150-

100 -

171513111959 60

61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986

Current data for these series are shown on page 73.

BCD

AUGUST 1986




3
5

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

950. Twelve leading indicator components (6-mo. span

T

July

Nov.

P

T

| Percent rising |

, 1-mo. span-—)

100-

50-

951. Four roughly coincident indicator components (6-mo. span

, 1-mo. s p a n — }
100-

50-

952. Six lagging indicator components (6-mo. s p a n — , 1-mo. s p a n — )
100-

961. Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mo. span , 1 -mo. span.. JS

100-

50-

962. Initial claims for unemployment insurance, State profaim, 51 areas
(percent declining; 9-mo. s p a n — , 1-mo. span - - 4

100-1

50-

963. Employees on private nonagricultural payrolls, 172486 industries
crmn

1-rT¥l 313
100-

50-

0-i
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 74.

36



AUGUST 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Apr. Feb.
P
T

Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

34-35 durable goods industries

964. Manufacturers'
(9-mo.span--

l

span--)

MMl

100-

50-

965. Newly approved

0-

in 1972 dollars, 17
4-0 moving m

90705030-

966. Industrial production, 24 i

(6*mo. span—-HHaf span - - -)
100-1

50-

0J

967. Spot market

13 raw industrial materials
-mo, span-;—) \ |?i||i \

100-

50-

0-

968. Stock prices, 500 common stocks, 42-82 industries
(9-HKK span*|l|j|-ttio. s p a n — )

WWSQ

100-

50-

/about 600 companies1 (4-Q span)
90-n
7050-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

,4

?b

/b

81

82

83

84

85 1986

'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.

Bill AUGUST 1986



37

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Jan. July
P T

1974

75

76

77

78

79

80

July
P

81

Nov.
T

82

Jan. July
P T

83

84

85 1986

1974

75

76

77

78

79

80

July
P

81

Nov.
T

82

83

84

85 1986

'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 1986

BCII

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

Nov.
P

Dec. Nov.
P
T

•»1

Mar.
T

Jan. July
P T

July
P

Nov.
T

I Hill I

910c. Composite index of twelve leading indicators"

920c. Composite index of four roughly coincident i

930c, Composite index of six lagging indicators

47c. Index of industrial production

50c. Gross national product in 1982 dollars (1-Q

48c. Employee hours in

51c. Personal income less transfer
payments m 1982 dolars

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

1986

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.

BCII

AUGUST 1986




3
9

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income
Jan. July
P T

July
P

Nov.
T

81

82

personal income in 1982
(arm. rate, bfl. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85 1986

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

40



AUGUST 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
Jan. July
P T

ssyu^''
1959 60

61

62

":':-ri ??? :-:W^ Wot:
63

64

65

66

ry :|:

, isf t??ifiii :; - ; :. v! : "• •
••

67

68

69

70

71

72

:

73

:

July
P

Nov.
T

81

82

i^ B i
74

75

76

77

78

79

80

83

84

85 1986

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

BCII AUGUST 1986



41

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
Dec.
P
• '••

Nov.
T

Nov.
P

Jan. July
P T

Mr
a
T

July
P

Nov.
T

liisliS
i

800700600500-

400-

300-

200-

+90+ 80+ 70+ 60+ 50+ 40+ 30+ 20+ 100-

-10-20-30-40-50-

800700 -

600-

500400 300-

200-

+ 60+ 40+ 200-20-40-60-J

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

42



AUGUST 1986

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
Jan. July
P T

July
P

Nov.
T

purchases of goods and services—

1959 60

61

62

63

64

65

66

67

68

69

70

73

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

ISCII AUGUST 1986



43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
Dec. Nov

Apr. Feb.

P

1959

60

P

T

61

62

63

64

65

66

67

68

69

T

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 82.

44



AUGUST 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Jan. July
P T

Apr. Feb.
P
T

July
P

Nov.
T

81

82

286. Corporate profits
consumption

282. Proprietors' income with inventory
capital consumption adjustments,

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85 1986

Current data for these series are shown on page 82.

ItCII AUGUST 1986



45

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
Jan, July
P

T

July

Nov.

P

T

[Annual rate, bifa doflars (current)]

—

III! ; : , Sii i i m i
«ii :: ISiliilfift
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

46



AUGUST 1986

lt€l»

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
Jan. July

Nov. Mar.

p T'

July

Nov.

P'

T

70 i

65-

60-

20 T

and local government
and services, Q
15-

Government purchases of goods and services, Q

248. Nonresidential fixed investment
5-

0-

247. Change in business inventories, Q

exports of goods and
-5J

iilllilliillii

70-

65 J

inventory valuation

' income with inventory
consumption adjustments, Q
5-

285. Rental income of persons with capital consumption

1959

60

61

62 63 64 65 66 67 68 69 70 71

0J
72 73 74 75 76 77 78 79 80 81

82 83

85 1986
84

Current data for these series are shown on page 83.

I t C I ) AUGUST 1986



47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart B l . Price Movements
Jan. July
P T

July
P

Jan. July
P T

Nov.
T

July
P

Nov.
T

Implicit price deflator for
national product (1-0 span)

331c. Crude materials for
further processing

1974 75

76

77

78

79

80

81

82

83

84

85 1986

1974 75

76

77

78

79

80

81

82

83

84

85 1986

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




AUGUST 1986

BCD

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr.

Feb.

Dex.

T

P

Nov.

Nov.

P

Mar.

I

Jan. July
P

T

July

Nov.

P

T

Consumer price indexes—

320c. AH urban consumers (6-month span)

322c. All urban consumers, food (6-month span) /

Chart B2. Wages and Productivity
200180160-

341. Red average hourly earnings of production or nonsupervisor^.
workers on private nonagricuHural payrolls1

:

m x

140-

—

120100-

340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls (current dollars)1

TSJ
346. Real average hourly compensation, all employees,
nonfarm business sector, Q

200180160140120100-

80-

Hverage nouny compensaiion, an emproyees,

60-

nonfarm business sector, Q (current doiars)
40 J

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

ItCII AUGUST 1986



49

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
pr.

Feb.

Der.

Nov.

Nov.

Mar.

P

I

P

T

Jan. July
P

T

July

Nov.

P

T

Ittecent change I

™
^
6-month spans (ann. rate)
Change in average hourly earnings OT production or nonsupervisory
;
1
workers on private nonagricultural payrolls —
nonagrjcuttmaL
& i'i
340c.

6-month spans (ann. rate)

jj >J

Change in average hourly compensation, all employees,
nonfartn business sector, Q—
l-quarter spans (ann. rate;

345c. Current-dollar compensation

Negotiated wage and benefit decisions—
348. Average first-year changes, Q (aim. rate)
349. Average changes over life of
contract, Q (ann. rate)

t i n t e 1977=1001

358. Output per hour, al persons,
nonfarm business sector, Q

370. uutput per nour, an persons,
business sector, Q
370c. Change in output per hour, all persons, business sector, Q

4-quarter spans V
1959 60

61

62

63

64

65

66

67

68

v
69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

2

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. One-month percent changes have been multiplied by a constant (12) to make them comparable
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.
m*M^ Ifc

50



AUGUST 1986 I B M )

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

July

Nov.

T

P

T

80

81

441. Civilian labor

442. Civilian employment (millions)

Civilian labor force participation rates (percent)—
4 5 i Hales 20 years and p i t

453. Both sexes 16-19 years of age

452. Ferf g J H i years and over
Number unemployed (millions)—

444. Males 20 years
and over

§ 6 . Both sexes 16-19 years of age

447. l f | § e r unemployed, f u l i l f
workers (millions)

448. Number of persons employed part time for
economic reasons (millions)
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85 1986

Current data for these series are shown on page 89.

AUGUST 1986




51

OTHER IMPORTANT ECONOMIC MEASURES
I£ ) I

GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
Apr.

Feb.

P

I

n. July

Juiy

Nov.

Annual rate, bHBon dolars (current)

501. Federal Government receipts, Q

State and local government expenditures, Q

1953 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 90.

52



AUGUST 1986

ItCIt

OTHER IMPORTANT ECONOMIC MEASURES
I£) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Apr.

Feb.

P

T

Jan. July
P

T

July

Nov.

P

T
38343026-

'

22-

181422-i
201816141210-

220-j
200 180 16014012010080141210-

6-

1959 60

61

62

63

64

65

66

67

68

69

70

71

80

81.

82

83

84

85 1986

Current data for these series are shown on page 90.

ItCIt

AUGUST 1986




53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Jan. July
P

T

July

Nov.

P

T

220 •
200 -

Activity) : | J | l

Bis?.

180-

9m

160-

(into: 1977

14012010030262218-

14-

10 J

160140 120 -

100-

60-

4024201612-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

54



AUGUST 1986

Bill

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

Jan. July
P

T

July

Nov.

P

T

ndustries (ml lions)

577; Military personnel on active duty

Civilian persOTieldrectrtreerrptoyment

564. FederdSoverrenentpu
(am. rate,

and services, national

offflf1Q{percent)Il

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

BCII AUGUST 1986



55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

P

Nov
T

2420^

1612-

602. Exports, excluding military aid shipments
(bil. dol.)

6-.
54-

3-

2-

604. Exports of domestic apcdtural products
(MLdoL)
\
1-

6ut>. txports ot nonelectrical macrmery'
(rj. dol.)
X

34-|
302622-

181410-

6-i

9.08.07.06.05.0-

612. General imports (bil. dol)

4.03.0-

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

2.0-

1.0-

616. Imports of automobiles and parts (bil. doTJ

0.8-

0.6-

0.4-

0.2 -«

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 92.

5
6



AUGUST 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
Apr. Feb.
P

Jan. July
P

T

July

Nov.

P

T

T

650550450350-

250-

150-

667. Balanee on g o o ^ i services, Q

50-J

450^
350-

250-

150-

50 J

100908070605040302010-

652. Foreign investment in the United States, Q

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 93.

ItCII AUGUST 1986



57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Apr. Feb.
P

Dec.

Nov.

Nov.

Mar.

P

T

P

T

T

Jan. July
P

T

July

Nov.

P

T

jtndex: 1077=^1001
180-

Industrial production—;

l£J

160140-

728. Japan.
120-

100-

^
722. United Kingdom
M 7 . United States

60-

-728. Japan
40 J

140 120-

100-

^
^

80-

i

140-

721

120-

100-

Lil

m.

TTl
47. United States
60-

40

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

J

85 1986

Current data for these series are shown on page 94.

58



AUGUST 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices

Jan. July
P

1974

75

76

77

78

79

80

81

82

83

84

85

1986

1974 75

76

77

78

79

July

T

P

80

81

Nov.
T

82

83

84

85 1986

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

ItCII

AUGUST 1986




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

^ Q

Year
and
month

910. Index of
twelve leading
indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111)

(1967 = 100)

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

(1967 = 100)

930. Index of
six lagging indicators (series
62, 77, 91, 95,
101, 109)

(1967 = 100)

COMPOSITE INDEXES

940. Ratio,

Leading indicator subgroups

coincident index
to lagging index
914. Capital
investment
commitments
(series 12, 20,
29)

(1967 = 100)

(1967 = 100)

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)

(1967 = 100)

916. Profitability (series
19, 26, 80)

(1967 = 100)

917. Money and
financial flows
(series 104, 106,
111)

(1967 = 100)

1984
January
February
March

164.5
166.5
167.2

149.5
150.6
151.1

109.8
111.3
112.8

H>136.2
135.3
134.0

110.3
0)111.5
110.8

106.1
106.8
107.5

109.2
108.4
109.3

133.4
134.8
136.3

April
May
June

168.1
168.2
166.7

152.6
153.9
155.4

114.6
116.4
117.5

133.2
132.2
132.3

110.7
110.7
111.1

B>107.9
107.7
106.0

110.1

110.8
110.5

136.6
138.1
138.0

July
August
September

163.9
164.4
165.7

155.7
156.0
156.5

118.8
119.8
121.0

131.1
130.2
129.3

109.6
110.3
110.4

104.6
103.6
103.8

110.3
111.7
112.2

137.3
136.9
137.3

October
November
December

164.2
165.1
164.1

156.5
157.7
158.8

122.0
121.7
121.9

128.3
129.6
130.3

109.3
109.8
109.3

103.8
103.4
102.3

112.4
112.8
112.5

135.5
136.0
136.3

January
February
March

166.3
167.1
167.4

15a. 4
159.0
159.3

123.7
124.3
125.4

128.1
127.9
127.0

109.2
111.0
110.8

102.6
102.5
102.0

113.1
114.1
114.2

139.0
138.6
138.9

April
May
June

166.7
167.1
167.7

160.5
160.2
159.5

125.1
126.7
126.5

128.3
126.4
126.1

110.0
109.7
110.1

101.8
101.6
101.5

114.5
115.0
115.8

137.1
135.9
135.6

July
August
September

169.2
169.8
170.7

159.7
rl60.9
160.9

126.9
rl27.2
rl28.5

125.8
rl26.5
rl25.2

110.5
rll0.6
111.2

101.5
101.5
101.6

116.7
116.9
115.6

137.7
139.0
140.1

October
November
December

171.7
171.6
173.7

160.8
161.5
rl62.9

129.7
129.9
130.2

124.0
124.3
rl25.1

110.4
109.6
110.6

102.1
102.3
102.7

114.8
114.9
116.7

rl41.2
rl40.7
rl42.0

January
February
March

rl73.5
175.0
rl76.1

162.8
rl63.1
162.8

rl32.0
132.3
0)133.2

rl23.3
rl23.3
122.2

rl09.0
110.9
rll0.6

103.3
103.4
rlO3.3

117.7
119.6
rl20.2

rl42.3
rl40.7
rl39.9

April
May
June

178.3
rl78.2
177.4

E>rl65.4
rl64.1
163.2

rl31.6
rl32.6
132.7

rl25.7
rl23.8
rl23.0

rill.2
109.9
rlO9.4

rlO3.7
103.2
rlO2.5

0>rl2O.2
rll9.8
(NA)

rl40.4
rl42.9
rl43.2

3

P124.2

pllO.3

P103.1

1985

1986

July
August
September

H> X 179.4

2

163.9

132.0

0>pl45.3

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 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are 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
Excludes series 36, for which data are not available.
2
Excludes series 57, for which data are not available.
Excludes series 77 and 95, for which data are not available.

6
0



AUGUST 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L, L, L

L, C, L

L.C.L

21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing

5. Average weekly initial
claims for unemployment
insurance, State programs1

(Hours)

1. Average weekly hours
of production or nonsupervisory workers, manufacturing

(Thous.)

(Hours)

Comprehensive
Employment

Job Vacancies
L, Lg, U

60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed

(Ratio)

U.C.C

L, Lg, U

46. Index of help-wanted
advertising in newspapers

(1967 = 100)

48. Employee hours in
nonagricultural establishments

(Ann. rate,
bil. hours)

1984
January
February
March

40.7
41.1
40.7

3.5
3.5
3.5

364
E>345
348

0.407
0.434
0.420

123
129
124

173.95
175.61
174.92

H>41.1
40.7
40.6

3.6
3.4
3.4

360
348
350

0.421
0.435
0.484

124
125
134

176.54
176.34
177.29

July
August
September

40.6
40.5
40.6

3.4
3.3
3.3

365
358
368

0.486
0.448
0.458

138
128
129

177.68
178.12
178.93

October
November
December

40.5
40.5
40.5

3.4
3.4
3.3

405
397
386

0.483
0.497
0.523

136
137
145

178.73
179.90
180.16

January
February
March

40.5
40.1
40.5

3.3
3.3
3.3

378
402
389

0.493
0.500
0.500

140
141
141

180.23
180.17
181.38

April
May
June

40.3
40.4
40.5

3.3
3.2
3.2

387
383
392

0.468
0.467
0.498

132
132
141

181.05
181.65
181.88

July
August
September

40.4
40.6
40.7

3.2
3.3
3.3

381
375
381

0.499
0.490
0.489

141
134
136

181.80
182.58
183.11

October
November
December

40.7
40.7
40.9

3.4
3.4

E>3.6

367
371
391

0.502
0.525
0.538

140
144
E)145

184.42
184.58
184.81

January
February
March

40.8
40.7
40.7

3.5
3.4
3.4

375
384
393

E>0.543
0.495
0.488

143
142
138

185.63
185.29
185.41

April
May
June

40.7
40.7
40.6

3.4
3.4
r3.4

374
378
378

0.471
0.445
0.497

132
128
141

185.82
rl85.76
rl85.57

p40.6

p3.4

370

pO.509

pl40

H>pl85.84

April
May
June

1985

1986

July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x

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

AUGUST 1986



61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

U,C,C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C.C.C

41. Employees
on nonagricultural payrolls

(Thous.)

L,C,U

40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)

Comprehensive Unemployment

U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs'

(Percent)

(Percent)

(Thous.)

Lg, Lg, Lg

Lg, Lg, Lg

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Weeks)

(Percent)

1984
January
February
March

99,918
100,491
100,689

92,568
93,076
93,369

24,213
24,427
24,494

58.07
58.38
58.39

8,982
8,837
8,775

8.0
7.8
7.8

3.0
2.9
2.9

20.5
19.1

18.9

2.9
2.7
2.6

April
May
June

100,992
101,826
102,206

93,743
94,041
94,408

24,605
24,681
24,784

58.54
58.98
59.15

8,765
8,547
8,238

7.8
7.5
7.2

2.8
2.7

18.6
18.6

2.5
2.5

7 Q
c. o

1 Q

lo. i

c. 5

July
August
September

102,134
101,952
102,059

94,707
94,956
95,'269

24,882
24,911
24,881

59.03
58.84
58.89

8,456
8,496
8,380

7.4
7.5
7.4

2.7
2.7
2.7

18.0
17.5
17.2

2.3
2.3
2.3

October
November
December

102,464
102,576
102,861

95,607
95,966
96,147

24,913
24,927
24,988

58.97
59.09
59.18

8,379
8,194
8,256

7.3
7.2
7.2

2.7
2.8
2.8

16.8
17.1
17.1

2.2
2.1
2.1

January
February
March

102,996
103,262
103,637

96,366
96,507
96,870

25,008
24,931
24,971

59.20
59.30
59.45

8,439
8,395
8,384

7.4
7.3
7.3

2.9
2.9
2.9

15.9
16.0
15.9

2.0
2.1
2.1

April
May
June

103,519
103,655
103,461

97,104
97,338
97,442

24,996
24,949
24,897

59.37
59.35
59.12

8,384
8,400
8 423

7.3
7.3

2.8
2.8

16.1
15.0

7 ?
/ .o

9 p
c.. o

ir c
ID. 0

2.1
2.0
9 n
c .0

July
August . . .
September

103,751
104,115
104,502

97,672
97,890
98,128

24,875
24,880
24,843

59.21
59.34
59.46

8,401
8,133
8,271

7.3
7.1
7.1

2.8
2.8
2.8

15.5
15.5
15.5

2.0
2.0
2.0

October
November
December

104,755
104,899
105,055

98,428
98,666
98,910

24,903
24,931
24,977

59.56
59.59
59.67

8,301
8,161
8,023

7.1
7.0
6.9

2.7

B>2.7
2.8

15.4
15.7
15.4

2.0
1.9
1.9

January
February
March

105,655
105,465
105,503

99,296
99,429
99,484

0)25,101
25,038
24,945

59.90
59.63
59.70

D7,831
8,527
8,419

H>6.7
7.3
7.2

2.8
2.8
2.8

14.9
15.3
14.4

1.8
2.0
1.9

April
May
June

105,670
105,950
106,508

99,783
r99,918
r99,864

25,038
r24,965
r24,857

59.70
59.77
60.02

8,342
8,554
8,443

7.1
7.3

2.8
2.8

H>14.3
14.4

7.1

2.8

15.2

2.0

E>106,769

[H)plOO,253

p24,883

(H>60.08

8,190

6.9

2.8

15.0

1.9

1

1985

1986

July
August
September
October
November
December

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

6
2




AUGUST 1986

B1.8

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

•

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Industrial Production

Comprehensive Output and Income

Timing Class

Year
and
month

PRODUCTION AND INCOME

c, c, c

C, C, C

50. Gross national product
in 1982 dollars

(Ann. rate,
bil. dol.)

52. Constant
(1982) dollars

51. Personal
income less
transfer payments in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Personal income
223. Current
dollars
(Ann. rate,
bil. dol.)

C.C.C

C C, C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)

C, C, C

47. Index of
industrial
production

(1977 = 100)

C, C, C

73. Index of
industrial
production,
durable manufactures

C, L, L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

(1977 = 100)

C, C,C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1984
January
February
March

3,444*7

3,003.3
3,036.9
3,062.4

2,820.0
2,843.5
2,859.4

2,397.7
2,422.3
2,437.3

519.7
524.5
524.8

118.4
119.3
120.1

119.6
121.0
122.2

119.5
121.0
121.6

1,486*. 3

April
May
June

3,487*1

3,066.7
3,071.8
3,093.8

2,855.4
2,857.5
2,869^.9

2,432.1
2,434.6
2,448.2

526.1
526.8
528.7

120.7
121.3
122.3

123.3
123.8
124.7

121.9
122.3
123.2

1,506*1

July
August
September

3,507*4

3,120.9
3,135.9
3,162.3

2,887.0
2,887.6
2,903.9

2,466.2
2,466.7
2,484.0

530.4
531.6
532.6

123.2
123.5
123.3

126.4
127.7
127.2

123.9
123.2
123.1

1,510.3

October
November
December

3,52.614

3,165.2
3,186.5
3,217.0

2,898.5
2,910.0
2,932.5

2,475.8
2,486.4
2,515.6

532.5
535.1
537.4

122.7
123.4
123.3

127.0
127.5
127.4

123.3
123.8
123.4

1,509.5

January
February
March

3,547.0

3,227.3
3,258.3
3,273.8

2,933.9
2,951.4
2,952.0

2,500.3
2,516.8
2,517.9

538.2
537.3
539.2

123.6
123.7
124.0

127.8
127.2
128.0

123.2
123.8
123.9

1,5211i

April
May
June

3,567l6

3,302.7
3,288.5
3,304.9

2,972.7
2,949.3
2,958.7

2,537.6
2,514.8
2,525.1

537.1
537.7
537.1

124.1
124.1
124.3

128.2
127.9
127.6

124.3
124.7
125.5

1,526*6

July
August
September

3,603*8

3,315.4
3,320.5
3,333.9

2,962.8
2,962.1
2,963.5

2,522.2
2,525.9
2,526.8

535.7
537.8
537.0

124.1
125.2
125.1

127.9
129.4
128.3

125.6
126.6
126.9

1,544*2

October
November
December

3,622*3

3,358.3
3,372.3
3,418.0

2,971.9
2,971.2
3,003.5

2,535.9
2,536.4
2,569.0

538.7
538.3
541.5

124.4
125.4
126.4

127.7
129.2
129.9

126.4
127.3
128.0

1,541*7

3,655.9

3,417.4
r3,435.3
3,445.1

2,992.5
3,021.4
3,040.7

2,551.7
2,577.9
2,593.6

541.1
541.0
542.0

H>126.7
125.6
124.4

0)130.4
129.0
127.7

129.1
128.5
128.3

1,563.6

Rr3,66i!5

r3,488.8
r3,484.0
r3,485.6

E)r3,082.0
r3,072.3
r3,060.2

E>r2,633.3
r2,622.8
r2,612.0

H)r544.7
r543.7
r538.8

rl25.3
rl24.6
rl24.2

rl28.4
rl27.5
rl26.4

rl29.7
0>rl3O.4
rl30.3

H)p3,502.5

p3,075.1

p2,619.5

P538.3

P124.1

P126.3

P130.2

1985

1986
January
February
March
April
May
June
July
August
September

0>rl,563*6

October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.

AUGUST 1986



6
3

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• H
MM

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME—Continued

Q |

Capacity Utilization

Timing Class

L,C,U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L,C,U

84. Capacity
utilization rate,
materials

Year
and
month

L.L.L

(Percent)

L, L, L

Manufacturers' new orders,
durable goods industries
6. Current
dollars

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

(Bil. dol.)

7. Constant
(1982) dollars

(Bil. dol.)

L.L.L

L.L.L

8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials

25. Change in
manufacturers'
unfilled orders,
durable goods
industries

(Bil. dol.)

(Bil. dol.)

L, Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L.L.L

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

1984
....

April
May
June

80.0
80.4

81.6
82.1
82.5

99.55
101.79
104.45

95.72
97.60
99.76

84.27
84.37
81.78

80.7
80.7
81.1

January
February
March

82.6
82.6
82.8

97.31
100.95
98.34

92.67
96.24
93.57

83.0

79.2

81.7

4.38
5.44

0)8.14

324.50
329.94
338.09

0)72

81.84
82.11
80.41

1.85
4.06
0.61

339.93
343.99
344.60

71
70
66

63
68

July
August
September

0)81.8
81.3

0)83.1
82.7

101.98
101.86
98.21

97.03
96.64
93.18

82.58
82.52
79.75

4.14
1.61
0.00

348.73
350.34
350.34

60
54
58

October
November
December

81.1
81.2
80.9

81.3
81.5
81.3

96.51
104.43
101.31

91.56
98.90
95.84

81.84
83.35
82.57

-4.30
2.04
-2.63

346.04
348.08
345.44

52
50
45

January
February
March

80.7
80.4
80.5

81.7
81.5
81.4

105.45
102.47
99.54

99.67
96.76
93.91

86.65
83.67
81.88

3.48
0.75
-2.58

348.92
349.67
347.10

47
48
46

April
May
June

80.5
80.3
80.1

80.9
80.1
80.1

99.84
102.97
106.78

94.10
96.69
100.17

83.31
84.09
83.17

-2.22
0.25
4.12

344.87
345.13
349.25

44
44
44

July
August
September

80.1
80.7
80.1

79.5
79.9
79.5

104.37
107.66
106.64

97.72
100.81
100.23

83.51
84.78
85.29

1.89
2.35

351.14
353.49

44
42

o no
c. JO

OCC AQ
JOD.to

no

H-c.

October
November
December

79.6
80.2
80.4

79.3
79.2
80,1

104.50
103.80
107.53

97.66
97.01
100.40

86.25
86.90
85.70

-1.98
-3.21
1.75

354.49
351.28
353.04

46
42
46

80.7
79.8
79.1

80.2
79.6
78.5

0)108.19
107.54
104.68

H>101.31
100.70
97.93

0)89.40
87.70
r83.95

2.56
2.00
1.99

355.60
357.60
0)359.59

46
48
50

April
May
June

r79.6
r79.3
r78.7

r78.6
r78.0
77.9

103.75
102.62
rlO2.73

96.87
95.64
r95.74

87.03
83.67
r85.65

-2.84
-1.05
r-1.82

356.74
355.70
r353.87

50
55
50

July
August
September

p78.5

P77.9

P107.16

P99.69

p85.42

pi.53

P355.40

54

1985

1986
January
February
March

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.

64



AUGUST 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
CCC

ccc

Manufacturing and trade sales
57. Constant
(1982) dollars

56. Current

dollars

cue

C, L, U

75. Index of
industrial
production,
consumer
goods

U.L.U

Sales of retail stores
54. Current

dollars

59. Constant
(1982) dollars

L.C.C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,

(Mil. dol.)

(Mil. dol.)

(1977 = 100)

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Timing Class

Year
and
month

• •
i l l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

(Mil. dol.)

bit. dol.)

L, L,L

58. Index of
consumer
sentiment @

UUL

12. Index of
net business
formation

(1st Q
1966-100)

(1967 = 100)

L, L, L

13. Number of
new business
incorporations

(Number)

Revised 1
1984
January
February
March

402,489
402,395
404,612

387,815
388,104
388,841

116.2
116.9
117.3

105,669
105,850
104,322

101,507
101,583
100,021

102.8

100.1
97.4
0)101.0

0)123.2
122.6
121.6

52,674
53,535
53,075

April
May
June

408,342
412,524
413,976

391,532
394,973
397,251

118.3
117.7
118.5

106,794
107,354
108,911

102,195
102,731
104,121

1O6.*7

96.1
98.1
95.5

121.4
120.4
120.7

53,298
50,736
53,884

July . . . .
August
September

412,233
413,300
412,276

395,433
395,951
395,348

119.1
118.4
118.3

107,333
106,818
108,143

102,613
101,731
102,798

105 .'5

96.6
99.1
100.9

120.5
121.6
122.5

53,211
52,025
52,646

October
November
December

414,243
417,635
421,613

397,427
399,595
403,092

118.5
119.6
119.7

108,816
109,899
110,078

103,143
103,973
104,043

108.'4

96.3
95.7
92.9

121.4
120.0
119.5

52,587
53,838
53,558

417,350
418,218
420,346

398,853
400,734
402,554

118.8
119.1
119.8

110,511
111,935
111,999

104,256
105,301
104,966

Il6l2

96.0
93.7
93.7

121.4
122.7
122.0

52,768
54,765
55,785

April
May
June

423,215
424,379
r418,219

406,623
408,803
400,212

119.5
120.0
120.4

114,256
113,992
rll3,468

106,881
106,734
rlO6,243

m'.h

94.6
91.8
96.5

121.6
119.6
120.2

55,659
r55,694
r55,270

July
August
September

r421,692
430,417
428,998

404,407
411,423
411,174

120.1
121.5
121.8

rll4,598
116,276
H>119,118

rl07,301
108,669
111,221

0)126.*4

94.0
92.4
92.1

122.4
121.5
121.3

54,560
55,644
56,419

October
November
December

426,033
431,965
0)432,797

408,035
411,388
411,592

120.8
122.7
124.2

114,785
115,433
116,861

106,976
107,081
108,005

11 i." 6

88.4
90.9
93.9

121.5
120.5
119.5

58,251
57,320
57,785

431,957
426,854
420,230

411,824
412,199
410,592

123.9
123.2
122.5

117,349
117,200
116,684

108,056
109,023
109,665

ni.'i

95.6
95.9
95.1

118.4
121.2
121.8

57,452
0)61,062
58,981

428,455
r421,613
p423,602

0)420,443
413,039
p413,360

(H)rl24.7
rl24.6
rl24.2

117,715
rll8,675
rll8,602

111,157
rill,642
rill,468

rll6!8

96.2
94.8
99.3

123.1
119.9
rll7.5

59,880
57,789
52,484

(IMA)

(NA)

P123.9

pll8,690

0)plll,866

97.7

P120.1

(NA)

1985
January
February
March

1986
January
February
March
April
May
June
July
August
September
October
November
December

See note on |
Graphs of these series are shown on pages 12, 14, 22, and 23.
1
See "New Features and Changes for This Issue," page iii.

not

AUGUST 1986




65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

1 ^

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for
plant and equipment
Year
and
month

FIXED CAPITAL INVESTMENT-Continued

10. Current
dollars

(Bil. dol.)

20. Constant
(1982) dollars

(Bil. dol.)

L, L, L

L, L, L

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

U, Lg, U

L.C.U

9. Construction contracts awarded for
commercial and industrial buildings1

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space2

(Millions)

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
(Bil. dol.)

C Lg, Lg

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations

(Bil. dol.)

1984
January
February
March

29.47
30.99
30.93

30.02
31.51
31.46

25.72
27.02
26.76

26.40
27.69
27.48

72.72
64.41
74.95

6.76
5.98
6.96

26^2

April
May
June

30.27
33.53
32.06

30.67
33.97
32.64

26.33
28.56
27.72

26.94
29.29
28.57

79.78
82.49
74.90

7.41
7.66
6.96

H>34!l2

July
August
September

32.94
31.11
31.66

33.27
31.70
'32.25

28.14
26.74
27.39

28.78
27.61
28.24

79.55
82.65
75.84

7.39
7.68
7.05

27.*31

October
November
December

29.97
31.43
31.49

30.35
32.07
31.47

25.26
26.84
26.89

25.97
27.79
27.21

79.04
83.75
86.73

7.34
7.78
8.06

29*. 10

January
February
March

27.81
33.80
32.09

27.74
E>35.81
32.91

23.63
29.49
27.21

23.90

E>31.86
28.43

81.14
82.48
87.41

7.54
7.66
8.12

29.94

April
May
June

30.32
30.66
32.63

30.49
31.33
33.34

25.46
25.59
27.98

26.04
26.72
29.14

91.95
83.99
69.68

8.54
7.80
6.47

27!56

July
August
September

r32.08
32.02
34.30

r32.63
32.93
35.00

26.68
27.55
29.24

27.74
28.89
30.43

8.54
8.49

24!l7

H>93.19

0)8.66

October
November
December

32.63
30.59

27.09
25.79

0)30.57

28.32
27.02
30.58

92.00
92.61
79.23

8.55
8.60
7.36

27^19

E>35.04

33.32
31.34
34.61

27.63
32.69
30.18

27.41
34.28
31.04

24.29
28.64
26.54

24.41
30.64
27.78

70.66
78.41
69.96

6.56
7.28
6.50

p24.'5O

April
May
June

30.57
29.92
r30.64

31.07
31.05
r32.32

26.18
26.14
r26.42

27.18
27.73
r28.62

84.26
76.71
75.88

7.83
7.13
7.05

(NA)

July
August
September

P31.72

P33.77

P27.43

P30.01

73.10

6.79

78.46

89.18

92'.06

94^7

1985

91.89
91.41

99! 35

0)99.88

97^8

94.58

1986
January
February
March

p92.*63

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
lr
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information
Systems Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.

6
6



AUGUST 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures
C Lg, Lg

C Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

61. Current
dollars
(Ann. rate,
bit. dol.)

100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

C Lg, Lg

C, Lg, U

69. Machinery
and equipment
sales and
business
construction
expenditures
(Ann. rate,
bil. dol.)

76. Index of
industrial production, business equipment

(1977 = 100)

C, Lg, C

Lg, Lg, Lg

C, Lg, C

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

L, L, L

28. New private housing
units started

(Ann. rate,
bil. dol.)

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

(Ann. rate,
thous.)

L, L, L

L, L, L

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

89. Gross private residential
fixed investment
in 1982 dollars

(1967 = 100)

(Ann. rate,
bil. dol.)

1984
January
February
March

337.'95

338.76

343.88
348.14
360.50

127.1
128.5
130.4

394." 4

133-5

260*9

1,892
0)2,213
1,671

144.8
0)158.5
137.6

169-7

April
May
June

349^97

348.*97

360.22
371.74
380.48

131.2
133.3
135.5

419.5

141*3

278^2

1,880
1,786
1,853

141.6
138.8
144.7

173*2

July
August
September

361*43

359*.O5

372.60
380.07
393.49

137.0
139.1
139.2

427.1

142.9

284.2

1,733
1,589
1,702

128.0
122.0
121.5

171.2

October
November
December

368.29

364.67

387.96
392.68
408.43

139.1
139.8
138.4

447.6

147.5

300.1

1,582
1,649
1,607

118.8
131.0
129.7

168.3

January
February
March

37l!l6

365^27

374.91
389.27
407.68

140.4
140.0
140.2

442.7

149.9

292.8

1,804
1,632
1,849

130.8
135.2
139.9

172*4

April
May
June

387'. 83

381.52

400.96
397.75
403.49

142.0
141.9
140.7

463^6

0)154'. i

308*9

1,851
1,684
1,693

135.1
137.7
136.9

175.'i

July
August
September

388.90

381.78

397.96
408.25
397.48

E>143.0
142.2

463! i

152*3

310.9

1,673
1,737
1,653

136.3
142.1
147.2

180*6

October
November
December

0)397^74

1985

141.3

0)423.97

0) 390*. 39

139.6
141.7
141.4

0>476.*9

152.4

0)324.5

1,784
1,654
1,882

135.8
133.0
146.7

181.5

409.30
410.53

1986
January
February
March

376.08

365*87

385.23
398.64
401.72

142.9
141.1
139.1

457*8

148.1

309.7

2,034
2,001
1,960

148.4
144.2
146.3

186.3

April
May
June

a387'.42

a375!66

r402.80
T389.90
P396.66

140.3
rl38.5
rl36.8

r455.*2

rl31.'i

r324.'i

2,019
rl,853
rl,852

150.3
142.6
142.9

0)rl92.3

July
August
September

(NA)

P136.9

pi,818

a388.87

140.3

a375.64

October
November
December

a396.61

a382!56

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

AUGUST 1986



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

NVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment

Timing Class

Year
and
month

L, L, L

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

L, L, L

L, L , L

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars

Smoothedl

Actual
(Ann. rate,
bil. dol.)

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories, book
value
(Ann. rate,
bil. dol.)

L, L, L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order2
(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
70. Constant
(1982) dollars

71. Book
value
(Bil. dol.)

(Bil. dol.)

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods, book
value
(Bil. dol.)

Lg, Lg, Lg

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars

r62.68

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order

(Ratio)
Revised

1984

L, Lg, Lg

(Bil. dol.)
3

®85!i

E)r89.59
66.35

r49.81
r58.78
68.10

53.4
H>88.9
80.1

2.81
2.82
2.35

524.73
532.14
538.82

r587.47
593.08
598.50

81.16
81.90
83.14

1.51
1.53
1.54

211.54
214.36
216.71

April
May
June

57.6

84.44
63.10
-4.13

Dr76.50
r75.71
59.55

85.3
54.9
23.0

1.81
1.66
-0.22

545.93
550.50
552.42

604.62
609.46
610.60

84.14
85.11
86.38

1.54
1.54

218.52
220.18

i Rd
1 . OH-

?1 Q Q7
C1J. 31

July
August
September

6CL6

63.48
49.10
27.62

44.31
38.48
41.44

57.0
54.6
45.1

2.61
-0.18
-0.05

557.17
561.72
565.48

615.49
620.82
623.89

86.95
87.80
88.55

1.56
1.57
1.58

D222.58
222.40
222.35

October
November
December

33^9

11.41
22.08
-5.39

38.05
24.87
14.87

39.3
29.9
26.3

-2.43
-1.56
-1.06

568.75
571.24
573.43

626.53
629.46
630.89

88.89
89.27
89.69

1.58
1.58
1.57

219.92
218.36
217.30

January
February
March

23.2

29.90
14.93
-19.46

12.45
14.34
10.80

28.4
32.9
-2.1

0.65
-0.48
-3.07

575.80
578.54
578.37

632.39
634.14
634.21

89.69
89.86
90.12

1.59
1.58
1.58

217.95
217.47
214.40

April
May
June

7.42
-25.43
7.82

4.71
-5.76
-7.94

2.0
-8.6
r27.5

-0.94
-1.54
1.68

578.53
577.81
r580.11

635.58
634.35
635.39

90.12

17.4

E>90.13
89.87

1.56
1.55
H>1.59

213.46
211.93
213.61

January
February
March

1985

July
August
September

CK7

7.88
-17.23
-5.38

-3.32
-1.88
-2.71

r2.5
r-25.6
8.8

-0.46
0.31
-0.11

r580.32
578.18
578.92

636.56
635.86
635.69

89.26
88.86
88.26

1.57
1.55
1.55

213.15
213.46
213.35

October
November
December

-5.2

23.60
12.84
5.47

-2.29
5.34
12.16

39.1
7.1
4.6

-0.34
-1.28
1.83

582.17
582.76
583.15

637.74
638.64
638.43

87.58
88.24
88.37

1.56
1.55
1.55

213.69
212.41
214.24

39.9

33.83
18.79
r44.95

15.68
18.37
r25.94

21.8
2.5
36.0

-0.26
1.43
-1.10

584.97
585.18
588.18

640.58
641.50
645.87

87.92
87.53
87.62

1.56
1.56
1.57

213.99
215.41
214.31

rli.*6

rl6.10
r-60.05
plO.10

r29.57
rl3.47
p-5.48

5.1
r-22.5
P27.4

-1.76
-1.39
p-0.85

588.60
r586.73
[H)p589.01

0)r647.97
r644.79
P646.14

87.80
87.66
P86.71

1.54
1.56
pi.56

212.56
211.17
P210.31

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1986
January
February
March
April
May
June
July
August
September
October
November
December
S e note on page 60.
e
Graphs of these series are shown on pages 13, 15, 26, and 27.
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
Series 38 reached its high value (3.02) in October 1983.
3
See "New Features and Changes for This Issue," page iii.




AUGUST 1986 \ \ \ \ \

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

|Q|

Minor Economic
Process

Year
and
month

Stock
Prices

Sensitive Commodity Prices

Timing Class

L, L, L

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials 1
(Percent)

U, L, L

23. Index of
spot market
prices, raw
industrial,
materials2 (u)

(1967 = 100)

L, L, L

L, L, L

99. Change in sensitive materials
prices1
Smoothed3

Actual

PRICES, COSTS, AND PROFITS

(Percent)

(Percent)

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

(1941-43 = 10)

Profits and Profit Margins
L, L, L

L, L, L

Corporate profits after tax
16. Current
dollars

18. Constant
(1982) dollars

L.C.L

L.C.L

Corporate profits after tax
with IVA and CCAdj"
79. Current
dollars

80. Constant
(1982) dollars

L, L,L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Percent)

1984
January
February
March

-0.84
1.27
0.19

283.6
283.6
289.2

-0.33
0.69
0.65

0.77
0.45
0.35

166.39
157.25
157.44

0)146*4

0)142*7

159*6

156.'i

6*6

April
May
June

-0.26
-0.84
-0.78

288.6
E>289.5
286.2

-0.16
-0.36
-0.73

0.36
0.22
-0.19

157.60
156.55
153.12

144*8

140*3

17O.'i

166.0

6.*4

July
August
September

-1.76
-1.10
0.71

280.1
275.6
274.0

-1.55
-1.08
0.21

-0.65
-1.00
-0.96

151.08
164.42
166.11

135*8

130*3

17O.*5

165.*4

5.*7

October
November
December

-0.73
0.10
-0.37

266.4
268.3
261.9

-1.21
0.25
-0.89

-0.75
-0.47
-0.43

164.82
166.27
164.48

134 .'i

127*7

177.'l

ni'.i

5*.*6

January
February
March

-0.37
-1.59
-0.72

255.8
253.1
252.4

-0.85
-1.16
-0.48

-0.56
-0.73
-0.90

171.61
180.88
179.42

126*. 6

118*. 7

178*7

171*7

5.'l

April
May
June

-0.03
0.66
0.14

257.1
252.0
242.9

0.52
-0.22
-1.00

-0.60
-0.22
-0.15

180.62
184.90
188.89

126*. 7

118*8

187'.2

179.8

5.0

July
August
September

-0.03
-0.34
-0.34

240.7
239.8
238.0

-0.31
-0.26
-0.40

-0.37
-0.52
-0.42

192.54
188.31
184.06

133.4

124*9

200.'5

192.'3

5.3

October
November
December

0.59
-0.31
-0.31

236.9
234.5
235.0

0.18
-0.49
-0.09

-0.24
-0.20
-0.18

186.18
197.45
207.26

139.4

130.1

189.2

180.2

5.3

January
February
March

0.10
-1.14
r0.45

236.9
233.3
223.1

0.27
-1.02
r-1.08

-0.12
-0.19
r-0.44

208.19
219.37
232.33

135*2

124.8

0)207.3

0)196.6

4.9

April
May
June

rl.71
0.79
-0.41

219.9
221.3
225.0

rO.50
0.59
0.27

r-0.57
-0.26
r0.23

237.98
238.46
H> 245.30

pl4CL8

P130.1

p200.1

pl89.*3

p5.*2

227.6
211.8

0.67

0.48

1985

1986

July
August
September

0.61

5

6

240.18
244.09

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
x
The following series reached their high values before 1984: series 98 (2.83) in Feb. 1983, series 99 actual (2.63) in Feb. 1983, series
99 smoothed (1.81) in Apr. 1983, and series 22 (6.7) in 3d Q 1983. 2This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 3See footnote 1 on page 68. AIVA, inventory valuation adjustment;
5
CCAdj, capital consumption adjustment.
Average for August 1-25. See footnote 4 on page 79. 6Average for August 6, 13, and 20.

ito

AUGUST 1986




69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

Q H

PROCESS

PRICES, COSTS, AND PROFITS-Continued

Minor Economic
Profits and Profit Margins—Continued

Process

Timing Class

U, L, L

8 1 . Ratio, corporate domestic profits after
Year

tax with rVA

and

and CCAdj to

month

L, L, L

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

corp. domestic

Cash Flows

L.L.L

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

income x
(Percent)

(Cents)

(1977 = 100)

L, L, L

Unit Labor Costs and Labor Share

L, L, L

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

Corporate net cash flow
34. Current
dollars
(Ann. rate,
bil. dol.)

35. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

(1977 = 100)

Lg, Lg, Lg

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

Lg, Lg, Lg

Lg. U , Lg

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

(1977 = 100)

Actual data
as a percent
of trend

64. Compensation of employees as a
percent of national income

(Percent)

(Percent)

2

Revised
1984
January

7*3

4! 9

98*6

345.'8

347.2

158.2

0.683

134.8
134.9
1 t .?4 0?
lo

90.6
90.2
89.4

72*7

7*8

E>4*9

99*3

349! 3

349'. 7

158*3

0.684

134.5
134.3
134.1

89.1
88.6
88.0

72*. 9

7.6

4*4

99! i

348.9

348! 7

160*2

0.694

133.6
133.8
134.6

87.3
87.0
87.1

73.2

7." 9

4.3

98*8

357*.8

357*. 1

161*7

0.699

135.4
135.6
136.6

87.2
87.0
87.2

73.3

y.9

4*2

98*7

361.0

360.1

163*1

0.704

137.1
136.9
137.0

87.1
86.6
86.2

73.4

8.2

3I7

98* 9

370*8

369*. 5

164.0

0.708

136.3
136.6
137.0

85.4
85.2
85.0

73*5

G>8*8

3*7

E>99*3

382! 8

3Sl'.6

164*4

0.705

137.2
136.7
137.3

84.7
84.0
84.0

73*4

7.9

3*6

98.2

H>389!4

i>388!i

167*. 3

0.716

138.7
137.9
138.4

84.5
83.6
83.5

73.7

8.' 5

p3.6

99.0

380.9

380 '.8

167*.O

0.721

137.7
138.5
0)139-5

82.7
82.8
83.0

S>73.*7

p8.2

(NA)

r98*.6

p383*.4

p382*8

E>rl68*2

B>p0.727

r81.8
81.6
81.4

p73*.4

June

rl38.1
rl38.5
rl38.8

July

P138.6

p80.9

February
March
April
May
June
July
August
September
October
November
December

1985
January
February
March
April
May
June
July
August
September
October
November
December
1986
January
February
March .
April
May

August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X

IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment,
See "New Features and Changes for This Issue," page iii.

2

70



AUGUST 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

MONEY AND CREDIT

Money

U, L

Timing Class

85. Change
in money
supply Ml

L.C.U

102. Change
in money
supply M2 x

L, L,L

104. Change
in total liquid
assets1

Velocity of Money

L.L.L

105. Money
supply Ml in
1982 dollars

L.L.L

106. Money
supply M2 in
1982 dollars

Year
and
month

C, C, C

(Percent)

(Percent)

(Bil. dol.)

(Bil. dol.)

C, Lg, C

(Ratio)

L.L.L

L.L.L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies
(Ann. rate,
bil. dol.)

112. Net change
in business loans

0)1.375

107. Ratio,
gross national
product to
money supply
Ml

(Percent)

Credit Flows

71.74
100.58
104.24

8.62
59.39
0)108.61

108. Ratio,
personal income
to money supply
M2

(Ratio)

(Ann. rate,
bil. dol.)

1984
January
February
March

0.68
0.49
0.60

0.74
0.52

0.81
0.85
1.16

501.7
502.2
503.9

2,079.3
2,086.6
2,092.0

6.88i

April
May
June

0.47
0.58
0.74

0.68
0.62
0.53

1.04
1.04
1.04

504.3
506.4
508.8

2,098.2
2,107.7
2,113.6

6.902

1.367
1.361
1.364

123.28
132.04
108.66

86.60
77.46
100.70

July
August
September

-0.02
0.24
0.62

0.40
0.63
0.79

1.03
0.76
1.01

507.1
506.2
507.5

2,115.1
2,119.5
2,128.7

6.934

1.370
1.368
1.369

114.86
101.33
0)143.70

33.50
17.39
40.54

October
November
December

-0.20
0.84
0.78

0.60
1.06
1.09

0.67
0.72
0.95

504.9
508.2
510.8

2,134.5
2,153.2
2,171.0

0)6.940

1.362
1.357
1.355

81.13
74.20
41.34

47.75
52.68
4.13

January
February
March

0.79
1.14
0.51

1.10
0.91
0.31

0.72
0.88
0.64

513.8
518.1
518.3

2,190.7
2,203.8
2,200.3

6.881

1.345
1.345
1.348

80.33
58.60
93.16

53.58
21.95
26.83

April
May
June

0.61
1.18
1.44

0.21
0.72
1.10

0.19
0.52
0.77

519.6
524.6
530.9

2,197.3
2,208.4
2,227.1

6.801

1.357
1.341
1.333

84.44
66.58
72.70

14.87
27.46
-45.89

July
August
September

0.90
1.44
1.11

0.69
r0.78
rO.57

0.48
r0.77
r0.76

534.6
541.2
546.1

2,238.3
r2,250.9
r2,259.4

6.671

1.328
1.320
1.318

57.72
67.37
65.51

16.58
3.66
-14.63

October
November
December

0.44
0.96
1.05

r0.36
0.49
0.59

r0.59
1.00
rl.03

546.5
548.7
552.5

r2,259.2
r2,257.7
r2,262.8

6.590

1.323
1.322
1.332

123.61
71.23
106.27

65.16
64.68
38.89

0.10
0.61
1.17

r0.13
0.30
0.57

r0.58
r0.48
r0.35

551.1
556.7
565.6

r2,258.3
r2,274.0
r2,296.7

6.563

1.330
1.333
rl.329

-20.22
54.20
44.02

56.50
-51.02
-29.54

1.21
H>rl.95
rl.23

rl.16
rl.04
r0.80

r0.61
r0.85

r2,329.8
r2,349.9
r2,357.8

r6.360

pO.45

574.0
r584.2
r588.6

1.330
rl.315
rl.305

50.93
P29.47
(NA)

r-40.38
21.73
rp-4.34

pi.41

pi.05

(NA)

0)p596.7

0)p2,381.7

0.62

1.365
1.371

1985

1986
January
February
March
April
May
June
July

pi.298

p-22.45

August
September
October
November
December

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

Series 102 reached its high value (2.79) in January 1983; series 104 reached its high value (1.31) in January 1983.
Average for weeks ended August 4 and 11.

2

AUGUST 1986




71

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H 9

Minor Economic
Process

Credit Flows—Continued

Timing Class

L,L,L

113. Net change
in consumer
installment
credit

Year
and
month

(Ann. rate,
bil. dol.)

L.L.L

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

MONEY AND CREDIT—Continued
Bank Reserves

Credit Difficulties
L.L.L

L.L.L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets
(Ann. rate,
mil. dol.)

14. Current
liabilities of
business
failures1©

(Mil. dol.)

L,L,L

39. Percent
of consumer
installment
loans delinquent 30 days
and over
(Percent)

Interest Rates

L,U, U

L, Lg, U

93. Free
reserves ©

94. Member
bank borrowings from the
Federal
Reserve ©

119. Federal
funds rate ©

(Mil. dol.)

(Percent)

(Mil. dol.)

L, Lg, Lg

C Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills ©

(Percent)

1984
78.66
69.41
60.96

14.6
17.3
19.4

74.64
114.13
95.18

19.4
21.5

H)21.6

July
August
September

73.58
80.62
63.04

October
November
December

492,968

1,783.3
1,713.1
3,479.7

1.84
H>1.78
1.85

-102
376
-241

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

635,480

2,429.4
3,074.3
3,427.4

2.06
1.96
2.02

-742
-2,408
-2,526

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

14.4
12.1
12.3

476,812

2,783.7
1,968.7
2,045.6

1.96
1.93
2.10

-5,311
E>-7,328
-6,614

5,924
0)8,017
7,242

11.23
H>11.64
11.30

10.13
0)10.49
10.41

70.61
71.95
75.31

14.2
13.4
9.2

674,436

1,471.3
2,763.7
2,328.4

1.91
1.97
2.09

-5,397
-3,924
-2,333

6,017
4,617
3,186

9.99
9.43
8.38

9.97
8.79
8.16

January
February
March

75.16
82.16
99.59

13.2
10.3
13.0

533,160

1,821.0
2,409.8
3,485.8

2.20
2.19
2.40

-650
-386
-827

1,395
1,289
1,593

8.35
8.50
8.58

7.76
8.22
8.57

April
May . . . .
June

90.52
75.96
52.69

10.0
9.4
3.7

552,300

p3,279.8
p3,261.9
p2,995.6

2.38
2.25
2.33

-585
-530
-300

1,323
1,334
1,205

8.27
7.97
7.53

8.00
7.56
7.01

July
August
September

81.43
72.61
D123.96

9.3
8.5
10.3

652,844

p2,150.5
p3,162.4
pi,925.3

2.29
2.35
2.39

-252
-246
-623

1,107
1,073
1,289

7.88
7.90
7.92

7.05
7.18
7.08

October
November
December

78.70
67.72
77.72

15.6
10.9
11.8

13)965,412

pi,824.6
p5,026.9
pi,707.8

2.26
2.32
2.32

-434
-813
-260

1,187
1,741
1,318

7.99
8.05
8.27

7.17
7.20
7,07

January
February
March

91.86
61.19
37.04

12.6
4.1
3.8

p504,260

p3,590.4
P3.518.2
p2,746.6

2.27
2.29
2.41

341
213
135

770
884
761

8.14
7.86
7.48

7.04
7.03
6.59

April
May
June . .

r58.45
r77.48
P60.86

r3.1
r8.7
rp3.9

(NA)

(NA)

(NA)

-92
-38

rl28

893
876
803

6.99
6.85
6.92

6.06
6.12
6.21

(NA)

p5.4

pl61

p741

January
February
March
April
May
June

1985

1986

July .
August
September

.

...
....
....

2

6.56
6.35

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
l
Series 14 reached its high value (829.2) in July 1983.
2
Average for weeks ended August 6, 13, and 20.
3
Average for weeks ended August 7, 14, and 21.

72



AUGUST 1986

3

5.84
5.65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

MONEY AND CREDIT—Continued
Outstanding Debt

Interest Rates—Continued

Timing Class

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
on FHA
mortgages ©

67. Bank rates
on short-term
business
loans ©

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

116. Yield on
new issues of
high-grade
corporate
bonds ©

117. Yield on
municipal
bonds, 20bond average ©

(Percent)

Year
and
month

115. Yield on
long-term
Treasury
bonds ©

(Percent)

(Percent)

(Percent)

(Percent)

1L06

11.00
11.00
11.21

382,794
388,578
393,658

268,086
273,035
282,086

260,531
264,569
271,498

12.75
12.80
12.85

Commercial and industrial
loans outstanding
72. Current
dollars

101. Constant
(1982) dollars

95. Ratio,
consumer installment credit
outstanding
to personal
income
(Percent)

1984
January
February
March

12.65
12.80
13.36

11.29
11.44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

April . . .
May
June

13.64
14.41
H>14.49

12.17
12.89
[H)13.00

9.96
10.49
[H>10.67

13.80
0)15.01
14.91

12*.45

11.93
12.39
12.60

399,878
409,389
417,321

289,303
295,758
304,150

278,176
284,110
292,452

13.04
13.33
13.49

July
August
September

14.25
13.54
13.37

12.82
12.23
11.97 '

10.42
9.99
10.10

14.58
14.21
13.99

B>13'.29

13.00
H>13.00
12.97

423,453
430,171
435,424

306,942
308,391
311,769

294,570
297,101
301,809

13.57
13.72
13.77

October
November
December

13.02
12.40
12.47

11.66
11.25
11.21

10.25
10.17
9.95

13.43
12.90
12.99

11.29

12.58
11.77
11.06

441,308
447,304
453,580

315,748
320,138
320,482

305,366
308,716
309,644

13.94
14.04
14.10

January
February
March

12.46
12.39
12.85

11.15
11.35
11.78

9.51
9.65
9.77

13.01
13.27
13.43

io!io

10.61
10.50
10.50

459,843
466,690
474,989

324,947
326,776
329,012

314,262
316,337
319,119

14.25
14.32
14.51

April
My
a
June

12.45
11.85
11.33

11.42
10.96
10 36

9.42
9.01
8 69

12.97
12.28
11 89

9^90

10.50
10.31
9 78

482,532
488,862
493 253

330,251
332,539
328 715

319,701
321,294
318 214

14.61
14.87
14 92

July
August
September

11.28
11.61
11.66

10.51
10.59
10.67

8.81
9.08
9.27

12.12
11.99
12.04

9^27

9.50
9.50
9.50

500,039
506,090
516,420

330,097
330,402
329,183

319,861
321,716
322,412

15.08
15.24
15.49

October
November
December

11.51
11.17
10.42

10.56
10.08
9.60

9.08
8.54
8.43

11.87
11.28
10.70

9!68

9.50
9.50
9.50

522,978
528,621
535,098

334,613
340,003
343,244

325,183
328,823
331,317

15.57
15.68
15.66

10.33
9.76
8.95

9.51
9.07
8.13

8.08
7.44
7.08

10.78
10.59
9.77

9^9

9.50
9.50
9.10

7.59
8.02
8.23

7.20
7.54
7.87

9.80
10.07
9.98

8.13

1)347,952
343,700
341,238
r337,873
r339,684
p339,322

337,163
337,955
0)340,217
r339,571
r339,684
rp339,662

15.88
15.95
15.99

8.71
9.09
9.39

542,753
547,852
550,939
r555 s 810
8.83
r562,267
8.50
8.50 E>p567,339

15.93
rl6.14
B>pl6.28

7.51
7.31

10.01

(NA)

p337,451

p339,147

(NA)

1985

1986
January
February
March

.. .
.. .

April
May
June

....

July
August
September
October
November
December

x

9.11
9.06

2

7.86
7.75

3

8.16
8.00

A

. .

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average for weeks ended August 1, 8, 15, and 22.
2
Average for weeks ended August 1, 8, and 15.
3
Average for weeks ended August 7, 14, and 21.
*Average for August 1 through 25.

AUGUST 1986



7
3

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Q j

Year
and
month

950. Twelve leading
indicator components
(series 1, 5, 8,12, 19,
20, 29, 32, 36, 99, 106,
111)

1-month
span

6-month
span

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

1-month
span

DIFFUSION INDEXES

952. Six lagging
indicator components
(series 62, 77, 91, 95,
101, 109)

961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries

962. Initial claims for
unemployment insurance,
State programs, 51
areas 1

963. Employees on
private nonagricultural
payrolls, 186
industries

6-month
span

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

1984
January
February
March

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
75.0

66.7
66.7
75.0

67.5
85.0
7.5

80.0
52.5
42.5

36.3
72.5
70.6

76.5
90.2
56.9

67.8
72.7
67.6

78.1
76.5
77.0

April
May
June

58.3
41.7
25.0

25.0
25.0
25.0

100.0
100.0
100.0

100.0
100.0
100.0

83.3
66.7
66.7

83.3
83.3
83.3

97.5
15.0
35.0

35.0
50.0
22.5

41.2
31.4
92.2

66.7
72.5
36.3

67.6
62.4
65.4

75.1
69.2
65.1

July
August
September

16.7
37.5
75.0

25.0
33.3
29.2

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
66.7

83.3
66.7
66.7

37.5
42.5
67.5

7.5
42.5
7.5

19.6
52.9
76.5

27.5
35.3
13.7

62.2
55.9
50.5

63.2
59.2
58.6

October
November
December

33.3
70.8
41.7

66.7
58.3
50.0

62.5
100.0
75.0

100.0
100.0
100.0

58.3
50.0
66.7

66.7
66.7
58.3

25.0
70.0
60.0

10.0
20.0
17.5

5.9
72.5
71.6

33.3
17.6
29.4

63.0
53.5
57.0

53.2
49.7
54.9

January
February
March

70.8
50.0
33.3

62.5
50.0
58.3

50.0
100.0
75.0

100.0
100.0
75.0

66.7
50.0
58.3

50.0
50.0
66.7

35.0
22.5
85.0

40.0
40.0
47.5

11.8
72.5
84.3

33.3
41.2
64.7

52.4
47.8
53.8

49.2
47.8
43.0

April
May
June

33.3
70.8
54.2

50.0
58.3
66.7

100.0
62.5
75.0

100.0
100.0
100.0

41.7
50.0
33.3

58.3
50.0
50.0

12.5
77.5
77.5

55.0
67.5
67.5

19.6
45.1
r88.2

64.7
58.8
66.7

49.2
51.6
47.0

45.9
44.3
44.3

July
August
September

62.5
58.3
62.5

83.3
79.2
83.3

50.0
100.0
37.5

75.0
100.0
100.0

41.7
50.0
r66.7

58.3
r41.7
50.0

27.5
87.5
65.0

87.5
92.5
97.5

r7.8
82.4
59.8

64.7
13.7
60.8

56.2
56.8
50.8

48.9
50.8
54.1

October
November
December

75.0
37.5
75.0

83.3
75.0
45.8

50.0
87.5
r87.5

100.0
rlOO.O
50.0

91.7
41.7
50.0

58.3
75.0
66.7

75.0
52.5
95.0

75.0
80.0
80.0

23.5
74.5
27.5

64.7
r33.3
66.7

61.9
57.6
59.5

57.0
57.0
55.9

January
February
March

62.5
50.0
54.2

62.5
45.8
41.7

75.0
75.0
50.0

100.0
75.0
75.0

r75.0
r66.7
83.3

50.0
r66.7
66.7

22.5
22.5
72.5

r80.0
r70.0
P35.0

56.9
52.9
62.7

47.1
P39.2
(NA)

59.7
53.5
45.1

53.8
r53.8
r47.6

April
May
June

75.0
45.8
54.2

63.6

100.0
25.0
25.0

16.7
41.7
41.7

"25.0

45.0
45.0
r50.0

25.5
74.5
p60.8

54.1
r49.2
r45.9

P46.5

P35.0

(NA)

P50.8

1985

1986

July
August
September

2

68.2

2

3

66.7

3

66.7

"25.0

October
November
December
NOTE: Figures are the porcent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by ® , 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.
x

Figures are the
Excludes series
Excludes series
"Excludes series
2

3

74



percent of components declining.
36, for which data are not available.
57, for which data are not available.
77 and 95, for which data are not available.

AUGUST 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

0 1

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

DIFFUSION INDEXES—Continued

966. Industrial production, 24 industries

965. Newly approved
capital appropriations
in 1972 dollars, 17
manufacturing
industries

967. Spot market
prices, 13 raw
industrial materials

968. Stock prices, 500
common stocks1©
©

1-month
span

75.0
52.9
41.2

55.9
51.5
41.2

44.1
61.8
52.9

55.9
55.9
52.9

29.4
55.9
44.1

52.9
35.3
55.9

45.6
63.2
52.9

47.1
60.3
61.8

64.7
54.4
50.0
67.6
47.1
61.8
52.9
47.1
52.9

p59

55.9
44.1
42.6

41.2
r44.1
p44.1

(NA)

43.6
36.2
36.2

30.4
37.0
37.0

*76

79.2
43.8
45.8

66.7
62.5
50.0

34.6
46.2
46.2

23.1
15.4
15.4

34.8
93.5
73.9

60.9
54.3
65.2

*68

47.9
62.5
41.7

41.7
37.5
45.8

30.8
57.7
19.2

15.4
19.2
34.6

34.8
78.3
26.1

82.6
76.1
91.3

68

50.0
52.1
66.7

58.3
62.5
66.7

23.1
38.5
57.7

23.1
23.1
23.1

89.1
93.5
37.0

77.8
73.3
85.6

70

45.8
72.9
56.3

62.5
75.0
68.8

76.9
38.5
23.1

23.1
38.5
46.2

55.4
66.7
75.6

77.8
82.2
73.3

72

54.2
75.0
39.6

70.8
62.5
70.8

38.5
46.2
46.2

38.5
46.2
38.5

76.7
30.0
11.1

75.6
82.2
86.0

'70

52.1
62.5

81.3
68.8
66.7

42.3
23.1
57.7

53.8
53.8
53.8

55.6
88.9
86.7

88.1
92.9
90.5

(NA)

83.3
37.5
33.3

r62.5
45.8
r54.2

61.5'
38.5
34.6

46.2
50.0
57.7

60.5
81.0
94.0

90.5
90.5
88.1

P37.5

53.8
61.5
65.4

42.3

61.9
50.0
77.4

48

57.4
50.0
35.3

34.6
30.8
30.8

39

55.9
55.9
45.6

50.0
50.0
42.3

56

April
May
June

83.3
66.7
70.8

65

January
February
March

66.7
43.8
66.7

36

October
November
December

*76

59

July
August
September

41.5
25.5
58.7

58.3

35.3
53.8
26.5

52.1
10.6
60.6

4-Q moving
average

71

April
May
June

73.1
65.4
42.3

p50

91.2
79.4
85.3

38.5
61.5
65.4

52

67.6
50.0
52.9

95.8
91.7
87.5

*49

January
February
March

87.5
91.7
64.6

*54

1-quarter
span

6-month
span

58

9-month
span

1-month
span

'56

1-month
span

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies2©

9-month
span

(4-quarter span)

1984

1985

July
August
September

.......

October
November
December

(NA)

1986
January
February
March
April
May
June

61.8
32.4
r64.7

r72.9
r41.7
r37.5

July
August
September

p55.9

P37.5
3

50.0
46.2

3

35.7

October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
x
Based on 47 industries through June 1984, on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries
through January 1986, and on 42 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 average for August 5, 12, and 19. See footnote 4 on page 79.

AUGUST 1986



7
5

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

Year
and
quarter

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

971. New orders, manufacturing1©

(1-Q span)

(1-Q span)

972. Net profits, manufacturing
and trade' ©

Actual

c. Early
projections

b. Later
projections

DIFFUSION INDEXES-Continued

Actual

Anticipated

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade' @

Anticipated

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

1983
38.1
50.0
81.0
95.2

47.
66.
90.
81.

6
7
5
0

42.9
54.8
76.2
76.2

66
74
78
84

66
77
82
85

62
66
71
74

64
73
80
81

66
74
74
80

68
78
84
86

88.1
71.4
88.1
61.9

76.
64.
76.
71.

2
3
2
4

57.1
78.6
92.9
54.8

90
86
84
79

88
91
90
88

80
79
74
74

84
86
88
84

85
84
82
80

88
90
90
88

57.1
73.8
61.9
57.1

52.
76.
61.
47.

4
2
9
6

47.6
85.7
76.2
42.9

74
74
76
75

82
84
82
80

70
69
70
70

80
81
81
78

76
74
75
74

84
84
84
81

19.0
(NA)

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

33. 3
61. 9

47.6
81.0
54.8

76
(NA)

82
83
84

70
(NA)

78
81
81

72
(NA)

81
84
83

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

0 1

Year
and
quarter

974. Number of employees,
manufacturing and trade1 ©

Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

Anticipated

(4-Q span)

(4-Q span)

978. Selling prices, retail
trade1©

977. Selling prices, wholesale
trade1©

976. Selling prices, manufacturing1 ©

975. Level of inventories,
manufacturing and trad 3 1 ©

Actual

DIFFUSION INDEXES-Continued

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

48
54
58
61

50
56
59
60

54
59
62
68

52
58
62
64

61
60
65
68

65
66
70
69

63
62
68
70

68
64
68
72

68
72
69
72

69
67
70
71

65
63
62
62

62
64
64
62

72
70
70
70

66
70
70
66

74
70
70
68

74
76
76
72

73
69
65
65

72
76
75
72

72
68
70
70

70
74
74
68

60
58
58
59

60
62
59
58

66
63
60
61

64
66
62
58

65
62
61
61

70
70
64
62

64
60
59
60

68
66
66
6C

66
63
66
62

65
70
67
62

58
(NA)

59
60
59

62
(NA)

58
58
60

59
(NA)

62
65
62

59
(NA)

64
64
62

60
(NA)

62
62
64

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

7
6



AUGUST 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q
Diffusion index components

SELECTED DIFFUSION INDEX COMPONENTS Basic Data and Directions of Change
:

1985

1986
January

December

March

February

April

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING
(Hours)
+

40.7

Percent rising of 20 components

40.8

40.7

(22)

(22)

(72)

(45)

40.0
39.7

40.2
39.4

40.3
39.1

0

41.9
41.9

42.4
41.3

-

0

40.7

0

40.7

40.6

(45)

40.9

0

July p

1

(95)

All manufacturing industries

June r

May

(50)

0

40.6
(35)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+
+

40.2
39.9

+
+

40.4
40.0

Stone, clay, and glass products
Primary metal industries

o
+

41.8
42.1

+

42.7
41.9

+

41.9
42.1

Fabricated metal products
Machinery, except electrical

+
+

41.6
41.7

41.5
41.6

o
o

41.5
41.6

0

41.4
41.6

Electric and electronic equipment
Transportation equipment

+
+

41.1
43.0

41.0
42.8

40.9
42.7

41.0
42.7

+

0

Instruments and related products
Miscellaneous manufacturing

+
+

41.6
40.7

41.1
39.8

41.3
39.9

0

41.3
39.7

-

+
+

40.1
38.1

39.9
37.5

+

40.2
36.6

0

+
o

41.0
36.8

40.7
36 5

+

41.3
36 9

-

+
+

43.5
38.1

+
+
+
+

+

41.2
39.3

o

+

+

40.3
39 4
42.3
41.7

40.1
39 5

+

40.2
39 4

42.2
41.6

+

0

42.2
41 3

0

41.1
41.5

41.2
41.8

41.1
41.8

o

0

41.1
41.7

41.1
42.1

41.0
-

r41.9

o
+

41.0
42.2

r40.9
39.4

+
+

41.0
39.7

r40.2
r37.7

+

40.1
38.3

41.1
36 5

40.7
36 6

+

+

41.1
36 9

43.1
37.9

0

43.1
37.9

+

-

-

40.9
41.9
40.5
38.8

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
Textile mill products
.
Apparel and other textile products

....

Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products

.

....

Rubber and miscellaneous plastics products
Leather and leather products

o

39.8
36.6

40.8
36 7
+

40.1
37.7

40.6
36 3

43.6
38.0

o

43.5
38.0

42.0
43 6

41.9
43 5

+

41.8
43 7

42.0
37.9

41.4
37.1

+

0
0

•

43.5
38.0
41.9
43 8
41.3
36.3

41.0
36.0

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)
+

All durable goods industries

.
. .

+

(35)

Percent rising of 34 components
Primary metals
Fabricated metal products

107,531

108,194

-

(56)

107,545

-

+
+

10,596
14,326

+

10,614
14,274

-

-

Machinery except electrical
Electrical machinery

16,195
16,297

-

+

15,603
15,346

+
+

18,277
15,704

Transportation equipment
Other durable goods industries

+
+

31,031
19,803

+

31,002
21,321

-

28,458
20,218

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.

0

0

:

9,762
13,141

43.0
38.0

0

43.2
38.0

41.9
43 6

42.0
r43 4

+

41.8
44 1

41.1
36.3

r41.2
r36.7

+
+

41.3
37.7

102,624

+

0

-

40.2
36.2

41.9
43 9
40.6
36.5

1 2

-

(43)

(44)

10,059
14,146

. . .

104,682

0

+

103,747

-

(32)

(62)
9,625
14,653

-

16,081
17,066

16,800
15,467

-

28,496
20,136

26,497
20,705

-

( + ) = rising, (o) = unchanged, and ( - )

8,831
14,024

(65)
+

16,441 +
14,650 +
27,933
20,745
= falling.

102,730 + 107,165

+

9,323
13,998

(56)
-

9,072
14,406

16,888 •
17,913

17,405
16,834

23,531
21,077

28,924
20,524

The "r" indicates revised; "p",

x

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 1986



7
7

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1985

Diffusion index components

December

1986
January

February

Aprilr

March

June

May'

966. INDEX OF INDUSTRIAL PRODUCTION
(1977 = 100)

126.4

126.7

125.6

124.4

125.3

124.6

124.2

124.1

(58)

(83)

(38)

(33)

(73)

(42)

(38)

(38)

Lumber and products...
Furniture and fixtures ..

116.5
142.1

119.9
143.9

+

118.2
145.4

118.5
145.0

(NA)

(NA)
(NA)

Clay, glass, and stone products
Primary metals

118.2
81.7

120.2
84.9

-

118.8
80.7

120.0
77.4

Fabricated metal products
Nonelectrical machinery...

108.8
146.0

109.3
146.2

+
-

109.4
144.6

108.5
143.2

Electrical machinery
Transportation equipment

171.9
126.8

167.9
128.9

-

165.5
128.1

165.6
124.3

Instruments
Miscellaneous manufactures

140.6
96.3

141.1
99.0

+

141.8
98.1

142.5
97.2

Foods
Tobacco products

132.6
103.5

133.2
99.3

+

133.8
97.9

+
+

Textile mill products . . .
Apparel products

106.3
105.0

107.4
105.8

+
-

110.4
103.6

133.0
93.0
108.4
104.0

Paper and products
Printing and publishing .

132.3
158.4.

133.1
158.9

132.1
155.4

132.0
158.1

+
+

Chemicals and products
Petroleum products

128.5
88.7

130.5
92.6

+

130.9
88.4

Rubber and plastics products
Leather and products

150.0
69.9

150.5
67.5

+

Metal mining
Coal

74.3
128.0

Oil and gas extraction
Stone and earth minerals ..

104.4
114.0

All industrial production

Percent rising of 24 components

2

+

Durable manufactures:

+
+
+
+
+
+

119.4
147.5
121.5
78.1
107.6
142.0
166.7
127.9

+
+

119.8
148.3

-

148.2

-

120.5

+

121.7
72.5

+

(NA)
73.3

75.7

-

107.3
141.6

-

107.0
139.8

-

106.5
139.5

-

166.0
125.4

+

162.6
126.7

+
-

164.4
126.1

142.5
97.9

+

141.3
98.4

+

141.7
97.5

-

139.8

134.0
101.4

+
+

135.1
101.5

110.1
104.3

+
-

110.8
103.7

132.6
162.0

+
+

131.1
87.8

132.1
91.3

150.7
67.0

149.0
65.4

147.8
64.6

75.5
130.6

77.2
124.9

78.1
123.5

+

77.3
124.5

103.6
117.1

101.4
120.2

98.5
115.2

+

96.4
118.9

(NA)

Nondurable manufactures:

134.3
(NA)

(NA)
(NA)

+
-

111.3
103.1

(NA)
(NA)

132.7
163.0

+
+

134.4
163.9

(NA)
163.8

132.0
94.6

-

+

131.7
91.6

(NA)
90.8

+

149.8
62.1

+

150.4
62.0

(NA)
(NA)

(NA)
122.4

(NA)
127.0

(NA)
(NA)

95.1
116.3

93.7
117.4

93.0
(NA)

Mining:

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
x

( + ) = rising, (o) = unchanged, and ( - )

= falling.

The "r" indicates revised; "p".

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

2

7
8



AUGUST 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Date and Directions of Change—Continued

Q

Diffusion i ndex components

1986

1985

December

January

February

April

March

F
A
967. INDEX O SPOT MARKET PRICES R W INDUSTRIALS

Raw industrials price index (1967 = 100) . . . .

+

235.0
(58)

Percent risin g of 13 components

236.9
(62)

-

233.3

-

(38)

223.1

-

May

August1

July

2

219.9

+

(54)

(35)

June

221.3

+

225.0

+

227.6

-

211.8

(62)

(65)

(50)

(46)

0.466
1.027

0.428
0.944

0.418
0.922
0.126
0.278

Dollars

Copper scrap

(pound)..
(kilogram)..

Lead scrap

(pound),.
(kilogram)..

Steel scrap

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

0.473
1.043

•

-

0.104
0.229

0.105

-

0.464
1.023

+

0.110
0.243

+

0.114
0.251

+

0.126
0.278

+

0.130
0.287

82.500
90.940

-

82.000
90.389

-

77.250
85.153

-

74.400
82.011

-

71.500
78.814

-

70.000
77.161

o

70.000
77.161

+

75.000
82.673

5.640
12.434

0

3
5.640
12.434

o

3
5.640
12.434

-

4.000
8.818

-

3.284
7.240

-

3.115
6.867

-

3.060
6.746

-

3.056
6.737

+

3.073
6.775

0

0.354
0.780

o

0.354
0.780

0

0.354
0.780

-

0.339
0.747

+

0.354
0.780

+

0.395
0.871

+

0.430
0.948

+

0.444
0.979

0.248
0.271

-

0.231
0.253

-

0.225
0.246

+

0.231
0.253

0.240
0.262

+

0.247
0.270

-

0.242
0.265

-

0.229
0.250

0.591
1.303

+

0.606
1.336

0.628
1.384

+

0.639
1.409

+

0.656
1.446

+

0.669
1.475

-

0.666
1.468

3

Zinc

(pound).,
(kilogram)..

0

0.354
0.780

Burlap

(yard)..
(meter)..

-

0.242
0.265

Cotton

(pound)..
(kilogram)..

+

0.107
0.236

0.488
1.076

+

0

(yard).,
(meter)..

0.505
1.113

79.800
87.964

(pound)..
(kilogram)..

Print cloth

0.486
1.071

-

Tin

+

-

0.108
0.238

0

+

0.499
1.100

+

0.573
1.263

+

0.718
0.785

-

0.698
0.763

0.231

+

0.'586

0.658
0.720

-

0.642
0.702

+

0.648
0.709

+

0.690
0.755

+

0.702
0.768

+

0.712
0.779

-

0.700
0.766

0

3.000
6.614

+

3.200
7.055

o

3.200
7.055

+

3.267
7.202

0.786
1.733

-

0.785
1.731

-

0.784
1.728

-

0.777
1.713

50.000
110.230

0

50.000
110.230

o

50.000
110.230

o

50.000
110.230

0.408
0.899

+

0.434
0.957

o

0.434
0.957

0.087
0.192

+

0.097
0.214

+

0.098
0.216

Wool tops

(pound).,
(kilogram)..

0

3.000
6.614

0

3.000
6.614

o

3.000
6.614

0

3.000
6.614

o

3.000
6.614

Hides

(pound).,
(kilogram)..

-

0.707
1.559

-

0.674
1.486

+

0.682
1.504

-

0.678
1.495

+

0.729
1.607

Rosin

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

0

50.000
110.230

0

50.000
110.230

o

50.000
110.230

0

50.000
110.230

o

50.000
110.230

Rubber

(pound)..
(kilogram)..

-

0.404
0.891

+

0.406
0.895

+

0.425
0.937

-

0.423
0.933

Tallow

(pound)..
(kilogram)..

+

0.136
0.300

+

0.139
0.306

-

0.128
0.282

-

0.106
0.234

0.392
0.864
+

0.108
0.238

+

0

+

-

0.401
0.884
0.100
0.220

+

-

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.

The "r" indicates revised: "p",

^he index is the average for August 1 through 25; component prices are averages for August 5, 12, and 19.
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
Official price for October 23, 1985.
"Data beginning August 1, 1986, reflect a change in the domestic Federal price support for cotton.
2

AUGUST 1986




7
9

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

i•
Year
and
quarter

b. Difference
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
gross national

50. Gross national product in 1982 dollars

200. Gross national product in current dollars
a. Total

GNP AND PERSONAL INCOME

a. Total

c. Percent
change at
annual rate

(Ann. rate,
bil dol.)

product in 1982
dollars

c. Percent
change at
annual rate

b. Difference
(Ann. rate,
bil. dol.)

213. Final sales
in 1982 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

1983
3,265.8
3,367.4
3,443.9
3,545.8

53.3
101.6
76.5
101.9

6 8
13.0
9 4
12 4

3,186 6
3,258 3
3,306 4
3,365.1

27. 3
71. 7
48.1
58. 7

3 .5
9 .3
6 .0
7 .3

13,619
13,894
14,063
14,277

3,228.9
3,267.6
3,307.4
3,338.1

3,670.9
3,743.8
3,799.7
3,845.6

125.1
72.9
55.9
45.9

14
8
6
4

9
2
1
9

3,444
3,487
3,507
3,520

7
1
4
4

79. 6
42. 4
20. 3
13. 0

9 .8
5 .0
2 .3
1 .5

14,582
14,730
14,778
14,795

3,359.6
3,430.0
3,446.8
3,486.4

3,909.3
3,965.0
4 ,030.5
4 ,087.7

63.7
55.7
65.5
57.2

6
5
6
5

8
8
8
8

;
3,547
3,567
3,603
3,622

0
6
8
3

26. 6
20. 6
36. 2
18. 5

3.1
2 .3
4.1
2 .1

14,874
14,928
15,041
15,080

3,523.9
3,550.2
3,603.1
3,627.5

4 ,149.2
r4 ,179.8

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

61.5
r30.6

6 2
r3

3,655 9
r3,661 5

33. 6
r5. 6

3 .8
rO .6

15,188
rl5,179

r3,649.8

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

B
Year
and
quarter

o -

i

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

Disposable personal income

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
b1. dol.)

PERSONAL CONSUMPTION EXPENDITURES
232. Durable goods
in current dollars

231. Total in 1982
dollars

233. Durable goods
in 1982 dollars

227 Per capita in
1982 dollars

225. Constant
(1982) dollars

224. Current dollars

1

3,616.1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. doi.)

(Ann. rate,
kil. dol.)

(Ann rate,
bil. (iol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

7
4
2
9

2,311
2,335
2,392

2,288 4
1
4
7

9
9
9
10

780
855
933
151

,146
,213
,262
2 ,315

6
0
8
8

2 ,094
2 ,135
2 ,163
2 ,191

2
1
0
9

266.7
284.5
295.2
310.0

263.3
280.0
288.5
300.5

2,612. 7
2,646. 3
2,693. 8
2,729. 6

2,446
2,460
2,481
2,493

9
3
9
1

10
10
10
10

358
392
457
477

,363
,416
,445
,487

8
1
6
2

2 ,213
2 ,246
2 ,253
2 ,271

8
3
3
7

321.2
331.3
331.8
340.4

311.1
319.0
318.8
326.8

2,755. 4
2,842. 3
2,832. 0
2,882. 2

2,495
2,550
2,524
2,540

7
8
7
7

10
10
10
10

466
674
537
577

,530
,576
,627
,667

9
0
1
.9

2 ,292
2,311
2 ,342
2, 3 5 1

3
9
0
7

347.7
354.0
373.3
362.0

332.3
338.8
357.4
347.0

10 ,723

,697 .9

no ,893

r2 ,735 .3

2 ,372
r2 ,410

7
4

360.8
r375.7

345.4
r358.8

2,345.
2,395.
2,443.
2,527.

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

2,935. 1

r2,981. 7

2,581 2
r2,627.4

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 1986

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

PERSONAL CONSUMPTION EXPENDITURES-Continued
238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

E H

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT

241. Total in
1982 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

791.0
810.9
827.0
837.9

786.3
795.7
806.2
812.7

1,088.9
1,117.6
1,140.6
1,167.9

1,044.6
1,059.4
1,068.3
1,078.6

428.3
481.3
519.7
579.8

427.1
486.9
524.8
577.2

471.0
492.5
525.2
548.8

469.4
496.2
525.8
550.3

855.7
870.3
873.9
880.3

819.7
832.8
831.7
. 830.5

1,186.9
1,214.5
1,239.9
1,266.5

1,083.0
1,094.6
1,102.8
1,114.4

659.5
657.5
670.3
661.1

649.3
649.7
658.9
649.9

564.0
597.6
605.8
624.4

564.1
592.7
598.3
615.9

888.2
902.3
907.4
922.6

834.3
841.3
843.8
847.2

1,294.9
1,319.7
1,346.4
1,383.2

1,125.8
1,131.8
1,140.8
1,157.5

650.6
667.1
657.4
669.5

638.2
655.6
643.8
653.2

625.2
648.0
654.3
672.6

615.0
638.1
643.1
658.4

929.7
r929.1

860.6
r878.1

1,407.4

1,166.6

708.3

rl,430.5

rl,173.5

r684.7

684.0
r659.2

664.4
r672.2

644.1
r647.5

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

• •
Bil
Year
Tear

and
quarter

El

GROSS PRIVATE
DOMESTIC INVEST.-Con.

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

30. Change in
business inventories in 1982
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars

263. Federal
Government in
1982 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 1982 dollars

(Ann. rate,
bil. dol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984

-42.6
-11.2
-5.5
31.0

-42.3
-9.3
-1.0
27.0

668.1
675.2
680.7
676.1

649.2
650.9
653.6
642.2

285.5
287.7
284.9
276.1

278.2
278.5
277.6
266.0

382.7
387.5
395.8
400.0

371.0
372.4
376.0
376.2

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985

95.5
59.9
64.4
36.7

85.1
57.0
60.6
33.9

693.2
733.3
743.8
763.4

650.2
678.2
681.0
691.5

283.4
315.2
317.2
329.1

271.2
296.3
295.6
303.8

409.8
418.1
426.6
434.3

379.0
381.8
385.4
387.7

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986

25.4
19.1
3.1
-3.1

23.2
17.4
0.7
-5.2

777.3
799.0
829.7
855.6

695.3
708.3
731.8
749.4

333.7
340.9
360.9
380.9

305.8
311.4
329.9
347.2

443.5
458.1
468.8
474.7

389.5
396.9
401.9
402.2

43.8

39.9

rl2.5

rll.6

836.7
r860.0

725.2
r742.4

355.7
r367.1

320.4
r329.5

480.9
r492.9

404.8
r413.0

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.

IU II

AUGUST 1986




81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

^ J
Year
and
quarter

Exports of goods and services

Net exports of goods and services
255. Constant
(1982) dollars

250. Current
dollars
(Ann. rate,
bil. dol.)

• M

280. Compensation of
employees

257. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

253. Current
dollars

AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

256. Constant
(1982) dollars

252. Current
dollars

NATIONAL INCOME

•Nil

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1983
22.7
-2.1
-19.3
-25.8

16.1
-14.6
-35.0
-46.2

343.6
344.1
357.7
364.7

342.5
341.7
352.8
355.5

320.9
346.2
376.9
390.5

326.4
356.3
387.8
401.6

2,599.1

2,685.5
2,741.8
2,851.5

1,958.8
1,995.0
2,036.3
2,092.7

-45.6
-63.2
-60.0
-66.1

-68.6
-87.2
-85.7
-92.7

373.4
382.1
389.2
386.2

361.3
367.0
375.5
375.0

419.0
445.3
449.1
452.2

429.9
454.2
461.2
467.7

2,963.2
3,010.3
3,052.3
3,102.0

2,153.7
2,195.4
2,234.7
2,275.0

-49.4
-77.1
-83.7
-105.3

-78.8
-108.1
-113.8
-132.0

378.4
370.0
362.3
368.2

369.4
361.2
355.8
362.9

427.9
447.1
446.0
473.6

448.2
469.3
469.6
494.8

3,157.0
3,201.4
3,243.4
3,287.3

2,316.3
2,352.1
2,380.9
2,423.6

-93.7
r-100.2

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

-125.9
r-150.5

374.8
r367.9

369.2
r363.9

468.5
K68.1

495.1
r514.4

3,340.7
p3,379.5

2,461.5
r2,480.1

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

H 9
Year
and
quarter

282. Proprietors'
income with IVA

and CCAdj'

(Ann. rate,
bil. dol.)

Q

NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
CCAdj1

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with IVA and
CCAdj1

288. Net interest

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

290. Gross saving

(Ann. rate,
bil. dol.)

SAVING
292. Personal
saving

295. Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

183.9
192.3
179.5
207.8

13.8
15.4
11.2
12.4

170.6
207.0
228.9
248.5

272.1
275.8
285.9
290.2

424.2
448.2
462.3
519.9

433.9
453.0
472.0
487.3

139.5
121.1
116.4
145.4

242.5
229.6
234.6
240.7

12.1
8.4
7.1
5.6

262.5
271.7
259.8
265.0

292.5
305.2
316.1
315.7

580.7
568.7
578.2
565.5

489.0
505.0
510.0
520.3

179.2
157.6
172.9
165.0

250.7
255.5
249.3
262.1

6.8
8.1
7.3
8.3

266.4
274.3
296.3
285.6

316.8
311.4
309.7
307.6

573.2
566.8
541.7
524.1

525.6
538.9
560.1
553.5

144.1
183.6
119.6
125.8

265.3
r290.7

12.8

rl6.6

296.4
P291.2

304.9
r300.8

583.2
P541.7

569.2
p566.0

145.6
rl52.7

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
1

IVA J

inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



AUGUST 1986

licit

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

£Q
298. Government
surplus or deficit

Year
and
quarter

Q j

SAVING-Continued
293. Personal
saving rate

(Ann. rate,
bil. dol.)

SHARES OF GNP AND NATIONAL INCOME
Percent of gross national product

235. Personal consumption expenditures
(Percent)

(Percent)

247. Change in
business inventories

249. Residential
fixed investment

248. Nonresidential
fixed investment

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1983
-149.2
-126.0
-126.2
-112.9

5.9
5.1
4.8
5.8

65.7
65.7
65.7
65.3

10.4
10.2
10.4
10.8

4.0
4.4
4.9
4.7

-1.3

-0.3
-0.2
0.9

0.7
-0.1
-0.6
-0.7

....

-87.5
-93.9
-104.8
-119.9

6.9
6.0
6.4
6.0

64.4
64.5
64.4
64.7

10.6
11.0
11.1
11.5

4.8
4.9
4.8
4.7

2.6
1.6
1.7
1.0

-1.2
-1.7
-1.6
-1.7

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

-96.6
-155.6
-138.0
-155.1

5.2
6.5
4.2
4.4

64.7
65.0
65.2
65.3

11.3
11.6
11.4
11.6

4.7
4.8
4.8
4.9

0.6
0.5
0.1
-0.1

-1.3
-1.9
-2.1
-2.6

-131.6
p-177.0

5.0
r5.1

65.0

11.1
10.9

4.9

r65.4

r5.2

1.1
r0.3

r^2.4

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter
Third quarter
Fourth quarter

....

1985

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

j Q

SHARES OF GNP AND NATIONAL INCOME-Continued

Percent of GNP—Continued

Year
and
quarter

265. Federal Government purchases of
goods and services
(Percent)

-2.3

Percent of national income

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

64. Compensation of
employees
(Percent)

283. Proprietors'
income with IVA
and CCAdj'

285. Rental income
of persons with
CCAdj1

(Percent)

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1

289. Net interest

(Percent)

1983
8.7

8.5
8.3
7.8

11.7
11.5
11.5
11.3

75.4
74.3
74.3
73.4

7.1
7.2
6.5
7.3

....

7.7
8.4
8.3
8.6

11.2
11.2
11.2
11.3

72.7
72.9
73.2
73.3

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

8.5
8.6
9.0
9.3

11.3
11.6
11.6
11.6

8.6
r8.8

11.6
11.8

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

0.5
0.6
0.4
0.4

6.6
7.7
8.3
8.7

10.5
10.3
10.4
10.2

8.2
7.6
7.7
7.8

0.4
0.3
0.2
0.2

8.9
9.0
8.5
8.5

9.9
10.1
10.4
10.2

73.4
73.5
73.4
73.7

7.9
8.0
7.7
8.0

0.2
0.3
0.2
0.3

8.4
8.6
9.1
8.7

10.0
9.7
9.5
9.4

73.7
P73.4

7.9
p8.6

0.4
p0.5

8.9
p8.6

9.1
p8.9

•

1984
First quarter
Second quarter
Third quarter
Fourth quarter

....

1985

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

ItO

AUGUST 1986




83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Q
Fixed-weighted price index,
gross domestic business product

Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982 = 100)

PRICE MOVEMENTS

310c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

311c. Change
over 1-quarter
spans'

Consumer price index
for all urban consumers

Consumer price index for
all urban consumers, food

320c. Change
over 1-month
spans1

320c. Change
over 6-month
spans'

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

305.2
306.6
307.3

0.6
0.4
0.3

4.6
4.3
4.2

299.7
300.9
301.2

1.3
0.4
0.1

5.1
4.4
4.1

3.4

308.8
309.7
310.7

0.4
0.2
0.3

3.6
3.7
3.9

301.5
300.9
301.9

0.1
-0.2
0.3

2.1
2.5
2.5

3.4

311.7
313.0
314.5

0.3
0.4
0.4

3.7
3.8
3.8

302.8
304.7
304.9

0.3
0.6
0.1

2.9
3.6
3.5

3.5

315.3
315.3
315.5

0.3
0.2
0.3

3.5
3.3
3.5

305.8
306.2
307.2

0.3
0.1
0.3

3.3
2.3
2.4

3.4

316.1
317.4
318.8

0.2
0.3
0.5

3.6
3.6
3.6

307.7
308.2
308.6

0.2
0.2
0.1

1.9
1.4
1.2

3.4

320.1
321.3
322.3

0.3
0.2
0.2

3.6
3.4
2.8

308.7
308.4
309.1

0.0
-0.1
0.2

1.0
0.9
1.4

2.5

322.8
323.5
324.5

0.2
0.2
0.2

2.9
3.6
3.8

309.2
309.6
310.7

0.0
0.1
0.4

1.6
3.1
4.0

3.6

325.5
326.6
327.4

0.4
0.6
n d

4.1
2.9
1.6

311.1
313.2
315.2

0.1
0.7
0.6

4.4
2.7
2.2

2.1

328.4
327.5
326.0

0.3
-0.4
-0.4

0.3
-0.4
-0.2

315.9
313.8
314.1

0.2
-0.7
0.1

2.5
2.1
1.0

1.4

(1982 = 100)

320. Index ©

4.0

311. Index

325.3
326.3
327.9

-0.3
0.2
0.5

-0.8

315.0
316.4
316.7

0.3
0.4
0.1

2.3

328.0

0.0

319.5

0.9

(Ann. rate,
percent)

322. Index

322c. Change
over 1-month
spans'

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1984
4.6

January
February
March

106.6

April
May
June

107.4

July
August
September

108.3

October
November
December

109.2

106.3
3.0
107.2
3.4
108! 1
3.4
109.1

1985
January
February
March

110* 2

April
May
June

ni'.i

July
August
September

11 i * 8

October
November
December

112*.8

3.7
11CL0
3.3

110.9
2.5

111.6
3.6

112.6

U. H

1986
January
February
March
April
May
June
July
August
September

2.5

113.2

113.5
r2.5

rlli!2

rll3!o"

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




AUGUST 1986

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

Hfl|

Producer price index, all commodities
Year
and
month

330. Index ©

330c. Change
over 1-month
spans1 ©

(1967 = 100)

(Percent)

PRICE MOVEMENTS-Continued
Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 6-month
spans' ©

(Ann. rate,
percent)

335. Index ©

(1967 = 100)

335c. Change
over 1-month
spans1 ©

(Percent)

335c. Change
over 6-month
spans 1 ©

(Ann. rate,
percent)

331. Index

(1967 = 100)

331c. Change
over 1-month
spans1

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1984

0.7

3.5
4.0
3.4

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

335.4
329.5
337.1

1.2
-1.8
2.3

3.6
3.7
-0.3

311.3
311.5
311.3

0.1
0.1
-0.1

2.5
1.2
-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335.5
333.9
330.8

-0.5
-0.5
-0.9

-1.7

0.0
-5.3

July
August
September

311.9
310.7
309.3

0.2
-0.4
-0.5

-1.2
-0.8
-1.0

323.9
323.3
322.2

0.0
-0.2
-0.3

0.5
0.4
-0.5

332.5
329.5
328.1

0.5
-0.9
-0.4

-6.6
-4.1
-3.2

October
November
December

309.4
310.3
309.8

0.0
0.3
-0.2

-1.5
-1.0
-0.5

323.4
323.8
323.0

0.4
0.1
-0.2

-0.6
-0.7
0.2

324.3
326.9
325.4

-1.2
0.8
-0.5

-6.9
-8.5
-10.2

January
February
March

309.5
309.1
308.6

-0.1
-0.1
-0.2

-0.1
-0.3
-0.4

322.9
322.2
322.5

0.0
-0.2
0.1

0.2
0.9
1.1

320.8
315.2
311.0

-1.4
-1.7
-1.3

-10.2
-12.6
-12.8

April
May
June

309.3
309.8
309.2

0.2
0.2
-0.2

-0.3
-1.2
-2.0

323.8
325.3
324.8

0.4
0.5
-0.2

0.9
0.9
-0.1

307.3
305.6
303.8

-1.2
-0.6
-0.6

-10.8
-11.8
-11.2

July
August
September

309.0
307.3
305.5

-0.1
-0.6
-0.6

-0.9
-0.2
0.6

324.4
323.7
322.3

-0.1
-0.2
-0.4

0.2
-0.4
0.2

303.0
296.1
293.1

-0.3
-2.3
-1.0

-3.3
1.6
2.1

October
November
December

307.9
309.5
310.2

0.8
0.5
0.2

-0.1
-1.9
-3.4

324.2
324.7
325.1

0.6
0.2
0.1

-0.4
-2.9
-5.1

302.2
308.0
307.0

3.1
1.9
-0.3

-0.1
-6.3
r-8.6

January
February
March

308.9
304.4
300.3

-0.4
-1.5
-1.3

-6.4
-6.5
-7.2

323.8
318.9
314.0

-0.4
-1.5
-1.5

-7.8
-7.8
-8.1

302.9
286.6
r280.2

-1.3
-5.4
r-2.2

-20.4
-19.8
-20.9

April
May
June

297.9
299.2
298.9

-0.8
0.4
-0.1

-7.1

311.3
311.7
311.6

-0.9
0.1
0.0

-9.2

269.7
275.9
273.0

r-3.7
2.3
-1.1

-16.7

July
August
September

297.7

-0.4

308.5

-1.0

January
February
March

308.0
308.9
311.0

0.6
0.3

April
May
June

1985

1986

276.4

1.2

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

Changes are centered within the spans:

ItO

AUGUST 1986




1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.

8
5

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

H I
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

332c. Change
over 1-month
spans'

(1967 = 100)

(Percent)

PRICE MOVEMENTS—Continued

Producer price index, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967 = 100)

333c. Change
over 1-month
spans1

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1967 = 100)

334c. Change
over 1-month
spans!

(Percent)

334c. Change
over 6-month
spansl

(Ann. rate,
percent)

1984
January
February
March

317.1
317.9
319.7

0.3
0.3
0.6

2.7
3.2
3.2

291.0
291.7
292.3

0.3

0.2
0.2

3.7
2.9
2.5

288.6
289.3
290.7

0.8
0.2
0.5

3.0
3.7
2.9

April
May
June

320.2
320.9
321.3

0.2
0.2
0.1

2.4
1.6
0.2

294.3
293.6
293.8

0.7
-0.2
0.1

2.4
2.3
2 4

290.8
290.7
290 5

0.0
0.0
-0 1

1.7

0.7
-0 5

July
August
September

320.9
320.4
320.0

-0.1
-0.2
-0.1

0.1
-0.1

-0.6

294.5
295.0
295.8

0.2
0.2
0.3

0.5
1.6
1.2

291.0
290.3
290.0

0.2
-0.2
-0.1

-0.5
0.1
0.4

October
November
December

320.4
320.7
320.4

0.1
0.1
-0.1

-0.3
-0.9
-0.9

295.0
295.9
295.6

-0.3
0.3
-0.1

1.6
2.5
2.4

290.0
290.8
291.1

0.0
0.3
0.1

-0.3
-0.2
-0.1

January
February
March

320.4
319.0
318.6

0.0
-0.4
-0.1

-0.7
-0.4
-1.2

296.8
298.6
299.3

0.4
0.6
0.2

3.1
2.8
3.3

290.5
290.0
289.9

-0.2
-0.2
0.0

1.3
1.2
0.3

April
May
June

319.3
320.0
318.5

0.2
0.2
-0.5

-1.6
-1.0
-0.9

299.6
300.0
300.4

0.1
0.1
0.1

2.6
1.8
0.3

291.9
292.6
291.6

0.7
0.2
-0.3

1.4
0.8
-0.2

July
August
September

317.8
317.4
317.2

-0.2
-0.1
-0.1

-1.1
-0.9
0.9

300.7
301.3
299.7

0.1
0.2
-0.5

2.1
2.3
2.3

292.5
291.2
289.6

0.3
-0.4
-0.5

0.1
1.3
3.5

October
November
December

317.5
318.6
319.9

0.1
0.3
0.4

0.4
-2.3
r-4.4

302.7
303.4
303.8

1.0
0.2
0.1

1.7
1.6
3.1

292.1
294.5
296.7

0.9
0.8
0.7

1.1
-2.3
-3.8

318.4
313.8
r310.1

-0.5
-1.4
-1.2

-6.5
-7.6
-8.3

303.3
303.7
304.3

-0.2
0.1
0.2

1.7
1.4
1.3

294.1
287.8
284.1

-0.9
-2.1
-1.3

-7 O 1
-7.1
-8.6

April
May
June

307.0
306.3
306.4

-1.0
-0.2
0.0

-8.6

305.3
305.5
305.7

0.3
0.1
0.1

2.0

281.5
283.8
283.6

-0.9
0.8
-0.1

-8.1

July
August
September

304.4

-0.7

306.3

0.2

281.9

-0.6

1985

1986
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.

AUGUST 1986

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j

WAGES AND PRODUCTIVITY

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls'
Year
and
month

Current-dollar earning
340. Index

(1977 = 100)

340c. Change
over 1-month
spans2
(Percent)

Average hourly compensation, all employees,
nonfarm business sector
Current-dollar compensation

Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)

341. Index

(1977 = 100)

341c. Change
over 1-month
spans2
(Percent)

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

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1984
January
February
March

158.4

158.3
158.9

0.4
0.0
0.3

3.0
2.7
2.9

94.7
94.6
94.9

-0.1
-0.1
0.3

0.9
0.4
0.5

165.1

April
May . . . .
June

159.6
159.5
160.0

0.5
-0.1
0.4

2.8
2.8
3.2

95.3
94.9
95.0

0.4
-0.5
0.2

0.5
-1.4
-2.0

166*4

July
August
September

160.6
160.5
161.4

0.3
0.0
0.5

2.2
3.1
3.4

94.9
94.0
94.0

-0.1
-1.0
0.0

-2.8
-1.4
-1.2

168.1

October
November
December

161.4
162.0
162.7

0.0
0.4
0.5

2.7
3.9
3.1

93.9
94.2
94.4

-0.1
0.3
0.2

-1.4
1.1
0.5

169.8

January
February
March

162.7
163.6
163.8

0.0
0.5
0.2

3.5
3.1
3.1

94.3
94.5
94.2

-0.2
0.2
-0.3

0.2
-0.3
-0.4

171*5

April
May
June

164.2
164.4
165.2

0.2
0.2
0.5

2.7
2.3
3.1

94.0
94.1
94.2

-0.2
0.0
0.2

-0.7
-0.9
0.4

173.3

July
August
September

165.0
165.5
166.4

-0.2
0.3
0.5

2.4
2.9
3.1

93.9
94.1
94.4

-0.3
0.1
0.4

0.0
-0.3
-0.5

174*7

October
November
December

166.2
166.8
167.7

-0.1
0.4
0.6

2.9
3.3
2.6

94.0
93.9
94.0

-0.4
-0.1
0.1

-1.0
0.7
1.5

176.2

167.3
168.2
168.5

-0.3
0.5
0.2

2.7

r2.3
rl.7

93.5
94.4
95.1

-0.6
1.0

r2.9
3.2
r2.5

177.6

April
May
June

168.4
rl68.7
rl69.2

-0.1
0.2

r0.3

95.4
95.4
r95.2

0.3
0.0
r-0.2

July
August
September

P169.0

p-O.l

P95.1

p-O.l

4.9
4*3
3.2

4.3
3.9
4.1
4.2

1985
3.9
3.9
4.4
3.8
3.2
3.6
3.6
3.0

1986
January
February
March

p2.0

0.8

3.1

p3.6

2.1
178*5

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.
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.
2

KCI) AUGUST 1986



87

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

B H

Negotiated wage and
benefit decisions

Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month

Real compensation
346. Index

(1977 = 100)

WAGES AND PRODUCTIVITY—Continued

346c. Change
over 1-quarter
spans:

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

348. Average
first-year
changes ©

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

370. Index

(1977 = 100)

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977 = 100)

1984
January
February
March

97*6

April
May
June

97.5

July
August
September

97*6

October
November
December

97.7

-0.2

-0.4

0.5

0.4

6.*i
o'.i
6.'3

6.'5

5.1

4.7

4.4
104.9

3.5

3.2

2^4

l.*6

3.1

6'.8

104! 4

CL8

104!3

l.l

-0.3
105.'5

3.7

104 '.6

10^4

6.*9

104! 9

i'.5

105*.4

r6!8

104^5

2.6
105!o"

2.7

103.*9

2.0

-0.1
105!5

1985
January
February
March

97.9

April
May
June

98^6

July
August
September

98! i

October
November
December

98^0

0.6

3.6

0.3

6.*2

0.6

105.7
3.5

3.4

2.0

il 3

2.7
106.4

3.0

0^5
-0.7

0.9

2.7

CL5

3.4
107.'3

2.0

1.4

-3.2
106\4

1986
1.6

January
February
March
April
May
June

p0.4

10^3
3.9

. . .

99*3

3.3

pi.3

98'.4
pO.7

pi.6

1O5!<5
r-0.3

rlO7.2

rlO5.5

July
August
September
October
November . .
December
See note on page 80.
Graphs of these series are shown on paces 49 and 50.
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.




AUGUST 1986

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q j

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

Civilian labor force participation rates
451. Males
20 years
and over

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

(Percent)

(Thous.)

(Thous.)

January
February
March

112,191
112,683
112,734

103,209
103,846
103,959

8,982
8,837
8,775

4,242
4,133
4,059

3,189
3,146
3,140

1,551
1,558
1,576

7,493
7,300
7,312

5,714
5,713
5,479

78.3
78.3
78.3

53.0
53.3
53.4

53.0
53.7
53.5

April
May
June

113,083
113,722
113,818

104,318
105,175
105,580

8,765
8,547
8,238

4,058
3,943
3,783

3,149
3,100
2,976

1,558
1,504
1,479

7,327
7,067
6,597

5,549
5,328
5,571

78.2
78.3
78.5

53.6
54.1
53.8

54.0
54.0
54.8

July
August
September

113,922
113,718
113,795

105,466
105,222
105,415

8,456
8,496
8,380

3,877
3,864
3,830

3,131
3,181
3,016

1,448
1,451
1,534

6,980
6,970
6,898

5,481
5,351
5,443

78.4
78.3
78.3

54.0
53.9
53.6

54.4
53.2
54.4

October
November
December

114,036
114,165
114,504

105,657
105,971
106,248

8,379
8,194
8,256

3,739
3,727
3,775

3,186
3,070
3,002

1,454
1,397
1,479

6,968
6,778
6,837

5,498
5,390
5,611

78.2
78.2
78.3

53.9
54.0
54.0

54.0
53.9
54.4

January
February
March

114,754
114,982
115,335

106,315
106,587
106,951

8,439
8,395
8,384

3,766
3,763
3,743

3,160
3,140
3,168

1,513
1,492
1,473

6,920
6,923
6,831

5,392
5,098
5,421

78.2
78.1
78.2

54.4
54.4
54.6

54.8
55.4
55.5

April
May
June

115,256
115,339
115,024

106,872
106,939
106,601

8,384
8,400
8,423

3,775
3,696
3,862

3,178
3,199
3,152

1,431
1,505
1,409

6,845
6,816
6,770

5,402
5,550
5,278

78.1
78.2
78.1

54.6
54.5
54.6

54.9
55.3
52.4

July
August
September

115,272
115,343
115,790

106,871
107,210
107,519

8,401
8,133
8,271

3,755
3,633
3,656

3,120
3,143
3,195

1,526
1,357
1,420

6,901
6,683
6,766

5,328
5,413
5,299

77.9
78.0
78.1

54.5
54.6
54.8

54.9
53.5
54.1

October
November
December

116,114
116,130
116,229

107,813
107,969
108,206

8,301
8,161
8,023

3,677
3,656
3,566

3,054
3,057
2,988

1,570
1,448
1,469

6,726
6,713
6,583

5,241
5,295
5,294

78.1
78.1
78.0

54.9
54.9
55.0

54.8
54.3
54.0

January
February
March

116,786
117,088
117,207

108,955
108,561
108,788

7,831
8,527
8,419

3,507
3,799
3,809

2,915
3,211
3,155

1,409
1,517
1,455

6,435
6,922
6,918

5,275
5,158
5,301

78.4
78.3
78.3

55.0
55.0
55.0

53.1
55.2
55.1

April
May
June

117,234
117,664
118,116

108,892
109,110
109,673

8,342
8,554
8,443

3,663
3,897
3,827

3,097
3,125
3,104

1,582
1,532
1,512

6,783
7,037
6,756

5,621
5,673
5,320

78.0
78.1
78.2

55 O 1
55.4
55.7

55.7
55.6
54.7

July
August
September

118,072

109,882

8,190

3,824

2,998

1,368

6,671

5,191

78.0

55.8

54.1

1984

1985

1986

October
November
December
See note on |
Graphs of these series are shown on page 51.

AUGUST 1986



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q |

RECEIPTS AND EXPENDITURES

ederal Governmenti
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

Q |

State and local government'

DEFENSE INDICATORS

Advance measures of defense activity

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1984
January
February
March

-154.0

711.2

865.2

66.5

526*5

460' 6

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,503
6,884
11,713

April
May
June

-163*9

721.7

885.6

70*6

538*8

468*7

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

5,139
6,648
6,834

July
August
September

-171.9

729*. 2

90 i". i

67*2

542! 9

475*8

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,600
8,090
7,301

October
November
December

-190.1

743*. 9

934.6

70*2

555*3

485! 6

20,821
28,892
26,686

12,901
25,552
7,017

159,226
168,321
172,010

5,167
10,091
7,448

January
February
March

-162.2

793.3

955*4

65.6

561*3

495*6

22,492
20,377
20,346

12,449
12,432
10,360

174,180
173,704
174,338

11,061
4,708
6,240

April
May
June

-214.8

755.8

970.6

59.2

571*9

512*6

22,655
25,140
29,513

9,658
14,147
11 627

174,867
178,000
179,337

6,130
8,773
11 238

July
August
September . . . . . . .

-197*.5

792.6

990*. "l

59*5

584'.2

524*. 7

31,641
34,470
30,753

12,163
17,579
11,702

182,074
187,278
186,401

9,594
10,270
8,106

October
November
December

-217*. 6

805*. 8

l,023*.4

62'.5

592*7

530'.2

28,629
25,809
30,768

10,584
10,086
14,088

185,059
182,400
183,504

6,179
6,810
7,152

-20i'.6

800.0

1,001.5

70*6

608 .*4

538 .*5

26,792
29,492
32,124

13,424
9,318
14,368

185,822
188,008
190,756

10,350
7,200
10,447

p-236.*9

p805*9

rl,042*7

p59*9

P611.4

r551*6

28,162
29,221
p34,945

12,855
8,849

pl3,493

188,903
189,004
pl93,207

6,500
8,430
r7,253

(NA)

(NA)

(NA)

plO,63O

1985

1986
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.
1
Based on national income and product accounts.

9
0



AUGUST 1986

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Q |

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1977 = 100)

559. Manufacturers' inventories, defense
products, book
value

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

570. Employment, defense
products industries

(Mil. dol.)

(Thous.)

Defense Department
personnel
577. Military
on active
duty @
(Thous.)

578. Civilian,
direct hire
employment
(Thous.)

564. Federal
purchases of
goods and
services,
national
defense

565. National
defense purchases as a
percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1984
January
February
March

148.8
151.3
151.9

17,861
18,190
18,746

113,575
114,624
120,647

18,448
17,801
17,794

5,682
5,835
5,690

1,391
1,398
1,408

2,130
2,135
2,140

1,049
1,049
1,051

227.'1

6*2

April
May
June

155.6
156.0
157.2

19,017
19,514
20,035

119,870
120,758
121,672

18,525
18,609
18,953

5,916
5,760
5,920

1,414
1,424
1,435

2,138
2,141
2,143

1,052
1,056
1,056

233.7

6*2

July
August
September

158.5
160.7
163.4

20,734
21,315
22,141

123,219
125,276
126,496

18,405
19,181
19,469

6,053
6,033
6,081

1,444
1,452
1,461

2,142
2,144
2,138

1,060
1,062
1,057

234*5

6*.2

October
November
December

163.5
163.3
165.3

22,551
22,581
22,517

125,340
129,092
129,775

18,687
20,152
19,899

6,323
6,339
6,765

1,470
1,474
1,485

2,138
2,141
2,138

1,068
1,069
1,069

244.9

6*4

January
February
March

165.3
167.3
169.0

23,091
23,405
23,489

134,455
132,467
131,990

18,762
20,058
20,465

6,380
6,695
6,718

1,496
1,506
1,514

2,146
2,147
2,148

1,073
1,074
1,076

248.9

6*4

April
May
June

170.1
171.2
173.4

24,006
23,962
24,721

131,769
133,958
137,975

19,597
20,603
20,554

6,352
6,584
7,221

1,521
1,530
1,541

2,148
2,149
2,151

1,081
1,084
1,084

255*1

6*4

July
August
September

173.9
175.5
177.5

25,317
25,923
26,476

140,742
143,848
144,828

21,498
22,489
21,987

6,827
7,164
7,126

1,549
1,569
1,565

2,156
2,157
2,151

1,091
1,094
1,099

265*5

6*6

October
November
December

178.7
180.7
180.7

26,587
26,598
26 270

143,336
142,288
141,497

20,908
21,847
22 440

7,671
7,858
7 943

1,572
1,581
1 580

2,151
2,153

1,099
1,098
1 100

268! 6

6.6

179.3
176.7
178.5

26,762
26,254
27,080

144,814
144,433
147,801

20,152
21,586
23,059

7,033
7,581
7,079

1,589
1,590
1,589

2,157
2,160
2,160

1,103
1,087
1,084

266.4

6.*4

April
May
June

rl78.6
rl79.1
rl79.3

27,565
27,754
28,117

146,968
147,912

7,333
7,486
r7,964

1,594
1,598
pi,579

2,150
2,150
2,143

1,081
1,072
1,060

r278.0

r6.7

rl47,201

22,101
22,921
21,929

July
August
September

P179.5

(NA)

pl49,532

p22,530

p8,299

(NA)

p2,150

(NA)

1985

o

i

en

1986
January
February
March

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

AUGUST 1986



91

OTHER IMPORTANT ECONOMIC MEASURES

El

U.S. INTERNATIONAL TRANSACTIONS

Q
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

612. General imports

Year
and
month

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

614. Imports of petroleum and petroleum
products

616. Imports of automobiles and parts

(Mil. dol.)

(Mil. dol.)

1984
January
February
March

17,889
17,208
17,906

3,457
3,198
3,336

4,009
3,848
3,764

26,204
26,420
26,948

4,515
4,660
5,393

3,684
3,751
3,680

April
May
June

17,520
17,978
17,705

3,030
3,245
2,715

3,811
3,976
3,746

28,074
26,012
25,279

6,000
5,113
4,694

3,838
3,635
3,683

July
August
September

19,154
18,123
18,210

3,236
3,022
3,153

3,790
3,878
3,640

31,334
26,866
28,409

4,674
4,021
4,261

3,947
3,773
4,302

October
November
December

18,411
18,395
19,142

2,799
3,242
3,314

4,007
3,905
4,128

26,783
27,331
25,933

4,007
4,637
4,298

3,600
3,817
3,732

January
February
March

19,401
17,853
18,446

2,945
2,842
2,436

4,247
3,970
4,160

28,297
27,985
28,129

4,005
3,833
3,411

4,033
4,999
4,243

April
May
June

17,779
17,414
17,438

2,624
2,215
2,218

3,970
4,073
3,952

28,295
28,685
29,425

4,936
5,237
4,842

4,350
4,073
4,932

July
August
September

17,412
17,423
17,732

2,184
2,347
2,080

3,615
3,897
3,777

26,630
26,083

31,764

3,342
3,252
4,041

4,161
4,489
5,555

October
November
December

17,368
17,976
17,024

2,351
2,446
2,426

3,694
3,918
3,730

27,594
30,285
32,888

3,811
4,367
5,079

4,198
5,461
5,758

January
February
March

'17,006
'17,734
'18,911

2,320
2,283
2,135

3,854
4,294
3,740

'32,005
'28,895
'31,972

4,978
4,254
3,578

5,044
5,378
5,018

April
May
June

1

17,964
'17,430
'19,069

2,043
1,960
1,819

3,981
3,644
3,582

'28,762
'30,272
'31,754

2,084
2,718
2,731

5,044
5,054
5,535

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1985

1986

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 56.
'Not seasonally adjusted. See item 7 of "New Features and Changes for This Issue" on page iv of the March 1986 issue.

92



AUGUST 1986

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q

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

Goods and services
Year
and
month

667. Balance

668. Exports

(Mil. dol.)

622. Balance

669. Imports

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

Income on investment
620. Imports

618. Exports

(Mil. dol.)

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1984
January
February
March

-17,872

89,907

107,779

-25,801

53,614

79,415

22,860

15,446

April . . .
May
June

-25,394

89,053

114,447

-29,094

54,590

83,684

21,104

17,208

July
August
September

-25,i66

90,631

115,797

-28,453

55,691

84,144

21,396

17,991

October
November
December

-25,874

90,522

116,396

-29,174

56,005

85,179

20,861

16,823

January
February
March

-22,832

88,040

110,872

-25,045

55,324

80,369

18,726

16,507

April
May
June

-25,959

89,350

115,309

-30,367

53,875

84,242

22,253

16,804

July
August
September

-24,454

90,234

114,688

-31,675

52,498

84,173

24,502

16,240

October
November
December

-29,451

90,873

120,324

-37,352

52,727

90,079

24,509

15,254

p-30,637

p91,605

pl22,242

p-36,585

p53,548

p90,133

p24,241

pl7,421

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1985

1986
January
February
March
April
May
June

(NA)

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 1986



93

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

Q |
47. United States,
Year
and
month

index of industrial production

(1977 = 100)

1

721.OECD
European countries, index of
industrial
production

728. Japan,
index of industrial production

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1977 = 100)

(1977 = 100)

(1977 = 100)

(1977 = 100)

(1977 = 100)

727. Italy, index
of industrial
production

(1977 = 100)

723. Canada,
index of industrial production

(1977 = 100)

1984
January
February
March

118.4
119.3
120.1

108
108
107

131.5
135.4
134.2

106
108
105

105
104
105

105
104
103

106.0
104.0
108.0

111.0
108.0

April
May
June

120.7
121.3
122.3

106
107
104

135.1
137.9
138.6

105
106
95

102
105
103

103
102
103

104.3
108.0
108.4

109.9
110.3
111.3

July
August
September

123.2
123.5
123.3

108
109
109

139.2
140.2
139.4

109
108
108

107
107
105

102
102
103

107.3
108.0
110.7

115.1
114.5
112.2

October
November
December

122.7
123.4
123.3

109
109
108

143.3
143.4
142.7

109
110
109

107
105
103

103
103
104

107.5
107.0
107.4

112.2
114.1
115.0

January
February
March

123.6
123.7
124.0

108
110
111

143.0
143.4
141.9

110
109
110

101
105
107

106
106
108

102.8
111.5
111.7

113.9
114.0
114.2

April
May
June

124.1
124.1
124.3

110
111
111

144.9
147.4
144.9

110
111
112

104
105
104

109
109
108

107.6
108.5
111.1

115.0
115.0
116.4

July
August
September

124.1
125.2
125.1

112
111
112

147.2
145.5

144.5

116
112
112

108
108
105

108
108
109

107.3
105.8
110.6

118.1
118.1
118.0

October
November
December

124.4
125.4
126.4

112
114
110

144.8
144.2
144.6

116
116
110

107
109
104

108
110
107

106.9
110.9
106.6

119.1
120.1
120.0

126.7
125.6
124.4

112
113
113

144.6
145.2
144.5

113
113
112

104
105
105

108
110
109

108.0
111.0
114.5

April
May
June

rl25.3
rl24.6
rl24.2

pll3
(NA)

P144.6
(NA)

pll3
(NA)

plO9
(NA)

pill
(NA)

P116.0
(NA)

120.0
121.0
117.2
120.8
P118.4
(NA)

July
August
September

P124.1

110.0

1985

1986
January
February
March

October
November
December

See note on page 80.
Graphs of these series are shown on page 58.
1
Organization for Economic Cooperation and Development.

94



AUGUST 1986

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q
United States
Year
and
month

320. Index ©

(1967 = 100)

Japan

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738. Index ©

CONSUMER PRICES

738c. Change
over 6-month
spans1

735. Index ©

United Kingdom

France

West Germany
735c. Change
over 6-month
spans1

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

736. Index ©

(1967 = 100)

736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967 = 100)

732c. Change
over 6-month
spans'

(Ann. rate,
percent)

1984
January
February
March

305.2
306.6
307.3

4.6
4.3
4.2

312.3
314.2
315.1

2.7
2.4
1.5

206.6
207.1
207.3

2.6
2.5
1.9

425.4
428.0
431.0

6.6
6.6
6.9

550.4
552.6
554.4

4.1
4.0
3.7

April
May
June

308.8
309.7
310.7

3.6
3.7
3.9

315.9
318.2
315.6

2.5
-0.1
0.8

207.7
207.8
208.6

1.6
1.3
0.9

433.6
436.2
438.4

6.8
7.0
7.2

561.8
563.9 :
565.3

3.6
5.1
5.1

July
August
September

311.7
313.0
314.5

3.7
3.8
3.8

316.2
313.4
318.5

1.6
1.9
3.8

208.2
207.8
208.0

1.6
1.7
2.1

441.5
443.7
445.9

7.7
7.4
6.8

564.7
570.0
571.1

5.7
5.9
5.4

October
November
December

315.3
315.3
315.5

3.5
3.3
3.5

321.0
319.0
319.6

3.2
3.0
2.5

209.2
209.6
209.8

2.7
3.4
4.3

449.0
450.3
451.2

6.4
5.9
5.8

574.6
576.4
575.9

6.5
5.8
7.1

January
February
March

316.1
317.4
318.8

3.6
3.6
3.6

321.3
318.7
320.2

2.2
1.3
1.4

211.0
211.9
212.6

3.4
3.4
2.4

453.5
455.8
459.0

5.5
5.5
6.0

578.0
582.7
588.1

8.2
8.3
8.5

April
May
June

320.1
321.3
322.3

3.6
3.4
2.8

321.9
323.3
323.5

1.6
1.7
0.9

212.9
213.1
213.3

1.6
0.9
0.2

462.2
464.5
466.4

5.8
5.3
4.7

600.6
603.4
604.7

7.3
6.6
4.7

July
August
September

322.8
323.5
324.5

2.9
3.6
3.8

323.8
320.7
323.8

2.2
2.4
1.7

212.9
212.2
212.6

0.0
0.2
1.1

468.2
468.7
469.2

4.1
3.9
3.3

603.5
605.1
604.8

2.8
2.7
3.1

October
November
December

325.5
326.6
327.4

4.1
2.9
1.6

328.4
325.0
325.2

1.1
1.9
1.0

212.9
213.3
213.5

1.0
0.3
-0.2

470.6
471.5
472.1

2.7
1.7
1.4

605.8
607.9
608.7

4.0
3.6
3.6

January
February
March

328.4
327.5
326.0

0.3
-0.4
-0.2

325.8
324.4
323.5

-0.6
-0.2
-0.6

213.8
213.3
212.8

-0.5
-0.8
-1.3

472.6
471.7
472.9

1.6
1.1
1.3

610.0
612.2
613.0

3.2
2.8
2.0

April
May
June

325.3
326.3
327.9

-0.8

324.7
326.9
325.2

(NA)

212.6
212.6
212.9

-1.8

474.7
475.6
477.0

(NA)

619.0
620.1
619.8

1.0

July
August
September

328.0

1985

1986

(NA)

211.9

(NA)

618.0

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

ItO

AUGUST 1986




9
5

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q

CONSUMER PRICES—Continued

Italy
Year
and
month

737. Index ©

(1967 = 100)

j Q

Canada

737c. Change
over 6-month
spans1

(Ann. rate,
percent)

733. Index ©

(1967 = 100)

733c. Change
over 6-month
spans1

(Ann. rate,
percent)

STOCK PRICES

19. United
States, index
of stock
prices, 500
common
stocks ©

748. Japan,
index of
stock
prices ©

745. West
Germany,
index of
stock
prices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

1984
January
February
March

678.3
685.8
690.6

11.1

10.9
10.9

329.2
331.1
331.9

4.3
4.7
3.4

181.0
171.1
171.3

687.6
699.6
736.1

185.3
182.3
178.4

275.9
263.4
261.1

457.2
457.2
485.3

125.3
128.7
128.5

279.0
273.4
269.2

April
May
June

695.4
699.6
703.8

10.0
9.4
8.1

332.7
333.3
334.7

3.1
2.3
3.0

171.4
170.3
166.6

776.0
744.6
711.2

177.9
.178.0
175.8

285.4
277.1
272.3

495.0
489.6
468.7

124.9
122.5
119.6

262.5
251.9
251.0

July
August
September

705.9
708.0
713.0

6.8
6.4
6.8

336.6
336.6
336.9

2.5
3.4
4.2

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256.7
274.3
287.0

447.5
478.6
497.0

121.4
128.7
127.6

241.8
269.6
270.4

October
November
December

720.1
724.4
729.5

7.2
7.7
8.9

337.5
339.7
339.9

4.3
5.2
4.4

179.3
180.9
178.9

760.5
774.7
804.7

185.2
185.1
187.4

287.9
286.0
285.2

503.7
525.9
551.2

127.4
130.5
130.5

265.9
267.6
271.2

January
February
March

736.8
744.2
749.4

10.7
11.1
10.4

341.3
343.5
344.3

5.3
4.5
4.0

186.7
196.8
195.2

839.5
851.9
900.4

195.1
202.0
213.4

294.3
307.9
317.8

578.1
585.1
592.3

147.2
164.1
165.0

293.2
293.2
295.2

April
May
June

756.1
760.6
764.4

10.0
9.4
8.5

345.7
346.5
348.3

3.4
2.9
3.6

196.5
201.1
205.5

880.3
890.6
915.0

212.5
218.7
234.2

328.9
336.4
337.2

592.0
607.0
591.3

164.4
188.7
199.0

297.8
309.2
306.5

July
August
September

766.7
768.2
771.3

7.5
6.0
7.0

349.5
350.1
350.5

3.1
3.4
4.7

209.4
204.8
200.2

941.6
915.9
915.0

234.8
237.4
253.2

321.9
316.8
312.3

568.4
597.0
605.7

212.9
229.8
246.4

314.0
318.6
297.4

October
November
December

780.6
786.1
791.6

6.2
6.2
6.2

351.7
353.1
354.7

5.2
5.0
4.6

202.5
214.8
225.5

930.9
910.7
933.9

273.6
293.2
294.9

300.4
338.9
356.3

617.4
652.0
644.5

251.1
263.9
285.2

302.2
322.8
327.8

January
February
March

795.6
801.2
804.4

5.8
6.8
5.5

356.3
357.7
358.5

4.5
4.8
2.9

226.5
238.6
252.7

936.5
964.8
1,052.8

327.1
320.8
329.6

383.6
409.9
450.2

647.8
690.0
755.0

303.8
343.9
430.2

321.2
322.7
344.3

April
May
June

806.8
809.9
813.1

5.5

359.1
360.7
361.3

3.0

258.9
259.4
266.8

1,116.7
1,144.6

rpl,224.4

345.8
318.7
313.8

517.4
rp533.0
rp482.2

r780.6
rp756.5
rp765.8

pSOl.l
P576.6
P491.8

347.9
352.8
348.6

July
August
September

813.1

261.3
P265.5

rpl,264.8
pi,282.1

rp293.9
P316.8

rp511.6
P526.2

rp755.2
P744.9

P484.1
p534.1

331.7
P333.8

1985

1986

363.9

October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.

96



AUGUST 1986

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

CLY HOURS OF PRODUCTION OR NONSUPI RVISORY
1 . AVERAGE WEE1
(HOURS)
1952. ..
1953 . . .
1954...
1955...
1956...
1957...
1958...
1959 . . .
1960. . .
•1961.. .
1962...
1963.. .

40.7
41 .0
39.5
40.3
40.8
40.3
38.8

Aug.

Sept.

Oct.

Nov.

Dec.

I Q

ll Q

III Q

IV Q

Annual

W O R K E R S , MANUFACTURING 1
AVERAGE FOR PERIOD

40.4
40.9

40.5
40.7

40 .1
40 .6
39.6

40 .5
40 .4
39.7

41 .0
39.8
39.5

41 .1
40 .0
39.6

41 .0
39.8
40.1

41 .1
39.6
40.0

40.7
41 .0
39.6

40 .3
40.9
39.5

40 .5
40.3
39.6

41 .1
39.8
39.9

40.7
40.5
39.6

40.2
39.8
3 8.8

40.1
39.9
3 9.0

40 .2
39.9
39 .2

40 .2
39.8
39.4

40 .4
39.7
39.6

40.5
39.3
39.5

40 .4
39.2
39.8

40 .5
3 9..0
39.8

40 .6
40 .3
38.7

40 .3
39.9
38.8

40 .3
39.8
39.4

40.5
39.2
39.7

40 .4
39.8
39.2

39.7
39.6
40.7
40.2

40.0

39.8

39.8

39.7

39.4

39.6

39.2

38.4

40.5
40.5

40.4
40.6

40.4
40.5

40.3
40.4

40.5
40 .6

40.2
40 .6

40.3
40.5

40 .2
40 .6

40.2
39.3
40.3
40 .4

39.8
39 .7
40.5
40.4

39.6
39.9
40.4
40.5

39.1
40 .3
40.2
40.6

41 .4

41 .0

41.2

41.1

41 .1

41.0

40.8

41 .2

41 .3

41 .4

41 .3

41.1

41.0

41.3

40.4
40 .7
40 .8
40.1
39.8
40.4
40.8
40 .4
38.8
40 .2
40 .2
40.5
40 .6
39.8
39 .9
39.1
39.6
40.7

40.5
40 .0
40 .7
39.9
39.7
40 .7
40.9
39.3
39.2
39.6
40.4
40 .8
39.2
39.7
40 .0
39.0
40.0
41 .1

40.4
40.9
40.7
39.8
39.9
40.5
40.7
40.3
39.0
40.3
40.4
40.4
40.2
39.4
40.2
39.1
40.0
40.7

40.4
40.9
40.7
39.9
40.0
40.6
40.6
40.2
39.2
40.2
40.5
40.5
40.2
39.2
40.0
39.2
40.2
40.6

40.5
40.8
40 .6
40.0
39.9
40.5
40.7
40.2
39.4
40.3
40.3
40 .6
40.7
39.1
39.9
39.2
40 .3
40.6

40.6
40.7
40 .6
39.8
39.8
40 .6
40.5
40.2
39.7
40.1
40.4
40 .5
40.1
39.5
40.0
39 .0
40.3
40.5

40.7
40.9
40 .7
39.3
39.4
40.6
40 .7
40.0
39.9
39.8
40.4
40.6
40 .2
39.6
39.4
38.8
40 .7
40.6

40.6
40.9
40 .6
39.5
39.9
40.7
40.6
40.0
39 .8
40.0
40.5
40.5
40 .2
39.7
39.6
38.9
40.6
40.5

40.6
40.8
40 .4
3 9.5
40.0
40 .8
40.7
39.5
39 .9
40.1
40 .4
40 .6
40.1
39.9
39.4
39 .0
40 .6
40.5

40 .7
40.7
40.5
39.5
40.2
40.5
40 .6
39.3
40 .2
40.0
40 .4
40 .6
40 .2
40 .1
39.3
39 .0
40.6
40.5

40.6
40 .6
40 .6
40 .2
39.8
40.3
40.7
40 .4
39.0
40.3
40.1
40.0
40.5
40.0
39 .9
38.7
39.4
40.8

40.4
40.6
40.7
39.9
39.9
40.6
40.7
39.9
39.1
40.0
40.4
40.6
39.9
39.4
40.1
39.1
40.1
40.8

40.6
40.8
40.6
39.7
39.7
40.6
40.6
40.1
39.7
40.1
40.4
40.6
40.2
39.4
39.8
39.0
40.4
40.6

40.6
40.8
40.5
39.5
40.0
40.7
40.6
39.6
40.0
40.0
40.4
40.6
40.2
39.9
39.4
39.0
40.6
40.5

39.7
39 8
40.4
40 .5
40 .7
41 .2
41.4
40.6
40.7
40 .6
39.8
39.9
40.5
40 .7
40.0
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40 .7
40.5

40.7
41 .0

40.6
41 .1

40.1
41 .1

40.5
40.6
40.4

40.7
40.4
40.2

40 .6
40 .6
40.1

40.5
39.2
40.0
40 .4

40 .2
40.1
3 9.3
40.3
40.3

39.9
39.4
40.5
40.4

1965...

41 .2

41 .2

1967...
1968...
1969. ..
1970...
1971...
1972...
1973...
1974...
1975 ...
1976...
1977. ..
1978...
1979. . .
1980...
1981 ...
1982.. .
1983. ..
1984...

41 .0
40.3
40 .7
40.4
39.9
40 .2
40.4
40.5
39.2
40.5
39.7
39.6
40.5
40.1
40.1
37.3
39.4
40.7

40.4
40 .9
40 .4
40.2
39.7
40 .4
40 .9
40.4
38.9
40.3
40.3
39.9
40 .5
40.1
39.8
39.6
39.2
41 .1

1986...
2 . AVERAGE WEEKLY OVERTIME HOURS OF PRODUCTION OR NONSUPERVISORY
(HOURS)
1952 ...
1953 . . .
1954...
1955 ...
1956.. .
1957.. .
1958.. .
1959...
I960.. .
1961. . .
1962.. .
1963.. .
1964...
1965...
1966. ..
1967...
1968.. .
1969. . .
1970.. .
1971. . .
1972.. .
1973 . . .
1975. ..
1976.. .
1977.. .
1978...
197 9 .
1980 . . .
1981 .. .
1982 . . .
1983.. .
1984...

WORKERS,

MANUFACTURING
AVERAGE FOR PERIOD

2.8

2.9

2.7

2.8

2.7

2.6

2.6

2.5

2.7

2.8

2.7

2.9

2.9

1 .8
2.6

1 .7
2.8

1 .7
2.8

1.8
2.9

1.9
2.9

1 .9
2.8

2.1
2.8

2 .2
2.7

2 .2
2.7

2 .4
2.4

2.5
2.6

1.8
2 .6

2.7
2.4
1.8
2.9

2.6
2.2
2.1
2.8

2.8
2.0
2.4
2.6

2.1
2.7
2.8
2.9
3.6
4.1
3.4
3.5
3 .6
3.2
2.8
3.2
4.0

2 .1
2.8
2.8
2.9
3.7
4.1
3.3
3 .5
3 .6
3.2
2.8
3.3
3.8

2.2
2.9
2 .6
3.1
3.4
4.1
3.3
3.1
3 .7
3.0
2.8
3.6
4 .1

2.3
2.9
2.8
3.1
3.6
4.0
3.3
3.6
3.6
3.0
2.9
3.4
3.9

2.3
2.9
2.9
3.1
3.6
3.9
3.2
3.6
3.6
3.1
2.9
3.5
3.8

2.4
2.8

2.5
2.6

2.5
2.8

2.6
2.7

2.7
2 .7

2.8
2.8
3.0

2.1
2.8
2.8

2.3
2.9
2.8

2.5
2.7
2.9

2.7
2.7
2.9

3.1
3.6
4.0
3.3
3.6
3.6
3.0
2.9
3.4
3 .8

3.3
3.5
3.9
3.4
3.5
3 .6
2.9
2.9
3.5
3.7

3.2
3.5
3.9
3.5
3.6
3.6
2.7

3.1
3.7
3.9

3.8
3.6

3.6
4.0

3 .7
3.5
2.7
3.0
3.7
3.7

3.5
3 .6
3.3
2.8
3.2
3 .9

3.5
4.0
3.3
3.4
3.6

3.5
3.9
3.4
3.6
3.6

3.8
3.8
3.4
3.7
3.5

2.9
3.5
3.9

2.9
3.5
3.8

2.9
3.7
3.8

2.5
3.1
3.3
3 .4

2.4
3 .1
3 .3
3 .7

2.4
3 .2
3.3
3.5

2 .4
2 .6
3.6
3.9

2.3
3.3
3.5
3.5
3 4

2.5
3.2
3.5
3.6
3 4

2.6
3.2
3.5

2 .8
3.1
3.5

3.5
3.8
3.2
2 .8
3.2
3.5

3.7
3.5
2.7
2.9
3.6
3.8
3.2
2 .8
3.1
3.5

3.8
3.8
3.3
3.8
3.5
2.6
2.9
3.7
3 .9
2.8
2.9
3.2
3.6

2.0
2.7
2.4
2.4
2.8
2.8
3.1
3.6
3 .9
3.4
3.6
3.6
3.0
2 .9
3.5
3.8

3 .0
3.2
3.5

3 4

3 2

3 2

3 2

3 2

3 2

3 .1
3.0
2.3
2 .4
3.5

3 .0
2.9
2.4
2.4
3.5

3 .1
2.9
2.3
2.5
3.5

2.8
2.3
2.8
3.6

3.0
2.4
2.8
3.4

3.0
2.4
2.9
3.4

2.9
2.3
3.0

2.9
2.3
3.1
3.3

2.7
2.3
3.3
3.3

2.6
2.3
3.3
3.4

2.5
2.3
3.3
3.4

2.4
2 .3
3.3
3.3

2.4
3 .1
3.3
3.5
3 6
3.1
2.9
2.3
2.4
3 .5
3.3

2.4
3.0
3.5
3.7
3 2
2.6
2.9
2.4
2.8
3.5
3.2

2.7
3.2
3.5
3.6
3 3
2.6
2.8
2.3
3.1
3.3
3.3

2.9
3.2
3.5
3.6
3 2
3.0
2.5
2.3
3.3
3.4
3.5

2 .6
3.1
3 .5
3.6
3 3
2.8
2.8
2.3
3.0
3.4
3.3

3.1
2.8
1 .8
2.5
3.0
2 .1
2.8
2.7
2.9
3.5
3.9
3.6
3.4
3.7
3.4
2.8
3.1
3 .9

1986. . .
40 . EMPLOYEES ON NONAGRICULTURAL

1953.. .
19 54
1955...
1956...
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...
1983...
1984...
1985...
1986...

P A Y R O L L S , GOODS-PRODUCING

INDUSTRIES

21,073

20,146
21,235

20,066
21 ,295

20,099
21,304

21,296

21,278

21,266

21,142

21 ,068

20,889

20 ,638

20,471

21,201

21,293

21,159

20,666

21 [074

19,832
20,997

19,984
21 ,087

20,191
21 ,024

20,367
21,137

20,526
21,135

20,641
21 ,207

20,626
20,596

20,661
21,124

20,675
21,137

20,789
21 ,261

20,876

20,942

20 ,002
21 ,036

20,511
21,160

20,654
20,952

20,869
21,256

19,751
20,513
21 ,104

20 ,183
20 ,061
20,789
19,675
20,122
20 ,463
20,608
21,459
22,615
23,488
23 ,336
24,119
24,190
22,941
23,226
24,391
25,200
23,296
23,057
23,631
24,794
26 ,257
26,461
2 5,5 80
24,677
22,929
24,213
25,008

19,730
20,121
20,903
19 ,559
20 ,304
20,425
20,830
21 ,560
22,793
23,389
23,542
24,229
24,198
22,841
23,269
24,618
25,219

19,504
20,315
20,636
19 ,621
20 ,328
20,447
20,832
21,606
22,950

19,266
20,520
20,721
19 ,628
20 ,526
20,615
20,875
21,642
23,002

19,165
20,644
20,653
19,745
20,516
20,681
20,915
21 ,763
23,082

19,178
20,765
20,544
19,880
20,473
20,650
20,958
21 ,849
23,250

19,219
20,793
20 ,451
19,878
20,526
20,697
21 ,020
21,941
23,291

19,320
20,273
20,375
19,967
20,546
20 ,717
21,088
22 ,032
23,363

19,494
20,242
20,255
19 ,963
20 ,548
20 ,745
21 ,225
22,134
23,299

19,426
20,127
20,151
20 ,004
20,552
20 ,769
20,983
22 ,206
23,373

19,817
20,339
20 ,012
20,144
20 ,505
20 ,707
21 ,307
22 ,373
23,419

19,838
20,720
19,752
20 ,200
20 ,428
20 ,723
21,402
22 ,536
23,467

19,806
20,166
20,776
19,618
20
,251
20 ,445
20
,757
21 ,542
2 2,7 86

19,203
20,643
20,639
19,751
20,505
20,649
20,916
21,751
23,111

19,344
20,436
20,360
19,936
20,540
20,720
21,111
22,036
23,318

19,694
20,395
19,972
20,116
20,495
20,733
21,231
22,372
23,420

19,513
20 ,411
20 ,434
19,857
20,451
20 ,640
21 ,005
21 ,926
23,158

23,542
24,306
24,204
22,828
23,406
24,702
25,139

23,663
24,310
24,027
22,917
23 ,484
24,745
25 ,094

23,694
24,358
23,744
22,977
23,588
24,804
25,054

23,717
24,445
23,649
22,918
23,661
24,919
25,003

23,758
24,497
23,598
22,885
23,574
24,931
24,911

23 ,796
24,486
23 ,467
22,844
23,694
24,981
24,834

23 ,831
24,477
23,375
22,982
23,795
24,977
24,726

23 ,872
24,442
22,830
22,933
24,004
25,109
24,587

23,972
24,300
22,702
23,038
24,121
25,214
24,216

24,092
24,353
23,014
23,067
24,188
25,268
23,659

23,473
24,218
24,197
22,870
23 ,300
24,570
25,186

23,691
24,371
23,807
22,937
23,578
24,823
25,050

23,795
24,487
23,480
22,904
23,688
24,963
24,824

23,979
24,365
22,849
23,013
24,104
25,197
24,154

23,737
24,361
23,578
22,935
23,668
24,893
24,794

23,159
23,777
24,857
26,289
26,384
25 ,524
24,667
22,817
24,427
24,931

23,230
23,990
25,055
26,501
26,287
25 ,601
24,507
22 ,807
24,494
24,971

23,354
24,178
25,449
26,460
25,952
25,551
24,286
22,919
24,605
24,996

23,315
24,306
25,502
26,521
25,606
25,520
24,174
23,049
24,681
24,949

23,320
24,438
25,658
26,605
25,315
25,655
23,916
23,182
24,784
24,897

23,365
24,522
25,729
26,619
25,035
25,699
23,718
23,365
24,882
24,875

23,358
24,508
25,781
26,484
25,205
25 ,640
23,533
23 ,462
24,911
24,880

23,512
24,622
25,829
26,483
25,274
25,596
23 ,408
23 ,622
24,881
24,843

23,417
24,662
25 ,977
26,475
25,388
25,441
23,128
23 ,807
24,913
24,903

23,557
24,741
26 ,119
26,387
25,505
25,235
22 ,948
23 ,954
24,927
24,931

23,575
24,745
26 ,231
26,444
25,586
24,991
22 ,869
24,053
24,988
24,977

23,149
23,799
24,902
26,349
26,377
25 ,568
24,617
22 ,851
24,378
24,970

23,330
24,307
25,536
26,529
25,624
25,575
24,125
23,050
24,690
24,947

23,412
24,551
25,780
26,529
25,171
25,645
23,553
23,483
24,891
24,866

23,516
24,716
26,109
26,435
25,493
25,222
22,982
23,938
24,943
24,937

23,352
24,346
25 ,585
26 ,461
25,658
25 ,497
23,813
23 ,334
24,730
25,054

NOTE: Unless otherwise noted, these series contain revisions beginning with 1981.
1
This series contains revisions beginning with 1982.




(AUGUST 1986)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Sept.

Nov.

Oct.

Dec.

1964...
1965...
1966.. .
1967 . ..
1968...
1969. ..
1970...
1971 ...
1972..
I973!.'.
1974...
1975.. .
1976 . . .
1977.. .
1978...
1979.. .
1980.. .
1981 .. .
1982.. .
1983.. .
1984...
1985 . . .
1986 . . .

48,229
50 ,043
49 3 40
49^63
51 ,880
52 ,808
52,002
52 ,410
54,184
53,'524
54,703

48,491
50,271
AQ I 7
4 7 j 9 / U0
49,523
52,096
53,000
51,448
52,558
54 406
53,373
54,996
57,621
59,710
62,766

57 ,281
59,419
62,415
65,240
66,656

48,450
50,360
AQ W O 1
* T ; 7 JOR!
49,867
52,141
53,052
51,131
52,863
54 3 48
53,462
55,109
57,686
59,921
63,129

71,059
70,752

71,201
70,689

71,363
70,766

75,521
78,020
77,153
78,317
80 ,527
84,478
88,711
90,784
90,927
90,394
88,815
92,568
96,366

75,923
78,181
76,743

76,168
78,184
76,429

80 ,783
84,800
88,955
90,88c
90,98
90,39
88,72.
93,07(
96,50"

81 ,228
85,339
89,406
90,970
91,085
90,269
88,933
93,369
96,870

1956 . . .
1957 . ..
1958. . .
1959 . ..
1 960 ...
1961 . . .
1962.. .
1963 . ..

1964...
1965...
1966 . . .
1967 ...
1 9 6 8 . ..
1969...
1970. . .
1971 .. .
1 9 7 2 . ..
1973. . .
1974.. .
1975. ..
1976 . . .
1977.. .
1978. . .
1979. ..
1980 . . .
1981 ...
1982 . . .
1983.. .
1 9 8 4 . ..
1985.. .
1986...

Annual

48,476
50,367
48 9 84
50]l06
52 ,302
53,029
50,787
53,190
54 561
53,485
55,384

48,478
50,343
48 8 5 7
50 ,414
52,387
52,999
50 ,760
53,382

48,130
50,386

47,992
50,385

48,687
50,272

49,076
50,216

49,436
50 ,114

49,710
49,824

49,933
49 ,627

48,390
50,225

48,361
50,365

48,585
50,291

49,693
49,855

48,793
50,202

50',705
52,454
52,961
50 ,822
53 ,603

50,823
51,764
52 ,970
50,915
53,683

50,905
52,396
52,918
51,118
53,230

51,085
52,446
52 ,825
51 ,359
53 ,265

54,052
55,663
56,705
58,309
0,868

54,232
55,796
56,832
58,510
61,072

54^303

57,979
0,629
0,927
1,169
3,576
6,713
8,492
6,640
79,469
82,743
87,060
90,088
89,670

68,189
70,742
70,750
71,168
73,908
77 ,009
78,511
77,034
79,591
82,954
87,319
90,148
89,933

50 ,938
52 ,202
52,904
51 ,131
53,393
5 4,166
54 ,196
55,773
56,836
58,532
61,091
6 4,2 80
65,941
68,167
70,724
70 ,831
71,279

49 ,057
51 ,507
52,751
52,471
51 ,726
53,580
5 3 ,7 99
54,583
55,926
57 ,175
59,019
61 ,869
64,832
66 ,476
68,852
70,999
70 ,436
71,728

48 ,9 90
50 ,641
52,369
52,853
51 ,324
53,268
5 4,189
53 ,999
55,549
56,653
58,283
60,765
63,901
65 ,803
67,897
70,384
70,880
71,214

76 ,964
78,515
76 ,963
79,639
83,052
87 ,283
90,134
89 ,887
91 ,412

77,769
78,121
77,646
80,093
83,977
88,185
90,467
90 ,584
91 ,010

76 ,790
78,265
76,945
79,382
82,471
86 ,697
89,823
90,406
91 ,156

89,762
89,957
94,408

89,428
90,370
94,707

89,263
90,057
94,956

68,333
70,800
70 ,815
71 ,499
74,107
77,170
78,542
77,216
79,857
83 ,460
87 ,470
90 ,166
90 ,058
91 ,354
89,117
91,182
95,269
98,128

5 4,313
53 ,453
54 ,936
56,041
57 ,529
59 ,683
62,770
65 ,256
66 ,946
69,558
71,208
70 ,736

5 4 ,406
53 ,690

70,478
70 ,888
71,136
73,639
76,743
78,443
76,400
79,264
82,392
86 ,833
89,985
89,931

51,721
52 ,865
52,281
51 ,968
54 ,033
53,571
54,739
55,915
57 ,251
59,320
62 ,209
65,042
66,767
69,151
71 ,119
70,661
71,977

50,408
52 ,381
52 ,996
50,790
53 ,392

53,922
55,563
56,571
58,128
60,590
63 ,989

51 ,491
52,722
52 ,458
51 ,831
53 ,503
53,843
54,636
55,943
57,125
59,080
61,859
64,839
66 ,570
68,837
70 ,921
70 ,264
71 ,723
74,904
77 ,867
78,234

49 ,584
52 ,039
52,953
51 ,527
52 ,610

53 ,664
55,514

51 ,308
52,667
52 ,673
51 ,379
53 ,203
53,982
54,375
55,919
57 ,148
58,658
61 ,538

90 ,536
94,977
97 ,897

91 ,810
95 ,907
98,668

90 ,196
94,461
97,692

June

57,846
60 ,080
63,318

57 ,974
60 ,389
63 ,595

69,980
71,283
70,969
73 ,079
76,308
78,239
76,333

70,197
70,998
71 ,129

81 ,615
86,064
89,356
90,747

76 '473
78,381
76,470
79,188
81 ,984
86,396
89,671
90,269

90,030
89,250
93,743
97,104

90 ,005
89,557
94,041
97 ,338

6C . MANUFACTURERS' MACHINE RY AND EQUIPMENT
ITURES 2
1952...
1953...
1954. . .
1955...

IV Q

May

July

Aug.

IQ

33.49
31 .49
29.70
34.51
41 .77
38.04
36.71
41 .00
40.60
42.41
44.34
50 .23

33.85
30.46
31.14
35.07
42 .65
36.64
37.56
40 .62
40.81
43.51
45.16
50.04

33.28
29.39
31.75
35.56
41 .47
36.47
37.99
41.20
40.27
44.23
44.72
50.57

34.04
28.90
31 .60
38.02
41.29
35.24
38.39

33.70
28.48
32 .37
38.51
40 .89
34.63
39.50

32.31
28.27
32 .82
39.99

40 .42
44.82
46.07
51 .32

40 .07
45.51
46.87
52.58

+0.5 8
+ 5 .66
+ 6 .60

67.78

67.62

70.45

70.60

94.67
97 .66
103.16
101 .47
114.28
125.44
151 .09
164.03
160.01
182.57
209 .99
266 .69
313.89
336.39
338.18
310 .80
343 .88
374.91

91.65
99.90
105.99
101.95
113.74
124.03
153.01
164.23
164.79
184.67
214.61
266.66
319.14
332.71
347.36
300.81
348.14
389.27

92.59
102.45
104.72
103.46
114.87
127 .84
153.04
159.61
165.88
188.71
218.41
279.84
315.97
343.95
343.97
310.97
360.50
407.68

93.90
101 .35
105 .25
101 .79
114.97
132.27
154., 8
160.*+6
167 .( 2
191 .( 5
230. 8
276.-!+ 4
311 .
348. c 1
331 .' 9
312.< 6
360 .. 2
400 .< 6

70.86
71.56
91.69
101 .65
104.91
103.23
115.20
133 .44
156.28
159.70
170 .60
194.58
226.82
281 .56
311 .35
346.87
335.95
303.02
371 .74
397 .75

56 ,971
58,777
61 ,333

SALES AND BUSINESS

66 ,091
68,569
70,957
70,383
71,485
74,537
77 ,506
78,599
79,847
83 ,659
87 ,788
90 ,356
90 ,350
91 ,259
88,835
91,470
95,607
98,428

77 , 933
'

80 ,12 2
84,012
88,233
90 ,449
90,583
91 ,020

77,531
77,878
80 ,310
84,260
88,534
90 ,595
90 ,818
90 ,750

91 ,796
95 ,966
98,666

92,164
96,147
98,910

75^871
78,128
76,775
78,586
80,846
84,872
89 ,024
90,881
91 ,000
90 ,353
88,824
93 ,004
96,581

56,501
57,983
60,353
63 ,634
65 ,498
67,573
70,218
71,056
71,078
7 3,355
76 ,508
78,354
76,401
79,198
81 ,997
86 ,431
89 ,671
90 ,316
91 ,218
89,932
89,588
94,064
97 ,295

PERIOD

CONST!
AUCTION
AVERAGE FOR PERIOD

32 .82
29.26
32 .26
39.50
39.99
34.32

31.30
28.29
33.24
39.51
41.24
35.16

31.39
28.36
34.21
39.34
40.39
35 .26

31 .93
27 .34
34.20
40.62
40 .62
35 .07

31.02
28.22
34.39
41 .84
40 .01
36 .04
40 .17

30.48
29.06
34.93

53.35

39.90
45.10
47.58
55.65

41.69
46 .17
47.82
53.98

42.16
45 .30
48.18
54.64

42.58
45.12
48.91
55.26

+ 3 .17
+ 4.10
+ 8.65
37.16

72 .42
72.81
91 .34
102 .92
101 .86
104.85
115.25
135.94
161 .95
159.34
170 .05
191 .47
235.37
280 .78

73.44
73.22
91.55
104.87
103.86
102.98
114.70
140.7 4
159.60
158.94
170 .88
198.04
238.71
292.31

74.67
74.04
92 .42
105.15
103.13
104.14
116.65
13 9.88
159.53
159.52
173.76
201.65
244.65
298.30

74.58
74.13
93 .96
107 .83
101.22
106.02
115 .40
142 .47
164.83
158.88
173.20
202 .57
251 .42
294.89

75.42

42 .90
45.16
48.45
55 .67
66.29
73.90

95 .40
107 .10
100.38
105.56
116.57
145.34
168.28
161 .93
175 .04
207 .83
252.68
301.19

96 .66
106 .32
100 .98
106.78
119.32
150.63
169.02
160 .27
178.03
208.36
257 .25
296 .10

94.18
106 .30
102.38
113.33
120 .90
149.53
163.26
158.80
185.00
210 .59
260.19
303 .50

350.02
327 .83
324.32
380 .48
403 .49

350.15
325.42
318.98
372.60
397.96

360.48
317.44
321.88
380.07
408.25

356 .53
315.11
327 .36
393 .49
397.48

350.27
310 .48
326.65
387 .96
409.30

356.10
308.12
337 .77
392 .68
410 .53

349.34
305 .54
352.35
408.43
423 .97

23 .6

21.1

4.3
9 .9

10.5
15.2
11 .2
1 .9
10 .4
10 .9
8.1
10.1
13.1
14.7

+ 0.68
5 .45
9.79

ll Q

AVEBU G E FOR

(THOUSANDS)
1952...
1953.. .
19 5 4 .
19 55...'
1956 . . .
1957 . ..
1958...
1959. . .
I960..
1961...
1962...

III Q

Apr.

1 1 1 . CHANGE IN B U S I N E S S AND CONSUMER CREDIT

+ 2.51
38.09
15.7 4
+ 1 .08

60 .3J
74.72

33.54
30.45
30 .86
35.05
41 .96
37 .05
37 .42

33.35
28.55
32.26
38.84
40.95
35.11
39.23

31 .84
28.64
33.24
39.45
40.54
34.91
40 .76

40.56
43.38

44.74
50 .28
5 8.47
68.62

40 .36
45.33
46 .51
52 .42
6 0.80
71.29

41 .25
45.52
47.86
54.76
6 2.44
74.23

92 .97
100.00
104.62
102.29
114.30
125.77
152.38
162.62
163.56
185.32
214.34
27 1 .06
316.33
337 .68
343.17
307 .53
350.84
390.62

92.31
101.97
104.01
103.29
115.14
133.88
157.50
159 .83
169.42
192.57
230.86
279.59
310.90
348.60
331 .92
313.33
370.81
400.73

92.64
105.95
102.74
104.38
115.58
141.03
161 .32
159.11
172.61
200.75
244.93
295.17
313.65
355.72
319.32
322 .74
382 .05
401 .23

6 .9

15.4

14.9

-0.3
18.2
15 .3
8.8
0.8
12.1
11.6
6.1
10.0
11.5
11 .2
13.4

-1 .5
20.8
13.5
8 .4
1 .5
16.1
10.3
5.1
12.1
12.7
10 .9
12.2
7.5
5.5
8.7
11 .9

-3.0
20 .4
10.4
7.3
6 .4
15.2
6.6
7.7
11 .8
12.9
11.7
12.0
6.6
6 .1
9.5
8.4
6.5
13.6
12.8
12.6
12.8
5.0
9.5
14.9
13.3
14.2
4.6
8.4
-0 .3
10.1
12.9
9.4

31 .14
28.21
34.51
41 .66
39.57
35.62
40.5 8
40 .90
42.88
44.79
48.67
56 .03
6 6.59
74.68
7 5.04
95.41
106.57
101 .25
108.56
118.93
148.50
166.85
160.33
179.36
208.93
256 .71
300.26
322.61
351 .90
308.05
338.92
396 .36
414.60

32.47
28.96
32.72
38.75
40.76
35.67
39.50
41 .23
41.26
44.76
46.95
53 .37
6 2.07
72.20
7 3.24
93.33
103.62
103.15
104.63
115.99
137 .30
159.51
160.48
171.24
196.89
236 .71
286.52
315.87
348.48
325 .62
320 .63
375.02
401 .80

OUTSTANDING3
AVERAGE FOR PERIOD

1952...
19 53 ...
19 54!'.!
1955...
1956...
1957 . ..
1958...
1959...
1960...
1961...
1962...
1963...
1964. ..
1965 ...
1966...
1967...
1968...
1969...
1970. •.
1971...
1972 ...
1973...
1974. ..
1975...
1976 . . .
1977...
1978...
1979...
1980. . .
1981 .. .
1982 . . .
1983.. .
1984...
1985 . . .
1986...

9.8
14.9
-2 .0
16.2
13.7
8.5
1 .4
12.1
10.2
7.3
8.9
11.7
10.6
13.2
4.3
4.2
15 .4
3.0
14.5
6.9
23 .6
12.6
0.8
5.6
12.5
12 .4
17.5
16.4
7.4
10.3
10.2
14.6
13.2

3. +
>
2 .3
16. 3
12. +
7. L
0 .3
10. 3
12. 3
5. +
11. 1
12.
9.5
14.6
11.4
5.7
5.0
12.9
8.0
10.2
10.5
23.6
13.7
3.6
9.7
14.7
12.3
13.1
11.5
6.4
8.3
5.0
17.3
10.3

7.5
19.2
-1 .3
22.1
19.8
10.7
1 .0
13.3
11 .6
5.5
9.9
13.4
12.3
8.9
4.1
11.2
10.1
5.1
8.6
18.4
17.5
9.0
-2.1
7.9
15.1
18.5
12.3
7.1
3.8
2.5
6.9
19.4
13.0

5.4

18.0

-0.5
18.2
15.2

-2 .9
21 .7
14.4
8.1
0.7
16.6
9 .3
5.0
12.2
12.9
11 .9
13.6

16.8

10.6

10 .6

22 .9
5.5
-1.2
22.6
10 .8
8.7
3.0
17.0
11.1
6.2
11.8
11 .7
10 .0
10 .4
7 .1
8.2
7 .1
10.3

2.9
20.3
10 .0
8.8
5.3
16.1
6.2
6.2
11.8
13.1
12.0
10.5
7.6
6.4
9.1
6.4

-15.1
21.5
10.8
6.1
4.1
16.0
5.7
8.0
12.2
12.7
10.4
12.6
7.2
5.2
9.5
8.9

5.6
15.5
15.4
18.5

10.7
13.6
16.6
13.9

7.5
14.7
16.4
8.9

8.6
11.7
14.7
15.0

16.0
14.7
15.0
11.3

5.6
15.4
15.5
17.8
1 .7
10 .0
6.4
0.9
19.4
10.0

10.3
15.0
18.3
15.2
-4.1
11.1
5.0
0.3
21.5
9.4

11 .7
16.7
17 .4
15.0
0.9
8.9
2.3

9.2
13.1
14.1
14.3
-0.2
8.6
-2.4
9.3
14.4
9.3

9.0
17.1
13.9
13.6
6.4
8.5
0.1
11 .8
12.1
8.5

8 .5

0.9
14.8

10.4
4.2
12.2
10.7
12.7
8.3
4.1
11.2
14.7

7 .2

4.2
7.8

This series contains revisions beginning with 1981.
beginning with 1983.




2

This

9 .9
21 .6

3.7

series contains revisions

17.4
3 .2
19.3
10.5
7 .1

9.7
13.6

8.0
9.0
11 .4
12.9
12.8
12.8
5 .0

6.7
9 .9

9.9
16.
11 .9

8.0
12.2

10 .4
14.5
12.0
14.7
7 .6

8.1
1 .5

9.1
12.3
10.3

7 .7

2.1
8.2
13.1
6 .3

7.9
13.3
14.5

17.5

13.0

8.8
4.7
12.5
10.3
5 .3

10.4
10.9
12.4

4 .4
6.6
10 .8
8.0

10.9
4.4
9.2
12.1
7.3

10.5
4 .2
10.5
10.7
5.0

7.0
18.1
11 .3
4.1

11 .5
16.1
10.6
5.4

10.1
14.4
7.3
1 .9

13.0
14.9
13.0
10.9
8.1

13.7
15.9
14.7
6.1
9.8
4 .4
-4.4
12.4
13 .4
10.9

14.4
15.4
11.8

9 .6

3 .3
-4.4
10.5
14.2
15.6

beginning with 1965.

3

7 .7

8.3
3.7
-8.8
16.5
9 .2
11 .8

T h i s series contains

4.7
6.8
12.8
11 .1
11.9
21 .6
11 .8
0.8
7 .7
14.1
14.4
14.3
11.7
5.9
7.0
7.4
17.1
12.2

revisions

7.9
14.6
16.1
13.8
9.2
15.7
17 .1
16.0
-0 .5
10 .0
4.6
3 .7
20 .8

7.7

20 .7

14.5
8.5

12.7
9.2
2.9
10 .4
11 .4
6.6
9.5
12.4
13.9
10.7
10 .3
4.3
8.8
11 .2
6.8
3.2
9.5
16.2
9.7

18.0
12.1
6.9
4.8
13.7
8.8
7.1
11 .6
12.7
11 .1
12 .0

3 .8
13.7
15.4
13.2

8.2
8.7
3.8
-5 .9
13.1
12.3
12.8

6 .3
9.0
10 .0
4.7
10.5
13.9
15 .0
10.5
3.1
10 .0
15.0
14.5
13 .2
6.1
7.0
1 .4
8.6
15.8
10.5

(AUGUST 1 9 8 6 )

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug. Sept,

320. CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
(1967=100)
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 .
1983.
1984.
1985.
1986.

Nov.

Dec.

IQ

80.1
80.9
80.2
80 .5
82 .5
84.9
86 .7
88.0
89.2
89.9
91 .1
92 .2
93.3
94.9
98.5
101 .0
105.7
111.6
118.1
122.4

80.1
80 .6
80.3
80 .6
82.5
85.2
86 .8
88.0
89.3
89.
91 .
92 .
93.
95 .
98.
101 .
106.
112.
118.
122.

80.0
80 .5
80 .1
80 .4
82.7
85.2
86.7
88.0
89.3
89.9
91 .0
92.5
93.6
95.4
98.6
101.6
106.4
112 .9
119.1
123.1

79.0
79.6
80 .6
80 .1
80 .3
83.1
86 .0
86.7
88.0
89.3
90 .1
91 .2
92.6
93.6
95.9
98.7
102.4
107 .3
113.9
119.5

79.2
79.9
80 .5
80 .1
80 .9
83.9
86 .6
87.0
88.6
89.
90.
91 .
92.
94.
96 .
99.
103.
109.
115.
120.

128.7
141 .4
157 .0
167.1
176 .9
188.5
7 .0
236.5
262.9
283.0
293.2
306.4
317 .4

131.5
145.4
159.5
169.2
180.7
193.4
214.1
245 .0
269 .0
287.3
296.9
309.7
321.2

-0 .1
-0.1
0 .1
0.0
0.0
0.3
0 .5
0.0
0.0
0.0
0 .2
0.1
0 .1

0 .2
0.2
0.0
-0 .1
0.3
0.3
0 .0
0.2
0.2
0.0
0 .0
0.1
0.1
0.3

80 . 3
82.8
85.7
86.8
87.9
89 .3
89.9
91 .1
92,6
93.6

79.2
79.9
80 .6
80 .1
80 .9
83.8
86 .6
86 .9
88.5
89.3
90.5
91 . 3
92.7
94.2

79.4
80.2
80.7
80 .1
81 .4
84.3
86 .7
87.3
88.7
89 .4
90.5
91 .7
92.9
94.7

98.6
102 .0
106.7
113.3
119.2

98.7
102.3
107 .1
113.9
119.4

98.9
102.8
108.0
114.5
119.8

99.1
103 .1
108.7
115.2
120.2

99 .4
103 .4
109.0
115.7
120.8

99.7
104.0
109 .7
116.3
121 .5

100.
104.
110.
116.
121.

100.5
104.8
110.7
116.9
122.1

80.0
80 .7
80.4
80 .5
82.0
84.9
86 .7
87 .7
88.8
89.9
91 .2
92 .1
93.2
94.8
98.1
100.7
105.1
111.2
117.5
122.2

127.7
139.7
1 56 .1
166.7
175.3
187 .2
204.7
233.2
260.5
282.5
293.1
305 .2
316.1

28.6
41.5
57 .2
67.1
77.1
88.4
207 .1
236 .4
263.2
283.4
293.2
306 .6
317.4

129.8
143.1
157 .8
167.5
178.2
189.8

130.7
143.9
158.6
168.2
179.6
191 .5

131 .5
145.5
1 59 .3
169.2
180 .6
193.3

132.4
146.9
160.6
170.1
181 .8
195.3

132.7
148.0
162 .3
171.1
182 .6
196.7

135.1
149.9
162 .8
171.9
183 .3
197.8

135.5
151 .7
163 .6
172.6
184.0
199.3

136.6
153.0
164.6
173.3
184.5
200.9

137.6
154.3
165 .6
173.8
185 .4
202.0

138.5
155.4
166.3
174.3
186 .1
202.9

249.4
276.5
292.8
300.3
313.0
323.5

251 .7
279.3
293.3
301 .8
314.5
324.5

253 .9
279.9
294.1
302.6
315.3
325.5

256.2
2 80 .7
293.6
303.1
315.3
326.6

258.4

0.2
0 .2
-0.3
-0.1
0.6
0 .0
0.0
0.3
0.5
0 .0
-0.1

0.0
- 0 .4
0.2
0.2
0.0
0.3
0 .1
0.0
0.1
0 .0
0 .0

0.1
0 .1
0.0
0.0
0.4

239 .8

242 .5

244.9

247.6

247 .8

283.1
293.4
307 .3
318.8

284.3
295 .5
308.8
320.1

287.1
297 .1
309.7
321 .3

290.6
298.1

292.2
299.3

-0.1
-0.3
0.2
0.0
-0.1
0.1
0 .6
0.1
-0 .1
0.1
0 .1
0.2
0.2
0.1
0.1
0.1
0 .4
0.3
0.5
0.3
0 .2
0.5
1 .1
0.7
0 .4
0 .6
0 .6
0.8
1.5
0.9
0.4
0.3
0.6
0 .2

-0.1
-0.2
0.2
0 .2
0.1
0.5
0 .2
0.0
0.1
0 .0
0 .2
0.1
- 0 .1
0 .0
0.6
0.2
0.4
0.5
0.5
0.2
0 .4
0.6
1.1
0 .6
0.1
0.9
0 .5
1 .1
1.2
1 .0
0.2
0 .0
0.4
0.3

2 .3
0 .0
-0 .7
0.6
0.8
3.1
4.5

1 .7
4.0
1 .4
4.2
5.6
6.6
3.6
11.3
7.7
4.4
7.4
7.7
10 .9
15.8
10.5
3.4
4.6
3.6

4.3
3 .6

303.5
315.5
327 .4

CHANGE IN CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
OVER 1-MONTH SPANS
(PERCENT)

-0.1
0 .2
-0.2
-0.1
0.1
0.2
0 .6
-0.1
0.0
0.0
0 .2
0.1
0.1
0 .1
0.3
0.0
0.3
0.7
0.4
0.2
0 .1
0.9
1.1
0.3
0 .2
0 .5
0 .7
1 .0
1 .5
0 .7
-0.1
0.1
0.3
0 .5

0.3
0 .2
0.2
0.0
0.1
0.3
0.2
0.0
0 .5
0.1
0 .1
0.1
0.0
0.2
0 .3
0.2
0.3
0.5
0.5

0.0
0 .1
0.3
-0.1
0.4
0.2
0 .0
0.2
0.1
0.1
0 .1
0.1
0.1
0.3
0.2
0.2
0.3
0 .3
0 .4

0.3
0.3
0 .0
-0.2
0.4
0 .4
-0.1
0.3
0 .1
0.0
- 0 .1
0.3
0.1
0.4
0 .1
0.4
0.5
0 .6
0 .3

0 .6
0.4
0 .2
0 .7
0.8
1 .1
1 .0
0.5
0 .3
0.7
0 .4
0 .3

1 .0
0.3
0 .4
0 .4
0.8
1 .1
0.9
0 .7
0.9
0.4
0.2
0 .2

0 .8
0.7
0.5
0.5
0.9
1 .1
1 .0
0.8
1 .1
0.3
0.3
0 .2

0.6
0 .0
-0.3
0.2
0.5
0.3
-0.1
0.1
-0.2
0.2
0 .0
0.2
0.0
-0.1
0.2
0.3
0.5
0.5
0.3
0 .2
0 .7
1 .0
0 .6
0 .5
0 .7
1 .1
0.1
1 .1
0.6
0.4
0 .3
0 .2

0.0
0 .2
0.0
-0.1
0.1
0.2
0.1
0.2
0 .1
0 .2
0.2
0.1
- 0 .1
0.6
0.4
0.4
0 .5
0.3
0 .2
0.2
1 .8
1 .2
0.3
0 .5
0 .4
0.6
1 .0
0.6
0 .8
0.2
0.3
0 .4
0 .2

-0.2
0.1
-0.1
0.5
0.1
0.1
- 0 .1
0 .2
0.0
0 .1
0 .5
-0.1
0 .1
0 .2
0.3
0.4
0.4
0 .5
0.5
0 .2
0.5
0.3

0.6
0.4
0 .9
1 .0
0.9
0 .9
0.1
0.4
0.4
0.2

0.2
0.5
0.4
0 .5
0 .2
0.2
0 .9
0 .9
0.7
0 .5
0 .4
0.9
1 .0
1 .0
0.3
0.4
0.4
0 .3
0 .4

0.0
0.3
0.1
0.3
0 .1
0.3
0.4
0.6

0.4
0.8

1 .1
1 .1
0.5
0.0
0.3
0 .2
0 .6

0 .5
0 .5
0.5
1 .1
0.9
0 .3
-0.3
0.3
0 .3
0 .4

0.4
1 .6
1 .6
1 .1
1 .3
1 .1
1 .5
3 .4

0 .0
0 .3
-0.1
0.3
3 .8
4.0
0.4
1 .1
1 .5
1 .3
0.6
1.5
1 .5
3 .6
4.0
5.6
6.2
4.0
3.1
5 .9
12.0
8.9
5.3
7 .0
7.0
10.5
15.8
11.5
3.4
0 .8
3.5
1 .6

0.3
1 .9
1 .4
0.9
1.6
1.4
0.9
2 .0

1 .7
1 .2
-1.1
0.8
3 .6
3.0
0 .0
2.1
1 .4
0.9
0.9
1 .8
1.5
1 .7

.4
.9
5.7
3.7
2.8
7 .8
12.0
6.1
3.8
7 .6
9.0
13.1
15.2

3.9
4.7
5.8
5 .1
4.0
3.4
8.5
11 .9
6.9
5 .7
6 .0
9.8
13.5
9 .6
10.4
6 .6

3.9
5.1
5.6
5.1
3.7
3 .6
8.9
12.7
7 .6
6 .2
5.5
10.1
13.4
9.6
9.9
6 .7

4.3
5.3
6.2
5.1
3.3
3.9
9.5
12.5
8.3
6.1
6.0
9.8
13.3
9.9
9.3
4.8

5.1
6.1
5.2
3.2
4.0
9.8
12.5
8.0
6 .1
5.9
9.0
13.4
9 .6
8.2
1 .8

4.7
6.3
5.0
3.0

7.3
9 .3
13.6
12.1
10.2
6.3

3 .1
4.5
6.2
5 .0
4.1
2.6
9.7
11 .5
6 .2
4.8
6 .2
9.5
13.4
10 .9
9.8
6 .2

6.7
1 .2

4.8
6.4
4.7
3.3
5.2
10.3
11 .0
6.4
7 .1
6.3
10 .3
14.7
12 .0
5.6
0 .8

4.2
3.6

3.6
3.6

3 .7
3.4

3 .9
2.8

3.7
2.9

3.8
3.6

3.8
3.8

3.5
4.1

3.3
2.9

2 .7
4.6
6.3
5 .4
3.9
2.9
7.2
11.3

1 .

1 .3
0 .7
-1.3
1 .2
3.6
2.6
0.4
2.0
1 .4
1 .1
1 .1

1.1
0.5
0.2
0 .7
0.6
1 .0
1 .4
0.9
0 .2
0.1
0 .4
0.3

0.6
0.8
0.5
0.8
1 .1
1.0
0.7
0.8
0.5
0 .3
0.2

0.8
1 .5
2 .0
0.8
1.5
1 .7
1 .7
1 .9

1 .3
0 .2
0 .1
0 .0
1 .3
3.4
3.8
0.7
1.4
0 .3
1 .5
1 .0
1 .2
1 .9
3.7

4.0
7.5
8.3
12 .0
15.5
10.0
4.6
2.3
4.4
3.6

1 .9
1 .7
- 0 .8
-0.1
3.4
3 .5
1 .3
1 .4
1.3
1.3
1 .6
0.8
1.9
3.6
6.1
5 .2
4.0
3.0
8.5
11 .6
6.6
4.9
6.5
9.5
13.5
10 .9
10.1
6 .4
4.3
3.7
3.3

NOTE: Unless o t h e r w i s e noted, these s e r i e s c o n t a i n r e v i s i o n s beginning w i t h 1947. Percent changes are centered w i t h i n the spans: 1-month
changes are placed on t h e 26 month and 6-month changes are placed on t h e 4 t h month. Q u a r t e r l y and annual f i g u r e s are averages of t h e centered changes.
1
T h i s s e r i e s c o n t a i n s no r e v i s i o n s but i s r e p r i n t e d f o r t h e convenience of the user.




80 .1
80 .7
80.2
80.5
82.6
85.1
86 .7
88.0
89.3

93 .5
95.1
98.5
101.3
106 .1
112.2
118.6
122.7
126.9
137.6
154.2
165.5
173.8
185 .3
201 .9
227 .6
256.2
2 80 .7
293.4
303.1
315.4
326 .5

79.5
80 .1
80.5
80.2
81.4
84.3
86.6
87.3
88.7
89.6
90.6
91.7
92.9
94.5
97.2
100 .0
104.2
109.8
116.3
121 .3
125.3
133.1
147 .7
161 .2
170.5
181 .5
195.4
217.4
246 .8
272.4
289 .1
298 .4
311 .1
322.2

0.2
0 .0
0.1
0.0
0.1
0 .2
0.1
0.1
0.0
0.4
0 .4
0.4
0.5
0.4
0.2
0.3
0 .8
1 .1
0.7
0.6
0 .4
0.7
1.0

0.1
0.0
0 .0
0.0
0.3
0.2
0 .1
0 .2
0.2
0.0
0.0
0.2
0.2
0.3
0.4
0 .5
0.4
0.3

0.1
0.0
0.0
0.0
0.2
0 .2
0.1
0.1
0 .1
0.0
0.1
0 .1
0.1
0.2

0.5
0 .4
0.3
0.3
0.7
1 .0
0 .6
0.4
0.5
0.7
1 .0

0.3
0 .3
0 .3

AVERAGE FOR PERIOD

1 .7
2 .0
- 1 .0
0.2
4.4
2 .7
- 0 .2
2.6
1 .4
1 .1
1 .1
1 .8
1.1
1 .7

1 .8
1 .1
-0.6
0 .0
3 .4
3 .8
1 .8
1 .0
1 .2
0.5
1.2
1 .6
0.5
2.0

80 .0
80.6
80.6
80 .4
82.0
84.8
86.7
87.5
88.7
89.8
90.9
92.1
93.1
94.7
97.8
100 .5
104.8
110.7
117.0
122 .0
125.8
134.4
149 .9
162.9
171.9
183.3
197.9
221 .1
249 .6
276.7
292.8
300.5
313.1
323 .6

AVERAGE FOR PERIOD

CHANGE IN CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
OVER 6-MONTH SPANS
(ANNUAL RATE, PERCENT)

1 .1
0.1
0 .6
-0.1
1 .1
3.6
3.7
0 .6
1 .6
0 .4
1 .7
0.8
1 .3

6.3
3.6
3.1
7 .2
11.8
6.5
3.9
7.5
8.1
11 .9
15.4
9.8
4.3

80.1
80 .6
80 .6
80 .2
81 .9
84.8
86 .7
87.4
88.7
89.7
90.7
92 .1
93.0
94.6

Annual

(u)

79.1
79.7
80.3
80 .1
80.5
83.6
86 .6
86 .8
88.5
89.3
90.5
91 .3
92.7
94.0

80.0
80.4
80 .7
80 .4
82 .0
84.7
86 .8
87.5
88.7
89.8
90.7
92.1
93.1
94.8

IV Q

II Q

79.6
80.5
80 .1
80 .4
83.3
86 .4
86 .7
88.0
89 .3
90.3
91 .3
92.6
93.7

320C.
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.. .
1983.. .
1984...
1985 . . .
1986...

Oct.

78.8
79.4
80.6
80 .1
80.3
83.1
85 .8
86 .7
88.0
89 .3
90 .1
91 .2
92.5
93.6

79.
79.

320C.
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.
1983.
1984.
1985 .
1986 .

1

1 .6
1 .3
- 1 .1
0 .7
3.9
2.8
0.1
2 .2
1.4
1 .0
1 .0
1 .8
1.4
1.6
3.4
4.1
5.2
6.0
5.1
3 .4
3.8
9.4
12.6
8.0
6.1
5.8
9.6
13 .4
9.7
9.1
4.4
4.2
3.8
3.4

- 0 .3
0.8
-0 .
0.
3.
3.
0.
1 .
1 .
1 .
1 .
1 .
1.6
3.0
2.3
4.1
5.0
6.3
4.6
3.1
5.2
11.4
10.8
6.2
6 .8
6.5
10 .0
15.0
11 .6
5.2
0 .9
4.7
3.4
2 .9

1 .1
1 .0
- 0 .5
0.3
3.0
3.3
1 .4
1 .4
1.5

1.2
2.1
3.3
3.3
5.3
3.5
3.7
9.1
11.6
6.9
5.4
6.6
9.4
13.4
11.9
8.6
4.1
3.9
3.8
3.3

(AUGUST 1986)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
322.

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 . . .
1983 . . .
1984. . .
1985. . .
1986.. .

May

June

July

Aug.

1 Q.

84.4
82.4
81.9
81.0
83.4
85.6
88.1

84.0
82.9
81.7
81.0
83.5
85.7
87.7

84.2
83.1
83.5
82.0
80.7
83.8
88.2

84.2
82.8
83.2
81.8
81.8
84.3
89.4

84.6
83.0
82.9
81.4
82.9
85.8
88.3

84.3
82.9
81 .9
81.1
83.3
85.6
87.9

84.3
83.0
82.8
81 .6
82.2
84.9
88.5

89.4
88.8
90.7
91.5
93.1

89.6
88.8
90.1
91 .8
93.1

89.3
88.9
90.4
91 .5
93.0

88!o
89.1
89.9
91 .2
92.4

99.9
101 .4
105.7
113.3
116.0
121.1
126.9
152.2
170.7
182.1
183.3
197.7
220.5
242.9
268.0

88.1
89.0
89.8
90.8
92.1
94.3
99.0
99.1
103.0
107.7
114.8
118.3
122.5
138.1
159.5
172.2
17 9 . 3
191.8
210.2
233.5
250.0
272.6

88.0
88.9
89.9
91.4
92.4

100.2
101.1
105.4
112.0
115.8
119.9
126.2
150.8
168.8
181.0
182.9
197.0
219.2
240.7
266.3

86.8
89.4
89.6
91.1
92.0
92.7
98.1
99.3
102.0
106.0
114.0
116.2
121.7
131.4
156.8
171.6
180.0
186.6
201.5
227.4
245.4
270.3

99.4
100.4
104.0
110.0
115.3
119.1
124.0
145.4
162.0
177.3
181.4
194.1
215.1
236.5
257.9
277.0

100.2
101.1
105.5
112.1
115.9
120.2
126.2
150.6
168.7
181.0
183.1
196.7
219.1
240.9
265.9
279.1

288.3
294.5
306.2
313.2

288.4
295.9
307.2
315.2

288.7
300.6
308.2

291.8
301.4
308.7

292.2
304.1
309.8

294.8
306.4
313.2

99.1
100.0
103.6
108.9
114.9
118.4
123.5
141 .4
161 .7
175.4
180.8
192.2
211 .4
234.5
254.6
274.6
285.7
291 .7
302.9
309.8

84.2
82.(
83.:
81 . 3
81."
84.2
8 9 . ^i
86..
88.]
89.C
8 9.«
90. 3
92.(

84.0
83.3
83 .2
81 .3
82 .5
84.8
88.9
87.0
88.1
88.7
89.6
91.1
92.2

84.7
82.7
83 .3
81 .4
83 . 4
85.4
88.5
86.9
87.8
89 .0
89.3
91 .5
92.3

84.9
83.1
83.1
81.1
82.6
86.3
88.4
86.8
88.1
88.8
89.7
91.6
92.2

84..
83..
82.'
81.
82. 3
8 5 . (3
88.
87 .C
88.2
8 8 . ($
90.
91 .i
92. 3

84.4
83.4
82.0
81 . 4
83.1
85.6
87.9
87.1
89.0
89.0
90.5
91 .1
92.8

96.8
99.5
101.6
105.9
113.6
115.7
120.7
129.0
154.1
171.5
181 .5
183.9
199 .2
224.3
244.5
268.9

98.3
99.3
102.0
105.9
114.2
116.0
122 .3
131.0
157.4
171.7
179.8
187.5
201.4
228.0
244.8
270.3

99.1
99.2
102.4
106.3
114.2
116.9
122.2
134.3
159.0
171.5
178.7
188.5
203.9
230.0
246.9
271.7

99.2
98.8
102.7
106.9
114.5
117.7
122.2
136.4
158.7
171.2
178.7
190 .8
207.1
231.8
248.5
272.2

98. <
98. <
103.
107.
115 .C
118.2
122..
138.:
160.(
171. 3
179.^i
191 A
210.'
233.'
250. C
272.:

98.8
99.7
103 .2
108.7
115.0
118.9
122.8
139.7
159.9
173.6
179.8
192 .9
213.3
234.8
251 .4

98.4
100.1
103.6
109.3
115.1
119.1
123.5
140 .0
159.4
176.9
180.6
1 93 14
214.3
236.1
254.0
275.6

99.8
100.6
103.9
109.9
115.1
119.2
123.7
148.3
161.6
176.9
181.3
194.2
215.0
235.9
258.3

100.
100.(
104.
110.
115.
119.
124.1
1 4 8 . (>
164.c
178. 2
182.
194.(
216.(
2 3 7 . ;»
261.:

288.3
299 .7
307.7

288.1
300.9
308.2

289.7
301.2
308.6

291.2
301.5
308.7

292.
300.c
3 0 8 . ;^

292.0
301 .9
309.1

291 .6
302.8
309.2

287.1
292.1
304.7
309.6

2 8 7 . i3
293.(
304.«
310."

100.4
100.8
105.4
110.9
116.0
119.5
125.5
148.9
166.7
179.8
183.0
195.3
217.7
239.1
263.4
278.7
288.1
294.1
305.8
311 .1

322C.

CHANGE IN CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, FOOD,
(PERCENT)
OVER 1-MONTH SPANS
0.7
-0.6
-0.1
0.0
0.4
0.1
0.3
-0.3
1.4
-0.2
0.1
-0.4
0 .0
0.4
0.1
-0.4
0.3
0.6
0.3
0.7
0.0
1.6
-0.2
-0.2
0.0
1.2
1.6
0.8
0.6
0.2
0.3
0.5
0.1
0.0

-0.
0.
0 .
-O.(
0 .'
0 .J.
- 0 . ;+
-0..
0.(
-0.
-0 .
0.
0 .()
0. >
-0. 3
0.
0 . /t
0. )
0. •
0.^•
0. I
1 . t
0 . 3
0. •
0. •
0. +
1. >
0. )
0. >
0. )
0. 7
0. 3
-0 . 2
-0.

-0.2
0 .8
-0.1
-0 .6
1 .0
0.7
-0.6
0.6
0 .0
-0.3
- 0 .3
0.3
0 .2
1.6
-0.1
0.8
0.1
1.1
0.0
0.6
0.2
1 .0
-0.1
1 .0
0.2
0.7
1.5
0.4
0.6
0.4
0.8
0.0
0.3
0.2

0.8
-0.7
0 .1
0 .1
1 .1
0 .7
-0.4
-0.1
-0.3
0.3
-0.3
0.4
0 .1
- 0 .1
- 0 .4
0.4
0.4
0.6
0.1
0.2
0.6
0.2
- 0 .3
1 .9
0.4
0 .3
0.5
0.6
1.0
0.8
0.1
-0.1
0 .3
0.0

0.2
0.5
-0.2
-0.4
-1.0
1.1
-0.1
-0.1
0.3
-0.2
0.4
0.1
-0.1
-0.5
1.4
0.5
0.3
0.5
0.0
0.1
0.2
5.9
1.4
0.0
0.4
0.4
0.3
-0.1
1.7
0.5
-0.3
0.2
0.6
0.1

II Q

AVERAGE FOR PERIOD

84.3
82.5
83.2
82.3
81.1
84.0
89.8
86.7
88.1
89.2
90.0
90.6
92.0

-0.4
0.0
-0.4
0.1
0.2
-0.4
1.9
-0.5
0.2
-0.1
0.3
-0.2
0.0
0.4
0.8
-0.1
0.4
0.4
0.0
0.8
-0.1
2.5
1.0
-0.1
-0.6
0.5
1.2
0.9
0.9
0.5
-0.1
0.6
0.1
0.1

AVERAGE FOR PERIOD
0.1
0.1
-0.4
-0.4
0.4
-0.2
-0.2
0.1
0.9
0.2
-0.2
-0.1
0.0
0.4
0.3
0.2
0.9
0.2
0.3
0.3
0.6
0.6
1 .1
0.9
0.4
0.3
0 .8
0.7
0.8
0.2
0.1
0.4
0.3
0.1

0.0
-1.2
-0.1
-0.5
0.4
0.0
0 .2
-0. I
0.+
-0. 2
0. 2
0. +
0 .3
0.3
-0.2
0.3
0.0
1 .0
-0.2
0.3
0.6
1.3
1 .3
0. 7
-0. L
0 .?
0 .7
0 .7
1 .I
0 .1
0. 1
0. 1
0 .1
0 .7

-0.5
0.6
-0.2
0.0
0.1
0.1
-0.5
-0.1
0.2
0.0
-0.7
0.3
0.0
0.6
-0.3
0.3
0.3
1.2
0.2
1.0
0.6
0.9
1.1
0.6
0.2
0 .4
0.6
0.9
0.6
0.2
0.0
0.5
0.3
0.6

-0.5
-0.4
0.1
0.2
-0.1
0.2
1.5
-0.3
0.0
-0.
0.4
0.3
0.
-0.1
1 .0
-0.2
0.3
0.2
0.3
0.3
0.3
1.9
1.4
0.2
-0.6
0.9
1.0
1.4
0.6
0.4
0.3
0.2
0.6
0.2

0.1
0.1
0.0
-0.4
0.7
0.3
-0.2
0.0
0.5
-0.2
-0.1
0.0
0.1
1.0
- 0 .1
0.2
0.3
0.8
0.2
0.6
0.1
1.3
0.2
0.4
0.2
0.8
1.5
0.7
0.6
0.2
0.6
0.3
0.1
0.0

0.1
0.0
-0.4
0.1
0.1
0.4
-0.3
0.0
0.0
0.0
0.4
0.0
0.2
-0.2
0.4
0.3
0.4
0.6
0.2
0.1
0.6
2.0
1.0
0.9
0.4
0.3
0.4
0.4
1.3
0.6
0.0
0.1
0.3
0.2

-0.1
-0.2
-0.2
-0.3
0.3
0.0
-0.2
0.0
0.5
0.0
-0.2
0.2
0.1
0.4
-0.1
0.3
0.4
0.8
0.1
0.5
0.6
0.9
1.2
0.7
0.2
0.5
0.7
0.8
0.8
0.2
0.1
0.3
0.2
0.5

-0.1
-0.1
-0.1
-0.1
0.2
0.2
0.2
-0 .1
0.2
-0.1
0.1
0.2
0.1
0.3
0.3
0.1
0 .4
0.6
0.2
0.4
0.4
1 .5
1.0
0.5
0.0
0.6
0 .9
0 .8
0.8
0.3
0.2
0.2
0.3
0.2

0.3
-1.0
-3.
-0.
2.
2.
-2.
-0 .
3.
0. 2
1 .1
1. 3
2. 3
1 .3
I

-3.0
1.9
-4.0
-1.7
0.0

-4.4
1.2
-2.2
-1.2
3.9
3.5
-2.2
-0.2
3.2
1.8
3.4
0.9
0.7
7.1
-1.0
2.8
3.9

-3.1
0 .0
0.0
-2.2
2.7
8.8
-2.5
-0.2
2.7
2.5
0.7
1.8
0.2
9.0
-1.8
3.6
3.5
2.1
5.3
15.8
15.4
8.2

0.3
-3.5
0.8
-0.2
1.6
2.4
8.9
-2.6
2.5
-0.8
2.2
0.9
1.3
2.9
7.0
-2.1
3.8
4.2
5.0
4.1

1.1
-0.3
-1.4
-1.6
5.6
4.9
0.3
-1.2
2.9
-1.3
0.7
0.7
0.9
5.3
2.8
2.2
4.0
7.5
2.3
5.1

0.2
0.2
-3.3
-1.6
3.9
3.1
-3.3
0.6
2.8
-0.2
1.3
1.4
2.0
2.9
2.4
4.0
4.9
8.2
1.9
3.2

-3.5
1.0
-2.1
-1.7
2.2
5.7
-2.0
-0.2
3.2
1.6
2.7
1.3
0.6
6.3
-0.2
3.1
4.0
7.5
1.6
4.4

-0.5
- 0 .6
-1.5
-1.3
3.3
4.0
1 .0
- 0 .9
2.9
-0.2
1.8
1 .1
1 .2
4.4
3 .0
1.8
4.2
6.9
2.7
4.2

19.8
12.2

22.5
6.7

7.0
9.6
13.4
8.2
8.1
3.0
1.3
5.7
2.4
2.2

-1.8
9.7
14.2
13.6
7.7
5.2
4.6
2.5
4.5
1.5

1.6
8.2
14.0
8.1
10.4
5.0
4.0
2.5
2.4
1.1

18.9
11.9
10.4
4.2
5.2
8.7
6.4
13.2
4.8
2.0
2.1
3.3
2.9

16.4
12.3
3.1
5.9
7.8
11.8
7.7
9.9
3.7
0.7
5.8
2.7
3.1

19.4
10.8
6.1
2.5
7 .7
12.2
9.0
10.3
4.6
2.8
3.2
3.2
2.2

-0.
0 .
- 1 .()
0 .
0. _
-0.(
-0.
0. I
0.
O.()
1 .
-0. t
0.
-0.
0. 3
O.()
0.«
0. r
0. >
-0.
0. )
-0. 2
2 .)
0. ]
0.
0.3
0 .>
0. 5
1 .2
0. +
0. 2
0. 3
0.L
0. +

CHANGE IN CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, FOOD,
OVER 6-MONTH SPANS1
(ANN. RATE, PERCENT)

1952.. .
1953. . .
1954. . .
1955 . . .
1956 . . .

2 .4
-4.5
- 0 .5
0.7
-0.7

0.5
-4.2
2.2
- 0 .2
1.7

-2.1
-1.7
0.7
- 1 .0
3.7

-0.2
-1.7
-0.5
-0.5
6.8

2 .
0.
-1.
-2.
5.

2
2
7
)

1 .4
0.7
-2.4
-1.5
5.0

0 .2
2.2
-2.9
-2.2
5.0

19 5 8.
1959 . . .
1960...
1961 . . .
1962.. .
1963.. .
1964.. .
1965.. .
1966 . . .
1967 . . .
1968.. .
1969 . . .
1970.. .
1971.. .
1972.. .
1973...
1974...

10.1
- 2 .7
2.3
0.4
2.3
0.2
2.0

1.9
9.1
-3.6
2.5
-0.9
2.5
0.2
1.1

3.1
7.6
- 1 .6
2.8
-2.0
1.8
2.2
0.9

2.5
-2.3
2.3
-0.9
0.2
0.9
0.7

1 .
-1.
3.
-1.
0 .
0.
0.

+
+
3
3
2
)
+
>

-3.1
0.0
3.0
-1.3
1 .8
0.4
1.7
4.4

-4.2
0 .9
2.1
-0.4
1 .1
1 .1
1 .7
4.3

8 .4
- 3 .2
3.8

-2.6
4.0

-0.4
3.6

1.2
4.0

2.
3. 3

4.1

5.3

4.5

4.

4.5

6 .6
3 .0

5^
4.2

3!o
5.1

2.7
6.0

1.
5.

3

2.6
3.8

2.6
3.1

8.5
1 .4
2.9

8.
1 .7
3. 7

8 .0
1 .0
2.7

18.1
13.6

28. 2
5. +

21 . 4
7.6

19.2
10.3

18.9
11.3

18. 7
14. 3

21.2
15.8

5 .5
- 1 .2
8.7
12.4
13 .4
8.0
6.8
3.3
2 .2
5.1
1 .9

21.2
10.4
3.4
-2.5
10.7
16.4
13.4
7.1
4.1
5.9
2.5
4.1
1.2

17.8
7.0

1975.. .
1976 . . .
1977 . . .
1978.. .
1979. . .
1980. . .
1981 . . .
1982...
1983 . . .
1984...
1985. . .
1986.. .

20.1
12.6
3.6
-1.8
9.7
13.8
13.9
7.9
4.6
4.6
2.7
4.4
1.4

1.6
5.3
12.2
12.6
12.9

6.4
-1.0
10 .6
15.7
10.8
7.9
5.0
4.9
2.3
2.1
1 .0

6 •
1 .7
7.3
14. 3
7.0
11. 3
5. L
3 .3
2. 3
2. 5
0. 3

8 .0
4.0
6.8
12.2
6.5
12.0
4.8
3.9
2.3
2.5
1 .4

10.3
4.9
4.8
10.5
6.4
12.4
4.8
3.5
2 .0
2.9
1 .6

3.9
5.7
8.7
5.9
13.5
5.0
2.1
1.7
3.6
3.1

3!
5. 3
6.
7. 3
13. 5
4. 5
0. 5
2 .7
3. 5
4. 3

3.7
6.1
9.6
7 .2
12.1
4.1
0.2
5.6
3.3
4.4

7.0
7.6
12.5
7.7
9.5
3.9
0.7
6.1
2.3
2.7

5

0.5
-0.5
-3.3
-1.9
4.2
3.4
-2.9
1.2
3.0
-0.4
1.8
1.5
2.4
3.2

-1.4
-0.2
3.7
0.4
4.1
1.1
0.9
2.7
2 .2

NOTE: Unless otherwise noted, these series contain revisions beginning with 1981. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1980.

100



Annual

Dec.

83.7
83.0
83.3
82.3
80.8
83.9
89.5
87.0
86 .9
89.4
89.9
91.0
92.0

-0.9
-0.5
0.1
0.7
-0.1
1.0
0.5
-0.6
-0.1
0.1
0.4
0.1
0.0
-0.2
1.5
-0.2
0.4
0.0
0.5
0.3
1.3
1.6
2.1
0.1
-0.9
2.0
1.1
1.6
0.1
0.5
0.5
-0.1
0.4
0.2

IV Q

Nov.

84.0
83.0
83.6
82.2
80.6
84.2
87.8
87.4
86.7
89.5
89.6
91.2
92.0

-0.1
- 0 .7
0.7
-0.1
- 0 .4
-0.1
2 .0
0.2
- 0 .1
-0.2
0 .5
1.1
0.2
-0.4
0.6
-0.4
0 .2
0.2
0.3
-0.3
-0.3
1.7
1 .2
0.5
-0.3
0 .3
0 .8
1 .7
0.7
0.3
0.6
0.0
1 .3
0.2

III Q

Oct.

Sept.

84.8
83.4
83.5
81 .6
80 .7
83.4
87.4
87.9
86.8
89.4
89.2
91 .1
92.0

322C.
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.. .
1983.. .
1984. . .
1985. . .
1986.. .

Apr.

CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, FOOD
1967=100)

(AUGUST 1986)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

June

My
a

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

ll Q

III Q

IV Q

Annual

N
Y WORKER S D PRI7 ATE
NONAGRICULTURAL PAYROLLS

(1977=100)

1952
19 53
1954...
1955 . . .
1956 . . .
1957
1959
1961 . . .
1962
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970.. .
1971...
1972...
1973...
1974...
1975...
1976...
1978...
979...
1980 . . .
981 . . .
982...
983...
984...

51.3
54.6
58.2
62.3
66.5
70.5
75.2
81.8
87.9
94.4

45.2
46.9
49 . 0
51.5
54.9
58.6
62.5
66.6
71.0
75.4
82.3
88.4
94.9

45.3
47.0
49.2
51 . 8
55.2
59.0
62.8
66.8
71.2
75.8
82.7
89.2
95.5

45.5
47.1
49 4
52.0
55.5
59.2
63.1
67.6
71.8
76.4
83.4
89.4
96.1

44.3
45.7
47.6
49.8
52 .7
56.1
59.8
64.1
68.4
72.4
77.2
84.4
90.4

50.4
53.5
57.0
60.7
65.2
69.3
73.5
79.1
85.8
91 .9

109.8
L18.8
29.4
41 . 4
50.3
56.3
61.4

110.7
119.2
30.7
41 .8
151.0
57 .3
61.4

111.2
20 .2
32.0
43.0
51 .3
57 .4
62.0

112.0
121.3
132.5
143.3
152.0
157.8
162.7

104.9
113.5
122.9
134.9
145.3
153.3
158.5

107.0
115.4
125.8
137.5
147 .4
154.7
159.7

45.6
47.5
49.6
52.4
55.7
59.4
63.8
68.2
72.1
76.7
83.7
89.9

45.8
47.6
49.9
52.7
56.1
59.8
64.2
68.4
72.4
77.2
84.4
90.5

45.8
47.7
50.0
52.9
56.4
60.2
64.*
68.
72."
77.(
85.
90.

45.9
48.0
50.2
53.2
56.6
60.4
64.8
69.2
73.3
78.2
85.2
91.4

46.2

46.3

44.8
46.4

45.0
46.5

45.1
46.7

50.4
53.5
57.0
60.7
65.3
69.3
73.4
79.0
85.8
92.1

50.6
53.8
57.4
61.1
65.6
69.4
73.8
80.0
86.5
92.3

50.9
54.0
57.6
61.5
65.9
69.8
74.3
80.2
86.8
93.0

51.0
54.2
57.9
61.9
66.2
70.1
74.4
80.9
87.5
93.9

104.4
112.9
121.8
133.8
145.1
153.0
158.4
162.7

104.8
113.6
122.9
135.0
145.2
153.5
158.3
163.6

105.*
114.
124.2
135.8
145.6
153.5
158.9
163.8

106.4
114.9
124.8
136.7
146.4
154.1
159.6
164.2

107.0
115.3
125.7
137.5
147.6
154.8
159.5
164.4

107.6
116.1
126.9
138.2
148.1
155.1
160.0
165.2

10tf.5
117.0
127.7
139.0
149.0
155.6
160.6

108.9
117.6
128.6
140.4
150.0
155.6
160.5

44.6
46.1

45.0
46.5
48.6
51.1
54.3
57.9
61.9
66 .2
70.1
74.6
81.0
87.4
93.8
100.7
109.1
117.8
128.6
140.3
149.8
155.8
160.8
165.6

45.3
47.0
49.2
51.8
55.2
58.9
62.8
67 .0
71.3
75.9
82.8
89.0
95.5
102.7
111.3
120.2
131.7
142.7
151.4
157.5
162.0
166.9

28.7
30 .3
31 .4
32.4
34.0
35.7
37 .2
38.5
39.8
41 .1
42.4
43 .6
44.8
46.4
50 .8
53.9
57 .5
61 .3
65.7
69 .8
74.1
80 .0
86 .7
92.9
100.0
108 .2
116.8
127 .3
138.9
148.5
155.4
160.7
165 .5

1986...
340C. C A G IN INDEX 3F AVERAGE HOURLY EARNINGS OVER 1-MONTH SPAN 31
H N E
(PERCENT)

AVERAGE FOR PERIOD

1952
1953 . . .
1954..
19 55
19 56
1957 . . .
1959 . . .
1 960 . . .
1961
1964...
1965...
1966...

0 .1
0.8

0. Z
0 .+
0. 2

0.
0.
0.1

0 .2
0.2
0.6

0.3
0.5
0.3

0.1
0.2
0.4

0.3
0.2
0.2

0.4
0.3
0.2

0.3
0.4
0.7

0.2
0.5
0.4

1968...

0 .8

0 .5

0.

0.5

0.5

0.6

0.4

0.4

0.7

0.5

0.3
0.1
0.3
0.5
0.6

1970. . .
1971...
1972...
1973 . . .
1974...
1975.. .
1976 . . .
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...
1986.. .

0.5
1.0
1.0
0.5
0.4
0.3
0 .6
0 .8
1 .2
0.8
0.4
0.9
1 .3
0.6
0.4
0 .0

0. 3
0.1
0. j
0 .+
0 .1
0.8
0.6
0.5
0.4
0.6
0.9
0.9
0.1
0.4
0.0
0.5

O.f
0 .'.
0 .1
0 A
0.(
O.<
0./
0.4
o.e
0 .L
1 .
o.e
0.3
0.0
0.3
0.2

0.3
0 .6
0.6
0.8
0 .7
0.1
0.6
0.7
0.9
0.7
0.5
0 .6
0.5
0.4
0.5
0.2

0.6
0.8
0.2
0.
1 .
0."
0 ."
0."
0 .!
0 .1»
0. i
0 .(
0. i
0 .t
-0.
0 .'

0.6
0.3
0.2
0 .6
1 .2
0.8
0.3
0.4
0.6
0.7
1 .0
0.5
0.4
0.2
0 .4
0.5

0.6
0.5
0.6
0.6
0.3
0.4
0.7
0.7
0.8
0.8
0.6
0.6
0.6
0.4
0.3
-0.2

0.8
0.5
0.4
0.2
0.9
0.8
1.0
0.4
0.4
0.6
0.7
1 .0
0.7
0.0
0.0
0.3

0.6
0.4
0.5
1.0
1.1
0.4
0.6
0.7
0.9
1.0
0.7
0.7
0.2
0.5
0.5
0.5

0.3
0.2
0.8
0.3
0 .6
0.6
0.5
0.9
0.8
0 .3
1.0
0.3
0.5
0.6
0.0
-0.1

0.6
0.3
0.3
0.6
0 .5
0.9
0 .6
0 .4
0.4
0 .8
1 .0
0.8
0.3
0.0
0.4
0 .4

\

(ANNUAL RATE,
1952 . . .
1953 . . .
1954. . .
1955 . . .
1956 . .
1957
19 5 8
1959.
I960 .
1961
1962. . .
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972. . .
1973.. .
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...
1986...

0.4
0.3
0.4
0.4
0.5
0.2
0.5
1 .2
0.8
0.7
0.9
0.3
0.6
0 .6
0.8
1 .0
0 .4
0.2
0.5
0.2
0.5
0 .6

0.2
0.4
0.4
0 .6

0.2
0.3
0.4
0.5
0.5

0.3
0.3
0.4
0.4
0.5

0.3
0.3
0.4
0.5
0.5

0 .4

0.6
0.7
0.6
0 .4
0.6
0.7
0.5
0.6
0.7
0.6
0.8
0.8
0.6
0.3
0.2
0 .2

0.5
0.6
0.3
0.5
1.0
0.5
0.5
0.6
0.7
0.6
0.8
0.6
0.6
0.3
0.3
0.3

0.7
0.5
0.5
0.6
0.8
0.5
0.8
0.6
0.7
0.8
0.7
0.8
0.5
0.3
0.3
0.2

0.5
0.6
0.6
0.5
0.7
0.6
0.6
0,6
0.7
0.7
0.8
0.4
0.4
0.3
0.3
0.3

0.6
0 .6
0.5
0 .5
0.8
0.6
0.6
0.6
0.7
0 .7
0 .8
0.6
0.5
0 .3
0.3
0.3

PERCENT)

AVERAGE FOR PERIOD

3.5

3.3

6.7

2.6

3.0

3.0
3.5
4.3
5.1
6.3

3.5
3.7
4.5
5.4
6.6

3.4
4.6
5.1
6.4
6.6

6.2

7.1

7 .0

3.3

3.3

5 .0

7.0
5.5
6.0

7.4
7.0
6.6

8.6
7.5
6 .7
7.4
8.7
7.6
9.5
8.9
6.6
4.3
2.9
3 .2

10.2
7.2
7.5
7.0
8.2
7 .7
9.3
8.2
6.2
3.3
2.9
2.7

9.7
7.5
8.0
7.6
8.1
8.5
9.6
7.8
5.6
3.6
2.9
2.8

8.6
7.0
7.7
8.5
8.3
8.9
10.0
7.3
4.8
3.5
3.2
2.9

3.5

4.9

4.8

5.1

5.2

4.7

5.3

5.2

5.6

5.4

6.5
6.0
7.7
7 .8

6.6
5.8

6.8
6.7

7.0
6.9

6.4
7.2

6.6
7.2

7.2
7.1

7.2
7.1

6.3
6.8

7.7

5.6

4 .8

7.3
7.0
7.5
8.5
7.8
9.6
9.4
6.5
4.3
3.0
3.5

7.6
6.6
7.6
8.7
7.6
9.5
8.5
6.6
4.6
2.7
3.

7.5
6.5
7.2
8.8
7.4
9.5
8.8
6.8
4.1
2.9
3.1

7.5
6.9
7.0
8.0
7.4
9.9
8.0
5.4
3.5
2.8
2.7

5.0
5.7
10.0
7.6
7.6
6.7
8.1
7.3
9.5
8.3
6.7
2.8
2.8
2.3

5.2
6.9
11.0
6.6
8.0
7.4
8.5
8.4
8.6
8.3
6.5
3.7
3.2
3.1

10.7
7.6
7.8
7.8
8.1
7.5
9.7
7.7
6.3
4.1
2.2
2.4

9.5
8.0
7.7
7.3
8.0
8.6
10.2
8.1
5.2
3.3
3.1
2.9

8.8
6.8
8.5
7.6
8.3
9.3
9 .0
7.5
5.4
3.5
3.4
3.1

5.2

5.6

7.7

7.5

8.9
7.3
8.5
8.6
8.3
8.4
9.7
9.0
5.4
3.6
2 .7
2.9

8.7
6.9
7 .5
8.5
8.8
9.1
10.2
6.8
4.7
3.5
3 .9
3.3

7 .0

8.3
6 .9
7.2
8.4
7 .9
9 .3
10.2
6.1
4.4
3.3
3.1
2.6

NOTE: Unless otherwise noted, these series contain revisions beginning with 1981. Percent changes are centered within the spans: 1-month
gg
g
p
s are placed on the 2d month and 6-month changes a
l d
h 4th th Q t l d
fi
f th
t
changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annuall figures are averages of the centered changes.
1
is
T h i s series contains revisions beginning with 1982.
i
t i
ii
b i i
ith 1982




6.3

0.5

3.8
4.7
5.4
6.5
6 .7
6.9
6.7
6 .2
6.5
9.3
7.3
7.5
7 .6
8.3
8.2
9 .6
8.0
5 .8
3.7
3.0
2 .9
(AUGUST 1986)

101

C. Historical Data for Selected
Year

Jan.
341.

Feb.

Mar.

Apr.

Series—Continued

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

III Q

IV Q

ON PRIVATE NONAGRICULTURAL PAYROLLS

AVEB AGE FOR I'ERIOD

(1977-100)

19 5 4
1956 . . .
1957 . . .
1958
1960...
1961 . . .
1962. . .
1964...
1965.. .
1966.. .
1967...
1968...
1969.. .
1970.. .
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980.. .
1981 . . .
1982...
1983...
1984...
1985...
1986...

86.6
88.1
90.0
91.2
93.1
94.6
95.1
96.9
100.2
102.2
99.3
97.0
97.6
99.9
100.9
99.9
94.6
93.0
93.2
94.8
94.7
94.3

Annual

INDEX OF

86.7
88.5
89.7
91.5
93.2
94.9
95.1
97.4
100.2
102.0
98.7
97.2
98.0
99.5
100.8
99.5
94.2
92.9
93.0
95.2
94.6
94.5

87.0
88.8
89.8
91.7
93.5
94.6
95.2
97.6
100.5
101.5
98.4
97.7
98.2
99.4
100.8
98.9
93.8
92.8
93.5
95.0
94.9
94.2

87.0
88.7
90.0
92.0
93.6
94.7
95.0
97.9
100.9
101.6
98.5
97.4
98.6
99.4
101 .0
98.5
93.3
93.0
93.7
94.8
95.3
94.0

87.1
88.8
90.1
92.1
93.8
95.0
95.3
98.2
101.0
101.1
98.6
97.8
98.9
99.6
100.6
97.7
93.2
92.8
93.6
94.9
94.9
94.1

87.2
88.7
90.3
92.2
94.0
95.2
95.5
98.1
100.9
101.4
99.0
98.0
98.7
99.6
100.4
97.3
93.2
92.6
92.9
94.9
95.0
94.2

87.5
89 . 0
90.3
92.4
93.9
95.1
95.7
98.3
101.2
101.7
98.5
97.3
98.9
99.8

iob .4
97.0
93.7
92.0
92.8
94.9
94.9
93.9

87.9
89.3
90.0
92.2
94.0
95.0
96.2
98.5
101 . 3
100.2
98.2
97.8
99.3
99.8
100.3
96.7
93.7
92.4
93.2
94.4
94.0
94.1

88.1
89.4
90.4
92.2
94.2
95.0
96.3
98.8
101.6
100.7
97.9
97.6
99.4
100.1
100.3
96.5
93.4
92.1
93.3
94.5
94.0
94.4

87.9
89.7
90.3
92.7
94.3
95.3
95.9
98.8
101.9
100.3
97.7
97.5
99.4
100.6
100.1
95.9
93.5
92.1
93.4
94.9
93.9
94.0

88.0
89.6
90.6
92.6
94.4
95.5
96.2
98.8
101.8
100.1
97.3
97.6
99.6
100.3
99.8
95.7
93.3
92.4
93.7
94.7
94.2
93.9

88.2
89.5
91 . 0
92.7
94.6
95.1
96.2
99.5
102.3
99.9
97.4
97.4
99.8
100.4
99.9
95.6
92.9
92.4
94.4
94.8
94.4
94.0

86.8
88.5
89.8
91 . 5
93.3
94.7
95.1
97.3
100.3
101.9
98.8
97.3
97.9
99.6
100.8
99.4
94.2
92.9
93.2
95.0
94.7
94.3

87 . 1
88.7
90 . 1
92.1
93.8
95.0
95.3
98.1
100.9
101.4
98.7
97.7
98.7
99.5
100.7
97.8
93.2
92.8
93.4
94.9
95.1
94.1

87.8
89.2
90.2
92.3
94.0
95.0
96.1
98.5
101.4
100.9
98.2
97.6
99.2
99.9
100.3
96.7
93.6
92.2
93.1
94.6
94.3
94.1

88.0
89.6
90.6
92.7
94.4
95.3
96.1
99.0
102.0
100.1
97.5
97.5
99.6
100.4
99.9
95.7
93.2
92.3
93.8
94.8
94.2
94.0

65.4
68.6
70 7
73 .2
75.9
76 .9
78 0
80 .1
81 .5
83 2
85 .1
86 . 4
87.4
89.0
90.2
92.1
93.9
95.0
95.6
98.2
101.2
101.1
98.3
97.5
98.9
99.9
100.4
97.4
93.6
92.5
93.4
94.8
94.6
94.1

AVERAGE FOR PERIOD

(PERCENT)
1952 . ..
1953 . . .
1954...
1955...
1956...

1960. . .

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980.. .
1981 . . .
1982...
1983...
1984...
1985...
1986...

-0.1
0.6
0.3
0.4
0.0
0.0
0.7
0.7
-0.1
-0.6
-0.4
0.3
0.1
0.6
0.0
-1.0
0.1
0.9
0.5
-0.1
-0.2

0.2
0.4
-0.3
0.3
0.1
0.3
0.0
0.6
0.0
-0.2
-0.6
0.2
0.4
-0.4
-0.1
-0.5
-0.4
-0.2
-0.2
0.4
-0.1
0.2
341C.

0.4
0.4
0.1
0.2
0.3
-0.3
0.1
0.2
0.3
-0.4
-0.3
0.5
0.2
-0.1
0.0
-0.6
-0.4
0.0
0.5
-0.2
0.3
-0.3

6.6

-0.2
0.2
0.4
0.1
0.1
-0.2
0.3
0.5
0.1
0.1
-0.3
0.4
0.0
0.2
-0.4
-0.5
0.1
0.2
-0.2
0 .4
- 0 .2

0.1
0.2
0.1
0.1
0.2
0.3
0.3
0.3
0.1
-0.5
0.1
0.5
0.3
0.3
-0.3
-0.7
-0.2
-0.1
-0.1
0.1
- 0 .5
0.0

0.1
-0.1
0.2
0.2
0 .2
0.1
0.2
-0.1
-0.1
0.3
0.4
0.1
-0.2
-0.1
-0.2
-0.4
0.0
-0.2
-0.8
0.0
0 .2
0.2

0.3
0.4
0.0
0.2
-0.1
-0.1
0.3
0.2
0.3
0.3
-0.5
-0.6
0.2
0.2
0.1
-0.3
0.5
-0.6
0.0
0.1
-0.1
-0.3

0.4
0.3
-0.3
-0.2
0.1
-0.1
0.5
0.2
0.1
-1.5
-0.3
0.5
0.4
0.0
-0.2
-0.3
0.0
0.4
0.4
-0.5
-1.0
0.1

0.3
0.2
0.5
-0.1
0.2
0.0
0.1
0.2
0.2
0.5
-0.3
-0.2
0.0
0.3
0.0
-0.2
-0.3
-0.3
0.1
0.1
0.0
0.4

-0.2
0.3
-0.1
0.5
0.1
0.4
-0.3
0.1
0.3
-0.5
-0.2
-0.1
0.0
0.5
-0.2
-0.6
0.1
0.0
0.1
0.4
-0.1
-0.4

0.1
-0.1
0.3
-0.1
0.1
0.2
0.3
0.0
-0.1
-0.2
-0.4
0.1
0.2
-0.3
-0.3
-0.2
-0.2
0.4
0.3
-0.2
0.3
-0.1

0.2
-0.1
0.4
0.1
0.2
-0 .4
0.0
0.7
0.5
-0.1
0.1
-0.3
0.2
0.1
0.2
-0.1
-0.5
0.0
0.8
0.1
0.2
0.1

0.2
0.1
0.3
0.3
0,0
0.0
0.5
0.3
-0.2
-0.5
0.1
0.3
-0.1
0.2
-0.4
-0.6
0.0
0.4
0.2
0.0
-0.1

0.1
0.0
0.2
0.2
0.2
0.2
0.1
0.2
0.2
0.0
0.2
0.1
0.2
0.1
-0.1
-0.5
-0.2
-0.1
-0.2
0.0
0.0
0.0

0.3
0.3
0.1
0.0
0.1
-0.1
0.3
0.2
0.2
-0.2
-0.4
-0.1
0.2
0.2
0.0
-0.3
0.1
-0.2
0.2
-0.1
-0.4
0.1

0.0
0.0
0.2
0.2
0.1
0.1
0.0
0.3
0.2
-0.3
-0.2
-0.1
0.1
0.1
-0.1
-0.3
-0.2
0.1
0.4
0.1
0.1
-0.1

0.1
0.1
0.2
0.2
0.0
0.1
0.3
0.2
-0.2
-0.2
0.0
0.2
0.0
0.0
-0.4
-0.2
0.0
0.2
0.0
0.0
0.0

CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER 5-MONTH SPANS1
(ANNUAL RATE, PERCENT)

1959...

1964...
1965.
1966.

2.2
2.0
0.5

2.6
1 .7
0.6

2.5

2.1

2.1

2.3

1.4

1.5

1.3

0.7

1.1

1.5

2.1

3.3

2.7

2.8
1.2
0.8

1.8
1.1
1.3

1.7
0.2
2.3

1.4
0.8
2.3

1.4
1.3
1 .9

1.3
1.1
2.0

1.3
-0.1
1 .6

1.4
0.0
2.5

1.9
0.2
2.7

0.9
0.4
2.9

1.9

1.3

-0.1

-3.1

-2.1

-0.5

0.3
2.1
-1.6
-5.1
-1.9
1 .3
4.4
0.4
1 .1
0.7

0.1
1 .4
-2.9
-5.5
-1.2
3.0
3.6
0.9
0.5
1.5

1.8
1.2

1968.
1969.
1970.

2.1
0.9
-0.6

2.5
1.3
-0.4

1972.
197 3
1974.

4.3

4.6

2.8

2.1

2.3

2.2

1.5

2.7

-3.5

-3.0

- 1 .9

-1.5

- 1 .0

-0.9

-1.6

-2.5

-3.2

2.2
0.0
0.8
-3.2
-5.4
-1.1
3.4
3.0
0.9
0.2

2.5
0.1
0.7
-4.1
-5.3
-1.0
2.6
2.6
0.4
-0.3

2.7
-0.4
0.1
-5.2
-5.0
-0.5
1 .0
1 .0
0.5
-0.4

2.6
-0.3
-1.0
-5.7
-1.9
-1.9
-0.8
0.2
0.5
-0.7

2.7
0.5
-1.1
-5.5
- 1 .0
-0.9
0.5
- 1 .7
-1.4
-0.9

2.4
1.3
-1.0
-4.7
-0.8
-1.6
-0.3
-1.1
-2.0
0.4

1.6
2.4
-1.8
-5.1
0.3
- 1 .9
-0.6
0.2
-2.8
0.0

1.5
1 .3
-1.7
-4.0
0.3
-0.9
0.2
-0.4
-1.4
-0.3

2.2
1 .6
-0.9
-3.4
-0.7
-0.5
3.3
-0.1
-1.2
-0.5

2.1
2.4
-1.1
-4.9
-1.6
10.0
4.3
-0.4
-1.4
-1.0

1976.
1977.
1978.
1979.
1980.
1981 .
1982.
1983.
1984.
1985.
1986.

1 .5
1.2
3 3
2.5
1.1
-0.1
4 1
3.9

2.4
1 .7
0.8
1 8
1.6
0.7
2.0
2 5
2.2

2.2
2.0
1 .1
1 2
1.3
0.8
1.8
2 0
2.0

1.5
1 .5
2.7
2 2
1 .4
0.2
2.7
3 6
1.0

-2.8
0 5
2.5
-0.1
0.5
-4.2
-5.2
-0.9
2.3
2.2
0.6
-0.2

-1.1
0 6
2.6
0.5
-1.0
-5.3
- 1 .2
-1.5
-0.2
-0.9
-1.0
-0.4

-2.4
-0 4
1 .8
1 .8
-1.5
-4.2
0.0
-1.1
1 .0
-0.1
-1.8
-0.3

-1.9
0 8
0.8
2.0
- 1 .9
-5.2
-1.6
4.8
4.1
0.3
0.1
0.4

1 .7

1 .0
1.8

1.7
0.7

1 .9

NOTE: Unless otherwise noted, these series contain revisions beginning with 1981. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures are averages of the centered changes.
1
This series contains revisions beginning with 1980.

102



1 .7
1.5
2 1
1.7
0.7
1 .6
3 0
2.3
-2 4
-2.1
0 4
1.9
1.0
-1.0
-4.7
-2.0
0.3
1.8
0.4
-0.5
-0.1

(AUGUST 1986)

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.

My
a

July

June

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

5 7 0 . EMPLOYMENT, DEFENSE PRODUCTS INDUSTRIES 1
(THOUSANDS)

II Q

III Q

IV Q

Annual

AVERAGE FOR P E R I O D

1952 . .
1955 . . .
1957 . . .
1958. . .
1959. . .
1961.. .
1962.. .
1963.. .
1964...
1965...
1966 . . .
1967 . . .
1968. . .
1969...
1970.. .
1971 . . .
1972. . .
1973.. .
1974...
1975 . . .
1976...
1977 . . .
1978.. .
1979. . .
1980...
1981. . .
1982.. .
1983 . . .
1984. . .
1985 . . .
1986...

,218
,249

1,211
1 ,254

1,210
1,255

,212
,259

,210
,267

,235
,303
,369
,307
,228
,357
,588
,719
,691
,546
,262
,109
,154
,179
,185
,096
,069
,120
,242
,346
,391
,386
,344
,391
,496

1,240
1,316
1,366
1,294
1 ,224
1 ,382
1 ,614
1 ,723
1 ,672
1 ,521
1 ,238
1 ,115
1 ,155
1 ,179
1 ,153
1 ,092
1 ,074
1 ,125
1 ,262
1 ,352
1 ,388
1 , 3 80
1,346
1 ,398
1,506

1,244
1,326
1,354
1,285
L ,230
,406
1,630
1 ,719
1 ,688
1 ,503
1 ,213
1,117
1 ,157
1 ,182
1 ,156
1 ,093
1 ,069
1 ,138
1 ,278
1 ,358
1 ,390
1 ,377
1,342
1 ,408
1,514

,248
,330
,350

,255
,340
,347

,237
,430
,645
,713
, 6 86
,472
,190
,123
,160
,185
,138
,087
,085
,143
,282
,360
,393
,375
,347
,414
,521

] ,247
,457
,650
,713
,682
,441
,179
,125
,165
,187
,152
,084
,088
,162
,287
,364
,393
,370
,352
,424
,530

1 ,222
1 ,271
201
l',257
1 ,350
1 ,345

1
1
1
1
1
1

,224
,280
213
', 2 5 9
,361
,337

1 ,254
1 ,478
1 ,662
1,718
1 ,658

1,267
1 ,502
1,668
1 ,717
1 ,659

1,167
1,124
1 ,169
1 ,189
1 ,139
1 ,071
1 ,098
1 ,173
1 ,296
1,365
1 ,395
1 ,368
1 ,356
1,435
1,541

1 ,150
1 ,124
1 ,171
1 ,193
1 ,129
1 ,059
1,10,9
1 ,184
1,305
1 ,367
1 ,394
1 ,368
1 ,366
1 ,444
1,549

,229
,277
228
^255
,369
,332
,235
1 ,276
,525
,675
,725
,643
,127
,175
,152
,123
,069
,103
,193
,306
,373
,397
,358
,350
,452
,569

1 ,246
1 ,259

1,213
1 ,253
1,247
1,240
1 ,315
1,363
1 ,295

,215
,266
,225
,253
,340
,347
,267

1 ,229
1,277

,245
,260

,'259
,366
,332
,239

^283
,371
,321
,230

1,152
1 ,176
1 ,180
1 ,089
1 ,068
1 ,093
1 ,236
1 ,346
1 ,388
1 ,390
1,350

1,382
1 ,611
1 ,720
1 ,684
1 ,523
1 ,238
1,114
1,155
1 ,180
1,165
1 ,094
1,071
1,128
1 ,261
1,352
1,390
1,381

1 ,474
1 ,581

1 ,485
1 ,580

1 ,399
1,505

,455
,652
,715
,675
,445
,179
,124
,165
,187
,143
,081
,090
,159
,288
,363
,394
,371
,352
,424
,531

,521
,676
L.717
,643
,375
1,146
,129
,172
,178
,122
L ,066
,105
,191
1,309
1,372
1,396
1,362
1,363
1,452
1,561

,569
] ,709
,698
,586
,300
,123
,143
,175
,190
,094
,065
,076
,221
,338
,385
,389
,353
,378
,476
,57 8

1
1
1
1
1
1
1
1

,256
23 2
,292
,371
,318
,228
,331
,579

1 ,274
] 0 0/.
,262
,369
,328
,236
,289
,537

,266
218
,274
,370
,328
,232
,300
,554

,708
,627

,691
,613

,701
,5 80

1 ,703
1 ,565
1 ,281

,136
,171
,188
,114
,069
,103
,195
,317
,377
,397
,360

,134
,172
,197
,103
,065
,066
,207
,328
,382
,392
,356

,144
,176
,193
,089
,063
L ,068
,219
,340
1 ,386
1 ,385
1 ,354

,461
,565

,470
,572

,283
,371
,317
,231
,315
,573

,225
,264
230
L ',259
,348
,341
I ,258
L ,266
L ,482
66 2
L ', 7 1 2
L ,647
1 ,411
L ,171
1,128
I ,167
L ,184
,131
I ,076
L ,085
,175
I ,299
L ,368
L ,392
I ,367
I ,359
L ,438
L ,544

9 6 1 . DIFFUSION INDEX OF AVERAGE WEEKLY HOURS OF PRODUCTION O NONSUPERVISORY
R
WORKERS—20 MANUFACTURING INDUSTRIES2
(PERCENT RISING OVER 1-MONTH SPANS)
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...
1978. . .
1979...
1980 . . .
1981 . . .
1982 . . .
1983 . . .
1984. . .
1985.. .
1986 . . .

75.0
17.5
22.5
92.5
35.0
35.0
27.5
92.5
45.0
92.5
25.0
82.5
0.0
60.0
57.5
72.5
15.0
52.5
35.0
75.0
50.0
42.5
27.5
27.5
92.5
15.0
2.5
32.5
52.5
60.0
5.0
82.5
67.5
35.0

42.5
42.5
75.0
82 . 5
30.0
77.5
17.5
62.5
12.5
57.5
60.0
42.5
90.0
52.5
82.5
5.0
90.0
17.5
17.5
22.5
72.5
92.5
42.5
10.0
27.5
97.5
77.5
50.0
42 .5
22.5
95.0
22.5
85.0
22.5

37.5
85.0
27.5
82 . 5
25.0
22.5
62.5
72.5
32.5
57.5
77.5
55.0
45.0
75.0
40.0
47.5
15.0
87.5
32.5
72.5
57.5
50.0
37.5
30.0
35.0
35.0
87.5
70.0
2.5
60.0
7.5
100.0
7.5
85.0

MANUFAC TlJRING

WORKERS--20
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.. .
1983...
1984...
1985...
1986 . . .
]

50.0
72.5
2.5
100.0
27.5
20.0
10.0
90.0
22.5
42.5
85.0
57.5
72.5
87.5
85.0
10.0
65.0
45.0
5.0
65.0
85.0
57.5
20.0
0.0
82.5
82.5
70.0
12.5
15.0
95.0
7.5
90.0
80.0
40.0

40.0
25.0
52.5
100.0
15.0
15.0
15.0
95.0
30.0
87.5
82.5
35.0
65.0
77.5
85.0
12.5
70.0
22.5
10.0
87.5
90.0
37.5
10.0
15.0
65.0
90.0
70.0
15.0
0.0
85.0
37.5
90.0
52.5
40.0

25.0
45.0
30.0
42.5
70.0
47.5
40.0
75.0
37.5
80.0
77.5
20.0
77.5
17.5
40.0
57.5
17.5
27.5
20.0
45.0
90 .0
55.0
10.0
70.0
25.0
80.0
82.5
0.0
42.5
55.0
25.0
95.0
97.5
12.5

45.0
15.0
35.0
85.0
0.0
17.5
42.5
90.0
27.5
75.0
67.5
95.0
72.5
85.0
55.0
12.5
65.0
22.5
17.5
80.0
90.0
45.0
10.0
22.5
77.5
80.0
65.0
22.5
0.0
75.0
25.0
92.5
42.5
47.5

This ser e s c o n t a i n s r e v i s i o n s

55.0
7.5
40.0
85.0
5.0
22.5
67.5
95.0
22.5
95.0
30.0
70.0
90.0
77.5
52.5
25 . 0
40.0
40.0
12.5
77.5
92.5
35.0
2.5
60.0
62.5
82.5
57.5
20.0
7.5
50.0
27.5
95.0
35.0
55.0

80.0
27.5
67.5
92.5
5.0
10.0
65.0
70.0
80.0
45.0
25.0
85.0
35.0
85.0
65.0
30.0
90.0
52.5
35.0
75.0
12.5
27.5
90.0
50.0
95.0
40.0
5.0
87.5
15.0
82.5
70.0
52.5
15.0
77.5

INDUSTRIES 3
77.5
5.0
42.5
85.0
12.5
12.5
92.5
72.5
10.0
90.0
70.0
82.5
50.0
27.5
42.5
35 . 0
77.5
42.5
15.0
45.0
80.0
77.5
2.5
67.5
25.0
82.5
70.0
37.5
2.5
12.5
20.0
90.0
50.0
67.5

b e g i n n i n c with 1984.

2

50.0
17.5
77.5
37.5
30.0
45.0
92 .5
32.5
22.5
97 .5
35.0
67.5
40.0
30.0
40.0
55.0
60.0
40.0
60.0
52.5
80.0
32.5
40.0
80 .0
22.5
82.5
67.5
55.0
22.5
15.0
70.0
92.5
35.0
77.5

22.5
37.5
65.0
25.0
75.0
45.0
82.5
42.5
42.5
60.0
42.5
62.5
62.5
55.0
20.0
72.5
35.0
32.5
82.5
55.0
30.0
57.5
30.0
75.0
70.0

87.5
35.0
55.0
62.5
22.5
42.5
80.0
32.5
25.0
70.0
40.0
35.0
70.0
42.5
62.5
62.5
55.0
52.5
20.0
27.5
62.5
32.5
50.0
87.5
17.5

87.5
7.5
17.5
72.5
67.5
57.5
77.5
20 .0
17.5
42.5
82.5
77.5
17.5
27 .5
47.5
52.5
82.5
62.5
10 .0
17.5
47.5
85 .0
22.5
72.5
27 .5

65.0
82.5
72.5
72.5
57 .5
5 .0
37.5
52.5
90 .0
85.0
5.0
57.5
62.5
70.0
50 .0
42.5
47.5
27.5
75.0
87.5
57.5
25.0
27.5
50.0
75.0

27 .5
27 .5
92.5
60 .0
15.0
30 .0
90.0
42.5
12.5
70.0
62.5
22.5
65.0
77.5
32.5
70.0
17.5
45.0
47 .5
77.5
70.0
70.0
7.5
72.5
57.5

65.0
32.5
45.0
35.0
70.0
35.0
47.5
72.5
7.5
17.5
30.0
77.5
87 .5
72.5
22.5
37.5
45 .0
70.0
60 .0
77.5
20.0
32.5
15.0
90.0
57 .5

51.7
48.3
41.7
85.8
30.0
45.0
35.8
75.8
30.0
69.2
54.2
60.0
45.0
62.5
60.0
41.7
40.0
52.5
28.3
56.7
60.0
61.7
35.8
22.5
51 . 7

51.7
30.0
58.3
57.5
35.0
34.2
65.8
59.2
46.7
74.2
45.8
57.5
50.8
44.2
48.3
47.5
55.8
40.0
38.3
57.5
60.8
38.3
46.7
66.7
47 .5

6 5.8
26.7
45.8
53.3
55.0
48.3
80.0
31.7
28.3
57.5
55.0
58.3
50.0
41.7
43.3
62.5
57.5
49.2
37.5
33.3
46.7
58.3
34.2
78.3
38.3

5 2.5
47.5
70.0
55.8
47 . 5
23.3
58.3
55.8
36.7
57.5
32.5
52.5
71.7
73.3
35.0
50.0
36.7
47.5
60.8
80.8
49.2
42.5
16.7
70.8
63 . 3

60.0
62.5
37.5
35.0
55.0
82.5
37.5
27.5

32.5
40.0
87.5
52.5
40.0
57.5
42.5
87.5

45.0
65 .0
80.0
15.0
27 .5
85.0
67.5
65 .0

37.5
42.5
65.0
65.0
57.5
47.5
25.0
75.0

70 .0
50 .0
80 .0
22.5
80 .0
45.0
70.0
52 .5

47 .5
62.5
82.5
32.5
57.5
42.5
60.0
95.0

55.8
50.8
32.5
47.5
35.8
68.3
53.3
47.5

51.7
47.5
26.7
50.8
55.0
80.0
49.2
55.8

45.8
55.8
68.3
34.2
40.8
75.0
49.2
60.0

51.7
51.7
75.8
40.0
65.0
45.0
51.7
74.2

55.4
38.1
54.0
63.1
41 .9
37.7
60.0
55.6
35.4
64.6
46.9
57.1
54.4
55.4
46.7
50.4
47.5
47 .3
41 .2
57.1
54.2
50.2
33.3
59.6
50.2
52.3
51 .2
51 .5
50.8
43 .1
49.2
67.1
50.8
59.4

5.0
95.0
30.0
57 .5
10 .0
97.5
20.0
15.0
77.5
40 .0
55.0
92.5
95.0
12.5
62.5
40 .0
15.0
52.5
92.5
67.5
32.5
5.0
95 .0
57.5
60.0
55.0
15.0
92.5
5.0
85.0
80.0
20.0
80.0

2.5
90 .0
55.0
30.0
7.5
95.0
17.5
25.0
95.0
22 .5
80 .0
57.5
85.0
10.0
27 .5
45.0
5 .0
45.0
95.0
72.5
7.5
2.5
72.5
50.0
100.0
5.0
20.0
95.0
5.0
97.5
87.5
17.5
80 .0

37.5
30.0
95.0
14.2
17.5
22.5
91.7
26.7
68.3
78.3
62.5
70.0
83.3
75.0
11.7
66.7
30.0
10.8
77.5
88.3
46.7
13.3
12.5
75.0
84.2
68.3
16.7
5.0
85.0
23.3
90.8
58.3
42.5

9. I
46.
86. 1
10. 3
13.3
83.3
70.0
14.2
94.2
50.0
77.5
75.8
52.5
42.5
29.2
68.3
35 .8
12.5
62.5
83.3
60.0
6.7
64.2
34.2
85.0
74.2
25.8
10.0
23.3
45.8
91.7
35.8
63.3

3.3
81 . 7
85.0
18.3
1.7
95.8
40.8
17.5
83.3
33.3
59.2
83.3
74.2
13.3
56.7
57.5
35.0
24.2
76.7
50.8
30.0
13.3
95.0
40.0
41.7
51.7
47.5
61.7
10.0
54.2
95.0
19.2
92.5

2.5
92.5
42.5
46.7
9.2
96.7
16.7
16.7
88.3
26.7
65.8
78.3
92.5
10.0
54.2
35.8
9 .2
43.3
88.3
70.0
22.5
2.5
89.2
55.8
61.7
39.2
25.0
95.0
7.5
80.8
89.2
15.8
78.3

69.4
13.1
62.7
77.3
22.5
10.4
74.6
54.8
18.8
83.5
47.1
66.2
76.9
75.6
35.2
37.9
57.1
27.5
22.7
76.2
73.1
39 .8
9.0
65 .2
51.2
68.1
58.3
28.8
42.9
31 .5
51 .0
91 .7
32 .3
69.2

(PERC ENT RISING OVER
15.0
57.5
90.0
15.0
5 .0
90.0
42.5
10.0
97 .5
50.0
80.0
87.5
52.5
32.5
27.5
87.5
25.0
10 .0
65.0
77.5
67.5
15.0
65 .0
15.0
90.0
95 .0
20.0
20.0
7.5
90 .0
90 .0
22.5
67.5

7.5
72.5
90.0
12.5
0.0
100.0
42.5
10.0
95.0
47.5
67.5
72.5
62.5
10.0
72.5
32.5
62.5
15.0
75.0
75.0
42.5
0.0
90.0
32.5
40.0
82.5
40.0
32.5
15.0
27.5
95.0
7.5
87.5

0.0
80.0
80.0
27 . 5
0.0
95.0
45.0
7.5
87.5
25.0
60 .0
95.0
70.0
15.0
65.0
55.0
20.0
15.0
77.5
50.0
27.5
5.0
95.0
42.5
72.5
50.0
25.0
75.0
10.0
50.0
100.0
42.5
92.5

i -MONTH SPANS)
2.5
92.5
85.0
15.0
5.0
92 . 5
35.0
35.0
67 . 5
27.5
50.0
82.5
90.0
15.0
32 . 5
85.0
22.5
42 . 5
77.5
27 . 5
20.0
35.0
100.0
45.0
12.5
22.5
77.5
77.5
5.0
85.0
90.0
7.5
97.5

0.0
92.5
42.5
52.5
10.0
97 .5
12.5
10.0
92.5
17.5
62.5
85.0
97.5
7.5
72.5
22.5
7.5
32.5
77.5
70.0
27.5
0.0
100 .0
60.0
25.0
57 .5
40.0
97.5
12.5
60.0
100.0
10.0
75.0

This series contains re\ is ons beginning with 1981.

This seri ss contains revisions

(AUGUST 1986)

beginning with 1980.




103

C. Historical Data for Selected Series—Continued
Year

IV Q

IQ
NONFARM BUSINESS SECTOR1

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 .
1983.
1984.
1985.
1986 .

100 .5
99.0
97.0
100.2
99.1
98.7
96 .7
99.6
98.8
96.6
99.0
99.4
100.6
101 .6
101 .9
100 .6
100.7
99.8
96.3
98.5
98.7
99.0
96.7
97 .2
100.0
99.5
98.5
98.2
96.7
97 .7
95.8
96.2
98.6
98.7

100 .2
98.8
97.7
100.5
98.4
98.3
97.5
100.4
97.6
98.0
98.2
100.0
100.6
101 .4
101 .1
100.7
101 .2
99.3
97 .4
98.5
98.8
97 .7
96.2
98.8
99.8
100 .2
99.9
97 .7
95.8
97 .3
95.7
98.1
99 .3
98.9

Annual

Year

(INDEX: 1977=100)
99.5
98.6
98.1
100.7
98.0
98.3
97 .7
98.8
97 .2
98.4
99.2
100.4
100 .8
102.0
100 .6
100.9
100.7
98.5
97 .4
99.0
98.9
97.1
96.1
100.2
99 .3
100 .7
99.6
97.1
95.8
97.9
95.3
98.7
99.1
99.3

2 .843
2.956
2.899
3.002
3.148
3.324
3.318
3.458
3 .663
3.626
3.840
3.942
4.091
4.198
4.403
4.570
4.619
4.674
4.788
4.898
4.969
5.151
5.314
5 .474
5.881
6.021
6 .217
6.633
6 .796
7.101
6.962
6 .676
6 .881
6.881

2.824
2.964
894
048
181
338
3.310
3 .520
3.658
3.671
3 .866
3.959
4.117
4.248
4.413
4.541
4.667
4.707
4.823
4.881
5.018
5 .212
5.388
5.529
5.890
6.136
6 .422
6.616
6.855
7 .039
7.013
6 .680
6 .902
6 .801

2.842
2.953
2.903
3.097
3.216
3.390
3.373
3.495
3 .646
3.722
3.918
4.003
4.116
4.294
4.501
4.536
4.665
4.784
4.849
4.884
5 .026
5.253
5.451
5.649
5.935
6.224
6 .46 0
6.636
.749
7.177
6.957
6 .666
6 .934
6.671

100 .4
98.4
98.2
97.8
99 .4
97.6
98.0
99 .0
100 .0
100.6
101 .8
101 .2
100.9
100 .7
98.8
97.1
98.8
99.0
97.8
96.3
99.0
99 .6
100 .0
99.4
97.3
96.2
97 .4
95.6
97.9
99.0
98.8

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
1983
1984....
1985
1986

4,685
5,095
5 ,077
5,063
6,242
5,768
7 ,242
7,751
7,998
7,468
10,258
10,920
11,833
15 ,474
22,614
27,480
27,575
29 ,668
30 ,947
42,036
54,752
60,793
55,482
49 ,642
53 ,614
55,324

4 ,916
4,806
5,336
5,599
6,199
6,876
7 ,169
7,693
8,324
9,536
10,7 44
10 ,878
11 ,618
17,112
24,500
25,866
28,256
30 ,852
35,392
43,834
55 ,843
60,064
55,118
49,216
54,590
53 ,875

5,031
5 ,038
5 ,331
5,671
6 ,423
6 ,6 43
7,290
7,530
8,745
9 ,400
10,665
11 ,548
12,351
18,271
24,629
26,109
29,056
30,752
36,811
47,236
55,785
57,812
52,079
50,351
55,691
52 ,498

40 .8
42.6
43.5
42.9
44.7
46.7
48.2
48.0
49.4
50.1
50.3
50.5
50.4
51.1
52.0
54.7
56.4
59.5
64.9
66.2
69.5
71.2
78.5
88.6
91 .7
98.0
105.2
114.5
127 .3
138.4
151 .5
156.8
158.2
163.1

41.1
42.6
43.8
43.1
45.4
47.1
48.0
47 .8
49.7
49.9
50.7
50.1
50.7
51.2
53.1
54.5
56 .8
60.8
65.2
67.2
69.3
73.2
81 .4
88.4
93.4
99.4
106.0
117 .9
131 .9
141 .1
153.5
155.5
158.3
164.0

42 .5
42.8
43.3
43.7
46.1
47.8
47.6
49.1
50.1
49.
50.
50.
51 .1
51 .2
54.4
55.0
58.9
63.2
66.3
68.5
69.9
76.2
86 .6
90 .6
97.0
102 .5
110.8
124.6
136.6
147.8
156.8
157.7
161.7
167 .3

41 .6
43.0
43.2
43.2
45.8
47 .4
48.1
49.0
49.8
49
50
50
50
51
53.6
54.6
57.6
62.0
65.3
67 .8
69.9
75.1
84.5
88.6
95.2
99.8
108.4
121 .1
134.3
143.5
156.2
156.8
160.2
164.4

FUNDS RAISED BY PRIVATE NONFINANCIAL

BORROWERS

779
980
6.564
6 .683
6.844
7.115
6.750
6.747
6 .940
6 .590

5,018
5,169
5,037
5 ,939
6,637
7,174
7,609
7,692
8,559
10 ,010
10,802
9,973
13,579
20,553
26 ,563
27 ,633
29,858
29,544
38,904
51,367
57 ,889
58,416
48,519
52,611
56,005
52,727

2.856
2 .946
2 .908
3.072
3 .202
3.355
3.358
3.507
3.645
3.699
3.886
3.982
4.104
4.271
4.471
4.547
4.647
4.738
4.809
4.890
5 .019
5.242
5 .410
5.608
5 .922
6.142
6.416
6 .642
6.811
7.108
6.920
6.692
6.914
6.736

23,456
25,288
17,208
32,028
36,912
32,072
28,068
42,848
44,688
34,148
46,076
50 ,856
57,596
75,768
78,536
65,404
76 ,400
99,252
86,520
102,948
143,472
202,488
184,272
95 ,488
179,920
245,804
315,344
357,592
352,112
288,696
247,228

620.
TOTAL

26,916
21,856
20,832
35,908
32,668
32,520
26,184
47 ,772
37 ,872
30,076
48,092
56,692
58,300
64,964
75,816
62,052
75,356
100,136
84,616
114,204
130,284
180,364
201,296
88,292
178,700
263,692
343,660
386,904
183,924
364,456
268,808

25,364
21,304
26,876
39,300
33,104
30 ,6 40
27,456
47,472
36 ,828
41,988
47,332
55,300
64,452
70,776
57,456
69,932
87,240
90,696
81,340
129,768
139,104
187,072
179,104
130,932
193 ,768
299,152
343,032
420,568
294,272
329,472
259,996

492,968
533,160

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
1983
1984
1985
1986

635,480
552,300

476 ,812
652,844




27,028
14,812
28,988
40,308
30,392
26,056
40,852
38,592
33 ,3 80
47 , 2 8 4
50,328
5 9,844
65 ,200
68,212
46,556
77,332
102,088
85,928
85,648
117,856
177,156
160 ,196
137,856
152,520
218,712
303 ,000
401,480
315,784
328,896
267,312
223,056
505,496
674,436
965,412

MERCHANDISE IMPORTS, ADJUSTED, EXCLUDING MILITARY5
(MILLIONS OF DOLLARS)

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
224,269

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.

211,198
201 ,820
219,900
214,424

1982.
1983.
1984.
1985.
1986.

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
21,952
24,980
28,176
36,585
42,105
46,812
64,478
62,540
59,476
79,415
80 ,369

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
26,346
22,832
30,182
38,063
43,751
51,166
62,409
67,369
60,916
64,798
83,684
84,242

3 ,648
3,809
4,116
4,372
4,756
5,516
6,576
6,526
8,612
9 , 3 80
10,049
12,171
14,022
17,683
27,368
24,487
32,213
38,005
44,383
54,257
59,778
66 ,209
64,435
7 0,7 40
84,144
84,173

]
This series contains revisions beginning with 1947. 2 This series contains revisions beginning with 1974. 3 This series contains revisions beginning
with 1952. 4 This series contains revisions beginning with 1967. 5 This series contains revisions beginning with 1971.

104

41 .5
42.7
43.4
43 .2
45.5
hi .2
48.0
48.5
49.7
49.
50.
50.
50.
51 .
53.
54.
57.
61 .
65.
67 .
69.
73.9
82.7
89.0
94.3
100 .0
107.6
119.5
132.5
142.7
154.5
156.8
159.7
164.8

AVERAGE
2.914
2.910
2 .938
3.139
3 .264
3.367
3 .429
3.556
3.614
3.777
.920
.023
.092
.343
.566
.542
.637
.787
.777
.896
.062

618. MERCHANDISE EXPORTS, ADJUSTED, EXCLUDING MILITARY 4
(MILLIONS OF DOLLARS)
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
1983
1984
1985
1986

Annual

(1977=100)
99.3
96.7
99.1
100 .2
98.3
97.7
99.2
98.6
96 .6
99.0
99 .8
100.2
100.4
102.2
101.1
101.3
100 .2
97.5
97.3
99.0
99.6
97.5
96.3
99.8
99 .1
99 .6
99 .4
96.3
96.4
96.9
95.4

107. RATIO, GROSS NATIONAL PRODUCT TO MONEY
(RATIO)
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
1983
1984
1985
1986

IV Q

I Q

3 ,440
3,896
4,098
4,386
4,930
5,855
6,710
7,157
8,532
9,456
10 ,464
11,194
15,020
19 ,363
28,145
25,886
33 ,657
39,254
45,762
59 , 7 7 4
63,085
66,217
59,751
73,886
85,179
90 ,079

25,691
20,815
23,476
36,886
33,269
30,322
30,640
44,171
38,192
38,374
47 ,957
55,673
61,387
69,930
64,591
6 8,6 80
85 ,27 1
94,003
84,531
116,194
147,504
182 ,530
175,632
116,808
192,775
277,912
350,879
370,212
289,801
312 ,484
249,772
375,188
569,924
675,929

TOTAL
10 , 8 3 8
10,975
10,353
11,527
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 ,866
45,579
55,797
70,499
103,811
98,185
124,228
151,907
176,001
212,009
249,750
265 ,063
247,642
268,900
332,422
338,863
(AUGUST 1986)

C. Historical Data for Selected Series—Continued
Year

II Q

IQ

III Q

IV Q

Annual

Year

IQ
651 .

TOTAL

(MILLIONS OF DOLLARS)
1952
1953
1954
1955
1956
1957
1958
1959
I96 0
1961 .
196 2
1963
196 4
1 965
1 966
1 967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
197 8
197 9
1980
1981
1982
1983
1984
1985
1986

.

87 3
1,701
1,111
*999
1 ,826
1 ,057
1 ,230
1 ,043
202
24
671
320
-1 ,668
-81 1
662
2,500
-601
-6,917
-11 ,158
-4,776
- 9 ,726
-4,47 5
-7 ,058
-9,834
-25,801
-25,045

1 3 83
1,229
1 215
1^299
1,667
1,127
714
1,004
133
20
616
-623
- 1 ,671
588
-2 ,739
1 ,622
-3,157
-7,253
-7,572
-7,021
-3,993
-8,397
-12,356
-20,389
-28,453
-31 ,675

1,058
1,368
1,256
1 ^373
1,601
1 ,448
974
9 1 R

27 3
9
978
-736
-1 ,636
,846
3,034
- 1 ,926
-7,211
- 8 ,359
-7 ,332
-6 ,566
-7,305
-5,798
-15,582
-29,094
-30,367

1 578
1,273
93 9
1 ,553
1,707
1,319
899
535
27
554
338
- 1 ,221
-1,441
1 ,190
-1,582
1,747
-3,799
-9,710
-6,858
- 8 ,407
-5,196
-7,80 1
-11 ,232
-21 ,275
-29,174
-37,352

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 ,80 1
4,951
3,817
3 , 800
63 5
607
2,603
-2,260
-6 ,416
911
-5,505
8,903
-9 ,483
-31,091
-33,947
-27 ,536
-25 ,481
- 2 7 ,97 8
-36,444
-67,080
-112,522
-124,439

1952 . .
1953..
1954. .
1955..
1956..
1957 . .
1958
1959 . .
I96 0
1961
196 2
1963 . .
1964
1965
1966
196 7
196 8
1969
1970..
19 71
1972
1973
1974. .
1975 . .
1 976
1977
197 8
197 9
1980..
1981
1982. .
1983..
1984. .
1985 . .
1986 . .

1,127
1,251
1,272
1,516
1,721
1,874
1,824
1,9 57
2 ,202
2,569
2 ,968
3,012
3 ,451
4,628
6,895
6,113
7,031
7,714
9,612
13,474
19,949
20,701
20,773
18,077
22 , 8 6 0
18,726
667.

668.

331
293
319
357
426
497
573
674
77 8
1 ,004
1,422
1 ,227
1 ,479
2,102
2,706
3,237
3,405
3,099
4,372
7,260
10,336
12 , 3 9 8
13^333
12,228
15 , 4 4 6
16,507

314
299
330
382
439
511
594
675
844
1 ,148
1 ,405
1 ,283
1 ,623
2,392
3,005
3,143
3,332
3,398
5,326
7 ,845
10,262
13 , 3 8 3
14^426
12 , 8 0 7
17,208
1 6 ,80 4

EXPORTS OF GOODS AND SERVICES
UNDER U.

1952
1953
1954
1955 .
19 56
1957
1958
1959
1960
1961
1962
1963
1964
1 965
1966
1967 .
1968
1969
1970
197 1
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

6 ,926
7,503
7 ,627
7,981
9,577
9,317
10,908
11 , 8 8 4
12,448
12 , 4 2 8
15,902
17,097
18,512
23,958
34,293
39,260
41 , 1 1 2
44,837
49,187
64,907
85,317
93,946
89,885
81 , 5 9 8
89,907
88,040

7,177
7,230
8,093
8,566
9,451
10,596
10,942
11,695
12,957
14,753
16 ,6 80
17,288
18 , 4 4 5
26,259
36,730
37,473
42,200
46 , 6 9 9
53,819
68,178
82,856
94,878
91 , 0 1 9
81 , 6 5 9
89,053
89 , 3 5 0

III Q

IV Q

1,131
1 ,209
1,379
1 ,495
1,6 88
1 ,939
1 ,852
1,916
2,317
2,673
3 ,030
3,198
3 ,576
5 , 1 87
7,104
6,002
7,371
7,999
9,704
14,929
15,933
21,736
22 , 1 8 4
18,732
21,104
22,253

,166
,251
,397
,541
,735
,862
,879
,064
,411
, 7 94
,977
, 1 56
,803
) ,91 3
,123
6,352
7 ,429
8,337
10 , 4 6 5
17 , 4 4 5
17 , 8 0 7
22,088
21,428
20,684
21,396
24 , 5 0 2

307
317
334
399
440
528
6 43
677
870
1,324
1,377
1 ,428
1 ,650
2,518
3 ,276
3 ,212
3 ,293
3,612
5,630
8,525
10 ,5 05
13,796
13^994
13,536
17,991
16,240

287
336
343
422
478
554
67 1
721
887
1 ,392
1 ,311
1 ,497
1 ,821
2,643
3 ,098
2,973
3 ,281
4,107
6,352
9,330
11 , 0 1 7
12 ,7 52
13!131
13,839
16,823
15,254

421
46 1
420
489
56 8
639
669
828
1,237
1 ,245
1,324
1,561
1,784
2 ,088
2,481
2 ,7 47
3,378
4,869
5,516
5 ,436
6,572
9,655
12,084
12,564
13,311
14,217
2 1 , 6 80
32,960
42,120
5 2 ,329
54,883
52,410
67,469
64,803

1 ,193
1 ,288
1,569
1,605
1 ,6 80
1 ,763
1 ,972
2 ,083
2 ,438
2,875
2,773
3 ,340
3 ,933
6 ,080
6 ,464
6 ,884
7 ,455
8,129
12 , 4 6 5
18,285
18,818
21 , 8 8 7
19,164
19,758
20 , 8 6 1
24,509

,828
,910
.,227
- ,444
. ,662
,817
,845
,043
ik , 6 1 6
+ .999
5,618
6,157
6 ,824
7,437
7 ,528
8,020
9 ,368
10,912
11,747
12,707
14,764
21 ,80 8
27 , 5 8 7
25,351
29 , 2 8 6
32,179
42 , 2 4 5
64,132
72,506
86,41 1
83,549
77,251
86 , 2 2 1
89,991

1,761
1,526
1 ,442
2,105
2,411
2,023
1,474
1 ,189
784
1 ,140
1 ,118
-131
-173
4,624
1 ,691
6,117
1,258
-4,803
100
599
3,954
3,305
-3,799
-15,063
-25 ,874
-29 ,451

2,356
532
1 ,959
2,153
4,145
5 ,901
2 ,356
310
5,191
6 ,484
6,127
7 ,244
9 ,724
8,378
6 ,095
5,838
3 ,693
3 ,524
5,773
2,423
-1 ,742
11,244
9 ,392
22,984
9,521
-9 ,488
-9,875
5,138
9 ,466
13,764
-214
-37 ,123
-94,308
-102 ,694

BALANCE ON GOODS AND SERVICES
TOTAL

1952 . .
1953 . .
1954. .
1955..
1 956
1957 . .
1 958
1959..
1 960
1961..
1962
1963..
1964..
1965..
1966
1967 . .
1968
1969 . .
1970 . .
1971..
1972..
1973 . .
1974..
1975..
1976. .
1977..
1978..
1979
1 980
1 98I
1982..
1983
1984..
1 985
1986..

TOTAL

7 , 3 80
7 ,509
8,077
8,638
9',7 95
1 0 , 3 51
11 , 1 4 1
11 , 7 1 3
13,573
14,87 1
16,532
1 7 , 9 43
19,498
28^544
37 , 0 3 3
38,292

7 , 3 80
7 ,697
8,009
9,031
10 !oO5
10,825
11,572
12,022
13,388
15,469
16,561
16,508
21 ,0 39
31^479
38,609
40,705

47^049
56,214
74,257
85 , 5 8 3
93 , 4 3 6
86,881
84,687
90,631
90,234

45 , 6 9 2
60,775
79,454
88,731
93,501
80 , 8 8 1
85,316
90,522
90,873

184^276
219 , 9 9 4
286,796
342 , 4 8 5
375,759
348,665
333,257
360,111
358,498

NOTE: Unless otherwise noted, these series contain revisions beginning
This series contains revisions beginning with 1967.

876
1,904
1,371
1,503
2 ,595
1 ,922
1 ,840
1 ,636
877
806
1 ,444
1 ,546
-641
958
4,650
5 ,463
3,648
-1 ,523
-4,902
2 , 1 85
253
5 ,140
2 ,674
- 1 ,843
-17 ,872
-22 ,832
669.

EXCLUDING TRANSFERS
18,122
17,078
17,889
19,948
23 7 7 2
26 ,6 53
2 3 ', 2 1 7
23,652
28,861
29,937
31 , 8 0 3
3 4,214
381826
41 , 0 8 7
44 , 562
47 , 3 1 4
52,363
57,522
6 5,674
6 8,838
7 7,495
110',241
146,666
155^729

Annual
TOTAL

TOTAL

IS)
1952
1953
1954
1955
19 56
1957
1958
1959
1 960
1961
1962
1963 .
1964
1965
196 6
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
197 9
1 9 80
1981
1982
1 983
1984
1985
1986

II Q

INCOME ON U. S. INVEST*1ENT ABROAD
OF DOLLARS)

1952 . .
1953..
1954..
1955
1956
1957
1958..
1959..
1960 . .
1961..
1962 . .
1963..
1964. .
1965
1 966
196 7
1968
1969
1970
1971
1972
1973. .
1974
1975..
1976. .
1977..
1978..
1979..
1980..
1981 . .
1982 . .
1983..
1984. .
1985..
1986 . .

1,099
1,571
1,691
1 , 892
2,272
2,388
1,552
1 ,559
1,072
775
1 ,819
524
-660
1 ,958
2,020
6,189
2,706
-1 ,702
- 3 ,026
206
164
2 ,900
3,961
-8,055
-25,394
-25,959

1,455
1 ,483
1,622
1 ,745
2,446
2,044
1,229
1 ,451
962
799
1,391
483
-269
3 ,703
1 ,029
5,214
1 ,907
-1,462
-2,047
2 ,146
5 ,093
2 ,420
- 3 ,047
-12,162
-25 ,166
- 2 4 ,454

IMPORTS OF GOODS AND SERVICES
(MILLION 5 OF DOLLARS)

6 ,050
5,599
6 ,256
6,478
6^982
7,395
9,068
10 248
11,571
11,622
14,458
15,551
1 9 , 1 53
23,000
29 , 6 4 3
33,797
46 , 3 6 0
54,089
62,722
85,064
88,806
87,211
83,441
107 , 7 7 9
110,872

6 ,07 8
5,659
6 ,402
6,674
7 ,' 1 7 9
8 ,208
9,390
10 , 1 3 6
11,885
13,978
14,861
16,764
19,105
24,301
34,710
31,284
48,401
56,845
67 , 9 7 2
82,692
91 , 9 7 8
87 , 0 5 8
89,714
114,447
115,309

TOTAL

5,925
6,026
6 ,455
6,893
7^349
8,307
9,912
10 , 2 6 2
12,611
14,072
15 , 1 4 1
17 , 4 6 0
19,767
24,841
36,004
33,078

5,619
6,171
6 ,567
6,926
7 ,594
8 , 802
10 ,0 98
10 , 8 3 3
12,604
14,329
15,443
16,639
21,212
26 , 8 5 5
36,918
34,588

48,511
58,261
72,111
80,490
91 , 0 1 6
89,928
96,849
115,797
114,688

50,495
60,675
78,855
84,777
90 , 1 9 6
84,680
100 , 3 7 9
116 , 3 9 6
120,324

15,766
16 , 5 4 6
15,930
1 7 , 7 95
19 ,627
2 0 , 7 52
20 , 8 6 1
23,342
23 , 6 7 0
23,453
25,676
26,970
29 , 1 0 2
32,708
38,468
41 ,47 6
48,671
53,998
59,901
66,414
79,237
98,997
137,274
132,745
162,109
193,764
229,869
281 , 6 5 9
333,020
361,995
348,879
370,380
454,420
461 , 1 9 1
(AUGUST 1986)

1




105

G. Experimental Data and Analyses

Year
and
month

Japan
(Yen)

West
Germany
(D. mark)

France
(Franc)

III III III 11111111111 III III III III III

III

Foreign currency per U.S. dollar
United
Kingdom
(Pound)

•

"^
%
\

Lr

254.18
260.48
257.92
251.84
251.73
248.84
241.14
237.46
236.53
214.68
204.07
202.79

3.1706
3.3025
3.2982
3.0946
3.1093
3.0636
2.9083
2.7937
2.8381
2.6446
2.5954
2.5122

0.8872
0.9148
0.8887
0.8080
0.8011
0.7808
0.7243
0.7225
0.7330
0.7035
0.6946
0.6922

9.7036
10.0933
10.0776
9.4427
9.4829
9.3414
8.8513
8.5323
8.6599
8.0641
7.9095
7.6849

Y, A

\

2.4384
2.3317
2.2752
2.2732
2.2277
2.2337
2.1517
2
2.0675

7.4821
7.1575
6.9964
7.2060
7.0967
7.1208
6.9323
2
6.7280

A ^^

260

•

1

V

V\ r

•A.
^>

0.7020
0.6994
0.6815
0.6673
0.6574
0.6629
0.6635
2
0.6724

/

r

t

\

/

A

/

(Lira)

Canada
(Dollar)

Exchange value
n-F +• li/-v 11 C
of the U.b.
dollar 1
(March 1973=100)

v

r

/

A,

y

V

(I
/

1,948.76
2,042.00
2,078.50
1,975.89
1,984.45
1,953.92
1,900.33
1,873.51
1,903.42
1,785.43
1,753.72
1,713.50

1 .3240
1 .3547
1 .3840
1.3658
1 .3756
1 .3676
1 .3526
1 .3575
1 .3703
1 .3667
1 .3765
1 .3954

152.83
158.43
158.14
149.56
149.92
147.71
140.94
137.55
139.14
130.71
128.08
125.80

1,663.14
1,588.21
1,548.43
1,559.45
1,528.50
1,533.10
1,478.31
2
1,423.25

.4070
] .4043
1 .4009
1 .3879
1 .3757
1 .3899
1 .3808
2
1 .3870

123.65
1 1 O
77
118.//
116.05
115.67
113.27
113.77
110.38
2
107.62

VD

Italy (lira)

t

i

v

\\

s

D

the August 1978 FEDERAL RESERVE BULLETIN ( p . 700).
2

Average for August 1 through 22.

Source: Board of Governors of the Federal Reserve System.

106



5
0.9
0.8
0.7
0.6

1800
1600
1400
1200
1000

El
KSI

^N
V

A

1.6
1.4
1.2
1.0

\
y \\
s

160
140

V

120

D

III III III III III III III III III III III III III III

73 74 75 76 77 78 79 80 81 82 83 84 85 86
This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
x

2.0
10
9
8

2000

Canada (dollar)

Exchange value of the U.S. dollar
(index: March 1973 = 100)

J*

2.4

800

j
-A
1

\ j

2.8

0.5

—*v
]

- 1 140

6

1

1985
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.
1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..

180

7

United Kingdom (pound)
Italy

s

J \
V
^

/
Year
and ,
month

D

A

France (franc)

V
Foreign currency per U.S. dollar

220

3.2

^
199.89
184.85
178.69
175.09
167.03
167.54
158.61
2
153.98

300

V ierma ny (d . mark)
JestC

1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.

•

Japan (yen)

\\

1985
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.

Ratio scale

Foreign currency per u.5. dollar—

100
80

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution 1;o index

Basic data

Series t i t l e
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). .
5. Average weekly i n i t i a l claims f o r unemployment insurance, State programs1 (thous.). . .
8. Mfrs. 1 new orders in 1982 d o l l a r s , consumer
goods and materials industries ( b i l . d o l . ) . .
32. Vendor performance, percent of companies
receiving slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders f o r plant and equipment
in 1982 dollars ( b i l . d o l . )
29. New private housing units authorized by
local building permits (index: 1967=100). . .
36. Change in inventories on hand and on order in
1982 d o l . , smoothed2 (ann. r a t e , b i l . d o l . ) .
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M in 1982 dollars
2
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. r a t e , percent)
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. r a t e , b i l . d o l . )
47. I n d u s t r i a l production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars ( m i l . d o l . )
920. Composite index of 4 roughly coincident
indicators 3 (index: 1967=100)

Apr.
1986

June
1986

May
1986

Apr.
to
May
1986

July
1986

May
to
June
1986

June
to
July
1986

.

40.7

40 .7

40 .6

p40.6

0.00

-0.08

0.00

.

374

378

378

370

-0.03

0.00

0.06

.

87.03

83.67

r85.65

p85.42

-0.19

0 .12

-0.01

50

55

50

54

0 .20

-0.20

0.18

123 . 1

119.9

r l l 7 .5

pl20 .1

- 0 .37

- 0 .28

0 .33

31 .07

31.05

r 3 2 .32

p33 .77

0 .00

0 .09

0.10

.

150.3

142.6

142.9

140.3

-0.16

0 .01

-0.06

.

r29.57

rl3.47

p-5.48

NA

-0.39

r - 0 .57

- 0 .26

rO .23

0.48

0 .12

0 .19

0.11

23 7 .98

238 .46

245 .30

240 . 1 8

0.01

0 .18

- 0 .14

r 2 , 3 2 9 .8

r 2 , 3 4 9 .9

r 2 , 3 5 7 .8

p 2 , 3 8 1 .7

0 .28

0 .11

0 .35

r3 . 1

r8 .7

r3 .9

p5 .4

0 .29

-0.25

0.09

178.3

r l 7 8 .2

r l 7 7 .4

p l 7 9 .4

- 0 .06

-0.45

1 .13

99 ,783

r99 , 9 1 8

r99,864

plOO ,253

0.11

-0.04

0.42

r2,633.3

r2,622.8

r2,612.0

p2,619.5

-0.20

-0.21

0.19

r l 2 5 .3

rl24.6

rl24.2

pl24.1

-0.16

-0.09

-0.03

r420,443

r413,039

p413,360

NA

-0.39

0.02

r l 6 5 .4

rl64.1

r l 6 3 .2

p l 6 3 .9

- 0 .79

-0.55

0.43

14.4

15.2

15.0

-0.05

-0.39

0.14

rl.56

pi.56

NA

0.26

0.00

81.6

81.4

p80.9

-0.07

-0.07

-0.27

8.50

8 .50

8.h

- 0 .23

0.00

-0.35

r339,684

r339,662

p339,147

0 .01

0.00

-0.06

rl6.14

pl6.28

0.81

0 .54

rl32.6

rl32.7

0.76

0.08

LAGGING INDICATORS
91. Average duration of unemployment1
14.3
(weeks)
77. Ratio, manufacturing and trade inventories
r l .54
to sales in 1982 dollars ( r a t i o )
62. Labor cost per unit of output, manufacturing-r81.8
actual data as a percent of trend (percent) . .
109. Average prime rate charged by banks
8.83
(percent)
101. Commercial and i n d u s t r i a l loans outstanding
r339,571
in 1982 dollars ( m i l . d o l . )
95. Ratio, consumer installment credit
15.93
outstanding to personal income (percent). . . .
930. Composite index of 6 lagging indicators 3
r l 3 1 .6
(index: 1967=100)

NA
pl32.0

-0.46

NA

NA

NA

NA
-0.53

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This
2
This
3

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor
for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
Actual
Devidata
ations
for
from
reference current
cycle
peaks

5. Average weekly \n\t\a\ claims, State
unemployment insurance (inverted)

TTT
MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
ACTUAL
REF.
FROM
YEAR 5. Average
DATA
TROUGH
7/81

TpTTTJT

Deviations
from
specific
troughs

weekly initial claims, State

unemployment insurance (inverted)

SERIES
5
THOUSANDS
33
34
35
36

-5.1
-3.5
-7.1
-6 .1

375
381
367
371

8/85
9/85
10/85
11/85

• 400

37
38
39
40

-1 .0
-5.1
-2.8
-0.5

391
375
384
393

12/85
1/86
2/86
3/86

• 450

41
42
43

-5.3
-4.3
-4.3
-6.3

374
378
378
370

Actual
data
for
current
cycle

4/86
5/86
6/86
7/86

• 350

• 500

- +40

^550

• 475

SERIES
5
THOUSANDS
8/85
9/85

• 600

- +100
—•+110

43. Unemployment rate, total (inverted)

-42.6
-41.7

375
381

37
38
39
40

-43.8
-43.2
-40.1
-42.6

367
371
391
375

10/85
11/85
12/85
1/86

41
42
43
44

- 4 1 .2
-39.8
-42.7
-42.1

384
393
374
378

2/86
3/86
4/86
5/86

45
46

- +90

35
36

• 650

- +80

• 425

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
ACTUAL
FROM
SPEC.
YEAR
DATA
TROUGH
9/82

-42.1
-43.3

378
370

6/86
7/86

• 700

~ -20 #525

• 575

• 625

• 750
• 675

• 800
MONTHS
FROM
REF.
TROUGH

CURRENT MONTH
AND
ACTUAL
YEAR
DATA
SERIES 43
PERCENT

-J+10
43. Unemployment rate, total (inverted)
Ug,u I

33
34
35
36

6.9 12/85
6.7
1/86
7.3
2/86
7.2
3/86

41
42
43
44

7.1
7.3
7.1
6.9

Actual
—I - 4

7.1
8/85
7.1
9/85
7.1 10/85
7.0 11/85

37
38
39
40

B

• 7

• 8

4/86
5/86
6/86
7/86

• 9
-1

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
FROM
ACTUAL
SPEC.
YEAR)
TROUGH
12/82
DATA

•

•

SERIES 43
PERCENT
7.1

10

11

8/85

+1
33
34
35
36

-3.
-3.

7.1
9/85
7.1 10/85
7.0 11/85
6.9 12/85

37
38
39
40

-3.4
-3.5
-3.6

6.7
7.3
7.2
7.1

1/86
2/86
3/86
4/86

41
42
43

-3.4
-3.6
-3.8

7 .3
7.1
6.9

5/86
6/86
7/86

• 12
+2

- 10

111111111

11111111111111111111111111II111111111111111

0 + 6 +12 +18 +24 +30 +36 +42
Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1986 issue.

108



• 13
+3
111111II11111111II11111111111111111111II1111

0 + 6 +12 +18 +24 +30 +36 +42
Months from specific troughs

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
I I I I 1 1 I I M T n T T T T T T FT I T T T T T I T T T T M T T T T I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Deviations
from
reference
peaks

23. Spot market prices, raw industrials *
U,L,L

I

Actual
data

for
curren1
cycle

MONTHS' DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
DATAi
YEAR
TROUGH
7/81

+ 80

+ 70

+ 60
• 450
+ 50

+ 40

-17.0
-17.3
-18.2

238.0
236.9
234.5

• 400

23. Spot market prices, raw industrials

9/85
10/85
11/85

37
38
39
40

-18.0
-17.3
-18.6
-22.2

235.0
236.9
233.3
223.1

41
42
43
44

-23.3
-22.8
-21.5
-20.6

219.9
221.3
225.0
227.6
211.8

Percent

4/86
5/86
6/86
7/86

-26.1

8/86

• 475

• 450

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
AND
ACTUAL
TROUGH
12/82
YEAR
DATA

• 425

SERIES 23 1
1967=100

+ 30

• 400

+20
+ 10
• 300

33
34
35
36

4.7
4.2
3.1
3.3

238.0
236.9
234.5
235.0

9/85
10/85
11/85
12/85

37
38
39
40

4.2
2.6
-1.9
-3.3

236.9
233.3
223.1
219.9

1/86
2/86
3/86
4/86

41
42
43
44

• 350

Actual

—I +120 • 500

12/85
1/86
2/86
3/86

45

• 500

Deviations
from
specific
troughs

SERIES
231
1967=100
34
35
36

Percent

1

-2.7
-1.1
0.1
-6.9

221.3
225.0
227.6
211.8

5/86
6/86
7/86
8/86

• 375

• 350

• 325

• 300

-10
• 250
DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
FROM
ACTUAL
REF.
YEAR
7/81
DATA
TROUGH

-20

101. Commercial and industrial loans
outstanding in 1982 dollars

SERIES 101
MIL. DOL.

• 200
33

-

36

Billions
• 340

Lg,Lg,Lg I

• 320

• 300

-

+20

• 280

38.7
39.0
40 2
41.7

321716
322412
325183
328823

37
38
39
40

42.8
45.3
45.7
46.7

331317
337163
337955
340217

12/85
1/86
2/86
3/86

41
42
43
44

46.4
46.4
46.4
46.2

339571
339684
339662
339147

4/86
5/86
6/86
7/86

34
35

0
• 220

-

-10
• 200

-J -20
I I I I I I I I I ll I I I I 1 I I I I I I I I I U I I I I I 1 I I I

0

+6

+12 +18 +24 +30 +36

Months from reference troughs

+42

©250

0

• 225

-J -10

|Lg,Lg,Lg|

40

Bi 1 lions
• 350

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
AND
ACTUAL
TROUGH
10/83
DATA
YEAR

30

10/83

• 330

SERIES 101
MIL. DOL.

- +10

-

101. Commercial and industrial loans
outstanding in 1982 dollars

+10

-

8/85
9/85
10/85
11/85

• 260

• 240

• 275

22
23
24

25.6 321716
25.8 322412
26.9 325183

8/85
9/85
10/85

25
26
27
28

28.3
29.3
31.6
31.9

328823
331317
337163
337955

11/85
12/85
1/86
2/86

29
30
31
32

32.8
32.5
32.6
32.6

340217
339571
339684
339662

3/86
4/86
5/86
6/86

32.4 339147

7/86

20

• 310

• 290
10
• 270

-J 0
• 250

0

+6

+12 +18 +24 +30 +36

+42

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1986 issue.
x
This is a copyrighted series used by permission, it may not be reproduced without permission from Commodity Research Bureau, Inc.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue

Ser.es
number

(page numbers)

Charts

Tables

Historical
data
(issue date)

Series
description
()
*

A
Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars
Plant and equipment expenditures, current dollars
Plant and equipment expenditures, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

604

56

92

12/85

58
974
975
971
100
61
970
976
978
977
972
973

22
38
38
38
24
24
38
38
38
38
38
38

65
76
76
76
67
67
76
76
76
76
76
76

11/85
12/85
12/85
12/85
5/86
5/86
11/85
12/85
12/85
12/85
12/85
12/85

20
37
37
37

616
55

56
22

92
65

12/85
2/86

56
39

23
23
37
37
37
37
37

B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve
Bonds—See Interest rates.
Borrowing—See Credit.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures—See Investment, capital.
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change.
Business saving

93
94

33
33

72
72

4/85
4/85

35
35

29
76

13,25
24

67
67

6/86
8/85

24
12

14
12
13

33
12,23
23

72
65
65

12/85
6/86
6/86

34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

6/86
6/86
6/86
5/86

32
32
32
26

82
84

20
20

64
64

8/85
8/85

14
14

97
11
965
333

24
24
37
48

66
66
86

2/85
2/85
2/85
7/86

22
22
22
51

914
35
34

1
1
29
29

60
70
70

1/86
2/86
2/86

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

4/86
4/86
4/86
4/86

9
9
9
9

C
Canada—See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
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
Labor force....
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows
Profitability
Twelve leaders, index
Twelve leaders, rate of change
See notes at end of index.

110



7
5

5

74
60
66

9/85
9/85
1/86
1/86
10/85

5
5
21

73
73
71

6/86
6/86
6/86

32
32
32

920
920c
951
940
9

10
39
36
1
1
23

60

101
72
112

15,35
35
32

345
280

49
45

87
82

12/84
3/86

46
46

64

30,47

70,83

2/86

46

346

49

88

12/84

46

340

49

8
7

8/86

5

341
348
349

49
50
50

87
88
88

8/86
9/85
9/85

5
53
53

53

19

63

2/86

920
920c
940

10

60

3
9
1
1

60'

930
930c

10
39

914
915
917
916
910
910c

1
1
1
1
1
1
1
1
10
39

9/85
9/85
1/86

5
"5

60

9/85
9/85

5

60

1/86
1/86
1/86
1/86
9/85
9/85

5
5
5
5
5

6
0
60
60
60

Series title
(See complete t.tles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer finished goods producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items
Food
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index

Current iss e

"

(page numbers)

Historical
data
(issue date)

Series
description

Series
number

Charts

Tables

29

13,25

67

6/86

9
69

23
24

66
67

10/85

21
17

86
248
87
89
249
28
334
8
75

25
47
25
25
47
25
48
12,21
22

67
83
67
67
83
67
86
64
65

2/86
3/86
2/86
2/86
3/86
6/86
7/86
5/86
8/85

40
40
40
40
40
24
51
15
12

66
113
95
39

35
32
15,35
33

73
72
73
72

6/86
6/86
6/86
7/85

33
33
33
34

320
322
58

49
49
22

84,95
84
65

11/85

49
49
20

525

53

90

12/85

55

20

12,23

66

5/86

21

10
116

23
34

66
73

5/86
9/85

21
35

C)

110

32

72

101
72
112

15,35
35
32

73
73
71

6/86

32
32
32

66
113
95
39
Ill
33

35
32
15,35
33
13,32

3
2

73
72
73
72
72
71

6/86
6/86
6/86
7/85
8/86
6/86

33
33
33
34
31
31

98
331

28
48

69
85

6/86
7/86

51
50

557

54

91

8/85

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

11/85
12/85
12/85
5/86
10/85
12/85

55
55
56
56
56

559
548
588
561
570
564
565

5
4
53
54
54
55
55
55

91
90
91
91
91
91
91

7/85
7/85
7/85
7/85
8/86
5/86
5/86

17
15
17
15
5
43
43

39
32

33
12,21

72
64

7/85
1/86

34
17

965
951
974
963
966

37
36

75
74

38

7
6

36
37

74
75
78

2/85
1/86
12/85
8/85
8/85

22
5
37
5
12

962
975
952
950
964

36

7
4
7
6

1/85
12/85
1/86
1/86
7/85

8
37
5
5
15

971
970
960
972
967

38
38
37
38
37

12/85
11/85
12/85
12/85
1/86

3
7

973
976
978
977
968
961

38
38
38
38
37
36

12/85
12/85
12/85
12/85
7/85
8/86

37
37

D
Debt—See Credit.
Defense and space equipment, industrial production
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Plant and equipment expenditures
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components
Disposable personal income—See income.

3
8
36
36

3
7

74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

5
5

23
37
37
25

3
7
3
7
2
5
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagncultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagncultural payrolls
Employees on private nonagncultural payrolls, Dl ..
Employment, civilian
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment....
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl....
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age..
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagncultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from..
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

Goods output in constant dollars
Government budget
Federal expenditures.
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollais
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars.
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.

Series
number

Current issue
numbers)
Tables

(page

Charts

41
4
58
7
57
7

5
1
5
5
5
5

4c
8
48
4
0
94
7
4
1
93
6
42
4
50
7
9
0
4
6
6
0
5
92
6
2
1
43
5
42
5
41
5
48
4
4
2
46
4
45
4
47
4
44
4
9
1
3
7
4
4
4
5
4
3
1

3
9
1
7
1
7
3
8
14,17
3
6
5
1
5
5
1
7
1
6
1
6
12,16
3
6
1
6
5
1
5
1
5
1
5
1
1
7
5
1
5
1
5
1
5
1
15,18
18,51
1
8
1
8
1
8
12,16

91
6

3
6

8
9
9
1
9
1
6l'
6
2
7
6
6
2
7
4
8
9
9
1
6
2
6
1
6
1
6
1
7
4
6
1
8
9
8
9
8
9
8
9
6
2
8
9
8
9
8
9
8
9
62
62,89
6
2
62
6
2
6
1
7
7
7
4

119

9
4
23
1
97
1

Historical
data
(issue date)

4/86
5/86
10/85
1/86
1/86
8/86
12/85
8/86
8/85
4/86
8/86
4/86
4/86
4/86
1/85
1/85
8/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
8/86

9
56
56

5
5
37
5
5
9
5
9
9
9

8/86

9/85

3
3
40
1
1

7
2
8
0
6
0

4/85
3/86
1/86

3
5
3
8
5

5/86

4/85

2/86

52
0
51
0
50
0
52
1
51
1
50
1
28
9

5
2
5
2
5
2
5
2
5
2
5
2
4
6

9
0
9
0
90
90
9
0
9
0
8
3

5/86
5/86
5/86
5/86
5/86
5/86
5/86

5
3
5
3
5
3
5
3
5
3
5
3
48

23
6
22
6
25
6
54
6
55
6
27
6
26
6
28
6
21
6
20
6

4
3
4
3
47
5
5
5
5
4
3
4
3
4
7
4
3
4
3

8
1
8
1
8
3
9
1
9
1
8
1
8
1
8
3
8
1
8
1

3/86
3/86
3/86
5/86
5/86
3/86
3/86
3/86
3/86
3/86

4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3

31
1
6
8

48
3
0

8
4
7
0

5/86
2/86

4
9
2
8

5
0
5b
0
5c
0
20
0
200b
200c
17
0
4
9
30
1
27
1

19,40

63,80
80
80
80
8
0
80
7
1
6
3
84
80

2/86
2/86
2/86
2/86
2/86
2/86
8/86
2/86
5/86
3/86

3
8
3
8
3
8
3
8
3
8
3
8
3
0
1
4
38
38

61
61

4/86
4/86

61
77
74
61

8/86

39'
40
3
1
20
48
40

H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Series
description
(*)

46
60
12,16
961
21

36
16

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Current issue
e numbers)

Series
number

Charts

28
29
89
249

25
13,25
25
47

Tables

Historical
data
(issue date)

Series
description
(*)

67
67
67
83

6/86
6/86
2/86
3/86

84

5/86

12/84
3/86

46
46

2
4
2
4
40
4
0

I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl.
Total, rate of change
Industrials, raw spot market prices
Components
Diffusion index
Spot market index
Installment credit—See Credit
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
United Kingdom
United States
West Germany
Industrial production
Canada
France
Italy
Japan
OECD European countries
United Kingdom
United States
West Germany

310

345
280

49
45

87
82

64

30,47

70,83

2/86

4
6

346
95
286

49
15,35
45

88
73
82

12/84
6/86
3/86

46
33
26

287
225
224

47
40
40

83
80
80

3/86
3/86
3/86

26
11
11

227

40

340

49

8
7

341
652
651
288
289
220
52
223

4
9
5
7
5
7
4
5
4
7
4
5
1
9
4
0

8
7
9
3
9
3
8
2
8
3
82
6
3
6
3

8/86
8/86
8/86
3/86
3/86
3/86
2/86
2/86

5
5
7
5
7
4
7
4
7
4
6
1
1
1
1

3
9
4,19
3
1
4
5

63'
7
1
8
2

11/85
2/86
6/86
3/86

1
1
3
0
4
7

47
4
5

8
3
8
2

3/86
3/86

47
47

4
7
5
0
5
0

8
3
8
8
88

3/86
9/85
9/85

4
7
5
3
5
3

1
9
2
3
48

6
3
6
5
8
5

2/86
6/86
7/86

1
1
2
1
5
1

2
4
2
2
5
4
2
0
2
0
20,58:

6
7
6
5
9
1
6
3
6
3
63,94

8/85
8/85
8/85
8/85
8/85
8/85

1
2
1
2
1
3
1
2
1
2
1
2

51c
51
108
282
283
284
285
348
349
53
13
335
76
75
557
73
74
47
966
47c

967
23

37
39
37
28

3/86

78
75

11/85

79
75
69

1/86
1/86

25
25

61
74
62
82
83

1/85
1/85
4/86
3/86
3/86

47
47

5
962
45
288
289

12,16
36
18
45
47

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34
48

73
73
72
73
73
73
72
73

12/85
9/85
9/85
9/85
9/85
6/85
9/85
9/85
7/86

35
35
35
35
35
35
35
35
50

733
736
737
738
732
320
735

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

6/85
6/85
6/85
6/85
6/85
8/86
6/85

60
61
61
61
60
49
61

94
723
58
94
726
58
94
727
58
94
728
58
94
721
58
94
722
58
47 14,20,58 63,94
725
58 94

10/85
10/85
10/85
10/85
10/85
10/85
8/85
10/85

59
59
59
59
58
58
12
59

See notes at end of index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade ...,
Inventory investment and purchasing, Cl
Manufacturing and trade, book value
Manufacturing and trade, change in book value
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manufacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP.
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars.
New ordeVs, nondefense capital goods,
current dollars..
Plant and equipment
Contracts and orders, constant dollars...
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
Italy—See International comparisons.

Series
number

Current issue
(P a S e numbers)
Charts
Tables

Historical
data
(issue date)

Series
description
(*)

73
4
76
4
77
4
78
4
72
4
1
9
75
4

5
9
5
9
5
9
5
9
5
9
5
9
5
9

9
6
9
6
9
6
9
6
9
6
9
6
9
6

11/85
11/85
11/85
11/85
11/85
11/85
11/85

6
3
6
3
6
3
6
3
6
3
2
5
6
3

67
6
62
2
62
0
68
1
64
0
26
5
22
5
68
6
66
0
62
1
60
2
66
1
69
6
27
5
23
5
64
1
62
5
61
5

5
7
5
7
5
6
5
7
5
6
44
4
4
5
7
5
6
5
6
5
7
5
6
5
7
4
4
44
5
6
5
7
5
7

9
3
9
3
9
2
9
3
92
82
8
2
9
3
9
2
9
2
9
3
9
2
9
3
82
8
2
9
2
9
3
9
3

8/86
8/86
12/85
8/86
12/85
3/86
3/86
8/86
12/85
12/85
8/86
12/85
8/86
3/86
3/86
12/85
8/86
8/86

5
7
5
7
5
6
5
7
5
6
44
4
4
5
7
5
6
5
6
5
7
5
6
5
7
4
4
44
5
6
5
7
5
7

25
5

44

82

3/86

4
4

20
5
21
5

4
4
4
7

82
8
3

3/86
3/86

4
4
4
4

3
0
25
4
27
4
59
5
6
5
7
7
95
1
7
1
3
1
7
0
95
7

26,42
42
47
5
4
2
7
15,27
1
1
2
7
2
6
2
7
38

68,81
8
1
8
3
9
1
68
6
8
6
0
6
8
6
8
68
7
6

2/86
3/86
3/86
7/85
6/85
10/85
1/86
10/85
6/85
10/85
12/85

40
4
0
40
1
7
1
7
1
7
5
1
7
1
7
1
7
3
7

3
6

13,26

68

5/86

1
7

7
8

2
7

6
8

6/85

1
7

38

2
6

68

6/85

1
7

9
7
1
1
95
6
94
1
9

2
4
2
4
3
7
1
1
2
3

6
6
6
6
7
5
6
0
6
6

2/85
2/85
2/85
1/86
10/85

2
2
2
2
2
2
5
2
1

8/86
23
4
22
4
8
6
28
4

42
42
2
5
47

8
1
8
1
6
7
8
3

3/86
3/86
2/86
3/86

40
4
0
4
0
40

88
8
7
8
9
29
4
21
4
20
4

2
5
2
5
2
5
4
7
42
42

6
7
6
7
6
7
8
3
8
1
8
1

2/86
2/86
2/86
3/86
3/86
3/86

40
40
40
40
40
4
0

5/86
5/86
2
0
1
0
10
0
6
1
90
7

12,23
2
3
2
4
2
4
3
8

6
6
6
6
6
7
6
7
7
6

5/86
5/86
5/86
5/86
11/85

2
1
2
1

62
5
61
5

5
7
5
7

9
3
9
3

8/86
8/86

5
7
5
7

2
3
2
3

Japan—See International comparisons.

Labor cost per unit of gross domestic product
Labor cost per unit of output, business sector
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit of, nonfarm business
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.

112



68
6
3

30
3
0

7
0
7
0

2/86
8/86

28
28

62
6
2
2
6

3
0
1
5
2
9

7
0
7
0
7
0

4/86
4/86
8/86

2
8
28
28

90
3
930c
92
5

1
0
3
9
3
6

60

9/85
9/85
1/86

5

7
4

5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

Series
number

(naoe numbers^
^ 8
'
Charts
Tables

910
910c
950
14
104

10
39
36
33
31

78
38
84
8

60

Historical
data
(issue date)

Series
description
(•)

74
72
71

9/85
9/85
1/86
12/85
6/86

5

2
7

68

6/85

1
7

26
20
12,21

68
64
64

6/85
8/85
5/86

1
7
1
4
1
5

917

1
1

60

1/86

5

104
105
85
106
102
107
108
33
118
117

3
1
3
1
3
1
13,31
3
1
3
1
3
1
3
2
3
4
3
4

7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
3

6/86
6/86
6/86
6/86
6/86
8/86
6/86
6/86
9/85
9/85

2
9
2
9
2
9
3
0
2
9
3
0
3
0
3
1
3
5
3
5

27
24
8

2
3
2
3
2,21

6
6
6
6
6
4

5/86
5/86
5/86

1
5
1
5
1
5

20

2,23

6
6

5/86

2
1

10
548
7
6

2
3
5
3
2
1
2
1

5/86
7/85
5/86
5/86

2
1
1
5
1
5
1
5

964
971

3
7
38

6
6
90
64
6
4
7
7
7
5
7
6

7/85
12/85

1
5
3
7

88
87
86
248

2
5
2
5
2
5
47

6
7
6
7
6
7
8
3

2/86
2/86
2/86
3/86

40
40
40
40

517
543
721

5
3
5
3
5
8

90
90
94

11/85
12/85
10/85

5
5
5
5
5
8

580

54

9
1

12/85

5
6

49

20

6
3

2/86

1
4

62
62
370
358
82
84
21

3
0
1
5
5
0
50
2
0
2
0
1
6

7
0
7
0
88
88
6
4
64
6
1

4/86
4/86
1/85
1/85
8/85
8/85
8/86

28
2
8
5
2
5
2
1
4
1
4
5

453
452
451

5
1
5
1
5
1

8
9
8
9
8
9

4/86
4/86
4/86

9
9
9

55
233
232
238
236
239
237
231
230
235

2
2
4
1
4
1
4
1
4
1
4
1
4
1
4
1
4
1
47

6
5
80
80
8
1
8
1
8
1
8
1
80
80
8
3

2/86
3/86
3/86
3/86
3/86
3/86
3/86
3/86
3/86
3/86

3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9

292
293
614

4
6
4
6
5
6

82
8
3
92

5/86
5/86
12/85

48
48
5
6

5
34
29

M
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers'inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Merchandise trade—See International transactions.
Military—See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply M l
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields
N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing
P
Participation rates, civilian labor force
Both sexes 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income
Personal saving.
Personal saving rate
Petroleum and petroleum products, imports

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Food
.
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components....
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj. constant dollars.
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars

Series
number

Current issue
^page n u m b e r s ^
Charts
Tables

20 12,23
10
23
100 24
61
24
970 38
90
17

66
66
67
67
76
62

320 49
322 49

84,95
84

Historical
data
(issue date)

Series
description
(*)

5/86
5/86
5/86
5/86
11/85
4/86

21
21

8/86

23'
23
9

49
49

311 48
310 48
26
29

84
84
70

5/86
5/86

49
38
28

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

7/86
7/86
7/86
7/86
7/86
7/86
6/86

50
51
50
51
51
50
51

967
23

37
28

79
75
69

1/86
1/86

25
25

28
13,28

69
69

6/86
6/86

51
25

19 13,28
968 37
26
29

69
75
70

11/85
7/85

25
25

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

12/85
12/85
12/85
12/85
6/85

37
37
37
55
35

88

25

67

2/86

370
358
916

50
50
11

88
88
60

1/85
1/85
1/86

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

2/86
2/86
2/86
2/86

26
26
26
26

98
99

45
47
38
37
29
11
29

82
83
76
75
70
60
69

3/86
3/86
12/85
12/85
11/85
1/86
2/86

26
26
37
37
27
5
26

81
282

29
45

70
82

2/86
3/86

26
47

3/86

Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving..
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components ..
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.

37
28
45

75
69
82

1/86
1/86
3/86

25
25
47

285
93
89

47

83
72
67

3/86
4/85
2/86

47
35
40

33
25

'

v

v

w

Current issue
(P a S e numbers)
Charts
Tables

Historical
data
(issue date)

Series
description
(*)

249

47

83

3/86

59
54

22
22

65
65

5/86
5/86

69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

67
65
65
76
68
65
65

8/86
10/85
10/85
12/85
10/85
5/86
5/86

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

5/86
5/86
3/86
5/86
5/86

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

6/86
6/86
7/85

51
25
17

967
23

37'
28

79
75
69

1/86
1/86

25
25

19
968

13,28
37

69
75

11/85
7/85

25
25

34
34

72
73

9/85
9/85

35
35

91
60

15,18
16
12,16
36

62
61

5
962

4/86
4/86
1/85
1/85

9
9
8
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89

9
9

62,89

4/86
4/86
4/86
4/86
4/86

44

45
43

18
18
18

62
62
62

4/86
4/86
4/86

9
8
9

561
96
25

54
21
21

91
64
64

7/85
6/85
6/85

15
15
15

107
108
32

31
31
12,21

71
71
64

8/86
6/86
1/86

30
30
17

1

12,16

5

36'

61
77
74

8/86

961

8/86

"5

213

20
20

3/86

T

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl
Number unemployed
Both sexes 1619 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
Unemployment rates
15 weeks and over
Insured unemployment
Total
Unfilled orders, manufacturers'
Defense products
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons
V
Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance, slower deliveries

79
967
23
284

Series
number

114
115

Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

Treasury bill rate
Treasury bond yields

286
287
972
960
15
916
22

283

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

61
74

9
9
9

W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components ..
Diffusion index
l/fMUJIUM

IIIUCA

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; " Q " indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide" also lists chart and table page numbers
for each series.

I-A. Composite Indexes
910.

Composite index of twelve leading indicators
(includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,
106, 111) (M).-Source 1
(10,39,60)

914. Composite index of capital investment commitments
(includes series 12, 20,29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(12,23,65)
13. Number of new business incorporations (M).-Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).-Source2
(26,68)
39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

18. Corporate profits after tax in 1982 dollars ( Q ) . Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Source 3
(17,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)
Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing (M).—
Source 3
(16,61)

Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)
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)

I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3

(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

(18,51,62,89)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

917.

Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).-Source
1
(11,60)

36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).-Sources 1
and 2
(13,26,68)

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

940.

35. Corporate net cash flow in 1982 dollars (Q).-Source
1
(29,70)

37. Number of persons unemployed (M).—Source 3

Composite index of profitability (includes series
19,26,80) ( M ) . - S o u r c e l
(11,60)

930.

34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)

14. Current liabilities of business failures ( M ) . - D u n
& Bradstreet, Inc.
(33,72)

916.

920.

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
Sources 1; 4; American Council of Life Insurance;
Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2

(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source 3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).-The Conference Board
(16,61)
47. Index of industrial production ( M ) . - S o u r c e 4

(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).-Source

1

(19,39,40,63,80)

51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).-Source 1

(29,70)

(19,63)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)

7. Manufacturers' new orders in 1982 dollars, durable goods industries (M) -Sources 1 and 2
(21,64)

28. New private housing units started (M).—Source
2
(25,67)

8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)

29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

(12,16,61)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).-McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114



30. Change in business inventories in 1982 dollars ( Q ) . Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories,
book value (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

54. Sales of retail stores in current dollars (M).-Source

2

(22,65)

55. Personal consumption expenditures, automobiles
(Q).-Source 1
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sourcesland2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sourcesland2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M).-Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)

88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)

61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)

89. Gross private residential fixed investment in 1982
dollars (Q).-Source 1
(25,67)

62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)

90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

91

- Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)

(33,72)
93. Free reserves (M).—Source 4
94. Member bank borrowings from the Federal Reserve
(M).-Source4

(33,72)

65. Manufacturers' inventories, finished goods, book
value (EOM).-Source 2
(27,68)

95. Ratio, consumer installment credit outstanding to

66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)

96. Manufacturers' unfilled orders, durable goods indus-

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q).—Source 1
(30,70)

personal income (M).—Sources 1 and 4
tries (EOM).-Source 2

(15,35,73)
(21,64)

97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board

I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(35,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
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)

(24,66)
98. Percent change in producer prices for 28 sensitive 963. Diffusion index of employees on private nonagricuicrude and intermediate materials (M).—Sources 1
and 3
(28,69)

tural payrolls, 172-186 industries (M).-Source
3
(36,74)

99. Change in sensitive materials prices (M).—Sources 1,
3f and Commodity Research Bureau, Inc.
(13,28,69)
70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2
(27,68) 100. New plant and equipment expenditures by business
in 1982 dollars (Q).-Source 1
(24,67)
71. Manufacturing and trade inventories, book value
101. Commercial and industrial loans outstanding in 1982
(EOM).—Sources 1 and 2
(27,68)
dollars (M).—Sources 1, 4, and The Federal Reserve
72. Commercial and industrial loans outstanding in curBank of New York
(15,35,73)
rent dollars (M).—Sources 1, 4 and The Federal
102. Change in money supply M2 (M).-Source 4 (31,71)
Reserve Bank of New York
(35,73)
104 Change in total liquid assets (M).—Sources 1 and
4
(31,71)
73. Index of industrial production, durable manufactures (M).-Source 4
(20,63)
105. Money supply M l in 1982 dollars (M).-Sources 1
74. Index of industrial production, nondurable manuand 4
(31,71)
factures (M).-Source 4
(20,63)
106. Money supply M2 in 1982 dollars (M).-Sources 1
75. Index of industrial production, consumer goods
and 4
(13,31,71)
(M).-Source 4
(22,65)
107. Ratio, gross national product to money supply M l
76. Index of industrial production, business equipment
(Q).—Sources 1 and 4
(31,71)
(M).-Source 4
(24,67)
108. Ratio, personal income to money supply M2 (M).—
77. Ratio, manufacturing and trade inventories to sales in
Sources 1 and 4
(31,71)
1982 dollars (M).-Sources 1 and 2
(15,27,68)
109. Average prime rate charged by banks (M).—Source
78. Manufacturers' inventories, materials and supplies
4
(35,73)
on hand and on order, book value (EOM).—Source H A Funds raised by private nonfinancial borrowers in
2
(27,68)
credit markets (Q).—Source 4
(32,72)

964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)

79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)
80.

81.

82.
84.
85.
86.
87.

m

965. Diffusion index of newly approved capital appropriations in 1972 dollars, 17 manufacturing industries (Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
42-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).-Source 1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).-Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)

972. Diffusion index of net profits, manufacturing and
trade-about 1,400 businessmen reporting ( Q ) —
Dun & Bradstreet, Inc. (Used by permission. This
Corporate profits after tax with inventory valua- 112. Net change in business loans (M).—Sources 1, 4,
series may not be reproduced without written
and The Federal Reserve Bank of New York (32,71)
tion and capital consumption adjustments in 1982
permission from the source.)
(38,76)
dollars (Q).-Source 1
(29,69) 113. Net change in consumer installment credit (M).—
973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
Ratio, corporate domestic profits after tax with
trade—about 1,400 businessmen reporting (Q).—
inventory valuation and capital consumption adjust- 114. Discount rate on new issues of 91-day Treasury
Dun & Bradstreet, Inc. (Used by permission. This
ments to total corporate domestic income (Q).—
bills (M).-Source 4
(34,72)
series may not be reproduced without written
Source 1
(29,70)
n 5
permission from the source.)
(38,76)
Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(34,73)
Capacity utilization rate, manufacturing (M).—
974. Diffusion index of number of employees, manufacSource 4
(20,64)
116
Yield on new issues of high-grade corporate bonds
turing and trade—about 1,400 businessmen reporting
(M).—Citibank and U.S. Department of the Trea(Q).—Dun & Bradstreet, Inc. (Used by permission.
Capacity utilization rate, materials (M).—Source
sury
(34,73)
This series may not be reproduced without written
4
(20,64)
permission from the source.)
(38,76)
Yield on municipal bonds, 20-bond average (M).-The
Change in money supply Ml (M).-Source 4 (31,71) 117>
Bond Buyer
(34,73)
975. Diffusion index of level of inventories, manufacturGross private nonresidential fixed investment in l l g Secondary market yields on FHA mortgages (M).—
ing and trade—about 1,400 businessmen reporting
1982 dollars (Q).-Source 1
(25,67)
U.S. Department of Housing and Urban Development,
(Q).—Dun & Bradstreet, Inc. (Used by permission.
Federal Housing Administration
(34,73)
Gross private nonresidential fixed investment in
This series may not be reproduced without written
1982 dollars, structures (Q).-Source 1
(25,67) 119. Federal funds rate (M).-Source 4
permission from the source.)
(38,76)
(34,72)




115

TITLES AND SOURCES OF SERIES—Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1982
dollars (Q).-Source 1

(42,81)

245. Change in business inventories in current dollars
(Q).-Source 1
(42,81)
247. Change in business inventories as a percent of
gross national product (Q).—Source 1

(47,83)

248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
290. Gross saving (Q).-Source 1

(46,82)

292. Personal saving (Q).-Sou r e e l

(46,82)

293. Personal saving rate (Q).-Source 1

(46,83)

295. Business saving (Q).-Source 1

(46,82)

298. Government surplus or deficit (Q).—Source 1

(46,83)

978. Diffusion index of selling prices, retail trade-about 249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source II—B. Prices, Wages, and Productivity
400 businessmen reporting (Q).—Dun & Bradstreet,
1
(47,83) 310. Implicit price deflator for gross national product
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250. Net exports of goods and services in current dollars
(Q).-Source 1
(48,84)
source.)
(38,76)
(Q).-Source 1
(44,82)
311. Fixed-weighted price index, gross domestic business product (Q).—Source 1
(48,84)
251. Net exports of goods and services as a percent of
II—A. National Income and Product
gross national product (Q).—Source 1
(47,83)
320. Consumer price index for all urban consumers
30. Change in business inventories in 1982 dollars ( Q ) . - 252. Exports of goods and services in current dollars
(M).-Source 3
(49,59,84,95)
Source 1
(26,42,68,81)
(Q). -Source 1
(44,82) 322. Consumer price index for all urban consumers,
50. Gross national product in 1982 dollars (Q).-Source 253. Imports of goods and services in current dollars
food (M).-Source 3
(49,84)
1
(19,39,40,63,80)
(Q).-Source 1
(44,82) 330. Producer price index, all commodities (M).—Source
64. Compensation of employees as a percent of national 255. Net exports of goods and services in 1982 dollars
3
(48,85)
income (Q).-Source 1
(30,47,70,83)
(Q).-Source 1
(44,82) 331. Producer price index, crude materials for further
200. Gross national product in current dollars (Q).— 256. Exports of goods and services in 1982 dollars
processing (M).—Source 3
(48,85)
Source 1
(40,80)
(Q).-Source 1
(44,82)
332. Producer price index, intermediate materials, sup213. Final sales in 1982 dollars (Q).-Source 1
(40,80) 257. Imports of goods and services in 1982 dollars
plies, and components (M).-Source 3
(48,86)
217. Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80)

(Q).-Source 1

(44,82)

260. Government purchases of goods and services in
current dollars (Q).-Source 1

(43,81)

220. National income in current dollars (Q).—Source
1
(45,82)

261. Government purchases of goods and services in

223. Personal income in current dollars (M).—Source
1
(40,63)

262. Federal Government purchases of goods and ser-

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

263. Federal Government purchases of goods and ser-

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

265. Federal Government purchases of goods and ser-

227. Per capita disposable personal income in 1982 dollars (Q).—Sources 1 and 2
(40,80)

vices as a percent of gross national product (Q).—
Source 1
(47,83)

230. Personal consumption expenditures in current dollars (Q).-Source 1
(41,80)

266. State and local government purchases of goods and

231. Personal consumption expenditures in 1982 dollars
(Q).-Source 1
(41,80)

267. State and local government purchases of goods and

232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1
(41,80)

268. State and local government purchases of goods and

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)
235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures in current dollars, nondurable goods (Q).-Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1
(41,81)
239. Personal consumption expenditures in 1982 dollars, services (Q).-Sou rce 1
(41,81)
240. Gross private domestic investment in current dollars (Q).-Sou rce 1
(42,81)
241. Gross private domestic investment in 1982 dollars

(Q). -Source 1

(42,81)

242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)

116



1982 dollars (Q).-Source 1
vices in current dollars (Q).—Source 1
vices in 1982 dollars (Q).-Source 1

services in current dollars (Q).-Source 1
services in 1982 dollars (Q).-Source 1

(43,81)
(43,81)
(43,81)

333. Producer price index, capital equipment (M).—
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)
335. Producer price index, industrial commodities
(M).-Source3
(48,85)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)
345.

(43,81)
(43,81)

services as a percent of gross national product

Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

(47,83)

348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)

280. Compensation of employees (Q).—Source 1 (45,82)
282. Proprietors' income with inventory valuation and

349. Negotiated wage and benefit decisions, average
changes over life of contract (Q) .—Sou rce 3 (50,88)

(Q).-Source 1

capital consumption adjustments (Q).—Source
1
(45,82)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).-Source 1
(47,83)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1

(45,82)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

287. Corporate profits before tax with inventory valua-

358.

Index of output per hour, all persons, nonfarm business sector (Q) .—Sou rce 3
(49,88)

370. Index of output per hour, all persons, business
sector (Q).—Source 3
(49,88)

II—C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3

(18,51,62,89)
441. Civilian labor force (M).-Source 3

(51,89)

442.

Civilian employment (M).-Source 3

(51,89)

444.

Number unemployed, males 20 years and over
(M).-Source 3
(51,89)
Number unemployed, females 20 years and over
(M).-Source 3
(51,89)

tion and capital consumption adjustments as a
percent of national income (Q).-Source 1
(47,83)
445.
(45,82)
288. Net interest (Q).-Sou r e e l

TITLES AND SOURCES OF SERIES—Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers ( M ) . —
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).—Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).—Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).-Source
1
(52,90)

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

47. United States, index of industrial production ( M ) . Source4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
(M) .-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production ( M ) . —
Statistics Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M) .-Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

501. Federal Government receipts (Q).—Source 1
(52,90)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

502. Federal Government expenditures (Q).—Source
1
(52,90)

727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)

II—E. U.S. International Transactions

510. State and local government surplus or deficit (Q).—
Source 1
(52,90)

728. Japan, index of industrial production (M).-Ministry
of International Trade and Industry (Tokyo)
(58,94)

602. Exports, excluding military aid shipments ( M ) . Source 2
(56,92)

511. State and local government receipts (Q).—Source
1
(52,90)

604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

512. State and local government expenditures (Q).—
Source 1
(52,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

517. Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).—U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military

(Q).-Source 1

(57,93)

622. Balance on merchandise trade (Q).—Source 1
(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States
(Q).-Source 1
(57,93)

557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1
(57,93)

559. Manufacturers' inventories, defense products, book
value(E0M).-Source2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).-Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)

732. United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index ( M ) . —
Statistisches Bundesamt (Wiesbaden); percent
changes seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, consumer price index (M).—Institut National
de ia Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).-lstituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M)-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).-Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)

669. Imports of goods and services (Q).—Source 1
(57,93)

746. France, index of stock prices (M) .-Institut National
de la Statistique et des Etudes Economiques (Paris)
(59,96)

II—F. International Comparisons

747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(59,96)

19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation
(13,28,59,69,96)

748. Japan, index of stock prices (M).-Bank of Japan
(Tokyo)
(59,96)

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