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U.S. DEPARTMENT OF COMMERCE
Clarence J. Brown, Acting 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
FeliksTamm, 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
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
Peter M. Taylor, Council of Economic Advisers
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,
$55.00 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

ItCIt

iii

1
1
1
1
4
5
5
6

AUGUST 1987
Data Through July
Volume 27, Number 8

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, 1987.

itcn




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2
A3
A4
A5
A6
A7
A8

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
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 1987 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1987 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

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 in this issue are as follows:

changes are made from
time to time to in-

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 1984 to date to incorporate recent revisions in the national income and product accounts. (See
item 1 on page iii of the July 1987 BCD.)
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Statistical Indicators Division.

corporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept,

composition,

comparability, coverage,
seasonal adjustment

2. The series on productivity and costs (series 26, 63,
345, 346, 358, and 370) have been revised by the source agency for the period 1984 to date. These revisions incorporate
recently revised output and compensation measures reported in
the national income and product accounts (see item 1 on page
iii of the July 1987 BCD) and revised data on employment and
average weekly hours (see item 1 on page iii of the June 1987
BCD).
Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Productivity and Technology, Division
of Productivity Research.
3. Beginning with data for January 1987, the series on
merchandise exports excluding military aid shipments (series
602) has been revised to incorporate adjustments for undocumented U.S. exports to Canada. In addition, both this series
and the series on general merchandise imports (series 612)
now are shown without seasonal adjustment for the period 1984
to date.
Further information concerning these series may be obtained from the U.S. Department of Commerce, Bureau of the
Census, Foreign Trade Division.
4. Appendix C contains historical data for series 1, 21,
40, 41, 69, 107, 108, 340, 341, 570, 960, 961, and 971-978.
5. Appendix G contains cyclical comparisons for series
1, 46, 53, and 57.
The September issue of BUSINESS CONDITIONS DIGEST is scheduled for release on October 6.



methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

:

i

UHHIII
IIIIIIIIIHI HANDBOOK
Hull nWII |NDICATORS
OF
HUHIIIHI CYCLICAL
H^^HHHIII

„: s; :_ 2
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• I I H H I I I I U I 18
94

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 that. . . 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:

• Composite index methodology explaining the construction of the indexes in step-by-step detail.

• 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.

• 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.

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METHOD OF PRESENTATION
This report is organized into two major parts.
Part lr 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 1962, 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 1975.
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 is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.

Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
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
>v Process
Cyclical^.
Timing

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
(6 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 on
hand and on
order
(1 series)

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

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

Comprehensive
employment
(1 series)

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

Consumption and
trade (4 series)

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

\

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

LAGGING (Lg)
INDICATORS
(19 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Business investment
expenditures
(1 series)

Comprehensive
unemployment
(2 series)

Comprehensive
employment
(3 series)

Consumption and
trade (1 series)

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

Business investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

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

Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)

Inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
Economic
N . Process

Cyclical\.
Timing
^v

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
(1 series)

N.

industrial
production
(1 series)

Orders and deliveries
(5 series)
Consumption and
trade (4 series)

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

Inventory
investment
(4 series)

Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)

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

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

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

Consumption and
trade (3 series)

Business investment
commitments
(1 series)

Profits and profit
margins (2 series)

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

Orders and deliveries
(1 series)

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

Unit labor costs
and labor share
(4 series)

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

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)

TIMING
UNCLASSIFIED (U)
(1 series)




Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984

Handbook of Cyclical

Indicators)

In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident




indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted UL,L,L," all components of the coincident
index "0,0,0," 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 ot 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.

Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 18
series at all turns (of the 18, 14 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 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
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

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

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

Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




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

Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1975.
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 1975) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1975) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

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

Diffusion Indexes

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

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman
number
indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
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.

Basic c ata2
Series title and timing classification

Unit
of
measure

1

Percent change

Annual average
1985

1986

4th Q
1986

1st Q
1987

2dQ
1987

May
1987

June
1987

July
1987

May
to
June
1987

June
to
July
1987

4th Q
to
1st Q
1987

1st Q
to
2d Q
1987

number 1

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

M

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

168.6
160.3
127.0
126.3

179.3
164.7
131 .9
124.8

183.6
166.1
132.3
125.6

186.3
167.1
131.5
127.1

189.2
167 .7
130.1
128.9

188.9
167 .5
130.1
128.7

190.8
167.9
129.8
129.4

191 . 8
168.8
129.1
130.8

1 .0
0.2
-0.2
0.5

0.5
0.5
-0.5
1 .1

1 .5
0.6
-0 .6
1 .2

1 .6
0.4
-1 .1
1 .4

910
920
930
940

110.3
102.0
115.2
138.8

109.5
103.4
119.0
143.9

109.3
103.8
117.7
147 .7

NA
104.6
120.5
146.2

NA
105.9
NA
142.5

NA
105 .9
121.3
141 .9

NA
106.8
NA
143.2

NA
107.2
NA
NA

NA
0.8
NA
0 .9

NA
0.4
NA
NA

NA
0.8
2.4
-1 .0

NA
1 .2
NA
-2.5

914
915
916
917

40.5
3.3
383

40.7
3.5
370

40.8
3.5
347

41 .0
3.6
354

40.9
3.7
326

41.0
3.8
326

41.0
3.7
327

41 .0
3.8
327

0.
-0.1
-0.3

0.
0 .1
0.

0.5
0 .1
-2.0

-0.2
0.1
7.9

1
21
5

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

0.497
139

0.501
139

0.526
144

0.548
146

0.591
148

0.568
144

0.635
155

0.651
158

0.067
7 .6

0.022
1 .4

0.043
1 .4

60
46

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

182.11
103.97
97.61
24,930

185.31
106.43
100.17
24,940

186.6 4
107.24
100.40
24,624

188.43
108.03
101.13
24,733

188.95
108.91
101.70
24,762

189.69
109.11
101.71
24,752

189.44
109.08
101.81
24,775

189.79
109.51
102.12
24,849

-0.1
0.
0.1
0.1

1 .0
0.7
0.7
0.4

0.3
0.8
0 .6
0.1

48
42
41
40

59.38

59.95

60.13

60.38

60.71

60.86

60.70

60.89

-0.16

0.19

0.33

90

8,312
7.2
2.8
15.6
2.0

8,237
7.0
2.8
15.0
1.9

8,138
6.8
2.7
15.0
1 .8

7,948
6 .7
2 .6
14.8
1 .8

7,435
6 .2
2.4
14.9
1 .7

7 ,546
6 .3
2.4
14.9
1 .8

7,260
6.1
2 .4
14.8
1 .7

7,224
6.0
2.4
14.0
1 .6

3.8
0.2
0 .
0.7
0.1

0.5
0.1
0.
5.4
0.1

2.3
0.1
0.1
1 .3
0.

6 .5
0.5
0.2
-0.7
0.1

37
43
45
91
44

3607.5
2977.0

3713.3
3093.6

3731.5
3118.5

3772.2
3132.6

3793.7
3135.5

3133.6

3131 . 4

3138.1

-0.1

0 .2

1 .1
0.5

0.6
0 .1

50
52

do

2538.8

2639.9

2661 .5

2676 . 1

2678.2

2673.3

2675.7

2680.6

0.1

0 .2

0.5

0.1

51

do

539.2

541 . 4

542.1

538.9

534.5

535.1

534.1

532.9

-0.2

-0.2

-0.6

-0.8

53

123.8
127.3
125.1
1548.6

125.1
127.9
130.9
1595 .0

126.0
128.6
132.9
1602.6

127 .0
130.0
134.4
1626.0

128.2
130.5
136.5
1632.4

128.3
130.6
136.6

128.8
130.9
137.2

129.8
132.0
138.4

0.4
0 .2
0.4

0.8
0.8
0.9

0.8
1 .1
1 .1
1 .5

0.9
0 .4
1 .6
0 .4

47
73
74
49

0.4
0.3

0.2
0.7

82
84

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

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

Leading Indicator Subgroups:
914. Capital investment commitments
915 Invpntorv investment and Durchasins
916 Profitability
917 Monev and financial flows

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

do
do
do
do

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
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
* 4 1 . Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3

U,Lg,U.... Percent

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted4)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....

Thousands
Percent
do
Weeks.
Percent

0.016
1.9

0 .2
0.4
0 .3
0.3

0.25

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
* 5 1 . Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction

C.C.C....

Industrial Production:
*47 Industrial production
73 Industrial production durable mfrs
74 Industrial production nondurable mfrs
49. Value of goods output in 1982 dollars

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

Capacity Utilization:
82 Capacity utilization rate mfg3
84. Capacity utilization rate, materials3

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

80.1
80.2

79.8
78.5

79.8
78.4

80 .2
78.7

80.4
79.4

80.4
79.3

80.5
79.8

81 .0
80.3

0.1
0.5

0 .5
0.5

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

99.57
93.47

100.11
93.12

102.34
94.52

101.23
93.24

107.70
98.84

106.99
98.07

109.13
100.12

107.48
98.24

2 .0
2.1

- 1 .5
- 1 .9

- 1 .1
- 1 .4

6 .4
6.0

6
7

79.29
do
LL L
do
0.66
L.L.l
Bil. dol., EOP ... 3 6 3 . 0 3
L,Lg,U....
Percent
45
L.L.I

80.72
-0.02
362.74
52

82.01
-0.49
362.74
55

83 . 6 4
-1.33
358.76
54

84.42
4.49
372.24
58

83.74
4.52
367.51
60

85 .43
4.73
372.24
57

82.27
4.62
376.86
62

2.0
0.21
1 .3
-3

-3.7
-0.11
1 .2
5

2 .0
-0.84
-1.1
-1

0.9
5.82
3.8
4

8
25
96
32

419.27
406.32
120.2
114.97
107.52
121.3
93 .2

425.52
419.39
124.5
121.20
113.23
135.3
94.8

434.57
427.07
125 .8
123.80
115.16
141.3
92 .0

437.76
427.92
127.3
122.48
112.23
117 .5
90 .5

447.92
430.60
127 .4
125 . 4 8
113.39
123.6
91 . 8

446.28
429.14
127.8
124.87
112.80

453.13
432.44
127.9
126.62
113.87

NA
NA
128.8
127 . 5 7
114.52

1 .5
0.8
0 .1
1 .4
0.9

NA
NA
0 .7
0.8
0.6

91 . 1

91 .5

93 .7

0.4

2 .4

0.7
0.2
1 .2
-1 .1
-2.5
-16.8
-1 .6

2.3
0.6
0.1
2.4
1 .0
5.2
1 .4

56
57
75
54
59
55
58

120.9
55,230

120.4
58,438

120.0
59,810

120.8
58,422

119.6
120.1
NA 5 6 , 1 1 1

118.5
NA

117.9
NA

-0.9
NA

-0.5
NA

0.7
-2.3

-0.6
NA

12
13

-0.5

-3 .9

9.0

10

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

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 goods3
96 Mfrs' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3 (u)
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)

... C,C C...
C,C,C...
C.L.C....
C.L.U....
ULU
L.C.C....
L LL

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

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,L... 1967 = 100
L.L.L... Number

L LL

Bil dol

31.85

31 . 1 0

32.52

31 .26

34.08

33.96

35.48

35.30

4.5

LLL
L.L.L..

do
do

34.23
26.97

34.07
26.62

35.69
28.09

33.88
27 . 0 1

37.40
29.42

37 .50
30.03

38.43
29.91

38.50
30 . 3 8

2.5
-0.4

0 .2
1 .6

-5.1
-3.8

10.4
8.9

20
24

L.L.L..

do

29.80

30.09

31.75

30.14

33.33

34.07

33.58

34.21

- 1 .4

1 .9

-5.1

10.6

27

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

Series title and timing classification1

Percent change

Annual average
4th Q
1986

1st Q
1987

78.49
22.10
69.72

76.62
22.96
69.16

79.43
NA
NA

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

387.13 379.27 3 8 8 . 6 9

372.24

392.02

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

399.12 391.85 3 9 9 . 4 6 383.87 392.22 3 9 0 . 0 9
138.3
139.6
138.6
139.9
141.7
443.8 443.2
435.6
454.1
426.0

May
to
June
1987

June
to
July
1987

2d Q
1987

May
1987

June
1987

July
1987

4th Q
to
1st Q
1987

1st Q
to
2dQ
1987

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. dot
97. Backlog of capital appropriations, mfg.5
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
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

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

86.42
27.22
94.58

1,7 42
138.1
174.6

77.03
21.42
69.72

1 ,806
141 .3
196.4

84.21

396.33

NA
143.7

1 .6
0.4

1,597
121 . 0

1,611
118.6

-0.6
1 .6

-2.4
3.9
-0.8

13.5

3.7
NA
NA

1 ,795
134.2
198.2

1 ,615
122.5
197 .1

1 ,606
119.1

0.9
-2.0

5.3

-3.9
1.2
-3.9

2.2
1 .3
2.3

5.5
-2.8
-2.0

-10.0
-8.7
-0.6

62.0

1 ,702
138.0
202.2

-4.2
NA
0.8

-9.8
16.38
3.4

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 inventories3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5

L,L,L...

do..

L,L,L...
L,L,L...

do

13.8
0.85
9.4

5.28
2.0

-7.73
-1 .1

17 .42
41 .2

33.80
44.6

32.40
68.8

37.88
30.6

5.48
-38.2

25.15
42.3

-O .67

-0.29

0.21

0.28

2.12

0.59

2.54

1.95

0.07

Lg,Lg,Lg.... Bil. dol., EOP . 65O.7O 652.70 652.70 663.01 674.16 6 7 1 . 6 1 674.16
Lg.Lg.Lg....
do
638.17 643.29 643.29 651.82 656.90 6 5 5 . 8 6 656.90
Lg,Lg,Lg....
do
105.76 103.17 103.17 104.59 103.35 104.28 103.35

0.4
0.2
-0.9

1 .6
1.3
1.4

-0.01

0.01

L,L,I Bil. dol

Lg,Lg,Lg..., Ratio

1.56

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

1.54

1.51

1 .52

1.52

1 .53

1.52

0.4

230.20 226.73 226.73 2 2 7 . 5 8 233.94 231.40 233.94

1 .7
0.8
-1.2
0.
2.8

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

Stock Prices:
*19. Stock prices, 500 common stocks (u)

L,L,I 1941-43 = 10... 186.84 236.34 243.69

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

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

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

-0.22
244.8
- 0 .43

0.30
228.9
0.14

0.84
242.2
1 .01

- 0 .30
248.8
0.43

1 .18
267 .6
0.72

2.03
272.6
0.69

1 .93
276.4
1.57

2.02
284.2
1 .97

-0.10
1.4
0.88

0.09
2.8
0.40

-1 .14
2 .7
-0.58

1.48
7.6
0.29
5.0

289.12 301.38 310.09

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

128.1
120.8
180.9
175.0
3.8
99.1

126.8
116.7
179.4
170.0
3.7
99.2

134.0
122.7
167.1
156.0
3.5
98.4

129.0
116.1
165.9
153.3
4.4
99.1

134.4
120.3
163.8
150.0
N
A
99.3

-3.7
-5.4
-0.7
-1 .7
0.9
0.7

4.2
3.6
-1 .3
-2.2
N
A
0.2

A.r., bil. dol..
do

369.4
369.5

368.9
369.0

376 . 7
375.9

378.7
378.6

384.5

0.5
0.7

1 .6
1 .6

1977 = 100....

163.6

166.9

169.0

169.4

170.2

0.2

0.5

Dollars

0.702

0.715

0.720

0.724

0.727

0.6

0 .4

1977 = 100....
Percent

137.8
86.1

137.8
81.4

137.5
79.5

136.5
77.8

135.7
76.3

do

135.8
76.3

135.5
75.8

134.3
74.8

-0.2
-0.5

-0.9
-1 .0

-0 .7
-1 .7

-0.6
-1.5

-1.23
0.03
-0.57
- 1 .2
-0.3

0.99
0.14
N
A
-0.1
0.

-1 .36
-0.48
-0.43
2.0
0.3

-0.09
-0.10
0.17
0.4
-0.6

-0.069
0.004

0.
0.011

72.9

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 M l 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

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

-0.86
0.13
1 .28
1 .77
0 .41
0.32
0.37
0.99
0.06
0.20
0.03
0.72
0.77
0.19
0 .68
0.29
0.19
N
A
0.76
0.68
0.42
0.63
0.70
0.25
634.4
633.8
642.2
624.8
639.5
532.6
592.5
637.0
2226.6 2360.5 2 4 2 8 . 9 2 4 3 6 . 1 2420.8 2 4 2 0 . 9 2413.6 2412.9
5.930
1 .297

5.930
1.308

NA
77.64
NA
NA
16.53
22.53
10.50
49.11
8.50
76.62
54.99
26.05
10.2
2.9
6.6
8.5
647.34 6 2 9 . 5 4 7 5 6 . 7 0 4 2 8 . 5 9

NA
-5.87
27 . 2 9
5.0
NA

6.757
1.341

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

Credit Difficulties:
39. Delinquency rate, installment loans (inverted4)3 \ . ... L,L,L.




.do.
.do.
.do.
I. dol.

Percent, EOP

6.301
1 .293

1.85

1.85

2.28

1.308

1.311

1.313

0.002

NA
NA
NA
NA
NA
- 3 . 0 5 - 2 5 . 4 6 -45.49 - 2 2 . 4 1 - 2 0 . 0 3
NA
41.52
NA 4 5 . 3 4
-3.82
NA
4.8
NA
0.9
3.9

NA
NA
- 3 2 . 5 8 -22.40
18.79
-17 . 5 5
2.1
-5.6
N
A
-43 .4
- 0 .43

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

Series title and timing classification1

Percent change

Annual average

May
4th Q

1st Q
1987

2d Q
1987

May
1987

June
1987

July
1987

to

July
1987

4th Q
to
1st Q
1987

1st Q
to
2dQ
1987

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©

L.U.U.... Mil. dol...
L,Lg,U....

-492
1,321

93
836

224
807

511
554

97
935

Interest Rates:
119. Federal funds rate3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business loans3 ©
*109. Average prime rate charged by banks 3 ©

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....

8.10
7.49
11.75
10.75
9.10
12.24
9.74
9.93

6.80
5.97
9.23
8.14
7.32
9.91
8.11
8.33

6.27
5.34
9.05
7.84
6.93
9.42
7.28
7.50

6.22
5.53
8.62
7.64
6.63
8.85
7.46
7.50

6.65
5.73
9.65
8.58
7.78
10.32
8.24
8.05

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

414
776

672

-370
-259

326
-104

-287
-253

414
381

6.85
5.75
9.95
8.79
8.00
10.61

6.73
5.69
9.64
8.63
7.79
10.33

6.58
5.78
9.70
8.70
7.72
10.38

-0.12
-0.06
-0.31
-0.16
-0.21
-0.28

-0.15
0.09
0.06
0.07
-0.07
0.05

8.14

8.25

8.25

0.11

0.

-0.05
0.19
-0.43
-0.2 0
-0.30
-0.57
0.18
0.

0.43
0.20
1.0 3
0.94
1 .15
1 .47
0.78
0.55

0.6
-0.6

NA
-1.1

0.4
3.8

1 .2
-0.8

44
1 ,035

NA
Lg,Lg,Lg.... Bil. dol., EOP . 522.80 577.79 577.79 579.91 586.74 583.28 5 8 6 . 7 4
331.62 342.53 346.81 359.97 357 .07 357 .69 355.57 3 5 1 . 7 8
Lg,Lg,Lg.... Bil. dol
321.49 341 .98 347.74 356.89 348.15 348.29 344.88 3 3 9 . 5 6

Lg.Lg.Lg-Lg.Lg.Lg.... Percent

- 1 .0

14.64

15.71

16.07

15.82

15.74

15.71

15.76

NA

0.05

1982=100...
1967 = 100...
Percent
1967-100...
....do
....do
....do
....do
....do
do

Ill .2
322.2
0.3
309.8
308.7
323.8
306.1
318.7
300.5
291.8

114.1
328.4
0.1
319.7
299.8
312.1
280.0
307.6
306.5
284.9

114.9
330.8
0.2
326.3
298.5
309.7
278.8
304.7
309.6
284.8

116.1
334.5
0.5
329.1
301.9
314.7
285 .7
308.9
310.5
287.2

117.2
338.8
0.4
332.2
307.0
318.7
302 .2
312.9
311.5
291 .8

338.7
0.3
332.0
307.3
318.6
304.8
312.8
311 .6
291 .8

340.1
0.4
334.4
308.5
320.2
306.0
314.6
311.6
292.8

340.8
0.2
333.8
310.2
322.6
307.8
317.0
312.0
293.3

0.4
0.4
0.5
0.4
0.6
0.
0 .3

1977-100

165.2

169.2

170.8

171.7

172.8

172.9

172.9

173.2

0.

94.1
174.6
98
107
105.8

95.0
181.2
100 .1
109.5
107 .5

95.3
183.6
100.7
109.6
107.5

94.6
184.1
99.8
109.7
107.6

94.0
185.5
99.3
110.0
107.9

94.0

93.8

93.7

-0.2

2 .6
-0.25

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

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

0.2
-0.2
-0.2
0.6
0.7
0.6
0.8
0.1
0 .2

1.0
1 .1
0.3
0.9
1 .1
1 .6
2.5
1 .4
0.3
0.8

0.9
1.3
-0.1
0.9
1 .7
1 .3
5.8
1.3
0.3
1 .6

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

do
do
do
do
do

0.2

0 .6

-0.1

-0.6
0.8
-0.5
0.3
0 .3

0.1

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

Millions
do

Thousands...
do
..do...
..do..,

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

115.46 117.83 118.56 119.20 119.62 119.99 119.52 119.95
107.15 109.60 110.42 111 .25 112.18 112.45 112.26 112.73
7,260
7,224
8,312 8,237
8,138 7 ,948 7,435 7,546
3,323
3,437
3,715 3,751
3,7 86 3,647 3,427 3,436
3,032
2,680
2,877 2,661
2,683
2,588
3,129
2,945
1 ,424 1 ,347 1 ,430 1,235
1 ,218
1 ,468 1 ,454 1,407
5,837
5,998
6,793 6,708
6,609 6,432 6,023 6,052
78.1
54.7
54.5

78.1
55.5
54.7

78.1
55.7
54.4

78.2
55.9
54.6

78.1
56.1
54.1

78.2
56.3
55.2

78.0
56.1
53.0

78.0
56.4
53.8

-0.4
-0.2
-3.8
0
-3
-13.6
-0.9

0.4
0 .4
-0.5
-3.3
3.7
-1 .4
-2.7

0.5
0.8
-2.3
-3.7
-2.3
1 .2
-2.7

0.4
0.8
-6.5
-6.0
-7.5
-5.4
-6.4

-0.2
-0.2
-2.2

0.
0.3
0.8

0.1
0 .2
0.2

-0.1
0.2
-0.5

18.2
3.1
0
-9
0
2.2

28.6
4.8
1
8.6
3.0

5 .0
22.2
-16.8
0 .5
-0.3
3.0

NA
0.8
43
0
-0.1
2.7

2
-12.5
-2.8
-2 .2
29.5
-10.3

7.8
15.7
5.7
8.2
5.6
5.4

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

Federal Government surplus or deficit'
Federal Government receipis
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 .

, bil. dol.
.do.
.do.
.do.
.do.
.do.

-196.0 -204.7 - 1 8 8 . 7 -170.5 -141.9
827.4 852.5
879.3 921 .8
788.6
984.6 1032.0 1041.2 1049.8 1063 .7
63.1
49.6
50.6
41 .0
56.8
650.8
579.6
632.1
629.1
618.8
591 .1 601 .2
516.5
561 .9 5 7 8 . 5

D2. Defense Indicators
Mil. dol..
...do...
...do...
1977 = 100...
Thousands
A.r., bil. dol...

NA
NA
NA 3 2 , 8 0 1
26,883 2 9 , 9 8 8 28,436 29,855
NA
9,655 11 ,803 11,902 10 ,571 13,201
12,240 11,980
8,685
9,173
9,185
7,225 10,352 9,441 10,609 10 ,096
185.1
180.3
186.1
170.6
186.3
186.2
186.5
185.9
1 ,599 1 ,594 1 ,592 1 , 5 9 3
1,585
1,544
NA
1,590
279.0
277.8
287.5 295.3
259.3

NA
24.9
12.4
-0.3
-0.2

Mil. dol
do...

17,732 18,052 1 8 , 8 3 2 19,296 20,801 20,781 21 ,126
2,334
2,445
2,426 2 , 1 6 4
2,043
2,363 2,410
4,099
4,338
3,917 3,907
4,212 4,176
3,985
28,773 30,505 3 1 , 6 7 9 30,990 33,521 33,313 35,266
4,180 2,894 2 ,414 3,127 3,301
3,685
3,375
4,6
5,578 6,143
5,811
6,093
5,823
5,511

1
1.5
3.9
5.9
-8.4
-4.4

NA
NA
-4.8
0 .2
NA

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




do...
do..
do..

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

Percent change

Annual averag

of
measure
1984

1985

1986

1st Q
1986

2dQ
1986

3dQ
1986

4th Q
1986

^
_
E

3d Q
to
4th Q
1986

4th Q
to
1st Q
1987

1st Q
to
2dQ
1987

NA
NA
NA
-39,52
59.98
99.50
NA
NA

-1.59
0.7
1 .8
-1 .48
0.9
2.1
-2.5
1 .9

-0.19
4.7
3 .6
-0.16
-0.1
0.1
10.4
17.2

NA
NA
NA
-0.76
5.2
3.9
NA
NA

667
668
669
622
618
620
651
652

4 3 7 7 . 7 4447.7
3 7 7 2 . 2 3793.7
15,525 15,581
3 7 2 4 . 5 3755.9
3 1 2 5 . 9 3135.4
2 6 7 4 . 6 2647.8
1 1 , 0 0 8 10,875

0.5
0.4
0 .1
0.9
0.8
0.1
-0.1

2.1
1 .1
0.9
-0.6
2.1
0.7
0.5

1 .6
0 .6
0.4
0.8
0.3
-1 .0
-1 .2

200
50
217
213
224
225
227

2893.8
2475.9
396.1
375.9
969.9
883.2
1527.7
1216.9

2947 .3
2489.0
407.5
384.1
982.3
879.1
1557.5
1225.9

0.8
0.1
-1.8
- 1 .6
0.7
0.1
1 .6
0.7

1 .2
-0.2
-5.6
-5.8
2.5
0.3
2 .4
1.3

1 .8
0.5
2.9
2 .2
1 .3
-0.5
2 .0
0 .7

230
231
232
233
236
238
237
239

1st Q
1987

2dQ
1987

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

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

Bil dol
do
do
do
do
do
do
do

-23.71 -25.27 - 3 1 . 4 2 -30.02 -29.59 -32.25 -33.84 -34.03
90 .19
89.86
93.20
92.13
93.89
93.54
93.24
98.33
1 1 3 . 9 0 1 1 5 . 1 4 1 2 4 . 6 2 1 2 2 . 1 5 123 .13 1 2 5 . 4 9 1 2 7 . 7 3 1 3 2 . 3 7
-28.13 -30.54 - 3 6 . 0 8 -34.98 -33.65 -37.12 -38.60 -38.76
53.98
54.98
56.09
53.88
57.02
56.93
56.53
56.99
84.52
83.10
92.18
88.86
95.62
90.58
93.65
95.75
22.08
21.48
22.05
24.08
20.79
22.01
21.33
22.95
15.72
16.85
16.84
17.65
16.30
17.43
15.99
19.11

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

3772.2
3501.4
14,770
3439.1
2668.6
2469.8
10,419

4010.3
3607.5
15,073
3600.1
2841.1
2542.2
10,622

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

2430.5
2249.3
335.5
323.1
867.3
825.9
1227 .6
1100.3

2629.4 2 7 9 9 . 8
2352.6 2450.5
368.7
40 2 . 4
352.7
383.5
913.1
939.4
849.5
877.2
1347.5 1 4 5 8 . 0
1150.4 1 1 8 9 . 8

A. National Income and Product
Al. 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

4235.0
3713.3
15,368
3699.5
3022.1
2645.1
10,947

4174.4
3698.8
15,362
3663.4
2966.0
2610.5
10,842

4211 .6
3704.7
15,352
3676 .7
3022.4
2660.2
11,024

4265.9
3718.0
15,370
3711 .9
3038.2
2653.2
10,968

4288.1
3731.5
15,388
3745.8
3061 .6
2656.7
10,956

A2. Personal Consumption Expenditures
2 7 3 7 . 9 2 7 6 5 . 8 2 83 7 . 1 285 8.6
2409.7 2434.3 2477.5 2480.5
427.6
386.4
419.8
375.9
40 5.5
369.6
399.0
359.8
940.0
934.3
946.3
936.8
879.8
880.0
880.3
868.8
1 4 2 5 . 2 1 4 4 5 . 1 146 9 . 5 1 4 9 2 . 4
1192.2 1201.1
1181.2 1184.7

A3. Gross Private Domestic Investment
do
do
do
do
do
do

664.8
658.4
597.1
596.1
67.7
62.3

641 .6
636.1
631.6
628.7
10.0
7.4

671.0
654.0
655.2
640.2
15.7
13.8

683 .4
674.4
645 . 1
639.1
38.3
35.3

679.4
665.6
651 .9
637.6
27 .5
28.1

660.8
645.0
657.3
638.8
3.5
6 .1

660.2
631.0
666.6
645.4
-6.4
-14.4

699.9
671.8
648.2
624.2
51.6
47 . 6

700.9
670.5
660.4
632.7
40 .4
37 . 8

-0.1
-2.2
1.4
1 .0
-9.9
- 2 0 .5

6.0
6.5
-2.8
-3.3
58.0
62 .0

0.1
-0.2
1.9
1 .4
- 1 1 .2
-9.8

240
241
242
243
245
30

do
do
do
do
do
do

735.9
677.7
310.5
2 90.8
425.3
387.0

818.6
726.9
353.9
324.2
464.7
40 2.7

869.7
754.5
366.2
332.5
503.5
422.1

846.9
737.6
356.7
322.1
490.2
415.5

867.2
751 .6
368.4
330.6
498.8
421.0

878.5
7 57.2
371.2
332.6
507.3
424.6

886.3
771.8
368.6
344.6
517 .7
427.1

896.2
759.6
366.9
327.3
529.3
43 2 . 3

918.2
767 .5
3 80.3
333.1
537 .8
434.4

0.9
1 .9
-0.7
3.6
2 .0
0.6

1 .1
- 1 .6
-0.5
-5.0
2 .2
1.2

2.5
1.0
3.7
1 .8
1 .6
0.5

260
261
262
263
266
267

do
do
do
do
do
do

-79.2 -105.5
-58.9
-93.8 -100.8 -110.5 -116.9 -112.2 -118.6
-84.0 -108.2 - 1 4 5 . 8 -123.0 -146.8 -161.6 -151.8 - 1 3 5 . 2 -133.3
369.9
383.5
376.2
371.3
373.5
397 . 3
411.0
376.6
383.3
365.3
371.8
377.4
370.2
371.5
397.8
40 9 . 3
379.6
388.3
449.2
442.4
481 . 7
47 2 . 1 487 . 1 5 0 0 . 2
467 .3
509.5
529.7
455 .8 473 .6
523 . 2
51 7 .0 541 .2
494.4
533 . 0
542 .6
540 . 1

-6.4
9.8
1 .8
2 .3
2 .7
-0.2

4.7
16.6
3.7
2.4
1 .9
- 1 .3

-6.4
1.9
3.4
2.9
4.0
1 .8

250
255
252
256
253
257

3597.8
2623.7
327.7
18.9
296.5
331 . 1

0.9
1.5
1 .8
7 .0
- 1 .9
-1.8

2.2
1.5
7.8
8.7
4.6
0.6

1 .4
1.3
2 .1
-5.5
0.9
2 .3

220
280
282
284
286
288

549.5
547.8
94.0
-92.3
3.0

-0.2
- 1 .3
0.1
6.0
0.

7.6
0 .2
27.0
8.6
0.8

-0.9
0.5
-32.1
37.2
- 1 .4

290
295
292
298
293

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

3 0 2 8 . 6 3 2 2 9 . 9 3422 .0 3 3 6 4 . 2 3 4 1 4 . 1 3 4 3 8 . 7 3 4 7 1 . 0 3 5 4 8 . 3
2213.9 2370.8 2 5 0 4 . 9 2464.8 2487.6 2515.1 2552.0 2 5 8 9 . 9
289.8
234.5
257 .3
270.8
297.8
298.1
292.5
320.9
16.7
9.0
14.0
18.4
8.5
17.4
17.2
20.0
284.4
277 .6
288.0
281.1
282.3
286.4
294.0
266.9
326.1
315.3
326.6
321 .7
328.7
327 .5
323.6
304.8

A7. Saving
do
do
do
do
Percent

568.5
531.3
532.0
557.8
538.7
509.4
537.2
549.2
553.4
547.7
164.1
127.1
130.6
138.4
166.0
-105.0 -132.9 -147 .8 -134.0 -175.0
6.1
4.5
4.3
4.7
5.5

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
Jurns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




516.2
515.3
554.3
551.5
544.4
545.3
108.9
109.0
138.4
-144.1 -138.1 -129.5
3 .6
3.6
4.4

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.
' 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
!A

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
July May
P

Aug. Apr.

T

P

T

Apr. Feb.
P

T

Jan. July July
P T

P

Nov.
T

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.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 60.

1
0



AUGUST 1987

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
ii .

Dec Mov
P

Mjr

T

Jan luly IuH
P T
P

N.
T

914. Capital investment commitments (series 12,20,29)
-8

-13

-30

-10

\ ^
-2

-1

-2

915. Inventory investment and purchasing (series 8,

TV
-19

-4

-6

916. Profitability (series 19,26,80)

S

-u .
i*~

Xf^

yA..

V

-3

•.,,

-6

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

H fc f
.

V

^\.J

w

S_
-25

-2

^

\y^{

-14

940. Ratb, coincident index to lagging index

-A

h/^
-4
1950 51

JS

- ^ 2

-2

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.

K€l»

AUGUST 1987




11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components

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

full

5. Average weekly initial claims for unemployment insurance, State programs (thousands—Inverted scale)

1

HO-i
100-

8. Manufacturers' new orders in 1982 dollars, consumer goods
and materials industries (biL dol.) [ p j | ~ ~ ~
"

90-

ft

sS

8070-

9

60-

flSHI

50-

i

40-

i
32. Vendor performance, percent of companies receiving slower deiveries (percent)

M

30

il

J

100755025-

45-i
40-

20. Contracts and orders for plant and equipment in
1982 dollars (bil. dol.)

3530-

IXX

2520-

1950 51 52 53 54 55 56 57 58 59 60

61 6?

64 65 66

78 79 80 81 82 83 84 85 86 1987

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

12



AUGUST 1987

ItCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A 2 . Leading Index C o m p o n e n t s — C o n t i n u e d

building permitc (index: 1967—100)

36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed1 (arm. rate, bit. dol.)
40 -

99. Change in sensitive materials pricesLsmoothe£fe|0ercent)

/

71

3!)0 - I

300-j
POO -

19. Stock prices, 500 common stocks (kidex#U-43=10)

mo

150 -

%

2800 2400 -

106. Money supply M2 in 19S2 Hnllars ( h i

2000 -

IUJI

1600 -

111. Change In business and consumer credit outstanding
(ann. rate, percent)
l u l l
4 20 f 10-

o1950 51 :;
••

56 67 6B 69

?

9 80 81 82 83 84 85 86 1987

1

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.

ItCII

AUGUST 1987




1
3

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components

11010090-

41. Employees on nonagricultural payrolls (millions)
80-

70-

2800260024002200 -

51. Personal income less transfer paymentsJo._
1982 doHars(ann. rate, bil.dol.)

200018001600-

140130-

v

47. industrial production (index: 1977 = 100)

z
\/

z

120 1101009080450400 -

350-

57. Manufacturing and trade sales in
1982 dolars (bl. dol.)

300-

250-

200-

150-

1950 b

••-•:>

'V< ^c

;

,5

5b

r:

J

5B

?9 eo

61 62

63

64

65

66

67

68

69

7

^ 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.

1
4



AUGUST 1987

Bill

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A4. Lagging Index Components

91. Average duration of unemployment {wee

77. Ratio, manufacturing and trade j
1*4

N/VgV"
62. Labor cost per unit of output, manufacturing
l bend (pcitcnl)

j | j * jjj I ^ j

109. Average prime rate charged by

101. Commercial and industrial loans outstanding in 1982 dollars (bil.

95. Ratio, consumer i
(perceiit)

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.

AUGUST 1987




1
5

CYCLICAL INDICATORS
C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S

Chart B l .

Employment and Unemployment

[Marginal Employment Adjustments]
1. Average weekly hours of production or nonsupervisory workers,
manufacturing (hours)
[177

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

5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scale) O X ]

[Job Vacancies 1

60. Ratio, help-wanted advertising in newspapers to number
of persons unemployed (ratio) \ u j j j \

46. Help-wanted advertising in newspapers

(index: 1967=100)

lULgUi

J
1962 6 5

64

65

'
66

67

s \

/ ~\

\y

69

70

V

Vs\J

n

68

y

71

72

73

74

75

76

V

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

1
6



AUGUST 1987

CYCLICAL INDICA"SV.
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . E m p l o y m e n t and U n e m p l o y m e n t — C o n t i n u e d

40. Employees on nonagricultural pa
industries

1962

63

64

65

66

67

68

69

70

71

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

IMJI

AUGUST 1987




1
7

CVCUCAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued

| Comprehensive Unemployment |

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

5-

9-

1113-

43. Unemployment rate (percent—inverted scale)
4567-

1011-

45. Average weekly insured unemployment rate, State programs (percent—inverted scale)
2-

; IK,Lg,uj

3-

rx

t

45-

91. Average duration of unemployinent (weeks—inverted scale}
1012-

\
'

.

•

j^^S/^

17
_J

•

2022-

44. Unemployment rate, persons unemptoyed 15 weeks and over (percent—inverted scale)
0-1

1-

19b; j

o3

:• r

S:>

66

67

68

69

70

71

72

73

74

75

76

77

78

79

SO

81

82

83

84

85

86

87

88 1 9 8 9

Current data for these series are shown on page 62.

18



AUGUST 1987

Bill

CYCLICAL I N D I C A T O R B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

4400-

| Comprehensive Output and Income]
4000 -

3600 -

in 1982 dollars, Q (ann. rate, bil. do!.)

50.

|
3200-

2800 -

2400 -

52. Personal income in 1982 dollars (ann. rate, bil. dot)

§s » v ^

Jig

LJ
z

51. Personal income less transfer payments in 1982
(arm. rate,

18U01601) -

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

1962 63

64

65

66

67

68

6;

11

78

79

80

81

82. 83

84

8b

86

Current data for these series are shown on page 63.

ItCII

AUGUST 1987




1
9

CYCliCAL iM;u A ; . •
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued

[industrial Production[

47. Industrial production (index: 1977=

73. Industrial production, durable manufactures
(index: 1977=100)

74. Industrial production, nondurable manufactures
(index: 1977=100)

1800 17001600 1500 -

fclll

1400-

49. Value of goods output in 19S2 dollars, Q
(arm. rate, bil. doL) ~ |c t c,C

130012001100 1000900800-

|Capacity Utilization!
82. Capacity utilization rate, manufacturing (percent) h e Ul
9080- ,
7060-

84. Capacity utilization rate, materials (percent) | L,C,U|

90

L962

63

64

65

66

6V

n8

n

". c

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

20



AUGUST 1987

\\i\\

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries

| Orders and Deliveries 1

7. Manufacturers' new (refers in 1982 dollars, durable goods
industries (ML dot.)
fQJ]

6. Manufacturers1 new orders in current dollars,
durable goods industries (bil. dol.) x
8. Manufacturers' new orders in 1$$2 dollars, consumer
goods and materials industries (bil. dol.)

dm

25. Change in manufacturers' unfilled orders, durable goods industries >, ,
(bil. dot; MCD moving avg,—4-term)

96. Manufacturers' unfilled orders, durable goods industries

/

z
32. Vendor performance, percent of companies
receiving slower deliveries (percent)

1962

63

64

65

66

67

68

69

7<-

71

88 1989

Current data for these series are shown on page 64.

IICII

AUGUST 1987




21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Dec.
P

550-

[ Consumption and "fradif

500 -

Manufacturing and trade sales
in 1982 dollars (bil. dol.)

450 400 350 300 250 200 -

56. Manufacturing and trade sates in current dollars

150 -

140 -

75. Industrial production, consumer goods
(index: 1 9 7 7 - 1 0 0 ) f c T c l

120100-

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

54. Sales of retail stores in current dollars (bil. dol.)

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

1962 63

64

65

66

67

68

69

70

7]

7?

75

76

77

78

79

80

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 65.

22



AUGUST 1987

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment

160140120-

100 70 60504030-

454035302520-

15-

4035302520-

15-

24. Manufacturers'
Capital goods!

10-

110-t
1009080706050-

1962 63

64 65 66

67 68 69

70

71

72

73 74

75 76

77

78 79

80

81

82 83 8 4

85 86 87

88 1989

1

This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

ItCII

AUGUST 1987



23

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital I n v e s t m e n t — C o n t i n u e d

[Business Investment Commitments—Con. 1
\
97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)

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

100. Expenditures in 1982 dollars for new plant and equipment)
| Business Investment Expenditures |

^L
/_
61. Expenditures in current dollars for new plant and
equipment, Q (ann. rate, bil. dol.)

lcitj.1

69. Machinery and ecpipment sales and
business tonstructlon expe
(am. rate, bil. M ) ( C I T

/o. mausviai production, business equipment
(index: 1977=100)

1962 63

64

65

66

67

68

69

70

71

72

73

83

34

85

86

87

88

1989

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

24




AUGUST 1987

K€l»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued

[Business Investment Expenditures—CorSI;

Gross private nonresidential fixed investment in 1982 dollars (ann. rate, nil rinl)

ion

I Residential Construction Commitments aflri Investment 1

28. New private housing units started (ann. rate, mil
2.62,42.22.01.81.6 - I

10-

29. New private housing units authorized by local building permits
(index: W&^ 100) ^A f T T

89. Gross private residential fixed investment in
1982 dollars, Q (ann. m, bii. dol.)

220 J
200-j
180
180-

160'

Z
1962

63

f--'»

:.:»

^6

6,

68

7

2

75
'

7]

75

\i

m

7(- 77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 67.

RCII

AUGUST 1987




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
P

ian. July
P T

T

July
P

Nov.
T

I Inventory tlvtstrfifn|
30. Change in business inventories in 1982 dollars, Q (ann. rate, bil.

IXX

36. Change in manufacturing and trade inventories on hand
H j t e in 1982 dollars i i i i t t e , fail. doL; moving avg.—4

31. Change in manufacturing and trade inventories
; ] § § | n . rate, bil. dol.; M i l l i n g avg.—6-term)

in manufactui^^|ntories, materials and suppyefjjri
and on order ( b f i H H |CP moving avg.—4-term) p

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

i

81

82

83

84

85

86

87

88 1989

1

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 1987

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
Nov.
T

800-

I Inventories on Hand and on Order]

700-

i Manufacturing and ^||Inventories in 1982 dollars ( b i l o l . )

LJ
§

600 500-

400-

H . Manufacturing and i § d | inventories
in current dollars $ A I | D L ) X

300-

200-

100 908070-

65. Hilfacturers' inventoried fnislied goods

60-

M

50-

40-

30-

I-:
ilt':
77. Ratio, manufacturing and trade inventories to sales in 1982 dollars
I.8-1

1.71.61.51.4 J

260-.

78. Manufacturers' inventories, materials and supplies on hand
f i d on order (bil. d d ; | M £ g } L g I

"

~~
~

220-

"

180-

140-

100 -

60-

1962 63

64

65

66

67

88

69

76

77

>0

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 68.

ItCII

AUGUST 1987




27

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits

[Sensitive Commodity Prices]

98< Change l n p r o d u c e r

P r j c e s t e 2 8 sensitivecrudeandinterme(liatematerials
(percent; MCD moving avg.—6-term) | L L L |

Mr

+ 4-

iUA .Ar.jui

+ 20-2-4-6-J

99. Change in sensitive materials prices (percent; moving
avg.-4-term 1 )

>r'»*Vy
340 2

23. Spot market prices, raw industrial materials (index: 1967=100)

3C0-

J"

260 -

180-

380 -

1

340 -

H

300 260 220-

[Stock Prices|
180 -

19. Stock prices, 500 common stocks (index: 1941-43=10)
140 -

100-

18. Corporate profits after tax in 1982 dollars, Q
[Profits and Profit Margins]

(arm. rate, bil.dol.) [ g T ]

X

240200-

160120- ,

80- •

16. Corporate profits after tax in current dollars, Q
(arm. rate, bil. dd.) |"gTJT|

1962 63

73

74

75

76

77

78

79

30

8i

82

83

84

85

86

37

88 1989

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

28



AUGUST 1987

BCII

CYCLICAL INDICATOR*
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B 6 . Prices, Costs, a n d P r o f i t s — C o n t i n u e d

1 Profits and Profit Margins—Con.|

280240-

SO. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (ann, rate, bil. dol.)

200-

160120-

79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (ann. rate, bil. dot,)
40 J

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

141210-

6-

81. Ratio, corporate domestic profits after tax with IVA and CCAdj V
to corporate domestic income, Q (percent) l y ^ y j
\ /
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents) | i , L , l |

753-

26. Ratio, implicit price deflator to unit labor cost, nonfarm business
sector, Q (index: 1977 * 4 f l 0 )
102-i
100 989694-

[Cash Flows]

500 -

35. Corporate net cash flow in 1982 dollars, Q
(ann. rate, bil. dol.)
\

400 -

300-

200-

34. Corporate net cash flow in current dollars, Q
(,ann. rate, oil. aoi.;

1962

63

64

Gfc

GO

67

SM

6S

75

76

78

79

80

3:

83

'

100-

84

85

86

87

88 1989

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

BCD

AUGUST 1987




29

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

190-

[Unit Labor Costs and Labor Share]

180170160-

63. Unit labor cost, business sector, 0
(index: 1977-100)

15014013012011010090-

0.800.750.700.650.60-

68. Labor cost in current dollars per unit of gross domestic product
in 1982 dollars, nonfinancia! corporations, Q (dollars)

0.550.500.45-

0.40 -

160150-

J

140130-

62. Labor cost per unit of output, manufacturing
1977-100)

12011010090-

70-J

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

7876747270-

196/

6/-.

b-\

<:•*>

66

6/

6K

72

84

35

86

87

88 1989

Current data for these series are shown on page 70.

3
0



AUGUST 1987

f; / ,
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
P

r

T

P

\i\? immm m

102. Change in money supply M2

104. Change in total liquid

mwmt-.~*m- . " > y

1982 dollars (bil. dol.)

107. Ratk), gross na

to money supply M l , Q (rati

elocity of Moneyj
108. Ratio, personal income to money supply M2 (ratio)

1962

63

64

65

Sfc

67

bd

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 71.

ItCII

AUGUST 1987




31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

1 Credit Flows

33. Net change in mortgage debt heW by financial institutions
" ! insurance compaKp||nn. rate, bil. do!.)-

20-

40-J

112. Net change in business loans (ann. rate, bil. do!.;

$!CD moving avg.—&JMUT [ T J J ]

+ 120-

113. Net change in consumer irtstallrnent credit (am. rate, bil. dol.;
ft^ttioving
avg.—6t#f|X

i$£k\

> -ik>. \y'%'. .

ft-"'. A

+ 100+ 80-

r*
v: . r '•

+ 60-

K

r^

+ 40+ 200-20-

111. Change in business and consumer credit outstanding (am. rate, percent)
+ 30+ 20+ 100—
-10-

110. Funds raised by private nonfinancial borrowers in credit

l i (am. rate,

1962 63

64

65

66

67

68

69

70

71

72

d^fftn

73

74

75

82

33

84

85

86

88 1989

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

32



AUGUST 1987

Kill

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

C h a r t B 7 . M o n e y and C r e d i t — C o n t i n u e d

1firedit piffictilties

ies of business failures (mil. dol.

i

of consumer installment loans delinquent 30 days and over

93. Free reserves (bii. do!.—inverted scale)
UJJJ

94. Member bank borrowings from the Federal Reserve (bil. dol.

1962 63

64

65

66

67

68

69

(

•72

73

74

75

76

77

78

79

80

81

32

83

84

85

86

87

88 1989

Current data for these series are shown on page 72.

ItCII

AUGUST 1987




33

.•_'C,\L INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

1 Interest Rates

ai funds rate (percent)

wscouni raie on mm issues OT ai-aay treasury DIIIS

i

high-grade corporate bonds

n o . Yieia on long-ierm ireasury oonas

Secondary market yields on I HA mortgages ^percent)

J

117. Yield on municipal bonds, 20-bond average (percent)
lU.lg.Lgl

68

69

70

71

72

73

74

75

76

77

78

79 80

M 1989

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

34



AUGUST 1987

KCII

CYCLICAL INDICA10F<%
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

Interest Rates—Con.
109. Average prime rate charged by banks (percent)-—.

[Outstanding Debt]
1 0 1 Commercial and industrial loans outstanding in 1982 dollars

72. Commercial and industrial loans outstanding in current

66. Consumer installment credit outstanding (bil. dol.)

95. Ratio, consumer installment credit outstanding to personal income
(percent) \igXg
'

1962 63

64

65

66

67

68

I

S3

84

85

86

87

Current data for these series are shown on page 73.

ItCII

AUGUST 1987




35

DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . Diffusion Indexes

950. Twelve leading indicator components1 (6-mo. s p a n — , 1-mo. span—-)
100 T

50-

951. Four roughly coincident indicator components (6-mo. s p a n — , 1-mo. s p a n — )

nmra
' Ma

wyrapy mm

50-

952. Six lagging indicator components (6-mo. span—, 1-mo. span—.)
100-i

50-

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

50-

962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo. span—, 1-mo. span—-)
100-1

50-

963. Employees on private nonagricultural payrolls, 172-186 industries
(6-mo. span—, 1-mo. span—)
100

T

50-

1962 63

64

65

66

67

68

69

70

n

7? 73

75

76

11

78

79

SO

8:

85

86

87

88 1989

1

Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 74.

36




AUGUST 1987

\\i\\

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

new oraers. 34-35 durable goods industries
100-j

50-

0-

807060-

i MI m" •; xT i

;

50-

u

403020-

100-

50-

0-

100-

50-

Stock prices, 500 common stocks, 40-82 industries
100-1

tffillalA

50-

90 - j

80 706050401962 63

64

65

66

67

68

6S

?C

88

1989

1

This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

AUGUST 1987




3
7

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

Actual
Anticipated

[Percent rising |

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

100755025-

oLevel of inventories, manufacturing and trade

975.

(4-Q span)1
80-

100755025-

v

V

B

0

70-

]**

60

Vf

50-

0-

40-

976. Selling prices, manufacturing (4-Q span)

1

90-

100-

80-

90-

70-

80-

60-

70-

50-

60-

Selling prices, wholesale trade

977.

(4-Q span)1

90-i

100-

80-

90-

*'
70-

80-

• f
60-

70-

VI4

50-

60-

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

1

100-j

100-

A

90-

A

£

90#

80-

• /
-

•

•

'

Vi
\

80-

•

7060-

1975 76

77

78

79

80

81

82

83

7060-

82

83

84

85

86 1987

i 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 1987

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change

48c. Employee hours in nonagricultural establishments

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

73

80

81

82

83

84

85

86

87

88 1989

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.
1
Beginning with data for January 1984, series 12 has been suspended from this index.

9 AUGUST 1987



39

•^ih
A

I

IMPORTANT

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income

5000 •

II
7

**********

4500'
4000 3500 -

200. Gross national product in current dollars, Qa rate,
( rm.

3000-

bil. M ^ ^ / ^ 3 - " - ^

25002000-

223. Personal income in current dollars
(ann. rate, biL doL) V
^

^s*^
S ^ ^

^

^
\

1500-

1000-

224. Disposable personal income in current
dollars, Q (am. rate, bil. dol.)

45004000-

50. Gross national product in 1982 dollars, Q
(ann. rate, bil. dol.)

35003000 25002000-

4500-

213. Final sales in 1982 dollars, Q (am. rate, bil. dol.)

4000350030002500 -

2000 -

1500 -

217. Per capita gross national product in 1982 dollars, Q
(am. rate* thous. dol.)

18

sr

1

16141210-

227. Per capita disposable personal income in
1982 dollars, Q (am. rate, thous. dol.)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

^9

80

81

8-

82

83

84

85

86

87

88 198Q

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

40




AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

C h a r t A 2 . Personal C o n s u m p t i o n Expenditures
Jrir.. Jiiiy i i : ; v

II ::U fiNl 3te, billion dollars
iiS
!H
:

Personal consumption expenditures—

s i l

• •

•"•••

:

t||i

64

66

68

69

.:

«i

1962 63

•Sip

' '"11fStpS

ill

70

71

72

73

74

75

76

77

78

79

80

m$

:!§§ m :

81

82

:•
:
::

83

84

85

86

87

88 1989

Current data for these series are shown on pages 80 and 81.

ItCII

AUGUST 1987




41

OTHER IMPORTANT ECONOMIC Itf
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Ian. July
P

July

Nov.

T

P

T

80

81

245. Change in business inventories, 0

30. Change in business inventories, Q

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

1989

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

42




AUGUST 1987

II

OTHER IMPORTANT ECONOMIC iViU'
NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services

1 rate, billion dollars (current) |
|S;tff|j|
1200-1
11001000900800700 600-

Government purchases of goods and services—

Ill:/

500-

260.
400300-

200-

266. State and local
government, Q

100-1

^ I Annual rate, bion dollars (1982) j

267. State and local government, Q

1962 63

64

65

66

6? 6F

75

76

77 78

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 81.

AUGUST 1987



43

A

NATIONAL INCOME AND P R O D U C T — C o n t i n u e d

Chart A5. Foreign Trade

[Annual rate, billion dollars (current)

600
550
500
450
400
350
300 250-

252. Exports of goods and services, Q
200-

150-

- 253. Imports of goods and services, Q
100-

50 J

250. Net exports of goods and services, Q
+•500-50-100--150-

1 Annual rate, bBon doHars (1982)1

257. Imports of goods and services, Q

256. Exports of goods and services, Q

255. Net exports of goods and services, Q

1962

63

64.

f-

•:•••

SO

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

44



AUGUST 1987

BCD

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A 6 . National I n c o m e and Its C o m p o n e n t s
Mar.

]

Amual rate, billion doflars (current)]

£- 280. Compdlpon (||i||^ees, Q
1000 J

400 -

360320 280 24G -

286. Corporate profits before tax with inv
and capital consumption adjustments, 0

200180160 »

140120

•1

100 -

90 8070-

L

60-

282. Proprietors' income with inventory valuation and
capital consumption adjustments, Q

nisi

40 i<
30-

284. Rental income of persons with capital
conswmptkm adjustment, QS

10-

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

/9

84

85

86

87

88 1989

Current data for these series are shown on page 82.

ItCIt

AUGUST 1987



45

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

Annual rate, billion dollars (current)
800 T
700500500 -

400-

300 250-

200 -

150-

100 -

so-

40

J

2§§. Government surplus or deficit, Q

196/

f ••
:

-4

\y.':

B-

C;?

oh

h9

72

8..1

84

85

86

8?

88 1989

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

46



AUGUST 1987

KCII

OTHER IMPORTANT tiVh^SC
A I

MEASURES

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income

[Percent of GNPl

235. Personal consumption expenditures, Q

268. State and local government purchases
of goods and services. Q
265. Federal Government purchases of goods and services, Q

[5]

248. Nonresidential fixed investment, Q

fnl
249. Residential fixed investment, Q

247. Change in business inventories, Q

251. Net exports of goods and services, Q

[Percent of National Income!

64. Compensation of employees, Q

287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q

GI
D

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q

285. Rental income of persons with capital consumption adjustment, Q
1962

63

64

65

66

67

6>?

72

73

74

75

76

77

78

79

80

81

82

83

84

?,':

Current data for these series are shown on page 83.

KCII

AUGUST 1987




47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

[Index: 1982=1001

310c. Implicit price deflator for gross

[Percent change at annual rate|
+ 15 -j
+ 10 -

310. Implicit price deflator fornational product

+5 0 -

311c. Fixed-weighted price index, gross domestic business product

+ 15 -

(1-Qspan)

+ 10 -

M

311. Fixed-weighted price index,
gross domestic business product,

+ 50-

6-month spans

Producer price indexes—
330c. All commodities

20-I

70 J

+ 10-

\

Index: 1967=1001

0 -

Producer price indexes—

'XT m

340 •
320
300
280260

-10 -

335c. Industrial commodities
+ 20 + 10-

240-

s

220

\/m

200'
180-J

-io -

360-1
340320-

-st

\

J

\
\y

20-

332c. Intermediate materials, supplies, and components

331. Crude materials for further processing

i

J

331c. Crude materials for
further processing

340-j
320300280260240220200180-

335. Industrial commodities

J -io

332. Intermediate materials, suoolies.

+ 20+ 10 -

300-

280260
240
220-

333c. Capital equipment

200-

+ 20-

NT

+ 10-

340
320'
300'
280'
260'
240-

333. Capital equipment

|HUjpUUUuCJkUnM^^^M

0-

334c. Finished consumer goods

220200 -

XT

180-

334. Finished consumer goods
1975

76

77

73

79

80

81

82

83

84

85

86 1987

1975 7b

?8

79

SO

Rl

82

33

84

85

-,n J

86 1987

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




AUGUST 1987

BUI

OTHER IMPORTANT E C O R ^ C : ^ : t
PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Jan. July
July
P I P

Nov.
T

I Index: 1967=1001
Consumer price indexes—

380340300-

260 - .
220-

322. All urban consumers, food -—
180-

320. All urban consumers
140-

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

j Percent change at annual rate |
+ 20-I
+ 10-1-5

A

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

Chart B2. Wages and P r o d u c t i v i t y

llndex: 1977=1001
200 «|
180 160-

341. Real average hourly earnings of production or nonsupervisory '
workers on private nonagricuftural payrolls1

1.40120100- 1

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

220 200180160-

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

14012010080-

1457 Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)

1962 63

64

65

66

67

68

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

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

IICII

AUGUST 1987




49

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued

lWages

Con

-1 Change in average hourly earnings of production or nonsupervisory workers on private nonagricdtura! payrolls 1 -

1 Percent change |

340c. Current-dollar earnings
u

ftftftxfi'fi'

* u 1/tff tft;; y 1 u\ \i' f ; | ;
^ ; ; v i if -

1-month spans2
\

6-month spans (am. rate)
341c. Real earnings

+ 5
0
-5
-10

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

+ 15

345c. Current-dollar compensation - r — 4 - q u a r t e r spans

+ 10-

1-quarter ^jans (aim. rate)
0-

346c. Real compensation
+ 10-

l-quarter spans (arm. rate)
„

V

•W
A. /^OSv^

a

L^.

+ 50- D

Negotiated wage and benefit decisions—

348. Average first-year changes, Q (arm. rate)

349. Average changes over life of
1 Index: 1977 =-1001
1 Productivity"!
358. Output per hour, all persons,
nonfarm business sector, Q
\
370. Output per hour, i t persons,

80 J

I Percent change [

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

72
1

73

74

75

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

50



76
2

77

78

79

80

31

82

33

84

85

87

88

1989

One-month percent changes have been multiplied by a constant (12) to make them comparable

;

AUGUST 1987 K C I I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major C o m p o n e n t s

441. Civilian labor force (millions)

442. Civilian employment (millions)

Civilian labor force participation rates p^pent)—

**« t y ^ ofl vears and over

453. Both sexes 16-19 years of age

Number unemployed (millions)—
37. Persons unemployed
rNi>»

f
/Sw~.

445. Females 20 years and over
444. Males 20 years—
(Hid over

446. Both sexes 16-19 years of age

447. Number unemployed, full-time workers (mP&ns)

^ 4 4 8 . Number of persons employed part time for economic
reasons (millions)

1962 63

64

65

86

6/

be

Current data for these series are shown on page 89.

ItCII

AUGUST 1987




51

OTHER IMPORTANT E? f

C MEASURES

GOVERNMENT ACTIVITIES

Chart D l .

Receipts and Expenditures

[tonal rate, billion dollars (current)]

502.

Federal Government expenditures, Q
400 -

501.

Federal Government receipts, Q
200

-i

500. Federal government surplus or deficit, Q

900-j
800 700 600500400 -

511. State and local government receipts, Q —-*^.

300 200-

512. State and local government expenditures, Q
100

-1

+ 100+ 80-

510. State and local government surplus or deficit, Q

1962

6<

64

65

66

67

68

~?&

75

76

11

78

79

80

+ 60-

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



AUGUST 1987

Kill

'./•**•

•

•

'• UG!WC MEASURES

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
P

T

P
40-

I Advance Measures of Defense Activity 1

3530-

2520-

517. Defense
(HLdoL;

gross obligations incurred
avg,~~6-terni)

15 J

22-i
201816141210-

525. Defense Departn

6-J

240220200 180 160140120100 -

141210-

6-

548. Manufacturers new orders, defense products
(bil. do!.; MO) moving avg.-6-term)

1962 63

64

G5

o-."-

' '

/*>

77

78

79

SO

87

88 1989

Current data for these series are shown on page 90.

B€l» AUGUST 1987



53

OTHER IMPORTANT ECONOMIC W£i^

i«ES

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Dec. Nov.
P
I
220-

| Intermediate and Final Measures of Defense Activity]

200180-

_\T

160-

557. industrial production, defense and space equipment
(index: 1977=100)

14012010038-irW

343026-

J

559. Manufacturers' inventories, defense products

22-

/

18-

<

561. Manufacturers' unfilled orders,
defense products (bil. dol.)

343026221814-

580. Defense Department net outlays, military functions and military
assistance (bil. dol.)

109- '

7- '

588. Manufacturers' shipments, defense products (bil.
w
L

dol,)

f

3-

2J

1962 63

84

65

66

67

68

69

70

71

7?

75

76

77

"/,

85

86

87

88

1389

Current data for these series are shown on page 91.

54



AUGUST 1987

BCII

OlrftiK IMPORTANT ECONOMIC MEASURES
J) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued

[ Intermediate and final Measures of Defjjift Activity—Con7| ;'..;- ,
570. Employment, defense products industries (millions)

2.01.81.61.41.2-

T

1.0 J

3|pJff

pip

Defense D e p l ^ k f personnel (mfllions)3.5-1
3.0-

577. Military personnel on active duty

'111

2.5-

HI

2.0-

1.5-

1.0-

400350-

w

1 National Defense Purchases 1

300250-

200-

services, national

564.
l§|n$e,Q (arm. rate,

150-

100-

565. National defense purchases as a percent of GNP, Q (percent)
10-1

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

Kill

AUGUST 1987




55

OTHER IMPORTANT ECONOMIC »\
E

I

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

25

T

20 15-

602. Exports, excluding military aid shipments (bil
109875-

2-

604. Exports of domestic agricultural products
(bi!. dol.)
606. Exports of nonelectrical machinery (bil. dol.)

j
4035302520-

10987543-

614. Imports of petroleum and petroleum—
products (bil. dol.)
0.8-

b l O r f o r t s o f autorrioBIIesaMparts (bit.dot.)

0.6-

1962

63

84

65

66

67

68

69

70

71

77

84

85

36

37

88 1989

Current data for these series are shown on page 92.

56



AUGUST 1987

licit

U.S. INTERNATIONAL T R A N S A C T I O N S — C o n t i n u e d
Chart E2. Goods and Services Movements

|;

[Annual rate, billion dollars I

| Excess of receipts
} Excess of payments
Goods and services-

667. Balance on goods and services, Q
668. Exports, Q

Merchandise, adjusted—
622. Balance on merchandise trade, Q

651. U.S. investment abroad, Q -*-

1962 63

64

oS

66

67

68

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 93.

B€l>

AUGUST 1987




57

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Mar.

Jan. Juiy
P

T

T

July

Mar

Nov

P

I

Jan. jiiiv

T

P

T

July
P

I Indtx; 1977=1001

140130 -

130-

m

721, HCD la«)|i#i! cfflii^m

120-

120 -

110-

110-

100-

100-

90 -

90

J

160'
150

130 T

140'

120 -

130'

110-

J4^

120
110 -

WmW

10090-

10090-

130120110-

m

100-

90 ~»

90-

130120 -

120 -

I

110100-

110 100 -

90-J

90-

1975 76

77

78

79

80

81

82

83

84

85

86 1987

1975 76

77

78

79

80

81

82

83

84

85

86 1987

Current data for these series are shown on page 94.

58



AUGUST 1987

IICII

OTHER IMPORTANT;.;/
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices

Chart F3. Stock Prices

Mar.

n: v

Mar.

?

I

Jan. M Y

T

P

V

| Percent change at annual rate [

| 6-month spans |

Jan. July
P

T

July

Nov

P

T

Stock prices—

Consumer prices—

100
1975 76

r

>'B 7 ^

Kf

•:!

'.

79

80

81

82

83

84

85

J

86 1987

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

AUGUST 1987




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)1

(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,
coincident index
to lagging index2

Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29) 2

(1967 = 100)

(1967 = 100)

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)2

(1967 = 100)

916. Profitability (series
19, 26, 80)

(1967 = 100)

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

(1967 = 100)

(3)

1985
January
February
March

165.5
166.5
167.2

158.4
159.0
159.3

123.7
124.3
125.4

128.1
127.9
127.0

109.2
111.0

April
May
June

165.9
166.9
167.3

160.5
160.2
159.5

125.1
126.7
126.5

128.3
126.4
126.1

July
August
September

168.5
169.3
170.2

159.7
160.9
160.9

126.9
127.2
128.4

October
November
December

171.2
171.1
174.0

160.8
161.6
163.0

January
February
March

174.1
175.0
176.4

April
May
June

110.8

102.6
102.5
102.0

113.1
114.1
114.2

139.0
138.6
138.9

110.0
109.7
110.1

101.8
101.6
101.5

114.5
115.0
115.8

137.1
135.9
135.6

125.8
126.5
125.3

110.5
110.6
111.2

101.5
101.5
101.6

116.7
116.9
115.6

137.7
139.0
140.0

129.7
129.7
130.2

124.0
124.6
125.2

110.3
109.5
110.5

102.1
102.3
102.7

114.8
114.9
116.5

141.1
140.6

162.9
163.4
162.9

131.6
131.9
133.0

123.8
123.9
122.5

108.9
110.2
109.9

103.3
103.3
103.5

117.3
119.0
119.8

142.2
140.3
140.0

178.1
178.5
178.3

165.6
164.3
163.7

131.2
132.0

131.8

126.2
124.5
124.2

110.4
109.5
109.6

103.8
103.5
103.0

119.9
119.7
120.4

140.3
142.4
142.6

179.9

141.9

1986

July
August
September

rl80.3
180.0

164.4
164.8
165.8

131.8
131.9
131.2

124.7
124.9
126.4

109.8
108.8
108.9

103.3
rlO2.9
102.8

120.0
rl20.4
118.9

144.9
145.6
145.5

October
November
December

181.3
182.8
rl86.7

rl65.3
rl65.8
167.2

132.8
132.4
rl31.6

rl24.5
125.2
rl27.1

108.4
108.6
111.0

102.8
103.6
104.9

rll7.8
rll7.4
rll7.9

147.3
146.7
0)149.1

January
February
March

185.5
rl85.9
rl87.6

rl65.6
168.0
167.7

E)rl33.2
131.1
130.2

rl24.3
128.1
128.8

108.9
(NA)

104.3
104.4
105.0

rll9.3
rl20.8

0)121.5

148.7
146.2
143.8

April
May
June

rl87.9
188.9
190.8

167.8
167.5
167.9

rl30.4
130.1
129.8

rl28.7
128.7
rl29.4

105.1
rlO5.9
rlO6.8

121.3
P121.3
(NA)

rl42.5
rl41.9
P143.2

[H>M91.8

g>5168.8

6

P130.8

P107.2

1987

July
August
September

129.1

(NA)

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.
beginning with data for January 1984, series 12 has been suspended from this index.
2
The following series reached their high values before 1985: series 940 (136.2) in January 1984, series 914 (111.5) in February 1984, and
series 915 (107.9) in April 1984.
3
See "New Features and Changes for This Issue" on page iii of the March 1987 issue.
''Excludes series 36 and 111, for which data are not available.
5
Excludes series 57, for which data are not available.
6
Excludes series 77 and 95, for which data are not available.

6
0




AUGUST 1987

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L.L.L

L, C f L

L.C.L

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

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

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

(Hours)

(Thous.)

(Hours)

Comprehensive
Employment

Job Vacancies

U,C,C

L, Lg, U

L, Lg, U

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

46. Index of help-wanted
advertising in newspapers

(Ann. rate,
bil. hours)

(1967 = 100)

(Ratio)

48. Employee hours in
nonagricultural establishments

1985
January
February
March

40.5
40.0
40.5

3.3
3.3
3.2

378
402
389

0.490
0.501
0.502

140
141
141

180.12
179.92
181.32

April
May
June

40.3
40.4
40.5

3.3
3.1
3.2

387
383
392

0.470
0.474
0.500

132
132
141

181.01
181.68
181.97

July
August
September

40.5
40.6
40.7

3.2
3.3
3.4

381
375
381

0.497
0.490
0.491

141
134
136

181.82
182.41
182.86

October
November
December

40.7
40.7
40.9

3.3
3.4
3.6

367
371
391

0.503
0.524
0.527

140
144
145

184.16
183.90
184.20

January
February
March

40.8
40.6
40.7

3.5
3.4
3.4

375
384
393

0.538
0.498
0.490

143
142
138

184.62
184.05
184.41

April
May
June

40.7
40.7
40.6

3.4
3.5
3.4

374
378
378

0.472
0.452
0.500

132
128
141

184.84
184.90
184.64

July
August
September

40.6
40.8
40.8

3.5
3.5
3.5

370
379
369

0.506
0.495
0.485

140
134
135

184.97
185.55
185.84

October
November
December

40.7
40.8
40.8

3.5
3.5
3.6

343
342
356

0.510
0.530
0.539

141
147
144

186.20
186.86
186.87

40.9
E>41.1
40.9

3.6
3.6
3.6

359
361
341

0.527
0.549
0.568

142
147
150

187.64
188.94
188.71

April
May
June

40.6
41.0
41.0

3.5
3.8
3.7

E>324
326
327

0.571
0.568
rO.635

144
144
rl55

July

P41.0

g>p3.8

327

E>P0.651

E>pl58

1986

1987
January
February
March

At imict
MUgUol

187.72

rl89.69
rl89.44
E)pl89.79

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 1987




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

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs1

(Percent)

(Percent)

(Thous.)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1985
January
February
March

102,979
103,269
103,676

96,364
96,512
96,880

[H>24,993
24,926
24,977

59.18
59.31
59.46

8,506
8,365
8,351

7.4
7.3
7.2

2.9
2.9
2.9

15.9
15.9
16.2

2.0
2.1
2.1

April
May
June

103,612
103,719
103,403

97,058
97,299
97,409

24,943
24,901
24,852

59.41
59.39
59.08

8,364
8,291
8,385

7.3
7.2
7.3

2.8
2.8
2.8

16.4
15.3
15.5

2.1
2.0
2.0

July
August
September

103,711
104,030
104,558

97,572
97,785
97,968

24,812
24,799
24,752

59.19
59.30
59.50

8,438
8,141
8,242

7.3
7.1
7.1

2.8
2.8
2.8

15.5
15.3
15.3

2.0
2.0
2.0

October
November
December

104,720
104,923
104,998

98,230
98,445
98,658

24,782
24,784
24,799

59.55
59.60
59.64

8,288
8,171
8,184

7.1
7.0
7.0

2.7
2.8
2.8

15.3
15.6
15.2

2.0
1.9
1.9

January
February
March

105,612
105,452
105,555

98,776
98,914
99,013

24,821
24,768
24,711

59.86
59.63
59.71

7,902
8,485
8,380

6.8
7.2
7.2

2.8
2.8
2.8

15.0
15.2
14.6

1.8
2.0
1.9

April
May
June

105,770
106,014
106,449

99,252
99,389
99,323

24,770
24,708
24,628

59.75
59.80
59.99

8,323
8,422
8,392

7.1
7.2
7.1

2.8
2.8
2.8

14.7
14.8
15.2

1.8
1.9
1.9

July
August
September

106,763
107,010
106,845

99,601
99,772
100,039

24,628
24,639
24,620

60.08
60.12
60.02

8,230
8,057
8,285

7.0
6.8
7.0

3.0
2.9
2.8

15.1
15.6
15.5

1.9
1.9
2.0

October
November
December

107,030
107,217
107,476

100,209
100,415
100,567

24,611
24,630
24,630

60.07
60.14
60.19

8,222
8,243
7,949

6.9
6.9
6.7

2.7
2.7
2.6

15.2
14.8
15.0

1.8
1.9
1.8

January
February
March

107,866
108,146
108,084

100,919
101,150
101,329

24,708
24,743
24,749

60.30
60.45
60.38

8,023
7,967
7,854

6.7
6.7
6.6

2.6
2.6
2.6

15.0
14.6
14.9

1.8
1.8
1.7

April
May
June

108,545
109,112
109,079

101,598

rl01,708
rl01,811

24,759
r24,752
r24,775

60.58
60.86
60.70

7,500
7,546
7,260

6.3
6.3
6.1

2.4
2.4
2.4

14.9
14.9
14.8

1.7
1.8

0)109,508

0)plO2,115

p24,849

0)60.89

0)7,224

H)6.0

0)2.4

0)14.0

0)1.6

1986

1987

July
August
September
October
November
December

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

62



AUGUST 1987

1.7

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Comprehensive Output and Income

Timing Class

Year
and
month

PRODUCTION AND INCOME

C,C,C

50. Gross national product
in 1982 dollars

C, C, C

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

C,C,C

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

Industrial Production
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

(1977 = 100)

C.L.L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

C, C, C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1985
January
February
March

3,56^7

3,234.2
3,263.2
3,280.1

2,945.5
2,963.9
2,963.1

2,509.2
2,525.2
2,525.0

539.9
536.6
538.7

122.7
123.2
123.4

126.6
126.4
127.3

122.6
123.5
123.7

1,537!6

April
May
June

3,587.1

3,305.5
3,294.2
3,313.3

2,980.6
2,957.1
2,966.2

2,542.4
2,520.4
2,530.4

537.5
537.9
538.4

123.3
123.6
123.6

127.5
127.4
127.0

124.1
124.7
124.8

1.54CK7

July
August
September

3,623.0

3,325.8
3,337.0
3,351.7

2,972.1
2,976.8
2,979.3

2,529.5
2,538.6
2,540.5

537.3
539.7
539.7

123.4
124.4
124.3

126.9
128.1
127.4

125.4
126.0
126.4

I,557i7

October
November
December

3,65CL9

3,381.6
3,394.9
3,442.7

2,995.2
2,996.4
3,027.9

2,556.3
2,557.9
2,589.8

543.3
540.0
541.7

123.6
124.8
125.6

126.7
128.2
128.7

125.8
127.2
127.5

I,558i9

January
February
March

3,698*.8

3,444.4
3,463.8
3,482.1

3,021.4
3,051.8
3,073.3

2,576.6
2,604.2
2,622.7

540.1
539.2
542.1

126.2
125.3
123.6

129.5
128.7
126.8

129.3
128.7
127.7

1,589!5

April
May
June

3,704!7

3,525.8
3,525.9
3,528.1

3,111.9
3,103.8
3,094.8

2,660.2
2,650.4
2,641.8

544.3
543.7
539.7

124.7
124.2
124.2

128.1
127.0
126.2

129.6
129.9
131.2

1,59^4

July
August
September

3,718*.6

3,540.3
3,552.9
3,567.5

3,102.8
3,103.0
3,104.9

2,642.4
2,647.4
2,648.8

540.2
542.0
539.8

124.9
125.1
124.9

127.4
127.5
128.1

131.7
132.2
131.4

I,593i7

October
November
December

3,73l!5

3,577.5
3,590.3
3,613.0

3,108.2
3,116.6
3,130.8

2,651.5
2,659.7
2,673.3

0)544.9
541.1
540.2

125.3
126.0
126.7

128.1
128.6
129.2

132.3
132.7
133.7

1,602'.6

3,772.2

3,631.5
3,671.2
3,683.4

3,117.2
[H>3,143.2
3,137.5

2,660.3
2,685.5
2,682.4

540.1
538.7
537.8

126.5
127.2
127.3

129.0
130.4
130.5

134.1
134.3
134.8

1,626.0

[H>r3,793.7

r3,7O3.7
r3,713.3
r3,723.2

r3,141.4
r3,133.6
r3,131.4

E>r2,685.7
r2,673.3
r2,675.7

534.2
r535.1
r534.1

rl27.4
rl28.3
rl28.8

rl30.0
rl30.6
rl30.9

rl35.8
rl36.6
rl37.2

@>p3,737.5

p3,138.1

p2,680.6

P532.9

E>pl29.8

E>pl32.0

E>Pl38.4

1986

1987
January
February
March
April
May
June
July
Augusti •
nuguu
September

B>rl,632.4

.

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

AUGUST 1987



63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

• H
MM

PROCESS—Continued

PRODUCTION AND
INCOME-Continued

Q [

Capacity Utilization

L,C,U

82. Capacity
utilization rate,
manufacturingr

Orders and Deliveries

L, C,U

84. Capacity
utilization rate,
materials1

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. dot.)

7. Constant
(1982) dollars1

(Bil. dol.)

L, L, L

L, L, I

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

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

(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 x @
(Percent
reporting)

1985
January
February
March

80.2
80.2
80.4

81.4
81.3
81.2

98.98
98.44
97.45

93.47
92.87
91.85

81.30
78.95
78.43

1.64
0.74
-1.16

356.76
357.49
356.33

47
48
46

April
May
June

80.4
80.3
80.0

80.5
80.1
80.2

96.25
98.26
102.64

90.71
92.26
96.29

78.58
79.28
78.21

-1.64
-0.13
4.37

354.70
354.57
358.93

44
44
44

July
August
September

79.9
80.3
80.0

79.7
79.8
79.5

98.44
101.20
101.74

92.17
94.75
95.53

78.11
78.86
79.95

1.02
1.61
2.65

359.95
361.55
364.21

44
42
42

October
November
December

79.4
80.1
80.2

79.1
79.4
80.3

101.71
95.59
104.14

95.15
89.33
97.24

80.03
80.08
79.66

0.41
-5.15
3.56

364.61
359.47
363.03

46
42
46

January
February
March

80.8
80.2
79.1

80.1
79.6
78.5

99.02
101.26
100.94

92.63
94.73
94.33

81.47
80.64
79.01

0.63
2.18
3.23

363.66
365.84
369.06

46
48
50

April
May
June

79.9
79.4
79.3

78.7
78.1
78.0

98.18
97.30
r97.90

91.58
90.68
r91.24

80.92
78.79
r80.24

-2.76
-1.32
-1.70

366.30
364.98
363.28

50
55
50

July
August
September

79.7
79.7
79.6

78.3
77.9
78.1

r99.78
r96.46
103.47

r92.91
r89.73
96.07

r79.04
r79.66
82.79

r-0.05
r-1.60
2.59

r363.23
361.63
364.21

54
51
52

October
November
December

79.6
79.7
80.0

77.8
78.4
78.9

100.39
100.66
105.97

92.87
92.94
97.75

81.18
79.56
85.30

-1.14
0.44
-0.77

363.08
363.52
362.74

54
56
56

79.9
80.3
80.3

78.8
78.7
78.7

95.54
101.93
106.21

87.98
94.03
r97.71

80.52
84.70
[H)r85.69

-3.77
-1.67
1.46

358.97
357.30
358.76

55
52
55

April
May
June

r80.2
r80.4
r80.5

r79.2
79.3
r79.8

106.98
rlO6.99

DrlO9.13

98.32
r98.07
rl00.12

84.09
r83.74
r85.43

4.23
r4.52
r4.73

363.00
r367.51
r372.24

57
60
57

July
August
September

P81.0

P80.3

P107.48

P98.24

P82.27

p4.62

[H)P376.86

62

1986

1987
January
February
March

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
x
The following series reached their high values before 1985: series 82 (81.3) in July 1984; series 84 (82.9) in August 1984; series 7
(100.61) in March 1984; series 25 (9.80) in March 1984; and series 32 (72) in March 1984.

64



AUGUST 1987

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| Q

Minor Economic
Process
C,C,C

CCC

Manufacturing and trade sales
56. Current
dollars

(Mil. dol.)

57. Constant
(1982) dollars

(Mil. dol.)

CL, C

75. Index of
industrial
production,
consumer
goods

(1977 = 100)

C, L, U

U, L, U

Sales o retail stores
f
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Timing Class

Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

59. Constant
(1982) dollars

(Mil. dol.)

L,C,C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bit. dol.)

L, L, L

58. Index of
consumer
sentiment1©

L, L, L

12. Index of
net business
formation

L.L.L

13. Number of
new business
incorporations

(1st Q

1966 = 100)

(1967 = 100)

(Number)

Revised2

1985
January
February
March

410,285
413,449
417,197

399,063
401,841
403,012

118.0
119.1
119.3

110,569
111,839
112,500

104,606
105,409
105,535

115*.9

96.0
93.7
93.7

121.2
122.1
121.4

52,328
53,086
54,574

April
May
June

419,063
420,705
416,284

405,564
407,873
402,381

118.9
119.7
119.9

114,511
114,504
114,163

107,220
107,213
106,894

H8*.b

94.6
91.8
96.5

120.8
120.4
120.4

54,690
55,394
54,313

July
August
September

415,616
422,298
423,010

404,125
411,182
411,084

119.4
120.9
121.1

115,185
116,904
119,091

107,750
109,256
111,300

133*.7

94.0
92.4
92.1

121.5
121.2
120.7

54,558
55,843
56,180

October
November
December

421,003
425,318
427,016

409,171
411,573
409,028

120.5
122.7
123.3

115,711
116,412
117,389

108,040
108,190
108,794

117*.8

88.4
90.9
93.9

121.2
120.4
119.9

57,644
56,570
57,583

424,035
419,569
415,705

411,322
411,123
409,587

123.8
123.3
121.8

118,393
117,590
117,259

109,421
109,692
110,310

122,4

95.6
95.9
95.1

119.3
120.8
121.5

57,636
59,114
58,867

April
May
June

421,276
417,493
r422,031

418,962
413,181
415,160

124.5
124.3
124.4

118,113
119,507
rll9,605

111,744
112,530
rll2,411

126*2

96.2
94.8
99.3

122.4
120.7
120.3

59,156
r57,747
r57,446

July
August
September

r420,897
423,559
437,895

418,913
421,216
432,003

125.2
125.1
124.2

rl20,301
122,156
0)128,952

rll2,959
114,271
[H>119,955

H>15l".3

97.7
94.9
91.9

120.7
119.3
rl20.4

57,618
r56,299
r57,942

October
November
December

430,012
429,944
443,766

423,892
423,849
433,476

124.7
125.6
127.2

122,121
121,678
127,613

113,919
113,400
118,160

14l'.3

95.6
91.4
89.1

119.7
118.3
121.9

57,081
r56,656
(0)65,692

425,080
443,169
445,032

418,148
0)434,102
431,517

126.8
127.5
127.5

118,579
124,280
124,593

109,189
113,914
113,576

lll'.'b

90.4
90.2
90.8

rll8.0
121.0
0)123.3

54,974
59,385
60,907

444,357
r446,282
B>p453,133

430,221
429,145
p432,443

126.6
rl27,8
rl27.9

124,960
rl24,867
r!26,620

rll3,497
rll2,798
rll3,867

rl23.6

92.8
91.1
91.5

rl22.3
119.6
118.5

r58,252
P56.111
(NA)

(NA)

(NA)

0)pl28.8

pl27,574

pll4,519

93.7

P117.9

1986
January
February
March

1987
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 14, 22, and 23.
x
2

Series 58 reached its high value (101.0) in March 1984.
See "New Features and Changes for This Issue," page iii.

not

AUGUST 1987




65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process
Timing Class

Business Investment Commitments

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, LTL

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 corporations3
(Bil. dol.)

C, Lg, Lg

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

(Bil. dol.)

1985
January
February
March

29.12
33.44
32.62

30.08
37.25
34.76

24.68
29.00
27.58

26.01
33.17
30.13

81.14
82.48
87.41

7.54
7.66
8.12

29.94

April
May
June

29.87
30.48
31.92

31.29
32.71
34.04

25.05
25.39
27.32

26.88
28.08
29.88

91.95
83.99
69.68

8.54
7.80
6.47

27.56

July
August
September

31.44
31.65
33.35

33.79
34.41
35.84

26.19
27.00
28.10

29.04
30.21
31.10

91.89
91.41

8.54
8.49

B>93.19

E>8.66

October
November
December

33.94
29.86
34.46

36.97
32.59
37.00

28.42
25.00
29.89

32.01
28.22
32.90

92.00
92.61
79.23

8.55
8.60
7.36

27.19

29.25
32.76

24.96
27.66
26.61

26.92
31.78
29.53

70.66
78.41
69.96

6.56
7.28
6.50

23.'39

30.99

30.77
36.35
33.44

April
May
June

30.06
29.69
r30.70

32.22
32.59
r33.93

25.36
25.43
r25.85

28.05
28.80
r29.64

84.26
76.71
75.88

7.83
7.13
7.05

19.99

July
August
September

r31.20
r29.60
31.35

r34.91
r33.46
34.14

26.53
r25.58
27.14

30.78
r29.91
30.42

73.10
79.09
80.82

6.79
7.35
7.51

20.20

October
November
December

31.90
31.62
34.03

34.76
34.91
37.39

27.65
27.30
29.31

30.99
31.06
33.20

71.77
85.41
78.29

6.67
7.93
7.27

22'. 10

30.73
30.85
32.19

32.89
33.67
35.09

26.78
26.86
27.40

29.39
r30.15
30.89

83.02
70.82
76.02

7.71
6.58
7.06

P22.96

(NA)

99^35

E>99*.88

24.17
97!l8

94.58

1986
January
February
March

92^22

85.77

80.71

69.72

1987
January
February
March
April
May
June
July
August
September . . . . . . . .

32.80
r33.96
[H>r35.48

36.27
r37.50
r38.43

28.31
r30.03
r29.91

32.33
T34.07
r33.58

77.91
75.12
85.27

7.24
6.98
7.92

P35.30

H>p38.50

0>p3O.38

DP34.21

84.21

p69*16

7.82

(NA)

October
November
December
See note on page 60.

Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.
3
Series 11 reached its high value (34.12) in 2d quarter 1984.

6
6



AUGUST 1987

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q J

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,
bil. dol.)

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

C Lg, Lg

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

C Lg, U

76. Index of
industrial production, business equipment

(1977 = 100)

C, Lg, C

Lg, Lg, Lg

C Lg, C

28. New private housing
units startedx

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

L, L, L

88. Producers'
durable equipment

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
thous.)

L, L, L

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

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars

(Ann. rate,
bil. dol.)

1985
January
February
March

373*56

371.84

377.04
391.20
404.77

138.3
139.2
138.9

440.0

149.1

291.0

1,754
1,673
1,810

132.4
132.5
137.7

172.6

April
May
June

387.86

387*31

397.44
397.59
401.10

140.7
140.8
138.5

457.' 2

|H)151.7

305.' 5

1,816
1,683
1,678

132.7
136.3
136.8

171.2

July . . . .
August
September

389*23

388.58

394.00
401.99
395.78

139.5
141.0
140.4

454*i

149*5

304.5

1,681
1,743
1,679

135.3
144.2
152.8

174*9

K>397*88

[H>397'57

404.89
405.00

138.3
140.8
140.0

(H>465*2

147 .*2

E>418.62

318.'6

1,813
1,690
1,887

139.0
134.9
143.1

179*7

October
November
December
1986
January
February
March

377'.94

374!18

381.52
394.74
394.11

141.5
140.5
137.7

453*2

145.4

307.' 8

2,004
1,923
1,887

147.4
141.1
144.3

185*9

April
May
June

375*92

372.73

395.29
383.39
r388.43

138.6
137.9
136.6

441.0

128*4

312*6

1,945
1,848
1,842

149.4
141.8
143.0

196.5

July
August
September

374.55

368 .'54

r389.46
388.79
388.06

137.9
139.3
139.3

437.' 7

122*7

315*0

1,786
1,800
1,689

141.8
137.8
134.5

201.1

October
November
December

388*69

381.20

394.85
390.78
412.74

139.1
138.6
137.1

443.' 2

124*6

H>318.6

1,657
1,637
1,813

132.7
132.9
148.5

[H>202.'2

372.24

365*89

373.01
386.71
391.88

138.1
140.8
140.8

426.0

120.4

305.6

1,816
1,838
1,730

131.7
133.7
137.1

198.2

April
May
June

a385.22

r390.25
r390.09
P396.33

rl40.8
rl41.9
rl42.5

1,643

a392*02

r435.6

rl20.7

r314*.9

rl,606
rl,597

127.4
119.1
121.0

rl97*l

July
August
September

(NA)

H)pl43.7

pi,611

118.6

a397.06

a390*93

October
November
December

a402*26

a396*3i

1987
January
February
March

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
1
Series 28 reached its high value (2,260) in February 1984; series 29 reached its high value (158.5) in February 1984.

AUGUST 1987



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class . .

Year
and
month

Inventory Investment

30. Change in
business inventories in 1982
dollars 1

(Ann. rate,
bil. dol.)

L, L, L

L, L, L

L, L, L

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1
Smoothed2

Actual
(Ann. rate,
bil. dol.)

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories x

(Ann. rate,
bil. dol.)

L, L,L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order1
(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

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

70. Constant
(1982) dollars
(Bil. dol.)

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods

L, Lg, Lg

Lg, Lg, Lg

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

(Bil. dol.)

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order1

(Ratio)
Revised

(Bil. dol.)
3

1985
January
February
March

19.5

22.13
11.47
-16.33

7.78
9.85
7.57

14.3
33.2
-2.3

0.20
-1.04
-4.71

642.52
645.28
645.09

632.24
633.78
633.51

108.04
108.54
E>108.77

1.58
1.58
1.57

238.42
237.38
232.66

April
May
June

\Y.3

-3.85
-8.26
9.94

1.43
-6.19
-5.10

-4.4
-6.3
20.0

1.44
-2.10
0.72

644.73
644.20
645.87

634.08
634.01
635.32

108.25
108.11
107.84

1.56
1.55
H>1.58

234.10
232.00
232.72

July
August
September

-5.7

-5.21
-17.57
0.88

-0.95
-2.73
-5.79

-4.0
-12.8
-0.3

-1.55
-0.40
-1.00

645.54
644.47
644.45

635.70
635.17
635.59

106.73
106.34
105.82

1.57
1.54
1.55

231.17
230.77
229.77

October
November
December

-1.6

17.48
-6.61
12.06

-3.52
2.09
5.78

32.3
23.4
19.3

0.00
-2.33
2.76

647.14
649.09
650.70

637.74
637.77
638.17

105.37
105.54
105.76

1.56
1.55
1.56

229.77
227.44
230.20

January
February
March

35.3

21.82
16.38
42.60

8.37
12.92
21.84

14.3
0.1
24.2

-0.23
1.22
-0.45

651.88
651.89
653.90

639.55
640.54
644.56

105.75
105.43
105.21

1.55
1.56
1.57

229.97
231.18
230.73

April
May
June

28.1

10.85
-39.11
r20.70

25.11
14.03
rl.13

12.9
-25.5
r8.6

-0.96
-1.95
r-1.33

654.98
652.85
r653.57

646.10
643.87
645.89

105.17
104.87
rl03.80

1.54
1.56
1.56

229.77
227.83
r226.49

July
August
September

6!l

r25.06
r-24.90
-28.87

r-0.15
r4.58
r-1.31

r41.0
-18.8
-29.2

r-0.79
r-1.10
1.49

656.98
655.42
652.98

648.98
647.14
644.01

104.23
103.73
102.56

1.55
1.54
1.49

r225.70
224.60
226.08

October
November
December

-li'.i

24.59
-21.16
-4.69

r-9.65
r-9.10
-4.45

43.7
-5.2
-41.8

-1.01
-0.04
1.69

656.62
656.19
652.70

646.72
645.45
643.29

102.85
103.82
103.17

1.53
1.52
1.48

225.08
225.04
226.73

47^6

64.25
2.18
r48.05

6.19
16.69
r29.37

76.0
17.2
30.5

-0.58
-0.73
2.15

659.04
660.47
663.01

649.53
649.55
651.82

104.63
104.48
104.59

1.55
1.50
1.51

226.15
225.42
227.58

r37*.8

r22.01
r52.09
P31.04

r31.12
r32.40
P37.88

34.4
r68.8
P30.6

3.23
rO.59
p2.54

665.88
r671.61
E>p674.16

r652.74
r655.86
0>p656.9O

104.22
rlO4.28
P103.35

1.52
1.53
p i . 52

230.80
r231.40
P233.94

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1986

1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
x
The following series reached their high values before 1985: series 30 (83.4) in 1st quarter 1984, series 36 actual (91.14) in February
1984, series 36 smoothed (78.58) in May 1984, series 31 (85.3) in February 1984, series 38 (3.58) in October 1983, and series 78 (243.82)
in July 1984.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
See "New Features and Changes for This Issue," page iii.

68



AUGUST 1987 I M ] I

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

L.L.L

U, L, L

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materialsx

23. Index of
spot market
prices, raw
industrial,
materials12@

(Percent)

Year
and
month

Stock
Prices

Sensitive Commodity Prices

Timing Class

(1967 = 100)

PRICES, COSTS, AND PROFITS

L, L, L

L, L, L

99. Change in sensitive materials
prices l
Smoothed 3

Actual

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks ©

(1941-43 = 10)

Profits and Profit Margins

L.L.L

L, L, L

Corporate profits after tax
16. Current
dollars1

18. Constant
(1982) dollars1

L.C.L

L, C, L

Corporate profits after tax
with IVA and CCAdj4
79. Current
dollars

80. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)

1985
January
February
March

-O.O7
-1.69

-0.72
-1.20
-0.26

-0.53
-0.68
-0.82

171.61
180.88
179.42

123*.6

lu'.O

17L6

165\9

-0.38

255.8
253.1
252.4

5.'6

April
May
June

-0.96
0.90
0.52

257.1
252.0
242.9

0.04
-0.13
-0.78

-0.60
-0.30
-0.20

180.62
184.90
188.89

124*.8

117.6

isi "6

17^3

4^9

July . . . .
August
September

-0.07
-0.34
-0.65

240.7
239.8
238.0

-0.31
-0.31
-0.53

-0.35
-0.44
-0.42

192.54
188.31
184.06

129*.7

122^2

!>192;3

H)186.'6

5\2

October
November
December

0.59
-0.55
0.00

236.9
234.5
235.0

0.18
-0.62
0.09

-0.30
-0.27
-0.22

186.18
197.45
207.26

134*.4

126^4

178!8

172." 1

5.'i

0.45
-1.24
0.91

236.9
233.3
223.1

0.45
-1.07
-0.85

-0.07
-0.10
-0.33

208.19
219.37
232.33

120.9

11 i". 9

189^9

182.8

4.*3

0.93
0.65
0.00

219.9
221.3
225.0

0.09
0.50
0.50

-0.55
-0.35
0.14

237.98
238.46
245.30

122.3

112.5

180! 2

17K3

ij

July
August
September

0.61
-2.57
1.36

227.6
212.0
221.2

0.67
-3.38
1.93

0.46
-0.09
-0.50

240.18
245.00
238.27

130.2

119.5

180.3

i7o!i

October
November
December

1.37
0.78
0.37

235.5
243.7
247.5

2.62
1.41
0.65

0.06
1.19
1.77

237.36
245.09
248.61

134!6

12^7

167*1

156\6

5.'i

-1.14
-0.37
r0.61

252.8
247.2
246.3

0.00

1.12

-0.86
rO.22

0.31
-0.14

264.51
280.93
292.47

129.6

116.1

165.9

153*.3

4.6

r-0.41
2.03
1.93

253.8
272.6
276.4

rO.69
E>3.19
1.42

r-0.10
0.69
rl.57

289.32
289.12
301.38

P134.4

P120.3

P163.8

P150.0

p4.8

284.2
288.0

1.89

Dl.97

0)310.09
6
328.81

1986
January
February
March
April
May
June

1987
January
February
March
April
May
June
July
August
September

2.02
5

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
1
The following series reached their high values
(152.5) in 1st quarter 1984, series 18 (149.4) in
ries used by permission; it may not be reproduced
5
page 68.
' S e footnote 1 on page 70.
'e
Average

AUGUST 1987



before 1985: series 98 (2.90) in February 1983, series 23 (289,5) in May 1984, series 16
2
1st quarter 1984, and series 22 (6.9) in 1st quarter 1984.
This is a copyrighted se3
without written permission from Commodity Research Bureau, Inc.
See footnote 2 on
6
for August 3 through 26.
Average for August 5, 12, 19, and 26.

69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

g j

Cash Flows

Profits and Profit Margins—Continued
L, L, L

U, L, L

L, L T L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income 1

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

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

(Percent)

Year
and
month

(Cents)

(1977 = 100)
Revised

1985
January
February
March

7^6

April
May
June

7*.9

July
August
September
October
November
December

PRICES, COSTS, AND PROFITS—Continued

L,L, L

Unit Labor Costs and Labor Share
L, L, L

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

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

3

(1977 = 100)
Revised

Lg, Lg, Lg

Lg, Lg, Lg

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

Lg, Lg, Lg

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

(1977 = 100)

Actual data
as a percent
of trend
(Percent)

64. Compensation of employees as a
percent of national income

(Percent)

3

99.1

355^7

355! i

161.9

0.698

137.6
136.8
137.1

88.2
87.3
87.1

73.3

3!)

99.3

365.3

365.1

162.8

0.701

136.8
137.2
137.9

86.5
86.3
86.4

73.4

E>8!4

2.1

99.5

375*.5

37^8

163.6

0.699

137.8
137.5
137.7

85.9
85.3
85.0

73.3

7*.4

3*.6

98.5

381'. 3

381'. 9

166.1

0.709

H>140.1
138.3
138.5

86.1
84.6
84.3

January
February
March

7^8

3.6

[H>99.5

364^6

365^8

165.0

0.709

137.2
137.5
139.5

83.2
82.9
83.8

73^3

April
May
June

7!6

4^3

99.3

363.3

363.2

166.2

0.714

137.6
138.5
138.0

82.2
82.4
81.7

72.9

July
August
September

7.3

3.4

99.4

37CK9

167.5

0.717

137.2
137.5
137.5

80.8
80.6
80.3

73*. 1

October
November
December

6.'7

P 3'.5

98.4

376.7

375*.9

169.0

0.720

138.6
137.4
136.6

80.5
79.4
78.6

73^5

6\4

p4.4

99.1

378^7

378.6

169.4

0.724

137.0
136.4
136.1

78.5
77.8
77.2

73.0

rl35.9
p6*.2

(NA)

99.3

0)p384.5

H>17Ch2

H>p0.727

rl35.8
rl35.5

76.8
r76.3
r75.8

p72*9

P134.3

P74.8

1986

1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
Series 15 reached its high value (4.9) in 2d quarter 1984.
3
See "New Features and Changes for This Issue," page iii.

70



AUGUST 1987

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Money

Timing Class

Year
and
month

MONEY AND CREDIT

L, L, L

85. Change
in money
supply M l

UC,U

102. Change
in money
supply M2 1

(Percent)

(Percent)

L.L.L

Velocity of Money
L.L.L

104. Change
in total liquid
assets x

105. Money
supply Ml in
1982 dollars

(Percent)

(Bil. dol.)

L.L.L

106. Money
supply M2 in
1982 dollars

(Bil. dol.)

C, C, C

107. Ratio,
gross national
product to
money supply
Ml1

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2 1

(Ratio)

L, L, L

L, L, L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)

112. Net change
in business loans

(Ann. rate,
bil. dol.)

1985
January
February
March

0.83
1.35
0.58

April
May
June

513.6
518.4
513.6

2,188.7
2,202.5
2,199.5

6.900

0.40

0.74
0.96
0.61

1.350
1.348
1.350

71.21
59.26
101.14

54.62
22.08
40.85

0.63
0.97
1.41

0.07
0.64
1.14

0.20
0.47
0.83

520.1
523.5
529.7

2,193.5
2,200.6
2,221.0

6.815

1.359
1.346
1.339

86.62
66.98
73.73

9.59
28.55
-42.54

July
August
September

0.97
1.33
1.21

0.65
0.79
0.60

0.46
0.82
0.78

533.9
540.1
545.9

2,231.3
2,245.6
2,256.2

6.694

1.335
1.329
1.327

58.92
68.39
42.35

18.52
1.20
-18.55

October
November
December

0.46
0.86
1.23

0.34
0.57
0.80

0.64
0.99
0.94

546.4
548.3
553.3

2,255.7
2,256.6
2,267.6

6.618

1.334
1.332
1.340

125.47
71.12
106.55

56.11
56.44
43.50

January
February
March

0.30
0.52
1.31

0.20
0.30
0.64

0.60
0.48
0.38

553.1
557.5
567.1

2,264.5
2,277.4
2,301.1

6.585

1.338
1.341
1.340

-23.17
57.40
43.56

57.86
-50.58
-11.22

April
May
June

1.20
1.76
1.20

0.96
0.90
0.76

0.64
0.81
0.52

575.5
584.2
588.7

2,329.6
2,344.8
2,352.5

6.397

1.344
1.332
1.323

52.58
30.83
(NA)

-46.75
21.97
-26.40

July
August
September

1.36
1.54
0.89

0.99
0.91
0.66

0.66
0.72
0.73

596.5
604.8
608.3

2,375.1
2,393.2
2,401.5

6.222

1.314
1.307
1.304

8.20
47.78
-22.16

October
November
December

1.20
1.57
H>2.54

0.89
0.53
0.89

0.63
0.63
0.79

614.5
622.6
637.3

2,418.5
2,425.6
2,442.7

5.999

1.296
1.294
1.290

25.92
23.40
98.02

January
February
March

0.99
r-0.04
r0.28

0.79
-0.02
0.11

0.80
0.20
-0.24

639.3
r636.3
635.5

[H>2,445.8
2,434.8
2,427.6

5.930

1.287
1.301
1.304

H>122.21
-39.71
-32.92

April
May
June

rl.46
0.37
r-0.86

r0.47
rO.O3
r0.06

rO.32
rO.76
p0.19

r641.9
[H>r642.2
r634.4

r2,428.0
r2,420.9
r2,413.6

r5.930

rl.305
rl.308
rl.311

rl0.91
r-3.05
r-25.46

pO.13
2
0.46

pO.2O

(NA)

P633.8

p2,412.9

pi.313

p-45.49

1.11
1.04

1986

1987

July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
x
The following series reached their high values before 1985: series 102 (2.66) in January 1983, series 104 (1.16) in September 1984,
series 107 (6.962) in 4th quarter 1984, series 108 (1.374) in March 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended August 3, 10, and 17.

ItCII

AUGUST 1987




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

KM

Minor Economic
Process
Timing Class

Year
and
month

113. Net change
in consumer
installment
credit

(Ann. rate,
bil. dol.)

L, L, L

111. Change in
business and
consumer credit
outstanding x

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows—Continued
L, L, L

MONEY AND CREDIT-Continued

L, L, L

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

L, L, L

14. Current
liabilities of
business
failures1©

(Mil. dol.)

L, L, L

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

Interest Rates

L, U, U

L, Lg, U

93. Free
reserves1©

94. Member
bank borrowings from the
Federal
Reserve1©

119. Federal
funds rate1 ©

(Mil. dol.)

(Percent)

(Mil. dol.)

L, Lg, Lg

C, Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills 1 ©

(Percent)

1985
January
February
March

80.62
98.02

12.5
10.2
13.9

512,540

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

91.94
73.07
35.28

9.8
9.3
2.8

540,744

3,289.2
3,048.3
2,914.1

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

67.68
66.18
H>125.96

8.6
8.1
9.7

591,564

2,173.9
3,018.4
2,200.1

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

67.28
66.58
83.65

14.5
10.4
12.5

D944,524

6,844.3
4,160.4
1,548.8

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

75.83
60.96
28.68

11.8
3.5
4.4

462,968

3,238.9
3,252.2
3,278.8

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

71.18
50.87
60.14

3.4
7.2
3.2

575,036

1,766.8
3,572.8
r3,467.6

2.44
2.52
2.53

-92
-38
128

893
876
803

6.99
6.85
6.92

6.06
6.12
6.21

July . . . .
August
September

75.40
67.28
91.37

8.0
8.0
4.0

723,468

p7,609.1
p3,685.0
p3,377.2

2.22
2.33
2.24

169
-132
-282

741
872
1,008

6.56
6.17
5.89

5.84
5.57
5.19

October
November
December

67.04
9.38
1.73

8.1
4.2
13.1

756,696

p4,099.5
pi,973.8
p3,867.9

1.81
1.95
1.85

-95
226
542

841
752
827

5.85
6.04
6.91

5.18
5.35
5.49

9.47
12.16
3.86

r8.0
r-0.3
1.1

p428,588

p3,446.6
p2,921.1
p2,622.7

2.43
2.40
2.28

488
655
389

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

44.17
r-3.82
P41.52

r6.3
r3.9
p4.8

p2,024.8
p2,872.4
p2,742.3

(NA)

(NA)

-166
44
r414

993
1,035
776

6.37
6.85
6.73

5.76
5.75
5.69

(NA)

(NA)

p88

p672

63.20

1986

1987
January
February
March
April
May
June
July
August
September

(NA)

2

6.58
6.71

3

5.78
6.00

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
1
The following series reached their high values before 1985: series 111 (22.0) in June 1984, series 14 (829.2) in July 1983, series 39
(1.78) in February 1984, series 93 (-7,328) in August 1984, series 94 (8,017) in August 1984, series 119 (11.64) in August 1984, and series
114 (10.49) in August 1984. 2Average for weeks ended August 5, 12, 19, and 26. 3Average for weeks ended August 6, 13, 20, and 27.

72



AUGUST 1987

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT—Continued

Outstanding Debt

Interest Rates—Continued

Lg, Lg, Lg

116. Yield on
new issues of
high-grade
corporate
bonds 1 ©

(Percent)

C Lg, Lg

115. Yield on
long-term
Treasury
bonds1©

(Percent)

U, Lg, Lg

117. Yield on
municipal
bonds, 20bond average1©

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
onFHA
mortgages1®

67. Bank rates
on short-term
business

(Percent)

(Percent)

loans 1 ©

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks 1 ©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

101. Constant
(1982) dollars

(Mil. dol.)

Lg, Lg, Lg

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

1985
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

10.10

10.61
10.50
10.50

451,450
458,168
466,336

324,426
326,266
329,670

313,758
315,843
319,758

13.96
14.04
14.22

April
May
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

473,998
480,087
483,027

330,469
332,848
329,303

319,912
321,592
318,783

14.34
14.57
14.58

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

488,667
494,182
504,679

330,846
330,946
329,400

320,587
322,245
322,625

14.69
14.81
15.06

October
November
December

11.51
11.19
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

510,286
515,834
522,805

334,076
338,779
342,404

324,661
327,639
330,506

15.09
15.19
15.19

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

529,118
534,198
536,589

347,226
343,011
342,076

336,459
337,277
341,053

15.36
15.42
15.41

April
May
June

8.71
9.09
9.39

7.59
8.02
8.23

7.20
7.54
7.87

9.80
10.07
9.98

8.13

8.83
8.50
8.50

542,521
546,759
551,771

338,180
340,011
337,811

339,538
340,011
338,149

15.39
15.51
15.64

July
August
September

9.11
9.03
9.28

7.86
7.72
8.08

7.51
7.21
7.11

10.01
9.80
9.90

7.73

8.16
7.90
7.50

558,054
563,661
571,275

338,494
342,476
340,629

340,537
344,890
342,685

15.76
15.86
16.01

October
November
December

9.29
8.99
8.87

8.04
7.81
7.67

7.08
6.85
6.86

9.80
9.26
9.21

7.28

7.50
7.50
7.50

576,862
577,645
577,789

342,789
344,739
352,907

343,820
345,430
353,969

0)16.12
16.09
15.99

January
February
March

8.59
8.58
8.68

7.60
7.69
7.62

6.61
6.61
6.66

8.79
8.81
8.94

7.46

7.50
7.50
7.50

578,578
579,591
579,913

0)363,091
359,782
357,039

0)361,285
356,220
r353,154

15.93
15.79
15.74

April
May
June

9.36
9.95
9.64

8.31
8.79
8.63

7.55
8.00
7.79

10.02
10.61
10.33

8^4

7.75
8.14
8.25

583,595
r583,276

Dp586,737

r357,948
r357,694
r355,572

r351,274
r348,290
r344,881

rl5.71
P15.76

8.70
8.93

7.72
*7.82

10.38

(NA)

p351,781

p339,557

(NA)

1986
January
February
March

1987

July
August
September

2

9.70
10.05

3

5

8.25
8.25

rl5.76

October
November
December

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
x
The following series reached their high values before 1985: series 116 (14.49) in June 1984, series 115 (13.00) in June 1984, series 117
(10.67) in June 1984, series 118 (15.01) in May 1984, series 67 (13.29) in 3d quarter 1984, and series 109 (13.00) in August 1984. 2Average
for weeks ended August 7, 14, 21, and 28. 3Average for weeks ended August 7, 14, and 21.
''Average for weeks ended August 6, 13, 20, and
5
27.
Average for August 1 through 28.

AUGUST 1987



7
3

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE

Q [

Year
and
month

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

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)

6-month
span

1-month
span

6-month
span

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

1-month
span

962. Initial claims for
unemployment insurance,
State programs, 51
areas 2

963. Employees on
private nonagricultural
payrolls, 186
industries

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

1985
January
February
March

68.2
54.5
36.4

45.5
50.0
50.0

50.0
100.0
75.0

100.0
100.0
75.0

66.7
50.0
58.3

50.0
50.0
66.7

27.5
15.0
95.0

42.5
40.0
47.5

11.8
72.5
84.3

33.3
41.2
64.7

55.9
47.0
52.4

46.5
46.5
43.2

April
May
June

36.4
77.3
50.0

45.5
54.5
72.7

100.0
62.5
75.0

100.0
100.0
100.0

41.7
50.0

58.3
50.0

no O
OO . C

64.7
58.8
68.6

47.3
53.2
46.8

44.3
44.3

Cf) f)
3U . U

47.5
62.5
70.0

19.6
45.1

-30 r>
JJ • 0

15.0
80.0
80.0

July
August
September

50.0
63.6
68.2

90.9
72.7
90.9

50.0
100.0
50.0

75.0
100.0
100.0

41.7
50.0
58.3

58.3
41.7
50.0

35.0
75.0
72.5

92.5
92.5
95.0

7.8
82.4
59.8

64.7
13.7
62.7

53.8
53.8
47.8

43.0
44.3
49.2

October
November
December

72.7
45.5
81.8

90.9
81.8
50.0

50.0
87.5
87.5

100.0
100.0
62.5

91.7
41.7
66.7

58.3
75.0
66.7

80.0
47.5
97.5

60.0
77.5
77.5

23.5
74.5
27.5

62.7
33.3
64.7

53.2
54.3
57.3

49.2
47.3
45.9

January
February
March

59.1
45.5
59.1

59.1
50.0
54.5

75.0
75.0
50.0

100.0
75.0
75.0

75.0
50.0
83.3

50.0
66.7
50.0

20.0
17.5
85.0

80.0
55.0
30.0

58.8
52.9
64.7

49.0
39.2
51.0

53.2
48.1
48.1

47.6
47.6
43.0

April
May
June

63.6
50.0
59.1

54.5
r63.6
63.6

100.0
25.0
37.5

75.0
75.0
100.0

0.0
58.3
25.0

33.3
33.3
33.3

40.0
50.0
52.5

57.5
32.5
52.5

25.5
74.5
56.9

56.9
58.8
67.6

53.5
52.4
46.8

43.2
45.4
48.4

July
August
September

59.1
50.0
50.0

68.2
72.7
90.9

87.5
100.0
75.0

75.0
100.0
100.0

50.0
33.3
33.3

33.3
41.7
50.0

37.5
77.5
65.0

87.5
60.0
82.5

34.3
77.5
19.6

92.2
45.1
90.2

52.4
56.2
55.1

47.3
53.0
59.2

October
November
December

54.5
81.8
81.8

r77.3
81.8
90.9

75.0
87.5
100.0

75.0
100.0
75.0

91.7
41.7
25.0

r58.3
33.3
58.3

57.5
75.0
52.5

87.5
70.0
52.5

66.7
80.4
7.8

70.6
70.6
94.1

53.2
59.7
59.7

58.9
57.8
58.9

36.4
54.5
72.7

63.6
63.6
63.6

25.0
100.0
50.0

100.0
100.0
75.0

50.0
25.0
25.0

50.0
50.0
50.0

67.5
60.0
32.5

r72.5
r75.0
p72.5

88.2
35.3
52.0

71.6
p82.4
(NA)

53.5
56.8
58.6

61.9
r62.7
r60.3

77.8

r75.0
50.0
100.0

noo.o

58.3
41.7
50.0

50.0

7.5
95.0
r55.0

73.5
80.4
P17.6

58.4

p68.9

r58.6
r58.6

p45.0

(NA)

P66.2

AC 1
H-J . i

1986

1987
January
February
March
April
May
June

r59.1
r45.5
68.2

July
August
September

3

61.1

3

noo.o

5

37.5

5

October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 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.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
2
Figures are the percent of components declining.
3
Excludes series 36 and 111, for which data are not available.
'•Excludes series 57, for which data are not available.
5
Excludes series 77 and 95, for which data are not available.

74




AUGUST 1987

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries

1-quarter
span

DIFFUSION INDEXES-Continued

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

967. Spot market
prices, 13 raw
industrial materials ©

968. Stock prices, 500
common stocks 1 ©

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies2©

(4-quarter span)

1985
January
February
March

50.0
42.6
58.8

50.0
64.7
57.4

50

April
May
June

41.2
58.8
51.5

54.4
45.6
58.8

42

July
August
September

52.9
64.7
38.2

55.9
48.5
52.9

59

October
November
December

61.8
42.6
44.1

41.2
48.5
58.8

53

55.9
47.1
44.1

38.2
44.1
44.1

36

April
May
June

58.8
26.5
r55.9

47.1
55.9
47.1

24

July
August
September

47.1
r38.2
r73.5

32.4
66.2
47.1

59

October
November
December

44.1
47.1
55.9

61.8
79.4
r70.6

65

52.9
67.6
55.9

85.3
67.6
P73.5

39.6
56.2
70.8

54.2
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

54

66.7
72.9
58.3

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

51

56.2
58.3
50.0

60.4
66.7
68.8

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

'48

54.2
68.8
50.0

75.0
70.8
60.4

42.3
23.1
57.7

53.8
53.8
53.8

55.6
88.9
86.7

88.1
92.9
90.5

*70

*43

41.7
70.8
58.3

70.8
39.6
22.9

68.8
47.9
50.0

61.5
38.5
34.6

46.2
50.0
57.7

60.5
81.0
94.0

90.5
90.5
88.1

*7O

'43

45.8
54.2
54.2

53.8
61.5
65.4

42.3
50.0
50.0

61.9
50.0
77.4

88.1
90.5
81.0

'70

*46

79.2
37.5
50.0

54.2
75.0
79.2

50.0
50.0
65.4

50.0
65.4
73.1

35.7
67.9
42.9

81.0
71.4
78.6

74

p48

58.3
68.8
33.3

72.9
79.2
89.6

73.1
61.5
65.4

65.4
80.8
76.9

34.5
76.2
50.0

95.2
100.0
92.9

(NA)

(NA)

64.6
62.5
70.8

p42

43.8
66.7
58.3

r79.2
r87.5
r72.9

84.6
42.3
30.8

88.5
96.2
80.8

98.8
95.2
83.3

87.8
92.7
92.5

(NA)

r52.1
r62.5
r75.0

P83.3

61.5
88.5
r57.7

73.1

39.3
46.3
93.9

1986
January
February
March

1987
January
February
March
April
May
June

38.2
35.3
r64.7

July
August
September

p55.9

p97.9
3

73.1
76.9

3

81.3

October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
iBased on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries through January 1986, on 42 industries through April 1987, on 41 industries through June 1987, and on 40 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 4, 11, 18, and 25.

AUGUST 1987



7
5

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |
970. Expenditures for new plant and equipment
21 industries

Year
and
quarter

a. Actual
expenditures
(1-Q span)

b. Later
projections

DIFFUSION INDEXES-Continued

971. New orders, manufacturing1©
Actual

c. Early
projections

972. Net profits, manufacturing
and trade' ©
Actual

Anticipated

(1-Q span)

(1-Q span)

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade' ©

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

1984
97.6
76.2
90.5
66.7

90.5
61.9
76.2
76.2

61.9
71.4
95.2
45.2

90
86
84
79

88
91
90
88

80
79
74
74

84
86
88
84

85
84
82
80

88
90
90
88

61.9
76.2
64.3
59.5

57.1
76.2
71.4
52.4

61.9
83.3
76.2
38.1

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
57.1
40.5
85.7

35. 1
66. 1
42.
85. 7

47.6
69.0
47.6
66.7

76
76
74
75

82
83
84
78

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

26.2
(NA)

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

31.
85. 7

38.1
76.2
66.7

78
(NA)

80
83
85

74
(NA)

78
81
83

78
(NA)

82
83
85

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q |
974. Number of employees,
manufacturing and trade' ©

975. Level of inventorie
manufacturing and tradt

Actual

Year
and
quarter

Actual

Anticipated

DIFFUSION INDEXES-Continued

Anticipated

Anticipated

Actual

978. Selling prices, retail
trade 1 ©

977. Selling prices, wholesale
trade1©

976. Selling prices, manufacturing1 @

Anticipated

Actual

Anticipated

Actual

(4-Q span)

(4-Q span)

72>
It
71
72>

72
68
70
70

70
74
74
68

64
60
59
60

6i )
6i
6t
6C)

66
63
66
62

65
70
67
62

62
65
62
59

59
59
58
62

\
6'\
62>
62>

60
62
66
62

62
62
64
64

60
66
67

63
(NA)

6: )
61)
6t

67
(NA)

64
64
68

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

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

60
58
58
59

60
62
59
58

66
63
60
61

64
66
62
58

65
62
61
61

70
70
64
62

58
59
60
58

59
60
59
58

62
61
62
60

58
58
60
57

59
60
58
63

60
(NA)

60
59
62

64
(NA)

60
60
61

64
(NA)

(4-Q span)

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

....
....

1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

76



AUGUST 1987

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1986

Diffusion index components

December

1987
January

February

April

March

May

June

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING •
(Hours)
All manufacturing industries

40.8

40.9

41.1

40.9

40.6

41.0

41.0

41.0

Percent rising of 20 components ..

(52)

(68)

(60)

(32)

(8)

(95)

(55)

(45)

Lumber and wood products
Furniture and fixtures

40.6
39.9

40.8
40.2

41.3
40.2

40.9
40.0

40.6
39.1

41.0
39.9

40.5
40.0

40.4
40.1

Stone, clay, and glass products
Primary metal industries

42.2
42.5

42.5
42.6

42.8
42.6

42.5
42.6

41.9
42.3

42.3
43.1

42.1
43.1

42.3
43.3

Fabricated metal products .,
Machinery, except electrical ,

41.2
41.7

41.6
42.0

41.6
42.2

41.5
42.0

41.2
41.8

41.6
42.2

41.5
42.2

41.5
42.4

Electric and electronic equipment
Transportation equipment

41.0
42.1

41.0
42.3

41.1
42.5

40.9
42.3

40.6
41.9

40.8
42.2

41.1
41.9

41.1
41.8

Instruments and related products

41.1
40.2

41.2
39.5

41.3
39.2

41.3
39.3

41.0
38.8

41.5
39.2

41.6
39.4

41.6
38.8

39.8
37.4

40.0
37.1

40.1
36.2

40.0
38.1

39.8
37.6

40.1
39.3

40.2
40.1

39.9
35.5

41.6
37.0

41.6
37.0

42.0
37.4

42.1
37.0

41.4
36.1

42.0
37.2

42.0
37.2

42.8
37.2

Paper and allied products.
Printing and publishing . . .

43.2
38.0

43.4
37.9

43.3
38.1

43.0
37.9

43.0
37.7

43.5
37.9

43.3
38.1

43.2
38.0

Chemicals and allied products .
Petroleum and coal products ..

42.1
43.6

42.2
44.6

42.2
44.0

42.0
44.1

42.2
43.9

42.1
44.3

42.0
43.6

42.4
44.1

Rubber and miscellaneous plastics products.
Leather and leather products

42.3
38.1

41.6
37.3

41.5
37.2

41.5
37.5

40.9
36.7

41.5
38.6

41.8
39.5

40.9
38.5

Durable goods industries:

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

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

+ 105,966

95,544

+ 101,932

+ 106,213

+ 106,977

106,992

+ 109,128

- 107,476

(56)

(53)

(68)

(56)

(38)

(35)

(65)

(56)

Percent rising of 34 components .
Primary metals
Fabricated metal products..

+
+

9,180
11,724

-

7,333
10,847

8,231
11,244

8,789
11,576

+
+

9,285
11,219

9,509
11,036

+
+

9,970
11,602

9,635
11,195

Machinery, except electrical
Electrical machinery

+

16,499
18,803

-

16,020
15,915

16,814
17,053

17,209
16,479

+
+

17,667
19,709

17,583
18,353

+

17,418
19,682

18,157
19,249

Transportation equipment
Other durable goods industries.

+
+

29,500
20,260

+

24,212
21,217

27,302
21,288

30,253
21,907

-

28,028
21,069

29,571
20,940

+

28,818
21,638

27,165
22,075

+
+

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

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

= falling.

The "r" indicates revised; "p",

x

Data are seasonally adjusted by the source agency.
Data for most of the 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 1987




7
7

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

S L C E DIFFUSION INDEX C M O E T : Basic Data and Directions of Change—Continued
EE T D
O P NNS

1987

1986

Diffusion index components

February

January

December

Mayr

Aprilr

March

June r

JulyP

966. INDEX OF INDUSTRIAL PRODUCTION '
(1977 = 100)

All industrial production
Percent rising of 24 components

+

126.7

126.5

(71)

2

(44)

130.2
148.7

+

130.0
151.8

+

129.5
153.4

+

127.2

+

(67)

127.3

+

(58)

127.4

+

(52)

128.3

+

(62)

128.8

+

129.8

(75)

(98)

(NA)
(NA)

Durable manufactures:
Lumber and products
Furniture and fixtures

+
+

133.1
150.5

Clay, glass, and stone products
Primary metals

+

121.7
73.5

+
+

122.8
73.6

+

121.5
76.3

+
+

122.7
77.5

Fabricated metal products
Nonelectrical machinery

+

108.3
139.9

+

108.0
140.3

+
+

108.2
142.3

+
+

108.8
143.7

Electrical machinery
Transportation equipment

+
+

170.2
127.0

+

169.2
128.1

+
+

169.3
131.8

Instruments
Miscellaneous manufactures

+
+

142.4
103.1

+

142.5
101.8

+

143.3
101.1

142.0
101.4

+

+

Foods
Tobacco products

+

135.3
92.9

o

135.3
89.1

+
+

135.7
98.7

+
+

136.1
100.7

o

136.1
99.4

Textile mill products
Apparel products

+
+

118.4
106.4

118.0
107.2

+
+

118.4
107.4

+

119.3
107.1

+

+

122.9
106.6

Paper and products
Printing and publishing

+

141.6
167.7

139.8
168.1

+

+

140.5
166.7

139.2
168.2

+
+

139.9
171.4

Chemicals and products
Petroleum products

+
+

134.6
92.5

+
+

137.4
94.7

+

138.3
91.4

+

138.2
94.0

Rubber and plastics products
Leather and products

+

160.7
59.4

158.1
58.3

+
+

161.3
59.1

+
+

163.8
59.3

Metal mining
Coal

+

73.5
124.3

66.7
121.6

Oil and gas extraction
Stone and earth minerals

+

+

+

167.6
130.6

128.9
155.9

+
+

131.0
156.2

+

129.6
159.9

122.9
76.8

+

121.4
77.5

+

120.1
77.8

+

(NA)
80.7

108.6
145.2

+

107.9
146.3

+
+

109.1
148.0

+
+

109.2
149.7

166.5
127.1

+

+
+

168.6
127.7

+

169.3
125.3

+
+

169.5
126.2

144.1
100.0

143.5
101.5

+
+

144.7
104.0

+

+

145.6
(NA)

137.1
99.0

+

137.5
(NA)

(NA)
(NA)

122.5
108.1

+

+

124.1
(NA)

(NA)
(NA)

+
+

140.9
174.0

+
+

141.6
174.8

+

(NA)
175.6

138.0
92.6

+

138.5
91.6

+

(NA)
92.0

+
+

166.0
61.2

+

+
+

71.7
126.6

+

(NA)
130.1

91.2
113.7

+
+

91.6
113.8

Nondurable manufactures:

+

137.7
91.9

+

159.2
59.6

+

+

168.2
59.8

(NA)
(NA)

Mining:

90.9
109.6

+

72.1
133.5
89.9
107.1

72.0
127.7

+

89.5
110.0

71.6
121.8
+
+

91.0
113.1

+
+

92.0
114.4

N T : T facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling,
OE o
preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

7
8



+
+

(NA)
132.1
92.3
(NA)

The "r" indicates revised; " p "

AUGUST 1987

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |

Diffusion index components

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Direct ons of Change—Continued

1986

1987

December

January

February

967. INDEX OF SPOT

Raw industrials pric B index (1967 = 100) . . . .

+

252.8

(65)

Percent rising of 13 components

247.5

(85)

-

MARKET PRICES

247.2

April

March

-

(42)

May

June

August 1

July

R W INDUSTRIALS 2
A

246.3

+

253.8

+

272.6

276.4

(88)

(62)

(31)

(58)

r0.542
1.195

+

0.599
1.321

+

0.619
1.365

0.245
0.540

+

0.275
0.606

+

0.280
0.617

r82.000
90.389

+

84.000
92.593

+

284.2

+

288.0
(77)

(73)

Dollars

Copper scrap

(pound)..
(kilogram)..

+

0.442
0.974

Lead scrap

(pound)..
(kilogram)..

+

0.177
0.390

Steel scrap

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

+

71.400
78.704

+

75.000
82.673

Tin

(pound)..
(kilogram)..

+

3.636
8.016

+

3.795
8.366

Zinc

(pound)..
(kilogram)..

-

0.449
0.990

-

Burlap

(yard).,
(meter)..

+

0.226
0.247

Cotton

(pound)..
(kilogram)..

+

*

0.473
1.043

0.167
0.368

-

0.162
0.357

77.000
84.877

-

-

3.778
8.329

0.433
0.955

-

+

0.238
0.260

0.542
1.195

+

0.904
0.989

(yard).,
(meter)..

Print cloth

0.452
0.996

Wool tops

(pound)..
(kilogram)..

+

4.000
8.818

Hides

(pound)..
(kilogram)..

-

0.717
1.581

(100 p o u n d s ) . .

o

50.000
110.230

Rosin

(100 kilograms)..
(pound)..
(kilogram)..

Rubber

(pound)..
(kilogram)..

Tallow

0.44^
0.985
+

0.142
0.313

0.448
0.988

0.465
1.025

+

0.502
1.107

+

0.173
0.381

+

0.235
0.518

74.600
82.232

-

74.000
81.570

+

79.000
87.082

-

3.744
8.254

+

3.790
8.355

+

3.815
8.411

-

r3.738
8.241

0.414
0.913

0

0.414
0.913

o

0.414
0.913

+

0.439
0.968

+

0.470
1.036

-

0.237
0.259

-

0.232
0.254

+

0.242
0.265

0.240
0.262

0

0.575
1.268

-

0.550
1.213

-

0.546
1.204

+

0.581
1.281

+

0.658
1.451

+

0.920
1.006

+

0.968
1.059

+

0.974
1.065

0.970
1.061

+

0.982
1.074

0

4.000
8.818

-

3.300
7.275

-

3.270
7.209

+

3.725
8.212

+

0.718
1.583

+

0.736
1.623

+

0.800
1.764

+

0.932
2.055

0

50.000
110.230

0

50.000
110.230

o

0.465
1.025

-

0.460
1.014

0.143
0.315

-

0.130
0.287

+

+

0

+

+

0.178
0.392

50.000
110.230
0.459
1.012
0.152
0.335

-

+

-

+

+ 85.000
93.696

3.620
7.981

+

3.705
8.168

+

0.480
1.058

o

0.480
1.058

r0.240
0.262

-

0.238
0.260

+

0.240
0.262

0.703
1.550

+

0.728
1.605

+

0.754
1.662

-

rO.97O
1.061

+

0.975
1.066

-

0.965
1.055

3.900
8.598

-

3.710
8.179

-

3.650
8.047

+

3.850
8.488

+

0.938
2.068

-

r0.916
2.019

+

0.928
2.046

+

0.938
2.068

50.000
110.230

o

50.000
110.230

0

50.000
110.230

o

50.000
110.230

+

0.475
1.047

+

0.491
1.082

rO.5O6
1.116

+

0.536
1.182

+

0.537
1.184

-

0.127
0.280

+

0.146
0.322

0.146
0.322

+

0.148
0.326

-

0.147
0.324

+

+

0

o 50.000
110.230

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) -- rising, (o) = unchanged, and ( - ) = falling.
The "r" indicates revised: "p"
preliminary; and "NA", not available.
x
The index is the average for August 3 through 26; component prices are averages for August 4, 11, 18, and 25.
2
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.

AUGUST 1987




7
9

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT

^ H
Year
and
quarter

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

(Ann. rate,
bil. dol.)

217. Per capita
gross national
product in 1982
dollars

50. Gross national product in 1982 dollars

200. Gross national product in current dollars
a. Total

GNP AND PERSONAL INCOME

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
dollars)

213. Final sales
in 1982 dollars

(Ann. rate,
bil. dol.)

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

3,674.9
3,754.2
3,807.9
3,851.8

129.1
79.3
53.7
43.9

15.4
8.9
5.8
4.7

3,451.7
3,498.0
3,520.6
3,535.2

86.6
46.3
22.6
14.6

10.7
5.5
2.6
1.7

14,613
14,777
14,834
14,857

3,368.3
3,434.8
3,459.6
3,493.5

3,921.1
3,973.6
4,042.0
4,104.4

69.3
52.5
68.4
62.4

7.4
5.5
7.1
6.3

3,568.7
3,587.1
3,623.0
3,650.9

33.5
18.4
35.9
27.9

3.8
2.1
4.1
3.1

14,966
15,010
15,120
15,197

3,549.2
3,569.9
3,628.7
3,652.5

4,174.4
4,211.6
4,265.9
4,288.1

70.0
37.2
54.3
22.2

7.0
3.6
5.3
2.1

3,698.8
3,704.7
3,718.0
3,731.5

47.9
5.9
13.3
13.5

5.4
0.6
1.4
1.5

15,362
15,352
15,370
15,388

3,663.4
3,676.7
3,711.9
3,745.8

4,377.7
r4,447.7

89.6
r70.0

8.6

3,772.2
r3,793.7

40.7
r21.5

4.4
r2.3

15,525

r6.6

rl5,581

3,724.5
r3,755.9

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q j
Year
and
quarter

GNP AND PERSONAL INCOME—Continued

Q j
230. Total in current
dollars

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

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

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1982
dollars

232. Durable goods
in current dollars

2; 3. Durable goods
in 1982 dollars

227. Per capita in
1982 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

2,611.8
2,642.8
2,691.1
2,728.6

2,446.9
2,456.6
2,479.2
2,496.3

10,359
10,378
10,446
10,491

2,361.1
2,417.0
2,450.3
2,493.4

2,212.1
2,246.7
2,257.3
2,281.1

322.7
335.1
337.7
346.7

312.6
322.5
324.3
333.1

2,762.2
2,848.4
2,847.2
2,906.6

2,506.8
2,558.4
2,538.2
2,565.5

10,513
10,705
10,592
10,679

2,549.9
2,602.0
2,665.4
2,700.1

2,314.1
2,337.0
2,376.1
2,383.2

358.2
362.4
383.7
370.5

342.4
346.6
366.8
355.1

2,966.0
3,022.4
3,038.2
3,061.6

2,610.5
2,660.2
2,653.2
2,656.7

10,842
11,024
10,968
10,956

2,737.9
2,765.8
2,837.1
2,858.6

2,409.7
2,434.3
2,477.5
2,480.5

375.9
386.4
427.6
419.8

359.8
369.6
405.5
399.0

3,125.9
r3,135.4

2,674.6
r2,647.8

11,008
rlO,875

2,893.8
r2,947.3

2,475.9
r2,489.0

396.1
M07.5

375.9
r384.1

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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




AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
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.)

Q I

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.)

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

849.9
866.9
872.8
879.6

814.5
828.2
829.6
831.2

1,188.6
1,215.1
1,239.7
1,267.1

1,085.0
1,096.1
1,103.5
1,116.8

663.0
664.2
670.3
661.8

655.2
658.4
664.2
655.7

568.9
597.5
605.4
616.8

571.8
595.1
603.3
614.0

894.4
910.4
918.4
929.3

841.2
847.6
853.5
855.7

1,297.3
1,329.2
1,363.3
1,400.3

1,130.5
1,142.8
1,155.7
1,172.5

638.6
648.4
628.6
650.8

632.1
645.7
623.2
643.3

617.3
629.9
631.0
648.3

612.7
628.4
628.9
644.9

936.8
934.3
940.0
946.3

868.8
880.0
879.8
880.3

1,425.2
1,445.1
1,469.5
1,492.4

1,181.2
1,184.7
1,192.2
1,201.1

683.4
679.4
660.8
660.2

674.4
665.6
645.0
631.0

645.1
651.9
657.3
666.6

639.1
637.6
638.8
645.4

969.9
r982.3

883.2
r879.1

1,527.7
rl,557.5

1,216.9

699.9

rl,225.9

r700.9

671.8
r670.5

648.2
r660.4

624.2
r632.7

266. State and
local government
in current dollars

267. State and
local government
in 1982 dollars

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

ESI

• •
GROSS PRIVATE
M i l DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

(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

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

94.1
66.7
65.0
45.0

83.4
63.2
60.9
41.7

696.5
735.8
746.6
764.5

653.0
680.2
684.5
693.2

284.0
315.0
317.0
326.0

271.5
295.6
295.5
300.5

412.5
420.8
429.6
438.5

381.6
384.7
388.9
392.7

21.4
18.5
-2.4
2.5

19.5
17.3
-5.7
-1.6

784.1
800.5
832.8
857.0

703.4
712.1
738.6
753.7

336.3
339.4
361.9
378.0

308.4
310.7
332.5
345.3

447.8
461.1
470.9
479.0

395.0
401.4
406.1
408.4

38.3
27.5
3.5
-6.4

35.3
28.1
6.1
-14.4

846.9
867.2
878.5
886.3

737.6
751.6
757.2
771.8

356.7
368.4
371.2
368.6

322.1
330.6
332.6
344.6

490.2
498.8
507.3
517.7

415.5
421.0
424.6
427.1

51.6
r40.4

47.6
r37.8

896.2
r918.2

759.6
r767.5

366.9
r380.3

327.3
r333.1

529.3
r537.3

432.3
r434.4

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter . . . . . .
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

AUGUST 1987



81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

2 9
Year
and
quarter

Exports of goods and services

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

250. Current
dollars

Imports of goods and services

256. Constant
(1982) dollars

252. Current
dollars

253. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

280. Compensation of
employees

257. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

•(•
KM

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

-45.7
-62.8
-59.3
-67.9

-68.6
-87.3
-85.5
-94.8

374.3
383.2
390.8
385.7

362.7
369.1
378.7
376.6

420.0
446.1
450.1
453.6

431.3
456.5
464.1
471.4

2,962.1
3,009.0
3,047.3
3,096.1

2,152.9
2,195.2
2,234.9
2,272.7

-51.5
-77.3
-84.7
-103.5

-81.0
-107.7
-114.9
-129.3

376.3
370.6
364.2
368.7

369.7
364.7
360.5
366.5

427.7
447.8
448.9
472.2

450.7
472.4
475.4
495.8

3,156.5
3,204.4
3,254.4
3,304.4

2,314.9
2,351.5
2,386.3
2,430.5

-93.8
-100.8
-110.5
-116.9

-123.0
-146.8
-161.6
-151.8

373.5
371.3
376.6
383.3

371.5
370.2
379.6
388.3

467.3
472.1
487.1
500.2

494.4
517.0
541.2
540.1

3,364.2
3,414.1
3,438.7
3,471.0

2,464.8
2,487.6
2,515.1
2,552.0

-112.2
r-118.6

-135.2
r-133.3

397.3
r411.0

397.8
r409.3

509.5
r529.7

533.0
r542.6

3,548.3
p3,597.8

2,589.9
r2,623.7

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

E

1

Year
and
quarter

282. Proprietors'
income with IVA
andCCAdj1

(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.)

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

241.4
228.0
230.8
237.8

12.3
9.3
6.9
5.6

262.7
275.5
262.6
266.9

292.8
301.0
312.2
313.1

581.0
566.6
568.7
557.8

491.5
509.5
514.2
522.6

181.1
152.8
165.2
157.3

252.1
256.4
252.4
268.0

7.3
9.1
9.3
10.1

265.6
274.2
292.8
277.8

316.5
313.2
313.7
317.9

552.0
547.7
514.7
510.7

518.6
533.0
552.7
544.3

131.2
162.8
95.7
118.5

270.8
298.1
292.5
297.8

14.0
17.4
17.2
18.4

288.0
282.3
286.4
281.1

326.6
328.7
327.5
321.7

557.8
538.7
516.2
515.3

553.4
547.7
551.5
544.4

138.4
166.0
108.9
109.0

320.9
r327.7

20.0
rl8.9

294.0
P296.5

323.6
r331.1

554.3
P549.5

545.3
p547.8

138.4
r94.0

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
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, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q j

SAVING-Continued

298. Government
surplus or deficit

Year
and
quarter

Q J

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

Percent of gross national product
235. Personal consumption expenditures

(Ann. rate,
bil. dol.)

(Percent)

(Percent)

248. Nonresidential
fixed investment
(Percent)

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1984
First quarter
Second quarter
Third quarter
Fourth quarter

-110.6
-122.1

6.9
5.8
6.1
5.8

64.2
64.4
64.3
64.7

10.7
11.0
11.1
11.3

4.8
4.9
4.8
4.7

2.6
1.8
1.7
1.2

-1.2
-1.7
-1.6
-1.8

-97.8
-148.1
-133.7
-152.1

4.8
5.7
3.4
4.1

65.0
65.5
65.9
65.8

11.0
11.2
10.9
11.0

4.7
4.6
4.7
4.8

0.5
0.5
0.1

-1.3
-1.9
-2.1
-2.5

4.7
5.5
3.6
3.6

65.6
65.7
66.5
66.7

10.6
10.3
10.2
10.3

4.9
5.2
5.2
5.3

0.9
0.7

-2.2
- ? .&
C H-

....

-134.0
-175.0
-144.1
-138.1

0.1

-o!i

-2.6
-2.7

-129.5
p-92.3

4.4

66.1

....

r3.0

r66.3

9.7
9.7

5.1
5.1

rO.9

....

-91.6
-95.8

....

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

-0.1

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

o c
C .0

1.2

r-2.7

....

Q |

SHARES OF GNP AND NATIONAL INCOME-Continued

Percent of GNP—Continued

Year

Percent of national income

and
quarter

265. Federal Government purchases of
goods and services

268. State and local
government purchases
of goods and services

(Percent)

(Percent)

64. Compensation of
employees

(Percent)

283. Proprietors'
income with IVA
and CCAdj'

285. Rental income
of persons with
CCAdj1
(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1

289. Net interest

(Percent)

(Percent)

1984

7.7
8.4
8.3
8.5

11.2
11.2
11.3
11.4

72.7
73.0
73.3
73.4

8.1
7.6
7.6
7.7

0.4
0.3
0.2
0.2

8.9

9.9

9'.2

8.6
8.6

10.0
10.2
lO.'l

8.6
8.5
9.0
9.2

11.4
11.6
11.7
11.7

73.3
73.4
73.3
73.6

8.0
8.0
7.8
8.1

0.2
0.3
0.3
0.3

8.4

10.0

8.6
8.*4

9.8
9.6
9^6

....

8.5
8.7
8.7
8.6

11.7
11.8
11.9
12.1

73.3
72.9
73.1
73.5

8.0
8.7
8.5
8.6

0.4
0.5
0.5
0.5

8.6
8.3
8.3
8.1

9.7
9.6
9.5
9.3

8.4
....

r8.6

12.1
12.1

73.0
p72.9

9.0

0.6

8.3

p9.1

p0.5

p8*.2

9.1
p9.2

First quarter
Second quarter

....

Third quarter
Fourth quarter

....

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

9.0

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....

See note on |
Graphs of these series are shown on pages 46 and 47.
1

IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

AUGUST 1987




8
3

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Q
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982 = 100)

310c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

PRICE MOVEMENTS

Fixed-weighted price index,
gross domestic business product

311. Index

(1982 = 100)

311c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers
320. Index ©

320c. Change
over 1-month
spans1

320c. Change
over 6-month
spans1

(1967 = 100)

(Percent)

(Ann. rate,
percent)

322. Index

(1967 = 100)

322c. Change
over 1-month
spans1

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1985
3.4

109.9

April
May
June

110.8

October
November
December

0.4
0.5

3.7
4.0
4.2

306.8
308.8
308.7

0.0
0.7
0.0

1.8
1.6
1.7

320.1
321.3
322.3

0.3
0.3
0.2

4.1
3.6
2.7

308.6
308.4
309.5

0.0
-0.1
0.4

1.8
0.6
1.2

2.8

322.8
323.5
324.5

0.2
0.2
0.1

2.8
3.2
3.4

309.6
309.7
310.6

0.0
0.0
0.3

1.7
2.9
3.7

3.0

325.5
326.6
327.4

0.4
0.5
0.3

3.7
2.8
1.7

311.2
312.9
315.1

0.2
0.5
0.7

3.6
3.2
2.5

1.9

328.4
327.5
326.0

0.3
-0.3
-0.4

0.4
-0.1
0.1

315.1
314.6
314.4

0.0
-0.2
-0.1

2.5
2.3
1.5

1.9

325.3
326.3
327.9

-0.3
0.2
0.4

-0.5
0.4
1.8

315.1
316.5
317.4

0.2
0.4
0.3

3.3
5.2
6.1

2.3

328.0
328.6
330.2

0.0
0.2
0.3

2.7
2.7
2.2

320.2
322.7
323.9

0.9
0.8
0.4

6.5
6.4
6.3

1.8

330.5
330.8
331.1

0.2
0.2
0.2

3.5
4.1
4.3

325.2
326.5
327.2

0.4
0.4
0.2

5.3
4.3
3.3

4.2

333.1
334.4
335.9

0.7
0.4
0.4

4.8
5.0
5.4

328.6
329.6
329.2

0.4
0.3
-0.1

3.1
3.4
4.4

4.2

337.7
338.7
340.1

0.4
0.3
0.4

4.5

330.2
332.0
334.4

0.3
0.5
0.7

3.2

340.8

0.2

333.8

-0.2

110.8
2.9

'

0.2

109.8
3.3

July
August
September

316.1
317.4
318.8

3.7

3.3

January
February
March

111.5

111.6
2.9

112.4

11214

1986
January
February
March

11^9

April
May
June

113.7

July
August
September

114.7

October
November
December

114.9

1.8
112.9
2.9
113.4
3.6
114.1
0.7
114.6

1987
January
February
March

116.1

April
May
June

117.2

July
August
September

4.2

115i8
3.8
117.'o

October
November
December
See note on page 80.

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




AUGUST 1987

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

WM

330. Index

0

(1967 = 100)

330c. Change
over 6-month
spansl ©

330c. Change
over 1-month
spans1 ©

(Ann. rate,
percent)

(Percent)

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

Producer price index, all commodities
Year
and
month

PRICE MOVEMENTS-Continued

335. Index ©

(1967 = 100)

335c. Change
over 1-month
spans1 @

(Percent)

335c. Change
over 6-month
spans 1 ©

(Ann. rate,
percent)

331c. Change
over 1-month
spans'

331. Index

(1967 = 100)

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1985
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

317.0
316.1
311.7

-1.8
-0.3
-1.4

-8.3
-9.9
-10.3

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

309.7
307.9
305.8

-0.6
-0.6
-0.7

-8.1
-11.8
-11.6

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

303.9
296.9
293.0

-0.6
-2.3
-1.3

-5.6
-2.1
-1.4

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

300.9
304.6
303.7

2.7
1.2
-0.3

-3.3
-6.4
-8.1

January
February
March

308.9
304.4
300.3

-0.4
-1.5
-1.3

-6.2
-6.5
-7.1

323.8
318.9
314.0

-0.4
-1.5
-1.5

-7.6
-7.9
-8.0

298.8
287.3
280.9

-1.6
-3.8
-2.2

-17.6
-16.0
-16.7

April
May
June

298.2
299.2
299.0

-0.7
0.3
-0.1

-7.3
-4.7
-1.9

311.6
311.6
311.8

-0.8
0.0
0.1

-9.2
-6.8
-3.3

273.2
279.1
277.2

-2.7
2.2
-0.7

-14.2
-6.9
-2.9

July
August
September

297.4
297.2
297.5

-0.5
-0.1
0.1

0.1
-0.3
-0.3

308.5
307.9
308.7

-1.1
-0.2
0.3

-1.3
-1.2
-1.3

276.7
277.2
276.8

-0.2
0.2
-0.1

5.7
-0.1
-0.4

October
November
December

298.4
298.7
298.5

0.3
0.1
-0.1

2.4
3.4
r3.5

309.6
309.8
309.8

0.3
0.1
0.0

3.3
4.6
r4.6

280.9
279.0
276.6

1.5
-0.7
-0.9

4.3
6.3
r8.8

300.9
302.2
r302.7

0.8
0.4
0.2

4.5
5.8
6.8

313.5
314.9
r315.7

1.2
0.4
0.3

5.1
5.8
6.8

282.6
285.8
r288.7

2.2
1.1
rl.O

10.8
19.3
22.4

April
May
June

305.1
307.3
308.5

0.8
0.7
0.4

6.3

317.4
318.6
320.2

0.5
0.4
0.5

5.9

295.7
304.8
306.0

r2.4
3.1
0.4

18.6

July
August
September

310.2

0.6

322.6

0.7

307.8

0.6

1986

1987
January
February
March

October
November .
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:

1

AUGUST 1987




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

85

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

Q |
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
spans'

333. Index

(Ann. rate,
percent)

(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!

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

(Percent)

1985
January
February
March

320.3
319.1
318.6

0.0
-0.4
-0.2

-0.6
-0.3
-0.8

297.0
298.7
299.3

0.5
0.6
0.2

3.1
2.8
3.5

290.3
290.0
290.0

-0.2
-0.1
0.0

1.5
1.5
0.9

April
May
June

319.4
320.1
319.0

0.3
0.2
-0.3

-1.2
-0.8
-0.9

299.4
300.0
300.5

0.0
0.2
0.2

2.5
1.8
0.3

292.0
292.8
292.2

0.7
0.3
-0.2

1.7
1.1
-0.3

July
August
September

318.4
317.8
317.1

-0.2
-0.2
-0.2

-1.3
-1.4
-0.4

300.7
301.4
299.7

0.1
0.2
-0.6

2.0
2.1
2.0

292.8
291.6
289.5

0.2
-0.4
-0.7

-0.3
0.5
2.1

October
November
December

317.3
317.8
318.4

0.1
0.2
0.2

-0.3
-2.5
-4.2

302.4
303.2
303.5

0.9
0.3
0.1

1.9
1.6
3.1

291.6
293.6
295.2

0.7
0.7
0.5

0.7
-2.4
-3.4

January
February
March

317.9
313.8
310.3

-0.2
-1.3
-1.1

-6.2
-6.8
-7.3

303.5
303.8
304.3

0.0
0.1
0.2

1.8
1.5
1.7

293.8
288.1
284.5

-0.5
-1.9
-1.2

-6.3
-6.4
-7.0

April
May
June

307.3
306.8
306.6

-1.0
-0.2
-0.1

-8.1
-5.8
-2.9

305.1
305.5
306.1

0.3
0.1
0.2

1.9
1.9
2.2

282.3
284.1
284.7

-0.8
0.6
0.2

-8.1
-3.4
-0.5

July
August
September

304.7
304.5
305.7

-0.6
-0.1
0.4

-1.6
-1.4
-1.2

306.3
306.6
307.6

0.1
0.1
0.3

2.4
2.8
2.7

281.7
283.1
283.8

-1.1
0.5
0.2

1.8
0.4
0.1

October
November
December

304.8
304.7
304.7

-0.3
0.0
0.0

1.8
3.0
r2.9

308.7
309.8
310.2

0.4
0.4
0.1

3.0
2.3
rl.9

284.8
284.7
284.8

0.4
0.0
0.0

3.2
2.6
r3.5

307.5
309.1
r310.1

0.9
0.5
rO.3

4.2
5.4
6.6

310.8
310.1
r310.5

0.2
-0.2
0.1

1.6
1.2
0.9

286.2
286.7
r288.7

0.5
0.2
r0.7

4.3
5.0
5.7

April
May
June

311.2
312.8
314.6

r0.4
0.5
0.6

6.3

311.2
311.6
311.6

r0.2
0.1
0.0

0.8

290.8
291.8
292.8

rO.7
0.3
0.3

5.0

July
August
September

317.0

0.8

312.0

0.1

293.3

0.2

1986

1987
January
February
March

October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
x
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 1987

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

£ £ |

WAGES AND PRODUCTIVITY

Average hourly earnings of production or nonsupervisory

Average hourly compensation, all employees,

workers on private nonagricultural payrolls1

nonfarm business sector

Year
Current-dollar earning;

and

Current-dollar compensation

Real earnings

month
340. Index

340c. Change

340c. Change

341c. Change

341c. Change

over 1-month

over 6-month

over 1-month

over 6-month

2

2

2

2

341. Index

spans

spans

spans

(1977 = 100)

(Percent)

percent)

100)

(Percent)

over 4-quarter
spans2

spans

(Ann. rate,

(Ann. rate,
(1977 =

345c. Change

2

spans

(Ann. rate,

345c. Change
over 1-quarter

345. Index

percent)

(1977 = 100)
Revised 3

(Ann. rate,

percent)

percent)

Revised 3

Revised 3

1985
January

162.8

0.1

3.6

94.4

February

163.6

0.4

3.2

94.5

March

163.8

0.1

3.0

94.1

April

164.2

0.3

2.8

May

164.5

0.2

2.5

June

165.1

0.4

3.3

94.1

-0.1
0.0

4.7

0.3
-0.7

-0.4
-0.1

-1.1

93.9

-0.1

-0.8

4*4

-0.8

94.0

171.6

0.2

4.3
173.4

4*6

0.9

July . . .

165.1

0.0

2.5

93.9

August

165.6

0.3

2.9

94.1

0.2

0.1

September

166.5

0.5

3.3

94.5

0.4

0.0

October

166.2

3.0

94.1

-0.5

November

166.9

0.4

3.2

94.0

-0.1

0.6

December

167.8

0.6

2.5

94.1

0.2

1.1

-0.1

-0.2

4.8

0.1
175*5

4*4

4.8

-0.6
177*6

4.'l

1986
January

167.5

2.8

93.6

-0.5

2.8

February

168.2

0.4

2.4

94.4

0.8

3.0

March

168.5

0.2

1.7

95.0

0.7

2.2

April

168.5

0.0

1.8

95.4

0.4

3.1

May

168.9

0.2

1.5

95.3

-0.1

1.8

June

169.2

0.2

1.5

95.2

-0.2

0.0

2.0

95.1

-0.1

2.8

95.2

0.1

0.3
0.3

-0.2

July

169.1

August

169.5

September

169.8

0.1

2.2

95.0

-0.2

-0.1
0.3

3.9

2.8

October

170.2

0.3

2.6

95.1

0.1

2.9

0.6

2.7

95.5

0.3

-1.2

December

171.1

2.9

95.3

-0.2

4.0

-1.3

2.9

2*7

181.8

-0.8

171.2

3.4

180.5

-0.6

November

3*6

179.3

-0.1

183*6

2.*8

1987
January

171.2

94.7

-0.6

-1.9

February

171.8

0.3

r2.0

94.6

-0.1

r-3.0

March

172.2

0.2

r2.2

94.4

-0.2

r-3.2

April

172.6

0.3

p2.3

94.2

-0.2

p-2.2

May

rl72.9

0.1

94.0

r-0.2

June

rl72.9

rO.O

r93.8

r-0.3

July
August
September

P173.2

p0.2

P93.7

p-0.1

0.1

1.1
184.1

3.1
185.5

October
November
December

See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Adjusted
2

for overtime

ter changes are placed
3

(in manufacturing

Changes are centered within the spans:
See

only) and interindustry
1-month

employment shifts.

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

on the 1st month of the 2d quarter, and 4-quarter

"New Features and Changes for This

AUGUST 1987



1-quar-

changes are placed on the middle month of the 3d quarter.

Issue," page iii.

8
7

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

Q |

WAGES AND PRODUCTIVITY—Continued

Average hourly compensation, all employees,

Negotiated wage and

nonfarm business sector—Continued

benefit decisions

358. Index of

Output per hour, all persons, business sector

output per hour,
all persons,

Year

348. Average

month

349. Average

first-year

Real compensation

and

changes over

changes @
346c. Change

346c. Change

over 1-quarter

Revised

2

1985

contract

spans

©

(Ann. rate,

(Ann. rate,

percent)

percent)

percent)

(Ann. rate,

(Ann. rate,

percent)
Revised

2

Revised

1.3

2

i!o

98^0

March

ness sector

1

x

spansx

January
February

over 4-quarter

spans

(Ann. rate,
(1977 = 100)

nonfarm busi-

over 1-quarter

life of

370c. Change

over 4-quarter

spansx

346. Index

370c. Change

370. Index

(1977 = 100)
Revised 2

3.6

(Ann. rate,

percent)

percent)

Revised 2

Revised 2

(1977 = 100)
Revised 2

2.2

2.7

106\5

2.5

105^2

1.9

105.7

2.'8

106^4

'z.3

105!9

1.3

10A7

i!5

107^7

CL2

107'.5

0.4

107! 5

•

April

-0.3

May

i!i

97^9

3.5

2.9

3.4

10^2

June
July

2.4

August

98^5

2.0

3.7

3.0

10^2

L3

September
October

0.8

November

2.0

-1.0

1.4

107^9

2*.4

98^7

December
1986
January

0.6

2.3

February

5.8

1.2

109.5

1.9

99.3

March
April

4.2

May

0.7

0.6

1.6

2.h

10CL3

109!)

June
July

0.4

August

0.7

-0.3

1.2

CL5

100 A

1O9!<5

September
October

2.7

1.3

November

100.7

-0.1

2.4
109!6

-1.0

December
1987
January
February

-3.9

1.7

0.5

2.4

107.6

109.7

9^8

March
April
May

p4.2

-1.8
9^3

June

p3.9

nb'.'o

1.3
107*9

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1

Changes are centered within the spans:

1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are

placed on the middle month of the 3d quarter.
2

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




AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

| Q

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

114,797
114,970
115,316

106,291
106,605
106,965

8,506
8,365
8,351

3,806
3,762
3,728

3,183
3,124
3,148

1,517
1,479
1,475

6,982
6,908
6,797

5,400
5,134
5,423

78.1
78.1
78.1

54.4
54.5
54.7

55.2
55.2
55.2

April
May
June

115,313
115,286
114,926

106,949
106,995
106,541

8,364
8,291
8,385

3,791
3,629
3,847

3,171
3,179
3,136

1,402
1,483
1,402

6,818
6,719

6,811

5,365
5,469
5,276

78.2
78.1
78.1

54.7
54.5
54.5

54.7
55.0
52.4

July
August
September

115,280
115,277
115,844

106,842
107,136
107,602

8,438
8,141
8,242

3,733
3,631
3,660

3,133
3,137
3,182

1,572
1,373
1,400

6,915
6,701
6,718

5,363
5,435
5,310

77.9
78.0
78.2

54.4
54.5
54.8

55.2
53.5
54.1

October
November
December

116,080
116,149
116,333

107,792
107,978
108,149

8,288
8,171
8,184

3,673
3,664
3,617

3,038
3,063
3,073

1,577
1,444
1,494

6,727
6,721
6,668

5,206
5,316
5,292

78.2
78.1
78.0

54.8
54.9
55.1

54.6
54.4
54.4

January
February
March

116,794
117,042
117,187

108,892
108,557
108,807

7,902
8,485
8,380

3,544
3,796
3,789

2,945
3,189
3,131

1,413
1,500
1,460

6,500
6,898
6,879

5,297
5,214
5,295

78.3
78.2
78.2

55.0
55.1
55.1

53.6
54.9
54.9

April
May
June

117,292
117,587
118,005

108,969
109,165
109,613

8,323
8,422
8,392

3,688
3,820
3,808

3,087
3,098
3,082

1,548
1,504
1,502

6,759
6,924
6,798

5,567
5,569
5,322

78.0
78.0
78.1

55.2
55.4
55.7

55.4
55.2
54.8

July
August
September

118,117
118,124
118,272

109,887
110,067
109,987

8,230
8,057
8,285

3,811
3,634
3,805

3,010
2,994
3,015

1,409
1,429
1,465

6,684
6,518
6,739

5,222
5,269
5,303

78.1
77.9
78.0

55.8
55.8
55.7

54.5
54.8
54.8

October
November
December

118,414
118,675
118,586

110,192
110,432
110,637

8,222
8,243
7,949

3,814
3,820
3,725

2,994
2,976
2,865

1,414
1,447
1,359

6,688
6,673
6,465

5,450
5,319
5,342

77.9
78.2
78.3

55.8
55.8
55.6

55.0
54.5
53.8

January
February
March

119,034
119,349
119,222

111,011
111,382
111,368

8,023
7,967
7,854

3,720
3,648
3,573

2,900
2,873
2,857

1,402
1,446
1,424

6,534
6,488
6,275

5,201
5,459
5,164

78.3
78.2
78.2

55.8
55.9
55.9

54.5
55.2
54.2

April
May
June

119,335
119,993
119,517

111,835
112,447
112,257

7,500
7,546
7,260

3,409
3,436
3,437

2,715
2,680
2,588

1,376
1,430
1,235

6,018
6,052
5,998

5,110
5,029
4,918

78.1
78.2
78.0

56.0
56.3
56.1

54.2
55.2
53.0

July
August
September

119,952

112,727

7,224

3,323

2,683

1,218

5,837

5,235

78.0

56.4

53.8

1985

1986

1987

October
November . . . . . . .
December
See note on page 80.
Graphs of these series are shown on page 51.

AUGUST 1987



OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Q |

RECEIPTS AND EXPENDITURES
State and local governmentl

:

ederal Government 1

Year
and
month

Q |

DEFENSE INDICATORS

Advance measures of defense activity

500. Surplus
or deficit

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.)

(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.)

1985
January
February
March

-162.9

795.3

958.2

65.1

563.7

498.6

22,492
20,377
20,346

12,449
12,432
10,360

174,180
173,704
174,338

9,173
6,278
7,810

April
May
June

-210.3

759.0

969.4

62*2

574*. 6

512*3

22,655
25,140
29,513

9,658
14,147
11,627

174,867
178,000
179,337

8,180
9,339
12,794

July
August
September

-195*.8

794'.9

990.8

62! I

585.3

523*2

31,641
34,470
30,753

12,163
17,579
11,702

182,074
187,278
186,401

9,786
10,649
9,944

October
November
December

-2is!6

805*1

1,020.2

62^9

594'6

531*7

28,629
25,809
30,768

10,584
10,086
14,088

185,059
182,400
183,504

8,727
6,808
10,734

January
February
March

-196.1

807*6

1,003.7

62] i

608.1

546! 1

28,411
30,247
30,969

13,424
9,318
14,368

185,822
188,008
190,756

8,502
9,193
12,214

April
May
June

-230.2

816*9

1,047!1

55.1

61l'.5

556^4

29,758
30,267
33,056

12,855
8,849
13,493

188,903
189,004
193,207

8,071
9,036

July
August
September

-203!)

832.4

l,036!l

59.6

626.2

566 '.7

31,199
29,968
30,678

15,992
13,088
13,413

196,185
198,635
199,295

no,027

October
November
December

-188.7

852*5

1,041.2

50.6

629.' 1

578.5

28,383
30,341
26,583

7,549
9,484
11,931

198,408
198,337
197,769

7,929
10,479
7,648

-170.5

879!3

1,049.8

41.0

632! 1

59l!i

25,911
34,669
28,986

10,161
12,827
12,422

196,585
199,440
199,308

4,699
6,980
9,997

P-14L9

P92L8

rl,063.7

p49.6

P 650*.8

r601.2

33,794
p32,801
(NA)

11,934
10,571

200,411
p202,504
(NA)

11,006
r9,441
rl0,609

1986

r8,314
r8,136
10,530

1987
January
February
March
April
May
June
July
August
September

pl3,201
(NA)

pl0,096

October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
Based on national income and product accounts.

x

9
0



AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

E

J

DEFENSE INDICATORS—Continuecj

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

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

(Mil. dol.)

570. Employment, defense
products industries

(Thous.)

Defense Department
personnel
577. Military
on active
duty ©

578. Civilian,
direct hire
employment

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1985
January
February
March

163.2
164.2

147,994
146,726
146,560

18,762
20,058
20,465

7,156
7,546
7 j Q7fi
/
3 / D

1,496
1,506

2,146
2,147

1,073
1,074

166.0

27,846
28,378
28,439

1 , 0 1 ZiLt
R
1

?

i ,r\i&
1 U/ 0

April
May
June

167.1
168.3
169.9

28,929
28,854
29,647

147,334
149,056
153,624

19,597
20,603
20,554

7,406
7,617
8,226

1,525
1,533
1,544

2,148
2,149
2,151

July
August
September

170.8
173.3
174.5

30,291
30,814
31,096

155,876
158,467
160,184

21,498
22,489
21,987

7,534
8,058
8,227

1,551
1,569
1,565

October
November
December

174.8
177.2
178.5

31,244
31,304
31,450

160,067
157,957
159,452

20,908
21,847
22,443

8,844
8,918
9,239

January
February
March

178.7
176.3
176.2

31,787
31,471
32,467

160,175
161,009
164,969

20,152
21,586
23,342

April
May
June

178.0
178.0
178.4

32,962
33,329
r33,549

164,580
164,951

July
August
September

179.5
181.0
182.0

October
November
December

25CL2

6.*4

1,081
1,084
1,084

253^7

6A

2,156
2,157
2,151

1,091
1,094
1,099

265! i

6!6

1,569
1,577
1,573

2,151
2,153
2,150

1,099
1,098
1,100

268.2

6.5

7,779
8,359
8,254

1,568
1,569
1,568

2,157
2,160
2,160

1,103
1,087
1,084

26616

6^4

8,460
8,665
r9,118

1,580
1,585
1,563

2,150
2,150
2,143

1,081
1,072
1,060

27^2

6.*6

rl64,147

22,101
22,921
21,954

33,727
33,937
34,254

rl65,170
164,708
166,337

22,538
21,714
23,886

r9,004
8,598
8,901

1,594
1,600
1,598

2,150
2,161
2,169

1,059
1,052
1,072

287.6

6^7

184.6
184.9
185.8

34,560
34,409
33,873

165,006
165,613
162,605

22,324
21,168
22,512

9,260
9,872
10,656

1,598
1,600
1,600

2,177
2,181
2,178

1,069
1,063
1,059

279.0

6*.5

185.2
186.5
186.6

34,164
34,220
34,093

159,028
157,615
157,738

22,243
24,096
23,259

8,276
8,393
9,874

1,597
1,594
1,592

2,179
2,172
2,168

1,061
1,067
1,070

287^5

6.*6

April
May
June

rl86.1
rl86.5
rl85.9

34,716
r34,866
p34,800

159,984
rl60,188
rl61,357

23,593
22,760
p23,685

8,760
r9,237
r9,440

1,592
1,593
pi,590

2,158
2,153
2,151

1,072
1,068
pi,070

r295!3

6^

July
August
September

pl86.3

(NA)

pl62,544

(NA)

p8,909

(NA)

p2,158

(NA)

L. ,

1 AR
itO

1986

1987
January
February
March

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

AUGUST 1987




91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Q |
602. Exports, excluding
military aid shipments (u)

604. Exports of domestic
agricultural products

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

612. General imports ©

Year
and
month

(Mil. dol.)

(Mil. dol.)
1985

(Mil. dol.)

(Mil. doi.)

(Mil. dol.)

Revised 1

614. Imports of petroleum and petroleum
products

616. Imports of automobiles and parts

(Mil. dol.)

Revised 1

January
February
March

17,428
17,846
19,765

2,945
2,842
2,436

4,247
3,970
4,160

28,836
25,941
28,725

4,005
3,833
3,411

4,033
4,999
4,243

April
May
June

17,984
18,915
18,068

2,624
2,215
2,218

3,970
4,073
3,952

28,572
29,302
30,136

4,936
5,237
4,842

4,350
4,073
4,932

July
August
September

16,553
16,401
16,790

2,184
2,347
2,080

3,615
3,897
3,777

27,000
26,247
31,349

3,342
3,252
4,041

4,161
4,489
5,555

October
November
December

17,868
17,743
17,417

2,351
2,446
2,426

3,694
3,918
3,730

28,429
30,010
30,728

3,811
4,367
5,079

4,198
5,461
5,758

January
February
March

17,041
17,401
18,557

2,320
2,283
2,135

3,854
4,294
3,740

30,090
27,521
29,403

4,978
4,254
3,578

5,044
5,378
5,018

April
May
June

18,001
18,270
19,092

2,043
1,960
1,819

3,981
3,644
3,582

30,898
30,034
30,942

2,084
2,718
2,731

5,044
5,054
5,535

July
August
September

17,346
16,895
17,530

2,062
2,231
2,111

3,585
4,091
3,812

31,848
29,482
30,808

2,483
2,225
2,435

6,242
6,280
4,909

October
November
December

19,562
18,411
18,523

2,447
2,204
2,352

3,932
4,138
4,227

32,771
32,413
29,854

2,155
2,788
2,299

5,790
7,156
5,483

1986

1987
January
February
March

16,753
19,359
21,775

1,926
2,047
2,157

3,452
4,404
4,098

27,466
32,307
33,197

2,269
3,598
3,513

4,882
6,322
5,329

April
May
June

20,496
20,781
21,126

r2,234
r2,410
2,445

4,122
4,176
4,338

31,983
33,313
35,266

2,842
3,685
3,375

5,516
6,093
5,823

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

July
Ausust
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 56.
x
See "New Features and Changes for This Issue," page iii.

92




AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q |

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted1

Goods and services
Year
and
month

(Mil. dol.)

622. Balance

669. Imports

668. Exports

667. Balance

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1985
January
February
March

-22,918

87,845

110,763

-24,882

55,064

79,946

18,530

16,359

April
May
June

-25,858

89,526

115,384

-29,946

54,040

83,986

21,931

16,670

July
August
September

-24,370

91,043

115,413

-31,206

53,367

84,573

24,U4

16,055

October
November
December

-27,944

91,047

118,991

-36,114

53,464

89,578

23,665

13,818

January
February
March

-30,019

92,134

122,153

-34,978

53,878

88,856

24,076

17,651

April
May
June

-29,588

93,540

123,128

-33,651

56,928

90,579

22,013

17,426

July
August
September

-32,249

93,241

125,490

-37,115

56,534

93,649

21,333

15,994

October
November
December

-33,839

93,891

127,730

-38,595

57,021

95,616

20,787

16,295

p-34,032

p98,334

pl32,366

r-38,757

r56,992

r95,749

p22,946

pl9,110

(NA)

(NA)

(NA)

p-39,525

p59,975

p99,500

(NA)

(NA)

1986

1987
January
February
March
April
May
June
July
August
September
October
November
December .

See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

ItUI

AUGUST 1987



93

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

Q H

Year
and
month

47. United States,
index of industrial production

(1977 = 100)

721. OECD1
European countries, index of
industrial
production

(1977 = 100)

728. Japan,
index of industrial production

(1977 = 100)

INDUSTRIAL PRODUCTION
726. France,
index of industrial production

725. West
Germany, index
of industrial
production

(1977 = 100)

722. United
Kingdom, index
of industrial
production

(1977 = 100)

727. Italy, index
of industrial
production

(1977 = 100)

(1977 = 100)

723. Canada,
index of industrial production

(1977 = 100)

1985
January
February
March

122.7
123.2
123.4

108
110
111

143.0
143.4
141.9

110
109
110

101
105
107

106
106
108

102.8
111.5
111.7

115.2
115.5
116.8

April
May
June

123.3
123.6
123.6

110
111
111

144.9
147.4
144.9

110
111
112

104
107
104

109
108
108

107.6
108.5
111.1

116.4
117.6
118.8

July
August
September

123.4
124.4
124.3

111
111
112

147.2
145.5
144.5

114
112
112

107
107
107

107
108
110

107.3
105.8
110.6

118.8
118.7
120.0

October
November
December

123.6
124.8
125.6

112
114
110

144.8
144.2
144.6

116
116
111

107
109
104

109
110
107

106.9
110.9
106.6

119.9
119.3
121.2

January
February
March

126.2
125.3
123.6

112
113
112

144.6
144.8
144.8

113
113
113

107
105
105

108
110
109

108.4
110.9
113.8

121.1
121.1
117.5

April
May
June

124.7
124.2
124.2

115
111
114

144.4
144.2
144.5

117
112
116

rlO9
104
108

111
109
108

114.9
108.7
113.9

120.9
118.3
117.3

July
August
September

124.9
125.1
124.9

115
114
114

144.2
141.9
145.8

117
116
114

109
109
109

110
111
111

111.1
110.0
109.8

118.7
116.7
116.8

October
November
December

125.3
126.0
126.7

114
114
113

143.8
141.9
146.0

116
114
112

109
107
107

111
111
110

111.0
112.2
111.1

117.9
117.6
119.8

126.5
127.2
127.3

112
114
115

145.5
144.6
147.1

111
113
112

104
108
109

111
113
112

111.5
114.8
117.3

119.8
rl21.1
rl21.7

April
May
June

rl27.4
rl28.3
rl28.8

rll6
pll6
(NA)

rl45.1
pl43.4
(NA)

116
pll6
(NA)

108
plO9
(NA)

113
pll3
(NA)

rll5.2
P119.4
(NA)

rl20.9
P121.4
(NA)

July
August
September

P129.8

1986

1987
January
February
March

October
November
December

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

94




AUGUST 1987

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q
United States
Year
and
month

320. Index ©

Japan

320c. Change
over 6-month
spans1

738. Index ©

CONSUMER PRICES

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

735. Index ©

United Kingdom

France

West Germany
735c. Change
over 6-month
spans1

736. Index ©

736c. Change
over 6-month
spans1

732. Index ©

732c. Change
over 6-month
spans1

(1967 = 100)

(Ann. rate,
percent)

5.5
5.5
6.0

578.0
582.7
588.1

8.2
8.3
8.5

462.2
464.5
466.4

5.8
5.3
4.7

600.6
603.4
604.7

7.3
6.6
4.7

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

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

-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

324.7
326.9
325.2

-0.6
0.4
0.4

212.6
212.6
212.9

-1.8
-1.0
-0.7

474.7
475.6
477.0

1.3
2.3
3.0

619.0
620.1
619.8

1.0
1.1
2.3

2.7
2.7
2.2

324.4
323.8
325.4

-1.0
-0.3
-0.5

211.9
211.4
211.7

-1.1
-1.5
-0.8

477.5
478.0
479.9

2.8
2.8
2.9

618.0
619.9
623.0

2.8
4.2
5.7

330.5
330.8
331.1

3.5
4.1
4.3

325.7
324.1
323.5

-2.0
-2.2
-0.2

211.0
210.8
211.2

0.0
0.0
-0.1

480.9
481.4
481.9

4.5
4.3
3.5

623.9
629.2
631.3

6.8
6.8
5.6

January
February
March

333.1
334.4
335.9

4.8
5.0
5.4

322.2
322.2
323.5

2.4
0.4
1.4

212.1
212.2
212.2

1.3
1.6
1.2

486.2
487.2
487.7

4.0
3.9
3.2

633.7
636.2
637.5

5.4
3.9
2.5

April
May
June

337.7
338.7
340.1

4.5

326.4
327.0
326.3

(NA)

212.8
212.9
213.3

1.7

490.3
491.2
492.1

(NA)

645.1
645.7
645.7

2.2

July
August
September

340.8

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

January
February
March

316.1
317.4
318.8

3.7
4.0
4.2

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

April
May
June

320.1
321.3
322.3

4.1
3.6
2.7

321.9
323.3
323.5

1.6
1.7
0.9

212.9
213.1
213.3

1.6
0.9
0.2

July
August
September

322.8
323.5
324.5

2.8
3.2
3.4

323.8
320.7
323.8

2.2
2.4
1.7

212.9 ,
212.2
212.6

October
November
December

325.5
326.6
327.4

3.7
2.8
1.7

328.4
325.0
325.2

1.1
1.9
1.0

January
February
March

328.4
327.5
326.0

0.4
-0.1
0.1

325.8
324.4
323.5

April
May
June

325.3
326.3
327.9

-0.5
0.4
1.8

July
August
September

328.0
328.6
330.2

October
November
December

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

1985

1986

1987

(NA)

213.3

(NA)

645.2

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.

AUGUST 1987




95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q

CONSUMER PRICES-Continued

Italy
Year
and
month

737. Index ©

Q j

733c. Change
over 6-month
spans1

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 @

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

Canada

737c. Change
over 6-month
spans1

733. Index ©

STOCK PRICES

(1967 = 100)

(Ann. rate,
percent)

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

336.4
352.0
363.4

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

375.5
384.0
385.0

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

367.4
361.7
356.7

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

343.5
387.7
407.5

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

438.3
468.6
514.8

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
5.7
4.8

359.1
360.7
361.3

3.0
3.5
3.7

258.9
259.4
266.8

1,116.7
1,144.6
1,203.9

345.8
318.7
313.8

590.3
600.2
537.2

780.6
756.2
764.9

512.3
580.0
485.1

347.9
352.8
348.6

July
August
September

813.1
814.7
817.1

4.0
3.6
3.6

363.9
365.1
365.1

4.4
4.6
5.4

261.3
266.5
259.2

1,262.7
1,354.5
1,361.4

293.2
316.3
327.2

580.0
605.1
603.4

755.5
750.0
767.2

483.2
562.7
554.7

331.7
342.2
336.6

October
November
December

822.0
825.3
827.8

4.1
3.0
3.9

366.9
368.9
369.5

4.4
3.9
4.7

258.2
266.6
270.4

1,280.3
1,297.0
1,406.4

322.1
325.2
331.9

609.7
616.6
652.2

750.7
p774.2
P780.1

557.1
546.3
514.8

343.4
344.3
346.5

January
February
March

832.8
836.1
839.4

4.5
4.9
4.7

370.3
371.9
373.5

4.4
4.6
4.1

287.7
305.6
318.1

1,492.7
1,577.3
1,675.5

308.8
285.2
288.5

539.9
660.1
708.1

P832.9
p917.6
p973.7

526.7
502.9
501.9

378.4
395.4
422.5

April
May
June

841.9
845.3
848.7

(NA)

375.3
377.3
378.5

5.2

314.7
314.5
327.8

1,856.7
1,937.3
1,965.7

P303.9
p296.3
P304.1

729.8
701.2
p664.6

p955.4
pi,040.5
pi,098.3

533.2
533.4
P521.5

420.0
416.4
422.6

337.3
P357.7

rpl,863.3
pi,964.8

rp322.9
P340.0

rp677.6
P684.1

rpl,156.3
pi,103.1

rp508.1
p470.4

455.4
P468.3

(1967 = 100)

1985

1986

1987

July
August
September

(NA)

381.3

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.

9
6



AUGUST 1987

APPENDIXES
B. Current Adjustment Factors
1987
Series

May

Jan.

143.7

1

13. New business incorporations

102.4

91 0

93 3

82 9

88 0

105 1

85 9

81 4

99.9

5. Average weekly initial claims, State
unemployment insurance

Feb.

93.3

107.6

107.6

99.0

107.3

102.1

93.2

97.4

15. Profits after taxes per dollar of sales,
manufacturing corporations2
72. Commercial and industrial loans
outstanding in current dollars3

Mar.

Apr.

97.8

June

July

108 8

Aug.

Sept.

Oct.

Nov.

Dec.

92 7

104 7

129 0

100.4

88 1

104 8

99 1

94 2

99.8

99.5

100.6

100 6

100.7

100 4

100 2

99 6

99 4

99 3

99 8

99 9

517. Defense Department gross obligations
incurred1

114.2

89.6

105.8

89.7

80.5

88.3

92.6

86.0

126.0

105.7

106.4

116.3

525. Defense Department prime contract awards

123.4

93.8

114.8

83.0

79.8

81.7

78.1

81.2

187.0

59.7

119.1

99.4

543. Defense Department gross unpaid
obligations outstanding

104.1

103.6

103.4

103.1

100.6

98.4

96.7

94 4

97.0

97.7

99 7

101 4

570. Employment, defense products industries . .

100.3

100.1

100.0

99.8

99.7

100.1

100.0

99.5

100.0

100.1

100.2

100.3

99.4

99.4

99.5

99.5

100.4

101.0

101.7

101.2

99.0

99.3

99.7

99.9

97.1

94.8

103.5

100.7

99.7

100.8

103.5

97.4

99.8

97.9

97.1

108.9

112.4

108.5

112.0

101.6

90.4

84.7

80.7

84.7

88.9

103.2

117.3

116.9

578. Defense Department civilian personnel,
direct hire employment . . .
1

580. Defense Department net outlays

604. Exports of domestic agricultural products .
606. Exports of nonelectrical machinery

....

97.8

91.2

111.9

101.7

104.0

103.0

98.0

96.3

96.5

104.5

96.8

98.4

614. Imports of petroleum and petroleum
products1

...

102.9

86.3

84.6

97.8

88.0

111.8

105.4

96.0

105.2

106.0

112.2

104.1

103.7

96.1

109.7

109.3

104.5

109.4

96.9

85.2

95.8

93.4

103.2

95.0

616. Imports of automobiles and parts1

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
x
Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These factors apply only to the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan.
1.

1964...
1965.. .
1966.. .
1967. . .
1969.
1970.
1971.

..
..
. .

1973.
1974.

..
. .

1977...
1978. . .
1979. . .
1980...
1981.. .
1982. . .
1983 . . .
1986.. .
1987. . .

1959...
I960.. .
1961...
1962.. .
1963.. .
1964...
1965...
1966 . . .
1967...
1968.. .
1969...
1970. . .
197 1
1972.. .
1973...
1974...
1975...
1976.. .
1977 . . .
1978. . .
1979.. .
1980 . . .
1981 . . .
1982...
1983.. .
1984...
1985.. .

May

June

July

Aug.

40.9
39.5
40 .9
40.2
39.8
38.8
40.6
40 .0
39.6
40 .5
40.5
40 .7
41 .2

40.7
39.6
40 .6
40.1
39.9
39.0
40.5
39.8
39.9
40 . 4
40.6
40.7
41 .1

40.6
39.6
40 .6
40.2
39.9
39.2
40.2
39.8
40.0
40.4
40.5
40.8
41.1

40.4
39.7
40 .6
40.2
39.8
39 . 4
40.3
39.7
40.1
40.3
40.4
40 .9
41.0

40.4
40 .9

40 . 4
40 .9

40.4
40 .9

40.5
40 . 8

40.2
39.7
40 .4
40.9
40.4
38.9
40.3
40.3
39.9
40.5
40.1
39.8
39.5
39.2
41 .0
40.0
40.6

Sept.

Oct.

Nov.

III Q

IV Q

Annual

Dec.

IQ

ll Q

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
40.7

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
40.3
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
40.7

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
40.7
40.5
40.6

40.0
39.9
40 .5
40.7
40 .2
39.4
40.3
40.3
40.6
40.2
39.1
39.9
39.2
40 .3
40.6
40.5
40.6

40.0
39.6
40.9
40.5
39.3
39.5
40.1
39.6
40 .2
40.2
40 .6
40.6
41.2
41 .3
40.6
40 .9

39.8
40.1
41 .0
40 .4
39.2
39.8
39.8
39.2
40.5
40.3
40.5
40.8
41 . 3

40.6
40 .7

39.8
39.5
40 .7
40.4
39.7
39 .6
40.1
39 .4
39.5
40.5
40.6
40 .5
40 . 8
41 .3
40.7
40.9

40.0
40.8
40.5
39.0
39.8
40.2
38.4
40.3
40.2
40 .6
41 .1
41 . 4
40 .9
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
39.1
40.6
40 .6
40.9
40.8

39.6
40.5
40.6
40.3
38.7
40.2
40.2
39.3
40.3
40.4
40.4
41.3
41 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
38.6
39.4
40.8
40.3
40.7

39.5
40.7
40.3
39.9
38.8
40.5
39.8
39.7
40.5
40.4
40.7
41.1

39.6
40.6
40.3
39.8
39.4
40.2
39.6
39.9
40.4
40.5
40.7
41.0

40.4
40.6

40. (
40.i

40.6
40.8

40.5
39.6
40.7
40.4
39.8
39.2
40.3
39.7
39.8
40 .4
40.5
40.7
41 .2
41 .4
40.6
40.7

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
40.6
40.8

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
40.7
40.8

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
40.7
40.5
40.7
40.7

39.5
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
40.8

40.6
40 . 8

39.9
39.9
40.6
40.7
39.9
39.1
40.0
40.4
40.6
39.9
39.^ •
40.
39.
40.
40. i
40.^ •
40.

39.7
39.7
40.J
40.5
40.L
39.7
40.L
40.+
40.>
40.2
39.4
39.8
39.0
40.4
40.6
40.6
40.7

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
40.8
40.8

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

AVERAGE WEEKLY OVERTIM S HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING
(HOURS)

3.1
2.8
1.8
2.5
3.0
2.1
2.8

2.9
2.6
1 .8
2.6
2.8
2.1
2 .7

2.7
2.6
1 .7
2.8
2.7
2.1
2.8

2.8
2.5
1.7
2.8

2.9
3.5
3.9
3.6
3.4
3.7

2.9
3.6
4.1
3.4
3.5
3.6

2.8
3.9
3.6

2.7

2.6

2.5

2.7

1.9
2.9

1 .9
2.8

2.1
2.8

2.2

1 .8
2.9
2.5
2.3

2.3

2.4
2.8

2.5
2.6

2.2
2.7
2.3
2.5
2.8

2.9
3.7
4.1
3.3
3.5
3.6

3.1
3 .4

3.1
3.6

3.1
3.6

3.1
3.6

3.3
3.5

2.8

2.8

4.0
3 .5

3.8
3 .5

3.3
3.4

3.3
3.7

3.1
3.0
2.3
2 .4

3.0
2.9
2.4
2 .4

3.3
3.5
3.7
3 .1
2.9
2.4
2.6
3.5
3.2
3.4

2.7

2 .7
2.1
2 .4
2.4
2.1
2.7
2.7

2.9
1 .9
2.5
2.6
2.0
2.8
2.8

3.8
3.3
3 8
3.5

3.6
3 .4
3 7
3.5

2.8
2.1
2 .2
2.7
2 .4

3.4

3.5

21,073
20,219
19 , 8 3 2
20,997
21,196
20 1 83
20,061
20,789
19,675
20,122
20,463
20 , 6 0 8
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
25,580
24,671
22,925
24,205
24,993

2.8

2.7
2.4
1.8
2.9
2.4
2.3
2.9

2.6
2.2
2.1
2.8
2.3
2.5
2.7

2.8
2.0
2.4
2.6
2.2
2.7
2.7

2.8
2.3
2 .0
2 .7
2.4
2.4
2.8

3.6
4.0
3.4
3.5
3.6

3.1
3.5
4.0
3.3
3.4
3.6

3.2
3.5
3.9
3.4
3.6
3.6

3.2
3.8
3.8
3.4
3.7
3.5

3.1
3.6
3.9
3.4
3.6
3.6

2.8
3 2
3.9
3.5
2.4
3.1
3.3
3.5
3.6
3.1
2.9

2.9
3 5
3.9
3.2
2.4
3.0
3.5
3.7
3.2
2.6
2.9

2.9
3 5
3.8
3.3
2.7
3.2
3.5
3.6
3.3
2.6
2.8

2.9
3 7
3.8
2.9
2.9
3.2
3.5
3.6
3.2
3.0
2.5

2.9
3 5
3 .8
3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3 .0
3.4
3.3
3.5

2.9
2 .7
1.8
2.6
2.8

3.3

3.2

3.3

3.4

3.6

3.5
3.6
3.6

2.9

3.6
3.0
2.9

3.6

2 .8

3.6
3.0
2.9

3.9
3.4
3 7
3.5

2.9

2 .9

2.9

2.9

4.1
2 .8

3.9
3 .5

3.8
3 .4

3.8
3 .4

3.7
3 .3
2 .8

3.8
3 .2
2 .8

3.8
3.2
2.8

3.9
2.8
2.9

3.0
3 7
3.7
2.7
3.0

3.6
3.9

3.5
3.5

3.6

3.5
3.6

3.5
3.5

3.5
3 .6

2.6

2.4

2.5

3.5
3.6
3.2
2.8

3.6
3.7
3.2
3.0

3.5
3.6
3.2
3.1

2.4
2.8

2.4
2.9

2.3
3.0
3.4

2.3
3.1
3.3
3.3
3 .5

2.3
3.3
3.3

2.3
3.3

3.3

3.3

2.5

2.8
3.5

3.1
3.3

3.3
3.3

3 .6

3.4

3.4

3.5

3.5

3.3
3.1
3.7

2.8
2.8
3.4

3.4

3.5

3.5

3 .5

3.3
3.5

3.5

EMPLOYEES O N ONAGRICULTURAL PAYROLLS, GOODS-PRODUCING INDUSTRIE S
N
(TH OUSANDS)

21 , 2 3 5
20,163
19,984
21,087
21,278

AVERAGE FOR P E R I O D

20,643
20,639
19,751
20,505
20,649
20,916
21,751
23,111
23,231

20,436
20,360
19,936
20,540
20,720
21,111
22,036
23,318
23,233

20,395
19,972
20,116
20,495
20,733
21,231
22,372
23,420
23,373

20 , 4 1 1
20,434
19,857
20,451
20,640
21,005
21,926
23,158
23 , 3 0 8
23,737
24,361
23,578
22 93 5

23*.375

22,830

24,300
22,702

24,353
23,014

24,218
24,197

24,371
23,807

24,487
23,480

24,365
22,849

23,694
24,981
24,834

23,795
24,977
24,726

24,004
25,109
24,587

24,121
25,214
24,216

24,188
25,268
23,659

23,300
24,570
2 5,186

24,823
25,050

24,963
24,824

25,197
24,154

24,893
24,794

23,365
24,522
25,729
26 ,619
25,035
25,699
23,728

23,358
24,508
25,781
26,484
25,205
2 5,6 40
23,535

23,512
24,622
25,829
26 ,483
25,274
25,596
23,413

23,417
24,662
25,977
26 , 4 7 5
25,388
25,441
23,129

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

23,575
24,745
26,231
26 , 4 4 4
25,586
24,991
22,864

23 , 1 4 9
23,799
24,902
26,349
26,377
25,568
24,613

23,330
24,307
25,536
26,529
25,624
25,575
24,124

23,412
24,551
25,780
26,529
25,171
25,645
23,559

23,516
24,716
26,109
26,435
25,493
25,222
22,980

23,352
2 4 , 3 46
25,585
26,461
25,658
25,497
23,813

24*889
24,812

24,913
24,799

24,891
24,752

24,922
24,782

24,928

24,979

24,377
24,965

24,686
24,899

24,898
24,788

24,943
24,788

24,727
24,930

20,626
20,596
21,026

20,661
21,124
20 ,942

20,675
21,137
20 ,843

20,789
21,261
20,741

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 , 2 6 9
24,618
25,219

20,315
20,636
19 , 6 2 1
20,328
20,447
20,832
21 ,606
22,950
23,314
23,542

20,520
20,721
19,628
20 ,526
20,615
20,875
21,642
23,002
23,282
23,663

20 , 6 4 4
20,653
19,745
20,516
20,681
20,915
21,763
23,082
23,211
23,694

20,765
20,544
19,880
20,473
20,650
20,958
21,849
23,250
23,200
23,717

20,793
20,451
19,878
20,526
20,697
21,020
21,941
23,291
23,236

20 , 2 7 3
20 , 3 7 5
19,967
20 ,546
20,717
21,088
22,032
23,363
23,238
23,796

20,242
20 , 2 5 5
19,963
20 , 5 4 8
20,743
21,225
22,134
23,299
23,226

24,204
22 82 8
23,406
24,702
25,139

24,027

23,744

23,649

23,598

23,467

23,484
24,745
25,094

23,588
24,804
25,054

23 , 6 6 1
24,919
25,003

23,574
24,931
24,911

23,159
23 ,777
24,857
26,289
26,384
25,524
24,663
22,815
24,424
24,926

23,230
23,990
25,055
26 , 5 0 1
26,287
25,601
24,504

23,354
24,178
25,449
26 , 4 6 0
25,952
25,551
24,285
22,915
24,598
24,943

23,315
24,306
25,502
26,521
25,606
25,520
24,170

23,320
24,438
25,658
26,605
25,315
25,655
23,916
23 , 1 8 4
24,787
24,852

»

»




21,074
19,751
20,513
21 , 1 0 4
20,964

20,127
20,151
20,004
20,552
20,769
20,983
22 ,206
23,373
23,205

20,641
21,207
21,092

NOTE: These series contain revisions beginning with 1982.

20,666
19,667
20,869
21,256
20,566

20,137
20,002
21 ,036
21,248
19,806
20 ,166
20,776
19,618
20,251
20,445
20,757
21,542
22,786
23,397

19 ,727
20,526
21 , 1 3 5
21,124

1987.. .

21,159
19,458
20,654
20,952
20,937

19 , 7 4 8
20,942
21 ,292
20 , 4 1 8
19,838
20,720
19 , 7 5 2
20,200
20 , 4 2 8
20,723
21,402
22,536
23,467
23,474

19 ,877
20,367
21 ,137
21 , 1 9 2

24*674
24,901

21,293
19,750
20,511
21,160
21,136

20,876
21,214
20 , 5 3 9
19,817
20,339
20 ,012
20,144
20,505
20,707
21,307
22 , 3 7 3
23,419
23,440

20 ,030
20,191
21 , 0 2 4
21,269

24*501
24,977

39.9
40.9
40.5
39.2
39.7
40.0
39.1
40.3
40.2
40.6
40.8
41.3

AVERAGE FOR PERIOD

3.5

40 .
1953 . . .
1954. . .
1955...
1956. . .
1957.. .

Apr.

41 .1
39.4
40.6
40.6
40.1
38.6
40 .5
39.7
39.6
40.7
40.2
40.8
41.0
41.5
40.5
40.0

41 .0
39.7
40.5
40.6
40.4
38.6
40.2
40 .1
39.3
40.3
40.3
40 .6
41.2

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
40.5
40.8
21.

Mar.

41.1
39.5
40 .7
40.4
40.2
38.7
40.4
39.9
39.4
40.5
40.4
40 .6
41.4
41.5
40.4
40 .7

41.0
39.5
40 . 3
40.8
40 .3
38.8
40.1
40.5
39.2
40 .0
40.4
40.1
41.2
41 4
41 .0
40.3

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 . . .
1987. . .

1953
1 954
1955...
1956. . .
1957. . .
1958. . .
1959. . .
1960...
1961. . .
1962. . .

Feb.

AVERAGE WEEKLY HOUR 3 OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING
(HOURS)

»

(AUGUST 1987)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.
41.

1953...
50,043
1954...
4 9 , 3 40
1955...
49,363
1956...
51,880
1957 . . . 52 ,808
1958...
52,002
1959...
52,410
1960...
54,184
1961. ..
53,524
1962...
54,703
1963...
55,927
1964...
57,281
1965.. .
59,419
1966. ..
62,415
1967...
65,240
1968...
66,656
1969...
69,297
1970...
71 ,059
1971 . . . 7 0 , 7 5 2
1972...
72,357
1973...
75,521
1974...
78,020
1975...
77,153
1976...
78,317
1977...
80 ,527
1978...
84,478
1979...
88,711
1980...
90 ,784
1981...
90,927
1982 . . . 9 0 , 3 9 1
1983...
88,818
1984. ..
92,569
1985.. .
96 ,364
1986...
98 ,776
1987...

50,271
49 ,270
49 ,523
52,096
53,000
51,448
52,558
54,406
53,373
54,996
56,039
57,621
59 ,710
62,766
65 ,224
67,026
69,575
71,201
70,689
72,542
75,923
78,181
76,743
78,614
80 ,7 83
84,800
88,955
90 ,889
90,987
90,391
88,725
93,085
96 ,512
98,914

50,360
49,081
49 ,867
52,141
53,052
51 ,131
52,863
54,348
53,462
55,109
56,157
57,686
59,921
63,129
65,305
67,156
69 ,803
71,363
70,766
72,850
76,168
78,184
76,429
78,828
81,228
85,339
89 ,406
90 ,970
91,085
90,264
88,932
93,377
96 ,880
99,013

May

June

July

EMPLOYEES ON NONAGRICULTURAL
(THOUSANDS)
50 ,367
48,984
50,106
52,302
53,029
50,787
53 , 190
54,561
53,485
55 ,384
56,398
57,846
60,080
63,318
65,373
67,422
69,980
71,283
70,969
73 ,079

50 ,343
48,857
50 ,414
52,387
52,999
50,760
53,382
54,366
53,664
55,514
56,534
57,974
60,389
63 ,595
65,478
7,519
0,197
0,998
1,129
3 ,346

78,239
76,333
79,142
81,615
86,064
89,356
90,747
91,175
90 ,028
89,248
93 ,737
97,058
99,252

78,381
76 ,470
79,188
81,984
86,396
89,671
90,269
91 ,151
90 ,006
89,557
94,040
97,299
99,389

50 ,386
48,810
50,705
52,454
52,961
50,822
53,603
54,292
53 ,922
55 ,563
56,571
58 ,128
60,590
63,989
65,642
79
78
70,888
7 1 , ] 36
73,< .39
7 6 , ; '43
78,443
76,400
79 ,264
82,392
86 ,833
89,985
89,931
91 ,328
89,769
89,964
94,420
97,409
99 ,323

Aug. Sept

Oct.

Nov.

50,385
48,689
50,823
51,764
52,970
50,915
53 ,683
54,230
54,052
55 ,663
56,705
58,309
60,868
64,166
65,816
67,979
70,629
70,927
71,169
73,576
76,713
78,492
76,640
7 9,46 9
82,743
87,060
90 ,088
89,670
91 ,467
89 ,435
90,381
94,723
97,572
99 ,601

71,723
74,904
77,867
78,234
77,582
80,122
84,012
88,233
90,449
90,583
91 ,020
88,671
91 ,776
95,941
98,445
100,415

49,627
49 ,242
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
75,164
77,933
77,531
77 , 8 7 8
80 ,310
84,260
88,534
90,595
90,818
90 ,750
88,644
92,140
96,099
98,658
100,567

50 ,225
49,230
49,584
52 ,039
52 ,953
51 ,527
52,610
54,313
53,453
54,936
56,041
57,529
59,683
62,770
65,256
66 ,946
69,558
71,208
70,736
72,583
75,871
78,128
76 , 7 7 5
7 8,5 86
80,846
84,872
89,024
90,881
91 ,000
90 ,349
88,825
93 ,010
96,585
98,901

50,365
48,884
50,408
52,381
52 ,996
50,790
53,392
54,406
53,690
55,487
56,501
57,983
60,353
63,634
65,498
67,573
70,218
71,056
71,078
73 ,355
76 ,508
78,354
76 ,401
79,198
81 ,997
86,431
89,671
90 ,316
91,218
89 ,934
89,590
94,066
97,255
99,321

31.93
27 .34
34.20
40.62
40.62
35 .07
40 .50
40.97
42.58
45.12
48.91
55.26
64.94
75.42
73 .20
95.40
107.10
100 .38
105.56
116.57
145.33
168.28
161 .93
175.04
207 .83
252 .68
301 .19
322.46
350.27
317 .49
321.80
382.20
404.89
394.85

31.02
28.22
34.39
41 .84
40.01
36.04
40.17
40.65
42 .90
45.16
48.45
55.67
66.29
73.90
74.27
96.66
106.32
100 .98
106.78
119.32
150.63
169.02
160 .27
178.03
208.36
257.25
296 .10
322.47
356.10
315 . 7 8
333.02
387.90
405.00
390.78

30.48
29.06
34.93
42.51
38.09
35.74
41 .08
41 .08
43.17
44.10
48.65
57.16
68.53
74.72
77 .66
94.18
106.30
102 .38
113.33
120 .90
149.53
163.26
158.80
185.00
210.59
260.19
303 .50
322.90
349.34
316.40
352.53
406.39
418.62
412.74

33.54
30.45
30.86
35.05
41 .96
37.05
37 .42
40.94
40 .56
43.38
44.7 4
50.28
58.47
68.62
72.28
92.97
100 .00
104.62
102.29
114.30
125.77
152.38
162 .62
163.56
185.32
214.34
271.06
316 .33
337.68
357 .37
312.37
350.72
391.00
390 .12

33.35
28.55
32.26
38.84
40.95
35.11
39.23
41 .71
40 .36
45.33
46.51
52.42
60 .80
71.29
71 .82
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
342 .74
314.43
368.07
398.71
389.04

.233
.198

1 .238
1 .200

1 .229
1 .207

.327
.357
.324
.322
.337
.304
.292

.339
.356
.323
.324
.335
.309
.285

.335
.356
.331
.336
.328
.312
.283

.222
.208
.282
.340
.352
.335
.353
.315
.313
.278

.234
.214
.212
.289
.342
.341
.327
.354
.315
.304

,288
,269
,305
,355
,381
.306
,277
,331
,383
.349
.317
.307
.363
,399
.434
,480
.407
.337
.373

,238
,250
.293
,263
,304
,359
.369
,298
.289
,343
,389
.354
.307
.307
.373
.411
.449
.470
.408
.346
.364

,238
,253
.299
.267
.303
.359
.362
.297
.297
.351
.379
.349
.310
.311
.378

.244
.254
.295
.273
.302
.362
.359
.301
.295
.351
.3 80
.347
.305
.311
.383
.425
.471
.444
.406
.361
1 .357
1.3 40
1 .290

.249
.241
.256
.297
.282
.304
.371
.349
.299
.294
.3 44
.367
.343
.297
.318
.393
.437
.477
.439
1.352
1 .371
1.349
1 .340

.241
.200
,233
,305
,350
,316
,337
.360
.310
.299
,256
.251
.244
.263
.282
.298
.325
.396
.331
.288
.305
.351
.353
.327
.297
.350
.395
.438
.468
.438
.345
.365
.348
.333

50,216
50,272
48,752
48,644
51,085
50,905
52,446
52,396
52,825
52,918
51 ,359
51,118
53 ,265
53,230
54,069
54,198
54,303
54,232
55,860
55,796
56,971
56,832
58 ,777
58,510
61 ,072 61,333
64,367
64,306
65 ,933 66,074
68,333
68,189
70,800
70,742
70,815
70,750
71,499
71,168
74,107
73,908
77,170
77,009
78,542
78,511
77 , 0 3 4 77 ,216
79,857
79,591
83,460
82,954
87 ,470
87 ,319
90 ,166
90,148
89,933
90 ,058
91 ,415 91 ,354
89,272
89,122
90 ,064 91 ,194
94,970
95,278
97,785
97,968
99 ,772 100,039

50,114
48,828
51,308
52,667
52,673
51 ,379
53,203
53 ,982
54,375
55,919
57,148
58,658
61,538
64,614
66 ,091
68,569
70,957
70 ,383
71,485
74,537
77,506
78,599
77,479
,659
,788
90,356
90,350
91 ,259
88,836
91 ,467
95,606
98,230
100,209

49,824
49,102
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

69. MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION
EXPENDITURES
(ANNUAL RATE, BILLIONS OF DOLLARS)
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...
1987 . . .

33.49
31.49
29.70
34.51
41.77
38.04
36.71
41 .00
40.60
42.41
44.34
50.23
57.33
67.78
72.84
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
351 .80
315.60
345.07
377.04
381 .52

33.85
30.46
31.14
35.07
42 .65
36.64
37.56
40.6 2
40 .81
43.51
45.16
50 .04
58.12
67 .62
72.32
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
364.79
307.98
349.63
391 .20
394.74

33.28
29.39
31.75
35.56
41 .47
36.47
37.99
41.20
40 .27
44.23
44.72
50.57
59.95
70.45
71.67
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
355.53
313.53
357 .46
404.77
394.11

34.04
28.90
31.60
38.02
41 .29
35 .24
38.39
41 .62
40 .42
44.82
46.07
51 .32
60.67
70.60
71.10
93 .90
101.35
105.25
101 .79
114.97
132.27
154.28
160.46
167 .62
191 .65
230.38
276.44
311 .72
348.91
344.72
315.56
358.85
397 .44
395.29

33 .70
28.48
32.37
38.51
40.89
34.63
39.50
41 .92
40.07
45.51
46 .87
52.58
6 0.82
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
345.95
302.89
369.32
397 .59
383.39

32.31
28.27
32.82
39.99
40.68
35 .45
39.79
41 .59
40.5 8
45.66
46.60
53.35
60 .91
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
309.62
350.02
337 .55
324.85
376.05
401 .10
388.43

32.82
29.26
32.26
39.50
39.99
34.32
41 .31
42 .53
39.90
45.10
47.58
55.65
62.04
73.44
73.22
91 .55
104.87
103.86
102.98
114.70
1 40 . 7 4
159.60

158.94
170.88
198.04
238.71
292.31
315.16
350.15
331 .55
315.05
367.88
394.00
389.46

31.30
28.29
33.24
39.51
41.24
35.16
40 .24
40.26
41 .69
46.17
47 .82
53.98
61.59
74.67
74.04
92.42
105.15
103.13
104.14
116.65
139.88
159.53
159 .52
173.76
201.65
2 44.6 5
298.30
305.85
360.48
325 .02
316.05
373.39
401 .99
388.79

31.39
28.36
34.21
39.34
40.3 9
35.26
40.7 4
41.31
42.16
45.30
48.18
54.64
63 .68
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
319.94
356.53
324.24
324.83
390.51
395 .7 8
388.06

.228
.217
.208
.283
.336
.354
.324
,355
.318
.304
.2 80
.249
.246
.251
,302
.273
.299
,360
.360
,301
,287
.349
.376
.350
.295
.308
.387
.438
.476
.436
.370
.367
.350
.338

.234
.217
.208
.291
.345
.337
.327
.354
.315
.303
.266
.248
.238
.257
.295
.282
.303
.374
.348
.301
.293
.345
.369
.342
.297
.317
.392
.434
.477
.441
.344
.371
.348

.2 40
.209
.219
.293
.345
.333
.331
.352
.312
.304
.262
.249
.238
.259
.293
.291
.310
.379
.339
.295
.303
.337
.357
.337
.299
.330
.401
.438
.477
.439
.341
1.374
1.350

.238
.206
.228
.302
,3 46
,320
.337
.361
,308
,303
.257
,251
.239
.258
.288
.294
.316
.407
.328
.293
.301
.341
.351
.332
.297
.344
.394
.443
.467
.440
.345
.368
.359

1 .240
1.199
1 .233
1 .305
1 .348
1 .316
1 .337
1 .362
1 .308
1 .298
1 .254
1 .252

1 .244
1 .196

1 .239
1 .193

.309
.357
.311
.338
.358
.314
.296
.257
.250

1.305
1.359
1 .330
.334
.350
.314
.295
.249
.247

.323
.362
.321
.320
,340

1 .262
1 .281
1 .299
1 .326
1 .394
1 .322
1 .294
1 .306
1 .353
1.347
1 .324
1 .297
1 .350
1 .397
1 .439
1 .467
1 .440
1 .347
1 .362
1 .346

.270
.278
.300
.332
.388
.342
.276
.309
.359
.360
.326
.298
.356
.394
.431
.470
.434
.344
.365
1 .339

.277
.276
.303
.341
.391
.315
.281
.308
.373
.341
.329
.302
.362
.404
.434
.483
.431
.3 40
.370

.284
.274
.305
.351
.386
.313
.282
.323
.379
.348
.322
.305
.365
.403
.432
.482
.415
.331
.371

NOTE: Jnless otherwise noted, these series contain revisons beginn ng with 1984.
1
This series contains revisions beginning with 1982.




Annual

.193

.291
.247
.247

50,291
48,695
50,938
52 ,202
52 ,904
51 ,131
53,393
54,166
54,196
55 ,773
56 ,836
58,532
61,091
64,280
65,941
68,167
70,724
70,831
71,279
73 ,864
76 ,964
78,515
76 ,963
79,639
83,052
87,283
90,134
89 ,887
91 ,412
89 ,276
90,546
94,990
97 ,775
99,804

49,855
49 ,057
51 ,507
52,751
52,471
51 ,726
53,580
53,799
54,583
55,926
57,175
59 ,019
61,869
64,832
66 ,476
68,852
70,999
70,436
71 ,728
74,868
77,769
78,121
77 ,646
80,093
83,977
88,185
90,467
90 ,584
91 ,010
88,717
91 ,794
95,882
98,444
100,397

AVERAGE FOR PERIOD

108. RATIO, PERSONAL INCOME TO MONEY SUPPLY M2
(RATIO)
1953...
1954...
1955 . . .
1956 . . .
1957 . . .
1958...
1959. . .
1960...
1961 . . .
1962...
1963.. .
196 4 . . .
1965 . . .
1966...
1967...
1968...
1969.. .
1970.. .
1971...
1972...
1973 . . .
1974...
1975. . .
1976.. .
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983.. .
1984...
1985 . . .
1986.. .
1987...

IV Q

Dec, 1 Q

PAYROLLS1

31.84
28.64
33.24
39.45
40.5 4
34.91
40 .76
41.37
41 .25
45.52
47.86
54.76
62.44
74.23
73 .80
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
326.94
318.64
377.26
397.26
388.77

31 .14
28.21
34.51
41 .66
39.57
35.62
40.5 8
40.90
42.88
44.7 9
48.67
56.03
66.59
74.68
75 .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
316.56
335.78
392.16
409.50
399.46

AVERAGE FOR PERIOD

09
53
358

1 .235
1.195
1.257
1 .318
1 .359
1 .325
1 .325
1 .342
1 .309
1 .293
1 .248
1 .246
1.252
1 .283
1 .273
1 .304
1 .349
1 .386
1 .311
1 .280
1.321
1.378
1.346
1 .323
1 .305
1 .363
1 .402
1.433
1 .482
1 .418
1 .336
1 .371
1 .330
1 .308

.230
.205
.275
.338
.355
.330
.338
.326
.311
.282
.246
.2 40
.252
.296
.268
.303
.360
.363
.299
.294
.348
.383
.350
.307
.310
78
19
58
57
•08
53
.360
.335
.293
(AUGUST 1987)

C. Historical Data for Selected Series—Continued
Year

Jan.
340.

Feb.

Mar.

Apr.

May

June

July

Oct

Nov.

Dec.

I Q

INDEX OF AVERAGE HOURLY EARNINGS OF PRODUCTION OR NONSUPERVISORY WORKERS O PRIVATE
N
NONAGRICULTURAL PAYROLLS
(1977=100)

45.6
47.5
49 .6
52.4
55.7
59.4
63 .8
68.2
72.1
76 .7
83.7

45.8
47 .6
49 .9

45.8
47 .7
50 .0

56.1
59.8
64.2
68.4
72.4
77 .2
84.4
90.5
97.3

44.7
46.3

5.0

45.9
48.0
50.2

46.2
48.1
50.4

50.6

46.4
48.4
50.9

162.8
167.5

104.8
113.6
122.9
135.0
145.1
153.5
158.3
163.6
168.2

56 .
60.
64.
68.
72.
77 .
85.
90.
97.
105.
114.
124.
135.
145.
153.
158.8
163.8
168.5

56 .6
60.4
64.8
69.
73 .
78.
85.
91 .
98.
106.
114.9
124.8
136.7
146.4
154.2
159 .6
164.2
168.5

57 .0
60.7
65.3
69.3
73.4
79.0
85.8
92.1
99.1
107.0
115.3
125.7
137.5
147.6
154.8
159.5
164.5
168.9

57.4
61.1
65.6
69.4
73.8
80 .0
86.5
92 .3
99.5
107.6
116.1
126.9
138.2
148.1
155.1
160.0
165.1
169.2

57.6
61.5
65.9
69.8
74.3
80 .2
86.8
93.0
100.2
108.5
117.0
127.7
139.0
148.9
155.7
160 .6
165.1
169.1

0 .1
0.8
0 .5
0.8
0.3
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 .2
0 .6
0.4
0 .1
0 .2

0.2
0.4
0 .2
0.4
0.5
0.7
0.6
0 .7
0.3
0 .4
0.7
0.8
0.6
0.5
0 .4
0.6
0.9
0 .9
0.0
0 .4
- 0 .1
0 .4
0.4

0.2
0.2
0.3
0 .2
0.5
0.6
0.6
0 .3
0.4
0 .4
0 .6
0 .9
0.4
0.4
0 .6
0.4
1 .1
0 .6
0.3
0 .0
0 .3
0.1
0 .2

0 .2
0 .2
0.6
0 .6
0.5
0.4
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 .3
0.0

0.3
0 .5
0.3
0.3
0.5
0 .7
0.6
0 .8
0.2
0 .2
1 .1
0.7
0.7
0 .7
0.5
0.4
0 .8
0.6
0 .8
0 .4
-0 .1
0 .2
0.2

0.1
0.2
0 .4
0.5
0.6
0.6
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 .3
0 .1
0 .3
0.4
0.2

0 .3
0 .2
0.2
0.5
0.4
0 .4
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
0.4
0.0
0.1

89.9
96.8
104.4
112.9
121 .8
133.8
145.1
153.0
158.5

340C.

3 .3
4.6
4.9
6.5
6.5
6.0
7 .7
7 .8
6 .4
7.6
7 .3
7.0

9.4
6 .5
4.4
3.0
3.6

3 .7
5.0
4.8
6.6
6.6
5.8
8.1
7.7
6 .2
8.6
7 .6
6.6

51 .3

45.2
46.9
49.0
51.5

45.3
47.0
49 .2
51 .8

93 .9
100 .6
108.9
17 .6
28.6
40 .4
49 .9
55.6
160.5
165.6
169.5

58.2
62.3
66.5
70.5
75.2
81.8
87.9
94.4
101 .3
109.8
118.8
129.4
141 .4
150.2
156 .3
161 .4
166.5
169.8

58.6
62.5
66 .6
71.0
75.4
82.3
88.4
94.9
102.2
110.7
119.2
130.7
141 .8
150.9
157 .3
161 .3
166.2
170.2

59.0
62.8
66 .8
71.2
75.8
82.7
89.2
95.5
102 .6
111 .2
120 .2
132.0
143.0
151 .3
157.4
161 .9
166.9
171.2

59.2
63.1
67.6
71.8
76.4
83.4
89.4
96 .1
103 .2
112.0
1 21 .3
132.5
143 .3
152.0
157 .8
162.7
167.8
171.1

0.4
0.3
0 .2
0.2
0 .4
0.4
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 .1
0.3
0.3

0.3
0 .4
0 .7
0.5
0.7
0.6
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
0.1

0.2
0.5
0.4
0.5
0.5
0.7
0.3
0 .2
0.8
0.3
0.6
0.6
0.5
0.9
0.8
0.3
1 .0
0.3
0.4
0.6
0 .0
-0.1
0.3

0.3
0.1
0 .3
0.5
0 .6
0.7
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
0 .6

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
0.3
0 .5
0.6
-0.1

•6.5
8.5
1 .0

45.1
46.7

3 .4
5.3
5.1
6 .9
6 .8
6.7
7.8
5.6
5.8
9.7
7 .5
6.5

3.0
1 .7

2 .6
3.5
4.0
5 .2
6.2
7.0
6 .9
6 .7
4.8
6 .1
9.5
7.5
6.9
7 .0
8.0
7 .4
9.9
8.0
5.4
3.6
2 .7
2.8
1 .8

3 .0
3.3
4.0
4.7
6.1
6.4
7 .2
6.3
5.0
5.7
10.0
7 .6
7.6
6 .7
8.1
7 .3
9.5
8.3
6.7
2 .7
2.8
2 .5
1 .5

3.3
3.7
4.8
5.3
6.5
6.6
7 .2
6 .4
5.2
6.9
11 .0
6.6
8 .0
7 .4
8.5
8.4
8.6
8.3
6.4
3.7
3.2
3 .3
1 .5

3.3
4.3
4.5
5.2
6.5
7.2
7.1
5.6
5.5
6.0
10 .7
7.6
7 .8
7.8
8.1
7.5
9.7
7.7
6.2
4.1
2.2
2.5
2.0




3.3
3.4
4.5
5.6
6.7
7.2
7 .1
4.5
5.7
6.8
9.5
8.0
7 .7
7 .3
8.0
8.6
10.2
8 .1
5.1
3 .3
3.1
2.9
2.8

3.9
3.4
4.6
5.4
6.7
6.3
6 .8
6.3
6.9
6.9
8.8
6.8
8.5
7 .6
8.3
9.3
9.0
7.5
5.4
3.5
3.5
3 .3
2.2

IV Q

II Q

Annual

AVERAGE FOR PERIOD

45.5
47.1
49.4
52.0

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
97.3
104.9
113.5
122.9
134.9
145.3
153.3
158.5
163.4
168.1

0 .2
0.4
0.4
0.6
0.5
0.6
0.7
0.6
0.4
0 .6
0.7
0.5

44.6
46 .1
48.1
50.4
53.5
57.0
60.7
65.2
69.3
73.5
79.1
85.8
91.9
99.0
107.0
115.4
125.8
137.5
147.4
154.7
159.7
164.6
168.9

0.2
0 .3
0.4
0.5
0 .5
0.6

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
149.7
155.9
160.8
165.7
169.5

0.3
0 .3
0.4
0 .4
0.5
0.5
0 .7
0 .5
0.5
0 .6
0 .8
0.5
0.8
0 .6
0.7

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
167 .0
170.8

0.5
0.5
0.5
0.5
0.6
0.6

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
48.4
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
160.3
165.2
169.2

0.3
0.4
0.4
0.5
0.5

0.5
0.5
0.8
0.6
0.6
0.6
0.7

0.8
0.4

CHANGE IN INDEX OF AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS1
(ANNUAL RATE, PERCENT)

NOTE: Unless otherwise noted, these series contain revisions beginning wi
inqes are placed on the 2d month and 6-month changes are placed on the 4th r
'This series contains revisions beginning with 1981.

10
0

Aug. Sept.

AVERAGE FOR PERIOD

3.4
4.8
5 .2
5.9
6.4
6.4
7 .7
7.3

3.5
4.6
5.6
6.6
6.9
6.9
7.5
6.8

3.3
4 .5
4.6
6.7
6.5
6.8
7.0
6 .9

3.5
5.0
4.9
6.7
6.6
6 .2
7.9

3.5
4.3
5.1
6.3
6 .7
7.1
6.5

6.5
8.9
7.3
8.5
8.6
8.3
8.4
9.7
8.9
5.5
3 .6
2.8
3.0
2.6

7.5
8.7
6.9
7.5
8.5
8.8
9.1
10.2
6 .7
4.9
3.5
3.8
3.2
2.7

6.7
8.3
6.9
7 .2
8.4
7 .9
9.3
10.2
6 .0
4.4
3 .2
3.0
2.5
2.9

6 .1
8.6
7.5
6 .7
7.4
8.7
7.6
9.5
8.9
6.6
4.4
2 .8
3.3
2 .3

5 .0
6.2
10.2
7.2
7.5
7.0
8.2
7 .7
9.3
8.2
6.2
3.3
2.9
2.9
1 .6

'. Percent changes are centered within the spans*. 1-month
Quarterly and annual figures are averages of the centered changes.

3.5
3.7
4.5
5.4
6.6
6.9
7.0
5.5
6.0
6.6
9.7
7.5
8.0
7.6
8.1
8.5
9.6
7 .8
5.6
3.6
2.9
2.9

6 .4
6 .6
6.7
7.4
7 .0
6.6
6.9
8.6
7.0
7 .7
8.5
8.3
8.9
10.0
7 .2
4.9
3 .4
3.2
2 .9
2.7

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
3.0
2.2

(AUGUST 1987)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

I Q

II Q

III Q

IV Q

Annual

IS
AVERAGE FOR PERIOD

( ] 977=100)

O PRIVATE NONAGRICULTURAL PAYROLLS
N
1954. . .
1955 . . .
1956...
1958
1960.

.

1964...
1965...
1966...
1967 . . .
1968. . .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976 . . .
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...

86.6

86.7

87.0

87.0

87.1

87 .2

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
94.9
94.9
94.4
93.6

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
94.7
94.5
94.4

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 .4
94.9
94.9
94.1
95.0

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
93.6
94.8
95.2
94.0
95.4

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
93.5
94.8
94.7
93 .9
95.3

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
92.7
94.8
94.9
94.1
95.2

-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
0.6
0.0
-0.1
-0.5

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

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

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

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

88.2
89.5
91 .0
92.7
94.6
95.1
96 .2

86.8
88.5
89 .8
91 .5
93.3
94.7
95.1

87.1
88.7
90.1
92.1
93.8
95.0
95.3

87.8
89.2
90.2
92.3
94.0
95.0
96.1

88.0
89.6
90.6
92.7
94.4
95.3
96.1

102.3
99.9
97.4
97.4
99.8
100.4
99.9
95.6

92.4
93.2
94.4
94.0
94.1
95.2

92.1
93.3
94.5
94.0
94.5
95.0

92.1
93.4
94.9
93 .9
94.1
95.1

92.4
93.7
94.7
94.3
94.0
95.5

92.4
94.4
94.9
94.5
94.1
95.3

100.3
101.9
98.8
97.3
97.9
99 .6
100.8
99.4
94.2
92 .9
93.2
95.0
94.8
94.3
94.3

100.9
101.4
98.7
97.7
98.7
99.5
100 .7
97.8
93.2
92 .8
93.3
94.8
94.9
94.0
95.3

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
94.2
95.1

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
94.1
95.3

88.0

CHANGE IN INDEX OF RISAL AVERAGE HOURLY EARNINGS OVER 1-MONTH SPANS
(PERCENT)

341C.

1964...
196 5 . . .
1966...
1967 . . .
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977 . . .
1978.. .
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...

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
100.4
97.0
93.7
92.0
92.7
94.9
94.9
93.9
95.1

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
-0.3
0.3
-0.2
0.0
0.8

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
-0.3
0 .2
-0.4
0 .7

0.0
-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
-0.1
0 .4
-0.1
0 .4

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 .0
-0.5
-0.1
-0 .1

0.1
-0.1
0.2
0.2
0.2
0.1
0.2
-0.1
- 0 .1
0.3
0.4
0.1
-0.2
-0.1
-0.2
-0.4
0.0
-0.2
-0.9
0.0
0 .1
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
0.0
-0 .2
-0 .1

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
0.5
-0.5
-1.0
0.2
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
0.2
0.1
0.1
0.4
-0.2

68.6
70 .7
73.2
75.9
76 .9
78.0
80 1
81 .5
83.2
85 .1
86 .4
87.4
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
93.3
94.8
94.6
94.1
95.0

AVERAGE FOR PERIOD

- 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
-0.5
0.1

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
-0.1
0 .4
-0.1
0 .3

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
0.2
0 .3
0.2
-0.2

1
1
3
2

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 .2
0 .3

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
-0.3
0.0
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
-0.3
0.1
-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
0.2
0.2
-0.1
0.1

1 .5
1.2
3.3
2.5
1.1
-0 .1
4.1
3.9
-1.2
-2.8
0 .5
2.5
-0 1
0.5
-4.2
- 5 .2
-0.9
2 .1
2 .1
0 .2
-0 .4
2 .7

2 .4
1 .7
0.8
1.8
1.6
0.7
2.0
2.5
2.2
-2.0
- 1 .1
0.6
2.6
0 5
-1.0
-5.3
-1 .2
- 1 .5
-0 .3
-0.9
- 1 .1
-0.3
1 .6

2.2
2.0
1.1
1.2
1.3
0.8
1.8
2.0
2.0
-2.5
-2.4
-0.4
1.8
18
-1.5
-4.2
0.0
-1.1
1.2
0.1
-1.5
0.1
0 .0

1.5
1.5
2.7
2.2
1.4
0.2
2.7
3.6
1.0
-4.1
-1.9
0.8
0.8
2 0
- 1 .9
-5.2
-1.6
2.2
4.3
0.5
0.1
0.4
-1.1

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
0.1
0.0
0.0
0.1

341C. CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS1
1953 . . .
1954. . .
1955.. .
1956 . . .
1957 . . .
1958. . .
1959. . .
1960. . .
1962 . . .
1963 . . .
1964. . .
1965...
1966...
1967...
1969. . .
1970...
1971. . .
1972...
1973. . .
1974...
1975...
1976...
1977...
197 8 . . .
1979...
1980...
1981...
1982...
1983...
1984...
1985 . . .
1986...
1987 . . .

1.7
0.7
3.8
0 .9
-0.6
4.1
4.3
-0.6
-3.5
-0.7
2.2
0.8
-3.2
-5.4
-1.1
3.2
3.1
0.8
0.3
2.8

.2
•2

0.0
2.5
3 .9
1.9
-4.7
- 3 .1
0.6
2 .1

0.2
2.7
3.4
1 .3
-3.0
-2.1
0.5
0.3

1 .7
1 .0
2 .7
2 .9
0.9
0.4
2.9
3.5
-0.1
-4.6
-0.5
1 .2
0 .1

-0.9
-3.4
-0.7
-0.5
3.7
0.3
-0.7
0.0
0.3

- 1 .1
-4.9
- 1 .6
2.5
4.8
0.0
-1.0
-0.6
-0.8

- 1 .6
-5.1
- 1 .9
1 .2
4.5
0.6
1.1
0.6
- 1 .2

-2.9
-5.5
- 1 .2
2 .8
3.5
0 .8
0.1
1 .1
- 1 .3

1.8
1.2
5.2

1 .0
1 .8
2 .8

2 .2
2 .0
0.5
2 .6

2 6
1 .7
0.6
1 .7

2 .5
1 .3
1.3
1.1

2 1
2.3
0.7
1.5

2.1
1 .8
1 .1
1 .2

? -"*
.9
.5
( .9

.3

1 .2
0.8
4.0
2.8
-1.6
-1 .9
1.2
2 .7
-0.4
0.1
-5.2
-5.0
-0.5
0.7
0.8
-0.1
-0.8
2.2

1.1
1 .3
2.9
2.1
-0.8
-1.5
0.7
2.6
-0.3
-1 .0
-5.7
-1.9
-1.9
-1 .1
-0.1
0.1
- 1 .1
3.1

0 .2
2.3
2.3
2.3
-3.5
- 1 .0
1 .2
2 .7
0.5
- 1 .1
-5.5
- 1 .0
-0.9
0.4
- 1 .7
- 1 .5
-0.8
1 .8

0.8
2.3
2 .3
2.2
-1.6
-0.9
-0.2
2 .4
1.3
- 1 .0
-4.7
- 0 .8
-1.6
-0 .2
-0.9
-1.8
0.9
0.0

1 .3
1.9
1.9
1.9
-2.6
- 1 .6
0.3
1 .6

1.1
2.0
1 .1
1.5
-2.1
-2.5
-0.4
1.5

-() . l
.6
.9

-1.8
-5.1
0.3
- 1 .9
-0.5
0.1
-2.8
0 .1
-0.6

-1.7
-4.0
0.3
-0.9
0,4
-0.2
-1.0
0.1
0.3

-()

.4
+ .2
+ .6

.3
I .0

.1
1.5
0.7
-4.1
-5.3
-1.0
2.4
2.4
0.0
-0.7
3.0

}

>

7

19

3 .2

1
2
2
1

.4
.4
.1
.5

.5
.1
.3
.1

1 .7
1.5
2 .1
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
-0.6
-0.1
0.8

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




101

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

570.
1953..
1954. .
1955..
1956 . .
1957..
1958..
1959..
1960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
196 8 . .
1969..
1970..
1971..
1972.,
1973..
1974,.
1975..
1976..
1977..
1978. .
1979..
1980 . .
1981..
1982 . .
1983..
1984..
1985..

Apr.

May

1986 . .

1987 . .

,398

1,210
1,255
1,244
1,244
1 ,326
1 ,354
1,285
1 ,230
1 ,406
1,630
1 ,719
1 ,688
1,503
1,213
1,117
1,157
1 ,182
i ,156
1,093
1,069
1 ,138
1 ,278
1 ,358
1,390
1,377
1,342
1 ,408

1 ,212
1 ,259
1,240
1 ,248
1 ,330
1 ,350
1,278
1,237
1 ,430
1 ,645
1,713
1 ,686
1 ,472
1,190
1 ,123
1 ,160
1 ,185
1,138
1 ,087
1,085
1 ,143
1,282
1,360
1,393
1 ,375
1 ,347
1,414

1 ,210
1 ,26 7
1,233
1,255
1,340
1 ,347
1,266
1 ,247
1,457
1,650
1 ,713
1 ,682
1,441
1,179
1,125
1 ,165
1,187
1,152
1 ,084
1 ,088
1 ,162
1,287
1 ,364
1 ,393
1,370
1,352
1,424

1,569

,218
,249
,250
,235
,303
,369
,307
,228
,357
,588
,719
,691
,546
,262
,109
,154
,179
,185
,096
,069
,120
,242
,346
,391
,386
,344
,391

1,568

1,580

1,585

1,211
1,254
1,246
1 ,240
1 ,316
1 ,366
1,294
1,224
1 ,3 82
1,614
1,723
1 ,672
1 ,521
1,238

1 ,115
1 ,155
,179
,153
,092
,074

,125
,262
,352
,388
,3 80

,346

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

,222
,271
,201
,257
,350
,345
,258
,254
,478
,662
,718
,658
,421
,167
,124
,169
,189
,139
,071
,098
,173
,296
,365
,395
,368
,356
,435
,544
,563

1 ,224
1 ,2 80
1 ,213
1 ,259
1 ,361
1,337
1,246
1,267
1 ,502
1 ,668
1,717
1 ,659
1 ,400
1,150
1 ,124
1,171
1,193
1 ,129
1 ,059
1,109
1,184
1 ,305
1,367
1 ,394
1 ,368
1,366
1 ,444
1,551
1 ,594

1 ,229
1 ,277
1 ,228
1,255
1,369
1 ,332
1 ,235
1 ,276
1 ,525
1 ,675
1,725
1,643
1 ,373
1,147
1 ,127
1,175
1 ,152
1 ,123
1,069
1 ,103
1,193
1 ,306
1 ,373
1 ,397
1,358
1 ,350
1 ,452
1,569
1 ,600

IV Q

IQ

EMPLOYMENT, DEFENSE PROD0CTS INDUSTRIES1
<THOUSANDS)

Annual

AVERAGE FOR PERIOD

,233
,274
,224
,262
,369
,328
,236
,289
,537
,686
,708
,627
,353
,141
,136
,171
,188
,114
,069
,103
,195
,317
,377
,397
,360
,372
,461
,565
,598

1 ,239
1,266
1 ,218

1,246
1,259
1,230

1,370
1 ,328
1 ,232
1 ,300
1 ,554
1 ,699
1 ,691
1 ,613
1,321
1 ,132
1,134
1 ,172
1 ,19?
1 ,103
1 ,065
1 ,066
1 ,207
1 ,328
1 ,382
1,392
1 ,356
1,374
1 ,470
1,569
1 ,598

1,371
1,317
1 ,231
1 ,315
1 ,573
1,709
1,701
1 ,5 80
1 ,299
1 ,123
1 ,144
1 ,176
1,193
1 ,089
1,063
1 ,068
1 ,219
1 ,340
1 ,386
1,385
1 ,354
1,377
1 ,474
1,577
1,600

1 ,249
1 ,256
1 ,232
1 ,292
1,371
1,318
1 ,228
1 ,331
1,579
1,718
1 ,703
1,565
1 ,281
1,114
1,152
1,176
1 ,180
1,089
1,068
1 ,093
1,236
1 ,346
1,388
1,390
1 ,350
1 ,383
1,485
1 ,573
1,600

1 ,213
1,253
1 ,247
1 ,240
1,315
1 ,363
1,295
1 ,227
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
1,3 90
1,381
1,344
1 ,399
1,505
1,568

1,215
1,266
1,225
1,253
1,340
1 ,347
1,267
1,246
1,455
1,652

3 ,229
,277
1 ,222
1 ,259
,366
,332
,239
,277
,521
,676

1 ,675
1,445
1 ,179
1,124
1,165
1,187
1,143
1 ,081
1,090
1 ,159
1 ,288
1 ,363
1 ,394
1,371
1 ,352
1 ,424
1,534
1,576

,643
3 ,375
,146
,129
,172
,178
,122
,066
,105
,191
,309
,372
,396
,362
,363
,452
,562
,597

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
37.5
70 .0
50.0
80.0
22.5
75.0
50 .0
62.5
47.5
75.0

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
37.5
47 .5
62.5
82.5
32.5
60.0
42.5
50.0
97 .5
52.5

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
49.2
55.8
50.8
32.5
47.5
39.2
63,3
52.5
45.8
40 .8

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
67.5
51.7
47.5
26.7
50.8
60.0
82.5
50.0
58.3
47.5

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.
57.5

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
0.0
80.0
75.0
17.5
77.5
70.0

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
95 .0
87.5
12.5
77.5
52.5

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
25.0
89.2
59.2
43.3
55.0

9 .2
46.7
86.7
10 ,8
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
47.5
91.7
32.5
60.0
47.5

3,3
81 .7
85.0
18.3
1 .7
95 .8
40 .8
17.5

1,245
1,260

I ,227
1 ,283
1,371
1,321
1 ,230
1,315
1,569
1,709
1 ,698
1 ,5 86
1 ,300
1 ,123
1,143
1,175
1,190
1,094
1 ,065
1,076
1,221
1 ,338
1,3 85
1,389
1,353
1,378
1,476
1,573
1 ,599

1,225
1,264
1,230
1,259
1,348
1 ,341
1 ,258
1,266
1,482
1,662
1 ,712
1,647
1,411
1,171
1,128
1,167
1 ,184
1,131
1 ,076
1,085
1,175
1,299
1,368
1,392
1,367
1 ,359
1,43 8
1,544
1,585

9 6 1 . DIFF0SION INDEX OF AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY
WORKERS—20 MANUFACTURING INDUSTRIES 2
(PERCENT RISING OVER 1-MONTH SPANS)

1953 . .
1954..
1955..
1956..
1957,.
1958..
1959..
I960..
1961 . .
196 2 . .
1963..
1964..
196 5 . .
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973 . .
1974..
1975.,
1976..
197?..
1978..
1979..
1980..

42.5
75.0
82.5
30.0

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
17.5
85.0
15.0
17.5

1981 , ,
1982 . .
1983 . .
1984..
1985..
1986..
1987 . .
961.

1953 . .
1954..
1955..
1956..
1957 . .
1958..
1959..
I960..
1961..
1962..
1963..
1964. .
196 5 . .
1966..
1967..
196 8 . .
1969..
1970..
1971.,
1972.,
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..
1981 . .
1982 . .
1983 . .
1984. .
1985..
1986 . .
1987..

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
82.5
42.5
80.0

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
17 ,5
100.0
7.5
95.0
85,0

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
90.0
92.5
15.0
40.0

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
77 .5
6 5,0

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
22.5
60.0
62.5
37.5
35.0
42.5
70.0
37.5
35.0
37.5

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
52.5
32.5
40.0
87 .5
52

75.0
77.5

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
62.5
45.0
65 .0
80 .0
15.0
30.0
90.0
70.0
72.5
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
65.0
37.5
42.5
65 .0
65.0
62 .5
45.0
30.0
80.0
57.5

49.2
37.5
33.3
46.7
58.3
34.2
78.3
38.3
45.8
45.8

55 .8
68.3
34.2
38.3
74.2
48,3

60.8
60.0

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
46.7
51.7
51.7
75.8
40.0
65.8
45.8
47.5
75 .0
61.7

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
50.8
66.5
49.6
60.0
52.5

DIFFUSION INDEX OF AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSOPERVISORY

25 .0
52.5
100.0
15.0
.0

15.0
95.0
30.0
.5
.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
1 5.0
0.0
85.0
42.5
90.0
52.5
40.0
55,0

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
87.5
42.5
47.5
30.0

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
85.0
27.5
47.5
57.5

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
25.0
95 .0
45,0
62,5
32.5

, series contains revisions beginning with 1985.
revisions beginning with 1981.

12
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
77.5
92.5
45.0
80 .0
52.5




2

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
95.0
25.0
70.0
52.5

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
35.0
95.0
15,0
92.5
87.5

27

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
62.5
95.0
45.0
92.5
60.0

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
82.5
90.0
5.0
95 .0
82.5

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
7.5
60.0
90.0
7.5
60.0
87.5

This series contains revisions beginning with 1982. 3This

74.2
13 .3
56.7
5? .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
60.0
93.3
21.7
93.3
76.7

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
4.2
78.3
84.2
12.5
71.7
70.0

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.

27.5
22.7
76.2
73.1
39.8
9.0
65.2
51 .2
68,1
58,3
28.8
42.9
30.6
52.7
89.6
31.5
67*1
62.3

C. Historical Data for Selected Series—Continued
Year

IV Q

III Q

II Q

IQ

Annual
AVERAGE

(RATIO)
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
1987

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
6.215
6.630
6.796
7.104
6.968
6 .6 80
6.892
6.900
6.585

2.964
2.894
3 .048
3.181
3 .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
6.654
6.896
7 .080
7.043
6.699
6.930
6.815
6.397

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
5.937
6.224
6.460
6.618
6.726
7.153
6.939
6 .666
6.955
6.694
6 .222

2.910
2 ,938
3.139
3.264
3 .367
3.429
3.556
3.614
3.777
3,920
4.023
4.092
4.343
4.566
4.542
4.63
4.78
4.77
4.896
5.06
5.35
5.48'
5.779
5.980
6 .188
6.564
6.660
6.823
7 .099
6 . 7 40
6 .754
6.962
6 .618
5.999

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
6.415
6 .640
6.810
7.109
6.922
6.700
6.935
6.757
6 .301

9 7 1 . DIFFUSION INDEX OF N W ORDERS, MANUFACTURING—
E
ACTUAL2 © (PERCENT RISING OVER 4-QUARTER SPANS)
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
1987

77
50
76
82
65
42
83
74
52
81
71
80
82
88
71
78
81
66
68
82
88
84
50
80
80
83
85

52
66

72
56
76
67
50
84
65
62
77
74
84
84
88
72
78
80
64
70
84
90
82
54
80
83
86
81
63
70
50
74

79
60
72
76
76
83
88
84
69
79
76
60
70
86

58
66

78
82

52
78

71
56
82

86
78
60
62
56
84
79
75
75

85
86
71
79
77
61

75
60
79
82
85
79
64
66
85
75
75

60
49
71
51
76
52
62
70
70
79

68
48
73
64
74
65
70
70
61
63
74
78
74
52
76
71
73
78
62
60
53

82
65
73
74
56
64
76
79
76
53
74
74
76
74
54
66
52
66
79

60
72
50
68
68
70
79

58
71
68
80
66
72
70
57

76
71
58
72
74
78
70
57
60
52

Annual

(PERCENT RISING OVER 4-Q SPANS)
51
63
79
68
47

51
70
76
62
37

70
69
70

54
52

75
66
76
79

70
72
65
52
68
82
76

70
70
60
62
76
78
76
52

79
81
83
66
72
76
55
62
77
80
76
52

63
60
49
58
82
68
70

54
64
48
66
81
68
70

71
61

50
76
56

80
64

77
73
59

71
56
50
71

56
59
53
74
76
72
70

57
74

53
68
77
70

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
1987

64
72
79
76

58
82
80
76

63
80
61
82
77
82

83
69
80
82
83
85

.

52
70
69
74
79
83
73
69
72
62
57
71
80
76
60
69

66
59
54
57

82
80
66

72
65
85
75
71
72
82
70
76
74
78

83
74
85

62
80

82
76
72
80
75
82

74
80

85
70

86
72

75
74
77
91

58
74
72
69
52
77
75

.

76
65

INDEX OF NEW ORDERS, MANUFACTURING—
(PERCENT RISING OVER 4-QUARTER SPANS)

57
76
64
82
90
82

72
62
76
60
85
88
80
78

9 7 2 . DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE-ANTICIPATED 2 (u) (PERCE1
ING OVER 4-QUARTER SPANS)

9 7 2 . DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE—
A C T U A L 2 © (PERCENT RISING OVER 4-QUARTER SPANS)
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
1987

ABOUT 600 COMPANIES ©
1953
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987

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
1987

IV Q

Ml Q

971. DIFFUSION
ANTICIPATED 2 (u)

80
63
65

72
80
72
55
74
84
86
59
71

Year

)8
F6

n
>3
54
?8
74

AVERAGE
64
60
78
70
64
62
79
66

72
82
83

77
80

85
84
85
79

58
74
72
66
76
72
68
76
72
80
83
84
75

81
83
68
76

66
70
61
64

82
73
69
66
73

59
74
66
80

82
83
70
61
72
60
81
84
78

NOTE: Unless otherwise noted, these s e r i e s contain no r e v i s i o n s but are r e p r i n t e d for the convenience of the u s e r .
' T h i s s e r i e s contains r e v i s i o n s beginning with 1976. 2 T h i s i s a copyrighted s e r i e s used by permission; i t may not be
reproduced without w r i t t e n permission from Dun & B r a d s t r e e t , I n c .




103

C. Historical Data for Selected Series—Continued
Year

Annual

IV Q

ill Q

1953. ....
1954.
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964.....
1965
1966
196 7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
974.

50
76
80

74
50
84
78
67
46
87

49
80
71
80
82

61
64
82
78
58
82
58
70
74
83
85
86

79
80
82
86
79
63
81
82
86

80
66

85
76

62
74
58
74
84
74
73

88
82
68
71
57
74
82
75
74

75
73

DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADE-ACTUAL (g) (PERCENT RISING OVER 4-QUARTER SPANS)

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
1987
ACTUAL
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
1987

56
48
54
58
54
40
56
56
47
56
54
55
60
65
58
57
59
54
48
56
63
58
44
57
60
62
62
58

65
60
58

©

46
56
57
53
44
60
54
50
55
56
58
61

60
54
52
58

58
59
64
60
54
53
46
54
63
58
59

56
49
57
58

48
59
52
54
56
55
59
64

45
58
53
51

58
51
53
62
60
56
48
58
61
64
60
53
52
46
58
62

59
52
52
59
61
56
47
58
60
63
60
54
52
46
55

64
60
64
68
74
68
68
71
66
62
64
73
78
58
62
74
76
80
67
62
58
54
72
66
62

68
60
50
62
62
66
71
74
66
68
70
61

79
52
65
72
76
76
61
64
52
59
70
63
61

64
56
56
62
62
67
72
73
65
70
70
62
62
72
75
78
56
68
74
76
73
64
62
52
62
70
60
62

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
1987

1953. ....
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979.....
1980
1981
1982
1983
1984
1985
1986
1987

47
64
59
53
62
62
66
71
74
66
69
70
62
62
68
75
76
56
66
74
76
76
63
63
54
61

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
1987

NOTE: These series contain no revisions but are reprinted for the convenience of the user. These are copyrighted
used by permission; they may not be reproduced without written permission from Dun & Bradstreet, Inc.

104




Annual

72
82
77
84
80

80
82
86

88
86
75
82
82

78
65
68
88
84
81

57
82
81
79
58
87
84
66

88
73
80
88
90
78
62
84
86
87
88
80
76
70

79
72
86
81

90
82
86
86
78
86
90
90
86
73
90
90

84
90
84
83

62
81
80
76

79
74
84
78
85
87

84
86
75
82
87
89
83
71
86
86
89
84

79
89
83
82

57
53
54
57
56
54
56
52
56
54
55
58
62
60
60
60
58

61
53
56
59
59
60
54
56

60
59

46
56
56
56
50
56
56
52
56
55
56
58
63
60
60
60
56
58
60
63
56
48
60
60
60
60
56
54
51
56
64
62
60

50
56
56
53
50
56
56
54
57
54
57
59
63
60
58
60
56
58
61
62
60
54

62
58
48

49
56
56
55
56
55
53
56
54
56
58
62
60
60
60
56
57
60
61
59
52
60
60
61
58
52
55
50
56

59
59

975. DIF. INDEX OF LEVEL OF INVENTORIES, MFG. AND TRADE-ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)

SPANS)
49
61

51
54
68
63

IV Q

IQ

974.
DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADE-ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)

58
49
58
58

(PERCENT RISING OVER 4-QUARTER

Year

973. DIFFUSION INDEX OF NET SALES, MFG. AND TRADE—
ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)

973. DIFFUSION INDEX OF NET SALES, MFG. AND T R A D E ACTUAL (u) (PERCENT RISING OVER 4-QUARTER SPANS)

52
50
50
60
57
60
52
60
56
60
64
66
65
63
66
62
60
61
69
70
64
60
65
67
70
62
63
54
52
66
64
58

series

46
58
61
59
48
62
60
53
63
60
63
64
68
66
66
68
61
62
66
72

48
57
61
54
48
63
58
57
62
58
63
64
69
63
67
66
64
65
66
72
72

70
74
70
61
56
58
70
66
58

73
71
53
66
56
62
70

57
60
57
61
58
54
61
58
62
64
68

61
63
65
71

69
71
71
60
64
54
59
68
62
58
(AUGUST 1987)

C. Historical Data for Selected Series—Continued
Year

IV Q

II Q

Annual

976. DIFFUSION INDEX OF SELLING PRICES, MANUFACTURING-ACTUAL ©
(PERCENT RISING OVER 4-QUARTER SPANS)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 .....
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
977.

53
44
50
70
70
52
58
58
52
54
50
56
58
70
70
74

92
81
80
86
87
92
90
88
72
61
74
65
59

55
50
53
54
54
61
72

82
86
88
93
88
86
68
60
70
62
60

ANTICIPATED
56
46
60
71

56
68
53
60
54
54
54
55
56
64
78
72

72
86
94
78
80

90
84
63

59
55
52
54
54
56

72
72
86
93
79
81
86
89
93
90
85
66
64
70

978.
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
1987

53
71

57
51
55
52
60
63

85
87
85
80
90
96
80

89
96
92
90
72
63
73
64

58
43
60
68
71
54
64
56
51
52
56
56
60
76
74
82
85
85
86

96
79
80
86
92
95
90

62
69
60

60
48
69
79
59
65
54
54
50
60

82
80

92
94

57
64
55
52
53
56
58
65
78
78
82
85
86
80
81
92
94
80

93
95
92
84
65
59
58

68
61
60

54
52
55

86
86
73
90
92

94
78

64
52
65
58
50
52
54
56
61
78

86
84
78
87
97
84
86
86
94
95
91
90
75
72
68
63
62

58
68

56
57
54
58
60

56
53
54
56
58
65

90
85
73
79
93
96

86
79
78
91
94

70
66
66

©

(PERCENT RISING OVER 4-QUARTER

50
66
69
*58
62
56
57
53
57
58

75
79
76
68
73
86
86
75
78
82

65
74

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
1987

56
53
51
71
72
62
65
55
59
52
61
62
68
76

55
67
66
52
60
58
56
56
56
58
61

60
55
55
55

68
71
75
78
77
76
70
83
92
68
82
85

90
90
76
66
76
70
65

83
89
76
64
62

68
74

49
56
69
70

50
54

68
55
58
55
60
62
72
73
82

54
64
60
56
59
55
59
64
76
69
78

65
62
56
58
54
60
62
72
73
79
80

80
70

92
70
86
87

90
90
82

78
64
66
64

90
93
95
92
89
74
70
70
64

1953
1954
1955
1956
1957
1958
1959
1960
1961

55
50
48
66
69

1962

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1975
1976
1977
1978
1979
19 80
1981
1982
1983
1984
1985
1986
1987

48
67
66
55
62
60
55
57
54
60
59
70
76
84

85
89
75

1974

90
90
90
90
82
69
70
65

These are copyrighted se:
NOTE: These series contain no revisions but are reprinted for the convenience of the use
by permission; they may not be reproduced without written permission from Dun & Bradstreet, Inc.




SPANS)

50
54
70

54
58
60
68
72
76
79
76
76
72
80
89
76
78

Annual

978. DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADE—
ANTICIPATED 0 (PERCENT RISING OVER 4-QUARTER SPANS)

DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADE-ACTUAL 0 (PERCENT RISING OVER 4-QUARTER SPANS)
56
44
66
72

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
1987

IV Q

IQ

977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE T R A D E —
ANTICIPATED ©
(PERCENT RISING OVE& 4-QUARTER SPANS)

DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRADE-ACTUAL ©
(PERCENT RISING OVER 4-QUARTER SPANS)

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
196 4.....
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987

Year

92
93
90
81
67
74
70
62

53
66
60
52
62
56
55
55
54
57
60

46
51

62
59
54

72
84
92
84

76
70

90
91
89
90
78
69
72

(AUGUST

1987)

15
0

G. Experimental Data and Analyses

III III

Foreign currency per U.S. dollar
Year
and
month

West
Germany

France

United
Kingdom

(Yen)
1986
Jan....
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec.

Japan

(D. mark)

(Franc)

(Pound)

l l l l l l l l II l l l | l l l | l ! l | II

2.4384
2.3317
2.2752
2.2732
2.2277
2.2337

7.4821
7.1575
6.9964
7.2060
7.0967
7.1208
6.9323
6.7215
6.6835
6.5628
6.6206
6.5296

2*0621
2.0415
2.0054
2.0243
1.9880

Ratio scale

Foreign currency per u.5. dollar—

\r

\

A

A

260
220

\

\

0.7020
0.6994
0.6815
0.6673
0.6574
0.6629
0.6635
0.6729
0.6804
0.7011
0.7023
0.6948

300

Japan (yen)

\
199.89
184.85
178.69
175.09
167.03
167.54
158.61
154.18
154.73
156.47
162.85
162.05

III III III III III

V
\

V

154.83
153.41
151.43
143.00
140.48
144.55
150.29
2
149.33

A
\ /estC erma ny (d . mark)

/

S

2.8
2.4

^\

\

1.8596
1.8239
1.8355
1.8125
1.7881
1.8189
1.8482
2
1.8708

6.2007
6.0760
6.1091
6.0332
5.9748
6.0739
6.1530
2
6.2428

June...
July...
Aug
Sept...
Oct....
Nov....
Dec
1987
Jan
Feb....
Mar
Apr
May....
June...
July...
Aug....
Sept...
Oct....
Nov....
Dec....

France (franc)

Italy

Canada
(Dollar)

Exchange value
of the U.S.
dollar1

2.0

1.4070
1.4043
1.4009
1.3879
1.3757
1.3899
1.3808
1.3885
1.3872
1.3885
1.3863
1.3801

r
1

1.3605
1.3340
1.3194
1.3183
1.3411
1.3387
1.3262
2
1.3280

x

106



7

S

JV
\s

O.9

i/:

i

j

\

J

*\

D

V

0.8
0.7
0.6

A
0.5

V 'V,//
/

Italy (lira)

r

/\

V
\

B

r

2000
1800
1600
1400
1200
1000

1

mm

D

Canada (dollar)

800
1.8
1.4

*

1.2

•\->

Exchange value of the U.S. dollar
(index: March 1 9 7 3 - 1 0 0 )

A, /*

• ~

1.0
160

y\

140

B

A,

KJ
III 75 76 77 78 79 80 81 82 83 84 85 86 87
III III HI III | || in III III III III III III
74

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
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).
2
Average for August 3 through 21.
Source: Board of Governors of the Federal Reserve System.

8

A

123.65
118.77
116.05
115.67
113.27
113.77
110.38
107.50
107.15
106.58
107.90
106.54
101.13
99.46
98.99
97.09
96.05
97.78
99.36
2
100.28

D

6

i.

1,317.17
1,297.74
1,305.90
1,292.96
1,290.80
1,316.50
1,337.96
2
l,355.50

10
9

V \

//

umitju mnguum i^puunu;

r

J
1,663.14
1,588.21
1,548.43
1,559.45
1,528.50
1,533.10
1,478.31
1,420.33
1,410.23
1,387.67
1,401.08
1,379.44

_:i

I

t

\
1

(March 1973=100)

1986

May....

o

1.6

0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
2
0.6294

r

(Lira)

Jan....
Feb
Mar
Apr

140

v

Foreign currency per U.S. d o l l a r
Year
and
month

180

3.2

198 1
Jan.
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec

B

120
100
80

G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). .
8. Mfrs.1 new orders in 1982 dollars, consumer
goods and materials industries (bil. do!.).
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . .
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). .
36. Change in inventories on hand and on order in
1982 dol., smoothed2 (ann. rate, bil. dol.)
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1982 dollars
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
910. Composite index of leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. d o l . ) . . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1982 dollars ( m i l . d o l . )
95. Ratio, consumer installment credit
outstanding to personal income (percent). .
930. Composite index of lagging indicators 3
(index: 1967=100)

Apr.
1987

May
1987

Net contribution to index
Apr.
to
May
1987

July
1987

June
1987

May
to
June
1987

June
to
July
1987

40.6

41.0

41 .0

p41.0

0.33

0.00

0 .00

324

326

327

327

-0.02

-0.01

0.00

84.09

r83.74

r85 .43

p82.27

-0.02

0.11

-0.25

57

60

57

62

0.13

-0.13

0.27

36.27

r37.50

r38.43

p38.50

0.08

0.06

0.01

127.4

119.1

121.0

118.6

-0.22

0.05

-0.08

r31.12

r32.40

p37.88

NA

0.03

0.14

r-0.10

0.69

rl.57

1 .97

0.34

0.38

0.21

289.32

289.12

301.38

310.09

-0.00

0.28

0.24

r2,428.0

r2,420.9

r2,413.6

p2,412.9

-0.10

-0.11

-0.01

r6.3

r3.9

p4.8

-0.14

0.05

rl87.9

188.9

rl90.8

pl91.8

0.53

1.01

0.52

101,598

rl01,708

rl01,811

plO2,115

0.09

0.08

0.32

r2,685.7

r2,673.3

r2,675.7

p2,680.6

-0.23

0.04

0.12

rl27.4

rl28.3

rl28.8

pl29.8

0.20

0.11

0.28

r430,221

r429,145

p432,443

NA

-0.06

0.17

167.8

167.5

rl67.9

pl68.8

-0.18

0.24

0.54

14.9

14.9

14.8

14.0

0.00

0.05

0.59

rl.52

r l .53

pi.52

0.13

-0.13

76 .8

r76.3

r75.8

p74.8

-0.18

-0.18

7.75

8.14

8.25

8.25

0.27

r351 , 2 7 4

r348,290

r344,881

p339,557

-0.22

-0 .26

rl5.76

rl5.71

pl5.76

-0.19

0.19

rl30.4

130.1

rl29.8

-0.23

-0.23

N
A

NA

NA
pl29.1

0.08

NA

NA

NA

NA
-0.54
0.00
-0.60
NA
-0.54

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized and weighted change f o r 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, p r e l i m i nary, r, revised, e, estimated.
x

This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed 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.
2

3




17
0

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
MONTHS
DEVIFROM ATIONS
REF.
FROM
TROUGH
7/81

1. Average weekly hours, manufacturing
11 . .. i

CURRENT MONTH
ACTUAL
AND
DATA YEAR

Tin

SERIES
1
HOURS
45
46
47
48

• 41.0

• 40.5

2.3
2.3
2 .0
2.3

40.8
40.8
40.7
40.8

49
50
51
52

2.3
2.5
3.0
2.5

40.8
40.9
41 .1
40.9

12/86
1/87
2/87
3/87

53
54
55
56

1 .8
2.8
2.8
2.8

40.6
41.0
41 .0
41 .0

• 39.0

for
current
cycle

• 41.0

• 40.5

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
ACTUAL
SPEC.
AND
DATA
YEAR
TROUGH
9/82

• 40.0

SERIES
1
HOURS

• 39.5

5.2
5.2

40.8
40.8

8/86
9/86

49
50
51
52

4.9
5.2
5.2
5.4

40.7
40 .8
40.8
40.9

10/86
11/86
12/86
1/87

53
54
55
56

5.9
5.4
4.6
5.7

41.1
40.9
40.6
41 .0

2/87
3/87
4/87
5/87

57
58

9 39.5

Actual
data

4/87
5/87
6/87
7/87

47
48
-1

Deviations
from
specific
troughs

8/86
9/86
10/86
11/86

• 40.0

-

1. Average weekly hours, manufacturing

5.7
5.7

41.0
41 .0

6/87
7/87

• 39.0

• 38.5

• 38.0

• 160

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA YEAR

• 150

SERIES 46
1967=100
45
46
47
48

8.9
9.8
14.6
19.5

134
135
141
147

8/86
9/86
10/86
11/86

49
50
51
52

17.1
15.4
19.5
22.0

144
142
147
150

12/86
1/87
2/87
3/87

53
54
55
56

17.1
17.1
26.0
28.5

144
144
155
158

4/87
5/87
6/87
7/87

• 140

• 130

• 120

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
DATA
9/82
YEAR

mo

SERIES
46
1967-100

MOO

47
48

83.6
84.9

134
135

8/86
9/86

49
50
51
52

93.2
101.4
97.3
94.5

141
147
144
142

10/86
11/86
12/86
1/87

53
54
55
56

101.4
105.5
97.3
97.3

147
150
144
144

2/87
3/87
4/87
5/87

57
58

112.3
116.4

155
158

6/87
7/87

• 90

• 80
-» - 4 0
0 + 6 +12+18 + 24+30+36+42+48+54
Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1987 issue.

108



• 80
-1 0

0 + 6 +12+18 + 24+30+36+42+48+54
Months from specific troughs

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
Deviations
from

53. Wages and salaries in 1982 dollars,
1
mining, mfg., and construction

reference
peaks

Actual
data
for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
DATA YEAR
7/81

45
46
47
48

B
Percent

—1+10
• 580

+5
• 560

• 540

Deviations
from
specific
troughs

53. Wages and salaries in 1982 dollars,
mining, mfg., and construction

SERIES 53
ANN. RATE
BIL. DOL.
0 .8
542.0
8/86
539.8
0 .4
9/86
1 .3
544.9 10/86
0 .6
541 .1 11/86

49
50
51
52

0.5
0.4
0.2
0.0

540.2
540.1
538.7
537.8

12/86
1/87
2/87
3/87

53
54
55
56

-0.7
-0.5
-0.7
-0.9

534.2
535.1
534.1
532.9

4/87
5/87
6/87
7/87

Actual
data

fr
o
current
cycle

• 590

• 570

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH 11/82
DATA YEAR

45
46
47
48

• 500

49
50
51
52

11.6
11.6
11.3
11.1

540.2
540.1
538.7
537.8

12/86
1/87
2/87
3/87

• 480

53
54
55
56

10.3
10.5
10.3
10.1

534.2
535.1
534.1
532.9

• 550

SERIES 53
ANN. RATE
BIL. DOL
12.0
542.0
8/86
11.5
539.8
9/86
12.6
544.9 10/86
541 .1 11/86
11.8

4/87
5/87
6/87
7/87

• 520

• 530

• 510
-10

• 490
-» 0

• 460
-J

57. Manufacturing and trade sales,
1982 dollars

-15

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH
7/81

Percent

+ 24

+ 20

+ 16

44

• 400.000

+8

• 380,000

14.7 418913

7/86

45
46
47
48

15.3
18.3
16.1
16.1

421216
432003
423892
423849

8/86
9/86
10/86
11/86

49
50
51
52

18.7
14.5
18.9
18.2

433476
418148
434102
431517

12/86
1/87
2/87
3/87

53
54
55

+12

+ 4

SERIES 57
MIL. DOL.

• 440.000

• 420.000

17.8 430221
17.5 429145
18.4 432443

4/87
5/87
6/87

45
46
47
48

22.3
23.0
26.2
23.8

418913
421216
432003
423892

-12
0 + 6 + 1 2 + 18 + 2 4 + 3 0 + 3 6 + 4 2 + 4 8 + 54
Months from reference troughs

• 420.000
-

20
• 400.000

• 380.000

49
50
51
52

23.8
26.6
22.1
26 .8

423849
433476
418148
434102

11/86
12/86
1/87
2/87

53
54
55
56

26.0
25.6
25.3
26.3

431517
430221
429145
432443

• 360.000

7/86
8/86
9/86
10/86

• 340.000

• 320.000

•440.000

SERIES 57
MIL. DOL.

-8

i ii Ini nl inn In i ii inn inn tin iln i n 1 ii ill 1 ii 1
1
1 1

28

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
SPEC.
AND
TROUGH 10/82
DATA YEAR

• 360.000
-4

57. Manufacturing and trade sales,
1982 dollars

3/87
4/87 - 6
5/87
6/87

-J o

0+6

• 340.000

+12+18+24+30+36+42+48+54
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1987 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

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

Series
number

64
0

Current issue
(Page numbers)
Charts
Tables

5
6

9
2

Historical
data
issue date)

Series
dascription
<
()
*

12/85

5
6

5
8
94
7
95
7
91
7
10
0
6
1
90
7
96
7
98
7
97
7
92
7
93
7

2
2
3
8
3
8
3
8
2
4
2
4
38
3
8
3
8
3
8
3
8
3
8

6
5
7
6
7
6
7
6
6
7
6
7
7
6
7
6
7
6
7
6
7
6
7
6

6/87
8/87
8/87
8/87
11/86
11/86
11/86
8/87
8/87
8/87
8/87
8/87

2
0
3
7
3
7
3
7

66
1
5
5

5
6
2
2

9
2
6
5

12/85
10/86

5
6
3
9

2
3
2
3
3
7
3
7
3
7
3
7
3
7

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

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




93
94

33
33

72
72

1/87
1/87

35
35

2
9
7
6

13,25
2
4

6
7
6
7

6/87
12/86

2
4
1
2

1
4
1
2
1
3

3
3
2
3
2
3

7
2
6
5
6
5

6/87
6/86
6/86

3
4
2
1
2
1

11
0
7
2
12
1
25
9

15,35
3
5
32
4
6

7
3
7
3
7
1
8
2

5/87
5/87
5/87
12/86

3
2
3
2
3
2
2
6

82
84

20
20

64
64

12/86
12/86

14
14

97
11
965
333

24
24
37
48

66
66
75
86

12/86
12/86
10/86
3/87

22
22
22
51

914
35
34

11
29
29

60
70
70

1/86
10/86
10/86

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

2/87
2/87
2/87
2/87

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

60
74'
60
66

1/87
1/87
1/86
1/86
6/87

5
5
21

101
72
112

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

345
280

49
45

87
82

10/86
11/86

46
46

64

30,47

70,83

10/86

46

36
4

4
9

88

10/86

46

30
4

49

87

8/87

5

341
348
349

49
50
50

87
88
88

8/87
7/87
7/87

5
53
53

3/87

90
2
920c
90
4

1
0
3
9
1
1

6
0

1/87
1/87
1/86

5

90
3
930c

1
0
3
9

6
0

1/87
1/87

5

94
1
95
1
97
1
96
1
90
1
910c

1
1
1
1
1
1
1
1
1
0
3
9

6
0
60
6
0
6
0
60

1/86
1/86
1/86
1/86
4/87
4/87

5
5
5
5
5

60'

5

Series title
(See complete titles 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

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 nonagncultural 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.

Series
number

Current issue
^ page numbers)
Charts
Tables

29 13,25

Historical
data
(issue date)

Series
description
(*)

6/87

23
24

66
67

6/87
8/87

21
17

248
87
89
249
28
334

25
47
25
25
47
25
48
12,21
22

67
83
67
67
83
67
86
64
65

10/86
11/86
10/86
10/86
11/86
3/87
3/87
4/87
12/86

40
40
40
40
40
24
51
15
12

66
113
95
39

35
32
15,35
33

73
72
73
72

5/87
5/87
5/87
1/87

33
33
33
34

320
322
58

49
49
22

84,95
84
65

4/87
4/87
6/87

49
49
20

525

53

90

7/87

55

20

12,23

66

6/87

21

66
73

4/87
2/87

21
35

10
116

10
1

7/87

11
0
7
2
12
1

15,35
3
5
3
2

7
3
7
3
7
1

5/87
5/87
5/87

3
2
3
2
3
2

6
6
13
1
9
5
3
9
11
1
3
3

3
5
3
2
15,35
3
3
13,32
3
2

7
3
7
2
7
3
7
2
7
2
7
1

5/87
5/87
5/87
1/87
5/87
9/86

3
3
3
3
3
3
3
4
3
1
3
1

98
31
3

2
8
48

6
9
8
5

5/87
3/87

5
1
5
0

57
1
53
4
50
8
58
7
57
7
55
2

5
3
5
3
5
4
5
5
5
5
5
3

9
0
9
0
9
1
9
1
9
1
9
0

7/87
12/85
12/85
7/87
7/87
7/87

55
55
56
56
56
55

59
5
58
4
58
8
51
6
50
7
54
6
55
6

5
4
5
3
5
4
5
4
5
5
5
5
5
5

9
1
9
0
9
1
9
1
9
1
9
1
9
1

6/87
5/87
6/87
6/87
8/87
10/86
10/86

17
15
17
15
5
43
43

3
9
3
2

3
3
12,21

7
2
64

1/87
1/86

34
17

95
6
91
5
94
7
93
6
96
6

3
7
3
6
38
3
6
3
7

10/86
1/86
8/87
9/86
12/86

22
5
37
5
12

92
6
95
7
92
5
90
5
94
6

3
6
38
3
6
3
6
3
7

12/86
8/87
1/86
6/87
2/87

37
5
5
15

91
7
90
7
90
6
92
7
97
6

3
8
38
3
7
38
3
7

8/87
11/86
8/87
8/87
1/86

37'
23
37
37
25

93
7
96
7
98
7
97
7
98
6
91
6

38'
38
3
8
3
8
3
7
3
6

7
5
7
4
7
6
7
4
7
5
7
8
7
4
7
6
7
4
7
4
7
5
7
7
7
6
7
6
7
5
7
6
7
5
7
9
7
6
7
6
7
6
7
6
7
5
7
4
7
7

8/87
8/87
8/87
8/87
2/87
8/87

'37'
37
37
37
25
5

12/86

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 nonagrtcultural 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 dollars
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)
Charts
Tables
(page

41
4
58
7
57
7

5
1
5
5
5
5

4c
8
48
40
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
44
4
5
4
3
1

3
9
1
7
1
7
38
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

119

3
3
40
1
1

6
1
62
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
6
2
62,89
6
2
6
2
6
2
61
77
74

2/87
7/87
7/87

Series
description
(•)

9
5
6
5
6

9/86
9/86
8/87
8/87
8/87
9/86
2/87
8/87
2/87
4/86
2/87
12/86
12/86
8/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
8/87

"5
5
3
7
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9
5

8/87

5

3/87

34

9
4
23
1
97
1

8
9
9
1
9
1

Historical
data
(issue date)

7
2
80
6
0

311

1/87
10/86
1/86

3
5
3
8
5

10/86

1/87

10/86

52
0
51
0
50
0
52
1
51
1
50
1
28
9

5
2
5
2
52
5
2
5
2
5
2
4
6

9
0
9
0
90
90
90
90
8
3

10/86
10/86
10/86
10/86
10/86
10/86
12/86

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

11/86
11/86
11/86
10/86
10/86
11/86
11/86
11/86
11/86
11/86

4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3

31
1
6
8

4
8
3
0

84
7
0

10/86
10/86

4
9
2
8

5
0
5b
0
5c
0
20
0
200b
200c
17
0
4
9
30
1
27
1

19,40

3
1
2
0
4
8
4
0

63,80
80
80
80
80
8
0
7
1
6
3
8
4
80

10/86
10/86
10/86
10/86
10/86
10/86
8/87
10/86
10/86
10/86

3
8
3
8
3
8
3
8
38
3
8
3
0
1
4
3
8
3
8

4
6
6
0

1
6
1
6

6
1
6
1

4/86
2/87

9
9

1

12,16

5

3
6
1
6

6
1
7
7
7
4
6
1

8/87

91
6
2
1

8/87
8/87

"5
5

3
9
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 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

C u r r e n t ISSue

Historical
data
(issue date)

Series
description
()
*

67
67
67
83

3/87
6/87
10/86
11/86

2
4
2
4
40
40

48

84

10/86

345
280

49
45

87
82

10/86
11/86

46
46

(page numbers)

Series
number

Charts

28
29
89
249

25
13,25
25
47

310

Tables

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
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France
.
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany

64

30,47

70,83

10/86

4
6

346
95
286

49
15,35
45

88
73
82

10/86
5/87
12/86

46
33
26

287
225
224

47
40
40

83
80
80

12/86
10/86
10/86

26
11
11

227

40

80

10/86

340

49

87

8/87

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/87
7/87
7/87
12/86
12/86
10/86
9/86
9/86

5
5
7
5
7
4
7
4
7
4
6
1
1
1
1

51c
51
108
282

39
14,19
31
45

63
71
82

9/86
9/86
8/87
11/86

1
1
3
0
4
7

283
284

47
45

83
82

11/86
11/86

4
7
4
7

285
348
349

47
50
50

83
88
88

11/86
7/87
7/87

4
7
5
3
5
3

53
13
335

19
23
48

63
65
85

3/87
6/86
3/87

1
1
2
1
5
1

76
75
557
73
74
47

24
22
54
20
20
14,20,58

12/86
12/86
12/86
12/86
12/86
12/86

1
2
1
2
1
3
1
2
1
2
1
2

966
47c

37
39

67
65
91
63
63
63,94
78
75

12/86
12/86

1
2

967
23

37
28

79
75
69

1/86
1/86

2
5
2
5

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

12/86
12/86
3/87
12/86
12/86

8
8
8
4
7
4
7

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
86

12/86
2/87
3/87
3/87
3/87
1/87
2/87
2/87
3/87

3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
5
0

733
736
737
738
732
320
735

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

5/87
5/87
5/87
5/87
5/87
4/87
5/87

60
6
1
6
1
6
1
6
0
4
9
6
1

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

6/87
6/87
6/87
6/87
6/87
6/87
12/86
6/87

5
9
5
9
5
9
5
9
5
8
5
8
1
2
5
9

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
Manufacturing and trade, change
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 orders, 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
numbers)
Charts
Tables
(page

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

7/87
7/87
7/87
7/87
7/87
7/87
7/87

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
4
4
44
5
7
5
6
5
6
5
7
5
6
5
7
4
4
4
4
5
6
5
7
5
7

9
3
9
3
9
2
9
3
9
2
82
82
9
3
9
2
9
2
9
3
9
2
9
3
8
2
8
2
9
2
9
3
9
3

7/87
7/87
12/85
7/87
12/85
11/86
11/86
7/87
12/85
12/85
7/87
12/85
7/87
11/86
11/86
12/85
7/87
7/87

5
7
5
7
5
6
5
7
5
6
4
4
44
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

11/86

44

20
5
21
5

4
4
4
7

8
2
8
3

11/86
11/86

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

68,81

42
4
7
5
4
2
7
1
1
2
7
2
6
2
7
3
8

8
1
8
3
9
1
6
8
6
8
6
0
6
8
6
8
6
8
7
6

9/86
11/86
11/86
6/87
5/87
6/87
1/86
6/87
6/87
6/87
8/87

4
0
4
0
40
1
7
1
7
1
7
5
1
7
1
7
1
7
3
7

3
6

13,26

6
8

9/86

1
7

7
8

2
7

6
8

5/87

1
7

38

2
6

6
8

5/87

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
60
6
6

12/86
12/86
10/86
1/86
6/87

2
2
2
2
2
2
5
2
1

15,27

8/87

83

11/86
11/86
10/86
11/86

40
40
40
40

6
7
6
7
6
7
8
3
8
1
8
1

10/86
10/86
10/86
11/86
11/86
11/86

40
40
40
40
40
40

2
3

6
6

6/87

15

2
4

2
3

6
6

4/87

15

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

6/87
4/87
11/86
11/86
11/86

21
21

62
5
61
5

5
7
5
7

9
3
9
3

7/87
7/87

57

23
4
22
4
8
6
28
4

4
2
4
2
2
5
4
7

8
1
8
1
6
7

88
8
7
8
9
29
4
21
4
20
4

2
5
2
5
2
5
4
7
4
2
42

2
7

See notes at end of index.

112



number Charts
910
910c
950
14
104

10
39
36
33
31

Tables
60
74'
72
71

(issue date)
4/87
4/87
6/87
6/87
4/87

dfs^n
(
*
5
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 Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

5/87

2
6
2
0
12,21

68
6
4
64

5/87
12/86
4/87

7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
3

4/87
4/87
4/87
4/87
4/87
8/87
8/87
9/86
3/87
3/87

2
9
2
9
2
9
3
0
2
9
3
0
3
0
3
1
3
5
3
5

1
7
1
4
1
5

1/86

14
0
15
0
8
5
16
0
12
0
17
0
18
0
3
3
18
1
17
1

3
1
3
1
3
1
13,31

3
1
3
1
3
1
3
2
3
4
3
4

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

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

2
7
2
4
8

12,21

6
6
6
6
6
4

6/87
4/87
4/87

1
5
1
5
1
5

2
0

12,23

6
6

6/87

2
1

1
0
58
4
7
6

2
3
5
3
2
1
2
1

4/87
5/87
4/87
4/87

2
1
1
5
1
5
1
5

94
6
91
7

3
7
3
8

6
6
9
0
6
4
6
4
7
7
7
5
7
6

2/87
8/87

1
5
3
7

88
8
7
8
6
28
4

2
5
2
5
2
5
4
7

6
7
6
7
6
7
8
3

10/86
10/86
10/86
11/86

4
0
4
0
4
0
4
0

57
1
53
4
71
2

5
3
5
3
5
8

9
0

7/87
12/85
6/87

5
5
5
5
5
8

580

54

2
3
2
3

90

9
4

12/85
10/86

6
2
6
2
30
7
38
5
8
2
8
4
2
1

3
0
1
5
5
0
5
0
2
0
2
0
1
6

7
0
7
0
8
8
88
64
6
4
6
1

9/86
9/86
10/86
10/86
12/86
12/86
8/87

2
8
2
8
5
2
5
2
1
4
1
4
5

43
5
42
5
41
5

5
1
5
1
5
1

8
9
8
9
8
9

2/87
2/87
2/87

9
9
9

5
5
23
3
22
3
28
3
26
3
29
3
27
3
21
3
20
3
25
3

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
8
0
80
8
3

10/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86

3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9

22
9
23
9
64
1

4
6
4
6
5
6

82
8
3
9
2

12/86
12/86
12/85

4
8
4
8
5
6

23

57

68
63

30
30

70
70

10/86
8/86

28
28

62
62
26

30
15
29

70
70
70

9/86
9/86
8/86

28
28
28

930
930c
952

10
39
36

60

1/87
1/87
1/86

"5

74

Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
L o a n s — S e e Credit.

Current issue

23

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

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

5

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
(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

Series (page ni
umbers)
number Charts Tables

Historical
data
(issue date)

Series
description

12,23
2
3
2
4
2
4
3
8
1
7

6/87
4/87
11/86
11/86
11/86
2/87

2
1
2
1

C)

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

^ page n
Charts

Tables

Historical
data
(issue date)

Series
description
(*)

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.

6
6
6
6
6
7
67
7
6
62

23'
2
3
9

30
2
32
2

4
9
4
9

84,95
84

4/87
4/87

4
9
4
9

31
1
30
1
2
6

48
48
2
9

8
4
84
7
0

10/86
10/86
8/86

4
9
38
2
8

30
3
33
3
31
3
34
3
35
3
32
3
9
8

48
48
48
48
48
48
2
8

8
5
8
6
8
5
8
6
85
8
6
6
9

3/87
3/87
3/87
3/87
3/87
3/87
5/87

5
0
5
1
50
5
1
5
1
5
0
5
1

967'
2
3

'37*
28

7
9
7
5
6
9

1/86
1/86

'25'
2
5

98
9
9

2
8
13,28

6
9
6
9

5/87
5/87

5
1
2
5

1
9
98
6
2
6

13,28
3
7
2
9

6
9
7
5
7
0

7/87
2/87
8/86

2
5
2
5
28

96
7
98
7
97
7
55
2
19
0

38
38
3
8
5
3
3
5

7
6
7
6
7
6
90
7
3

8/87
8/87
8/87
7/87
1/87

3
7
3
7
3
7
5
5
3
5

Production—See Gross national product and
Industrial production.
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability. Cl

n

.

.

.

4

50
5
0
1
1

88
88
6
0

10/86
10/86
1/86

5
2
5
2
5

1
8
1
6
80
7
9

2
8
2
8
2
9
2
9

6
9
6
9
6
9
6
9

9/86
9/86
9/86
9/86

2
6
2
6
2
6
2
6

26
8
27
8
92
7
90
6
1
5
96
1
2
2

4
5
47
38
3
7
2
9
1
1
2
9

82
8
3
7
6
7
5
7
0
60
6
9

12/86
12/86
8/87
8/87
7/87
1/86
9/86

2
6
2
6
3
7
3
7
2
7
5
2
6

8
1
22
8

2
9
4
5

7
0
82

10/86
11/86

2
6
4
7

283

47

967
23

37
28

79
75
69

284

Residential fixed investment, constant dollars

6/87
6/87

213

40

10/86

69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

6
7
6
5
6
5
7
6
6
8
6
5
6
5

8/87
6/87
6/87
8/87
6/87
6/87
6/87

1
7
1
7
1
7
3
7
1
7
2
0
2
0

295
298
290
292
293

46
46
46
46
46

8
2
83
82
82
8
3

12/86
12/86
12/86
12/86
12/86

2
6
48
48
4
8
48

98
99
588

28
13,28
54

6
9
6
9
9
1

5/87
5/87
6/87

5
1
2
5
1
7

967
23

37
28

7
9
7
5
6
9

1/86
1/86

2
5
2
5

19
968

13,28
37

6
9
7
5

7/87
2/87

2
5
2
5

114
115

34
34

7
2
7
3

2/87
2/87

3
5
3
5

91
60
5
962

15,18
16
12,16
36

62
6
1
6
1
7
4

2/87
2/87
12/86
12/86

9
9
8
8

446
445

51
51

444
37

51
18,51

44
45
43

18
18
18

561
96
25

54
21
21

8
9
8
9
8
9
8
9
62,89
6
2
62
62
9
1
6
4
6
4

2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
6/87
4/87
4/87

9
9
9
9
9
9
8
9
1
5
1
5
1
5

107
108
32

31
31
12,21

7
1
7
1
6
4

8/87
8/87
1/86

30
3
0
1
7

6
1
7
7
7
4

8/87

5

8/87

5

20
20

T

45

82

2
5

1/86
1/86

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 16-19 years of age
Females 20 years and over
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

11/86

, 4

Raw industrials, spot market prices
Components
Diffusion index
Spot market index

22
22

U

30
7
38
5
96
1

Profits

Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCMj. current dollars
Corporate profits before tax
With IVA and CCAd,
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 CCAd|
Proprietors' income with IVA and CCAdj, percent of
national income

47

59
54

S
Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, 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.

Treasury bill rate
Treasury bond yields

10/86

Producers' durable equipment, nonresidential, GPDI

249

12,16

Food

2
0
1
0
10
0
6
1
90
7
90

Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

w

Series
number

25
25

W
Wages and salaries—See Compensation.

47

10/86

Diffusion index

961

36'

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.
(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)

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
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

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

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)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

(12,16,61,77)

(29,70)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

Composite index of money and financial flows
(includes series 104, 106, 111) ( M ) . - S o u r c e
1
(1160)

1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3

1

36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(13,26,68)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source
2
(26,68)

917.

Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

(29,70)

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.

Source 1

35. Corporate net cash flow in 1982 dollars (Q).-Source

37. Number of persons unemployed (M).—Source 3

Composite index of profitability (includes series
19,26,80) (M).-Source 1
(11,60)

930.

34. Corporate net cash flow in current dollars ( Q ) —

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,

3

(14,17,62)

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(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).—Source 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)

nonfarm business sector (Q).—Sources 1 and 3
(29,70)

52. Personal income in 1982 dollars (M).—Source 1

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

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

(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



2
local building permits (M).-Source 2

(25,67)
(13,25,67)

30. Change in business inventories in 1982 dollars (Q).—
Source 1

(26,42,68,81)

31. Change in manufacturing and trade inventories
(M).-Sourcesland2

(26,68)

32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

(19,63)

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).—Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sources 1 and 2
(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

61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)

89. Gross private residential fixed investment in 1982

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 work-

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91. Average duration of unemployment in weeks (M).—

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

93. Free reserves (M).—Source 4
(33,72)
94. Member bank borrowings from the Federal Reserve

65. Manufacturers' inventories, finished goods (EOM) .—
Source 2
(27,68)

95. Ratio, consumer installment credit outstanding to

66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
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)

1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)
dollars (Q).-Source 1
ing age (M).—Sources 1 and 3
Source 3

(M).-Source4

personal income (M).—Sources 1 and 4

(25,67)
(17,62)
(15,18,62)

(33,72)

(15,35,73)

96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2

(21,64)

97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board

(24,66)
98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)

99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
70. Manufacturing and trade inventories in 1982 dolNew plant and equipment expenditures by business
lars (EOM).-Sources 1 and 2
(27,68) 100.
in 1982 dollars (Q).-Source 1
(24,67)
71. Manufacturing and trade inventories in current
101. Commercial and industrial loans outstanding in 1982
dollars (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
73. Index of industrial production, durable manufac4
(31,71)
tures (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).-Source4
(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).-Source4
(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
4
(35,73)
78. Manufacturers' inventories, materials and supplies
110. Funds raised by private nonfinancial borrowers in
on hand and on order (EOM).—Source 2 (27,68)
credit markets (Q).-Source 4
(32,72)
79. Corporate profits after tax with inventory valua- 111. Change in business and consumer credit outstanding
tion and capital consumption adjustments in cur(M).—Sources 1, 4, Federal Home Loan Bank Board,
rent dollars (Q).-Sou r e e l
(29,69)
and The Federal Reserve Bank of New York (13,32,72)
80. Corporate profits after tax 'with inventory valua- 112.
tion and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
113.
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)

114.
115.

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

84. Capacity utilization rate, materials (M).—Source
4
(20,64)

(M).—Citibank and U.S. Department of the Treasury
(34,73)

(31,71)

86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Sou r e e l
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)




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)
963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1982 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)

972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
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)
permission from the source.)
(38,76)
Net change in consumer installment credit (M).— 973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
trade—about 1,400 businessmen reporting (Q).—
Discount rate on new issues of 91-day Treasury
Dun & Bradstreet, Inc. (Used by permission. This
bills (M).-Source 4
(34,72)
series may not be reproduced without written
permission from the source.)
(38,76)
Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury
(34,73)
974. Diffusion index of number of employees, manufac-

82. Capacity utilization rate, manufacturing ( M ) . —
Source 4
(20,64)

85. Change in money supply Ml (M).-Source 4

I-C. Diffusion Indexes

117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer

(34,73)

118. Secondary market yields on FHA mortgages (M).—
U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)

119. Federal funds rate (M).-Source 4

(34,72)

turing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)

115

TITLES AND SOURCES OF SERIES-Continued
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 t r a d e about 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

978. Diffusion index of selling prices, retail trade—about
400 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

11—A. National Income and Product

251. Net exports of goods and services as a percent of

250. Net exports of goods and services in current dollars

gross national product (Q).—Source 1

(44,82)
(47,83)

30. Change in business inventories in 1982 dollars ( Q ) . Source 1
(26,42,68,81)

252. Exports of goods and services in current dollars

50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)

253. Imports of goods and services in current dollars

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

255. Net exports of goods and services in 1982 dollars

200. Gross national product in current dollars (Q).—
Source 1
(40,80)

256. Exports of goods and services in 1982 dollars

213. Final sales in 1982 dollars (Q).-Source 1

257. Imports of goods and services in 1982 dollars

(40,80)

(Q).-Source 1
(Q). -Source 1
(Q).-Source 1
(Q).-Source 1
(Q).-Source 1

290. Gross saving (Q).-Source 1

(46,82)

292. Personal saving (Q).-Source 1

(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

(47,83)

249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
(Q).-Source 1

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

(44,82)
(44,82)
(44,82)
(44,82)
(44,82)

(46,83)

Il-B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).-Source 1
(48,84)
311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).-Source3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source 3
(49,84)
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).—Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)

217. Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80)

260. Government purchases of goods and services in

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

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

services as a percent of gross national product
(Q).-Source 1
(47,83)

348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)

current dollars (Q).-Source 1
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)
(43,81)

(43,81)
(43,81)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)

280. Compensation of employees (Q).—Source 1

235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)

283. Proprietors' income with inventory valuation and

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).—Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q).-Source 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



(45,82)

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 valuation and capital consumption adjustments as a
percent of national income (Q).—Source 1
(47,83)

288. Net interest (Q).-Sou reel

(45,82)

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. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).—Source 3 (50,88)
358. Index of output per hour, all persons, nonfarm business sector (Q).—Source 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)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)

TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source3
(51,89)
447. Number unemployed, full-time workers ( M ) —
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source3
(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)

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 Nre 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)

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)

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)

726. France, index of industrial production (M).-Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

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)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1

(52,90)

512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(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
(53,90)
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)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).—Source 2

(56,92)

614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(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

559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(E0M).-Source2
(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)




(57,93)
668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1

(57,93)

II—F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

725. West Germany, index of industrial production (M).—
Statistisches Bundesamt (Wiesbaden)
(58,94)

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
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(59,95)

736. France, consumer price index (M).—Institut National
de la 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)
746. France, index of stock prices (M).-Institut National
de la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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