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U.S. DEPARTMENT OF COMMERCE
Elliot L. Richardson, Secretary
John W. Kendrick, Chief Economist for the Department of Commerce

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Beatrice N. Vaccara, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor

This report was prepared in the Statistical Indicators Division, Bureau of Economic Anal\
Technical staff and their responsibilities for the publication areBarry A. Beckman-Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. Tunstall-Collection and compilation of basic data. Telephone (301) 763-7
The cooperation of various government and private agencies which provide data is gratefi
acknowledged. Agencies furnishing data are indicated in the list of series and sources at
back of this report.
This publication is prepared under the general guidance of a technical committee established
the Office of Management and Budget. The committee consists of the following perse
Julius Shiskin, Chairman, Bureau of Labor Statistics, Department of Labor
Joseph W. Duncan, Office of Management and Budget
Sidney L. Jones, Department of the Treasury
Burton G. Malkiel, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Federal Reserve Board
Beatrice N. Vaccara, Bureau of Economic Analysis, Department of Commerce

ABOUT THIS REPORT
Business Conditions Digest (or 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, Ihc.
In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to
business conditions analysis. Principal additions to
the report were series from the national income
and product accounts and series based on surveys
of businessmen's and consumers' anticipations and
intentions. The composite indexes were added at
that time, and the report's present title was
adopted.
The dominant feature of the current BCD
is the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which
begins on page 1.
Most of the data contained in this report have
also been published by their source agencies. A

series finding guide and a complete list of sei
titles and sources can be found at the back of 1
report.

Subscription price, including supplements, is
$55.25 a year ($13.85 additional for foreign mailing). Single issues are $4.35. For information concerning foreign airmail delivery, available at an
additional charge, write the Superintendent of

Documents (address follows), enclosing a copy
your address label. Make checks payable to 1
Superintendent of Documents. Send to U
Government Printing Office, Washington, D
20402.

CYCLICAL INDICATORS
are economic time series which have been sing
out as leaders, coinciders, or (aggers based on th
general conformity to cyclical movements in age
gate economic activity. In this report, cycli
indicators are classified both by economic proc
and by their average timing at business cycle pea
at business cycle troughs, and at peaks and trou
combined. These indicators were selected primal
on the basis of their cyclical behavior, but tt
have also proven useful in forecasting, measuri
and interpreting short-term fluctuations in age
gate economic activity.
OTHER IMPORTANT ECONOMIC MEASURES
provide additional information for the evaluati
of current business conditions and prospects. Th
include selected components of the national
come and product accounts; measures of pric
wages, and productivity; measures of the lat
force, employment, and unemployment;econor
data on Federal, State and local government acti
ties; measures of U.S. international transactio
and selected economic comparisons with ma
foreign countries.

USINESS CONDITIONS DIGEST

ew Features and Changes for This Issue

BCII

iii

1ETHOD OF PRESENTATION
jasonal Adjustments
ICD Moving Averages
eference Turning Dates
art I. Cyclical Indicators
art II. Other Important Economic Measures
ow to Read Charts
ow to Locate a Series
iimmary of Recent Data and Current Changes

1
1
1
1
4
6
6
7

DECEMBER 1976
Data Through November
Series ESt No. 76-12

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS

A1
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart

Table

11
13
15
16

59
—
—
—

17
20
22
24
27
29
32

60
62
63
64
67
68
70

37
—
40

73
76
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B1
B2
B3
B4
B5
B6
B7

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

DIFFUSION INDEXES
AND RATES OF CHANGE
C1
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 1,1980.




KCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
AT

A4
A5

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

41
42
43
44
45
46
47
48

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

49
50

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

52

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

53
54

U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements

55
56

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

57
53
53

PART III. APPENDIXES
A. MCD and Related Measures of Variability (December 1975 issue)
QCD and Related Measures of Variability (September 1975 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Series Finding Guide")
E. Business Cycle Expansions and Contractions: 1854 to 1975 (November 1976 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators
G. Experimental Data and Analyses
Series Finding Guide
Titles and Sources of Series

iders are invited to submit comments and
gestions concerning this publication.
Jress them to Feliks Tamm, Chief, Statistical
icators Division, Bureau of Economic Analysis,
!. Department of Commerce, Washington, D.C. 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly availab/e time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of

inges in this issue are as follows:

series in relation to
other series, changes
in composition of

1. The series based on establishment employment data
eries 1, 2, 3, ^, 21, UO, 1*1, U8, 3^0, 3^1, 961, and 963)
ve been revised for the period 1971 to date. These resions reflect a new seasonal adjustment of the basic data
the source agency.
Further information concerning this revision may be
tained from the U.S. Department of Labor, Bureau of Labor
atistics, Office of Current Employment Analysis, Division
Industry Employment Statistics.
2. Appendix C contains historical data for series

, 17, 19, 21, 29, 32, Uo, Ul, 1*7, 51, 56, 57, 62, 70, 72,
, 80, 82-8U, 91, 95, 109, 110, and 963.
3. Appendix G contains recovery comparisons for series
IK), Ul, 6U, 73, 7^, 79, and 9^0.

.e January issue of BUSINESS CONDITIONS DIGEST is scheduled
r release on February 1.



HI

indexes, etc.

6 BEA PROJECTS
for economic
analysis




BUSINESS CONDITIONS DIGEST A monthly report for analyzing
economic fluctuations over a short span of years.
This report brings together approximately 600 economic time series in a form convenient for analysts whether their approach to the study of current business conditions and prospects is the national income model, the leading indicators, anticipations
and intentions, or a combination of these. Other types of data such as foreign trade,
Federal Government activities, and international series are included to facilitate a
more complete analysis.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability. A computer
tape containing data for most of the series is available for purchase.

DEFENSE INDICATORS A monthly report for analyzing the current and prospective impact of defense activity on the national economy.
This report brings together the principal time series on defense activities which
influence short-term changes in the national economy. These include series on
obligations, contracts, orders, shipments, inventories, expenditures, employment,
and earnings. The approximately 60 time series included are grouped in accordance
with the time at which the activities they measure occur in the defense orderproduction-delivery process. Charts and analytical tables facilitate interpretation.

LONG TERM ECONOMIC GROWTH A report for the study of eco
nomic trends over a long span of years, 1860-1970.
This report has been developed from available statistics to provide a comprehensive,
long-range view of the U.S. economy. It is a basic research document for economists,
historians, investors, teachers, and students. It brings together under one cover, in
meaningful and convenient form, the complete statistical basis for a study of longterm economic trends. A computer tape file of the time series included in the report
is available for purchase.

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS The
source statements for FORTRAN IV programs used by B E A in its analysis
of time series are available on a single computer tape.
SEASONAL ADJUSTMENT PROGRAMS.—Two variants of the Census computer program for measuring and analyzing seasonal, trading-day, cyclical, and irregular
fluctuations. They are particularly useful in analyzing economic fluctuations which
take place within a year. The X-ll variant is used for adjusting monthly data and
the X-11Q for quarterly data. These programs make additive as well as multiplicative
adjustments and compute many summary and analytical measures.
DIFFUSION INDEX PROGRAM.—A computer program for computing diffusion indexes,
cumulated diffusion indexes, and summary measures of the properties of each index.

SURVEY OF CURRENT BUSINESS A monthly report for analyz
ing current economic developments.
This report provides a useful combination of current data for more than 2,500
statistical series and significant articles analyzing economic developments. These
data and analyses include such areas as the national income and product accounts,
the balance of payments accounts, plant and equipment expenditures, regional
personal income, and the input-output accounts.

BUSINESS STATISTICS A biennial reference volume containing
statistical series reported currently in the Survey of Current Business.
This report provides historical data back to 1947 for nearly 2,500 time series. The
series are accompanied by concise descriptions as to their composition, methods of
compilation, comparability, revisions, and availability. Also listed are the names and
addresses of organizations which provide the basic data for the series.

IV

METHOD OF PRESENTATION
This report is organized into two
major parts. Part I, Cyclical Indicators,
includes about 150 times 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 11,
Other Important Economic Measures,
covers over 130 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 pt. I
are also shown in pt. 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 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 1953, but those for the composite
indexes and their components (pt. I, sec.
A) begin with 1948, and a few diffusion
series (in pt. I, sec. C) are shown only for
the period since 1967. Except for section F in part II, the 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 a special
Supplement to the November 1976
BCD.
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 analytic
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 app. A.) It is the
smallest span of months for which the
average change in the cyclical factor is
greater than that in the irregular factor.
The more erratic a series is, the larger the
MCD will be; thus, MCD is 1 for the
smoothest series and 6 for the most
erratic. MCD moving averages (that is,
moving averages of the period equal to
MCD) tend to have about the same
degree of smoothness for 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 periodic review by NBER
and on occasion are changed as a result
of revisions in important economic time
series. The dates shown in this publication for the 1948-1970 time period are
those determined by a 1974 review. The
turning dates for the 1973-1975 period
are detailed in NBER's 1976 Annual
Report
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 the cyclical
behavior of the series during the period
1947-70. This analysis produced a new
list of indicators classified by economic
process and typical timing at business
cycle peaks and troughs. (See text and
tables relating to sec. B on pp. 2 and 3.)
This information, particularly the
scores relating to consistency of timing,

1

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

E'MPLOYMENT

II.

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT

VI.
PRICES, COSTS,
AND PROFITS

VII.

New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)

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

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

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

Money flows
(3 series)
Real money
supply
{2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Sank reserves
(2 series)
1 nterest rates
(1 series)

Consumption
and trade
(4 series)

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

CONSUMPTION.
TRADE,
ORDERS, AND
DELIVERIES

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

Capacity
utilization
{2 series)

Comprehensive
employment
(1 series)

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

(18 series)

LEADING (L)
INDICATORS
(62 series)

III.

PRODUCTION
AND
INCOME
(10 series)

AND
UNEMPLOYMENT

(13 series)

Duration of
unemployment
(2 series)

Business
investment
expenditures
(I series)

Comprehensive
employment
(3 series)

(17 series)

MONEY
AND CREDIT

(26 series)

(9 series)

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

Unit labor costs
and labor share
(4 series)

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

Commodity
prices
(1 series)
Profit share
(1 series)

inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

Trade
(I series)

Business
investment
commitments
(1 series)

Ml.

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS

VII.

Inventory
investment
(4 series)

Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash f tows!
(2 series)

Money flows
(2 series)
Real money

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

B. Timing at Business Cycle Troughs
N. Economic
\Process
Cyclical\v
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




II.

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

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

Marginal
employment
adjustments
(3 series)

industrial
production
( 1 series)

New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)

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

Marginal
employment
adjustments
(2 series)
Com pre hen sive
employment
(4 series)

Com prehen si ve
output and
real income
(4 series)
industrial
production
(3 series)
Capacity
utilization
(2 series)

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Unfilled orders
(1 series)

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

Marginal
employment
adjustments
<1 series)
Job vacancies
(2 series)
Co m pre hen sive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

Inventories on
hand and on
order
(5 series)

(17 series)

MONEY
AND CREDIT

(26 series)

(2 series)
credit flows
(4 series)
Credit
difficulties
(2 series)

Bank reserves
(1 series)

served as g
series to be_ incjjudacLJn the composite
irrdexes. The indexes incorporate the
best-scoring series from many different
economic-process groups and combine
those with similar timing behavior, using
their overall performance scores as
weights. Because they use series of
historically tested usefulness and given
timing characteristics (for example,
leading at both peaks and troughs), with
diversified economic coverage and a
minimum of duplication, composite
indexes give more reliable signals over
time than do any of the individual
indicators. Furthermore, much of the
independent measurement error and
other "noise" in the included series are
smoothed out in the index as a whole.
The indexes include only monthly series
that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are
distinguished by their cyclical timing.
Thus, there is an index of leading indicators, series which historically reached
their cyclical peaks and troughs earlier
than the corresponding business cycle
turns. There is an index of roughly
coincident
indicators,
consisting of
series which historically reached their
turning points at about the same time as
the general economy, and an index of
lagging indicators, which includes series
that typically reached their peaks and
troughs later than the ^corresponding
business cycle turns.
The leading index contains series with
long as well as short leads, but each
series leads on the average over time and
shows a frequency of leads at the individual turns exceeding that attributable
to chance, given the historical distribution of cyclical timing. (An analogous
statement applies to the components of
the lagging index J Since 1948, leads
were generally more frequent and longer
at peaks than at troughs of business
cycles, while lags were generally more
frequent and longer at troughs than at
peaks. The adopted system of scoring
and classifying the indicators takes into
account these well-established differences in timing. Consequently, rough
coincidences include short leads (-) and
lags (+) as well as exact coincidences (0).
(For monthly series, the range is from-3
through +1 at peaks and from -1 through
+3 at troughs, where minus denotes leads
and plus denotes lags in months.)
For purposes of constructing a composite index, each component series is
standardized: The month-to-month percent changes in a given series are divided
by the long-run average (without regard
to sign) of those changes. Thus, the more
volatile series are prevented from dominating the index. The coincident index is
calculated so that its long-term trend
(since 1948) equals the average of the



trends of its four components. This
trend, which is similar to that of GNP in
constant dollars, can be viewed as a
linear approximation to the secular
movement (at an average growth rate) in
aggregate economic activity. The indexes
of leading and lagging indicators have
been adjusted so that both their trends
and their average 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
special Supplement to the November
1976SCD.)
In addition to these principal composite indexes, differentiated according
to cyclical timing, there are five indexes
based on leading indicators which have
been grouped by economic process.
Taken together, these additional indexes
include all 12 component series of the
overall leading index, plus a few related
series. Also shown in this section is the
ratio of the index of roughly coincident
indicators to the index of lagging indicators, a series known to have a useful
pattern of early cyclical timing. Numbers
entered on the charts of the composite
indexes show the length, in months, of
leads (-) and lags (+) at each of the reference turning dates covered.
The next set of data consists of series
included in the principal composite indexes. These are the 12 components of
the leading index, the 4 components of
the coincident index, and the 6 components of the lagging index. Following
the title of each series, its typical timing
is identified by three-letter symbols in a
small box. The first of these letters refers
to the timing of the given indicator at
business cycle peaks, the second to its
timing at business cycle troughs, and the
third to its timing at all turns, i.e., at
peaks and troughs combined. "L" denotes a tendency to lead, "C" a tendency to roughly coincide with the business
cycle turns (as represented by the
NBER-designated reference dates), and
"Lg" a tendency to lag. Since these
series have been selected for the consistency of their timing at both peaks
and troughs, all components of the
leading index are denoted "L,L,L", all
components of the coincident index
"C,C,C", and all components of the
lagging index "Lg,l_g,l_g." It should be
remembered that these classifications are
based on limited evidence, namely the
performance of the indicators during the
business cycles of the 1948-70 period,
which included five peaks and five
troughs. While the timing classifications
are expected to agree with the patterns
prevailing in the near future, they will
not necessarily hold invariably in every
instance. The timing of the series in the
post-1970 period can be determined by
inspection of the charts where the

1973-75 recession is shaded according to
the dates of the NBER reference cycle
chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 111 individual
time series, including the 22 indicators
used in the construction of the composite indexes. The peak and trough
timing classifications are shown on the
charts in the same manner as described
above, but this section includes series
with different timing at peaks and at
troughs as well as series where the timing
is not sufficiently consistent to be classified as either L,C, or Lg according to the
probabilistic measures and scoring criteria adopted. Such series are labeled U,
i.e., unclassified as to timing at turning
points of the given type. Eight series are
unclassified at peaks, one series at
troughs, and 19 series at all turns (of the
19, 15 have definite but different timing
at peaks and at troughs). No series that is
classified as U both at peaks and at
troughs is included in the list of cyclical
indicators.
The classification scheme which
groups the indicators of this section by
economic process and cyclical timing is
summarized in the two tabulations on
page 2. Cross-classification A is based on
the observed behavior of the series at
five business cycle peaks (November '48,
July '53, August '57, April '60, and
December '69); cross-classification B, on
their behavior at five business cycle
troughs (October '49, May '54, April
'58, February '61, and Nov. '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
Supplement to the November 1976
BCD.
Section C. Diffusion Indexes and Rates
of Change
Many series in this report are aggregates compiled from numerous components. How the individual components
of an aggregate move over a given time
span is summarized by a diffusion index
which indicates the percentage of
components that are rising (with half of
the unchanged components considered
rising). Cyclical changes in these diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion
indexes are highly erratic, they are
computed from changes measured over

3

6- or 9- month (or 3- or 4- quarter)
spans, as well as 1-month (or 1-quarter)
spans. Longer spans help to highlight the
trends underlying the shorter-term
fluctuations. Diffusion indexes are
shown for the component series included
in each of the three composite indexes
and for the components of some of the
aggregate series shown in section B.
Diffusion measures can be derived not
only from actual data but also from
surveys of anticipations or intentions.
Indexes based on responses of business
executives about their plans and expectations for several operating variables are
presented, along with the corresponding
indexes based on actual data, as the last
set of the diffusion series.
This section also records rates of
change for the three composite indexes
(leading, coincident, and lagging) and for
four indicators of aggregate economic
activity: GNP in constant dollars (quarterly), industrial production, employee
hours in nonagricultural establishments,
and personal income less transfers in
constant dollars. Rates of change are
shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in rates of change for the same
aggregates are generally positively correlated, these two measures present
information about two related but
distinct aspects of economic change.
Diffusion indexes measure the prevailing
direction or scope of change, while rates
of change measure the degree as well as
the overall direction. As is the case for
diffusion indexes, cyclical movements in
the rates of change tend to lead those of
the corresponding indexes or aggregates,
and thus, they tend to lead at the
business cycle turns as well.
Part II. OTHER IMPORTANT
ECONOMIC MEASURES
This part is divided into six sections
which cover a wide range of quarterly
and monthly time series measuring various aspects of economic activity. Some
of these series are very comprehensive,
pertaining to the U.S. economy as a
whole, others have to do with particular
sectors or markets, and still others relate
to U.S. international transactions or to
selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings,
and productivity; labor resources;
government receipts, obligations, and
purchases; exports and imports; and
selected indicators for a few key foreign
countries.
Section A. National Income and Product
The national income and product
accounts, compiled by BEA, summarize
both receipts and final expenditures for



the personal, business, foreign, and
government sectors of the economy.
Section A1 shows the gross national
product, final sales, and personal and
disposable personal income. The four
major components of the gross national
product—personal consumption expenditures, gross private domestic investment,
government purchases of goods and
services, and net exports of goods and
services—are presented in sections A2
through A5. Most of the series in section
A are presented in current as well as
constant dollars. There are also a few per
capita series. The national income and
product accounts, briefly defined below,
are described more fully in the Survey of
Current Business, Part I, January 1976.
Gross national product (GNP) is the
market value of final goods and services
produced by the labor and property
supplied by residents of the United
States, before deduction of allowances
for the consumption of fixed capital
goods. It is the most comprehensive
measure of aggregate economic output.
Final sales is GNP less change in business
inventories.
Personal income is the income received by persons (individuals, owners of
u nincorporated 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 wholesale price indexes and their
major components. Based largely on
these series are the quarterly price indexes from the national income and
product accounts, notably the GNP
implicit price deflator (with weights
reflecting the changing proportions of
different expenditure categories in GNP)
and the fixed-weighted price index for
the gross business product. Data on both
levels and percent changes are presented
for the period since 1967.
The group of series on wages and
productivity consists of data on average
hourly earnings and average hourly
compensation (including earnings and
other benefits) in current and constant
dollars, output per hour of work in the
business sector, and rates of change for
most of these measures.

Section C. Labor Force, Employment,
and Unemployment
This section contains measures of the
civilian labor force and its major components: Total numbers of employed
and unemployed persons. The number of
unemployed is subdivided into selected
categories defined by sex, age, and class
of worker. Also included are data on
participation rates for a few principal
segments of the labor force.
Section D. Government Activities
Receipts, expenditures, and their
balance (surplus or deficit) are shown
quarterly on two levels: (1) Federal
Government and (2) State and local
government. Defense series relating to
obligations, contracts, and orders




(monthly) and purchases (quarterly) are
also shown. (For a more comprehensive
picture of defense activities, see Defense
Indicators, a monthly BEA publication.)
Section E. U.S. International
Transactions
This group includes monthly series on
exports (excluding military aid) and
general imports, plus a few selected
components of these aggregates. Also
shown are the balances between receipts
and expenditures for goods and services,
merchandise, and investment income.
Section F. International Comparisons
This section is designed to facilitate a
quick review of basic economic conditions in six of the nations with which

we have important trade relationships.
The U.S. business cycle shading has been
omitted from these charts. Data on
industrial production, consumer prices,
and stock prices for Canada, the United
Kingdom, France, West Germany, Japan,
and Italy are compared with the corresponding U.S. series. Also included is an
industrial production index for the
European countries in the Organization
for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive
output measures for large parts of the
economies covered. Changes in consumer
price indexes (plotted for the period
since 1967) provide important measures
of the rates of inflation in the major
industrialized countries. Stock prices
(also shown beginning in 1967) tend to
be significant as leading indicators.

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

Basic Data

Arabic number indicates latesl
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 antici
pated data.

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

Roman
number indicate:
latest quarter for which date
are plotted. (''IV" = fourtf
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 tc
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 indicate;
end of recession and begin
ning of expansion as desig
natedby 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, or


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

Basic data1
Series title

Timing
classification3

Unit
of
imam re

Percent change
Sept.
to
Oct.
1976

Average
1974

1975

1stQ
1976

2dQ
1976

3dQ
1976

Sept.
1976

Oct.
1976

Nov.
1976

1stQ
to
2dQ
1976

Oct.
to
Nov.
1976

2dQ
to
3dQ
1976

Series number

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

I. CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators

L,L,L,
CCC
Lg,Lg,Lg

1967=100 ..
do
do. ...

122.0
124.2
141.7

114.1
114.1
128.6

122.4
120.0
120.3

125.2
122.2
120.1

126.2
122.6
120.8

125.6
122.5
121.4

126.3
122.2
121.5

127.5
123.5
121.0

0.6
-0.2
0.1

1.0
1.1
-0.4

2.3
1.8
-0.2

0.8
0.3
0.6

91
92
93

L,L,L
L,L,L
L,L,L
L,L,L
L,L,L

do.
do.
do.
do.
do.

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

96.7
105.0
105.2
9b.8
113.1

93.1
101.6
97.1
101.2
104.7

97.8
105.4
100.6
107.9
106.4

96.2
105.5
104.0
108.2
107.8

95.3
107.2
103.7
109.2
107.5

94.2
108.1
102.9
109.2
106.5

94.2
109.4
102.1
108.3
107.7

95.8
108.8
102.8
108.5
108.1

0.0
1.2
-0.8
-0.8
1.1

1.7
-0.5
0.7
0.2
0.4

-1.6
0.1
3.2
0.3
1.3

-0.9
1.6
-0.3
0.9
-0.3

91
91
91
91
91

Marginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.2 ..
2. Accession rate, per 100 employees, mfg.2 . . . .
5. Avg. weekly initial claims (inverted 4 )
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4. Quit rate, per 100 employees, mfg.2

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

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

40.0
3.2
4.2
351
1.5
2.3

39.4
2.6
3.7
470
2.1
1.4

40.3
3.1
4.2
349
1.1
1.7

40.0
3.0
4.0
388
1.3
1.8

39.9
3.0
3.7
406
1.5
1.7

39.7
3.0
3.6
433
1.7
1.6

39.8
2.9
3.5
443
1.6
1.5

40.1
3.1
3.7
398
1.3
1.5

0.3
-0.1
-0.1
-2.3
0.1
-0.1

0.8
0.2
0.2
10.2
0.3
0.0

-0.7
-0.1
-0.2
-11.2
-0.2
0.1

-0.2
0.0
-0.3
-4.6
-0.2
-0.1

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

L,Lg,U
L,Lg,U

Ratio
1967-100...

0.659
110

0.304
80

0.380
91

0.398
94

0.386
96

0.379
94

0.378
96

0 . 3 7 9 -0.001
2.1
99

0.001
3.1

0.018
3.3

-0.012
2.1

6
4

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

A.r., bil. hrs. .
Thousands. .
do. . . .
do. ...

150.93
82,443
76,413
24,b97

146.78
81,403
7b,985
22,549

149.98
83,171
78,397
22,950

150.27
84,185
79,020
23,168

151.29
84,552
79,344
23,142

151.50
84,533
79,572
23,228

151.95
84,444
79,451
23,101

0.3
-0.1
-0.2
-0.5

0.5
0.5
0.3
0.6

0.2
1.2
0.8
0.9

0.7
0.4
0.4
-0.1

4
4
4
4

U,Lg,U

Percent

5b.99

55.25

55.70

56.21

56.22

56.08

55.98

56.13

-0.10

0.15

0.51

0.01

9

5,076
5.6
3.5
9.b
1.0

7,830
8.5
5.9
14.2
2.7

7,151
7.6
4.2
16.3
2.7

7,014
7.4
4.3
15.9
2.2

7,439
7.8
4.8
15.6
2.4

7,384
7.8
4.9
15.4
2.4

7,569
7.9
5.1
15.4
2.4

7,769
8.1
4.9
15.6
2.7

-2.5
-0.1
-0.2
0.0
0.0

-2.6
-0.2
0.2
-1.3
-0.3

1.9
0.2
-0.1
2.5
0.5

-6.1
-0.4
-0.5
1.9
-0.2

3
4
4
9
4

1214.0 1191.7 1 2 4 6 . 3 1 2 6 0 . 0 1 2 7 2 . 2
985.7
b > b b . 6 1021.0 1 0 3 3 . 8 1 0 3 8 . 0 1 0 3 7 . 0 1 0 4 0 . 0 1047.9
866.0
850.0
876.4
891.5
893.9
893.3
895.8
902.5

0.3
0.3

0.8
0.7

1.1
1.3
1.7

1.0
0.4
0.3

5
5
5

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

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment

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

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

152.67
84,89b
79,711
23,240

2

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

C,C,C
C,C,C
C,C,C

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

c,c,c

do. ...

227.7

209.2

216.7

219.7

219.3

218.9

219.5

222.5

0.3

1.4

1.4

-0.2

5

1967=100...
do. . . .
do. ...
A.r., bil. dol.

129.3
12j.7
134.6
D52.9

117.8
109.3
126.4
532.6

127.0
117.6
139.8
569.5

129.4
121.4
141.0
57b.O

131.0
123.9
141.5
579.1

130.9
122.5
142.4

130.4
121.6
141.9

132.0
124.4
142.5

-0.4
-0.7
-0.4

1.2
2.3
0.4

1.9
3.2
0.9
1.1

1.2
2.1
0.4
0.5

4
7
7
4

84.2

73.6
77
73.6

79.0
82
79.0

80.2
82
80.6

80.8
80
81.3

1.2
0
1.6

0.6
-2
0.7

8
8
8

C,C,C

c,c,c

C,L,L
C,C,C

L,C,U
L,C,U

Percent
do
do

62

b7.;

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32 Vendor performance 2

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

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

44.59
40.07
47.61
45.35
49.09
46.65
47.57
48.40
3b.4b
29.29
31.95 , 3 4 . 3 3
32.76
31.82
32.44
32.01
32.07
27.38
30 . 60 32.13
30.73
30.10
29.34
30.66
1.77
-1.49
0.92
-0.59
-0.11
-0.39
0.60
0.20
1 3 3 . 4 4 115.49 113.72 116.46 116.13 116.13 116.74 116.93
66
3U
48
60
59
61
48
50

2.0
0.6
-2.5
0.99
0.5
-10

1.7
1.3
4.5
-0.40
0.2
-2

6.2
7.4
5.0
1.51
2.4
11

-3.0
-4.6
-4.4
-1.03
-0.3
2

2
9
3

Consumption and Trade:
56. Manufacturing and trade sales
C,C,C
*57. Manufacturing and trade sales, 1972 dollars ..' c,c,c
75. Industrial production, consumer goods
C,L,C
54. Sales of retail stores
! C LU
59. Sales of retail stores, 1972 dollars
U,L,U
55. Personal consumption expend., autos
L,C,C
58. Index of consumer sentiment ©
L,L,L

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

164.12
131.59
126.9
44,815
37,342
36.1
64.0

-0.1
-0.3
0.2
1.1
0.7

NA
MA
1.8
1.7
1.4

2.8
1.7
1.8
1.9
0.9
4.4
-2.7

0.9
0.2
-0.2
1.2
0.3
0.5
8.0

5
5
7
5
5
5
5

1967=100...
Number. . . .

112.4
108.9
115.4
116.4
118.0
118.3
120.0
26 . 5b4 27 . 2 6 4 2 9 . H ? ') 3 i) . n 3 B 31 . 7 4 3 3? .IfiH 3? . R * 7

1.4
1 . fi

NA
MA

0.9
n.7

1.4
5.7

168.08
121.94
124.0
46,702
37,466
40.3
70.5

182.28
128.95
134.7
52,512
39,341
52.6
84.5

187.47
131.08
137.1
53,516
39,681
54.9
82.2

189.12
131.34
136.8
54,166
39,804
55.2
88.8

189.34
130.93
136.2
54,100
39,552

189.14
NA
130.58
NA
136.5
138.9
54,669 55,583
39,811 4 0 , 3 5 0

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




L,L,L
1 i l

NA
.'•] A

1
1

Basic data1
StriB title

Timing
clarification3

Unit
of

Average
1974

Percent change

1st a
1975

2dQ

3d Q

Sept.

1976

1976

1976

1976

Oct.
1976

Sept.
to

Oct.

1st a

to

Oct.
1976

Nov.
1976

Nov.
1976

to
2dQ

2dQ
to
3d Q

1976

1976

Series number 1

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

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . . L,L,L
*20. Contr. and orders, plant and equip.,
L,L,L
1972 dol . . .
24. New orders, cap. goods indus., nondefense . . . L,L,L
27. New orders, capital goods industries, nondefense, 1972 dollars
L,L,L
9. Construction contracts, commercial and industrial buildings, floor space
L.C.U
1 1. New capital appropriations, mfg
U,Lg,U
97. Backlog of capital appropriations, mfg.5 ..... C,Lg,Lg
Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76 Industrial production business equip
86. Nonresid. fixed investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29 New building permits, private housing
89. Fixed investment, residential, 1972 dol

Bil. dol

do. . . .
do. . . .

13.54

12.23

11.42
11.53

9.03

9.36

10.27

10.68

13.30

13.71
9.52

11.68

13.72

13.60

15.65

13.59

15.1

-13.2

3.1

9.42

9.30

14.0

-13.3

12.08

10.60
12.56

9.19

12.17

11.95

1.7
9.4

.... .do. . . .

9.84

7.52

7.55

8.13

8.38

8.28

8.55

8.10

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

72.90
14.22
49.79

48.80
11.36
46.45

44.74
11.34
46.05

55.50
12.49
46.65

53.40
11.34
45.64

49.37

54.86

49.66

4.0

-4.9

3.3

-5.3

1 .
11

-9.5

1.3

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

112.40 112.78 114.72 118.12 122.55

C,Lg,Lg
do. ...
C,Lg,U 1967=100...
C,Lg,C Ar., bil. dol.

152.69 151.40 154.90 159.81 162.86 163.07 166.20
142.4
128.2
132.5
134.6
137.4
137.6
136.4
111.4
128.5
112.6
114.9
117.5

L,L,L
L,L,L
L,L,L

Ar., thous. .
1967=100...
Ar., bil. dol.

1,338
92.2
45.0

1,160
81.0
38.4

1,400
100.5
44.1

1,433
97.4
45.7

1,586
115.3

7.7
24.0
10.1

0.1

1

4.2

2
2

3.1

2

-1.1

-3.8
-9.2
-2.2

1
9

3.0

1,840
129.6

1,813
128.6

NA
139.3

-0.9

1,705
137.0

-1.5
-0.8

1.9

NA
2.1

-6.0

6.5

3.8

6

3.2
1.6
2.0

1.9
2.1
2.3

6
7
8

2.4
-3.1

3.6

47.4

10.7
18.4

3.7

2
2
8

B5. Inventories and Inventory Investment
Inventory Investment:
L.L.L
30. Chg. in business inventories, 1972 dol.2
*36. Change in inventories on hand and on order,
L,L,L
1972 dollars (smoothed6)2
31. Chg. in book value, mfg. and trade invent.2 . . L,L,L
38. Chg. in mtl. stocks on hand and on order2 ... L,L,L
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total5
*70. Mfg. and trade invent., total, 1972 dol.5
65 Mfrs.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars3
78. Materials and supplies, stocks on hand and on
order5

.'....do. ...
.... .do. . . .

. ...do. ...
Bil. dol

Lg,Lg,Lg Bil. dol., EOP
Lg,Lg,Lg
..do. ...
Lg,Lg,Lgj
do. ...
Lg,Lg,Lg Ratio

8.5
7.39
46.4
2.03

-4.5

-1.26

10.4

1 .
11

11.06

21.9
0.32

28.3
0.68

6.97
29.0
0.17

0.7

10.2

-3.86

3.06
39.5
0.62

5.67
18.4
0.22

2 7 0 . 8 2 2 6 6 . 3 6 271.85 278.93 286.18 286.18 2 8 7 . 7 2
226.25 216.38 218.88 222.08 223.06 223.06 223.73
46.73
4 7 . 3 2 4 7 . 4 9 4 8 . 6 8 50.64 50.64
51.41
1.70

L,Lg,Lg Bil. dol., EOP

-12.0
-18.08

1.80

1.69

1.68

1.69

1.70

1.71

123.42 108.30 109.26 111.31 111.82 111.82 112.04

NA
NA
NA
NA
NA
NA
NA
NA

-0.9

3

-4.09
0.7
-0.51

3
3
3

2.6
1.5
2.5

2.6
0.4
4.0

7
7
6

NA

-0.01

0.01

7

NA

1.9

-21.1
-0.40

NA
NA
NA

14.92
6.4

0.5
0.3
1.5

NA
NA
NA

2.61

0.01

0.2

0.36

0.5

7

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92 Chg in sensitive prices (smoothed*)2
23. Industrial materials prices®

L.L.L
U,L,L

Percent
1967=100. . .

2.53

0.06

0.46

1.17

219.0

180.4

187.8

202.7

Stock Prices:
*19. Stock prices, 500 common stocks®

L.L.L

194143=100.

82.84

86.16

99.53 101.62 104.31 105.45 101.89 101.19

Profits and Profit Margins:
16. Corporate profits after taxes
L,L,L
18. Corp. profits after taxes, 1972 dollars
L.L.L
79. Corp. profits after taxes, with I VA and CCA . . L,C,L
XC.L
80. ........... .do
in 1972 dol. . . .
15. Profits (after taxes) per dol. of sales, mfg.2 . . . L,L,L
L,L,L
17 Ratio price to unit labor cost mfg
Cash Flows:
34 Net cash flow corporate
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector ......
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, mfg. . ....
64. Compensation of employees as percent of
national income2

Ar., bil. dol.

1.59

210.0

-0.28

1.18

1.57

201.6

201.0

-2.2

0.39
-0.3

-3.4

-0.7

7.9

3.6

9
2

2.1

2.6

1

3.8
2.9

1.46

206.2

2.9
1.8
7.6
5.8
0.2

1
1
7
8
1
1

2.3
1.4

3
3

0.71

0.42

75.2
64.7
32.4
28.1

65.3
50.3
42.4
33.1

79.7
59.6
53.7
40.5

82.7
61.3
52.9
39.6

85.1
62.4
56.9
41.9

5.6
120.7

4.6
119.6

5.5
124.3

5.6
124.1

5.3
124.4

126.0
108.6

122.6
92.3

140.9
102.0

144.6
103.4

147.9
104.8

Lg,Lg,Lg 1967=100...

150.4

161.7

164.7

166.1

167.8

0.8

1.0

6

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

0.794
127.6

0.853
143.0

0.869
141.4

0.876
143.2

0.884
144.6

0.8
1.3

0.9
1.0

6
6

77.1

77.0

76.2

76.1

76.2

-0.1

0.1

6

0.38

0.34

0.37

0.57

0.34

8

L,L,L
L.L.L

do. . . .
.....do. ...
do. . . .
Cents
1967=100. . .
Ar., bil. dol.

do

Lg,Lg,Lg Percent

-1.5
-2.2

0.1

123.9

123.6

124.2

-0.2

0.5

-0.2

2.6
1.4

145.6

146.4

147.1

0.5

0.5

-0.3

B7. Money and Credit
Money:
85 Change in money supply (M1)2
102. Change in money supply plus time deposits at
commercial banks (M2)2
*104. Chg. in total liquid assets (M7) (smoothed6)2 .
*105. Money supply (M1), 1972 dollars .
106. Money supply (M2), 1972 dollars

L,L,L

Percent. ...

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

.... .do. . . .

Velocity of Money:
107. Ratio, GNP to money supply (M1)2
c,c,c
108. Ratio, pers. income to money supply (M2)2 . . C,Lg,C
Credit Flows:
33. Change in mortgage debt2
112. Change in business loans2
113. Change in consumer installment debt2
1 10. Total private borrowing




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

-0.03

1.14

0.0

0.58
0.74

0.68
0.79

0.91
0.87

0.77
0.83

0.85
0.84

0.79
0.79

1.31
0.78

0.85
0.86

do. ...

235.7
505.1

224.9
497.9

222.1
506.8

224.2
514.6

223.2
518.7

222.5
520.4

224.2
525.4

223.6
528.3

Ratio
.....do. ...

5.088
1.937

5.237
1.949

5.516
1.967

5.532
1.960

5.589
1.950

1.943

1.933

1.937

50.32
10.72
17.77

59.40
21.47
18.77

NA
27.94
NA

do. . . .
Bil. dol. ....

Ar., bil. dol.

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

35.52 38.82 51.78 45.05 52.97
21.97 -10.89 -22.70 -13.25 -4.30
8.60
7.18
14.80
16.92
16.75
176.81 125.16 160.22 176.12 179.88

1.17

-1.14

0.20

-0.23

0.52

-0.46

-0.01
0.8
1.0

0.08
-0.3

0.08
0.01
-0.4

0.6

-0.14
-0.04
0.9
1.5

0.004

0.016
-0.007

NA

-6.73

-0.010

9.08

10.75
1.00

6.47

NA

9.45
2.12

9.9

0.8

10
10
10
10

0.057
-0.010

10
10

7.92
8.95

-0.17
2.1

3
1
1
1
1
U(

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Timing
classification3

Series title

Unit
of
mtHiira

Percent change

1974

1stQ
1976
1975

2dQ

3dQ

Sept.

1976

1976

1976

Oct.
1976

Oct
to

Oct.
1976

Nov.
1976

IstQ
to
2dQ

Nov.
1976

2dQ
to
3dQ

1976

Sept.
to

Average

1976

-13.5

-0.8
0.04

1

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv.4)®
39. Delinquency rate, instal. loans (inv.4)2 5

L,L,L
L,L,L

Mil. dol

Bank Reserves:
93. Free reserves (inverted4)2®
94. Borrowing from the Federal Reserve2®

L,U,U
L,Lg,U

Mil. dol

Interest Rates:
119 Federal funds rate2®
1 14. Treasury bill rate2®
115. Treasury bond yields2®
1 16. Corporate bond yields2®
117. Municipal bond yields2®
118. Mortgage yields, residential2®
67. Bank rates on short-term bus. loans2®
*109. Average prime rate charged by banks2®

254.43 365.01 238.83 271.11 273.28 250.32

Percent, EOP

do. . . .

ULg.Lg Percent
do. ...
C,Lg,Lg
do. . . .
C,Lg,Lg
Lg,Lg,i_g
do. . . .
do. . . .
U,Lg,Lg
do. . . .
Lg,Lg,Lg
Lg,Lg,Lg .... .do. . . .
do. . . .
Lg,Lg,Lg

Outstanding Debt:
66 Consumer installment debt5
Lg,Lg,Lg Bil.doL.EOP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm banks
Lg,Lg,Lg Bil. dol
*95. Ratio, consumer install, debt to pers. income2. Lg,Lg,Lg Percent

2.80

2.47

-1,797
2,050

12
194

10.51

5.82
5.82
7.00
9.51
7.05
9.20
8.65
7.86

7.87
6.98
9.42
6.17
9.55

11.28
10.80

2.45

158
71

4.83
4.95
6.91
8.80
6.98

NA
7.54
6.83

2.40

115
95

5.20
5.17
6.89
8.86
6.78
8.97
7.44
6.90

2.36

145
101

5.28
5.17
6.79
8.57
6.64
8.91
7.80
7.09

2.36

243
75

NA
NA

NA
NA

NA
NA

155
66

342
85

88
-9

NA
NA
-187

19

5.25
5.08
6.70
8.37
6.51
8.82

5.03
4.93
6.65
8.25
6.30
8.55

4.95
4.81
6.62
8.17
6.29
8.45

-0.22
-0.15
-0.05
-0.12
-0.21
-0.27

-0.08
-0.12
-0.03
-0.08
-0.01
-0.10

7. V 00

6.78

6.50

-0.22

-0.28

152.20 159.38 163.08 167.31 171.49 171.49 173.06

NA

0.9

NA

125.35 125.44 120.42 114.42 113.36 113.82 115.61 117.94
12.98
12.34
12.15
12.18
12.27
12.32
12.34
NA

1.6

2.0
NA

0.02

0.05

43
24

0.37
0.22

-0.02
0.06

-0.20
NA
-0.10
0.07

2.6
-5.0
0.03

-30
6

0.08

0.0
-0.10
-0.29
-0.14
-0.06
0.36
0.19

2.5
-0.9
0.09

1
3
9
9
1
1
1
1
1
1
1
1
1
1
1
1
6
10
6
7
9

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310.
320
320c
322
330.
331
332
333
334

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

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A2
CPI, food
Wholesale prices (WPI), all commodities®. . .
WPI, crude materials
WPI, intermediate materials .
WPI producer finished goods
WPI consumer finished goods

116.4
147.7
1.0
161.7

127.2
161.2
0.6
175.4

131.3
167.1
0.2
179.5

133.0
169.2
0.5
180.2

134.4
171.9
0.5
181.6

172.6
0.4
181.8

173.3
0.3
182.3

173.8
0.3
181.9

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

160.1
196.1
162.9
141.0
149.3

174.9
196.9
180.0
162.5
163.6

179.4
199.0
185.4
169.9
166.9

182.1
208.7
186.8
171.6
168.8

184.2
204.2
190.3
173.5
168.7

184.7
202.8
191.9
174.5
169.5

185.2
204.2
193.1
177.0
170.1

185.6
211.1
194.2
177.4
171.3

0.3
0.7
0.6
1.4
0.4

0.2
3.4
0.6
0.2
0.7

1.5
4.9
0.8
1.0
1.1

do. . . .

158.6

172.6

180.3

183.. 1

186.3

187.2

188.1

189.2

0.5

0.6

1.6

1.7

34

do.
do.
do.
do.

107.4
161.8
109.5
109.2

107.1
177.5
110.1
111.4

107.7
186.2
111.3
115.3

108.2
190.0
112.3
116.3

108.5
193.1
112.4
117.2

108.5

108.7

109.0

0.2

0.3

0.5
2.0
0.9
0.9

0.3
1.6
0.1
0.8

34
34
34
37

0.1

0.6
0.4
2.6
4.1
2.6
0.0

1.1
1.3

0.8
0.4
6.1
7.4
8.7
0.0

44
44
3
44
44
44

0.2
0.4

45
45
45

0.4
-0.1

0.3

0.3
0.0
-0.2

1.3
1.3
0.3
0.4

1.1
1.6
0.0
0.8

31
32
32
32

1.2

33
33
33
33
33

-2.2

1.9
1.1
-0.1

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341 . Real average hourly earnings, production
workers private nonfarm economy
345. Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector

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

C. Labor Force, Employment, and
Unemployment
441 . Total civilian labor force
442 Total civilian employment
37 Number of persons unemployed . .
444. Unemployed males, 20 years and over
445. Unemployed females, 20 years and over
446. Unemployed persons, 16-19 years of age
Labor
451
452.
453.

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

Thousands. .
91,011 92,613 93,553 94,546 95,341 95,203 9 5 , 3 4 2 95,899
do. ...
85,936 84,783 86,402 87,532 87,902 87,819 87,773 88,130
do. . . .
5,076
7,830
7,151 7,014
7,439 7,384
7,569 7,769
do. . . .
1,918
3,428
2,915
2,906
3,122
3,148
3,270
3,403
do. ...
1,748
2,649
2,511 2,416
2,625 2,598 2,597
2,664
do. . . .
1,410
1,752
1,725
1,692
1,692
1,638
1,702
1,702
Percent
do. . . .
do. . . .

81.1
45.2
55.0

80.3
46.0
54.1

79.4
46.6
54.3

79.8
46.9
55.1

80.0
47.3
54.7

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

288.2
299.7
-11.5
210.2
203.0
7.3

286.5
357.8
-71.2
234.3
227.5
6.9

316.5
380 3
-63.8
251.6
239.5
12.2

324.6
378 7
-54.1
254 3
245.0
9.2

333.8
391 1
-57.4
262 0
249.3
12 7

Mil. dol

7,753
3,457

8,154
3,606

8,404
4,236

8,813
3,656

8,388 10,314 11,908
NA
3,609 4,929

1.90
77.3

1.77

1.93

2.19

1.47

84 3

86 2

86 9

9,861
2085.6
1836.7
10,649
2893.2
1105.9

2.5
3.9
0.0
3.9

88 5

8,166
8,936
8,953
9,563
do. . . . 1826.9 1823.1 1738.6 1930.0
1389.5 1740.0 1801.0 1841.7
do
8,359
8,012
9,241
9,624
......do. ...
do.... 2035.2 2074.4 2311.2 2437.4
.do. ...
859.1 829.9 1080.9 1122.0

-0.1

80.0
47.1
53.6

80.1
46.9
54.5

80.3
47.4
54.3

0.1

0.2
0.5

-0.2

0.9

-0.2

-1.9
-0.3
-3.8
-1.9

0.4
0.3
0.8

-0.4

D. Government Activities
D1. Receipts and Expenditures
501 . Federal Government receipts
502. Federal Government expenditures
500. Federal Government surplus or deficit2
51 1 . State and local government receipts
512. State and local government expenditures
510. State and local govt. surplus or deficit2

2.6
-0.4

...

...

...

...

•--

9.7
1.1
2.3
-3.0

2.8
3.3
-3.3

3.0
1.8
3.5

50
50
50
51
51
51

D2. Defense Indicators
516
525
548
564.

Defense Department obligations total
Military prime contract awards in U S
New orders defense products
National defense purchases

do. . . .
Bil. dol

A.r.,bil.dol.

1.47

2.44

NA
NA
2.37

15.5

NA
66. 0

•

NA
NA

-2.9

4.9
-13.7

-4.8
-1.3

13.5

-32.9
1.8

0.8

51
52
54
56

E. U.S. International Transactions
E1. Merchandise Trade
602
604
606
612
614
616.

Exports total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts

. . .
,
,
,
,




Mil. dol

9,872 9,728
2159.7
NA
NA
1883.2
10,651 10,424
3053.2
NA
NA
1237.5

NA
NA
NA
NA
NA
NA

-1.5

NA
NA
-2.1

NA
NA

NA
NA
NA
NA
NA
NA

6.8
11.0

2.3
4.1
5.5
3.8

3.1
8.1
-0.3
10.7
18.7
-1.4

60
60
60
61
61
61

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

Unit
of
measure

Pe rcent change
4th Q

Average
1973

2d Q
1975

3d Q
1975

4th Q
1975

1st Q
1976

2d Q
1976

3d Q
1976

1stQ
1976

1stQ

,_
E
=)
a

2dQ

2dQ
1976

.i

3dQ
1976

1974

1975

24,578
25,920
-1,342
b,55b
4,002
3b,ly4
35,297
b97

20,772
24,514
2,258
4,555
3,053
37,091
33,013
4,078

25,851
22,568
3,283
4,474
2,943
35,770
30,080
5,084

20,502
24,483
2,079
4 ,000
2,976
37,050
32,785
4,205

27,657
25,437
2,220
4,709
3,039
3b,602
34,245
4,357

20,830
28,510
-1,674
5,495
3,210
38,584
37,526
1,058

28,428
29,771
-1,343
5,594
3,134
40,408
36,672
1,736

29,581
-3.0
32,614
12.1
-3,033 -3,894
5,797
16.7
3,085
5.8
42,577
0.0
41,708
9.6
869 - 3 , 2 9 9

1235. u 1214.0
1306. 0 1413.2
1216.5 1 2 0 5 . 5
9b2.9
9o 1.7
654.7
840.8
5, abb
5,728
4,002
3,968

1191.7
1510.3
1203.7
1080.9
855.5
5,580
4,007

1177.1
1482.3
1198.2
1088.2
809.7
5,519
4,078

1209.3
1548.7
1210.2
1091.5
857.1
5,650
4,009

1219.2
15C8.2
1224.7
1119.9
867.5
5,691
4 ,049

1240.3
1030.2
1235.9
1147.0
880.4
5,808
4,103

1260.0
1675.2
1248.8
1172.5
890.5
5,802
4,143

1272.2
1709.8
1262.0
1190.2
892.0
5,907
4,142

2.2
3.0
0.0
2.5
1.5
2.1
1.3

1.1
2.4
1.0

770.3
111.9
300.1
352.4
973.2
131.7
409.1
432.4

707.5
108.4
307.2
351.8
900.3
127.0
405.8
427.4

775.3
763.9
800.7
8 0 8 . 6 815.7
115.1
118.0
124.3
125.2
126.2
309.5
314.6
317.6
306.8
318.9
353.4
356.4
301.8
3 6 5 . 8 370 .6
y 3 7 . 3 1012.0 1 0 4 3 . 6 10o4 . 7 1 0 8 8 . 5
130.0
141.6
151.4
155.0 157.6
414.0
421.6
429.1
4 3 4 . 0 441.8
436.7
403.2
443.6
474.9 489.1

2.1
5.3
1. 6
1.5
3.1
6.8
1.8
3.3

1.0
0.7
1.0

£

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

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

17,tia2
17,025
22o
3,500
2,205
25,o39
24,503
97b

Mil. dol

do
do
do
do
do
do
do

4.1
5.9
4.4
9.5
331 -1,690
1.8
3.6
-2.5
-1.6
4.7
5.4
3.1
7.9
67b
-bb7

618
020
622
051
652
608
669
667

1.0
2.1
1.1
1.5
0.2
0.8
0.0

50
200
213
224
225
217
227

2.4
1.3
2.5

0.9
0.8
0.4
1.3
2.2
1.7
l.b
3.0

231
233
238
239
230
232
230
237

~>{< I

A. National Income and Product
A1. GNP and Personal Income
50
200
21 3
224.
225.
217.
227

GNP in 1972 dollars
A.r.bil dol
GNP in current dollars
.do
Final sales, 1 972 dollars
do
Disposable personal income, current dollars . . .
do
Disposable personal income, 1972 dollars
do
Per capita GNP in 1972 dollars
A.r., dollars
do
Per capita disposable pers. income, 1972 dol. . .

2.2
1.1
0.9
1.0

A2. Personal Consumption Expenditures
231.
233.
238
239
230
232.
236.
237.

Total, 1972 dollars
Durable goods, 1972 dollars
Nondurable goods 1972 dollars
Services 1972 dollars
Total current dollars
Durable goods, current dollars
Nondurable goods, current dollars
Services, current dollars

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

7 b 7. 7
121.o
30^.3
330.5

do
do
. . . .do. . '
.. . .do
do
do

2 u 7 . 2 162 . 0
190.7
173.5
16.5
8.D
220 0
2150
202.1
204.3
17.9
10.7

137 b
149 b
-12 0
183 7
196.3
-14.0

120 2
147 4
-21 2
104 4
194.3
-30.0

148 7
149 7
-1 0
190 7
198.0
-2.0

147 0
152 5
-5 5
201 4
205.7
-4.3

107 1
15o 7
10 ^
229 0
214.7
14.8

171 7
160 6
11 1
239 2
223.2
16. 0

175 ^
165 0
10 2
247 0
231.9
15.1

13 7
2 8
159
14 0
4.4
19.1

2 8
2 5
0 7
4 n
4.0
1.2

2 0
2 7
-0 9
3 3
3.9
-0. 9

243
30
°40
242
24b

252.5
9b.b
155. 9
2o9.5
Iu2.2
107.3

201 0
95.7
105.2
339.0
124.4
214.5

?

59 1
95.3
163. b
333.2
122.4
210. y

202 4
95.0
166.9
343.2
124.6
218.6

265 2
97.2
160.0
353.8
130.4
223.4

261 9
95.4
166.0
354.7
129.7
225.5

?63 6
96.0
167. 7
302.0
131.2
230.9

265 5
97.3
168.2
369.6
134. 5
235.0

-1 2
-1.9
-0.8
0.3
-0.9
0.9

0 0
0.6
0.7
2.1
1. 5
2.4

U 7
1.4
0.3
2.1
2. 5
1.8

9
61
263
207
200
262
266

87.7
03.4
24.3
142. y
116 5
24.4

90.7
07.9
22.8
146.2
12b 8
21.4

93.9
70.8
23.1
153.7
132 7
21.0

93.6
77.0
16.6
154.1
145 7
8.4

95.4
79.4
16.0
160.3
151 0
9.3

98.0
82 3
15.7
167.7
Ib3 0
4.7

-0 3
B.8
-6.5
0.3
9 8
-12.6

1.9
3.1

2.7
3.7
-0.3
4.6
7 9

-4.6

250
257
255
252
253
25o

1 9
2 0
-4.2
4.o
1.3
4 0

^ 20
2 80
202
2bb
284
2 k' "

b09 . y
123.7
333.8
352.3

759.1
112.3
3u3.5
343.4
bb7. 5
121. b
370.2
389.0

1.1
2.0

A3. Gross Private Domestic Investment
241
243
30
240
242.
245.

Total 1972 dollars
Total fixed investment 1972 dollars
Change in business inventories, 1972 dol.2 ....
Total current dollars
Total fixed investment, current dollars
Chg. in bus. inventories, current dol.2
A4. Government Purchases
of Goods and Services

261
263.
267.
260.
262
266.

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

256
257
255.
252.
253
250.

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

do
do
do
do
do
do

25o . 4
9j.3
101. 1
3o3.3
111.0

191.0

A5. Foreign Trade
b'/ .4
97.2
yO . 0
bo . 7 0 8 . 1
79.9
16.5
7. fa
22.0
144.4
148.1
lul.6
94 4
13b 9 127 0
7.1
7.5
20.5

do
...do
do
do
do
do

-0.6

4.0
3 £,
0.9

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

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

290
295
292
298
293

Gross saving (private and govt )
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate 2

do
do
do
do
do
do

.

7yi 2
y2.4
yy.l
21.0
52 3

1135 7 1207 0 1182 7 1233 4 1 ° b 4 6 1 3 0 4 7 1337 4 1362 5
d75 b
928 b
912 9
935 2
963 1
9 9 4 4 1 Ol 7 2 1037 5
80.9
90.2
86.8
97.2
95.5
93.2
100. 3
96.1
84.8
91.0
bo . 0 105.3
116.4 1 2 2 . 0
105 . b 115.1
21.0
22.4
22.3
22.4
22.9
23.3
23.1
23.4
74 0
07 1
74 6
74 9
7 5 \'
7b 6
'5 o 3
0 -J

C

3 ?
3 °
-4.1
9.0
1.7
3 7

2 5
o 3
7.6
1.1
-0.9

2 9

A7. Saving

do
do
do
.. . . d o
Percent

210 b
140 2
70 3
7

d

205
139
7 ';
-4
7

3
4
2
2
3

191
171
84
—u4
7

°
0
0
4
8

180 2

10 ^ 5
— 92 9
9 b

204
182
80
5P
7

0
3
5
1
4

O ,• ] o

ri

999 i

9-5/1

9

9-5/1

9

C

A

1 oc

-1

1 OA

1 n•

9

9 11 1 1

1

n

9

75 8
44 7
6 4

8^ 7
-61 5
7 5

9

79 5
51 6
c.

q

S?

— 4 4 '•)
7 1

—5 0
9 9

4 3
6 7
0 7

NOTE: Series are seasonally adjusted except for those indicated by Oi', which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
•'The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.

10




0

C

_()

g

0 ?
0 7

2M^
2^2
9 n •"{
9uT

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
(Nov.)(0ct.)
P T

(JulyXMay)

P

T

(Aug.)(Apr.)

P

T

(Apr.)(Feb.)

P

T

(Dec.XNov.)

P

T

(Nov.)

(Mar.)

P

T

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 59.

BCII


DECEMBER 1976


11

CYCLICAL
AI

INDICATORS

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart Al. Composite Indexes—Con.
(Nov.)(0ct.)
P T

(July)(May)
P T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P T

(Dec.)(Nov.)
P T

9H. Capital IprtMrt Mrtteete (series 12,29,29)
-10

(Nov.) (Mar.)
P
T

120-

^j

110-

-30

-13
100-

120-

imstaent ari pntkashe (series 8r 32,38, 92)

915.
-23

90-

-1

-2

110-

-12

-1

100-

^pL

90-

!£U-

916. ProfittJility (series n, 11, 80)

_n

^^ ^^r-II
I

y^^

~^\*S

™

x-^^v /^^
V

117. Itattj artfimcialflews(series 1B4, IK, 111) ^

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 59.




12

DECEMBER 1976

110-

.j
100- JK
90-

^

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components
(Nov.XOct)
P
T

(July)(May)
P
T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P
T

(Dec.XNov.)
P
T

(Nov.) (Mar.)
P
T

and materials, 1972 dollars (bil. dol.)

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
Current data for these series are shown on pages 60,63,64, and 65.

ItCII


DECEMBER 1976


13

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS-Con.

Chart A2. Leading Index Components—Con.
(Nov.XOct)
P T

(July)(May)

P

T

(Aug.)(Apr.)

P

T

rffS.
f!

(Apr.)(Feb.)

P

T

(Dec.XNov.)
P
T

(Nov.) (Mar.)
P
T

Start
(WexMIII-43^1)

104. Ctoge in total liquid assets,

105. Honey s«ly-M1-in 1972 dollars (bil. do!.)

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
1

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 66,67,68, and 70.




14

DECEMBER 1976

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A3. Coincident Index Components
(Nov.) (Oct.)
P T

(July)(May)
P
T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P
T

(Dec.)(Nov.)
P
T

(Nov.) (Mar.)
P
T

ami trade sales, 1972 dollars

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977
Current data for these series are shown on pages 61,62, and 64.


DECEMBER
http://fraser.stlouisfed.org/ 1976
Federal Reserve Bank of St. Louis

15

CYCLICAL INDICATORS
Al

COMPOSITE INDEXES AND THEIR COMPONENTS-Con.

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

(July)(May)
P
T

(Aug.)(Apr.)
P T

(Dec.)(Nov.)
P
T

(Apr.)(Feb.)
P
T

(Nov.) (Mar.)
P
T

(weeks-inverted scale)

70. Manufacturing and trade inventories, 1972 dollars (bil. del.)

62. Uta cost per Hit of output, manufacturing (index: 1967=100)

109. Average prime rate charged by batiks (percent)

72. Commercial and indistrial loans outstanding, weekly reporting
large commercial banks (bil. del.)

installment debt to personal mcorce (percent)

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
Current data for these series are shown on pages 61,67,69, and 72.




16

DECEMBER 1976

licit

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
(Aug.)(Apr.)

(July) (May)

P

T

P

(Dec.) (Nov.)

(Apr.) (Feb.)

P

T

P

T

(Nov.)

(Mar.)

P

T

T

overtime horn, production workers, manufacturing (hours)

I Accession rate, manufacturing (per 100 employees

-*

o-i

3, Layoff rale, manufacturing (per IB employees-inverted scale)
2-

3-

4-J

4. Quit rate, manufacturing (per 100 employees)

3n
2-

*
%

1J

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 60.


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.
(Dec.) (Nov.)
P
T

(Aug.)(Apr.
P T

(July) (May)
P
T

(Nov.)
P

(Mar.)
T

Ratio, help-wanted attvertising to

Employee hourc in Maagricfllterai estafal ishments
(ain. rate, bil. hours)

in loiiagriciiltiiral activities

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 60 and 61.




18

DECEMBER 1976

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)

Ratio, civilian employment to Mai

43. Unemployment rate, total (percent—inverted scale)

rate, persons unemployed 15 weeks and over (percent—inverted scale)

44.

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 61.


http://fraser.stlouisfed.org/
DECEMBER 1976
Federal Reserve Bank of St. Louis

19

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)

(Apr.) (Feb.)

(Nov.)

(Mar.)

6NP in 1972 dollars JJann. rate, bil. dol.)
C.C.C

in 1972 dollars (ann. rate, bil.

c,c,c

SI. Personal income less transfer payments,
1972 dollars (ann. rate, Ml. dol.)

Wages and salaries to mining, manufacturing, and
1172 dollars (am. rate, H. U.)

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 62.




20

DECEMBER 1976

ltd*

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

production, total (index: 1967=100)

73. Industrial production,
(index: 1967-100)

74. Indistrial proiliiclion, aondurable
(index

4S, Value of goods output
(ann. rate, II dol.)
I.

of capacity utilization,

00

Dota ftf onnoAihi WKlitotinn

84. Rate of capacity utilization, materials,
1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 62 and 63.


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

KCII

21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

7.BI enters, *rakle mfc htastriK, 1972

J»~-. OfAnfn far rmamiaimr <**«ul*
o. iwW oners tor GMsmr gooss
1972 dollars (bil. dol.)
D

25. Cham h ^BW inters, drable
del.; KCO wviig arf .-t-teti

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 63.




22

DECEMBER 1976

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)

P

T

(Mar.)
T

trade sales J972 dollars (bil. ih)|.)

Sales ot retail stores, 1972 tollars (bil. M.)

010

:fifi

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 64.


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

BCII

23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

(July) (May)
P
T

(Nov.)
P

(Apr.) (Feb.)
P
T

(Mar.)
T

12. Net business fonnation (index
UL

13. Hew business inconJorations (thousands)

20. Contracts and orders for plant
1972 dollars (kil. dol.)

10. Contracts and orders for

9. Coastractiofi contracts.
Ml. sq. ft. of floor area;
GOi

1953

54

55

56

57

58

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

hhis is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
Current data for these series are shown on pages 64 and 65.


http://fraser.stlouisfed.org/ 24
Federal Reserve Bank of St. Louis

DECEMBER 1976

BCII

CYCLICAL
B I

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

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

(July) (May)
P
T

1953

54

55

56

57

58

(Apr.) (Feb.)
P T

59

60

61

(Dec.) (Nov.)
P
T

62

63

64

65

66

67

68

69

70

(Nov.)
P

71

72

73

(Mar.)
T

74

75

76 1977

iThis is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on pages 65 and 66.


DECEMBER
http://fraser.stlouisfed.org/ 1976
Federal Reserve Bank of St. Louis

25

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

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

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

1972 dollars. Q (m rate, bii. rfoi.)
86. Total. Q

New private housing nits started, Mil (am. rate
MCD moving 3¥g.-4-to») (TTTl

permits, private housing units (index:

I fixed investment, total, 1972 dollars, A (

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 66.




26

DECEMBER 1976

CYCLICAL
B I

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment
(July) (May)
P
T

1953 54

(Aug.)(Apr.)
P T

55

56

57

58

(Apr.) (Feb.)
P T

59

60

61

(Dec.) (Nov.)
P
T

62

63

64

65

66

67

68

69

70

(Nov.)
P

71

72

73

(Mar.)
T

74

75

76 1977

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 67.


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

BCII

27

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

70. Book V3IH6, RtdRBidctiing <fflo
1972 Uirs (Wl. dol.)

6S. Book valse of iamfacturefs1
finished goods (nil. tol.)

77. Ratio, deflated inventories to sales

78. Stocks of aatefials aid suMlies on haHJ ami

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 67.




28

DECEMBER 1976

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits
(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

porate profits after taxes, 1972 dollars, I (aim. rate,

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

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


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

iCIl

29

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits—Con.
(Aug.)(Apr.)

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

T

P

(Nov.)

(Mar.)

P

T

T

22. Ratio, coniorate profits (atter taxes) to total

inventory valiation and capital conswnption
iidit, a dercat)^

s i t . ^f ^

S

T

aaMfacturing corporations. I (cants)

17. Ratio, price to onit labor cost, raamfactariBg

35. M cash flow, corporate, 1972 dollars,

DP.rate,wi. w

Het cask flow, corporate,
8 (ann. rate, Ml. tol.)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 68 and 69.




30

DECEMBER 1976

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B6. Prices, Costs, and Profits—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

tesiness sector, fl (index: 1967

8H
(

of employees is a percent of national income
75-

70J
1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 69.


DECEMBER
http://fraser.stlouisfed.org/ 1976
Federal Reserve Bank of St. Louis

31

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B7. Money and Credit
(July) (May)
P
T

(Aug.)(Apr.)

P

(Apr.) (Feb.)

T

P

(Nov.)

(Mar.)

P

T

T

supply plus time deposits at commercial tarts (M2)

Money apfily-KII-ii 1972

snHl>--M2-in 1972 dollars (HI. dnl.)

107. Rift, SIPB MM) apply HI

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'This series Is a weighted 4-term moving average (wtth weights 1Z2.1) placed on the terminal month of the span.
Current data lor these series are shown on page 70.




32

DECEMBER 1976

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B7. Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)

(Mar.)

Change in mortgage Ml (ann. rate, bit. dol.)

112. Change in business loans (ann. rate Jil. dol.;

installment m (ann. rate, il
l

110. Total private borrowing, Q (ann_olaJiiLjliiU

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 70 and 71.


http://fraser.stlouisfed.org/
DECEMBER 1976
Federal Reserve Bank of St. Louis

33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

14. Liabilities of business failures

4fi
lialtHMUMtAU mta 4ft dan* mul mutr •*•*!
if. ueiimpency raie, ou nays dflu over, luiai

(iere«rt-inert8d scale)

93. Free reserves (HI. dol.-ia»erted scale)

94. MMkv bak kwrowtag tnm tte Federal Reserve (Wk||)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 71.




34

DECEMBER 1976

ltd*

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(July) (May)

P

(Aug.)(Apr.)

T

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

119. Federal funds rate (percent)

114. Treasury Mil rate (percent)

IIS. Corporate bond yields (percent) —

115. Treaarytari yields (pwcent)

117. Mmici|Ml tori yielte (percart)

lit Mortgage yields,resitortial(pereart)

1953

54

55

56

57

58

59

60

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



DECEMBER 1976

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B7. Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Apr.) (Feb.)
P
T

61 Bank rates on short-term business loans,

109. Average prime rate charged by banks (percent)

i

s

V m
66. Consumer installment debt (Ml. dol

72. Commercial art industrial loans outstanding
weekly reporting large commercial

instaltewt debt to personal income

1953 54



55

56

57

58

59

Current data for these series are shown on page 72.

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

www
coincident indicator emnmts (6-fflo. span—
ttli IHHplW -IM IB!
'IH'HBiiRMlUl H »jf|

lagging indicator components (6-mo. span-

workers, manufacturing-21 industries (9-mo.

insurance--47 areas (percent declining; 9-mo.

icaltaral imfe-lR industries (6-mo.

f

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 73.


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

ItCII

37

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

964. Hew ortirsjurable goods ii*istries--35

(9-mo.

(Nov.)
P

(Mar.)
T

span-—)

10050-

0-

coital awnpriitiWB-17 iirtstriis' (3-0

1-Q spa— )

w/ v A.

100-

• •
/ V ','

A

50-

0-

in*cfiM-2« MKWK (6-w. spa—, 1-wi.

100-

50-

0-

materials prices--13 inrfflstrial materials (SHM. spaa

lOO-i

50-

0-

100-

50-

0-

-atari 1JH corporatiws

90705030-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on page 74.




38

DECEMBER 1976

BCII

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.
(Dec.) (Nov.)
P
T

1967

68

69

70

(Nov.)
P

71

72

73

(Mar.)
T

74

75

(Dec.) (Nov.)
P
T

76 1977

1967 68

69

70

71

72

73

74

75

76 1977

1

This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet, Inc. Dun and Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 75.


http://fraser.stlouisfed.org/
Federal ReserveDECEMBER 1976
Bank of St. Louis

ItCII

39

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart C3. Rates of Change
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

911. Opposite index of twelve leadiig Wteftn
(series 1,3,1,12,19, 20, 29, 32, 36,92,194,195]

ItMlmr M* fan* MtiHAtdMitt imHooto^o

infix fit nwr coincident indicators

939. Cemposite iitei of six lagging indicators
(series 62, 79,72,91, 95,199)

50c. 9NP in coflstant dollars (1-0 s^an)

47. MM of Mistrial prodsclion

48. EMHN boars ii newgriciltBral estatlistaarts

Personal (MMfe Ifiss ti^sffti paynrats in constant

1953 54



40

55

56

57

58

59

60

61 62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

GNP in current dollars, I (m rate, bil. M
1600
1500
1400
1300
1200
1100
1000
900

223. Perswal Htm ii emit Mas
(ai. rate

800

14001300120011001000900-

50. GNP in 1972 dollars, 8 (ann. ratOIT

211 Final sales in 1972 dollars, Q (ann, rate";

217. Per capita GNP in 1972 dollars, Q (ann. rate,

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 62 and 79.


http://fraser.stlouisfed.org/
DECEMBER 1976
Federal Reserve Bank of St. Louis

BCII

41

OTHER IMPORTANT ECONOMIC MEASURES
A|

NATIONAL INCOME AND PRODUCT—Con.

Chart A2. Personal Consumption Expenditures
(Aug.)(Apr.)
P T

(July) (May)
P
T

1953 54

55

56

57

58

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

59

60

61 62

63

64

65

66

67

68

69

70

71

(Nov.)
P

72

73

(Mar.)
T

74

75

76 1977

Current data for these series are shown on pages 79 and 80.




42

DECEMBER 1976

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT-Con.
Chart A3. Gross Private Domestic Investment
(July) (May)
P T

1953

54

(Aug.)(Apr.)
P T

55

56

57

58

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

59

60

61 62

63

64

65

66

67

68

69

70

(Nov.)
P

71

72

73

(Mar.)
T

74

75

76 1977

Current data for these series are shown on page 80.


DECEMBER
http://fraser.stlouisfed.org/ 1976
Federal Reserve Bank of St. Louis

ltd*

43

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

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

(July) (May)
P
T

1953

54

55

56

57

58

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

59

60

61

62

63

64

65

66

67

68

69

70

(Nov.)
P

71

72

73

(Mar.)
T

74

75

76 1977

Current data for these series are shown on page 80.


http://fraser.stlouisfed.org/
44
Federal Reserve Bank of St. Louis

DECEMBER 1976

110

OTHER IMPORTANT

ECONOMIC MEASURES

NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

\

***' 252. Exports of goods and services,

251. Net exports of goods and services, Q

256. Exports of goods and services, Q

87. Imports of goods and

SS. Net exports of goods and sen/ices, Q

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 81.


http://fraser.stlouisfed.org/ 1976
DECEMBER
Federal Reserve Bank of St. Louis

45

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

__^_^^

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

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate,
18001600'
1400

^ G3

T

12001000900800-

220. National income, Q

700600-

500400-

300-

200180160140120-

iflts with inventory valMtiro art capftri

286. Cff

100-

-iah

908070605040-

30-

20-

10J

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 81.




46

DECEMBER 1976

OTHER
|A I

IMPORTANT

ECONOMIC MEASURES

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving
(July) (May)

P

(Aug.)(Apr.)

T

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

rate.
!'c ' »
'< ,

i':''"

,
,n ' ;

<

(cu.ent)

"A 't
^

'?<„

,-

S&**

«
;"

'

ASrvglr~''
^^KsM^
yi|4M?l£^

-—
.'•"•

<-

«••.-

^.'-ftx
/""•"•
>v

w :<

' f «.»

^••-

~
I'M

^^

-o¥

j*'****^/^

I tosssav^lipfete and government), a
t

j^"*

.y^llBS'* —<r
/
':-£%%'/

- _X^

,

1
""

280260240220200180160-

1iu?A?

^ y^^

300-1

140-

5®

i?n-

298. Government surolus or deficit, Q

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 81 and 82.


DECEMBER 1976


BCII

47

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Con.

Chart A8. Shares of GNP and National Income
(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Aug.)(Apr.)
P T

(Nov.)
P

(Mar.)
T

Percent if pm national product

65-

60 J

268. State and local government purchases
of goods and scrrices,

15-

10-

5-

0J

251. Net exports of goods and services, Q

247. Change in

80-i

75-

70-

65J

Proprietors' income wttt inventory
capital co.sinirtiooalpst.ats, 8

217. Corporate profits with inventory yalualiei aid

10-

289. Net interest,
5-

285. Rental incotne of persons with caoiy consumption adjustment.
1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

0J

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 82.


http://fraser.stlouisfed.org/
48
Federal Reserve Bank of St. Louis

DECEMBER 1976

BCII

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
(Dec.) (Nov.)
P

1967 68

69

(Nov.)
P

T

70

71

72

73

(Mar.)
T

74

75

(Nov.)
P

(Dec.) (Nov.)
P
T

76 1977

1967 68

69

70

71

72

73

(Mar.)
T

74

75

76 1977

Current data for these series are shown on pages 83,84, and 85.


http://fraser.stlouisfed.org/
DECEMBER 1976
Federal Reserve Bank of St. Louis

BCII

49

OTHER IMPORTANT ECONOMIC

MEASURES

PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart B2. Wages and Productivity
(July) (May)
P
T

(Aug.)(Apr.)

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

220

210

JUl 200
190

. l 180
il

345. Average hourly compensation, all employees.
business sector (current dollars). 8

170
160
150140130-

120110100SOSO-

130
120-

110-

341. Real average hourly egnings of production workers, private

1009030

346. Ml average hourly compensation, all employees,
i business sector, Q

70

370. Output per hoar, all persons,
private busteess sector, Q

120110-i

358. Output MF her, all persons. BMrtana basiness sector,

100-

90-

8070

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 86 and 87.




50

DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.
(July) (May)

P

(Aug.)(Apr.)

T

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

Six-month spans (an. rate)
Change in average hwrly earnings of
workers, private flonfarm
340c. Current dollar earnings m

341c. Real earnings

Six-ink spans (an. rate)
Change in average hwly compensation all employees
nonfarra bosiness sector, tt—
345c. Current dollar compensation

Four-quarter spans

One-quarter spans (an. rate)

Negotiated wage and benefit decisions, all industries348. first year avg. changes, Q (an. rate)
349. Average changes over lite of
cntract, 0 (an. rate)
370c. Change h oitpit pertaw,private business sector, I
+10-

953 54

55

56

57

58

59

60

61

62

63

64

65

68

67

68

69

70

71

72

73

74

75

76 1977

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2One-month percent changes have been multiplied by a constant (12) so that they may be shown against
the background of the annualized changes over 6-month spans. See basic data table for actual 1-month percent changes.
Current data for these series are shown on pages 86 and 87.


DECEMBER 1976


51

OTHER IMPORTANT ECONOMIC MEASURES
C I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

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

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

10(H

441. Civilian labor force, total (millions)

Labor force participation rales (percent)451. Males 20 years and over

453. Both sexes, 16-19 years of aee

444. Males 29 jears and over
Xfc

A^-

Both sexes, 16-11 M»i«f age
447. tortef aeBBloved. full-tine
worters (iilliws)

44S. Ksmber ewloyed part-tine for ecwmnic

reason (Millims)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 88.




52

DECEMBER 1976

BCII

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

(July) (May)
P
T

1953 54

55

56

57

58

(Apr.) (Feb.)
P T

59

60

61

(Dec.) (Nov.)
P
T

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 89.


http://fraser.stlouisfed.org/
DECEMBER 1976
Federal Reserve Bank of St. Louis

ItCII

53

OTHER

IMPORTANT ECONOMIC

MEASURES

GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

•i
li
12-,
11109876543J

76543-

2-

3-

2-

H
110-,
100908070-

564. Federal Government purchases of goods and services

605040-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 89.




54

DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
(Aug.)(Apr.)

(July) (May)

P

P

T

(Nov.)

P

T

(Mar.)

P

(Apr.) (Feb.)

T

T

1210-

6-

military aid shipments (bil. dol.; 1KB moving avg.
4-

3.0-i
2.52.01.5-

604. Exports of
total (bil. dol.)

1.0-

0.5-1
14-j
12108- u
S
6-

Exports of nonelectrical machinery (Ml. dol

til General imports (bil. dol.; MCD moving avg.--4-term)
4.0-1
3.53.02.52.0-

614. Imports of
products (kii

r

1-51.0-

Imports of automoiiiles and parts (bil. dol.)
0.50.4-

0.30.2-

0.1J

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 90.


DECEMBER 1976


ItCII

55

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

(July) (May)
P
T

1953 54

55

56

57

58

59

Current data for these series are shown on page 91.




56

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

60

61

62

63

64

65

66

67

68

69

70

71

(Nov.)
P

72

73

(Mar.)
T

74

75

76 1977

Annual totals are used prior to 1960.

DECEMBER 1976

licit

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
(July) (May)

P

(Aug.)(Apr.)

T

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

V
/
47. Usited States
721. BCD EirawH nwtries

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 92.


DECEMBER 1976


BCII

57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.
Chart F3. Stock Prices

Chart F2. Consumer Prices
(Nov.)
P

(Dec.) (Nov.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

prices: percent changes over
spans (annual rate)--

Stock prices-

(Mar.)
T

I Index: 1967-100
160-,

~BT

140120100-

A7

8060-

J

100

+20-

TSfc. West Germany

180-1
+10-

fS****^
0J

160140-

^J\.

/

ri

\».
/^^X.
n / V
'*V^y /
^v"V
^r

E

120100-

an-

+20-

74fi. France

736c. fram
+10-

0-

747. Italy

140-i
120100-

806040-

713 H:
160140120100-

1967 68

69

70

71

72

73

74

75

76 1977

1967 68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 93 and 94.


http://fraser.stlouisfed.org/
58
Federal Reserve Bank of St. Louis

DECEMBER 1976

BCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

1
9 COMPOSITE INDEXES
910. Index of
12 leading indicators (series
1,3,8,12,19,
20, 29, 32, 36,
92,104,105)

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

(1967=100)

(1967=100)

(1967=100)

128.9
129.2
129.3

126.8
126.1
125.8

134-3
133.2
132.8

April
May
June

127.4
126.9
124.8

125-5
125.7
125.5

July
August
September

124.1
120.9
117.2

October
November
December

1H-4

Year
and
month

930. Index of 6
agging indicators
(series 62, 70, 72,
91,95,109)
913. Marginal
employment
adjustments
(series 1,2, 3, 5)

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

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

916. Profitability (series
17,19,80)

917. Money
and financial
flows (series
104,105,110)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100)

(1967=100)

(1967=100)

98.7
98.5
98.7

107.2
107.5
108.0

109.8
110.0
109.6

103.9
103.3
103.5

118.2
117.9
117.4

94.4
94.7
94.7

137.4
142.1
143.6

97.7
99.1
98.4

107.6
107.4
106.4

108.9
107.6
105.8

102.0
100,9
99.8

117.7
116.9
115.7

91.3
88.5
87.4

125.7
125.2
124.6

146.0
146.4
147.1

98.8
97.2
96.2

107.0
104.4
102.8

105.3
105.2
103.5

98.0
96.4
94.9

114.2
1 14
1.
109.0

86.1
85.5
84.7

123-3
119.9
116.2

146.7
145.2
145.1

94-5
91.7
91.3

100.9

101.4

1 15
1.
109.8

101.1

98.9
96.4

95.1
94.9
92.9

107.7
106.7
104.8

84.0
82.6
80.1

106.5
106.2
107.1

113.9
112.3
110.9

143.4
138.1
134.5

90.4
90.0
90.7

97.8
97.5
97.6

94.6
93.5
92.9

93.7
95.0
96.0

102.2
100.5
102.0

79.4
81.3
82.5

109.4
1 17
1.
115.2

1 14
1.
1 18
1.
112.7

130.8
128.5
124.1

92.0
91.3
92.4

99.6

94.0
95.4
96.6

98.3

100.8
102.8

100.6
102.6

102.5
103-5
105-4

85.2
87.0
90.8

117.8
118.6
118.9

113.7
115.4
116.3

124.2
124.5
124.4

95.2
94.9
94.3

103.8
103.9
103.7

104.2
104-3
104.2

106.1
106.8
106.5

91.5
92.7
93.5

119.0
119.3
rl!9.6

116.7
116.9
117.6

125.3
123.1
122.0

94.3
95.2
96.9

103.6
103.8
104.3

104-4
105.2
rl05.6

105.9
107.5
107.3

93.1
95.0
96.4

r!21,3
122.2
r!23.6

118.7
120.0
r!21.2

120.8
120,2
120,0

r97.5

105.3
104.8
106.1

100.8
101.9

rl07.2
r!08.5
r!08.0

106.7
106.2
106.2

98.3
99.8

rlOl.O

April
May
June

123.6
125.4
r!26.7

rl21.9
r!22.1
r!22.5

119.5
119.9
120.8

r96.5
r96.0

104.9
104.9
106.8

103.0
104.2
[H>104.8

r!08.2
r!07.9
r!08.4

107.7
0)108.2
107.6

r!02.0
rl01.8
rl01.4

July
August
September

r!26.6
r!26.3
r!25.6

122.5
122.7
r!22.5

120.7
120.4
r!21.4

r96.1
r95.5
r94-2

106.8
106.7
rlOS.l

104.2
103.9
r!02.9

r!09.1
r!09.2
EJ-09.2

108.0
107.9
r!06.5

101.5
101.9
rlOO.9

October
November
December

126.3
(H)1^^

122.2
D2123.5

G> rl21.5
3
121.0

P95.8

|H>rl09.4
p!08.8

102.1
102.8

r!08.3
P108.5

r!07.7
p!08.1

rlOO.6
DP102.1

(1967=100)

(1967=100)

1974

January
February
March

.

. .

99.5

1975

January
February
March
April
May
June

....

July
August
September
October
November
December

....

98.1
99.1

100.6
101.0
100.0
99.2

1976

January
February
March

97.9

Dr97.9
96.0

94-2

99.6

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by |H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 11 and 12.

•"•Excludes series 12 and 36 for which data are not yet available.
2
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.

DECEMBER 1976



59

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT
|

Minor Economic
Process
....
Timing Class

....

L, L,L

1 . Average
workweek of
production
workers,
manufacturing

Year
and
month

L,C,L

L.L.L

2. Accession
21. Average
weekly overtime rate, manufacturhours, produc- ing
tion workers,
manufacturing

L,C,L

5. Average
weekly initial
claims, State
unemployment
insurance1

January
February
March

.

...

ployees)

(2)

1974

(Hours)
(2)

40.4
40.4

April
May
June

39.3
40.3
40.2

July
Auaust
September

40.2
40.1

October
November
December

(Thous.)

Revised2

r40.4

L,L, L

L, Lg, U

3. Layoff rate, 4. Quit rate,
manufacturing manufacturing

(Per 100 em-

(Per 100 em-

(Hours)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

ployees)

60. Ratio, helpwanted advertising to persons
unemployed

Revised2

(Ratio)

U,C,C

L, Lg, U

46. Index of
help-wanted
advertising
in newspapers

(Per 100 em-

ployees)

L, Lg, U

(1967=100)

Revised2

48. Employee
hours in nonagricultural
establishments
(Ann. rate,
bil. hours)
Revised2

r3.6
r3-4
r3-5

4.6
4-5
4-5

294
315
302

1.3
1.2
11
.

2.7
2.7
2.7

0.768
0.746
0.771

17
1
16
1
17
1

150.71
151.28
151.20

r2.9

4.6
4.6
4-3

290
294
314

1.0
11
.
1.2

2,7
2.6
2.5

0.797
0.770
0.734

120
19
1
19
1

149.32
151.70
151.66

294
350
374

1.2
1-3
1.5

2.4
2.3
2.1

0.702
0.681
0.588

18
1
14
1
107

151.57
151-52
151.55

3.4
3-4

r40.0

3.2

4.3
4.1
3.9

40.0
39.5

3.1
2.8
2.7

3.6
3.1
3-1

419
473
494

2.0
2.4
2.4

2.0
1.8
1.6

0.528
0.439
0.384

99
91
85

152.51
149.80
148.37

2.4
2.4
2.3

3-1
3-2
3.2

521
533
526

2.9
2.9
2.6

1.4
1.3
1.2

0.314
0.307
0.284

77
76
74

147.79
146.14
145-47

3-7
3.6
3.7

510
503
502

2.4
2.5
2.2

1.2
1.3
1.3

0.277
0.267
0.299

74
74
81

145.66
145.76
145.34

4.0
3.9
3.8

419
467
467

1.7
1.6
1.8

1.4
1.4
1.3

0.309
0.312
0.310

84
83
83

145.59
146.77
147.28

3-7
3.7
3.9

445
398
348

1.7
1.5
1-3

1.4
1.6
1.6

0.306
0.326
0.339

83
87
88

148.20
148.28
149.09

4-1
4.2
E>4.4

359
1)342
347

11
.

1.6
1.7
1.8

0.355
0.388
0.398

87
93
94

150.15
149.71
150.08

4-1
4.0
3.8

360
399
405

1.2
1.3
1.3

1.8
1.7

0.385
H> 0.408
0.400

91
94
96

149.27
150.95
150.58

3.8
3.8
3.6

374
411
433

1-4
1.4
1.7

1.7
1.7
1.6

0.393
0.385
0.379

98
97
94

151.25
151.13
151.50

3.5

r443
P398

1.6

1.5
pl.5

0.378
pO.379

96
H>p99

151.95
E>pl52.67

r39.3

3-4
r3.3

1975

January
February
March

r39.1
r38.9

April
May
June

r39.0
r39.1

38.9

39.3

r2.4
r2.3
r2.5

July
August
September

39.4
39.7
39.8

r2.7

October
November
December

39.8
39.9
40.3

r2.9

2.6
2.8
2.8
3.0

1976

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

E> 1*40.4
40.3

r3.1

3.1

r40.3

r3-l

39.4

r2.6

r40.3

E>r3.3

40.2

r3.2

r40.1

r3-l

40.0
39.7
39.8

P40.1

3.0
r3.0

2.9
P3.1

P3.7

Dl.o

11
.

pl.3

D1.8

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by E); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,17, and 18.
1
Data exclude Puerto Rico which is included in figures published by the source agency.
See "New Features and Changes for This Issue," page iii.

60




DECEMBER 1976

ltd!

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

HI

Minor Economic
Process

EMPLOYMENT AND UNEMPLOYMENT-Con.
Comprehensive Unemployment

Comprehensive Employment-Con.
U,C,C

c,c,c

L,C,U

U, Lg, U

L, Lg, U

L, Lg, U

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

90. Ratio,
civilian employment to total
population of
working age

37. Number of
persons unemployed, civilian
labor force

43. Unemployment rate,
total

(Percent)

(Thous.)

(Percent)

Timing Class

(Thous.)

(Thous.)
Revised2

Year
and
month

40. Employees
in goodsproducing industries (mining, mfg., construction
(Thous.)

L, Lg, U

Lg, Lg, Lg

91. Average
45. Average
duration of
weekly inunemployment
sured unemployment rate,
State programs1

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

Revised2

(Percent)

(Weeks)

(Percent)

1974

January
February
March

82,128
82,213
82,372

78,033
78,205
78,275

25,028
25,020
24,974

57.37
57.35
57.33

4,536
4,631
4,516

5^.0

5.1
5.0

3.0
3.1
3.2

9.6
9.6
9.5

0.9
0.9
0.9

April
May
June

82,414
82,652
82,795

78,423
78,559
78,628

24,985
24,949
24,913

57.22
57.24
57.17

4,482
4,599
4,827

5.0
5.1
5.3

3.1
3.1
3.2

9.8
9.5
9.7

0.9
0.9
1.0

July
August
September .

82,867
82,723
82,695

78,660
78,709
78,774

24,830
24,765
24,672

57.18
57.02
56.92

5,007
4,987
5,419

5.5
5.5
5.9

3.3
3.4
3.6

9.9
9.8
9.6

1.0
1.0
11
.

82,584
82,164
81,715

78,718
78,339
77,703

24,521
24,171
23,626

56.74
56.35
55.95

5,584
6,177
6,589

6.1
6.7
7.2

3.9
4.4
5.0

9.9
9.8
10.3

1.2
1.3
1.5

January
February
March

81,296
80,911
80,842

77,300
76,804
76,518

23,241
22,699
22,452

55.62
55.21
55.10

7,297
7,360
7,770

7.9
8.0
8.5

5.4
5.8
6.2

10.8
11.7
11.4

1.7
2.0
2.2

April
May
June

81,012
80,991
81,148

76,491
76,577
76,444

22,372
22,379
22,279

55.16
55-22
55.13

7,941
8,250
8,071

8.6
8.9
8.7

6.4
6.6
6.5

12.8
13-3
15.3

2.5
2.7
3.0

July
August
September

81,528
81,824
81,646

76,706
76,988
77,239

22,264
22,434
22,568

55-32
55-45
55.28

8,096
7,924
7,970

8.7
8.5
8.6

6.3
6.1
6.0

15.1
15.5
16.2

3-2
3.1
3-2

October
November
December

81,743
81,877
82,158

77,470
77,542
77,764

22,610
22,639
22,713

55.20
55-14
55.20

8,062
7,939
7,735

8.6
8.5
8.3

5.8
5-3
4.8

15.6
16.9
17.0

2.9
3.2
3.3

January
February
March

82,851
83,149
83,513

78,142
78,358
78,692

22,880
22,920
23,050

55.64
55.65
55-81

7,290
7,136
7,027

7.8
7.6
7.5

4.4
4.2
4-1

16.9
16.2
15.8

3.0
2.7
2.4

April
May
June

83,982
84,368
84,206

79,011
79,006
79,043

23,196
23,169
23,140

56.20
E>56.32
56.12

7,040
7,143

7.5
E>7.3
7.5

E>4.1
4-3
4-4

July
August
September

84,566
84,557
84,533

79,183
79,278
79,572

23,118
23,080
23,228

56.30
56.27
56.08

7,426
7,506
7,384

7.8
7.9
7.8

4.6
4.8
4-9

84,444

79,451
H>P79,711

23,101
G>P23,240

55-98
56.13

7,569
7,769

7.9
8.1

. .

October
November
December
1975

1976

October
November
December

0)84,898

1)6, 860

r5.1
P4.9

15.7

1)15. 0

2.2
D2.1

16.9

2.3

15.8
15.5
15.4

2.4
2.5
2.4

15.4
15.6

2.4
2.7

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 16, 18, and 19.
1
Data exclude Puerto Rico which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.

ItCII DECEMBER 1976




61

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

^J PRODUCTION AND INCOME

Minor Economic
Process
Timing Class

Year
and
month

Industrial Production

Comprehensive Output and Income

c,c,c

C,C,C

50. Gross national product
n 1972 dollars

(Ann. rate,
bil. dol.)

223. Personal
income in
current dollars

52. Personal
income in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c,c,c

51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil. dol.)

C,C,C

c,c,c

47. Index of
53. Wages and
industrial
salaries in
production,
mining, mfg.,
and construction total
in 1972 dollars
(Ann. rate,
bil. dol.)

(1967=100)

C,C,C

C, L, L

C, C, C

73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

49. Value of
goods output
in 1972 dollars

(1967=100)

(1967=100)

(Ann. rate,
bil. dol.)

1974

January
February .
March

1,230.4

1,103.8
1,109.3
1,115.9

996.2
989.6
984.9

881.1
874.6
870.2

231.9
231.1
230.1

129.9
129.6
130.0

126.3
125.6
126.0

135.5
135.7
136.8

560.6

April
May
June

1,220.8

1,125.3
1,137.3
1,147.9

985.4
984.7
984.5

867.3
866.6
866.4

229.6
229.2
229.6

129.9
131.3
131.9

126.0
127.5
128.5

136.5
137.5
137.6

558!l

July
August
September

1,212.9

1,164.0
1,172.2
1,181.5

991.5
987.5
985.4

870.0
866.0
864.0

229.8
228.8
227.5

131.8
131.7
131.8

128.5
128.6
129.1

137.4
137.2
136.4

555*6

October
November
December

1,191*7

1,191.7
1,191.7
1,198.9

984-9
976.8
977.1

862.4
853.6
849.4

226.1
220.3
218.2

129.5
124.9
119.3

126.6
121.6
114-7

133.6
128.9
123.1

537.4

January
February
March

1,161*1

1,199.4
1,201.6
1,208.3

972.0
971.4
973.6

843.1
837.7
839.3

214.0
208.6
208.3

115.2
112.7
1 17
1.

109.0
105.6
104.7

119.8
118.4
116.1

512! 2

April
May
June

1,177.1

1,213.5
1,223.7
1,253.7

973.9
978.2
995.8

838.9
842.9
845.5

207.3
206.9
206.2

112.6
113.7
116.4

105.4
105.5
107.0

118.8
120.8
125-5

522 '.5

July
August
September

1,209*3

1,252.0
1,267.5
1,277.1

985.8
994-1
999.3

846.2
853.5
857.9

206.1
208.2
209.7

118.4
121.0
122.1

109.3
112.3
113.5

128.1
130.5
132.9

546.0

October
November
December

1,219*2

1,290.8
1,300.2
1,308.2

1,004.5
1,007.1
1,007.1

862.8
866.1
865.9

210.8
211.6
212.7

122.2
123.5
124.4

112.7
113.4
114.4

133.6
136.2
136.9

549.9

January
February
March

1,246*3

1,320.8
1,331.4
1,341.9

1,012.9
1,021.0
1,029.1

870.8
875.9
882.4

215.1
216.4
218.6

125.7
127.3
128.1

115.8
117.9
119.0

138.4
140.2
140.7

569.5

April
May
June

1,260.0

1,352.5
1,362.9
1,370.4

1,032.4
1,034-1
1,035.0

888.4
892.1
894-0

220.1
220.1
218.9

128.4
129.6
130.1

120.1
121.7
122.3

140.7
140.9
141.3

576.0

[H>rl,272'2

1,380.8
1,385.5
1,391.7

1,039.8
1,037.1
1,037.0

895.7
892.7
893.3

220.1
218.8
218.9

130.7
131-3
r!30.9

124.2
E)rl25.1
r!22,5

141.1
rl40.9
r!42.4

E>579.1

rl,402.9
E)pl,417.8

1,040.0
[H>pl,047.9

r895.8
|H)p902.5

r219.5
E)p222.5

r!30.4
E)pl32.0

rl21.6
p!24.4

r!41.9
E)pl42.5

1975

1976

July
August
September
October
November
December . .

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by B); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15,20, 21, and 41.

62




DECEMBER 1976

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME-Con.

Capacity Utilization

Timing Class

L, C,U

83. Rate of
capacity
utilization,
manufacturing
(BEA)

82. Rate of
capacity
utilization,
manufacturing
(FRB)

(Percent)

Year
and
month

B | CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
E

(Percent)

Orders and Deliveries
L,C,U

84. Rate of
capacity
utilization,
materials

L,L, L

Value of manufacturers' new
orders, durable goods industries
6. Current
dollars

(Percent)

L, L,L

(Bil.dol.)

7. Constant
(1972) dollars
(Bil.dol.)

L, L, L

L, L, L

8. New orders
for consumer
goods and
materials in
1972 dollars

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil.dol.)

(Bil.dol.)

(Bil.dol.)

L, Lg, U

L, L, L

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

1974

42.38
43.19
42.82

38.22
38.66
37.53

33.54
33-48
33.14

2.23
2.67
1.63

114.43
117.10
118.73

85
88
88

89.*6

44.04
47.68
47.09

37.84
39.77
38.60

33.16
34-85
33.89

2.25
4.57
3-58

120.99
125.56
129.14

84
79
76

85^5

89!l

47.32
48.69
46.48

37.91
38.24
36.00

33.23
32.88
31-93

3-30
4.18
1.73

132.44
136.62
138.35

72
68
52

81.7

44.12
42.85
38.48

33.66
32.39
28.89

30.31
28.87
25.62

-1.35
-1.23
-2.34

137.00
135.78
133-44

46
32
22

70.9

71.5

37.22
37.58
35.78

27.69
27.84
26.43

24.97
25.05
24.42

-3.08
-2.55
-3-46

130.36
127.81
124-34

18
16
17

71.3

7o'.7

38.39
39.57
39.28

28.31
29.19
28.45

26.21
27.05
27.08

-2.83
-0.92
-1.47

121.51
120.59
119.12

22
24
26

74-9

41-44
42.18
42.26

30.51
30.94
30.82

28.56
28.45
29.42

0.08

75*.3

-0.26
-0.94

119.20
118.94
118.00

30
36
44

76*.8

77.1

42.31
41-99
42.84

30.41
29.99
30.40

29.23
28.63
29-47

-1.29
-0.37
-0.85

116.71
116.34
115-49

45
44
39

79.0

r79*.0

43.18
44-98
47.90

30.51
31.72
33.61

29.76
30.48
31.57

-1.39
-0.73

114-10
113-37
113.72

42
50
52

47.79
49.56
(B>49.93

33-47
34.71
D34.82

31.58
E)32.67
32.15

[H>1.45

113.78
115.02
116.46

58
58
62

48.12
48.05
46.65

r33.33
33.12
31.82

31.13
30.97
30.10

116.81
116.52
116.13

60

-0.29
-0.39

r47.57
P48.40

April
May
June

90.4

79.7

*84

85.7

85^8

January
February
March

r32.01
P32.44

r29.34
P30.66

rO.60
pO.20

rll6.74
E>pll6.93

50
48

*84

July
August
September

'84

October
November
December

*78

1975

January
February
March

*75

April
May
June

*75

July
August
September

'•79

October
November
December

79

1976

January
February
March

*82

April
May
June

80.2

80*.6

!>82

July
August
September

E>r&)-8
80

October
November
December

E>8l'.3

0.35
0.06
1.24

0.35

60

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by H); for
series that move counter to movements in general business activity, current low values are indicated by (0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 21, and 22.

BCD

DECEMBER 1976




63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

B

^^ CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

Formation of Business Enterprises

Consumption and Trade
C,C,C

C.C.C

C, L,C

56. Manufacturing and trade
sales in current
dollars

57. Manufacturing and trade
sales in 1972
dollars

75. Index of industrial production, consumer
goods

(Mil.dol.)

(1967=100)

(Mil.dol.)

C, L, U

54. Sales of
retail stores
in current
dollars

(Mil.dol.)

FIXED CAPITAL
INVESTMENT

U, L, U

59. Sales of
retail stores in
1972 dollars

(Mil.dol.)

L,C, C

L, L, L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment®

(Ann. rate,
bil. dol.)

(IstQ
1966=100)

L,L, L

L, L, L

12. Index of
net business
formation

(1967=100)

13. Number of
new business
incorporations

(Number)

1974

January
February ...
March

154,403
156,692
159,754

135,351
134,916
134,934

128.3
127.8
128.5

43,114
43,278
43,830

38,145
37,854
37,751

35*0

60.9

113.3
113.0
113-9

26,511
27,056
26,458

April
May
June

161,348
163,191
164,082

134,702
134,242
133,321

129.6
130.3
131.2

44,401
44,579
44,896

38,076
37,782
37,600

36*6

72.0

115.9
116.3
115.7

29,071
27,562
25,785

July
August
September

167,899
170,975
170,197

133,464
133,023
131,003

131.2
132.2
131.1

45,537
46,707
45,781

37,989
38,248
37,169

40.4

64*5

118.6
114.6
1 11
1.

27,790
26,495
26,313

October
November
December

170,528
167,879
162,454

129,105
124,924
120,119

129.7
126.2
121.0

45,767
44,684
45,199

36,544
35,407
35,544

32.4

58.4

105.2
105.1
106.3

25,404
25,555
25,003

January
February
March

161,951
163,428
159,187

119,460
120,280
117,487

117.0
116.1
117.0

45,984
46,954
45,962

36,188
36,971
36,135

36*0

58.0

102.9
101.7
103.0

24,406
24,298
24,922

April
May
June . . . .

162,879
163,347
165,877

119,320
119,615
121,184

119.0
120.4
124.3

46,948
48,171
48,652

36,531
37,439
37,732

37^1

72.9

103.4
104.8
110.7

26,506
26,634
26,231

July
August
September

169,007
172,150
173,448

122,486
124,185
124,746

126.6
127.5
129.0

49,411
49,774
49,644

37,778
37,953
37,838

42.8

75.8

113.7
112.6
113.1

28,571
28,632
29,000

October
November
December

174,847
174,085
176,710

124,971
123,941
125,656

128.7
131.1
132.3

49,995
50,552
51,734

38,004
38,185
38,844

45*1

75*4

112.0
112.5
116.0

29,469
28,795
29,704

January
February
March

179,027
182,329
185,488

126,923
129,060
130,870

133-1
134-9
136.1

51,592
52,601
53,344

38,602
39,505
39,917

52^6

84-5

115.4
114-5
116.3

29,604
28,973
30,910

April
May
June

187,074
186,341
189,007

131,200
130,248
131,804

136.1
137.4
137.8

53,696
52,868
53,983

40,032
39,090
39,920

54-9

82.2

115.7
114.9
118.6

29,876
28,637
31,600

188,282
|H)189,748
r!89,345

130,869
|H)132,217
r!30,931

136.8
137.5
r!36.2

53,754
54,643
r 54, 100

39,682
40,179
r39,552

p!89,137

p!30,576

r!36.5
DP138.9

r 54, 669
E>P55,583

r39,8ll
[H)p40,350

1975

1976

July
August
September
October
November . .
December

(NA)

(NA)

(H)55.2

H>88!8

117.8
117.8
rl!8.3

30,114
32,746
r32,368

[H>el20.0

1)32,887

(NA)

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by |H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 15, 23, and 24.

64




DECEMBER

1976

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

Q FIXED CAPITAL INVESTMENT-Con.
|

Minor Economic
Process
Timing Class

Year
and
month

Business Investment Commitments
U L, L

1,1, 1

Contracts and orders for plant
and equipment
10. Current
dollars
(Bil.dol.)

20. Constant
(1972) dollars
(Bil.dol.)

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.)

L, C, U

U, Lg, U

C, Lg, Lg

9. Construction contracts for commercial and industrial buildings, floor
space1

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations1
(Bil.dol.)

97. Backlog of
capital appropriations, manufactur-

L, L, L

27. Constant
(1972) dollars
(Bil.dol.)

Square feet
(Millions)

Square meters2
(Millions)

1

ing

(Bil.dol.)

1974

January
February
March

12.66
13.17
13.01

11.72
1 . 1
21
11.75

11.00
11.42
11.30

10.30
10.61
10.36

76.53
80.67
75.07

7.11
7.49
6.97

12 '.86

April
May
June

13.67
14.57
13.84

11.86
12.62
11.71

11.92
11.80
12.01

10.80
10.45
10.36

82.77
77.98
75.83

7.69
7.24
7.04

14.98

July
August
September

15.16
13.52
14.08

12.49
10.99
1.1
11

12.80
11.80
11.83

10.76
9.71
9.53

76.64
82.17
73-70

7.12
7.63
6.85

16.38

October .
November
December

12.87
12.34
13.64

11.07

8.96
8.22
8.00

62.47
56.71
54.25

5.80
5.27
5.04

12.68

10.21

11.38
10.62
10.46

January
February
March

11.39
11.34
11.44

8.63
8.64
8.33

10.08
9.97
9.52

7.62
7.51
7.11

54.39
46.54
39.69

5.05
4-32
3.69

11O9

April
May
June

13.01
12.99
12.34

9.45

10.06

10.31
10.30
10.14

7.61
7.59
7.45

56.90
44.79
50.54

5.29
4.16
4.70

10.98

July
August
September

12.65
13-98
11.93

10.09

10.73
10.39
10.21

7.83
7.59
7.43

52.60
43.25
50.12

4.89
4.02
4.66

10.18

9.40

39.' 84

44.80

50.01

49.79

1975

9.94
9.14
8.60

r!2.14
12.03
11.54

r8.68
8.56
8.19

10.69
10.69
10.16

7.67
7.62
7.23

54-10
41.99
50.71

5.03
3.90
4-71

January
February
March

13.31
12.65
13.95

9-40
8.91
9.78

10.35
10.71
10.98

7.36
7.57
7.72

38.47
41.37
54-38

3-57
3.84
5.05

April
May
June

13.38
12.89
14-86

9.35
8.95

8.07
8.11
8.20

54-00
54.72
D57.78

5.02
5.08

10.25

11.53
11.66
11.84

July
August
September

14.42
13.13
13.60

|H)12.64
11.78
12.08

[H>8. 71

r9.05
r9.30

8.14
8.28

56.31
54.53
49.37

5-23
5.07
4-59

B)rl0.60
P9.19

rl2.56
pll.95

r8.55
p8.10

54.86
49.66

49.10

47^59

45.34

5.10
4.61

October
November
December

[H>12!87
46.45

1976

October
November
December

E>15.65
P13.59

9.90

11.34

46.05
12.49

[H>5.37

46.65
pll.34
P45.64

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by® . Current high values are indicated by ED; for
series that move counter to movements in general business activity, current low values are indicated by (B) . Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 24, and 25.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from the source agency:
McGraw-Hill Information Systems Company, F.W. Dodge Division (series 9) or The Conference Board (series 11 and 9 ) 2Converted
7.
to metric units by the Bureau of Economic Analysis.

ItCII

DECEMBER 1976



65

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Q FIXED CAPITAL INVESTMENT-Con.
|

Minor Economic
ProcGss .........

Year
and
month

C, Lg, Lg

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.dol.)

Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

(Ann. rate,
bil.dol.)

C, Lg, U

C, Lg, C

Lg, Lg, Lg

C, Lg, C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
equipment
86. Total
87. Structures 88. Producers'
durable equip.
(Ann. rate,
(Ann. rate,
(Ann. rate,
bil.dol.)
bil.dol.)
bil.dol.)
(1967=100)

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L,L

L, L, L

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

89. Residential
fixed investment, total, in
1972 dollars
(Ann. rate,
bil.dol.)

1974

January
February
March

107.27

144.31
146.98
148.60

137.7
139.2
140.3

133.5

44-6

88.9

1,453
1,784
1,553

114-7
117.2
124.1

April
May
June

150.66
151.10
156.69

141.3
143-6
143.8

13l! 6

43.5

8s!i

1,571
1,415
1,526

108.1

1 1 40
1!

July
August
September

113.99

151.67
152.08
155.52

145.2
144-4
146.5

127.3

4o!3

86>!9

1,290
1,145
1,180

86.3
79.0
72.4

43-9

October
November
December

116.22

160.24
158.79
155.59

144-4
143.0
138.7

121.8

39.B

82.0

1,100
1,028
940

71.0
67.5
74-9

39.3

January
February
March

1 4 57
1!

153.06
154.66
150.73

130.8
128.0
125.7

iu!Z

37!5

76.9

1,005
953
986

61.9
62.8
62.1

35^4

April
May
June

112.46

152.26
149.16
151.12

125.6
126.0
126.6

no! 6

36.1

74-5

982
1,085
1,080

72.6
77.8
80.8

36.8

July
August
September

112.16

149.48
150.15
149.19

127.3
129.9
129.2

110.1

36'.6

73!5

1,207
1,264
1,304

87.6
86.0
94-1

39.6

October
November
December

111.80

154.14
151.86
150.99

128.8
129.6
131.6

110.5

36!7

73-8

1,431
1,381
1,283

95.7
97.1
94.0

41.9

January
February
March

114-72

150.51
155.30
158.89

131.0
132.6
134-0

112.6

37!l

75-5

1,236
1,547
1,417

100.4
102.4

April
May
June

118.12

160.24
159.29
159.89

134.1
134-6
135.0

iu!9

37.9

77.0

1,367
1,422
1,510

93-2
99.8
99.1

45^7

[H>.122.55

161.69
163.83
rl63.07

136.9
r!37.7
r!37.6

0)117! 5

1,382
1,537
[H>rl,840

104.7
1 17
1.
129.6

E>47!4

[H>pl66.20

rl36.4
DP139.3

rl,8!3
pi, 705

128.6
E)137.0

49^9

98.1
93.6

47.0

1975

1976

July
August
September
October
November
December

a!27.87
1
al29-3S

(NA)

H>38.4

G>79!2

98.8
44.1

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by H) ; for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 25, and 26.
1
First quarter 1 7 , anticipated.
97

66




DECEMBER 1976

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

Q INVENTORIES AND INVENTORY INVESTMENT
|

Minor Economic
Process
L, L, L

Timing Class

Year
and

month

Inventories on Hand and on Order

Inventory Investment

L, L, L

L,L,L

30. Change in 36. Change in inventories on
business inven- hand and on order in 1972
tories in 1972 dollars
dollars
Monthly
Smoothed
data
data1
(Ann. rate, [
(Ann. rate,
(Ann. rate,
bil.dol.) ;
bil.dol.)
bil.dol.)

L,L,L

31. Change
in book value
of mfg. and
trade inventories, total

38. Change
in stocks of
materials and
supplies on
hand and on
order

(Ann. rate,
bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

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

70. Constant
(1972) dollars
(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

L, Lg, Lg

65. Mfrs.'
inventories of
finished
goods, book
value

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade

78. Stocks of
materials and
supplies on
hand and on
order

(Bil.dol.)

(Ratio)

(Bil.dol.)

1974

January
February
March

u!Z

11.38
14.52

April
May
June

su

-2.03
21.42
22.33

July
August
September

5.1

October
November
December

s'.o

21.96
19.29
14.22

34-7
36.5
36.6

2.04
2.74
2.03

227.29
230.34
233.38

219.82
220.63
221.43

38.46
38.89
39.11

1.62
1.64
1.64

101.14
103.88
105.91

8.02
6.94

25-4
48.8
51.8

2.04
4-15
3.46

235.50
239.57
243.89

221.54
222.65
223.75

39.35
39.76
40.39

1.64
1.66
1.68

107.96
1 21
1 . 1
115.56

8.99
11
.8

56.6
52.1
60.2

3.24
3.18
2.03

248.61
252.95
257.96

224.17
223.65
224.51

41.34
42.09
43.41

1.68
1.68
1.71

118.81
121.98
124.02

-5-29
-21.48
-15-17

-2.07
-4.66
-10.25

66.6
39.5
48.2

-0.22
-0.39
0.01

263.51
266.80
270.82

225.81
225-72
226.25

44-27
45.58
46.73

1.75
1.81
1.88

123.80
123.41
123.42

-20.5

-35-36
-39.60
-36.06

-18.99
-27.02
-33.52

2.9
-10.6
-17.3

-1.80
-1.45
-2.91

271.06
270.18
268.74

225.32
223.48
221.92

47.60
47.70
47.73

1.89
1.86
1.89

121.62
120.18
117.27

-21.2

-27.50
-21.89
-16.25

-35.70
-31.43
-25.18

-15.9
-23.9

-3.29
-1.43
-1.51

267.42
265.43
264.90

220.83
219.18
218.38

47.29
47.01
46.83

1.85
1.83
1.80

113.98
112.55
111.04

-1.48

-17.54
-8.78
-3-45

-4.3
18.3

-0.35
-0.80
-0.89

264.54
266.06
266.46

218.09
218.62
218.23

46.41
46.60
47.02

1.78
1.76
1.75

110.69
109.90
109.01

-0.13
-0.21
-0.36

268.21
267.35
266.36

219.12
217.72
216.38

46.97
47.30
47.32

1.75
1.76
1.72

108.88
108.66
108.30

0.09

267.97
269.88
271.85

217.15
218.00
218.88

47.35
47.45
47.49

1.71
1.69
1.67

108.39
108.23
109.26

273.05
275.24
278.93

219.49
220.37
222.08

47.58
47.89
48.68

1.67
1.69
1.68

108.95
110.53
1 13
1 . 1

280.55
282.90
r286.!8

220.56
221.71
r223.06

49.16
48.94
50.64

1.69
1.68

rl.70

1 17
1 . 8
1 11
1.9
1 18
1 . 2

B)p287.72

B)p223.73

i>51.41

i>pl.71

4.88

-0.90
-10.33
7.20

11.00
14.09

1975

January
February
March
April
May

June
July
August
September

-1.0

October
November ...
December

-5.5

4.64

-10.75
4-69

-18.85
-17.98

-1.50
-4.39
-9.51

-6.4

4.7
21.0

-10.2
-11.9

1976

January
February
March

10.4

-10.31
-5.28

10.01

April

Dii.'i

May

June
July
August . . . .
September
October
November
December

7.13
8.88

4-01

6.74

8.61

20.00
H>21.49

10.40
11 . 6
) 41

-18.72
10.50
r!3-32

11.83

19.2
22.9
23.6

-0.16

14-4
26.3

-0.31
E)1.58

H)44.2

1.03

0.78
0.47

.

6.01

19.4
28.2

-0.59

r3-06

r39.5

0.62

P5.09

10.2

P5.67

P18.4

(NA)

(NA)

(NA)

0,22
(NA)

(NA)

(NA)

(NA)

(NA)

D112.04
(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by (H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages H, 16, 27, and 28.
1
Series is a weighted 4-term moving average (with weights 1 2 2 1 placed at the terminal month of the span.
,,,)

ItCII DECEMBER 1976




67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

QJ PRICES, COSTS, AND PROFITS

Minor Economic
Process .

L, L, L

Timing Class

Monthly
data

L, L,L

U.L.L

92. Change in sensitive prices
Year
and
month

Stock
Prices

Sensitive Commodity Prices

Smoothed
data 2

23. Index of
industrial
materials
prices ®

19. Index of
stock prices,
500 common
stocks ®

(1941-43=10)

Profits and Profit Margins
L, L,L

L, L, L

Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bil. dol.)

18. Constant
(1972) dollars
"(Ann. rate,
bil. dol.)

L,C,L

L,C,L

Corporate profits after taxes
with IVA and CCA1
79. Current
dollars
(Ann. rate,
bil. dol.)

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

L, L, L

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

(Percent)

(1967=100)

3-95
6.11
4-67

4.25
4.62
4.86

215.9
232.0
237.2

96.11
93.45
97.44

75.8

68.9

45.2

40.8

9*.3

5.22

238.4
226.2
227.5

92.46
89.67
89.79

73^3

64.3

34-8

30.2

9^6

1.08

5.12
3.68
1.44

July
August
September

6.59
0.17
0.35

1.06
1.95
2.49

228.2
224.2
214.7

82.82
76.03
68.12

81.0

6B.3

24.1

20.3

October
November
December

0.22

-0.82
-2.09

1.31
0.08

69.44
71.74
67.07

70.6

57.2

25^5

21.0

sis

-0.49

204-4
196.4
183-4

-1.51
-0.99
-0.96

-1.18
-1.50
-1.34

180.1
181.1
182.3

72.56
80.10
83.78

54.0

42.3

28^8

23-4

7.2

April
May
June

1.15
1.32
0.72

-0.71
0.12
0.78

186.4
184.2
173.2

84.72
90.10
92.40

61.0

47.8

41.8

33^0

7^9

July
August
September

0.18
0.89
2.83

0.90
0.67
0.95

171.5
179.6
184.2

92.49
85.71
84.67

72.1

55.5

50^5

39^1

9.0

October
November
December

-0.64
-1.73

11
.6
0.59
0.27

181.9
179.8
180.6

88.57
90.07
88.70

74*1

55*6

48.4

36.9

9.1

0.53
0.54
0.30

183.6
186.6
193.2

96.86
100.64
101.08

79.7

59.6

53.7

40.5

9.3

0.57
1.38
1.57

200.9
202.7
204-4

101.93
101.16
101.77

82*7

61.3

52.9

39.*6

9^5

|H> 214.1
209.6
206.2

104.20
103.29
D105.45

E>rS5'l

[H>r4i.'9

G)9!6

(Percent)
1974

January
February .
March
April
May
June

-3.79

10.4

1975

January
February
March

3.52

1976

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

0.25

-2.54
2.83
2.58
0.00

1-U
3.82
0.08

.1-55
[H>1.77

-0.47

1.46

E)4.01

11
.8
1.57

2.27

3

201.6
201.0
202.5

[H>r62!4

E)r56.'9

101.89
1 11
0.9
104.10

4

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by |H); for
series that move counter to movements in general business activity, current low values are indicated by Jj). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 29, and 30.

*IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
**Series is a weighted 4-term moving average (with weights 1 2 2 1 placed at the terminal month of the span.
,,,)
3
Average for December 7, 14, and 21.
4
Average for December 1, 8, 15, and 22.



DECEMBER 1976

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

£H PRICES, COSTS, AND PROFITS-Con.

Minor Economic
Process

Timing Class

Year
and
month

.. . .

U, L, L

L, L, L

15. Prof its (after
81. Ratio,
taxes) per dollar
profits (after
taxes) with IVA of sales, all
manufacturing
and CCA to
corporations
corp. domestic
income1
(Percent)

(Cents)

L, L,L

17. Ratio, price
to unit labor
cost index,
manufacturing

(1967=100)

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins-Con.

L, L, L

L, L, L

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

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

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

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

64. Compensation of employees as a percent
of national
income

(1967=100)

(Dollars)

(1967=100)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

1974

4!?

5!8

114-7
115.6
117.2

124.4

113.4

142.2

0.748

121.2
122.2
122.3

76.*0

3.9

5.'6

118.3
119.9
120.5

123.1

108.2

147.9

0.777

123.5
124.3
125.3

77.0

July
August
September

2.1

5^9

122.5
126.0
125.7

132! 6

112.1

153-4

0.810

127.4
128.2
129.0

77.4

October
November .
December

2.1

4*.9

125.1
123.2
119.2

123.9

100.6

158!<5

0.841

131.7
135-4
140.6

78.0

3.5

3.*8

117.6
116.4
113.9

108.7

84.8

162.9

0.863

143.5
144.5
147.0

78.6

5!!

4-4

116.0
116.6
118.7

117.0

89.4

160.8

0.847

145.7
145.3
142.8

77.2

July
August
September

6*.i

5^0

120.8
122.1
123.0

130.0

97.0

159.6

0.842

141.7
140.8
140.4

75.8

October . . .
November
December

5*6

5*.i

r!23.8

134.8

98^2

163.5

0.860

142.0
141.6
141.3

76.2

January
February
March
April

May
June

1975

January
February
March
April

May
June

122.5
124.4

1976

124.2

January
February
March . . .

5*9

5*.5

HO! 9

102.0

164 '.7

0.869

141.7
140.9
141.7

76.2

144.6

103.4

rl66!l

0.876

143.1
143.2
143.2

7<s!i

[H}rl04.'8

D167! 8

0)0.884

123.9

April

May

5.*8

DJT.6

June
July
August
September .

E>124.9

H>6!i

October . .
November
December .

124.1
123.9
124.4
124.6

5.3

r!24.6
r!23.9
r!23.6
p!24.2

144.1
E>rl47!9'

r!44.0
r!45.6

r76,*2

r!46.4
G)pl47.1

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by® . Current high values are indicated by 0); for
series that move counter to movements in general business activity, current low values are indicated by D • Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16, 30, and 31.
1
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.

ItCII

DECEMBER 1976




69

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Q MONEY AND CREDIT
|

Minor Economic
Process
Timing Class

U L, L

....

85. Change in
money supply
(M1)

Year
and
month

(Percent)

L,L, L

UC,U

L,L,L

102. Change
in money
supply plus
time deposits
at commercial
banks (M2)

104. Change in total liquid assets

Monthly
data

Credit
Flows

Velocity of Money

Money

Smoothed
data1

105. Money
supply (M1)
in 1972
dollars

L, L, L

106. Money
supply (M2)
in 1972
dollars

C,C,C

107. Ratio,
gross national
product to
money supply
(M1)

(Percent)

(Percent)

(Percent)

(Bil.dol.)

(Bil.dol.)

(Ratio)

U L, L

C, Lg, C

108. Ratio,
33. Net change
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil. dol.)

1974

January
February
March

0.30
0.^8
0.55

0.72
0.87
0.65

0.94
0.91
0.72

0.87
0.94
0.90

242.6
241.0
240.0

514.7
513.3
511.6

5.034

1.918
1.911
1.910

39.59
41.11
42.30

April
May
June

0.51
0.25
0.54

0.67
0.34
0.71

11
.8
0.62
0.75

0.90
0.89
0.84

239.7
237.7
237.0

511.8
507.9
507.3

5.061

1.913
1.927
1.931

45.10
43.24
39.30

July
August
September

0.43
0.22
0.11

0.59
0.47
0.30

0.65
0.42
0.42

0.76
0.64
0.55

236.3
233.8
231.4

506.5
502.5
498.3

5.124

1.947
1.951
1.961

37.25
32.33
30.40

October
November
December

0.46
0.50
0.21

0.78
0.54
0.31

0.79
0.33
0.42

0.52
0.53
0.51

230.5
229.6
228.3

497.9
496.1
493.8

5.135

1.963
1.952
1.958

29.94
25.78
19.87

-0.42

0.34
0.60
0.78

0.71
0.68
0.67

0.50
0.54
0.64

225.7
224.5
225.4

492.0
492.4
494-4

5.118

1.952
1.944
1.939

28.25
31.72
29.66

0.59
11
.2

0.73
0.82
1.22

0.69
0.72
0.83

224.9
225.9
227.0

494-8
497.8
501.2

5.150

1.936
1.931
1.952

31.85
34-49
38.70

1.00
0.69
0.69

0.97
0.99
0.88

225.5
225.7
225.0

500.2
500.7
500.3

5.288

1.934
1.948
1.956

33.80
39.16
47.54

0.97

0.79
0.88

223.5
223.8
222.0

499.5
501.3
500.2

5.391

1.968
1.964
1.969

57.88
44-45
48.36

Dl.971
1.964
1.966

44.12
51.35
[H>59.86

1975

January
February
March

0.00
0.78

April
May
June

0.28
0.95
11
.8

July
August
September

0.31
0.45
0.14

0.79
0.48
0.35

October
November
December

-0.07
-0.27

0.44
0.96
0.33

0.10
0.51
0.51

0.86
11
.8
0.69

0.73
0.84
0.68

0.98
0.87
0.77

221.3
222.1
222.9

502.4
507.7
510.3

5.516

1.20
0.71
0.40

1.05
0.72
0.85

0.80
0.84
0.84

224.7
224.6
223.4

514.3
514-9
514.5

5.532

1.958
1.959
1.962

45.90
44.35
44.89

0.99
0.77
0.79

1.05
0.56

0.87
0.85

rO.79

517.2
518.4
520.4

Dr5.589

rO.69

223.6
223.5
222.5

1.957
1.949
1.943

57.18
51.41
r50.32

rl.14
pO.91

rO.78
pO.86

224-2
P223.6

525.4
DP528.3

rl.933
pi. 937

P59.40
(NA)

0.75

E>1.37

(8)1.30
0.80

Dl.OO

1976

January
February
March
April
May
June

H>1.24
0.56

-0.10

July
August
September
October
November
December

0.56
0.49

-0.03
11
.4

.

...

1.31

pO.OO
2
0.11

pO.85
2
0.87

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by |H); for
series that move counter to movements in general business activity, current low values are indicated by E). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14,32, and 33.
1
Series is a weighted 4-term moving average (with weights 1 2 2 1 placed at the terminal month of the span.
,,,)
2
Average for weeks ended December 1, 8, and 15.

70




DECEMBER 1976

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

H9 MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Flows-Con.
L.L.L

Year
and
month

U L, L

112. Net change
in bank loans
to businesses1

Tinning Class

113. Net
change in
consumer installment
debt

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

January
February
March

19.79
1 O/
30 01

12.06
13 IS
8 50

April
May
June

cp p-|

n q £#

qp

L, L, L

L, L, L

110. Total
private
borrowing

14. Current
liabilities
of business
failures ®

(Ann. rate,
mil. dol.)

12 22

on i p

Credit Difficulties

12 98

(Mil. dol.)

L, L, L

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

Bank Reserves
1,11,11

93. Free
reserves ®

(Mil. dol.)

Interest Rates

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve ®
(Mil. dol.)

L, Lg, Lg

C, Lg, Lg

119. Federal
funds rate @

1 14. Treasury
bill rate ®

(Percent)

(Percent)

1974

U

July
August
September

V* * *»4
14.17
21.02

October
November .
December

13.33
15.52

poo

POQ 7 A
Q7c £q
pn £ £jn

qeA

232.68

175,536

-4.91
-4.91

- 1 • 59
1
-39.71
-17.42

306.83

? S6

-1.75

-1 S06
-2 282

1,044
1 186
1 3S2

i 71 /

9.65
8.97
9.3S

7.76
7.06

8 23
# /3
8 14

7 99

2 61

-2 73Q

3 000

10 51
U 31
11 93

2.63

-2,982
-3,008
-2,957

3,308
3,351
3,287

12.92
12.01
11.34

7.75
8.74
8.36

2.65

-1,585

1,793
1,285
703

10.06
9.45
8.53

7.24
7.58
7.18

95
167

390
147
106

7.13
6.24
5.54

6.49
5.58
5-54

17
-52
288

10
1
60
271

5.49
5.22
5-55

5.69
5.32
5.19

261
211
396

6.10
6.14
6.24

6.16
6.46
6.38

1Q1

£ 82

6 08

5.22

5.47

£ pn

c en

344.66

146,612

-790
-980

-T / / /

217.01

2.56

21.4.2
14.22

2.54

153.40

9.07

9.90

...

337.28
213 • 13
20/ S9

181 732

242.59

2.80

391.14
343.35

2.59
2.71
2.94

109,644

372.08
357.79
175.92

2.74
2.65
2.63

242 . 03
222 / /
205.53

2.60

128 060

-960
-332

P £,#0

1975

January
February
March
April
May
June .

.

...

3.80

-3.19

-22.73
-22.70
-18 3/

-3.62
5 38

July
August
September

-7 32
-18 72
2 80

IS A3
10 06
11 92

October
November
December

c en

U -| n

Q P#

"IS #Q
1 17 #c>

...

i n ~\ 1

384.76

97,252

0.20

~\

165 696

PQ^ 3Q

252 87
[H)l36 88

-441

-276

2 65

//

2.59

-136

2 48
[H}-2 29

257

p in

148

61
127

30

1976

160,216

257.07
211.76
247.65

2.49
2.46
2.45

139
-51
386

79
76
58

4-87
4.77
4.84

4-96
4-85
5.05

17.12
17.69
15.96

176,124

206.42
233.28
373.64

2.34
2.41
2.40

56
272
17

44
121
120

4.82
5.29
5.48

4.88
5.18
5-44

-18.80
-4.82
rlO.72

15.64
16.84
17.77

[RSpl79,876

305.55
263.96
250.32

2.39
2.39
2.36

-29
221
243

123
104
75

5.31
5.29
5.25

5.28
5.15
5.08

r21.47
[H)p27.94
2
8.34

H>18.77

January
February
March

-28.04
-0.68
-39.37

April
May
June

-47.33
-1.98

July
August
September
October
November
December

9.56

13.24
13-48

17.68

(NA)

(NA)

(NA)

r!55

P342
3
278

r66
p85
3
55

3

5.03
4-95

4.69

4-93
4.81
4

4.37

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by B); for
series that move counter to movements in general business activity, current low values are indicated by 0) . Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 33, 34, and 35.
•"•Data beginning October 1 7 are not strictly comparable with earlier data. See October 1 7 BCD, page iii.
94
94
2
Average for weeks ended December 1, 8, and 15.
3
Average for weeks ended December 1, 8, 15, and 22.
4
Average for weeks ended December 2, 9, 16, and 23.


DECEMBER 1976


71

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

RH MONEY AND CREDIT-Con.
Outstanding Debt

Interest Rates-Con.

...
Lg, Lg, Lg

C, Lg, Lg

U. Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields®

115. Treasury
bond yields®

117. Municipal
bond yields®

118. Secondary
market yields
onFHA
mortgages ®

67. Bank rates
on short-term
business loans,
35 cities ®

(Percent)

Timing Class

(Percent)

(Percent)

(Percent)

Year
and
month
(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ®

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

66. Consumer
installment
debt

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

(Mil.dol.)

Lg, Lg, Lg

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

1974

January
February
March

8.32

8.21
8.60

April
May
June

9 04.
9 ?9
Q 69

6.56
6.54
6.81

5.22
5.20
5.4.0

7.04.
7 09
7 OP

5-73
6.02
6 1?

9.21
8.83

144,598
14.5,694
14.6,4.02

114,558
114,645
117,146

13.10
13.13
13.12

10.02
11.25

14/7,420
14.8, 560

121,497
123,199

13.10
13.06

5/

1/9 6/2

i p/

/ /o

i ? n/

12 4.0

11 98
12 00
i p on

1 60 76?
152 04.6

1 ?# 1 6/
129 ??6
1 ?0 9##

1 P 96
IP 97
1 P 9?

153,015
152,606
152,197

1 18 3
3 , 1

12.84

133 , 598
134,783

12.81
12.69

(NA)

8.54.

9.73

9.91

8.66
9.17

9.4-6
9 A6

1.5
11

n

July
August
September

in i&
i o ?o
10 ii
iu.44

7 1#
7 ??
n on

6 68
6 71
A 7A

10 30
10 38

October
November
December

10.29

6.57
6.61
7.05

10.13
(NA)
9-51

11.64

9 A7

7.22
6.93
6.77

11.68
10.83
10.50

January
February
March

9 17
8 84
9 4-8

6.68
6.66
6.77

6.82
6.39
6.74.

8.99
8.84.
8.69

9.94.

10.05
8.96
7.93

152,051
152 ?68
152 102

133,817
130 508
129 056

12.68
12 68
12.59

April
May
June

9.81
Q 7£>
Q P7

7.05
7 01
6 86

6.95
6 97
6 96

(NA)
9 16
9 06

8 16

7.50
7 4-0
7 07

152 119
151 817

127 162
125 270

12.54
12 41

1 cp oAc

12? 7/2

IP 1 5

Q *>&
Q 70

6 89
7 11

7 07
7 17
7 //

91?
9 ?P
9 *7/

716

7 66

1 6? 661
1 6/ ?#9

1?? 1 ?P

8 22

m

12 26
12 18

7 ##

1 cc

7.96

8.29

7.53
7.26

156,563
157,887
159,377

122,269
123 , 042
123,887

12.13
12.14
12.18

7.00
6.75
6 75

160 4.80
161 603
163 076

121 550
121 A9?
118 212

12 15
12 14

6 75

1 £>/ 60?
1 A^ 977
1 frj off?

114 268
n / 10?
n y 900

12 16
iPi&
12 21

9.22

9 #6

152 802

1975

July
August
September

9

do

•7 p£

October
November
December

9.54
9.4.8
9.59

7.29
7.21
7.17

7.39
7.4.3
7.31

9-53
9-4.1
9.32

January
February
March

8 97
8 71
8 7?

6.93
6.92
6 88

7.07
6.94.
6 92

9.06
9.04.

April
May
June . .

A 7?

9 00

7 rn

8 90

A Q?

6 60
6 87
6 87

9 O?
9 06

July
August
September

8.76
8.59
8 ?7

6.85
6.82
6.70

6.79
6.61
6.51

8.99
8.93
8.82

October
November
December

8.25
8 17

6.65
6 62
•"•6 4.0

6.30
6 29
5 98

8.55
8 1C

?&P

67P
1 PI #0*;

IP 17

1976

8 68

*7 9?

2

(NA1)

7 54-

8 82
7 //

& 76

7 20
7.80

7 /#

7.25
7.01
7.00

168,610
171 A9A

113,333
112,931
r!13,824

6.78
6 50
3
6 38

[u\17o ncd

T»II ^ AI ?

170,013

(•ftti\
^JMA;

•nl T7 , Q/ 1
P-i-L / 74-L

n# A?A

IP 15

12.21
12.27
12 ?2
fp\-» o

o/
[n/±<:o4
(,JNA;
/TITAN

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by H); for
series that move counter to movements in general business activity, current low values are indicated by E). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16, 35, and 36.
1

Average
Average
Average
4
Average

2

3




72

for weeks ended December 3, 10, and 17.
for weeks ended December 2, 9, and 16.
for December 1 through 23.
for weeks ended December 1, 8, and 15•
DECEMBER 1976

BCII

CYCLICAL

INDICATORS

DIFFUSION INDEXES AND RATES OF CHANGE

Q DIFFUSION INDEXES
|

950. Twelve leading
indicator components
(series 1,3, 8, 12, 19,
20,29,32,36,92,104,

Year
and
month

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

105)

1 -month
span

6-month
span

1-month
span

6-month
span

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

1-month
span

6-month
span

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

1 -month
span

9-month
span

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

1-month
span

9-month
span

Revised2 Revised2

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

1-month
span

6-month
span

Revised2 Revised2

1974

January
February
March

33.3
50.0
45.8

16.7
16.7
29.2

37.5
25.0
62.5

25.0
25.0
50.0

66.7
75.0
66.7

100.0
100.0
83.3

23.8
64.3
47.6

April
May
June

45.8
37.5
20.8

25.0

8.3
0.0

25.0
50.0
62.5

50.0
50.0
50.0

66.7
83.3
66.7

66.7
66.7
66.7

90.5
42.9

July
August
September

37.5

8.3
0.0
0.0

75.0
25.0
50.0

25.0

0.0
0.0

66.7
83.3
75.0

66.7
50.0
50.0

26.2
47.6
21.4

October
November
December

16.7
16.7
25.0

0.0
0.0
0.0

0.0
0.0
0.0

50.0
50.0
50.0

50.0
33.3
16.7

38.1

0.0

0.0
0.0

16.7
25.0
33.3

16.7
16.7
16.7

14-3
11.9
35.7

8.3
16.7

0.0
8.3
16.7

7.1

40.5

9.5
9.5
11.9

0.0
16.7

53.2
83.0
40.4

19.1
14-9
34-0

58.7
55.8
48.0

64.8
56.4
54.7

51.1
56.4
34.0

12.8
55-3
44.7

54.7
54.7
54-4

51.5
50.3
44.5

75.5
48.9
28.7

0.0
6.4
8.5

49.1
42.2
32.6

35.8
32.0
21.8

0.0
4.8
0.0

46.8

2.1
4.3
2.1

35-5
19.8
19.8

15.7
16.0
13.7

0.0

55.3
29.8
55.3

6.4

26.2
19.0

16.9
16.9
27.3

13.7
12.8
18.9

61.9
47.6
83.3

57.1
61.9
73.8

44.7
66.0
46.8

70.2
68.1
57.4

44-2
51.2
39.8

29.1
40.7
59.0

83.3
88.1
76.2

90.5
90.5
95.2

68.1
42.6
28.7

80.9
97.9
97.9

57.3
72.4
81.4

63.4
66.6
72.4

4.8
19.0

4.8
4.8
45.2

8.5
53.2

1975

January
February
March

50.0
66.7

April
May
June

83.3
87.5
91.7

91.7

62.5

75.0

100.0

100.0

91.7

75.0

100.0
100.0

83.3
54.2
58.3

83.3
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

50.0
33.3
33.3

16.7
16.7
50.0

58.3
58.3
41.7

83.3
66.7
75.0

100.0
62.5
87.5

100.0
100.0
100.0

83.3
33.3
33.3

16.7
50.0

66.7
73.8
88.1

95.2
90.5
45.2

61.7
61.7
89-4

97.9
85.1
70.2

64.0
59.6
69.2

78.8
79-4
77.6

66.7
66.7

100.0
100.0
100.0

100.0
100.0
100.0

50.0
33-3
75.0

50.0
66.7
66.7

66.7
31.0
31.0

90.5
66.7
61.9

68.1
36.2
42.6

76.6
78.7
76.6

76.7
74-4
77.9

82.8
83.1
77.0

100.0
r62.5
100.0

100.0
100.0
rlOO.O

'75.0

83.3
83.3
83.3

16.7
90.5
21.4

47.6
14.3

55.3
27.7
48.9

53.2
23.4
14-9

77.9
63.4
47.1

77.0
71.5
70.9

100.0
50.0

42.9
23.8
23.8

P47.6

51.1
27.7
38.3

29.8

52.9
49.1
68.9

P54.1

25.0
41.7
66.7

8.3

July
August
September

... .
.

. .

October
November
December

25.0
25.0

25-0

0.0
0.0
0.0

0.0
0.0
0.0

8.3

12.8
36.2

1976

January
February
March

r70.8

75.0
91.7
79.2

April
May
June

58.3

r75.0

r54-2
r58.3

75.0
50.0

July
August
. . . .
September

r33-3
r33.3
r33-3

October
November
December

3

3

75.0
75-0
50.0

41.7

55.0

50.0

60.0

4

25.0

100.0

4

75.0
75.0

75-0

58.3
50.0
83.3

100.0

5

5

75.0

66.7

50.0

7.1

p71.4

69.1
55-3

56.4

39.8

P57.8

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950, 951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p" preliminary; and "NA", not available.
Graphs of these series are shown on page 37.

•"•Component data are not available for publication and therefore are not shown in table C2.
2
See "New Features and Changes for This Issue," page iii.
3
Excludes series 12 and 36 for which data are not yet available.
4
Excludes series 57 for which data are not yet available.
b
Excludes series 70 and 95 for which data are not yet available.

BCII

DECEMBER 1976



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Q DIFFUSION INDEXES-Con.
|

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

965. Newly approved
capital appropriations,
The Conference Board x

966. Index of industrial
production

967. Index of industrial
materials prices

968. Index of stock
prices, 500 common
stocks® 5

(17 industries)

(24 industries)

(13 industrial materials)

(65-67 industries)

1 -month
span

9-month
span

1-quarter
span

3-quarter
span

January
February
March

65.7
57.1
60.0

82.9
85.7
71.4

47

59

April
May
June

54.3
65.7
44.3

74.3
68.6
60.0

59

July
August
September

60.0
45.7
40.0

45.7
14-3
17.1

53

October
November
December

45.7
21.4
17.1

11.4

35

January
February
March

48.6
48.6
34-3

17.1
25.7
31.4

47

April
May
June

74.3
42.9
51.4

45.7
57.1
65.7

59

July
August
September

77.1
47.1
54-3

80.0
80.0
71.4

41

October
November
December

62.9
47.1
42.9

74.3
88.6
74.3

74

January
February
March

61.4
62.9
68.6

77.1
88.6
80.0

53

April
May
June

62.9
52.9
48.6

88.6
88.6

65y

July
August
September

45.7
52.9
44-3

Year
and
month

1 -month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

969. Profits, manufacturing, Citibank
(about 1,000
corporations)
1-quarter
span

4-quarter
span®

1974

59

47

15

22.9
62.5
64.6

45.8
37.5
45.8

84.6
69.2
53.8

69.2
76.9
61.5

85.8
50.7
91.0

43.8
75.0
58.3

56.3
45.8

61.5
38.5
53.8

61.5
46.2
46.2

27.3
39-4

38.5
46.2
42.3

46.2
23.1
23.1

19.2
23.1

23.1
23.1
23.1

66.2
70.8

45.8
41.7
31.3
25.0

4.2
4.2

5.7
18.6

'45.8
50.0

4-2
4.2
4.2
12.5

4.2

7.7

9.7

4.5
7.6
1.5

9.2

28.8
10.6

59
71

6.1
6.1

58
*59

10.6

4.6
4.6
3.1

58
*51

10.8
23.1
38.5
70.8

40

62.0
98.5

48

50

1975

12

33-3
20.8

41

65

59

16.7
54.2

53.8
42.3
38.5

11.5
15-4
15-4

95.4
93.8
86.2

100.0

70.8
62.5
85.4

70.8
83-3
87.5

46.2
38.5
61.5

38.5
61.5
61.5

69-2
61.0
70.8

95-4
93.8
89.2

53

87.5
79.2
75.0

87.5
95.8
91.7

57.7
65.4
76.9

53.8
53-8
46.2

64.6

70

40.0

80.8
66.2
90.8

50.0
81.3
62.5

91.7
91.7
95.8

46.2
42.3
50.0

46.2
61.5
69.2

70.8
64.6
26.2

87.7
80.0
80.0

58

70.8
83.3
52.1

87.5
83.3
83-3

76.9
42.3
88.5

53.8
69.2
65.4

100.0

90.8
93.8
95.4

62

83.1
53.1

52.1
62.5
56.3

66.7
70.8

69.2
69.2
61.5

31.5
41-5
50.8

89.2
93.8
64.6

57

r66.7

53.8
61.5
84.6

56.3
66.7

r70.8
P66.7

84.6

80.0
43.1
56.2

45.4

55

25.0

8.3

6.2

57

*68

80

*84

1976

October
November
December

.

...

r45.7
P42.9

r88.6
P71.4

P35

88

P65

73-1
46.2
50.0

r54-2

61.5
69.2

rU-7

P83.3

3

69.2

*76

15-4
50.8

3

61.5

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by ® . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
•"•This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
2
Based on 67 components through April 1974> on 66 components through September 1974? and on 65 components thereafter. Component
data are not shown in table C2 but are available from the source agency.
3
Average for December 7, 14j and 21.




74

DECEMBER 1976

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

971. New orders,
manufacturing1®

970. Business expenditures for new plant and
equipment (18 industries)

973. Net sales, manufacturing
and trade1 ®

972. Net profits, manufacturing
and trade1 ©
Actual

Anticipated

Anticipated

Actual

Anticipated

a. Actual
expenditures

b. Later
anticipations

c. Early
anticipations

(1-Qspan)

(1-Qspan)

(1-Qspan)

(4-Q span)

77.8
86.1
61.1
63.9

72.2
77.8
61.1
55.6

75.0
86.1
69.4
61.1

84
82
74
59

86
80
85
80

74
76
71
63

74
79
77

82
84
80
70

86
78
86
82

38.9
44-4
38.9
36.1

36.1
41.7
50.0
61.1

66.7
52.8
66.7
61.1

50
54
64
71

72
59
70
73

52
53
58
66

68
58
66
67

57
58
66
70

75
62
73
74

66.7
80.6
72.2

61.1
77.8
72.2
63.9

75.0
61.1
66.7
83.3

82
84
88
86

76
74
(NA)

76
80
84
82

82

82
84
90
87

Actual

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

1974

First quarter ..,
Second quarter ,
Third quarter..,
Fourth quarter
1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

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

(NA)

81
(NA)

1977

66.7

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

DIFFUSION INDEXES-Con.
Year
and
quarter

974. Number of employees,
manufacturing and trade1 ®
Actual

Anticipated

(4-Q span)

(4-Q span)

975. Level of inventories,
manufacturing and trade1 ®
Actual

Anticipated

(4-Q span)

(4-Q span)

976. Selling prices, manufacturing1 ®
Anticipated

Actual

(4-Q span)

(4-Q span)

977. Selling prices, wholesale
trade1 ®
Anticipated

Actual

(4-Q span)

(4-Q span)

978. Selling prices, retail
trade1 ®
Actual

Anticipated

(4-Q span)

(4-Q span)

92
97
96
92

87
89
92
93

1974

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

58
59
56
49

61
56
60
58

78
79
78
69

70
67
72
72

92
96
94
89

86
89
92
90

96
96
94
91

94
92
91

44
48
52

53
48
54
54

58
52
56
57

64
54
50
54

81
78
78
78

86
76
68
74

80
79
81
81

87
74
70
76

80
84

88
75
72
79

57
58
(NA)

56
60
62
60

62
65
(NA)

60
64
70
68

80
82
(NA)

75
78
80
80

84
80
(NA)

80
82
82
84

86
86
(NA)

81
82
84

1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
NOTE: Figures are the percent of se'ries components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 39.
1

This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

BCD

DECEMBER 1976



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

B
H SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1976

April

June

May

August

July

October r

September

November?

961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING 1
(Average weekly hours)

All manufacturing industries

-

Percent rising of 21 components

39.4

- 40.2

+ 40.3
(90)

(17)

-

(21)

- 40.0

40.1
(43)

-

(24)

39.7

+ 39.8

+

(67)

(24)

40.1
(71)

Durable goods industries:
Ordnance and accessories
Lumber and wood products
Furniture and fixtures

- 39.7
o
^0.0
38.4

+ 40.8
+ 40.1
+ 39.0

+ 41.1
- 39.8
- 38.6

- 40.9
+ 40.6
o 38.6

- 40.7
- 40.2
- 38.5

- r40.1
- 39.8
-

Stone, clay, and glass products
Primary metal industries

+ 41.1
o 40.6

+
+

41-4
41.0

o
+

41-4
41.2

o

+ 41.1
- 40.9

-

Fabricated metal products
Machinery, except electrical

- 39.6
- 40.2

+
+

41.0
41.2

o
o

41.0
41.2

o 41.0
+ 41.5

o
-

Electrical equipment and supplies
Transportation equipment

- 39.1
- 39.8

+ 40.2
+ 42.4

- 40.1
+ 42.5

o 40.1
- 42.0

o
-

Instruments and related' products ....
Miscellaneous manufacturing industries

- 39.6
- 38.0

+ 40.8
+ 38.7

- 40.5
- 38.5

+ 40.8
+ 38.8

- 40.4
- 38.5

- 39.9

Food and kindred products
Tobacco manufactures

- 40.1
- 38.6

+ 40.2
o 38.6

- 40.1
- 38.3

- 40.0
- 35.0

+ 40.1
+ 36.8

Textile mill products .
Apparel and other textile products

- 39.3
- 34.9

+ 40.6
+ 36.0

- 40.3
- 35.8

- 40.2
- 35.5

Paper and allied products
Printing and publishing

- 42.1
- 37.2

+ 42.8
+ 37.6

- 42.4
- 37.5

Chemicals and allied products
Petroleum and coal products

+ 41.7
o 42.2

- 41.6
o 42.2

Rubber and plastic products n e e .
Leather and leather products

- 39.6
- 37.7

+ 40.7
+ 38.2

r38.0

+ 40.6
+ 40.4
+ 38.5

- 40.0
o 40.4
- 38.4

r40.9
r40.3

+ 41.4
- 40.0

+ 41.6
+ 40.4

41-0
41.4

- 40.6
- 40.8

- 40.4
+ 41.0

+
+

40.1
41.9

-

r39.7

-

41.1

+ 40.0
o 41.1

+ 40.5
+ 42.0

+ 40.3
+ 38.7

+ 40.7
+ 38.9

+ 40.2
+ r37.1

+ 40.3
+ 37.5

o 40.3
- 36.9

- 39.3
- 35.2

-

r39.0
r34.9

+ 39.4
+ 35.0

+ 39.6
+ 35.4

- 42.3
+ 37.7

- 42.1
- 37.5

+ 42.2
- 37.4

- 42.0
o 37.4

+ 42.1
o 37.4

- 41-5
- 42.0

- 41.4
+ 42.2

- 41.3
+ 42.3

+ r41.9
- 42.2

- 41.5
- 41.9

+ 41.8
- 41.3

- 40.3
- 37.0

o 40.3
o 37.0

- 40.0
- 36.7

+
-

r40.5
r36.5

+ 41.1
- 36.3

o 41.1
+ 36.5

- 46,648

+ 47,570

+ 48,397

41.0
41.2

-

r38.2

41.1
41.3

Nondurable goods industries:

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES 1
(Millions of dollars)

All durable goods industries . . .

- 47,790

Percent rising of 35 components

+ 49,565

+ 49,926

(53)

(63)

- 48,122

- 48,051

(46)

(49)

2

(46)

(44)

(53)

(43)

Primary metals
Fabricated metal products

+

7,238
5,788

+
+

8,805
6,094

-

8,075
6,075

+

7,662
6,250

-

7,264
5,909

+
-

7,462
5,820

- 7,041
- 5,751

+ 7,139
+ 5,835

Machinery, except electrical
Electrical machinery

+
+

8,064
6,396

-

8,033

+ 6,618

+

7,992
6,657

+
-

8,639
5,936

- 8,155
+ 6,311

+
-

8,283
5,889

+
+

8,287
6,658

+ 8,319
- 6,410

Transportation equipment
Other durable goods industries

- 11,521
- 8,783

- 10,884
- 8,751

+ 11,305
+ 9,107

- 9,912

+ 10,675

+

- 9,158

+ 11,553
- 9,141

- 11,284

- 8,731

+ 11,918
+ 9,209

9,282

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.
•'•Data are seasonally adjusted by the source agency.
2
Data for most of the 35 diffusion index components are not available for publication; however, they are all included in the
totals and directions of change for six major industry groups shown here.

76




DECEMBER 1976

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

|
Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
1976

Diffusion index components
April

966.

All industrial production

+

Percent rising of 24 components^
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products

June

May

128.4

August1"

July

September1*

October1*

November?

INDEX OF INDUSTRIAL PRODUCTION 1
(1967=100)

+

129.6

+

(62)

(52)

130.1

+

130.7

+

(56)

(56)

131.3

-

(67)

130.9

-

130.4

+

(42)

(54)

132.0
(83)

+
+

105.4
121.5

+
-

113.2
121.4

+

111.5
124.0

+
+

116.9
124.6

+
+

118.6
125.8

+

114.1
126.4

-

109.8
124.6

+
+

110.1
125.7

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment .
Instruments

+
+
+

133.5
130.0
110.6
145.4

+
+
+
+

134-0
131.8
112.9
149.0

+
+

133.5
132.0
112.6
149.5

+
+
+

135.0
131.0
113-3
151.3

+
+
+
-

136.4
135.3
115.0
149.6

+
-

136.8
133.9
104.4
148.7

- 134-4
+ 134.8
+ 104.9
+ 149.7

+
+
+
+

138.6
136.4
113.1
152.4

Lumber, clay, and glass
Clay glass, and stone products
Lumber and products

+

132.7
122.8

+
+

133.9
123-0

+
-

136.1
120.3

+
+

137.2
124.6

+
+

138.1
128.1

+
+

138.8
128.7

- 138.2
+ 129.2

(NA)
(NA)

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+
-

131.7
140.7

+

131.0
145.5

+

130.1
145.9

+
+

131.6
148.5

+
-

134.4
142.1

+

133.0
143.8

+
-

134.3
141.9

(NA)
(NA)

Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

+

135.7
126.1
87.7

+
4+

138.0
130.3
91.4

+
-

138.1
126.8
84.0

-

136.8
125.6
81.1

-

135.1
123.7
77.3

+
+

135.8
122.9
77.9

+
-

136.1
(NA)
77.3

(NA)
(NA)
(NA)

Paper and printing
Paper and products
Printing and publishing

+
+

133.9
122.0

+
-

134-0
120.5

+
-

139.1
119.7

+

132.0
122.0

+
-

134.6
120.6

+

132.1
120.9

-

131.8
119.9

+
+

133.6
120.0

Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products

-

168.7
131.6
198.2

+
-

166.6
132.7
185.6

+
+
+

170.0
135.1
189.1

+

167.6
134.1
191.2

+
-

170.4
133.8
186.1

+
+

170.9
132.3
212.4

- 169.9
- 128.7
- 209.0

+

(NA)
133.1
(NA)

+
-

129.2
115.4

+
-

131.2
114.5

+

130.5
115-4

+
-

131.8
114.5

+
+

133-4
114.8

+
+

134-8
115.4

-

134.6
(NA)

o
-

114.4
111.3

+
-

119.2
110.8

+
+

122.7
112.3

-

104.8
112.0

+
+

112.6
112.3

+
-

121.3
112.0

+
-

130.3
111.8

+
-

124.3
117.5

-

118.3
116.7

o
-

118.3
116.5

+
o

121.6
116.5

+
+

127.5
119.0

-

123.6
118.1

+
+

127.2
118.4

Foods and tobacco
Foods
Tobacco products
Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

..

(NA)
(NA)

-

125.1
111.3
(NA)
(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
1
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.


DECEMBER 1976


77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

RH SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
Diffusion index components

1976

June

May

April

August

July

September

October

November

December

967. INDEX OF INDUSTRIAL
MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . . +

Percent rising of 13 components

200.9

+ 202.7

+ 204-4

(62)

(54)

+

(85)

214.1

-

209.6

-

-

(50)

(46)

(73)

206.2

201.6

-

(62)

201.0

+

202.5

(62)

(69)

Copper scrap

(pound) . . + 0.^68
1.032
(kilogram) . .

+ 0.477
1.052

+ 0.516
1.138

+ 0.563
1.241

-

0.518
1.142

+

0.530
1.168

-

0.443
0.977

+ 0.447
0.985

+

0.480
1.058

Lead scrap

(pound) . . +
(kilogram; . .

0.089
0.196

+ 0.091
0.201

- 0.088
0.194

o 0.088
0.194

+

0.091 +
0.201

0.093
0.205

+

0.099
0.218

- 0.095
0.209

-

0.093
0.205

(U.S. ton) . . + 90.310
99.549
(metric ton) . .

-87.648
96.614

+91.483
100.842

+94-615
104.294

- 84.681 - 74-211 - 63.126
81.803
69.584
93.344

+64.024
70.574

+ 69.767
76.904

Steel scrap

Print cloth, average
Wool tops
Hides

..

Rosin
Rubber .

+ 3-812
8.404

-

3-704
8.166

-

3.670 +
8.091

3-837
8.459

+ 3.914
8.629

+

4.118
9.079

0.361
0.796

+ 0.362
0.798

+ 0.365
0.805

+ 0.370
0.816

+

0.389
0.858

+

0.407
0.897

-

0.394
0.869

-

0.381
0.84.0

-

0.373
0.822

0.169
0.185

-

0.161
0.176

+ 0.168
0.184

+ 0.176
0.192

o

0.176
0.192

-

0.174
0.190

+

0.178
0.195

+ 0.182
0.199

+

0.186
0.203

0.580
1.279

+ 0.604
1.332

+ 0.704
1.552

+

0.771
1.700

-

0.697
1.537

o

0.697
1.537

+

0.744
1.640

+ 0.777
1.713

-

0.741
1.634

0.590
0.645

- 0.586
0.641

+ 0.598
0.654

- 0.588
0.643

+

0.591 0.646

0.583
0.638

+

0.588
0.643

- 0.574
0.628

-

0.566
0.619

(pound) . . (kilogram) . .

Cotton 12-market average

+ 3.394
7.482

(yard) . . +
(meter) . .

Burlap

+ 3.250
7.165

(pound) . . (kilogram) . .

Zinc

3-143
6.929

(yard) . . (meter) . .

2.597
5.725

- 2.530
5.578

+ 2.566
5-657

- 2.537
5-593

o

2.537
5.593

-

2.527 +
5-571 .

2.574
5-675

+ 2.666
5.877

+

2.669
5.884

(pound) . . +
(kilogram) . .

. .

. (pound) . . +
(kilogram) . .
(pound) . . (kilogram) . .

Tin

0.368
0.811

+

-

0.361
0.796

+ 0.393
0.866

+

0.415
0.915

+

0.427
0.941

-

0.366
0.807

- 0.333
0.734

+

6.362
0.798

+22.317
49.200

+22.452
49.498

+26.750
58.973

+ 27.445
60.505

- 27.147 + 27.228
- 59.848
60.027

+28.156
62.073

+ 28.934
63.788

(100 pounds)
- 21.644
(100 kilograms) . . 47.716
.

Tallow

.

0.411
0.906

(pound) . . +
(kilogram) . .

0.384
0.847

+ 0.393
0.866

+ 0.419
0.924

- 0.408
0.899

-

0.405
0.893

+

0.419 +
0.924

0.439
0.968

+ 0.459
1.012

-

0.400
0.882

(pound) . . (kilogram) . .

0.131
0.289

-

+

+

-

0.124
0.273

+

0.140
0.309

0.137
0.302

+ 0.149
0.328

+

0.162
0.357

0.130
0.287

0.131
0.289

0.141
0.311

-

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.

•'•Average for December 7, 14> and 21.
Series components are seasonally adjusted by the Bureau of Economic Analysis. The industrial materials price index is not
seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.
2




78

DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

a. Total

b. Difference

(Ann. rate,
bil. dot.)

217. Per capita
GNP in 1972
dollars

50. Gross national product in 1972 dollars

200. Gross national product in current dollars
c. Percent
change at
annual rate

a. Total

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

213. Final sales
in 1972 dollars

c. Percent
change at
annual rate
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1973

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

1,265.3
1,288.4
1,317.5
1,355.1

45.9
23.1
29.1
37.6

15.9
7.5
9.4
11.9

1,229.8
1,231.1
1,236.3
1,242.6

27.6
1.3
5.2
6.3

9.5
0.4
1.7
2.0

5,860
5,856
5,869
5,888

1,218.1
1,216.3
1,222.2
1,217.2

1,372.7
1,399.4
1,431.6
1,449.2

17.6
26.7
32.2
17.6

5.3
8.0
9.5
5.0

1,230.4
1,220.8
1,212.9
1,191.7

-12.2
-9.6
-7.9
-21.2

-3.9
-3.1
-2.6
-6.8

5,821
5,767
5,718
5,606

1,219.1
1,211.4
1,207.8
1,183.7

1,446.2
1,482.3
1,548.7
1,588.2

-3.0
36.1
66.4
39.5

-0.8
10.4
19.1
10.6

1,161.1
1,177.1
1,209.3
1,219.2

-30.6
16.0
32.2
9.9

-9.9
5.6
11.4
3-3

5,454
5,519
5,656
5,691

1,181.6
1,198.2
1,210.2
1,224.7

1,636.2
1,675.2
rl,709.8

48.0
39.0
r34.6

12.6

1,246.3
1,260.0
rl,272.2

27.1
13-7
r!2.2

9.2

4-.5
r3.9

5,808
5,862
r5,907

1,235.9
1,248.8
rl,262.0

1974

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

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

9.9

r8.5

GNP AND PERSONAL INCOME-Con.

Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income

224. Current dollars

225. Constant
(1972) dollars

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

866.6
890.9
911.4
937.7

845.1
852.7
858.2
862.1

4,027
4,056
4,074
4,085

948.4

1,015.8

846.7
840.6
841.7
834.0

1,023.8
1,088.2
1,091.5
1,119.9
1,147.6
1,172.5
1,190.2

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

787.2
801.0
818.2
833.1

767.7
766.8
770.4
765.9

125.7
124.6
123.5
121.1

124.9
123-0
121.2
118.1

4,006
3,970
3,968
3,923

853-3
878.7
906.8
911.1

761.8
761.9
764.7
748.1

118.6
122.5
128.0
117.4

114.9
115.0
116.1
103.1

827.9
869.7
857.1
867.5

3,889
4,078
4,009
4,049

933.2
960.3
987.3
1,012.0

754-6
767.5
775.3
783.9

122.1
127.0
136.0
141.8

106.0
108.4
115.1
118.0

880.4
890.5
892.0

4,103
4,143
4,142

1,043-6
1,064.7
1,088.5

800.7
808.6
815.7

151.4
155.0
157.6

124-3
125.2
126.2

(Ann. rate,
bil dol.)

(Ann. rate,
bil. dol.)

1973

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1974

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

969.5
998.0

1975

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

1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.

Graphs of these series are shown on pages 41 and 42.

ItCII


DECEMBER 1976


79

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

[Q PERSONAL CONSUMPTION EXPENDITURES-Con.
236. Nondurable 238. Nondurable
goods in current goods in 1972
dollars
dollars

Year
and
quarter

(Ann. rate,
bil. dot.)

(Ann. rate,
bil. dol.)

K] GROSS PRIVATE DOMESTIC INVESTMENT

237. Services in
current dollars

239. Services in
1972 dollars

240. Total in
current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

1973

321.4
327.6
338.1
348.1

310.9
307.8
310.6
308.0

340.1
348.8
356.6
363.8

331.9
336.0
338.7
339.7

210.6
218.0
220.0
231.5

204.6
207.4
204.9
211.8

198.8
202.6
204.6
202.5

192.9
192.6
190.8
186.4

360.6
371.9
383.8
388.5

305.1
304.0
304.9
299.8

374.1
384-3
394-9
405.2

341.8
342.9
343.7
345.1

216.4
218.8
213-3
211.5

194.8
187.9
176.2
169.1

203.8
205.8
206.0
201.7

183.4
178.5
171.1
161.1

394-4
405.8
414-6
421.6

300.6
307.2
306.8
309-5

416.7
427.4
436.7
448.6

348.0
351.8
353.4
356.4

172.4
164.4
196.7
201.4

129.3
126.2
148.7
147.0

194-6
194.3
198.6
205.7

149.8
147.4
149.7
152.5

429.1
434-8
441.8

First quarter
Second quarter
Third quarter
Fourth quarter

314.6
317.6
318.9

463.2
474-9
489.1

361.8
365.8
370.6

229.6
239.2
247.0

167.1
171.7
175.2

214.7
223-2
231.9

156.7
160.6
165.0

1974

First quarter
Second quarter
Third quarter
Fourth quarter
1975

First quarter
Second quarter
Third quarter
Fourth quarter
1976

First quarter
Second quarter
Third quarter
Fourth quarter

B

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

H
H GOVERNMENT PURCHASES OF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

100.7
96.3
95.2
94-3

161.6
165.0
169.3
173.5

154.5
154.9
156.6
157.7

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

1973

First quarter
Second quarter
Third quarter
Fourth quarter

....

11.8
15-4
15.4
29.0

11.7
14.8
14-1
25.4

265.8
265.1
269.3
277.8

255.2
251.2
251.8
252.0

104.2
100.1
100.1
104.4

12.6
13.0

11.4

288.0
298.0
308.6
318.5

255-4
256.1
257.1
256.9

106.1
108.9
113-5
118.1

95.3
94-7
95.8
95.4

181.9
189.1
195.1
200.4

160.1
161.4
161.3
161.5

257.1
259.1
262.4
265.2

120.3
122.4
124.6
130.4

94-8
95.3
95.6
97.2

205.3
210.9
218.6
223.4

162.2
163.8
166.9
168.0

261.9
263.6
265.5

129.2
131.2
134-5

95.4
96.0
97.3

225.5
230.9
235.0

166.6
167.7
168.2

1974

First quarter
. . .
Second quarter
Third quarter
Fourth quarter

7.3
9.7

9.4
5.1
8.0

1975

First quarter . -.
Second quarter
Third quarter
Fourth quarter

-22.2
-30.0

-20.5
-21.2

-2.0
-4-3

-1.0
-5-5

325.6
333-2
343.2
353-8

14.8
16.0
15.1

10.4
1.
11
10.2

354.7
362.0
369.6

1976

First quarter
Second quarter
Third quarter
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 42, 43, and 44.




DECEMBER 1976

KCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

FOREIGN TRADE

Year
and
quarter

250. Current
dollars

252. Current
dollars

255. Constant
(1972) dollars

220. National income in current
dollars

I imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

256. Constant
(1972) dollars

253. Current
dollars

257. Constant
(1972) dollars

280. Compensation
of employees

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

96.7
105.2
115.0

84-5
86.2
88.3
90.7

87.7
95.3
102.3

82.1
80.5
79.0
77.7

1,030.9
1,051.2
1,073.6
1,102.7

771.2
790.0
807.2
828.4

18.4
14-9
14.9
17.7

133.2
142.2
148.4
153.8

97.8
98.7
96.4
95.9

118.2
138.3
145-5
145.7

79.4
83.8
81.5
78.2

1,113.5
1,125.6
1,147.6
1,156.3

846.3
866.3
888.8
901.8

15.0
24.4
21.4
21.0

20.1
24.3
22.8
23.1

147.5
142.9
148.2
153.7

90.3
87.7
90.7
93.9

132.5
118.5
126.8
132.7

70.2
63-4
67.9
70.8

1,149.7
1,182.7
1,233.4
1,264.6

904.0
912.9
935.2
963.1

8.4
9.3
r4.7

16.6
16.0
r!5.7

154.1
160.3
rl67.7

93.6
95-4
r98.0

145.7
151.0
rl63.0

77.0
79-4

1,304.7
1,337.4
1,362.5

994-4
1,017.2
1,037.5

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1.7
4-3
10.0
12.7

2.3
5.7
9.3
12.9

15.0
3.9
2.9
8.1

(Ann. rate,
bil.dol.)

1973

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

89.4

92.4

1974

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

1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter

1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter

r82.3

NATIONAL INCOME AND ITS COMPONENTS-Con.

Year
and
quarter

282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

284. Rental income
of persons with
capital consumption adjustment

(Ann. rate,
bil.dol.)

286. Corporate
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

SAVING

288. Net interest

(Ann. rate,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil.dol.)

295. Business
saving

292. Personal
saving

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1973

86.1
90.7
94-6
98.3

22.1
21.2
21.5
21.5

101.1
98.1
97.8
99.3

50.4
51.2
52.5
55.3

203.2
213.1
219.1
231.8

137.4
136.9
141.0
145.6

59.4
69.1
71.7
81.1

91.2
85.0
86.0
85.5

20.9
20.6
21.0
21.5

95.7
87.8
81.7
74-1

59.4
65.9
70.0
73.2

213.0
206.5
200.0
201.7

143.8
138.6
133-4
141.6

72.6
67.8
67.6
80.8

81.1
86.8
95.5
97.2

21.9
22.3
22.4
22.9

69.0
86.6
105.3
105.6

73.7
74.0
74.9
75.8

172.1
180.2
204.6
208.0

150.0
168.6
182.3
185.7

67.2
104-5
80.5
83.7

93.2
100.3
96.1

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

23-3
23.1
23.4

115.1
116.4
122.0

78.6
80.3
83.5

222.1
234.2
234-2

194-2
196.2
r203.1

79.5
82.9
75.8

1974

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1975

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

1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.

Graphs of these series are shown on pages 45,46, and 47.

ItCII

DECEMBER

1976




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

Qj SHARES OF GNP AND NATIONAL INCOME

Q SAVING-Con.
298. Government
surplus or deficit,
total

Year
and
quarter

(Ann. rate,
bil. dot.)

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

Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)

248. Nonresidential
fixed investment
(Percent)

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1973

6.4
7.3
6.5
5.0

6.8
7.8
7.9
8.7

62.2
62.2
62.1
61.5

10.3
10.4
10.5
10.4

5-4
5.3
5.0
4.6

0.9
1.2
1.2
2.1

0.1
0.3
0.8
0.9

.. .

4.7
0.2

.. .

-20.8

7.7
7.0
6.8
8.0

62.2
62.8
63.3
62.9

10.6
10.6
10.5
10.1

4.3
4.1
3.8
3.4

0.9
0.9
0.5
0.7

11
.
0.3
0.2
0.6

-45.0
-92.9
-58.1
-61.5

6.6
9.6
7.4
7.5

64-5
64.8
63.8
63.7

10.2

9.8
9-4
9.4

3-2
3.3
3.4
3.6

-51.6
-44.9
r-44-7

6.9
7.1
6.4

63.8
63-6
63.7

9.4
9.4
9-5

3-7
3-9
4.0

First Quarter
Second quarter
Third quarter
Fourth quarter
1974

First quarter
Second quarter
Third quarter
Fourth quarter

-1.0

1975

First quarter
Second quarter
Third quarter
Fourth quarter

1.0
1.6
1-4
1.3

-1.5
-2.0
-0.1
-0.3

1976

First quarter
Second quarter
Third quarter
Fourth quarter

....

0.5
0.6

0.9
1.0
0.9

rO.3

^m SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

Percent of GNP-Con.
265. Federal Govt.
purchases of goods
and services
(Percent)

Percent of National Income

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

64. Compensation of
employees
(Percent)

283. Proprietors'
income with IVA
and CCA1
(Percent)

285. Rental income
287. Corporate
of persons with CCA1 pro fits with IVA
and CCA1
(Percent)

(Percent)

289. Net interest

(Percent)

1973

First quarter
Second quarter
Third quarter
Fourth quarter

8.2
7.8
7.6
7.7

12.8
12.8
12.9
12.8

74.8
75.2
75.2
75.1

8.4
8.6
8.8
8.9

2.1
2.0
2.0
1.9

9.8
9.3
9.1
9.0

4.9
4-9
4-9
5.0

7.7
7.8
7.9
8.2

13.2
13-5
13.6
13.8

76.0
77.0
77.4
78.0

8.2
7.6
7.5
7.4

1.9
1.8
1.8
1.9

8.6
7.8
7.1
6.4

5.3
5.9
6.1
6.3

8.3
8.3
8.0
8.2

14.2
14.2
14.1
14.1

78.6
77.2
75.8
76.2

7.1
7.3
7.7
7.7

1.9
1.9
1.8
1.8

6.0
7.3
8.5
8.4

6.4
6.3
6.1
6.0

7.9
7.8
7.9

13.8
13.8

76.2
76.1

r!3.7

r76.2

7.1
7.5
7.1

1.8
1.7
1.7

8.8
8.7
9.0

6.0
6.0
6.1

1974

First quarter
Second quarter
Third quarter . . . .
Fourth quarter
1975

First quarter
Second quarter
Third quarter
Fourth quarter
1976

First quarter
Second quarter
Third quarter . .
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 47 and 48.
•'•IVA means inventory valuation adjustment; CCA means capital consumption adjustment.

82




DECEMBER 1976

IICII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

H PRICE MOVEMENTS
n
Implicit price deflator,
gross national product

Year
and
month

310. Index

Fixed weighted price index,
gross business product

3 10c. Changeover
1 -quarter spans1

(1972=100)

(Ann. .^te, percent)

311. Index

Consumer prices, all items

31 1c. Changeover
1 -quarter spans1

(1972=100)

(Ann. rate, percent)

320. Index ®

(1967=100)

320c. Change over
1 -month spans1

(Percent)

320c. Change over
6-month spans1

(Ann. rate, percent)

1974
10.8

111.6

April
May
June

llZ.'o

July
August
September

118*0

October
November
December

121.6

139.7
141-5
143.1

1.2
11
.
1.0

11.5
12.1
12.3

11.1

143.9
145.5
146.9

0.6
11
.
0.8

11.4
11.8
12.1

13.2

148.0
149.9
151.7

0.7
1.3
11
.

12.6
12.2
12.1

12.5

153.0
154-3
155-4

0.9
0.9
0.8

12.0
10.3

9.1

156.1
157.2
157.8

0.7
0.5
0.4

7.9
7.0
6.8

5.3

158.6
159.3
160.6

0.5
0.5
0.7

7.4
7.1
7.2

7.4

162.3
162.8
163.6

1.0
0.4
0.4

7.4
7.7
7.4

6.2

164.6
165.6
166.3

0.6
0.6
0.5

6.1
5.6
5.1

3.7

166.7
167.1
167.5

0.4
0.1
0.2

4-7
4.6
4.5

5.2

9.5

January
February
March

168.2
169.2
170.1

0.4
0.6
0.5

4.6
5.5
5.9

171.1
171.9
172.6

0.5
0.5
0.4

5.8
5.1

173.3
173-8

0.3'

111.6

11.5

114*5

12.4

118.1

12.7

121.7

...

8.6

1975

January
February
March

. .

10.1

124-6

April
May
June

125.9

July
August
September

128.1

October
November
December

124-3

130*3

4.5

125-9
7.0

128.2

7.1

.

130.1

...

1976

January
February
March

131*3

April
May
June

133*6

July
August
September

3.2

131*3
5.2

133.0
r4-3

r4-4

r!34-4
.

. .

October
November
December

134-4

0.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
•"•Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month.


DECEMBER 1976


83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

Q PRICE MOVEMENTS-Con.

322. Index

(1967=100)

Wholesale prices, crude materials

Wholesale prices, all commodities

Consumer prices, food
Year
and
month

322c. Change
over 1-month
spans1

322c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

330, Index®

(1967=100)

330c. Change
over 1 -mo nth
spans1

(Percent)

330c. Change
over 6-month
spans1

(Ann. rate,
percent)

331. Index

(1967=100)

331 c. Change
over 1-month
spans1

331 c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

1974

January
February
March

154-2
157.2
158.4

1.4
1.9
0.8

April
May
June

158.4
160.1
160.3

0.0
11
.
0.1

July
August
September

159.8
162.2
165.2

October
November
December

166.8
168.7
170.4

-0.3

1.5
1.8
1.0
11
.
1.0

146.6
149.5
151.4

2.9
1.6
1.4

20.0
21.6
18.1

201.6
204.3
108.4

-2.9

152.7
155.0
155.7

0.8
1.5
0.2

19.7
24.7
21.8

195.6
187.5
177.9

-1.4
-4-1
-5.1

10.9
11.0
13.0

161.7
167.4
167.2

3.6
3.7
0.2

25-3
25-0
23.8

191.7
198.6
193.8

7.8
3.6

14-9
11.3

2.2
1.4

15.0

6.6

170.2
171.9
171.5

-0.3

200.8
205-1
196.7

-4.1

5.1
4.6
5.0

171.8
171.3
170.4

-0.2
-0.7
-0.5

0.5

189-4
185.1
180.4

-3-7
-2.3
-2.5

7.7
7.6
8.9

172.1
173.2
173.7

0.9
0.6
0.0

2.5
5.7
8.6

192.7
198.3
197.0

175.7
176.7
177.7

0.8
0.9
0.9

9.0
7.9
8.6

200.1
198.8
203.7

178.9
178.2
178.7

11
.
0.1
0.3

6.4
3.8
2.3

207.0
207.0
204.5

-1.2

0.2

1.7
2.1
2.3

201.3
198.8
196.9

-1.6
-1.2
-1.0

0.8
0.3
0.4

3-5
4.1
5.6

208.8
207.2
210.0

-0.8

0.3

5.1
5.8

0.9

209.1
200.8
202.8

0.6
0.7

204.2
211.1

13.2
12.7
1.
11

7.4
6.5
8.8

5.5
4.0

6.6
1.3

-2.4

3.6
2.1

9.4
-1.9

-11.5
-9.6
-5.5
-4.6

5-4
19.7
22.3
-2.4

-13-1
-13-4

1975

January
February
March

171.3
171.1
170.6

April
May
June

171.0
172.5
174-6

July
August
September

177.8
177.5
178.0

October
November
December

179.6
180.6
181.6

0.5
-0.1
-0.3

0.2
0.9
1.2
1.8
-0.2

0.3
0.9
0.6
0.6

10.3

9.6
8.2
3-9
2.2
-0.1

,

1.4
-0.1

6.8
2.9
-0.7

1.6

-7.9
-6.5

0.3
11.6
15-4
27.5
15.4

2.5

9.0
7.8

1.6
0.0

1.2
0.0

-0.6

-6.6

1976

January
February
March

181.2
179.4
177.9

April
May
June

-0.8

0.0
-0.7

179.3
179.3
179.6

.

178.9
180.6
181.0

0.6
1.0
0.2

0.0
2.7
4-1

181.3
181.8
183.1

181.2
181.8
181.8

. .

July
August
September
October
November
December

-0.2
-1.0
-0.8

0.1
0.3
0.0

3-4
1.4

184.3
183.7
184.7

182.3
181.9

0.3
-0.2

185.2
185.6

-0.2

-0.4

-0.1

6.0
1.4
-0.4

4.0
1.0

1.7
0.2
5.5
7.9
2.0
6.1
-4-4

3.8

0.7
3.4

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
1
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.




84

DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Q PRICE MOVEMENTS-Con.
|
Wholesale prices, producer finished goods

Wholesale prices, intermediate materials
Year
and
month

332. Index

(1967=100)

333. Index

332c. Change
over 1-month
spans1

332c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

Wholesale prices, consumer finished goods
334. Index

(1967=100)

334c. Change
over 1-month
spans1

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1974

January
February
March

H2. 6
145.2
149.4

2.4
1.8
2.9

27.8
32.5
31.9

128.1
129.3
131.0

1.2
0.9
1.3

12.7
17.2
20.2

139.4
142.3
143-1

2.5
2.1
0.6

17.8
18.1
14.6

April
May
June

152.4
156.8
160.0

2.0
2.9
2.0

34-7
41.8
34.7

132.6
136.0
138.8

1.2
2.6
2.1

22.4
26.3
28.2

144.9
146.4
145.6

1.3
1.0

14.4
13.6
15.1

July
August
September

165.5
172.9
173-4

3.4
4-5
0.3

35.5
31.2
26.1

141.7
145.3
148.3

2.1
2.5
2.1

30.7
27.9
25.0

149.1
151.7
153-5

2.4
1.7
1.2

16.4
19.0
20.0

October
November
December

177.4
179.6
179.7

2.3
1.2
0.1

18.3

151.6
153.8
155.2

2.2
1.5
0.9

22.9
18.8
16.3

156.3
159.7
159.5

1.8
2.2

14.0

-0.1

9.2
5.5

157.1
158.4
159.9

1.2
0.8
0.9

12.6
10.0

8.7

159.2
158.5
157.7

-0.2
-0.4
-0.5

4.8
2.4
4-3

0.1
2.4

160.9
161.3
161.8

0.6
0.2
0.3

7.1
6.0
5.6

160.0
161.6
162.9

1.5
1.0
0.8

7.9
6.0

-0.5

1975

January
February
March

180.0
179.6
178.5

-0.2
-0.6

April
May
June

178.6
177.5
177.3

-0.6
-0.1

July
August
September

178.4
179.7
180.6

0.6
0.7
0.5

4.8
6.8
7.9

162.6
163.1
164.3

0.5
0.3
0.7

6.8
7.3
7.7

164.2
164.9
167.1

0.8
0.4
1.3

October
November
December

182.8
183.4
184.2

1.2
0.3
0.4

7.2
6.4
6.1

166.3
167.1
167.9

1.2
0.5
0.5

8.2
8.6
7.9

168.7
169.2
169.4

1.0
0.3
0.1

184.7
185.4
186.0

0.3
0.4
0.3

3-9
3.3
3.9

169.1
170.0
170.7

0.7
0.5
0.4

6.1
5.2
5.1

167.9
166.7
166.0

April
May
June

186.3
186.4
187.8

0.2
0.1
0.8

5.2
4.6
6.4

171.3
171.4
172.1

0.4
0.1
0.4

4.5
3.8
4.5

168.4
168.9
169.0

July
August
September

189.4
189.6
191.9

0.9
0.1
1.2

7.4
8.5

172.9
173.2
174-5

0.5
0.2
0.8

6.8
7.1

168.6
167.9
169.5

193.1
194.2

0.6
0.6

177.0
177.4

1.4
0.2

0.2

0.1

1.4
-2.3
-2.7
-1.8

6.4
8.2
12.3
11.2

9.6
8.1
4.6
2.2
-1.3

1976

January
February
March

October
November
December

....

....

....

170.1
171.3

-0.9
-0.7
-0.4

1.4
0.3
0.1
-0.2
-0.4

-0.4
-0.4
-0.5

0.8
1.4
4-3
2.0
2.9

1.0
0.4
0.7

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
1
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

ItCII

DECEMBER 1976




85

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

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

Average hourly earnings, production workers, private nonfarm economy, adj.1
Year
and
month
340. Index

(1967=100)
Revised3

340c. Change
over 1 -month
spans2
(Percent)
Revised3

Current dollar compensation

Real earnings

Current dollar earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
Revised3

341. Index

(1967=100)
Revised3

341 c. Change
over 1 -month
spans2
(Percent)
Revised3

341 c. Change
over 6-month
spans2
(Ann. rate,
percent)
Revised3

345. Index

(1967=100)

345c. Change
over 1 -quarter
spans2
(Ann. rate,
percent)

345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)

1974

January
February
March

151.6
152. 1+
153-6

0.5
0.5
0.8

10.0

April
May
June

154-5
156.2
158.2

0.6
11
.
1.3

10.3
10.9

158.9
160.1
161.7

0.4
0.8
1.0

162.8
163.8
165.0

January
February
March

July
August
September

7.5
8.7
9.8

108.2
107.6
107.3
107.3
107.3
107.8

-0.6
-0.6
-0.3

0.0
0.0
0.5

9.2

-3-5
-3.1
-2.1

155-1

-1.4
-1-3
-1.1

159.3

9.9

1.
13

9.9
8.8

107.4
106.9
106.8

-0.4
-0.5
-0.1

-1.4
-2.0
-2.9

163^7

0.7
0.6
0.7

9.2
9.3
9.1

106.6
106.2
106.2

-0.2
-0.4

-2.5
-0.8

168 !
l

166.0
167. 4
168.9

0.6
0.8
0.9

8.1
8.1
8.4

106.1
106.4
107.0

-0.1

April
May
June

169.3
170.3
171.8

0.2
0.6
0.9

8.2
8.3
7.1

106.7
106.8
106.9

-0.3

July
August
September

172.7
174.2
174.8

0.5
0.9
0.3

8.3
8.8
7.4

106.5
107.0
106.9

-0.4

176.2
177.6
178.0

0.8
0.8
0.2

7.9
7.2
7.3

107.1
107.3
107.0

179-4
180.3
181.1

0.8
0.5
0.4

6.8
6.5
6.8

107.3
107.8
108.0

April
May
June

182.1
183.3
184.0

0.6
0.7
0.4

6.7
6.9
6.9

108.2
108.3
108.1

July
August
September

185.2
186.4
187.2

0.7
0.6
0.4

6.7

108.4
108.5
108.5

October
November
December

188.1
p!89.2

10.7

....

October
November
December

1.
11

0.0

11.3
11^5

11.2
10.5

0.4

1975

. .

October
November
December

0.3
0.6

0.1
0.1

0.2
1.0
1.5
0.7
11
.

12.1

172.9

9.3
7.6

176.1

8^4

-0.1

6.6

0.8
11
.
0.1

179.0

1.6
1.5
2.1

182.1

0.3
0.5
0.2

2.0
1.8
2.2

186.2

0.2
0.1

2.0
1.4
0.9

190.0

0.5
-0.1

0.2
0.2
-0.3

7.*7

7.2
7.9

1976

January
February
March

....

0.5
pO.6

p6.6

108.7
p!09.0

-0.2

0.3
0.1
0.0

9.3

,

8.4

6.7

0.9
pl.3

7!9

193.1

0.2
pO.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
•"•Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
of the 3d quarter.
3
See "New Features and Changes for This Issue," page iii.




DECEMBER 1976

new

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Mj WAGES AND PRODUCTIVITY-Con.

Year
and
month

Average hourly compensation, all employees,
nonfarm business sector-Con.
Real compensation
346. Index

(1967=100)

346c. Change
over 1 -quarter
spans1
(Ann. rate,
percent)

346c. Change
over4-quarter
spans1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all industries®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

6.9

Output per hour, all persons, private
business sector
370. Index

6.2

(1967=100)

370c. Change
over 1 -quarter
spans1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

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

(1967=100)

1974

January
February
March

109.5

April
May
June

109.5

July
August
September

109! 3

October
November
December

109.0

-3.1

9.2

0.0

7.7

11.9

-4.2

14-6

107.6

-2.2

106.7

-2.6

108.7
8.7

-4.0

1.7

105.6

4-5

106.0

5.2

109.2

6\6

111.6

4-5

111.6

3.2

107.6

0.8

109! 2

-3.8

8.0

0.4
-1.0

-3.2

109 !Z

-1.2

-0.9

-6.6

110.5

-U4

112.6

1975

January
February
March

I6 6
l !

April
May
June

110.4

July
August
September

109! 9

October
November
December

110.1

3.6

12.9

108 !l

8.9

1.3

111.4

11.3

8.7

8.5

113.6

1.2
0.6

12.7

7.3

0.9

-1.6

1.6

7.7

6'.6

14.0

8.7

1.8

-1.5
113i 2

1976

January
February
March
April
May
June
July
August
September

4.5

P9.5

3.6

115.3
P8.6

3.8

p6.8

114-1

16 3
1!

112.3
.• .
0.5

112.4

7.4

p7.6

2.3

11 3
1!

plO.2

3-1

P7.3

117.2

rl!4.9

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
•"•Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.

KCII

DECEMBER 1976



87

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

1
Qj CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.)

(Thous.)

451. Males
20 years
and over

452. Females 453. Both
sexes, 16-19
20 years
and over
years of age

37. Total

(Thous.)

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed

Labor force participation rates

444. Males
20 years and
over

(Thous.)

445. Females 446. Both
20 years and sexes, 16-19
over
years of age

(Thous.)

(Thous.)

447. Fulltime
workers

ber employed
part-time
for economic
reasons

(Thous.)

(Thous.)

1974

January
February
March

90,^01
90,579
90,549

85,865
85,948
86,033

81.7
81.6
81.2

44-7
44-9
45.0

55.7
55.5
55-3

4,536
4,631
4,516

1,663
1,747
1,650

1,565
1,576
1,555

1,308
1,308
1,311

3,484
3,521
3,470

2,530
2,658
2,468

April
June

90,472
90,753
90,994

85,990
86,154
86,167

81.0
81.1
81.0

45.1
45.1
45.3

54.3
54.7
55.2

4,482
4,599
4,827

1,704
1,681
1,755

1,551
1,576
1,632

1,227
1,342
1,440

3,516
3,497
3,676

2,344
2,662
2,509

July
August
September

91,299
91,157
91,574

86,292
86,170
86,155

80.8
81.0
80.9

45.8
45.5
45.4

54.5
53.6
55.8

5,007
4,987
5,419

1,824
1,950
2,009

1,705
1,739
1,893

1,478
1,298
1,517

3,877
3,886
4,217

2,518
2,647
2,865

October
November
December

91,596
91,726
91,642

86,012
85,549
85,053

81.1
81.0
80.7

45.2
45.4
45.5

55.6
55.1
54.3

5,584
6,177
6,589

2,241
2,439
2,706

1,810
2,163
2,298

1,533
1,575
1,585

4,460
4,925
5,285

2,946
3,216
3,299

91,963
91,523
91,880

84,666
84,163
84,110

80.4
80.2
80.1

45.8
45-5
45.8

55.2
54-0
54-1

7,297
7,360
7,770

2,959
3,104
3,309

2,573
2,559
2,700

1,765
1,697
1,761

5,900
5,979
6,317

3,758
3,627
3,799

April
May
June

92,254
92,769
92,569

84,313
84,519
84,498

80.4
80.7
80.3

46.0
46.0
46.1

53.8
55.0
54.2

7,941
8,250
8,071

3,430
3,667
3,551

2,792
2,771
2,698

1,719
1,812
1,822

6,564
6,775
6,645

3,803
3,750
3,422

July
August
September

93,063
93,212
93,128

84,967
85,288
85,158

80.6
80.5
80.5

46.1
46.3
46.0

54.4
54-3
53.9

8,096
7,924
7,970

3,642
3,475
3,692

2,644
2,620
2,570

1,810
1,829
1,708

6,693
6,466
6,694

3,277
3,234
3,291

October
November
December

93,213
93,117
93,129

85,151
85,178
85,394

80.4
80.2
79.7

46.1
46.1
46.2

53.6
53.1
53.6

8,062
7,939
7,735

3,712
3,655
3,351

2,615
2,637
2,660

1,735
1,647
1,724

6,758
6,626
6,324

3,361
3,353
3,243

January
February
March

93,484
93,455
93,719

86,194
86,319
86,692

79.5
79.4
79.3

46.6
46.5
46.7

54.4
54-1
54-4

7,290
7,136
7,027

2,976
2,917
2,853

2,543
2,522
2,467

1,771
1,697
1,707

5,839
5,678
5,637

3,482
3,262
3,266

April
June

94,439
94,557
94,643

87,399
87,697
87,500

79.8
79.9
79.8

46.8
46.7
47.1

55.5
55.6
54-1

7,040
6,860
7,143

2,795
2,859
3,063

2,496
2,308
2,445

1,749
1,693
1,635

5,609
5,451
5,836

3,248
3,382
3,080

July
August
September

95,333
95,487
95,203

87,907
87,981
87,819

80.0
80.0
80.0

47.4
47.4
47.1

55.1
55-4
53.6

7,426
7,506
7,384

3,159
3,058
3,148

2,625
2,651
2,598

1,642
1,797
1,638

5,902
6,059
6,089

3,012
3,047
3,348

October
November
December

95,342
95,899

87,773
88,130

80.1

46.9
47.4

54-5
54-3

7,569
7,769

3,270
3,403

2,597
2,664

1,702
1,702

6,221
6,326

3,469
3,604

May

1975

January
February
March

. . .

1976

May

80.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 52.




DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
D

GOVERNMENT ACTIVITIES

^J DEFENSE INDICATORS

Qj RECEIPTSAND EXPENDITURES
Federal Government1
Year
and
month

500. Surplus
or deficit

501. Receipts

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

January
February
March

-4.1

April
May
June

516. Defense
Department
obligations,
512. Expendi- total, excluding
tures
military
assistance

State and local governments1

502. Expendi- 510. Surplus
or deficit
tures

511. Receipts

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

276.7

280.7

8.7

201.9

-7.*6

285.8

293^4

7'.$

July
August
September

-9.0

297^5

306.5

October
November
December

-25.3

292.9

-49.8

April
May
June

(Ann. rate,
bil.dol.)

525. Military
prime contract awards
to U.S.
business
firms and
institutions

548. New

orders,
defense
products

(Bil.dol.)

564. Federal
purchases
of goods
and services
for national
defense

(Ann. rate,
bil.dol.)

(Mil.dol.)

(Mil.dol.)

193-2

7,527
7,348
7,186

3,378
3,141
2,677

2.18
2.06
1.46

74.9

208.0

200.2

7,883
7,302
7,663

4,343
2,881
3,440

1.53
2.08
1.75

75.9

s'.o

214.5

206!5

8,177
8,199
7,781

3,494
4,153
3,502

1.38
3.23
1.68

78*.2

318.2

4-5

216 ".6

212.0

7,603
8,138
8,228

4,161
3,777
2,532

1.40
2.35
1.67

80.2

287.2

337.0

4*7

222.2

217.5

7,609
7,508
8,223

3,693
3,987
2,817

1.64
2.15
1.70

82.0

-99-9

254.4

354.3

6.9

230.4

223.4

7,952
8,235
8,450

4,122
3,926
3,773

1.64
1.66
1.91

83 '.4

July
August
September

-66*.0

297.7

363.7

7.9

239.7

231.8

8,718
9,077
7,791

3,842
5,072
3,080

1.82
2.05
1.99

84.6

October
November
December

-69^4

306.7

376 ! 6

7^9

245.0

237.2

8,623
7,533
8,135

2,961
2,872
3,130

1.41
1.75
1.50

87!l

January
February
March

-63 '.8

316.5

380.3

251.6

239.5

8,152
8,020
9,040

3,407
2,993
6,309

1.39
1.78
2.63

86^2

April
May
June

-54*1

324.6

378.7

254*3

245.0

9,480
8,348
8,611

3,586
3,565
3,817

2.09
1.95
2.52

86^9

r-57*.4

r333.8

391.1

r262.0

249.3

8,248
6,602
10,314

2,234
3,665
r4,929

0.99
1.96
1.47

88.' 5

1974

1975

January
February
March

....

1976

July
August
September
October
November
December

12.2

9^2

12.7

11,908
(NA)

(NA)

r2.44
P2.37

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 53 and 54.

•"•Based on national income and product accounts.

ltd!

DECEMBER 1976



OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

|
M MERCHANDISE TRADE
602. Exports, excluding
military aid shipments,
total

Year
and
month

(Mil. dol.)

604. Exports of agricultural products

(Mil. dol.)

606. Exports of nonelectrical machinery

(Mil. dol.)

612. General imports,
total

(Mil. dol.)

614. Imports of
petroleum and
petroleum products

(Mil. dol.)

616. Imports of
automobiles and parts

(Mil. dol.)

1974

January
February
March

7,150
7,549
7,625

1,773.9
1,829.1
1,869.2

1,155.1
1,196.9
1,270.0

6,498
7,318
7,742

1,166.6
1,512.5
1,560.1

861.0
877.0
796.6

April
May
June

8,108
7,652
8,317

1,977.9
1,882.2
1,806.0

1,288.3
1,338.0
1,339.3

8,025
8,264
8,577

2,298.6
2,117.4
2,062.6

897.6
901.2
841.0

July
August
September

8,307
8,379
8,399

1,841.8
1,698.2
1,654-2

1,397.7
1,508.8
1,480.8

8,922
9,267
8,696

2,306.5
2,274.1
2,199.8

927.6
859.1
912.5

October
November
December

8,673
8,973
8,862

1,690.5
1,978.0
1,921.7

1,552.1
1,624.3
1,523.2

8,773
8,973
9,257

2,281.3
2,308.4
2,334-6

809.1
811.7
813.8

January
February
March

9,374
8,756
8,681

2,369.3
1,829.6
1,703.3

1,672.1
1,631.8
1,626.2

9,632
7,927
7,466

3,079.8
1,781.4
1,210.6

741-8
653.8
823.0

April
May
June

8,649
8,222
8,716

1,722.8
1,575.0
1,480.5

1,760.5
1,719.9
1,771.8

7,959
7,263
7,102

2,386.9
1,746.5
1,354-4

776.1
730.6
781.9

July
August
September

8,871
8,980
9,104

1,735.3
1,871.7
1,932.0

1,770.0
1,751.9
1,749.6

7,832
7,877
8,196

1,989.7
2,008.1
2,514.9

879.2
938.0
861.1

9,226
9,409
9,250

2,060.2
1,821.2
1,776.0

1,813.8
1,770.0
1,843.0

8,169
8,201
8,522

2,320.2
2,140.5
2,359.8

887.6
872.6
1,012.8

January
February
March

9,103
8,800
8,956

1,917.4
1,630.3
1,668.1

1,779.6
1,817.4
1,806.1

9,176
8,941
9,606

2,471.0
2,128.8
2,333.9

1,084.7
1,041.2
1,116.8

April
May
June

9,394
9,578
9,716

1,891.5
1,950.0
1,948.5

1,818.0
1,836.0
1,871.2

9,596
9,182
10,094

2,698.6
1,874.4
2,739.2

1,221.0
976.3
1,168.8

July
August
September

10,022
9,688
9,872

2,039.2
2,058.0
2,159.7

1,951.6
1,675.3
1,883.2

10,849
10,446
10,651

2,824.0
2,802.5
3,053.2

1,025.1
1,055.1
1,237.5

October
November
December

9,728

1975

October
November
December

....

1976

(NA)

(NA)

(NA)

10,424

(NA)

(NA)

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 55.

90




DECEMBER 1976

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Qj GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1

Goods and services
Year
and
month

667. Balance

668. Exports

669. Imports

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

2,819

33,382

30,563

35,667

622. Balance

618. Exports

Income on investments
620. Imports

651. U.S. investments abroad

652. Foreign
investments in
the U.S.

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

-145

22,460

22,605

6,217

2,933

35,613

-1,488

24,212

25,700

6,550

4,513

37,234

37,449

-2,338

25,036

27,374

7,046

4,689

38,491

37,562

-1,398

26,602

28,000

6,420

3,871

(Mil.dol.)

1974

January
February
March
April
May
June

*54

July
August
September

-215

.. .

October
November
December

929

1975

January
February
March

2,608

36,943

34,335

1,448

27,018

25,570

4,376

3,252

April
May
June

5,084.

35,770

30,686

3,283

25,851

22,568

4,474

2,943

4,265

37,050

32,785

2,079

26,562

24,483

4,660

2,978

4,357

38,602

34,245

2,220

27,657

25,437

4,709

3,039

1,058

38,584

37,526

-1,674

26,836

28,510

5,495

3,216

rl,736

r40,408

r38,672

r-1,343

r28,428

r 29, 771

r5,594

r3,134

p869

p42,577

p41,708

rp-3,033

rp29,581

P5,797

P3,085

July
August
September
October
November
December

.

. .

1976

January
February
March
April
May
June
July
August
September

rp32,6l4

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).

DECEMBER 1976



91

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS

Rl I N D U S T R I A L P R O D U C T I O N
47. United States,
index of industrial production

Year
and
month

(1967=100)

721.0ECD 1
European countries, index of
industrial
production

(1967=100)

728. Japan,
index of industrial production

(1967=100)

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1967=100)

(1967=100)

(1967=100)

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1974
129.9
129.6
130.0

147
147
147

201.5
201.8
198.5

154.2
152.6
152.0

157
157
153

113
115
119

148.2
143-4
144-0

147.5
147.6
148.7

129.9
131.3
131.9

148
148
150

196.4
200.0
189.2

152.3
151.9
152.6

154
158
156

121
121
122

148.1
144.7
147.3

147.7
147.6
148.0

July
August
September

131.8
131.7
131.8

148
146
146

190.6
183.3
182.9

150.4
149.1
150.5

161
161
152

123
123
121

144-4
131.3
145.1

146.6
146.5
145-9

October
November
December

129.5
124.9
119.3

145
142
137

179.7
175.0
169.3

148.5
147.7
142.2

152
146
142

120
120
116

137.8
130.5
124.1

145.3
144.1
143-1

January
February
March

115.2
112.7
111.7

138
140
138

163.0
160.7
161.3

141.1
143.1
144.8

143
142
139

120
119
116

129.4
132.8
126.7

140.4
140.4
139.6

April
May
June

112.6
113.7
116.4

135
133
135

166.0
165.1
168.6

137.1
141.9
138.7

139
134
139

114
11
1
11
1

128.6
121.2
127.9

139.8
138.8
139.4

July
August
September

118.4
121.0
122.1

132
132
136

170.6
168.7
171.3

132.7
140.1
142.1

137
137
138

112
11
1
112

129.9
115.1
128.9

138.9
139.2
138.0

October . .
November
December
1976
January
February . . . .
March

122.2
123.5
124.4

138
140
140

171.5
169.7
173.0

143-5
146.1
147.0

142
141
146

113
113 '
11
1

131.5
132.9
126.6

138.0
141.3
142.1

125.7
127.3
128.1

140
r!43
r!43

176.8
180.6
186.2

147.8
153-6
148.9

149
149
152

113
114
114

r!31.8
r!39.9
rl40.1

143.3
144.7
146.0

April
May
June

128.4
129.6
130.1

145
145
146

192.4
188.6
191.0

150.8
149.7
154-6

152
152
153

115
118
113

r!39.8
rl45.1
r!39.9

146.4
147.9
146.2

July
August
September

130.7
131-3
r!30.9

r!42
r!45
p!47

195.3
192.1
p!91.2

145.2
r!53.4
152.7

r!54
r!54
p!59

115
114
pl!5

142.9
pHO.O
(NA)

r!45.7
rl47.0
r!46.3

October
November
December

130.4
p!32.0

(NA)

(NA)

P158.7

(NA)

(NA)

January
February
March

.
.

April
May
June

. .
. . .

1975

. .

(NA)

p!44-4
(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.

Graphs of these series are shown on page 57.
Organization for Economic Cooperation and Development.

1

92




DECEMBER 1976

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

QH CONSUMER PRICES
United Kingdom

United States

Japan

West Germany

France

320. Index© 320c. Change
over 6-month
spans1

Year
and
month

738. Index® 738c. Change
over 6-month
spans1

735. Index® 735c. Change
over 6-month
spans1

736. Index® 736c. Change
over 6-month
spans1

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

732. Index® 732c. Change
over 6-month
spans1

(1967=100)

(Ann. rate,
percent)

1974

139.7
141.5
143-1

11.5
12.1
12.3

167.1
172.5
173.8

33.8
29-4
25.2

132.4
133.6
134-0

7.7
7.0
5.8

149.2
151.2
152.9

15.8
16.4
17.0

161.8
163.5
165.0

18.3
18.8
18.7

143.9
145.5
146.9

11.4
11.8
12.1

179.1
179.3
180.5

21.1
16.6
17.3

134-8
135.7
136.2

6.5
5.9
6.2

155.4
157.3
159.0

16.3
15.1
14.7

170.5
173.0
174.7

18.1
16.1
15.2

July
August
September

148.0
149.9
151.7

12.6
12.2
12.1

184.0
185.2
188.5

17.3
20.3
18.8

136.5
136.7
137.2

6.4
6.3
6.0

161.0
162.3
164.1

14.1
13.7
13.5

176.4
176.5
176.9

16.4
18.2
19.9

October
November
December

153.0
154-3
155.4

12.0
10.3

8.6

192.7
193.9
194.7

13.1
11.0
11.0

137.9
138.9
139.3

6.3
5.8
5.9

166.0
167.6
169.0

12.8
12.6
12.2

182.0
185.2
187.9

21.7
23.9
27.4

140.6
141.3
142.0

5.9
5.7
6.8

170.8
172.1
173.5

11.3
10.4

9.9

192.7
196.0
199.8

27.2
31.9
32.6

January
February
March

....

April
May
June

..

..

1975

January
February
March

156.1
157.2
157.8

7.9
7.0
6.8

195.5
196.2
198.2

April
May
June

158.6
159.3
160.6

7.4
7.1
7.2

203.1
205.3
205.3

10.3
10.6
10.7

143.0
143.9
145.0

6.2
6.0
6.2

175.1
176.3
177.6

9.5
9.4
9.2

207.5
216.2
220.4

30.8
29.9
28.2

July
August
September

162.3
162.8
163.6

7.4
7.7
7.4

205.6
204.8
208.9

10.8

145.0
144.8
145.5

5.7
5.1
4.1

178.9
180.1
181.6

9.2
9.4
9.3

222.7
224.0
225.9

24.6
18.9
17.9

October
November
December

164.6
165.6
166.3

6.1
5.6
5.1

212.2
211.0
210.6

145.9
146.4
146.8

4-3
4-9
4.6

183.0
184.2
185.2

9.7
9.7

229.0
231.8
234.7

19.4
16.3
14.7

January
February
March

166.7
167.1
167.5

4.7
4.6
4.5

215.1
217.7
218.8

9.5
9.1
9.8

148.0
149.0
149.6

4.8
5.0
4-3

187.2
188.5
190.2

9.7
9.7
9.1

240.8
240.8
242.1

13.6
11.9

April
May
June

168.2
169.2
170.1

4.6
5.5
5-9

223.9
223.9
223.2

8.5
6.0
8.5

150.5
151.1
151.0

4.9
4.2
3.6

191.8
193.1
193.9

9.2
9.4
9.5

246.8
249.5
250.8

July
August
September

171.1
171.9
172.6

5.8
5.1

224-5
222.2
228.3

elO.4

151.7
151-4
151.4

3.0
2.4

195-8
197.2
199.3

October
November
December

173-3
173-8

9.4
8.8
8.8

8.9
7.6
9.8
11.2
10.2

10.2

1976

r230.4
e231.6

r7.7

151.5
151.8

10.2
(NA)

251.2
254-8
258.2

201.1

6.6
11.4
13.9
16.0
(NA)

262.9

(NA)

9.8

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
•"•Changes over 6-month spans are centered on the 4th month.

BCII

DECEMBER 1976



93

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Con.

|
9 STOCK PRICES

Q CONSUMER PRICES-Con.
19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733. Change prices, 500
over 6-month common
over 6-month
stocks ®
spans1
spans1
Canada

Italy

Year
and
month

748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

747. Italy,
index of
stock
prices ©

743. Canada
index of
stock
prices ®

746. France,
index of
stock
prices ®

742. United
Kingdom,
index of
stock
prices ®

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

January
February
March

143.6
146.6
149.5

20.7
22.7
22.3

136.5
137.9
139.3

10.6
12.2
13-3

104-5
101.7
106.0

293-4
308.0
303.5

110.3
110.6
108.2

173-3
166.9
153.1

126.1
123.5
115.7

106.2
108.5
111.9

139.1
141.0
145.4

April
May
June

151.3
154-5
156.7

23.8
25.0
26.1

140.2
142.6
144.4

12.7
12.1
11.3

100.6
97.5
97.7

304.7
303.0
305.6

111.8
112.2
108.2

145.0
134.0
134-0

111.6
112.4
103.2

116.1
106.1
96.6

135-5
122.5
121.8

July
August
September

159.8
163.3
168.0

28.4
28.0
26.9

145-5
147.0
147.8

12.8
11.8
11.5

90.1
82.7
74-1

295.0
270.4
260.9

103.2
104.5
99.4

135.2
124-8
106.0

93.6
81.7
74-4

90.5
88.0
76.3

120.2
114-6
100.8

October
November
December

171.2
174.5
175.9

24.6
21.7
16.2

149.2
150.8
152.2

11.5
11.7
11.1

75.5
78.0
73-0

239-3
244.7
255.2

95.8
96.9
101.0

113.6
113.1
116.7

70.9
65.3
58.3

73.7
79.3
72.3

100.9
98.9
92.8

January
February
March

178.2
180.8
181.0

14-5
11.9
11.5

153-0
154-2
154-9

9.6
8.5
9.3

78.9
87.1
91.1

249.9
271.3
283.7

105.1
112.5
120.3

177.3
134.5
143.6

68.9
99.0
108.8

71.4
79.4
81.7

103.0
111.3
109.8

April
May
June

183.4
184.9
186.4

10.1
9.3
9.7

155.7
157.1
159.4

10.7
10.1
10.0

92.2
98.0
100.5

290.1
298.2
296.6

124.6
119.3
114-6

155.4
142.5
138.6

114.7
125.7
126.7

78.4
77.4
72.9

112.6
116.6
116.7

187.1
188.3
189.8

9.7
10.6
10.9

161.6
163.0
163-4

11.3
12.0
9.6

100.6
93.2
92.1

292.8
280.3
270.6

117.5
119.7
115.7

143.9
149.9
146.7

118.7
115.3
127.8

66.1
64.2
64.1

119.5
116.3
113.1

October
November
December

191.9
194.1
195.6

11.9
14-4
18.2

164.9
166.4
166.6

8.2
7.9
8.0

96.3
98.0
96.5

279.3
285.8
285.8

119.0
126.3
128.4

148.7
154.5
152.8

132.4
141.6
140.1

60.2
58.9
61.0

107.2
107.3
105.9

1976
January
February
March

197.7
202.1
206.1

21.2
23.2
22.0

167.5
168.1
168.9

6.7
5.6
5.8

105-4
109.5
110.0

305.2
304.9
309.2

132.0
135.0
136.7

157.1
165.0
160.6

150.7
152.6
152.6

60.1
62.6
58.2

112.1
121.8
123.6

April
May
June

211.6
215.8
216.8

21.4
19.8
17.9

169.6
170.9
171.7

5.2
4-9
5.1

110.9
110.0
110.7

302.7
308.7
318.9

132.7
126.8
127.3

153.3
151.4
148.3

154.1
155.9
145.9

52.9
53.6
56.6

122.5
123.8
121.6

July
August
September

217.9
220.3
224.0

19.4
(NA)

172.4
173-3
174-0

5.7
5.6

113.3
112.4
114.7

317.9
321.3
321.2

124.9
122.1
122.4

142.1
142.9
P142.2

146.5
140.2
132.1

64.3
63.9
r59.5

119.4
115-9
115.9

October
November
December

231.0
(M)

no. 8

318.2
313.9
P325.5

116.0
115.8
P116.5.

P137.7
p!40.7
p!42.8

116.7
121.5
p!30.6

51.6
rp50.2
P53.6

108.9
p!04.6
p!02.3

(1967=100)

(1967=100) (1967=100)

1974

1975

July
August .
September

....

175.2
175.7

110.1
P113.2

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.

Graphs of these series are shown on page 58.
Changes over 6-month spans are centered on the 4th month.

1

94




DECEMBER 1976

APPENDIXES
B. Current Adjustment Factors
197 6
Series
Jan.

5. Average weekly initial claims, State
unemployment insurance
13. New business incorporations1

Feb.

152.0

113.1

102. A

1 5. Profits (after taxes) per dollar of sales,
manufacturing2
17. Ratio, price to unit labor cost index,
manufacturing3

93-6

Mar.

96.3

113-5

May

Apr.

June

78.8

71.6

81.2

99.9

143-0

109.5

102.0

107.4

104.5

93.4

95.6

93.5

89.1

98.8

100.2

105.5

100.1

100.6

-1309

-1350

-201

62. Index of labor cost per unit of output,
manufacturing3

100.7

100.9

100.8

100.4

100.0

98.2

99.4

100.7

100.9

100.4

89.8

91.1

91.5

81.1

84.5

84.9

72.5

71.9

105.2

112.3

102.2

94.3

110.6

105.0

525. Military prime contract awards in U S

106.0
96.5

104.. o

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

96.2

99.3

176

614. Imports of petroleum and products. . .

105.6

99-7

110.7

97.1

616. Imports of automobiles and parts

104.4

94-1

111.6

101.5

969 Profits, manufacturing (Citibank)

5

-8

Dec.

112.3

33. Net change in mortgage debt held by financial
institutions and life insurance companies1 4 .

516. Defense Department obligations, total

Nov.

Oct.

83.8

98.9

99-3

Sept.

78.6

95.2

99-4

Aug.

89.8

98.9

72. Commercial and industrial loans outstanding. .

July

18

598

94-8

106.3
105-0
116.7

1094

100.8

889

100.9

823

99-3

100.9

20

100.0

100.8

-522

-533

99.1

283

99.3

99.3

99.5

99.5

100.3

101.3

100.5

100.3

99.8

99.2

99.7

130.7

116.3

111.7

95.3

106.0

92.6

87.9

179-3

116.0

108.3

105.5

88.5

91.7

93.6

88.2

85.5

83-2

100.9

101.5

95.5

96.1

91.6

104.0

106.6

91.2

82.9

80.8

/

99.8

97.1

106.8

99.3

101.9
92.6

-10

100.1

119.8

110.4

98.9

94- S

102.4

99.8

90.0

99.9

104-7

101.3

1

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments
are kept current by the Bureau of Economic Analysis. Seasonally adjusted data prepared by the source agency will be used in Business Conditions Digest whenever they are available. Fora description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-11 Variant of the Census Method II Seasonal Adjustment Program.
1

Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
This series is derived from seasonally adjusted components; it is further adjusted by these factors to remove residual seasonal variation.
4
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. These factors are
computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program.
5
1-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11
variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
2




95

C. Historical Data for Selected Series
Quarterly

Monthly

Annual

Year
Feb.

Jan.

Mar.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

1. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING1
(HOURS)

II Q

III Q

AVERAGE FOR PERIOD

39.9
39.2
40.9
40.4
40.6
40.3
39.6

41.2
40.3
40.4
39.6
39.2
40.9
40.4
41.1
39.8
39.9

43.5
40.3
40.4
40.0
39.1
40.5
40.6
40.7
40.5
39.6

40.7
40.3
39.9
38.8
40.5
39.8
39.7
40.5
40.4
40.7

40.6
40.3
39.8
39.4
40.2
39.6
39.9
40.4
40.5
40.7

40.9
40.5
39.2
39.7
40.1
39.1
40.3
40.2
40.5
40.8

40.7
40.4
39.8
39.2
40.3
39.7
39.8
40.4
40.5
40.7

41.3
41.5
40.6
40.6
40.6
40.2
39. a
40.4
40.8
40.4
39.0

41.1
41.5
40.5
40.6
40.7
39.9
39.9
40.6
40.8
39.9
39.1

41.0
41.3
40.6
40.8
40.6
39.7
39.7
40.6
40.6
40.1
39.6

41.3
41.1
40.6
40.8
40.5
39.5
40.0
40.7
40.6
39.6
40.0

41.2
41.3
40.6
40.7
40.6
39.8
39.9
40.6
40.7
40.0
39.4

7.U
9.5
6.9
5.8
3.9

7.2
8.0
5.9
5.3
4.3
6.1
4.8
5.7

10.0
6.9
5.8
4.8
4.6
5. *4
5.1
5.7

7.7
8.1
6.2
5.4
4.3
5.3
5.3
5.4

45.4
40.4
40.4
40.2
39.4
39.7
40.8
40.7
40.9
39.6

45.2
40.5
40 .4
40.4
39.1
39.7
41.0
40.6
41.1
39.5

45.1
40.4
40 .6
40.5
38.7
40.1
41.2
40.1
41.1
39.4

44.3
39.9
40. 5
40.2
38.9
40.2
40.9
40.4
40.8
39.5

44.5
39.8
40.4
40.3
38.9
40.5
40.7
40.5
40.7
39.6

44.3
39.8
40 . 2
40.1
39.1
40.8
40.6
40.2
40.6
39.6

40.8
40.5
39.9
40.0
39.1
41.1
40.2
40.5
40.4
39.7

41.7
40.5
40.2
39.6
39.4
40.7
40.4
41.1
39.8
39.5

41.4
40.3
40.3
39.7
39.4
41.0
40.2
41.1
40.0
39.6

41.1
40.2

41.1
40.5

45.3
40.6

44.6
40.0

42.3
40.3

1947. . .
1948...
1949...
1950...
1951...
1952.. .
1953...
1954...

45.3
40.8
40 . 5
40.4
39.4
39.6
40.8
40.7
41.0
39.5

39.7
39.0
41.0
40.4
41.0
39.8
40.1

39.5
39.2
40.8
40.6
41.1
39.7
40.0

40.3
39.3
39.7
40.9
40.7
41.0
39.5

40.3
38.8
4U.3
40.9
40.3
40.9
39.5

1955...
1956...
1957...
I95b.. .
1959...
I9b0.. .
1961. . .
1*62...
1963...
19b4...

40.3
40.8
40.3
36.8
40.1
40.5
39.2
40.0
40.4
40.1

40.5
40 .6
40.4
38.6
40.2
40.1
39.3
40.3
40.3
40.6

40.7
40.4
40.2
38.7
40.4
39.9
39.4
40.5
40.3
40.6

40.6
40.6
40.1
38.6
40.5
39.7
39.6
40.7
40.2
40.8

40.9
40.2
39.8
38.7
40.6
40.0
39.6
40.5
40.5
40.7

40.6
40.1
39.9
39.0
40.5
39.8
39.9
40.4
40.6
40.7

40.6
40.2
39.8
39.2
40.2
39.8
40.0
40.4
40.5
40.7

40.6
40.1
39.8
39.4
40.3
39.7
40.0
40.3
40.4
40.9

40.7
40.5
39.7
39.6
40.1
39.4
39.6
40.5
40.6
40.5

40.9
40.5
39.3
39.5
40.1
39.6
40.2
40.2
40.6
40.6

41.0
40.4
39.2
39.8
39.9
39.2
40.5
40.3
40.4
40.8

40.8
40.5
39.0
39.8
40.2
38.4
40.3
40.2
40.6
41.1

40.5
40.6
40.3
38.7
40.2
40.2
39.3
40.3
40.3
40.4

1965.. .
1966...
1967...
1968...
1909...
197u.. .
1971...
1972.. .
1973...
1974...
1975...
1976...

41.2
41.5
41.0
40.2
40.7
40.4
39.9
40.2
40.4
40.4
39.1

41.3
41.6
40.4
41.0
40.4
40.2
39.7
40.5
41.0
40.4
38.9

41.4
41.5
40.4
40.7
40.8
40.1
39.8
40.4
40.9
40.4
38.9

41.0
41.5
40.5
40.1
40.7
39.9
39.7
40.7
41.0
39.3
39.0

41.2
41.5
40.5
40.9
40.7
39.8
40.0
40.5
40.8
40.3
39.1

41.1
41.4
40.4
40.9
40.7
39.9
40.0
40.6
40.7
40.2
39.3

41.1
41.2
40.5
40.8
40.6
40.0
39.9
40.6
40.7
40.2
39.4

41.0
41.4
40.6
40.7
40.6
39.8
39.8
40.6
40.5
40.1
39.7

40.8
41.2
40.7
40.9
40.7
39.3
39.4
40.6
40.7
40.0
39.8

41.2
41.3
40.6
40.9
40.5
39.5
39.9
40.7
40.6
40.0
39.8

41.2
41.2
40.6
40.8
40.4
39.5
40.0
40.8
40.7
39.5
39.9

41.4
40.9
40.7
40.7
40.5
39.5
40.2
40.6
40.6
39.3
40.3

10.5
6.6
5.6
4.5

1945...

IV Q

2. ACCESSION RATE, MANUFACTURING 2
(PER 100 EMPLOYEES)

AVERAGE FOR PERIOD

6.8
9.3
6.9
6.5
4.0
4.4
6.2
5.2
5.8
3.3

6.4
9.6
6.9
5.2
3. 9
4.8
6.0
5.0
5.7
3.5

6.3
8.9
6.9
5.5
4.0
4.8
5.8
4.8
5.6
3.2

6.5
8.1
6.4
5.3

6.8
7.7
6.1
6.2

6.8
8.5
5.7
5.6

6.6
7.9
5.9
5.2

8.2
7.5
6.0
5.1

9.0
7.2
5.9
5.1

10.4
7.0
6.0
4.8

5.3
5.5
4.9

5.2
5.1
5.0

5.6
5.0
5.2

6.6
4.7
6.3

6.0
4.6
5.7

5.8
4.8
5.8

5.1
5.2
5.5

5!3
5." 2
5.8

6. *2
5.2

6.5
8.2
6.5
5.7
4.4
5.*1
5.5
4.9

1954...

7.7
9.6
7.0
5.6
3 .9
4.4
6.4
5.4
5.7
3.5

3i6

I'.l

4.3

4.2

3.4

3.4

3!6

1:1

3.*6

1955...
1956...
1957...
1958...
1959. . .
1960...
1961...
1962...
1963...
1964...

4.1
4.2
4.1
3.1
4. 2
4.4
3.7
4.3
3.8
3.8

4.3
4.2
3.9
3.0
4 .4
4.0
3.7
4.3
3.9
3.9

4.6
4.1
3.8
3.1
4. 6
3.7
4.3
4.2
3.9
3.9

4.7
4.3
3.6
3.2
4.4
3.7
4.2
4.1
3.9
4.0

4.5
4.1
3.6
3.6
4 .3
3.7
4.2
4.2
3.8
4.0

4.3
4.1
3.8
3.8
4.1
3.8
4.1
4.1
3.9
3.9

4.2
3.9
3.8
3.9
4.0
3.6
4.1
4.2
3.9
4.1

4.5
3.9
3.3
4.1
4.1
3.8
4.1
4.0
3.8
4.1

4.5
4.3
3.2
3.9
4.0
3.8
3.8
4.0
3.9
3.9

4.5
4.6
3.3
3.9
3. d
3.5
4.2
3.8
3.9
4.1

4.5
4.2
3.1
3.9
4.1
3.6
4.2
3.8
3.7
3.9

4.5
4.2
2.8
4.0

4.3
4.2
3.9
3.1

4.5
4.2
3.7
3.5

4.4
4.0
3.4
4.0

4.5
4.3
3.1
3.9

4.5
4.2
3.6
3.6

3.6
4.2
3.8
3.8
4.0

4.0
3.9
4.3
3.9
3.9

3.7
4.2
4.1
3.9
4.0

3.7
4.0
4.1
3.9
4.0

3.6
4.2
3.8
3.8
4.0

3.8
4.1
4.1
3.9
4.0

1*63...
1966...

4.1
4.9
4.5
4.4
4.9
4.4
3.8
4.3
5.0
4.6
3.1

4.2
5.0
4.4
4.4
4.8
4.4
3.7
4.3
5.1
4.5
3.2

4.3
5.3

4.1
5.1

4.1
5.0

4.2
4.9

4.2
4.9

4.3
5.0

4.5
5.0

4.4
4.9

4.7
4.7

4.9
4.7

4.2
5.1

4.1
5.0

4.3
5.0

4.7
4.8

4.3
5.0

4.6
4.9
4.0
3.7
4.4
5.0
4.5
3.2

4.6
4.9
4.0
3.8
4.3
4.8
4.6
3.7

4.6
4.7
4.1
3.8
4.4
4.7
4.6
3.6

4.5
5.0

4.5

4.7

4.6

4.8

4.9

4.9
4.6

3.8
4.2
4.6
4.3
3.7

3.8
4.3
4.6
4.3
4.0

4.0
4.4
4.7
4.1
3.9

4.0
4.4
4.6
3.9
3.8

3.9
4.5
4.8
3.6
3.7

4.0
4.5
4.9
3.1
3.7

4.2
4.9
4.7
3.1
3.9

4.5
4.9
4.3
3.7
4.3
5.0
4.5
3.2

4.6
4.9
4.1
3.8
4.3
4.7
4.5
3.7

4.6
4.6
4.0
3.9
4.4
4.6
4.1
3.9

4.9
4.6
3.8
4.0
4.6
4.8
3.3
3.8

4.6
4.7
4.0
3.9
4.4
4.8
4.2
3.7

1945...
1946...
1947...
1948.. .

1949 . . .
1950...

1951. .
.
1952...

19 53 . .
.

1967 . . .
1968...
1969...
197u...
1971...
1972...
1973...

1974. .
.
1975...
1976...

3)3

3^7

3' 7
.

3^4

3. LAYOFF RATE, MANUFACTURING3
(PER
100 EMPLOYEES)

0.7
2.1
1.0
1.4
3.U

AVERAGE FOR PERIOD

0.9
2.1
1.1
1.4
3.1
1.6
1 .0
1.4
1.0
2.8

1.0
1.8
1.1
1.4
3.2
1.4
1.1
1.6
1.1
2.7

1.3
1.6
1.5
1.2
3.4
1.2
1. 3
1.3
1.2
2.4

2.1
1.4
1.3
1.3
3.1
1.1
1 .3
1.5
1.2
2.3

1.8
0.8
1.3
1.4
2.9
0.8
1 .8
3.0
1.4
2.1

11.4
0.9
1. Q
1.7
2.7
0.8
1.8
1.3
1.7
2.2

4.2
1.1
1.0
1.3
2.4
1.0

2.8
1.2
1.1
1.5
2.9
1.0

2.2
1.0
1.1
1.8
2.8
1.2

1.6
1.2
1.0
2.4
2.1
1.3

0.8
2.1

1.5
1.6

5.8
0.9

2.2
1.1

1.6
2.9
1.8

0.9
1.9
2.1

0.8
2.2
1.9

0.8
2.5
1.8

1.0
2.6
1.8

1.5
1.0
2.8

1.3
3.2
1.2
1.2
1.5
1.2
2.5

1.5
2.7
0.9
1.8
1.7
1.7
2.1

1.9
2.6
1.2
1.6
0.9
2.4
1.8

2.6
1.4
1.1
1.6
2.9
1.3
1.4
1.4
1.6
2.3

1950...
1951. . .
1952...
1953...
1954...

l .1
1.5
0.9
2.9

0.9
2.2
1.0
2.0
2.7
2.1
1.0
1.5
1.0
2.7

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963. .
.
1964...

1.5
1.6
1.5
3.3
1.8
1.5
2.7
1.9
2.0
1.7

1.4
2.2
1.7
3.2
1.7
1.9
3.0
2.0
1.8
1.9

1.5
1.8
1.5
3.5
1.7
2.4
2.5
1.8
1.9
1.8

1.4
1.6
1.7
3.3
1.7
2.3
2.1
1.8
1.9
1.6

1.4
2.2
2.0
3.1
1.7
2.3
2.3
2.0
1.8
1.7

1.7
1.8
1.7
2.4
1.8
2.5
2.2
2.0
1.8
1.6

1.8
1.7
1.8
2.5
1.8
2.4
2.3
2.0
1.7
1.6

1.7
1.5
2.1
2.3
2.0
2.6
1.9
2.2
1.9
1.5

1.4
1.8
2.3
2.2
2.1
2.4
2.2
2.0
1.9
1.6

1.5
1.6
2.7
2.0
2.9
2.6
1.8
2.1
1.8
1.7

1.3
1.6
2.9
1.9
2.4
2.6
1.9
1.9
1.8
1.5

1.5
1.5
2.8
2.0
1.9
2.8
1.9
1.9
1.7
1.6

1.5
1.9
1.6
3.3
1.7
1.9
2.7
1.9
1.9
1.8

1.5
1.9
1.8
2.9
1.7
2.4
2.2
1.9
1.8
1.6

1.6
1.7
2.1
2.3
2.0
2.5
2.1
2.1
1.8
1.6

1.4
1.6
2.8
2.0
2.4
2.7
1.9
2.0
1.8
1.6

1.5
1.7
2.1
2.6
2.0
2.4
2.2
2.0
1.8
1.7

1965...
1966...
1967...
1968 . .
.
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

1.4
1.2
1.4
1.4
1.1
1.5
1.7
1.2
0.8
1.3
2.9

1.4
1.1
1.5
1.3
1.1
1.7
1.5
1.2
0.7
1.2
2.9

1.4
1.1
1.6
1.2
1.1
1.8
1.5
1.1
0.8
1.1
2.6

1.5
1.2
1.5
1.2
1.0
1.9
1.5
1.2
0.8
1.0
2.4

1.4
1.1
1.4
1.2
1.1
1.9
1.6
1.1
0.8
1.1
2.5

1.4
1.3
1.3
1.2
1.1
1.9
1.5
1.4
0.8
1.2
2.2

1.4
1.4
1.4
1.3
1.1
1.5
1.5
1.3
1.1
1.2
1.7

1.6
1.2
1.3
1.4
1.1
1.9
2.0
1.1
0.9
1.3
1.6

1.4
1.0
1.3
1.2
1.2
1.9
1.7
1.0
0.9
1.5
1.8

1.4
1.1
1.3
1.2
1.3
2.2
1.5
1.0
0.9
2.0
1.7

1.4
1.2
1.2
1. ]
1.3
2.0
1.4
0.9
0.9
2.4
1.5

1.4
1.3
1.2
1.1
1.4
1.7
1.3
0.9
1.0
2.4
1.3

1.4
1.1
1.5

1.4
1.2
1.4

1.5
1.2
1.3

1.4
1.2
1.2

1.1
1.7
1.6
1.2
0.8
1.2
2.8

1.1
1.9
1.5
1.2
0.8
1.1
2.4

1.1
1.8
1.7
1.1
1.0
1.3
1.7

1.3
2.0
1.4
0.9
0.9
2.3
1.5

1.4
1.2
1.4
1.2
1.2
1.8
1.6
1.1
0.9
1.5
2.1

1945...
1946...

1947 . . .
1948...

1949. . .

l.a

mtains revisions beginning with 1974.

2

This series contains revisions beginning with 1951.

>ntains revisions beginning with 1971.
(December 1976)




96

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

Annual
II Q

III

Q

IV Q

4 . QUIT RATE, MANUFACTURING 1
(PER

6.2
5.7
4.7
3.7
2.5
1.6
3.2
2.8
3.1

6.0
5.6
4.6
3.6
2.2
1.5
3.3
2.8
3.2

6.3
5.4
4.5
3.7
2.1
1.6
3.4
2.8
3.5

6.0
5.3
4.5
3.6
2.1
1.6
3.4
2.7

5.9
5.1
4.3
3.5
2.0
1.9
3.3
2.6

6.1
5.0
3.9
3.7
1.8
2.1
3.0
2.7

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

1.6
2.1
1.9
1.1
1.4

1.6
2.0
1.9
1.1
1.3

1.8
2.0
1.8
1.0
1.5

1.8
1.9
1.7
0.9
1.5

1.9
1.9
1.7
0.9
1.6

1.8
2.0
1.6
1.0
1.5

1.4
1.3

1.5
1.3

1.4
1.4

1.4
1.4

1.4

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

1.7
2.3
2.5
2.4
2.7
2.4
1.8
2.1
2.7

1.7
2.3
2.5
2.4
2.7
2.5

1.7
2.6
2.4
2.4
2.8
2.3

1.8
2.6
2.4
2.4
2.8
2.3

1.8
2.6
2.3
2.4
2.7
2.1

2.1
2.9

2.1
2.8

2.2
2.8

1.4

1.3

1.2

1.2
12.

AVERAGE FOR PERIOD

100 EMPLOYEES)

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

6.2
5.5
3.7
3.5
1.7
2.2
3.0
2.6
3.0

5.8
5.1
3.9
3.3
1.7
2.7
2.8
2.7
2.7

6.0
4.9
4.0
3.2
1.7
2.8
2.5
2.8
2.4

6.2
5.0
3.8
3.0
1.6
2.9
2.7
3.0
2.3

6.2
4.9
3.6
3.0
1.6
2.9
2.6
3.0
2.2

6.1
4.7
3.7
2.8
1.5
3.0
2.5
3.1
2.0
1.5

6.2
5.6
4.b

6.0
5.1
4.2

6.0
5.2
3.9

6.2
4.9
3.7

2.3
1.6
3.3
2.8
3.3
1.6

2.0
1.9
3.2
2.7
3.3
1.3

1.7
2.6
2.8
2.7
2.7
1.3

1.6
2.9
2.6
3.0
2.2
1.4

6.1
5.2
4.1
3.4
1.9
2.3
2.9
2.8
2.8
1.4

1.9
1.6

1.9
1.6

1.9
1.6

1.9
1.4

2.1
1.8
1.3

1.5

1.5

1.5

1.5

1.5
1.1

2.0
1.9
1.3
1.3
1.6
1.1

1.7
2.0
1.9
1.1
1.4
1.5

1.8
1.9
1.7
0.9
1.5
1.4

1.4

1.4
1.5

1.5
1.5

1.4
1.5

1.4
1.6

1.4
1.5

1.3
1.6

1.4
1.3
1.4

1.5
1.4
1.4

2.0
1.9
.6
.1
.5
.3
.2
.4
.4
1.5

2.0
1.9
1.3
1.2
1.5
1.1
1.4
1.4
1.4
1.6

1.9
1.9
1.6
1.1
1.5
1.3
1.2
1.4
1.4
1.5

2.0
2.6
2.3
2.6

2.0
2.6
2.3
2.5

2.1
2.6
2.4
2.6

2.0
1.8
2.2

2.0
1.8
2.2

1.9
1.8
2.3

1.8
1.9

2.2
2.7
2.4
2.6
2.6
1.9
1.9

1.7
2.4
2.5
2.4
2.7
2.4
1.7

1.8
2.6
2.4
2.4
2.7
2.2
1.8

2.6
1.3

2.5
1.3

1.8
2.6
2.2
2.5
2.7
2.1
1.8
2.2
2.8
2.4
1.4

1.9
2.5
2.2
2.6

2.2

1.8
2.6
2.4
2.4
2.7
2.2
1.8
2.2

2.3
1.4

2.1
1.3

2.0
1.4

2.8
1.8
1.6

2.7
1.6
1.6

2.8
2.7
1.3

2.7
2.6
1.3

1.9
2.6
2.2
2.6
2.7
2.0
1.8
2.2
2.7
2.3
1.4

2.1
2.6
2.4
2.6
2.7
1.9
1.9
2.4
2.8
1.8
1.5

1.9
2.6
2.3
2.5
2.7
2.1
1.8
2.2
2.7
2.3
1.4

INDEX OF NET BUSINESS FORMATION 2
(1967=100)

AVERAGE FOR PERIOD

1945. . .
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

126.0
96.2
88.9
93.1
96.0
99.0
88.7

121.8
91.7
91.5
93.4
96.6
98.9
88.1

117.8
88.2
93.1
94.8
97.2
98.0
87.8

118.5
88.3
95.1
91.8
96.5
98.2
89.8

116.9
85.6
94.2
92.1
98.4
95.7
90.1

114.6
85.5
95.8
91.7
99.4
94.0
90.2

110.8
83.4
94.5
92.2
97.2
94.4
91.0

109.2
84.3
93.5
91.9
99.9
94.0
92.4

106.5
86.2
92.8
93.7
100.1
90.6
92.9

106.0
86.1
92.6
94.1
99.8
90.7
94.5

100.9
88.2
93.2
95.7
99.0
89.2
95.3

101.8
90.0
92.2
94.9
98.7
90.0
95.1

121.9
92.0
91.2
93.8
96.6
98.6
88.2

116.7
86.5
95.0
91.9
98.1
96.0
90.0

108.8
84.6
93.6
92.6
99.1
93.0
92.1

102.9
88.1
92.7
94.9
99.2
90.0
95.0

112.6
87.8
93.1
93.3
98.2
94.4
91.3

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

98.5
97.4
91.7
86.3
96.5
97.6
85.3
90.0
91.6
95.2

100.0
97.8
91.5
85.4
97.0
96.1
87.1
90.7
92.8
95.8

100.1
97.6
91.9
84.9
98.3
94.7
88.0
90.9
93.1
95.7

99.4
96.3
91.7
84.8
98.6
94.8
88.4
90.6
91.9
96.8

99.5
96.4
91.1
87.7
97.8
93.0
88.7
90.6
92.4
98.0

100.2
95.0
91.8
88.3
96.4
93.2
89.0
90.4
92.8
96.4

100.0
94.7
91.3
89.8
96.3
92.6
88.5
90.5
93.4
96.3

99.1
94.2
90.3
91.9
96.1
91.0
87.7
91.1
94.3
96.6

99.2
93.2
89.7
92.9
96.1
90.6
87.8
91.2
94.0
99.0

97.9
94.4
88.9
93.0
95.3
90.3
89.3
91.2
94.3
99.8

97.8
92.6
88.1
93.9
96.8
87.9
90.2
90.7
94.0
98.2

97.4
93.0
86.6
94.6
97.0
87.3
90.1
90.9
94.5
98.7

99.5
97.6
91.7
B5.5
97.3
96.1
86.8
90.5
92.5
95.6

99.7
95.9
91.5
86.9
97.6
93.7
88.7
90.5
92.4
97.1

99.4
94.0
90.4
91.5
96.2
91.4
88.0
90.9
93.9
97.3

97.7
93.3
87.9
93.8
96.4
88.5
89.9
90.9
94.3
98.9

99.1
95.2
90.4
89.5
96.8
92.4
88.3
90.7
93.3
97.2

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

99.0
101.7
95.1
106.3
117.2
114.0
106.2
115.2
119.1
113.3
102.9

99.1
98.6
102.1
102.1
95.7
96.0
106.8 106.6
117.2 116.6
113.9
110.8
105.5 108.2
114.7 116.2
119.9 120.8
113.0
113.9
101.7 103.0

97.3
100.2
96.3
104.9
117.0
110.1
108.6
117.7
119.3
115.9
103.4

97.9
99.2
97.6
104.7
116.6
108.0
109.8
118.3
118.8
116.3
104.8

98.7
98.9
100.6
106.4
116.8
106.6
112.0
117.6
118.5
115.7
110.7

99.1
97.6
100.7
109.9
116.8
105.5
112.5
118.5
118.2
118.6
113.7

98.3
98.7
96.7
95.5
103.0 102.3
111.2
112.9
116.1
114.7
104.8 105.3
113.1
112.2
117.9 119.2
117.2 115.6
114.6
111.1
112.6
113.1

98.2
96.1
102.5
115.8
116.1
105.4
114.1
120.2
116.2
105.2
112.0

98.7
93.6
104.3
115.4
114.3
106.3
114.8
119.4
117.6
105.1
112.5

99.5
94.4
105.9
116.9
114.9
105.3
115.2
119.8
114.0
106.3
116.0

98.9
102.0
95.6
106.6
117.0
112.9
106.6
115.4
119.9
113.4
102.5

98.0
99.4
98.2
105.3
116.8
108.2
110.1
117.9
118.9
116.0
106.3

98.7
96.6
102.0
111.3
115.9
105.2
112.6
118.5
117.0
114.8
113.1

98.8
94.7
104.2
116.0
115.1
105.7
114.7
119.8
115.9
105.5
113.5

98.6
98.2
100.0
109.8
116.2
108.0
111.0
117.9
117.9
112.4
108.9

17.

INDEX OF PRICE PER UNIT OF LABOR COST, MANUFACTURING 3
(1967=100)

AVERAGE FOR PERIOD

1945. . .
1946
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

95.5
98.5
95.4
94.2
106.8
96.4
93.0
90.8

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

93.8
95.6
95.4
92.5
95.6
97.1
92.1
95.1
95.1
97.4

1965...
1966...
1967...
1968...
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...

99.1
102.1
100.4
101.1
100.3
98.2
99.6
103.7
106.8
114.7
117.6

97.1
98.4
93.9
96.9
103.4
95.1
92.6
90.8

96.1
99.8
93.0
97.6
102.9
94.2
93.3
91.1

95.5
99.6
93.1
99.3
101.3
93.6
92.8
91.7

95.9
98.7
92.4
101.7
98.7
94.5
93.3
91.7

96.2
97.7
93.4
103.6
96.8
94.2
93.6
91.4

96.1
97.2
93.7
103.8
96.7
93.9
93.4
91.8

97.2
97.3
93.4
102.2
97.5
93.6
92.6
91.6

94.4
95.2
95.8
91.0
96.5
94.9
92.4
95.3
95.6
96.4

95.0
95.6
94.9
90.6
97.2
94.6
93.1
93.9
96.3
96.8

94.8
95.4
94.8
91.6
97.4
93.7
93.1
93.9
96.9
96.7

95.6
95.2
95.5
93.6
97.1
93.5
93.5
93.7
97.0
96.5

95.2
91.6
96.0
93.6
95.6
94.0
94.2
94.2
96.0
96.5

95.3
94.4
95.8
94.2
94.1
94.1
94.8
94.3
96.5
96.5

95.5
95.1
96.0
93.9
93.8
93.7
95.3
95.1
96.4
96.2

96.5
95.1
95.0
95.1
93.3
93.7
95.3
94.6
97.0
96.6

95.9
95.8
93.8
95.7
93.1
92.8
95.4
95.0
96.8
98.1

99.3 100.0
101.7 102.6
100.5
99.8
100.8 101.0
101.1
101.1
98.2
98.0
99.7
99.9
103.2 103.0
108.2 109.6
115.6
117.2
116.4
113.9

100.4
101.4
100.0
100.8
99.8
97.9
99.7
103.5
108.5
118.3
116.0

101.0
101.2
102.0 101.5
99.6
99.4
100.1 100.0
99.3
99.3
98.0
97.4
9 9 . 8 100.0
103.0 103.1
110.2 110.9
119.9 120.5
116.6
118.7

101.8
101.6
98.6
99.4
99.2
97.5
100.6
103.6
109.8
122.5
120.8

101.9
101.9
101.3
101.5
98.9
99.9
99.3
99.2
99.0
99.1
97.5
97.6
99.8 101.5
104.3 104.5
112.7
111.0
126.0 125.7
122.1 123.0

101.7
101.7
100.6
98.6
99.4
98.6
101.9
104.8
110.7
125.1
122.5

101.4
100.5
101.1
99.7
99.9
99.1
102.6
105.6
111.2
123.2
123.8

96.2
96.7
98.4
96.9
94.3 9 4 . 6
95.1
95.4
106.1 104.9
96.0
95.4
93.1
92.6
90.7
90.5
93.6
95.7
96.3
91.5
96.2
95.7
91.7
95.4
95.3
97.0

1
This series is shown in this appendix for the first time,
slons beginning with 1954.




2

96.1
97.9
94.8
94.9
105.9
95.9
92.9
90.7

96.2
99.3
93.3
98.0
102.5
94.3
92.9
91.2

96.1
97.9
93.1
103.0
97.4
94.2
93.4
91.6

97.7
96.3
94.1
102.8
97.0
93.9
91.9
92.1

96.5
97.8
93.8
99.6
100.7
94.6
92.8
91.4

96.7
95.6
93.3
95.2
95.9
92.3
96.0
94.5
95.8
98.0

93.9
95.5
95.8
91.7
96.1
95.9
92.1
95.3
95.3
96.9

95.1
95.4
95.1
91.9
97.2
93.9
93.2
93.8
96.7
96.7

95.3
93.7
95.9
93.9
94.5
93.9
94.8
94.5
96.3
96.4

96.4
95.5
94.0
95.3
94.1
92.9
95.6
94.7
96.5
97.6

95.2
95.0
95.2
93.2
95.5
94.2
93.9
94.6
96.2
96.9

102.1
100.8
100.9
99.2
99.4
99.7
102.4
107.6
113.1
119.2
124.4

99.5
102.1
100.2
101.0
100.8
98.1
99.7
1U3.3
108.2
115.8
116.0

100.9
101.6
99.7
100.3
99.5
97.8
99.8
103.2
109.9
119.6
117.1

101.9
101.5
99.1
99.3
99.1
97.5
100.6
104.1
111.2
124.7
122.0

101.7
101.0
100.9
99.2
99.6
99.1
102.3
106.0
111.7
122.5
123.6

101.0
101.6
100.0
99.9
99.7
98.1
100.6
104.2
110.2
120.7
119.6

98.1
97.8
95.3
96.2
94.6 94.2
101.6 104.4
96.9
96.6
9 4 . 5 93.4
92.1
91.0
91.8
92.8

This series contains no revisions but is reprinted for the convenience of the user.

3

This serie: contains revi(December 1976)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan.

Feb.

19.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

13.49
18.02
15.21
14.83
15.36
16.88
21.21
24.19
26.18

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

35.60

13.94
18.07
15.80
14.10
14.77
17.21
22.00
23.75
25.86
26.02

25.46

15.84
15.09
15.06
15.76
15.49
19.08

16.50
14.75
15.45
16.19
15.89
19.87

22.89

23.74

24.71

23.73
24.84
28.73

24.38
23.95
28.96

25.08
24.29

25.18

25.99
26.57

23.48
24.78
23.27

23.36
24.26
23.97

37.60
46.54
46.78
43.70
57.96
55.22
66.50
62.99

39.78
46.27
47.55
44.75
57.46
57.26
65.62
55.63

70.14

70.11

80.72

80.24

89.28
86.78
92.59
97.87
104.62
76.06
101.64
107.65
107.22
89.67

85.04
86.06

42.11
56.15
55.02

62.17

64.12

70.22
65.92
77.39

70.29
65.67
78.80

86.75
92.69
87.36
90.75
101.46

86.83
88.88
89.42
89.09
99.30
88.65
99.60
107.69
112.42
97.44
83.78

96.11

105.24
114.16
93.45

72.56

80.10
21.

Dec.

IQ

27.63
37.76
48.05
45.05
42.34

57.10
55.73
65.83
68.05
68.76
79.94
87.97

91.60
90.96
95.67
101.26
85.95
103.04
108.81
110.27
92.46
84.72

90.10

30.13
42.69
48.78

48.51
45.98
59.74
55.84
65.44
56.97
69.07
83.22

84.91
85.84

91.43

93.01

100.53

100.30

99.14
75.59
99.72
108.01
104.75
89.79
92.40

94.71
75.72
99.00
107.21
105.83
82.82
92.49

III

II Q

Q

IV Q

AVERAGE FOR PERIOD

14.83
17.70
15.46
15.94
15.29
18.43

54.77
55.78

87.16
97.11

Nov.

Oct.

14.78
18.05
15.77
16.42
14.76
17.38
21.93

41.26

90.31

Sept.

15.09
18.58
14.84
16.82
13.97
18.74
21.55

55.62
58.03
59.72
69.07
65.06
76.45

93.49
103.30
118.42

Aug.

14.82
18.70
14.34
16.15
14.78
18.44
21.93

41.12

93.32
84.45
95.04
102.04

July

I N D E X OF STOCK PRICES, 500 COMMON STOCKS®
(1941-43=10)

36.50
47.49
44.03

86.12

June

14.28
18.66
14.60
15.40
14.89
17.84
21.92

36.79
44.43
43.47

44.15

May

13.93
17.53
15.16
14.30
14.91
17.35
21.63
23.81

45.43

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

Apr.

Mar.

24.39
30.73

31.45

32.18

42.43
48.49
45.84
47.70
59.40

44.34
46.84
43.98
48.96
57.05

42.11

56.51

54.81

67.79
58.52
70.98
82.00

67.26
58.00
72.85

86.49
80.65
94.49

89.38

98.11
94.18

101.34

77.92
97.24
111.01
103.80
76.03

82.58
99.40
109.39
105.61

85.71

84.67

83.41
77.81
95.81
94.51

68.12

46.24

41.24
50.95
57.00
53.73
68.00

56.17
73.03
84.85

91.39
77.13
95.66
103.76
95.52
84.37
97.29
109.56
109.84
69.44
88.57

17.04
14.69
15.27
15.29
16.11
19.83
22.71

17.33
15.13
15.03
15.19
16.54
19.75
23.41

13.79
17.87
15.39
14.41
15.01
17.15
21.61

14.73
18.65
14.59
16.12
14.55
18.34
21.80

15.15
16.95
15.43
16.04
15.18
18.30

25.03
24.50
33.44

26.04
24.83
34.97

23.92

23.95
24.50
28.44

25.01

16.96
14.86
15.25
15.56
16.18
19.82
23.16
25.11

23.98
30.77

24.43
33.53

44.95
45.76
40.35
52.50
57.23
55.47

45.37
46.44
40.33
53.49
59.06
56.80

71.08

71.74

60.04
72.62
85.44

62.64

92.15

2o.01
26.02
36.30
45.36

44.31
41.50
55.51

38.38
46.95
46.46
43.60

22.77

48.04

44.14
46.15

46.11

40.64

43.15

52.31

56.28
62.00
69.86
65.55
77.55

56.07
65.98
62.22
69.67
80.30

47.55
58.73
55.72
66.83
57.83
70.97
82.88

57.76
55.33
70.27
59.62
73.27
84.75

86.57

87.43

86.93

91.76

80.99
92.66
105.40

91.73
81.33

91.63
87.08

88.15
91.66

81.43

95.30
106.48

96.21

91.11

100.93

79.82
94.54
105.21
94.28
86.23

84.28
92.78
115.05
102.03

71.74
90.07

74.17
83.96

91.63

90.05

88.71

99.17

96.73
105.41
115.00
95.67

117.50
94.78
67.07
88.70

78.81

AVERAGE WEEKLY OVERTIME HOURS OF PRODUCTION WORKERS, MANUFACTURING 1
(HOURS)

57.51

98.02
101.67
79.20
101.47
108.16
107.41
90.64
89.07

94.44
99.92
94.47
78.74
98.55
109.20
105.08
75.66
87.62

15.16
17.08
15.17
15.53
15.23
18.40
22.34
24.50
24.73
29.69
40.49
46.62
44.38
46.24
57.38
55.85
66.27
62.38
69.86

81.37
88.17
85.26

91.93

114.04
102.22
69.42

98.69
97.84
83.22
98.29
109.20
107.43
82.84

89.11

86.16

96.41

AVERAGE FOR PERIOD

1946. . .
1947. . .
1948. . .

1955. . .
1956...
1957...
1956...
1959...
1960...
1961...
1962...
1963...
1964...

3.2
2.9
1.9
2.5
3.0
2.1
2.8
2.7
2.9

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

3.5
3.9
3.5
3.4
3.7
3.3
2.8
3.0
3.8
3.6
2.4

2.8
2.5
1.7
2.8
2.4
2.2
2.8
2.5
3.0

2.7
2.3
1.8
2.9
2.6
2.2
2.8
2.8
3.0

2.7
2.3
1.9
2.9
2.5
2.3
2.8
2.9

2.7
2.3
1.9
2.8
2.4
2.5
2.8
2.9

2.5
2.2
2.1
2.9
2.4
2.5
2.7
2.8

2.7
2.2
2.2
2.7
2.3
2.6
2.8
2.9

2.8
2.1
2.2
2.6
2.4
2.7
2.7
2.9

2.8
2.1
2.4
2.5
2.1
2.8
2.8
2.9

2.8
1.9
2.5
2.5
2.0
2.8
2.8
3.0

3.0
2.7
1.8
2.6
2.8
2.1
2.8
2.7
2.9

2.7
2.4
1.8
2.9
2.5
2.2
2.8
2.7
3.0

2.6
2.2
2.1
2.8
2.4
2.5
2.8
2.9
3.1

2.8
2.0
2.4
2.5
2.2
2.8
2.8
2.9
3.3

2.8
2.3
2.0
2.7
2.4
2.4
2.8
2.8
3.1

3.2

3.5

3.5

3.5

3.5

3.5

3.7
3.9

3.8
3.8

3.8
3.5

3.6
4.0

3.4
4.0

3.5
3.9

3.8
3.7

3.7

3.5

3.5

3.6

3.7
3.2
2.8
3.3
3.9

3.7
3.0
2.8

3.7
3.0
2.9

3.6
3.0
3.0

3.0
2.9

2.9
2.9

2.8
2.8

2.8
2.9

2.7
2.9

2.7
3.0

4.2

3.9

3.8

3.8

3.6

3.8

3.7

3.9

3.7

2.3

2.4

2.3

2.5

2.6

2.7

2.8

2.8

2.9

3.0

3.0
2.9
3.5
4.0
3.2
2.4

2.9
2.9
3.5
3.7
3.3
2.7

3.7
3.5
2.7
2.9
3.7
3.8
2.9
2.9

3.6
3.9
3.4
3.6
3.6
3.0
2.9
3.5
3.8
3.2
2.6

3.0
2.7
1.9
2.6
2.8
2.1
2.7
2.7
2.9

2.8
2.6
1.7
2.8
2.7
2.1
2.8
2.8
3.0

4.1
3.4

4.1
3.3

3.5
3.2
2.8
3.2
4.0
2.4

2.8
3.9
3.5
2.4

29. INDEX OF NEW PRIVATE HOUSING UNITS AUTHORIZED BY LOCAL BUILDING PERMITS
(1967=100)

AVERAGE FOR PERIOD

1945. . .
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

86.6
80.1
109.4
80.4
157.4
146.3
99.6
104.9
101.9

91.4
85.8
100.4
81.9
159.2
114.8
115.3
110.7
100.4

114.7
83.9
104.0
86.8
159.1
104.5
105.5
111.6
105.8

82.7
77.5
116.5
96.6
161.9
96.9
103.5
106.2
106.9

82.3
80.5
106.7
104.2
161.3
99.3
101.2
106.4
108.8

79.6
91.6
103.1
106.4
160.7
96.9
101.6
103.5
116.9

77.6
96.6
102.2
110.2
182.8
92.9
107.9
99.9
119.9

77.7
108.1
94.8
112.3
158.2
94.8
107.6
98.4
118.9

78.3
111.2
84.8
136.2
133.7
122.2
115.5
94.6
121.9

74.3
118.2
89.4
135.6
126.2
93.2
116.8
99.6
126.2

77.0
117.5
86.2
141.9
123.6
90.9
117.2
100.1
135.8

72.9
117.4
82.8
146.6
158.6
94.1
108.3
102.4
132.0

97.6
83.3
104.6
83.0
158.6
121.9
106.8
109.1
102.7

81.5
83.2
108.8
102.4
161.3
97.7
102.1
105.4
110.9

77.9
105.3
93.9
119.6
158.2
103.3
110.3
97.6
120.2

74.7
117.7
86.1
141.4
136.1
92.7
114.1
100.7
131.3

82.9
97.4
98.4
111.6
153.6
103.9
108.3
103.2
116.3

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

136.4
109.8
86.5
91.5
114.7
102.7
91.2
105.5
113.0
117.4

151.0
106.8
90.8
78.7
119.6
102.3
90.4
112.3
109.7
130.6

129.3
109.8
91.7
87.2
125.0
89.8
94.0
106.7
113.8
118.8

132.9
109.4
86.7
92.0
119.4
95.6
94.2
116.2
116.6
114.4

133.6
101.9
90.5
96.2
117.4
98.9
96.6
107.4
122.2
117.6

126.2
100.1
92.5
102.6
115.5
90.1
100.7
108.5
121.8
115.8

126.7
99.4
86.2
111.9
112.5
93.9
101.9
111.9
119.6
118.1

122.2
97.0
92.0
111.7
113.7
93.4
108.9
112.8
118.6
118.2

120.4
94.5
92.4
114.5
109.4
92.6
103.2
115.0
128.0
114.5

117.8
93.2
91.1
118.1
105.3
91.4
105.6
111.1
128.1
111.4

107.5
93.7
88.5
134.1
100.7
92.0
108.3
116.3
122.9
113.5

107.0
92.8
89.3
115.8
108.2
89.4
109.2
116.3
128.8
105.3

138.9
108.8
89.7
85.8
119.8
98.3
91.9
108.2
112.2
122.3

130.9
103.8
89.9
96.9
117.4
94.9
97.2
110.7
120.2
115.9

123.1
97.0
90.2
112.7
111.9
93.3
104.7
113.2
122.1
116.9

110.8
93.2
89.6
122.7
104.7
90.9
107.7
114.6
126.6
110.1

125.9
100.7
89.8
104.5
113.4
94.3
100.4
111.7
120.3
116.3

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

114.4
120.0
87.2
103.3
127.9
93.1
144.0
192.9
195.7
114.7
61.9

107.3
104.9
79.5
117.6
131.0
98.0
139.2
186.9
191.8
117.2
62.8

109.6
111.8
83.7
120.0
126.0
99.2
154.2
181.4
177.7
124.1
62.1

105.1
103.7
90.7
112.7
126.2
107.3
153.0
184.3
164.4
108.1
72.6

109.3
97.6
94.3
113.7
116.4
116.4
172.9
178.1
166.4
98.1
77.8

112.4
86.6
102.5
113.9
118.2
115.8
166.8
188.1
176.7
93.6
80.8

112.0
84.4
103.2
117.8
112.0
116.1
181.3
189.2
156.8
86.3
87.6

113.1
79.4
107.7
118.9
115.4
122.2
175.6
195.0
155.9
79.0
86.0

111.1
70.1
112.1
128.3
110.7
125.0
174.9

115.7
66.9
112.2
124.5
106.6
137.1
177.5

118.2
66.6
113.7
125.8
104.4
131.7
182.2

119.0
67.2
115.2
121.8
101.3
154.9
186.9

206.2

202.9

192.5

208.5

146.8
72.4
94.1

121.6
71.0
95.7

120.8
67.5
97.1

111.0
74.9
94.0

110.4
112.2
83.5
113.6
128.3
96.8
145.8
187.1
188.4
118.7
62.3

108.9
96.0
95.8
113.4
120.3
113.2
164.2
183.5
169.2
99.9
77.1

112.1
78.0
107.7
121.7
112.7
121.1
177.3
196.8
153.2
79.2
89.2

117.6
66.9
113.7
124.0
104.1
141.2
182.2
201.3
117.8
71.1
95.6

112.3
88.3
100.2
118.2
116.3
118.1
167.4
192.2
157.1
92.2
81.0

NOTE:

Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.




1

This i iries contains revisions beginning with 1971.
(December 1976)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Feb.

Jan.

Apr.

Mar.

June

May

July

Sept.

Aug.

Annual
Oct.

Nov.

1 Q

Dec.

II Q

32. VENDOR PERFORMANCE, PERCENT OF COMPANIES REPORTING SLOWER DELIVERIES1®
(PERCENT REPORTING)

III

AVE:RAGE

Q

FOR

IV Q

PERIOD

1945
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

91
37
35
16
54
84
28
37
21

82
42
34
12
62
85
22
37
24

78
34
26
10
60
74
18
40
27

82
25
36
14
60
58
19
38
30

86
20
31
12
66
46
23
36
35

81
24
30
12
64
38
34
34
36

69
22
36
22
88
34
50
30
40

71
25
36
38
94
38
47
30
41

73
30
38
53
96
50
46
25
47

60
31
38
60
88
50
46
22
53

49
38
32
58
87
34
44
20
52

38
41
17
50
84
31
40
20
50

84
38
32
13
59
81
23
38
24

83
23
32
13
63
47
25
36
34

71
26
37
38
93
41
48
28
43

49
37
29
56
86
38
43
21
52

72
31
32
30
75
52
35
31
38

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

54
48
33
28
58
44
38
56
50
55

60
46
28
28
62
30
40
56
52
54

66
49
25
32
62
27
40
55
54
60

71
50
28
34
62
28
47
48
60
60

70
39
30
38
62
32
48
46
58
63

65
40
29
38
62
34
48
42
54
55

70
56
38
44
60
36
49
44
42
59

72
52
34
49
62
40
52
44
48
65

72
47
32
57
64
41
55
48
52
74

72
44
36
58
64
39
55
48
48
72

66
46
29
58
56
38
51
48
48
70

56
36
25
52
50
38
53
48
46
66

60
48
29
29
61
34
39
56
52
56

69
43
29
37
62
31
48
45
57
59

71
52
35
50
62
39
52
45
47
66

65
42
30
56
57
38
53
48
47
69

66
46
31
43
60
36
48
49
51
63

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

68
74
48
50
62
56
38
52
78
85
18

72
85
51
55
61
58
44
52
84
88
16

66
86
38
54
61
50
46
58
88
88
17

72
82
39
52
68
52
52
58
90
84
22

70
75
36
52
69
72
53
60
92
79
24

66
69
38
52
70
69
50
60
89
76
26

62
70
41
56
66
50
48
63
88
72
30

64
73
43
46
68
45
49
63
88
68
36

62
72
44
46
66
45
48
65
90
52
44

60
70
50
52
65
38
50
73
90
46
45

66
64
51
60
62
36
48
70
91
32
44

72
57
48
56
64
36
51
77
88
22
39

69
82
46
53
61
55
43
54
83
87
17

69
75
38
52
69
64
52
59
90
80
24

63
72
43
49
67
47
48
64
89
64
37

66
64
50
56
64
37
50
73
90
33
43

67
73
44
53
65
51
48
63
88
66
30

40. NUMBER OF EMPLOYEES IN NON AGRICULTURAL GOODS-PRODUCING INDUSTRIES— MINING, MANUFACTURING
AND CONSTRUCTION, ESTABLISHMENT SURVEY2 (THOUSANDS)

AVERAGE FOR PERIOD

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

19,025
16,058
18,428
18,876
18,362
17,351
19,805
19,998
21,056
20,177

18,970
15,333
18,479
18,707
18,193
17,097
19,930
20,073
21,220
20,116

18,880
16,133
18,461
18,780
17,966
17,558
20,024
20,037
21,271
19,988

18,612
16,574
18,413
18,465
17,765
17,807
20,081
20,062
21,287
19,836

18,384
16,979
18,346
18,635
17,539
18,193
20,058
20,015
21,269
19,688

18,117
17,260
18,371
18,768
17,385
18,419
20,066
19,606
21,248
19,623

17,748
17,531
18,267
18,874
17,320
18,635
19,992
19,433
21,244
19,455

17,415
17,827
18,409
18,770
17,342
19,032
19,867
20,087
21,101
19,415

15,530
18,049
18,491
18,843
17,431
19,157
19,767
20,428
20,967
19,470

15,557
18,185
18,606
18,775
16,711
19,367
19,766
20,549
20,834
19,494

IS, 708
18,323
18,662
18,761
17,093
19,469
19,828
20,759
20,605
19,649

15,761
18,397
18,807
18,657
17,342
19,519
19,962
20,931
20,452
19,688

18,958
15,841
18,456
18,788
18,174
17,335
19,920
20,036
21,182
20,094

18,371
16,938
18,377
18,623
17,563
18,140
20,068
19,894
21,268
19,716

16,898
17,802
18,389
18,829
17,364
18,941
19,875
19,983
21,104
19,447

15,675
18,302
18,692
18,731
17,049
19,452
19,852
20,746
20,630
19,610

17,492
17,226
18,482
18,745
17,536
18,475
19,925
20,164
21,038
19,717

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

19,782
20,953
21,164
20,152
20,020
20,751
19,638
20,076
20,417
20,558

19,939
21,044
21,244
19,695
20,080
20,862
19,530
20,262
20,379
20,771

20,157
20,994
21,242
19,476
20,276
20,601
19,581
20,278
20,391
20,780

20,327
21,095
21,158
19,235
20,474
20,684
19,594
20,480
20,569
20,830

20,489
21,093
21,093
19,126
20,599
20,614
19,706
20,471
20,634
20,871

20,609
21,159
21,049
19,129
20,714
20,498
19,838
20,429
20,598
20,915

20,607
20,577
20,981
19,165
20,752
20,398
19,842
20,477
20,651
20,989

20,642
21,111
20,914
19,275
20,242
20,326
19,929
20,491
20,664
21,032

20,653
21,114
20,812
19,466
20,210
20,227
19,890
20,508
20,705
21,173

20,756
21,193
20,703
19,379
20,071
20,104
19,951
20,503
20,726
20,945

20,819
21,16C
20,491
19,766
20,291
19,961
20,091
20,461
20,651
21,266

20,890
21,246
20,371
19,795
20,672
19,708
20,155
20,382
20,672
21,341

19,959
20,997
21,217
19,774
20,125
20,738
19,583
20,205
20,396
20,703

20,475
21,116
21,100
19,163
20,596
20,599
19,713
20,460
20,600
20,872

20,634
20,934
20,902
19,302
20,401
20,317
19,887
20,492
20,673
21,065

20,822
21,200
20,522
19,647
20,345
19,926
20,070
20,449
20,685
21,184

20,476
21,064
20,925
19,474
20,367
20,393
19,814
20,405
20,593
20,958

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

21,414
22,555
23,450
23,290
24,078
24,175
22,878
23,124
24,218
25,028
23,241

21,481
22,690
23,353
23,481
24,166
24,121
22,729
23,131
24,433
25,020
22,699

21,549
22,877
23,279
23,493
24,239
24,114
22,725
23,273
24,539
24,974
22,452

21,599
22,958
23,244
23,610
24,247
23,937
22,811
23,381
24,600
24,985
22,372

21,722
23,030
23,175
23,648
24,293
23,652
22,874
23,491
24,661
24,949
22,379

21,816
23,207
23,156
23,674
24,395
23,564
22,807
23,570
24,785
24,913
22,279

21,905
23,267
23,190
23,721
24,446
23,524
22,771
23,478
24,788
24,830
22,264

21,986
23,346
23,229
23,758
24,438
23,393
22,718
23,592
24,810
24,765
22,434

22,091
23,307
23,162
23,803
24,442
23,309
22,860
23,665
24,822
24,672
22,568

22,177
23,349
23,151
23,832
24,405
22,778
22,79!
23,858
24,915
24,521
22,61C

22,338
23,39!
23,404
23,931
24,265
22,624
22,90C
23,956
25,032
24,171
22,639

22,480
23,422
23,436
24,045
24,298
22,941
22,928
24,005
25,096
23,626
22,713

21,481
22,707
23,361
23,421
24,161
24,137
22,777
23,176
24,397
25,007
22,797

21,712
23,065
23,192
23,644
24,312
23,718
22,831
23,481
24,682
24,949
22,343

21,994
23,307
23,194
23,761
24,442
23,409
22,783
23,578
24,807
24,756
22,422

22,332
23,389
23,330
23,936
24,323
22,781
22,874
23,940
25,014
24,106
22,654

21,880
23,116
23,268
23,693
24,311
23,507
22,820
23,546
24,727
24,697
22,549

41. NUMBER OF EMPLOYEES ON NONAGRICULTURAL PAYROLLS, ESTABLISHMENT SURVEY3
(THOUSANDS)

AVERAGE FOR PERIOD

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

41,760
39,729
43,493
44,658
44,622
43,461
47,261
48,268
50,084
49,361

41,784
39,215
43,588
44,541
44,445
43,192
47,518
48,456
50,320
49,284

41,656
40,214
43,639
44,662
44,214
43,871
47,725
48,473
50,398
49,099

41,341
40,811
43,478
44,342
44,058
44,276
47,890
48,494
50,418
49,010

41,125
41,260
43,561
44,659
43,848
44,607
47,829
48,538
50,394
48,863

40,912
41,568
43,688
44,925
43,626
44,995
47,951
48,142
50,416
48,820

40,623
41,968
43,661
45,124
43,451
45,381
47,951
47,986
50,413
48,730

40,320
42,490
43,851
45,040
43,506
46,064
47,815
48,705
50,304
48,707

38,387
42,798
44,062
45,143
43,671
46,298
47,770
49,146
50,173
48,802

38,470
43,006
44,272
45,08"
42,811
46,522
47,81!
49,451
50,11!
48,838

38,821
43,263
44,34!>
45,094
43,16:
>
46,65;
48,04S)
49,71S>
49,84!
>
49,109

39,022
43,333
44,557
45,051
43,525
46,784
48,188
49,993
49,673
49,250

41,740
39,719
43,573
44,620
44,427
43,510
47,503
48,399
50,267
49,248

41,126
41,213
43,576
44,642
43,844
44,626
47,890
48,391
50,409
48,898

39,777
42,419
43,860
45,102
43,545
45,916
47,845
48,612
50,297
48,746

38,771
43,201
44,391
45,077
43,166
46,653
48,017
49,721
49,878
49,066

40,394
41,674
43,881
44,891
43,778
45,222
47,849
48,825
50,232
49,022

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

49,360
51,91C
52,860
52,054
52,456
54,221
53,573
54,74!
55,96C
57,326

49,538
52.127
53,044
51,486
52,602
54,452
53,423
55,050
56,092
57,666

49,866
52,180
53,124
51,158
52,884
54,380
53,522
55,178
56,205
57,718

50,127
52,325
53,080
50,880
53,221
54,636
53,538
55,455
56,441
57,898

50,447
52,418
53,054
50,820
53,471
54,401
53,721
55,565
56,575
58,039

50,745
52,498
53,003
50,851
53,645
54,324
53,959
55,600
56,610
58,171

50,870
51,821
53,003
50,944
53,713
54,258
54,09!
55,70'
56,753
58,383

50,967
52,476
52,976
51,159
53,281
54,228
54,261
55,823
56,861
58,546

51,144
52,510
52,869
51,413
53,316
54,116
54,307
55,903
57,025
58,819

51,336
52,691
52,718
51,41£
53,231
54,021
54,413(
55,95'
57,20:
58,718

51,511
52,76C
52,495
51,85$J
L
53,54]
L
53,89]
>
54,66$
L
55,98]
L
57,17]
59,131

51,739
52,901
52,307
52,008
54,069
53,611
54,792
55,967
57,295
59,345

49,588
52,072
53,009
51,566
52,647
54,351
53,506
54,991
56,086
57,570

50,440
52,414
53,046
50,850
53,448
54,456
53,739
55,540
56,544
58,036

50,994
52,271
52,949
51,172
53,439
54,201
54,223
55,811
56,882
58,583

51,529
52,784
52,507
51,761
53,613
53,841
54,625
55,968
57,223
59,065

50,675
52,408
52,894
51,363
53,313
54,234
54,042
55,596
56,702
58,331

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

59,467
62,454
65,284
66,701
69,381
71,156
70,801
72,386
75,48"
78,033
77,30C

59,715
62,744
65,281
67,077
69,618
71,219
70,698
72,529
75,925
78,205
76,804

59,957
63,134
65,361
67,197
69,835
71,353
70,786
72,894
76,219
78,275
76,518

60,144
63,39C
65,442
67,455
70,008
71,304
70,981
73,151
76,416
78,423
76,491

60,436
63,638
65,553
67,560
70,228
71,008
71,163
73,44C
76,619
78,559
76,571

60,655
64,026
65,677
67,825
70,520
70,902
71,142
73,679
76,935
78,628
76,444

60,929
64,24*>
65,831!
68,046
70,693
70,96C
71,18()
73,70"
76,96'
78,66C
76,70(>

61,130
64,399
66,001
68,256
70,798
70,791
71,174
74,009
77,186
78,709
76,988

61,399
64,504
66,084
68,421
70,873
70,865
71,502
74,200
77,326
78,774
77,239

61,608
64,68'
1
66,124I
68,64!
>
71,04'
70,46;
>
71,49]
L
74,54:J
77,60'
1
78,71f}
77,47()

61,908
64,89 I
66,62'
I
>
68,90.
71,00]L
70,32<>
L
71,69]
)
74,82(
)
77,94(
)
78,33!
77,54'
I

62,242
65,062
66,816
69,221
71,178
70,699
71,971
75,077
78,037
77,703
77,764

59,713
62,777
65,309
66,992
69,611
71,243
70,764
72,603
75,877
78,171
76,874

60,412
63,685
65,557
67,613
70,252
71,071
71,097
73,423
76,657
78,537
76,504

61,153
64,383
65,974
68,241
70,788
70,874
71,285
73,972
77,160
78,714
76,978

61,919
64,880
66,521
68,924
71,075
70,496
71,718
74,813
77,861
78,253
77,592

60,815
63,955
65,857
67,951
70,442
70,920
71,222
73,714
76,896
78,413
76,985

1
This series contains no revisions but is reprinted for the convenience of the user,
revisions beginning with 1971.




2

This series is shown in this appendix for the first time.

contains
(December 1976)

99

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Jan.

Feb.

Apr.

Mar.
47.

May

June

July

Aug.

Sept.

Oct.

Nov.

1 Q

Dec.

1
INDEX OF INDUSTRIAL PRODUCTION , TOTAL
(1967=100)

Annual
II Q

III

Q

IV Q

AVERAGE FOR PERIOD

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

46.5
32.4
38.8
40.8
40.2
39.9
48.8
49.3
54.6
51.4

46.4
30.8
39.1
40.9
39.9
40.0
49.1
49.6
54.9
51.6

46.1
34.0
39.3
40.4
39.1
41.4
49.4
49.8
55.4
51.3

45.2
33.4
39.1
40.5
38.8
42.7
49.4
49.3
55.6
51.0

44.0
32.1
39.2
41.2
38.4
43.7
49.2
48.8
55.9
51.3

43.0
34.1
39.2
41.7
38.2
45.0
49.1
48.4
55.6
51.4

42.0
35.3
38.9
41.7
38.2
46.5
48.3
47.6
56.0
51.5

37.6
36.6
39.2
41.6
38.6
47.9
47.9
50.7
56.0
51.4

34.3
37.3
39.5
41.2
38.9
47.6
48.1
52.5
54.9
51.5

32.9
38.0
39.8
41.5
37.5
47.9
48.1
53.0
54.4
52.1

34.1
38.2
40.4
41.0
38.5
47.8
48.5
54.1
53.1
53.0

34.3
38.4
40.6
40.7
39.2
48.6
48.7
54.4
51.8
53.6

46.3
32.4
39.1
40.7
39.7
40.4
49.1
49.6
55.0
51.4

44.1
33.2
39.2
41.1
38.5
43.8
49.2
48.8
55.7
51.2

38.0
36.4
39.2
41.5
38.6
47.3
48.1
50.3
55.6
51.5

33.8
38.2
40.3
41.1
38.4
48.1
48.4
53.8
53.1
52.9

40.6
35.0
39.4
41.0
38.8
44.9
48.7
50.6
54.8
51.9

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

54.9
61.1
62.5
57.4
62.5
68.8
63.0
70.2
73.8
79.0

55.6
60.5
63.1
56.2
63.7
68.2
62.9
71.3
74.6
79.5

56.9
60.5
63.1
55.5
64.7
67.6
63.3
71.7
75.1
79.5

57.5
61.0
62.2
54.6
66.0
67.0
64.6
71.9
75.8
80.8

58.5
60.5
62.0
55.1
67.0
67.0
65.6
71.8
76.7
81.3

58.5
59.9
62.1
56.5
67.1
66.1
66.5
71.6
76.9
81.5

59.0
58.1
62.5
57.4
65.5
65.9
67.3
72.3
76.6
82.0

58.9
60.5
62.5
58.5
63.3
65.8
67.9
72.4
76.8
82.6

59.3
61.8
62.0
59.1
63.2
65.1
67.8
72.8
77.5
82.9

60.3
62.4
61.1
59.8
62.7
65.0
69.1
72.9
78.1
81.7

60.5
61.8
59.6
61.5
63.1
64.1
70.2
73.2
78.4
84.2

60.7
62.7
58.5
61.6
67.0
62.9
70.8
73.2
78.3
85.2

55.8
60.7
62.9
56.4
63.6
68.2
63.1
71.1
74.5
79.3

58.2
60.5
62.1
55.4
66.7
66.7
65.6
71.8
76.5
81.2

59.1
60.1
62.3
58.3
64.0
65.6
67.7
72.5
77.0
82.5

60.5
62.3
59.7
61.0
64.3
64.0
70.0
73.1
78.3
83.7

58.5
61.1
61.9
57.9
64.8
66.2
66.7
72.2
76.5
81.7

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

86.2
94.4
99.8
103.7
109.5
109.1
108.1
114.6
126.3
129.9
115.2

86.7
95.0
99.0
104.3
110.2
108.8
108.0
115.3
127.8
129.6
112.7

87.8
96.3
98.5
104.7
110.8
108.8
108.0
116.5
128.5
130.0
111.7

88.2
96.5
99.2
104.9
110.6
108.6
108.5
117.7
128.5
129.9
112.6

88.9
97.4
98.7
106.2
110.3
108.3
109.1
118.1
129.6
131.3
113.7

89.6
97.9
98.4
106.6
111.2
108.1
109.6
118.7
129.9
131.9
116.4

90.4
98.4
98.7
106.5
111.8
108.4
109.8
119.3
130.4
131.8
118.4

90.8
98.5
100.0
107.1
112.3
108.3
108.9
120.7
130.4
131.7
121.0

91.1
99.4
100.3
107.1
112.3
107.6
110.3
121.8
131.1
131.8
122.1

92.0
100.1
101.2
107.4
112.5
105.4
110.9
123.4
131.4
129.5
122.2

92.4
99.4
102.6
108.6
111.4
104.8
111.3
124.4
131.6
124.9
123.5

93.5
99.6
103.5
108.8
111.2
107.2
112.3
125.8
131.3
119.3
124.4

86.9
95.2
99.1
104.2
110.2
108.9
108.0
115.5
127.5
129.8
113.2

88.9
97.3
98.8
105.9
110.7
108.3
109.1
118.2
129.3
131.0
114.2

90.8
98.8
99.7
106.9
112.1
108.1
109.7
120.6
130.6
131.8
120.5

92.6
99.7
102.4
108.3
111.7
105.8
111.5
124.5
131.4
124.6
123.4

89.8
97.8
100.0
106.3
111.1
107.8
109.6
119.7
129.8
129.3
117.8

51.

2
PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

404.0
425.6
423.2

327.8
344.2
343.9
354.5
385.6
405.6
429.7
420.9

325.0
342.3
342.3
358.3
392.0
403.5
430.2

437.2
469.5
482.6
476.5
495.7

438.4
470.9
484.6
476.6
497.0

442.2
470.6
485.7
475.8
500.7

446.3
476.0
485.7

517.3
516.
541.
560.
584.

515.9
516.6

514.3
518.8

544.9
562.9
590.8

548.0
564.9
593.2

625.
667.

628.3
670.3
696.8
725.8
757.8
776.8

629.5
673.3
699.4
728.2
760.6
780.5
788.4
826.0
878.5
870.2
839.3

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

338.5
335.4
343.4
384.2
396.6
423.8
423.8

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

351.7

696.5

719.8
754.2
775.3
785.2

816.8
868.8

881.1
843.1

336.7
336.7
343.0
348.5

381.8

784.1
822.6
874.6
874.6
837.7

56.

419.0

331.8

326.9
343.0
342.8
362.8

349.7
339.7
364.6
395.9

392.
408.
432.
421.

410.3
433.0

421.4

451.
474.

453.2
475.7

487.1

504.4

484.7
473.4
507.6

517.0

519.6

520.5
550.5
566.8
597.6

522.7
568.2
601.9

632.9
675.3

638.6
677.0

701.0

701.7

729.4
762.3
783.8
789.0
832.6
879.3
867.3
838.9

734.7
765.3
783.5
790.4

471.5

476.7
509.4
520.9
526.5
554.2

551.8

571.8
604.5
642.3
682.3
704.3
739.5
766.5
779.7
788.7
825.0

834.1
880.1

883.1
866.4
845.5

866.6
842.9

329.4
347.9
338.3
369.9
394.8
406.2
431.9
421.6

329.0

328.5

351.0
341.0

351.7

425.5

428.6

459.1
470.6
487.9
485.7
508.2
519.2
527.1
556.1
571.1
606.3

459.3
477.5
488.8
484.2
502.8

461.3

644.9
684.5
707.5
743.2
770. £
781.4
789.5
838.5
886.2
870. C
846.2

648.3

652.2

685.6
709.8
744.7
773.0
783.7
792.5
844.9
885.3

686.1
711.0

31,180
34,353
35,053
33,632
45,242
43,279
47,76C
45,968

31,592
34,131
34,737
34,464
44,583
43,664
48,392
46,435

31,873
34,380
34,489
34,893
43,983
43,296
48,987
46,183

32,231
34,89C
34,185
35,474
43,25C
43,761
48,935
46,640

32,774
34,702
33,52]
36,686
43,566
44,22E
48,904
45,866

32,692
35,398
33,648
38,462
43,172
44,346
48,398
46,349

32,888
35,88]
33,06!>
42,05'I
42,08:I
43,45:l
49,37:I
46,180

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

49,320
56,568
53,701
57,701
61,806
58,612
64,291
66,372
71,759

49,828
52,874
57,006
52,836
58,714
61,555
58,883
64,287
67,542
71,640

50,744
53,235
56,597
52,305
59,341
61,075
59,825
65,155
67,637
71,395

51,334
53,66C
55,77C
52,333
60,525
61,66C
59,39"
65,22C
68,208
72,588

51,467
53,768
55,65]
52,754
61,37"
60,82"
60,166
65,15!>
68,176
73,402

51,645
54,124
56,119
53,593
61,333
60,672
61,113
64,736
68,790
73,038

51,885
51,80'1
56,13:i
54,07]L
61, Oi:I
6 0 , 4 6 i3
60,55. 3
65,04()
70,03 I
74,143

77,078
84,885
88,204
94,33C
100,303
103,974
107,072
117,99!
135,964
154,403
161,951

77,267
85,468
87,776
94,443
101,17]
104,593
108,692
118,025
138,53]
156.692
163,428

78,830
87,089
88,364
95,218
101,529
103,952
109,815
120,047
140,246
159,754
159,187

79,161
86, 6K>
88,58'
95,23]
102,228J
103, 34Jj
110,52:J
121,00*)
140, 57()
161,3485
162,879

79,144
86,17:>
88,85:I
96,17'J
102,25'1
104,66]L
111,89:>
122,36.J
142,08'1
163,19]L
163,347

79,400
87,354
89,538
96,738
102,625
105,182
112,828
122,235
142,084
164,082
165,877

80,822
86,71 3
89,28 3
98,28 1
102,81 1
105,83 3
112,24 3
122,92 1
144,29 3
167,89 J
169,007

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

1
This series contains revisions beginning with 1954.
T the convenience of the user.




100

376.7
399.3

415.9
429.1

344.8
377.6
396.9

332.1
353.5
339.3
380.4
399.fi

421.4

421.5

400. C
419. £

427.9

430.0
430.3
465.2
484.3
486.7
488.6
502.4

480.6
487.5
487.4

517.5

501.8
517.2

529.6
556.7
574.6

529.7
556.2
577.3

611.5

866. C

853.5

2

747.6
774.4
784.8
792.5
844.4
890.8
864.0

857.9

580.3
613.9
659.2
688.4

710.4
748."
776."
776. C

332.9
352.8
342.2
383.2

331.5
348.8
345.5
387.4
400.3

334.3
338.8
343.4

421.2

402.1

393.3
407.4

430.3
433.5

427.6
436.1

426.4
422.6

420.5

467.5
484.6

470.3
484.9

484.1
495.1

481.0

507.3

516.1
512.0

439.3
470.3
484.3
476.3
497.8

515.4
541. C
559."
580.:
618.0
663.1

691. C
714.8 }
751.'
775.8

775. C

795.8

800.6

853.]
892. S

859. C
894."
853. (>

862.4
862.6

866.1

351.6
383.9

496.0

515.8
517.2

543.3

561.9

544.8
562.7
589.6

583.8
625.0

627.7
670.3
697.6
724.6
757.5
777.5
785.9

667.1
690.9
720.5
753.8
776.9
776.3
808.7
864.3
892.3
849.4
865.9

821.8
874.0

875. .3
840.0

330.8
346.4
342.2
368.0
393.6

327.9
345.0

329.0
350.2

332.2

341.6
361.9

341.4

429.6
425.2

342.3
383.7
400.0
420.8
429.3
433.3

459.9
476.2

467.7
484.6

488.1

484.1

485.8
504.3

493.2
508.6

454.3
476.6
485.6
482.3
504.4

518.0

515.0

517.0

523.2
552.2
568.9

528.8
556.3
574.5

539.7
559.5

527.2
553.2

601.3

610.6

581.5
619.0

571.9
605.1

637.9
678.2
702.3
734.5
764.7
782.3
789.4
830.6
880.8
866.8
842.4

648.5
685.4
709.4
745.2
772.7
783.3

663.1
690.1
715.2
751.3

644.3

776.5
775.8

738.9
767.9
779.7

791.5

801.7

792.1

842.6
887.4
866.7
852.5

858.8
893.3

838.4
883.9
866.0
850.0

431.9
450.2
475.3
485.8
473.9

507.1
519.2

374.7
397.0

414.5

351.7

855.1
864.9

411.2
429.3
425.4

681.0
706.1

3

32,679 33,726
36,053
33,62:
4 3 , 2 0 !>
42,80'
44,286
48,18!

36,012
34,189
41,024
42,703
45,721
47,828

45,798

45,842

51,784

52,907

53,69f>
56,682
54,802
59,01:
59,92"
62,026
65,61'
69,24C

54,439
55,801
55,020
58,895
60,374
62,336
65,885
69,699

73,910

75,302

81,117

80,414

87,801)
90,52{3
96,14'\
103,94't
105,88'I
114, OK>
125, 97()
144,84 3
170,97 >

88,407
90,869
98,439
104,924
106,012
114,040
126,740
145,119
170,197

172,150 173,448

Formerly series X234.

517.6
534. E
557. C

614.0

MANUFACTURING AND TRADE SALES IN CURRENT DOLLARS
(MILLIONS OF DOLLARS)

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

53, 11C

AVERAGE FOR PERIOD

This series is

TOTAL FOR PERIOD

34,747 34,927
35,57]L
35,86'I
32,91 > 33,27 5
4 0 , 6 6 > 39,88 )
43,19.3 43,14 )
47,13<>
46,85 3
46,33 3
4 7 , 5 4 ()
46,011 4 7 , 4 6 5

35,409
35,662
32,934
43,028
42,733
47,496
45,602
48,603

94,645
102,864
104,279
102,989
133,808
130,239
145,139
138,586

97,697
104,990
101,358
110,622
129,988
132,341
146,237
138,855

99,293
107,946
100,877
126,283
127,592
133,461
145,385
137,820

105,083
107,097
99,124
123,573
129,066
141,488
139,475
142,079

396,718
422,897
405,638
463,467
520,454
537,529
576,236
557,340

52,842
55,20<)
55,51.3
55,63]L
58,78 )

53,248
55,61 3
54,94 i
56,64 3
58,46 3
59,41 3
63,70 J
67,14 7
69,79 2
74,752

53,391
56,255
53,837
57,077
60,434
59,626
64,022
66,059
71,162
77,155

149,892
159,219
170,171
158,842
175,756
184,436
177,320
193,733
201,551
214,794

154,446
161,552
167,540
158,680
183,239
183,159
180,676
195,111
205,174
219,028

156,576
159,939
168,616
163,893
178,921
180,769
184,915
196,539
208,971
223,355

159,481
167,077
164,296
169,353
177,689
179,226
190,865
199,470
211,519
225,767

620,395
647,787
670,623
650,768
715,605
727,590
733,776
784,853
827,215
882,944

83,433

84,055
88,109
93,584
99,357
104,792
105,863
116,218
133,086
151,509
162,454
176,710

233,175
257,446
264,344
283,991
303,003
312,519
325,579
356,067
414,741
470,849
484,566

237,705
260,142
266,974
288,146
307,110
313,191
335,243
365,606
424,738
488,621
492,103

242,353
262,925
270,682
292,867
311,685
317,726
340,302
375,634
434,263
509,071
514,605

249,464
264,866
275,184
299,137
316,000
313,464
346,360
393,567
452,072
500,861
525,642

962,697
1,045,379
1,077,184
1,164,141
1,237,798
1,256,900
1,347,484
1,490,874
1,725,814
1,969,402
2,016,916

60,18 3
63,13 1
66,26 1
70,56 3
73,860
81,976
88,62 1
89,85 J
99,71 3
106,23 )
104,48 5
113,96 7
129,37 )
148,71 7
170,52 3
174,847

88,13 3
91,74 L
100,06 7
104,97 3
103,11 5
116,17 5
131,10 2
151,84 S
167,87 J
174,085

r shown in 1972 dollars

3

This series contains no revisions but is reprinted
(December 1976)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

57. MANUFACTURING AND TRADE SALES IN 1972 DOLLARS1
(MILLIONS OF DOLLARS)

II Q

III Q

IV Q

TOTAL FOR PERIOD

..
.
..
.

1945. , ,
1947
14..
98.
14..
99.
15..
90.
15..
91.
15..
92.
15..
93.
15..
94.

52,474
53,344
53,378
62,759
59,929
67,237
64,027

52,498
53,297
54,487
61,114
60,593
68,165
64,786

52,894
53,140
55,208
60,017
60,220
68,894
64,435

53,129
52,938
55,853
58,978
60,987
68,879
64,958

52,455
52,148
57,205
59,494
61,683
68,575
63,869

53,121
53,527
59,549
59,060
61,821
67,769
64,713

53,583
51,963
63,996
57,893
60,499
68,684
64,486

53,694
53,072
64,897
59,351
61,728
67,302
64,096

53,657
54,110
60,894
59,313
63,820
66,729
64,431

53,715
52,142
59,609
59,731
65,902
66,422
64,675

53,491
52,827
57,766
59,579
65,654
64,806
66,600

53,918
52,367
61,016
58,975
66,862
63,706
68,159

157,866
159,781
163,073
183,890
180,742
204,296
193,248

158,705
158,613
172,607
177,532
184,491
205,223
193,540

160,934
159,145
189,787
176,557
186,047
202,715
193,013

161,124
157,336
178,391
178,285
198,418
194,934
199,434

638,629
634,875
703,858
716,264
749,698
807,168
779,235

1955...
15..
96.
15..
97.
15..
98.
15..
99.
16..
90.
16..
91.
16..
92.
16..
93.
16..
94.

69,147
73,309
75,021
70,035
74,146
79,148
74,698
81,605
84,194
90,067

69,727
72,733
75,306
68,806
75,447
78,758
74,916
81,681
85,550
90,322

71,106
73,047
74,774
67,788
76,270
78,269
76,082
82,787
85,621
89,959

71,869
73,213
73,636
67,509
77,192
78,614
75,700
82,880
86,543
91,347

72,173
73,009
73,375
67,766
78,120
77,596
76,718
82,892
86,042
92,505

72,160
73,331
73,824
68,991
78,344
77,657
78,050
82,500
87,061
92,148

72,436
70,206
73,525
69,536
77,972
77,304
77,261
82,786
88,116
93,390

72,152
72,478
74,020
70,882
75,610
76,862
79,002
83,381
87,179
92,894

73,336
73,135
73,046
71,383
75,894
77,820
79,345
83,335
87,694
94,264

73,048
73,726
72,696
72,478
75,425
77,261
80,359
84,039
88,875
93,173

73,631
74,094
71,739
73,573
75,571
76,290
81,115
85,122
88,020
93,983

73,719
74,799
70,167
71,873
77,904
76,292
81,494
83,741
89,526
96,117

209,980
219,089
225,101
206,629
225,863
236,175
225,696
246,073
255,365
270,348

216,202
219,553
220,835
204,266
233,656
233,867
230,468
248,272
259,646
276,000

217,924
215,819
220,591
211,801
229,476
231,986
235,608
249,502
262,989
280,548

220,398
222,619
214,602
217,924
228,900
229,843
242,968
252,902
266,421
283,273

864,504
877,080
881,129
840,620
917,895
931,871
934,740
996,749
1,044,421
1,110,169

16..
95.
16..
96.
16..
97.
16..
98.
16..
99.
17..
90.
17..
91.
17..
92.
17..
93.
17..
94.
17..
95.
17..
96.

96,356
103,947
105,842
110,336
114,186
113,250
112,805
121,196
134,131
135,351
119,460

96,699
104,150
105,285
110,670
114,661
113,407
113,844
120,569
135,135
134,916
120,280

98,542
105,834
105,872
111,171
114,587
112,389
114,515
122,360
134,662
134,934
117,487

98,592
105,098
106,257
111,045
115,036
111,290
115,240
123,372
134,246
134,702
119,320

97,880
104,460
106,386
111,888
114,651
112,614
116,395
124,301
134,104
134,242
119,615

98,363
105,787
106,641
112,532
114,594
112,955
117,255
124,140
133,021
133,321
121,184

99,944
104,565
106,300
113,903
114,582
113,242
116,199
124,245
135,233
133,464
122,486

100,080
105,225
107,643
111,034
115,414
112,906
117,374
126,802
133,045
133,023
124,185

99,144
106,086
107,541
113,193
116,295
112,648
117,879
127,610
133,479
131,003
124,746

101,135
106,317
106,473
114,481
117,139
110,406
117,587
129,636
136,199
129,105
124,971

102,612
105,963
108,739
114,351
114,937
108,726
119,689
131,444
137,529
124,924
123,941

102,871
105,967
110,843
113,778
114,781
112,180
119,799
132,251
134,785
120,119
125,656

291,597
313,931
316,999
332,177
343,434
339,046
341,164
364,125
403,928
405,201
357,227

294,835
315,345
319,284
335,465
344,281
336,859
348,890
371,813
401,371
402,265
360,119

299,168
315,876
321,484
338,130
346,291
338,796
351,452
378,657
401,757
397,490
371,417

306,618
318,247
326,055
342,610
346,857
331,312
357,075
393,331
408,513
374,148
374,568

1,192,218
1,263,399
1,283,822
1,348,382
1,380,863
1,346,013
1,398,581
1,507,926
1,615,569
1,579,104
1,463,331

62. INDEX OF LABOR COST PER UNIT OF OUTPUT, TOTAL MANUFACTURING2
(1967-100)

AVERAGE FOR PERIOD
..
.

1946
14..
97.
14..
98.
14..
99.
15..
90.
15..
91.
92.
5..
15..
93.
15..
94.

72.3
78.1
81.2
79.1
81.5
88.9
90.5
94.3

72.8
77.9
81.7
78.8
82.7
89.1
90.5
94.3

73.4
79.0
80.9
78.5
83.7
89.5
91.1
94.6

73.8
78.8
81.5
77.9
85.2
89.6
91.1
94.4

74.3
78.1
81.5
78.0
85.5
90.4
90.9
94.1

75.2
79.0
81.3
77.4
86.9
91.1
91.7
93.6

75.1
80.2
81.3
77.0
88.2
89.9
91.7
93.5

75.5
81.6
80.4
77.2
89.5
90.5
91.3
93.8

76.3
81.6
79.6
78.0
89.0
90.7
91.6
93.1

76.2
81.0
79.6
79.9
88.3
90.5
92.2
93.1

75.9
82.1
78.2
81.1
88.6
89.4
92.7
93.3

77.5
81.4
78.8
81.2
89. C
90.2
93.9
92.3

72.8
78.3
81.3
78.8
82.6
89.2
90.7
94.4

74.4
78.7
81.4
77.7
85.9
90.4
91.3
94.0

75.6
81.1
80.4
77.4
88.9
90.3
91.5
93.5

76.6
81.5
78.9
80.7
88.6
90.0
92.9
92.9

74^9
79.9
80.5
78.7
86.5
90.0
91.6
93.7

15..
95.
15..
96.
15..
97.
15..
98.
15..
99.
16..
90.
16..
91.
16..
92.
16..
93.
16..
94.

91.2
91.9
96.2
101.0
98.3
97.2
102.8
99.4
99.1
97.2

91.5
92.4
95.9
101.8
97.9
98.8
103.4
99.1
98.7
97.6

90.7
93.1
96.1
102.5
97.6
99.7
102.4
99.0
98.2
98.2

90.1
93.1
97.1
102.8
97.1
100.1
101.6
100.5
97.4
97.7

90.2
93.8
97.3
101.8
97.1
100.9
101.2
100.5
97.2
97.7

90.5
94.7
97.4
100.4
97.9
101.6
100.6
100.8
97.4
97.9

90.9
97.9
97.1
100.3
99.3
101.0
99.9
100.3
98.5
98.1

91.2
95.7
97.6
99.8
100.7
100.7
99.4
100.1
97.9
98.1

91.7
95.7
97.3
100.1
101.1
101.1
98.8
99.7
97.9
98.5

91.1
96.3
98.4
99.0
101.8
101.5
98.9
100.0
97.5
98.4

91.8
95.9
99.8
98.5
101.6
102.2
98.7
99.5
97.7
96.9

91.1
96.0
100.3
99.0
98.3
102.4
98.1
99.6
98.6
97.0

91.1
92.5
96.1
101.8
97.9
98.6
102.9
99.2
98.7
97.7

90.3
93.9
97.3
101.7
97.4
100.9
101.1
100.6
97.3
97.8

91.3
96.4
97.3
100.1
100.4
100.9
99.4
100.0
98.1
98.2

91.3
96.1
99.5
98.8
100.6
102.0
98.6
99.7
97.9
97.4

91.0
94.7
97.5
100.6
99.1
100.6
100.5
99.9
98.0
97.8

1965...
16..
96.
16..
97.
16..
98.
16..
99.
17..
90.
17..
91.
17..
92.
17..
93.
17..
94.
17..
95.
17..
96.

96.2
95.7
99.2
100.3
104.0
111.1
112.4
111.7
114.3
121.2
143.5

96.0
96.4
99.1
101.0
103.6
110.9
112.5
112.8
114.2
122.2
144.5

95.5
96.0
99.8
101.1
104.0
111.5
112.7
113.0
114.4
122.3
147.0

95.3
97.0
99.5
101.3
105.5
111.9
113.2
113.0
116.4
123.5
145.7

95.1
97.1
100.0
102.1
106.5
111.9
113.5
113.7
116.1
124.3
145.3

95.3
97.5
100.4
102.4
106.7
112.6
113.3
113.7
116.8
125.3
142.8

94.7
97.6
101.3
103.2
107.0
113.2
113.6
114.0
117.3
127.4
141.7

94.9
98.5
101.3
103.5
107.6
113.5
115.0
113.5
118.0
128.2
140.8

94.9
98.2
100.5
103.8
107.8
113.4
113.0
113.6
118.5
129.0
140.4

95.4
98.0
99.9
104.9
108.2
113.1
112.4
113.5
119.1
131.7
142.0

95.9
99.1
99.7
103.9
108.2
112.9
112.2
113.7
120.0
135.4
141.6

95.7
98.8
100.1
104.9
109.2
112.1
113.1
113.0
120.0
140.6
141.3

95.9
96.0
99.4
100.8
103.9
111.2
112.5
112.5
114.3
121.9
145.0

95.2
97.2
100.0
101.9
106.2
112.1
113.3
113.5
116.4
124.4
144.6

94.8
98.1
101.0
103.5
107.5
113.4
113.9
113.7
117.9
128.2
141.0

95.7
98.6
99.9
104.6
108.5
112.7
112.6
113.4
119.7
135.9
141.6

95.
97.
100.
102.
106.
112.
113.
113.
117.1
127.6
143.0

70. MANUFACTURING AND TRADE INVENTORIES, TOTAL BOOK VALUE, IN 1972 DOLLARS3
(BILLIONS OF DOLLARS)

END OF PERIOD

1945
1946
1947
14..
98.
14..
99.
15..
90.
15..
91.
15..
92.
15..
93.
15..
94.

78.19
83.20
81.47
90.43
101.52
107.67
108.65

78.66
83.50
81.28
91.15
101.45
107.90
108.30

79.15
83.52
81.87
92.20
101.55
108.39
107.88

79.43
83.16
82.23
93.57
101.56
109.38
107.36

79.70
83.12
83.12
95.24
101.31
109.72
106.94

80.69
83.16
83.81
96.53
101.96
110.18
106.38

81.82
83.30
82.74
97.46
101.94
110.99
105.89

81.95
83.32
84.64
98.56
101.91
110.94
105.26

82.04
83.63
85.61
98.97
103.16
110.99
105.19

82.15
83.11
86.58
99.68
104.20
110.26
104.71

82.15
82.31
88.04
100.28
104.81
109.52
105.08

81.91
81.28
88.54
100.72
105.26
109.18
104.92

79.15
83.52
81.87
92.20
101.55
108.39
107.88

80.69
83.16
83.81
96.53
101.96
110.18
106.38

82.04
83.63
85.61
98.97
103.16
110.99
105.19

81.91
81.28
88.54
100.72
105.26
109.18
104.92

8ll91
81.28
88.54
100.72
105.26
109.18
104.92

15..
95.
1956...
15..
97.
15..
98.
1959...
16..
90.
16..
91.
16..
92.
16..
93.
16..
94.

105.25
110.22
116.00
114.54
114.03
120.33
122.35
124.95
131.11
136.69

105.32
111.29
115.81
114.03
114.40
121.58
122.29
125.56
131.50
137.14

106.04
111.49
115.77
113.70
114.80
122.43
121.67
126.42
132.00
137.68

105.92
112.56
116.05
113.16
116.24
122.35
121.68
126.58
132.13
138.23

106.57
113.19
116.04
112.67
116.79
123.08
121.96
127.54
132.48
138.68

107.55
113.70
116.20
112.46
117.55
123.34
121.81
128.21
133.09
139.31

108.14
114.24
116.43
112.30
118.33
123.76
122.21
128.67
133.47
139.58

108.78
114.63
117.05
112.01
118.13
123.52
122.62
129.10
134.08
140.09

108.64
115.21
117.46
112.72
117.57
123.92
123.20
129.87
134.83
141.40

109.18
115.29
116.37
112.96
117.77
123.76
123.34
130.46
135.76
141.17

109.30
115.82
116.10
113.20
117.79
123.91
124.01
130.39
136.17
142.21

109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78
136.27
143.29

106.04
111.49
115.77
113.70
114.80
122.43
121.67
126.42
132.00
137.68

107.55
113.70
116.20
112.46
117.55
123.34
121.81
128.21
133.09
139.31

108.64
115.21
117.46
112.72
117.57
123.92
123.20
129.87
134.83
141.40

109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78
136.27
143.29

109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78
136.27
143.29

16..
95.
16..
96.
16..
97.
16..
98.
16..
99.
17..
90.
17..
91.
17..
92.
17..
93.
17..
94.
17..
95.
17..
96.

144.22
152.71
169.58
176.77
184.33
192.45
195.92
200.72
208.14
219.82
225.32

144.69
154.16
170.48
177.29
185.36
193.12
196.51
200.74
209.03
220.63
223.48

145.98
155.26
171.31
177.20
186.06
193.42
196.96
200.82
209.41
221.43
221.92

146.63
156.35
172.06
178.29
186.79
193.99
197.54
201.20
209.81
221.54
220.83

147.27
157.89
172.48
179.42
187.53
193.48
198.16
202.22
210.72
222.65
219.18

148.00
159.65
172.32
180.17
188.40
194.29
198.90
202.49
211.78
223.75
218.38

149.17
160.93
173.19
180.56
189.35
194.97
199.07
202.59
212.91
224.17
218.09

150.08
162.09
173.94
181.45
190.22
195.44
199.39
203.98
213.20
223.65
218.62

150.41
163.28
174.21
182.08
191.16
195.63
199.79
204.87
214.01
224.51
218.23

150.82
164.96
174.25
183.06
192.00
195.18
200.10
205.75
215.15
225.80
219.12

151.41
166.52
175.40
183,39
191.98
195.68
199.74
206.38
216.71
225.72
217.72

152.13
168.06
176.57
184.00
192.81
195.72
200.34
207.01
218.93
226.25
216.38

145.98
155.26
171.31
177.20
186.06
193.42
196.96
200.82
209.41
221.43
221.92

148.00
159.65
172.32
180.17
188.40
194.29
198.90
202.49
211.78
223.75
218.38

150.41
163.28
174.21
182.08
191.16
195.63
199.79
204.87
214.01
224.51
218.23

152.13
168.06
176.57
184.00
192.81
195.72
200.34
207.01
218.93
226.25
216.38

152.13
168.06
176.57
184.00
192.81
195.72
200.34
207.01
218.93
226.25
216.38

..
.
..
.

erly series 56D. This series is now shown in 1972 dollars.




2

This series contains revisions beginning with 1954. 'Formerly series 7lD. This series is now shown in 1972 dollars.
(December 1976)

101

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

1 Q

II Q

72. COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING, WEEKLY REPORTING LARGE COMMERCIAL BANKS
(MILLIONS OF DOLLARS)

III Q

IV Q

AVERAGE FOR PERIOD

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

6,511
7,364
10,475
13,417
14,055
12,677
16,503
19,632
21,227
21,000

6,388
7,430
10,713
13,358
13,979
12,764
17,116
19,641
21,277
21,064

6,283
7,621
11,149
13,371
13,861
12,763
17,579
19,761
21,430
21,036

6,268
7,864
11,506
13,473
13,605
12,849
18,079
19,742
21,675
20,967

6,256
8,047
11,592
13,834
13,409
12,936
18,453
19,809
21,816
20,811

6,410
8,211
11,639
14,065
13,163
13,242
18,646
19,969
21,747
20,650

6,454
8,614
11,770
14,385
12,833
13,619
18,757
20,141
21,778
20,651

6,434
9,074
12,019
14,507
12,660
14,057
18,865
20,190
21,934
19,804

6,487
9,443
12,250
14,461
12,641
14,696
18,968
20,381
21,819
19,753

6,498
9,863
12,548
14,356
12,670
15,027
19,111
20,650
21,640
19,718

6,715
10,134
12,904
14,196
12,604
15,462
19,194
21,031
21,451
19,955

7,147
10,260
13,158
14,087
12,573
15,986
19,411
21,133
21,058
20,314

6,394
7,472
10,779
13,382
13,965
12,735
17,066
19,678
21,311
21,033

6,311
8,041
11,579
13,791
13,392
13,009
18,393
19,840
21,746
20,809

6,458
9,044
12,013
14,451
12,711
14,124
18,863
20,237
21,844
20,069

6,787
10,086
12,870
14,213
12,616
15,492
19,239
20,938
21,383
19,996

6,488
8,660
11,810
13,959
13,171
13,840
18,390
20,173
21,571
20,477

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

20,529
24,515
28,695
29,171
28,567
31,433
32,999
33,582
36,039
38,931

20,692
24,686
28,720
28,835
28,583
31,870
32,966
33,712
36,126
39,195

20,916
25,414
29,182
28,728
28,820
32,093
33,111
33,907
36,251
39,201

21,049
25,932
29,503
28,554
29,092
32,293
33,079
34,121
36,458
39,554

21,416
26,448
29,650
28,168
29,573
32,591
33,020
34,269
36,626
39,882

21,796
26,799
30,033
28,079
30,042
33,011
32,955
34,509
36,740
40,137

22,244
27,145
30,245
28,039
30,026
32,993
33,012
34,740
36,872
40,428

22,664
27,418
30,285
27,941
30,456
32,840
33,131
35,038
37,047
40,839

22,977
27,778
30,374
28,122
30,646
32,956
33,214
35,318
37,341
41,418

23,421
27,858
29,969
28,215
30,915
32,996
33,215
35,635
37,821
41,625

23,771
28,199
29,573
28,342
31,076
33,118
33,280
35,939
38,579
42,068

24,110
28,395
29,517
28,496
31,288
33,018
33,429
35,986
39,045
42,737

20,712
24,872
28,866
28,911
28,657
31,799
33,025
33,734
36,139
39,109

21,420
26,393
29,729
28,267
29,569
32,632
33,018
34,300
36,608
39,858

22,628
27,447
30,301
28,034
30,376
32,930
33,119
35,032
37,087
40,895

23,767
28,151
29,686
28,351
31,093
33,044
33,308
35,853
38,482
42,143

22,132
26,716
29,646
28,391
29,924
32,601
33,118
34,730
37,079
40,501

50,812 51,650 52,300
59,822 60,282 60,532
63,587 64,065 64,830
70,163 71,105 72,210
82,073 82,627 83,365
84,649 83,982 83,566
85,677 85,598 85,216
89,350 90,748 91,910
111,133 111,492 112,909
131,813 133,598 134,783
122,269 123,042 123,887

44,581
53,852
61,105
65,590
74,175
83,965
83,598
85,002
97,855
115,450
131,127

47,043
55,951
62,207
67,286
77,427
85,144
83,527
86,375
104,884
123,046
125,391

49,117
58,674
62,967
68,678
79,943
86,016
84,559
86,941
109,721
129,492
122,170

51,587
60,212
64,161
71,159
82,688
84,066
85,497
90,669
111,845
133,398
123,066

48,082
57,172
62,610
68,178
78,558
84,798
84,295
87,247
106,076
125,346
125,438

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

43,562 44,618 45,563
53,062 53,908 54,585
60,701 61,023 61,592
65,333 65,595 65,843
73,450 74,190 74,886
83,205 84,229 84,462
83,235 83,709 83,851
84,509 85,052 85,444
93,885 98,131 101,548
114,558 114,645 117,146
133,817 130,508 129,056

46,203 47,209 47,718
55,022 55,877 56,955
61,996 62,132 62,494
67,010 67,184 67,664
76,283 77,457 78,541
84,770 85,241 85,420
83,163 83,716 83,701
86,303 86,696 86,127
103,726 104,919 106,008
121,497 123,199 124,442
127,162 125,270 123,742

48,072 49,139 50,141
57,838 58,857 59,328
62,824 62,875 63,203
68,015 68,681 69,339
79,055 79,884 80,889
85,599 86,220 86,230
83,101 84,437 86,139
86,218 86,801 87,803
107,920 110,370 110,872
128,154 129,335 130,988
123,132 121,572 121,805

91. AVERAGE (MEAN) DURATION OF UNEMPLOYMENT1
(WEEKS)

AVERAGE FOR PERIOD

1945...
1946...
1947...
1948...
1949...
1950...
1951
1952II!
1953...
1954...

8.9
8.2
11.3
10 . 6
9.3
9.3
8.7

8.4
8.3
11.8

8.7
8.3
12.4

8.5
8.8
12.6

9.1
9.1
12.7

8.8
10.0
13.1

8.6
10.8
12.5

8.8
11.0
12.2

8.5
11.7
12.2

9.5
10.9
12.3

7.8
11.6
10.7

8.1
11.8
10.7

8.*8
8.4
9.5

Q'.A
8.5
10.6

9.0
7.8
10.9

7.8
7.9
11.6

7.3
8.2
12.3

7.5
7.9
12.5

7.6
8.0
12.8

8.1
7.1
12.9

9!l
7.2
13.3

9^5
7.9
13.2

8.0
13.4

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

13.4
11.7
10.4
10.5
16.3
13.5
13.7
15.3
13.8
13.5

14.2
12.5
10.7
11.0
15.5
13.1
13.6
16.0
14.1
13.2

13.4
11.6
10.8
11.2
15.3
13.0
14.1
15.0
14.5
13.5

14.3
11.0
10.6
12.1
14.9
12.6
15.5
14.9
14.5
12.4

14.4
10.4
10.4
13.1
14.7
11.9
15.6
15.5
14.5
13.6

13.4
10.1
10.2
14.4
14.9
11.9
16.2
15.1
14.0
13.6

13.8
10.5
10.1
14.6
14.3
12.6
17.3
14.6
14.0
14.7

12.3
12.0
10.5
15.7
13.7
12.2
17.0
14.5
13.9
13.0

11.7
11.8
9.8
16.5
13.7
12.9
16.1
14.1
14.2
12.7

11.5
11.6
11.1
16.5
12.9
13.5
15.9
14.1
13.9
12.6

11.3
10.9
10.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...

12.2
11.9
9.3
9.4
8.1
7.9
10.5
12.2
11.0
9.6
10.8

12.6
11.2
9.2
8.7
7.9
8.0
10.4
12.4
10.5

12.0
11.1
8.9
8.5
7.9
8.3
10.6
12.3
10.5
9.5
11.4

11.4
10.8
8.8
8.7
7.9
8.3
10.9
12.4
9.9
9.8
12.8

11.1
10.2
8.7
8.2
7.9
8.6
11.2
12.3
10.1
9.5
13.3

11.6
9.7
8.3
7.9
7.7
8.7
11.6
12.4
9.6

11.6
9.7
8.3
8.4
7.8
8.9
11.5
11.8
9.6
9.9
15.1

11.9
9.8
8.9
8.3
7.9
8.8
11.5
11.9
9.9

11.9
10.1
8.4
8.2
8.0
8.9
11.9
12.1
9.4

15^5

16^2

12.1
10.3
8.7
8.4
7.6
8.6
12.6
11.7
10.3
9.9
15.6

11.7
9.7
8.9
8.1
8.0
9.4
12.0
11.5
10.0
9.8
16.9

197s!!!
1976...

..
.
..
.

ll!?

is!3

8.7
8.3
11.8
10 . 5

8.8
9.3
12.8
9 7

8.7
9.6

12.0
11.4
10.4
15.7
13.1
12.4
15.8
13.6
13.3
12.7

8.5
11.4
11.2

8.*6
10.0
12.1

8.0
11.6

8.6
11.2
12.3
9 1
I'.l
7.7
12.7

9^1
7.7
13.3

8^4
8.0
11.8

13.7
11.9
10.6
10.9
15.7
13.2
13.8
15.4
14.1
13.4

14.0
10.5
10.4
13.2
14.8
12.1
15.8
15.2
14.3
13.2

12.6
11.4
10.1
15.6
13.9
12.6
16.8
14.4
14.0
13.5

11.6
11.3
10.6
16.2
13.0
13.3
16.2
13.7
13.5
13.1

13.0
11.3
10.5
13.9
14.4
12.8
15.6
14.7
14.0
13.3

11.4
9.5
8.6
8.2
8.0
9.8
11.5
11.4
9.5

12.3
11.4
9.1
8.9
8.0
8.1
10.5
12.3
10.7

11.4
10.2
8.6
8.3
7.8
8.5
11.2
12.4
9.9

11.8
9.9
8.5
8.3
7.9
8.9
11.6
11.9
9.6

17.0

11.3

13.8

15.6

11.7
9.8
8.7
8.2
7.9
9.3
12.0
11.5
9.9
10. 0
16.5

11.8
10.4
8.7
8.4
7.8
8.6
11.3
12.0
10.0
9.8
14.2

sis

s!s

alo

2

95. RATIO, CONSUMER INSTALLMENT DEBT TO PERSONAL INCOME
(PERCENT)

AVERAGE FOR PERIOD

1945
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

1.47
2.29
3.39
4.28
5.37
5.98
5.81
6.96
7.91

1.52
2.39
3.49
4.35
5.42
5.95
5.78
7.07
7.91

1.55
2.49
3.59
4.41
5.42
5.91
5.80
7.19
7.91

1.61
2.64
3.73
4.55
5.66
5.82
5.89
7.34
7.96

1.68
2.76
3.78
4.67
5.79
5.77
6.00
7.41
7.89

1.73
2.83
3.76
4.80
5.92
5.69
6.19
7.45
7.88

1.76
2.93
3.83
4.92
6.02
5.65
6.35
7.57
7.89

1.85
3.02
3.87
5.00
6.08
5.65
6.25
7.64
7.83

1.96
2.87
3.95
5.03
6.18
5.68
6.29
7.68
7.78

2.00
3.09
3.96
5.27
6.15
5.64
6.47
7.70
7.77

2.10
3.21
4.05
5.37
6.09
5.69
6.63
7.84
7.76

2.16
3.26
4.18
5.48
5.96
5.72
6.78
7.87
7.83

1.51
2.39
3.49
4.35
5.40
5.95
5.80
7.07
7.91

1.67
2.74
3.76
4.67
5.79
5.76
6.03
7.40
7.91

1.86
2.94
3.88
4.98
6.09
5.66
6.30
7.63
7.83

2.09
3.19
4.06
5.37
6.07
5.68
6.63
7.80
7.79

1.78
2.82
3.80
4.84
5.84
5.76
6.19
7.48
7.86

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

7.94
8.95
9.21
9.49
9.02
9.87
10.46
10.10
10.63
11.48

8.03
9.02
9.20
9.47
9.08
9.99
10.40
10.09
10.78
11.56

8.16
9.09
9.22
9.38
9.12
10.09
10.37
10.08
10.86
11.63

8.25
9.10
9.26
9.37
9.16
10.12
10.32
10.14
10.95
11.66

8.34
9.15
9.28
9.31
9.21
10.15
10.25
10.22
11.00
11.72

8.48
9.15
9.28
9.23
9.28
10."23
10.16
10.29
11.04
11.79

8.49
9.22
9.30
9.06
9.40
10.29
10.12
10.34
11.15
11.84

8.64
9.15
9.31
9.05
9.64
10.35
10.13
10.40
11.22
11.85

8.74
9.13
9.38
8.99
9.77
10.40
10.13
10.41
11.26
11.92

8.79
9.09
9.41
8.98
9.88
10.40
10.08
10.48
11.33
12.02

8.82
9.15
9.43
8.88
9.86
10.45
10.04
10.55
11.41
12.00

8.87
9.15
9.47
8.92
9.79
10.55
10.05
10.60
11.41
11.98

8.04
9.02
9.21
9.45
9.07
9.98
10.41
10.09
10.76
11.56

8.36
9.13
9.27
9.30
9.22
10.17
10.24
10.22
11.00
11.72

8.62
9.17
9.33
9.03
9.60
10.35
10.13
10.38
11.21
11.87

8.83
9.13
9.44
8.93
9.84
10.47
10.06
10.54
11.38
12.00

8.46
9.11
9.31
9.18
9.43
10.24
10.21
10.31
11.09
11.79

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

12.03
12.46
12.29
11.98
12.11
12.31
11.95
12.13
12.58
13.10
12.68

12.16
12.43
12.27
11.96
12.16
12.30
11.98
12.08
12.63
13.13
12.68

12.21
12.46
12.22
11.92
12.15
12.24
11.96
12.16
12.71
13.12
12.59

12.31
12.48
12.19
11.96
12.20
11.99
11.98
12.20
12.75
13.10
12.54

12.35
12.50
12.17
11.94
12.26
12.10
11.98
12.27
12.83
13.06
12.41

12.38
12.48
12.14
11.93
12.30
12.16
11.78
12.53
12.89
13.04
12.15

12.43
12.49
12.07
11.92
12.28
12.15
11.98
12.41
12.97
12.95
12.26

12.50
12.45
12.06
11.93
12.26
12.14
12.01
12.42
12.99
12.97
12.18

12.27
12.39
12.06
11.91
12.27
12.11
12.09
12.50
12.99
12.93
12.17

12.43
12.36
12.06
11.97
12.29
12.17
12.14
12.40
13.01
12.84
12.13

12.42
12.34
12.02
11.99
12.31
12.14
12.18
12.40
13.01
12.81
12.14

12.41
12.37
11.96
12.04
12.27
12.10
12.14
12.49
13.01
12.69
12.18

12.13
12.45
12.26
11.95
12.14
12.28
11.96
12.12
12.64
13.12
12.65

12.35
12.49
12.17
11.94
12.25
12.08
11.91
12.33
12.82
13.07
12.37

12.40
12.44
12.06
11.92
12.27
12.13
12.03
12.44
12.98
12.95
12.20

12.42
12.36
12.01
12. OP
12.29
12.14
12.15
12.43
13.01
12.78
12.15

12.32
12.43
12.13
11.95
12.24
12.16
12.01
12.33
12.86
12.98
12.34

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of th.
contains revisions beginning with 1970.

 102


series Xl.

2

Formerly series X251. This series
(December 1976)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year
Jan.

Feb.

Apr.

Mar.

May

June

July

Sept.

Aug.

109. AVERAGE PRIME RATE CHARGED BY BANKS 1
(PERCENT)

Oct.

Nov.

Dec.

1 Q

(§>

Annual
II Q

III

Q

IV Q

AVERAGE FOR PERIOD

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

1.50
1.50
1.50
1.75
2.00
2.00
2.44
3.00
3.00
3.25

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.00
3.25

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.00
3.13

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.03
3.00

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.25
3.00

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.25
3.00

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.25
3.00

1.50
1.50
1.50
2.00
2.00
2.00
2.50
3.00
3.25
3.00

1.50
1.50
1.50
2.00
2.00
2.08
2.50
3.00
3.25
3.00

1.50
1.50
1.50
2.00
2.00
2.25
2.62
3.00
3.25
3.00

1.50
1.50
1.50
2.00
2.00
2.25
2.75
3.00
3.25
3.00

1.50
1.50
1.75
2.00
2.00
2.25
2.85
3.00
3.25
3.00

1.50
1.50
1.50
1.75
2.00
2.00
2.48
3.00
3.00
3.21

1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.18
3.00

1.50
1.50
1.50
1.92
2.00
2.03
2.50
3.00
3.25
3.00

1.50
1.50
1.58
2.00
2.00
2.25
2.74
3.00
3.25
3.00

1.50
1.50
1.52
1.85
2.00
2.07
2.56
3.00
3.17
3.05

1955...
1956...
1957...
1958.. .
1959...
1960...
1961...
1962...
1963...
1964.. .

3.00
3.50
4.00
4.34
4.00
5.00
4.50
4.50
4.50
4.50

3.00
3.50
4.00
4.00
4.00
5.00
4.50
4.50
4.50
4.50

3.00
3.50
4.00
4.00
4.00
5.00
4.50
4.50
4.50
4.50

3.00
3.65
4.00
3.83
4.00
5.00
4.50
4.50
4.50
4.50

3.00
3.75
4.00
3.50
4.23
5.00
4.50
4.50
4.50
4.50

3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50
4.50
4.50

3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50
4.50
4.50

3.23
3.84
4.42
3.50
4.50
4.85
4.50
4.50
4.50
4.50

3.25
4.00
4.50
3.83
5.00
4.50
4.50
4.50
4.50
4.50

3.40
4.00
.50
.00
.00
.50
.50
.50
4.50
4.50

3.50
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50

3.50
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50

3.0U
3.50
4.00
4.11
4.00
5.00
4.50
4.50
4.50
4.50

3.00
3.72
4.00
3.61
4.24
5.00
4.50
4.50
4.50
4.50

3.16
3.86
4.31
3.61
4.67
4.78
4.50
4.50
4.50
4.50

3.47
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50

3.16
3.77
4.20
3.83
4.48
4.82
4.50
4.50
4.50
4.50

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

4.50
5.00
5.96
6.00
6.95
8.50
6.29
5.18
6.00
9.73
10.05

4.50
5.00
5.75
6.00
7.00
8.50
5.88
4.75
6.02
9.21
8.96

4.50
5.35
5.71
6.00
7.24
8.39
5.48
4.75
6.30
8.83
7.93

4.50
5.50
5.50
6.20
7.50
8.00
5.25
4.98
6.60
10.02
7.50

4.50
5.50
5.50
6.50
7.50
8.00
5.42
5.00
7.01
11.25
7.40

4.50
5.52
5.50
6.50
8.23
8.00
5.50
5.04
7.49
11.54
7.07

4.50
5.75
5.50
6.50
8.50
8.00
5.90
5.25
8.30
11.98
7.15

4.50
5.88
5.50
6.50
8.50
8.00
6.00
5.27
9.23
12.00
7.66

4.50
6.00
5.50
6.40
8.50
7.83
6.00
5.50
9.86
12.00
7.88

4.50
6.00
5.50
6.00
8.50
7.50
5.91
5.73
9.94
11.68
7.96

4.50
6.00
5.68
6.20
8.50
7.28
5.47
5.75
9.75
10.83
7.53

4.92
6.00
6.00
6.60
8.50
6.92
5.25
5.79
9.75
10.50
7.26

4.50
5.12
5.81
6.00
7.06
8.46
5.8d
4.89
6.11
9.26
8.98

4.50
5.51
5.50
6.40
7.74
8.00
5.39
5.01
7.03
1U.94
7.32

4.50
5.88
5.50
6.47
8.50
7.94
5.97
5.34
9.13
11.99
7.56

4.64
6.00
5.73
6.27
8.50
7.23
5.54
5.76
9.81
11.00
7.58

4.54
5.62
5.63
6.28
7.95
7.91
5.70
5.25
8.02
10.80
7.86

963.

DIFFUSION

INDEX OF NUMBER OF EMPLOYEES ON PRIVATE NONAGRICULTURAL PAYROLLS — 172 INDUSTRIES 2
(PERCENT R I S I N G OVER 1-MONTH SPANS)

AVERAGE FOR PERIOD

1945. . .
1946. . .
1947. . .

1951. . .
1952
1953
1954. .
1955. . .
1956. . .
1957. . .
195b...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973.. .
1974...
1975...
1976...
963.

83.0
67.5
40.8
56.9
57.5
57.2

11.0
64.4
70.9
36.2
72.5
46.4
70.1

17.3
77.3
46.3
55.1
60.8
65.9
61.7

19.2
77.6
52.1
55.1
71.6
65.9
65.9

35.8
79.8
43.9
69.5
62. i*
64.4
69.2

50.3
69.6
37.4
70.1
57.2
53.0
62.3

54.4
65.0
43.3
62.6
53.3
61.4
72.8

72.3
55.5
39.3
69.5
63.2
61.7
62.3

84.0
72.1
34.0
53.9
53.6
61.7
80.8

68.6
48.2
35.0
69.5
57.2
60.5
56.0

74.2
58.3
29.1
70.4
46.1
47.6
65.6

71.1
73.6
21.2
68.6
50.0
58.4
68.9

70.4
73.1
63.8
45.3
64.5
50.9
41.6
70.6
75.9
58.7
16.9

70.4
79.3
42.2
72.7
69.5
44.8
37.5
75.6
76.5
55.8
16.9

76.3
81.4
50.3
59.6
66.0
39.0
41.0
77.0
75.3
48.0
27.3

71.6
74.9
49.1
65.1
62.2
30.8
57.6
77.3
66.3
54.7
44.2

65.3
71.6
47.4
58.7
59.3
25.6
65.7
75.3
58.1
54.7
51.2

66.8
77.8
57.8
69.2
70.1
34.6
38.4
70.9
66.3
54.4
39.8

77.8
65.9
51.5
64.2
62.2
51.2
57.3
45.9
55.8
49.1
57.3

64.1
66.5
63.7
65.3
58.7
31.4
49.1
64.5
56.4
42.2
72.4

79.0
42.5
50.9
58.7
42.2
48.0
77.0
67.2
54.9
32.6
81.4

74.6
67.1
53.5
69.5
55.8
28.5
46.8
77.6
71.2
35.5
64.0

79.9
64.7
70.9
74.4
54.4
28.2
63.1
75.0
77.0
19.8
53.6

80.5
65.0
66.3
67.2
59.3
41.9
62.5
76.2
66.0
19.8
69.2

61.6
44.0
63.4
56.6
63.0

35.1
75.7
44.5
64.9
63.9
61.1
65.8

70.2
64.2
38.9
62.0
56.7
61.6
72.0

71.3
60.0
28.4
69.5
51.1
55.5
63.5

68.7
43.3
60.1
58.8
58.7
66.1

72.4
77.9
52.1
59.2
66.7
44.9
4U.O
74.4
75.9
54.2
20.4

67.9
74.8
51.4
64.3
63.9
30.3
53.9
74.5
b3.6
54.6
45.1

73.6
58.3
55.4
63.1
54.4
43.5
61.1
59.2
55.7
41.3
70.4

78.3
65.6
63.6
70.4
56.5
32.9
57.5
76.3
71.4
25.0
64.3

73.1
69.2
55.6
64.2
60.4
37.9
53.1
71.1
66.6
43.8
50.0

74^9

D I F F U S I O N INDEX OF NUMBER OF EMPLOYEES ON PRIVATE NONAGRICULTURAL PAYROLLS — 172 I N D U S T R I E S 2
(PERCENT RISING OVER 6-MONTH SPANS)

AVERAGE FOR PERIOD

1945
1946
1948. . .
1949

1951
1953. . .
1954

1955

1959...
1960...
1961...
1962...
1963...
1964...

92.1
70.2
24.2
77.5
58.4
66.5

89.9
66.9
28.2
77.2
63.8
71.9

89.3
54.6
55.8
75.4
64.4
74.3

15.4
83.4
46.6
59.0
71.3
66.8
78.1

23.9
81.3
38.3
73.7
68.0
74.3
74.9

49.4
77.3
36.5
71.6
67.4
71.3
80.5

66.4
66.0
26.7
78.1
61.1
68.6
78.7

76.4
60.4
24.5
76.9
50.9
61.7
82.6

80.8
63.5
21.5
75.7
49.7
65.9
82.6

87.4
66.6
19.9
70.4
52.4
64.7
79.3

90.3
72.4
20.2
73.1
45.5
65.6
82.0

86.8
63.5
20.9
72.5
54.2
67.7
82.0

90.4
63.9
36.1
76.7
62.2
7U.9

29.6
80.7
40.5
68.1
68.9
70.8
77.8

74.5
63.3
24.2
76.9
53.9
65.4
81.3

88.2
67.5
20.3
72.0
50.7
66.0
81.1

75.5
37.2
63.3
62.6
66.1
77.8

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

80.8
88.3
61.1
73.5
76.7
41.0
38.4
82.3
83.7
64.8
13.7

78.4
85.9
53.6
70.9
71.2
34.9
43.6
83.4
79.7
56.4
12.8

81.1
85.9
52.1
75.0
73.5
28.2
44.2
86.3
80.8
54.7
18.9

80.5
81.7
48.8
77.9
77.3
30.5
49.4
80.5
75.6
51.5
29.1

82.3
79.0
52.3
73.5
77.0
20.3
50.6
82.0
70.9
50.3
40.7

85.9
74.3
51.7
75.3
70.6
22.7
61.6
79.7
65.4
44.5
59.0

86.8
77.2
59.6
78.5
67.7
24.1
55.2
80.8
69.2
35.8
63.4

87.4
74.9
66.0
78.5
59.3
24.1
56.1
79.1
70.9
32.0
66.6

89.2
71.3
67.7
77.6
57.3
28.8
62.8
78.2
70.9
21.8
72.4

87.4
68.0
64.2
77.0
54.7
27.6
70.3
82.8
72.4
15.7
78.8

89.2
65.0
66.9
76.5
53.5
30.5
77.6
82.8
67.7
16.0
79.4

90.7
65.0
70.9
76.7
49.7
26.7
77.6
84.6
67.7
13.7
77.6

80.1
86.7
55.6
73.1
73.8
34.7
42.1
84.0
81.4
58.6
15.1

82.9
78.3
50.9
75.6
75.0
24.5
53.9
80.7
70.6
48.8
42.9

87.8
74.5
64.4
78.2
61.4
25.7
58.0
79.4
70.3
29.9
67.5

89.1
66.0
67.3
76.7
52.6
28.3
75.2
83.4
69.3
15.1
78.6

85.0
76.4
59.6
75.9
65.7
28.3
57.3
81.9
72.9
38.1
51.0

1958 . . .




(December 1976)

103

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly

Year

Annual
IQ

IIQ

III Q

Year

Annual
IIQ

IQ

IV Q

79. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCA IN
CURRENT DOLLARS1 (ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

6.8
7.9
15.6
17.8
14.4
11.7
16.6
16.8
15.5

8.3
11.9
16.7
17.0
15.3
15.5
15.5
16.0
16.4

6.9
11.8
16.3
17.8
16.1
17.8
14.9
15.3
17.0

8.0
12.1
18.2
14.6
17.2
17.2
17.0
12.8
19.0

1955. . .
.
1956
1957
1958
1959
I960
1961. . .
..
1962
1963
1964. . .
..

22.2
21.6
21.1
16.2
24.0
25.6
21.9
30.1
32.2
38.5

23.1
20.9
21.2
16.9
26.5
23.9
24.0
30.3
32.9
39.1

22.5
20.9
21.0
18.9
23.8
23.8
24.3
30.4
34.0
39.8

1965
1966. . .
.
1967
1968
1969
1970
1971
1972
1973
1974 . .
..
1975
1976

44.5
49.0
46.7
44.0
44.6
34.3
36.8
47.5
52.2
45.2
28.8

45.6
49.3
46.2
47.8
43.6
34.3
39.4
49.9
48.3
34.8
41.8

47.0
48.0
46.7
47.6
42.5
34.0
39.8
51.2
50.3
24.1
50.5

IIIQ

IV Q

80. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCA IN
1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE

7!s
10.9
16.7
16.8
15.8
15.6
16.0
15.2
17.0

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

16.0
29.9
33.1
26.5
19.6
27.4
27.5
24.8

24.2
31.6
31.2
27.8
26.2
25.5
25.7
26.2

23.6
30.0
33.0
28.6
30.0
24.6
24.3
27.4

23.6
33.6
26.9
30.1
28.5
27.9
20.5
30.5

21 " 8
.
31.3
31.0
28.2
26.1
26.4
24.5
27.2

22.8
20.0
19.3
21.7
24.1
22.3
26.3
32.7
34.5
38.6

22.6
20.8
20.6
18.4
24.6
23.9
24.1
30.9
33.4
39.0

1955
1956
1957
1958
1959
1960
1961
1962 ..
1963
1964

35.5
33.1
31.0
23.4
33.9
35.5
30.4
41.5
43.8
51.8

36.7
31.7
30.7
24.2
37.3
33.2
33.3
41.8
44.9
52.7

35.2
31.3
30.2
27.3
33.5
33.0
33.7
41.7
46.0
53.3

35.5
29.8
27.7
30.9
33.7
31.0
36.3
44.7
46.6
51.6

35.7
31.5
29.9
26.4
34.6
33.2
33.4
42.4
45.3
52.4

47.8
49.1
47.6
46.1
36.4
31.1
42.1
53.6
50.7
25.5
48.4

46.2
48.8
46.8
46.4
41.8
33.4
39.5
50.6
50.4
32.4
42.4

1965
1966 . . .
1967
1968
1969
1970
1971. .
.
1972 ...
1973
1974
1975
1976

59.1
64.0
59.0
53.5
52.1
37.8
38.6
48.0
51.2
40.8
23.4

60.6
63.6
58.0
57.6
50.3
37.6
41.1
50.1
46.6
30.2
33.0

62.0
61.5
58.2
56.8
48.2
36.8
41.1
51.1
47.7
20.3
39.1

62.9
62.4
58.7
54.3
40.7
33.1
43.0
52.9
47.1
21.0
36.9

61.2
62.9
58.5
55.6
47.8
36.3
41.0
50.5
48.2
28.1
33.1

82. RATE OF CAPACITY UTILIZATION, MANUFACTURING (FRB)3
(PERCENT)

AVERAGE

83. RATE OF CAPACITY UTILIZATION, MANUFACTURING (BEA)1
(PERCENT)

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

83.9
76.9
75.6
88.3
84.6
91.0
80.8

83.3
73.5
81.1
87.4
82.9
91.3
79.7

82.5
73.8
87.0
84.1
84.2
90.0
79.1

8CL4
72.4
87.5
83.5
89.8
84.7
80.8

82 '5
.
74.2
82.8
85.8
85.4
89.2
80.1

1955
1956
1957
1958
1959
I960
1961
1962
1963
1964

84.5
87.6
86.5
74.1
81.4
84.5
73.8
81.2
82.3
84.5

87.4
86.5
84.6
72.4
84.6
81.3
76.4
81.3
83.8
85.5

87.5
84.2
83.9
75.4
80.5
78.9
78.4
81.6
83.6
86.1

88.6
86.3
79.4
78.2
80.1
75.8
80.6
81.6
84.2
86.5

87.0
86.2
83.6
75.0
81.6
80.1
77.3
81.4
83.5
85.6

1955
1956
1957
1958
1959
1960
1961. . . .
1962
1963
1964

1965. .
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976

88.9
91.1
88.2
87.1
87.2
81.4
77.5
80.9
87.1
85.7
70.9

89.4
91.6
86.6
87.4
86.5
80.1
77.9
82.4
87.6
85.8
71.3

89.9
91.2
85.9
86.8
86.4
79.0
77.8
83.4
87.8
85.5
75.3

90.0
90.6
86.9
86.8
84.8
76.3
79.0
85.8
87.7
79.7
76.8

89.6
91.1
86.9
87.0
86.2
79.2
78.0
83.1
87.6
84.2
73.6

1965
1966
1967
1968. . .
.
1969
1970
1971
1972
1973
1974
1975. . .
1976

END OF PERIOD

1945
1946
1947
1948
1949
1950 ...
1951
1952
1953
1954

84. RATE OF CAPACITY UTILIZATION, MATERIALS1
(PERCENT)

AVERAGE

27,900
24,220
23,028

27,092
21,124
27,416

31,768
18,428
30,228

27,861
22,519
25,257

35,088
39,100
36,228
28,616
45,136
47,920
32,396
46,712
52,200
58,688

38,388
34,300
35,468
29,808
50,708
39,740
36,832
49,128
57,620
64,244

39,796
34,496
30,840
30,316
49,332
39,040
43,700
46,688
54,536
64,196

41,448
34,708
28,848
43,052
38,108
35,816
48,868
48,432
57,160
65,064

38,680
35,651
32,846
32,948
45,821
40,629
40,449
47,740
55,379
63,048

71,644
73,504
67,528
74,576
100,280
85,216
113,932
148,852
202,224
181,732
97,252

68,328
82,276
62,568
76,716
101,468
86,412
121,816
151,540
183,364
203,356
109,644

69,568
59,640
71,448
85,064
93,080
85,008
143,348
147,708
189,644
175,536
128,060

70,136
47,252
82,052
102,648
93,760
97,356
124,668
198,632
182,224
146,612
165,696

69,919
65,668
70,899
84,751
97,147
88,498
125,941
161,683
189,364
176,809
125,163

88.3
74.4
87.0
93.5
79.7
92.4
79.8

88.0
75.4
92.6
88.6
83.5
90.4
79.7

84.7
74.7
93.5
85.3
90.7
83.5
83.3

87l3
76.2
88.4
90.2
84.8
89.4
80.6

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

88.3
92.8
88.2
72.6
84.8
86.6
71.9
82.9
81.8
85.7

92.4
90.7
85.4
71.1
89.5
80.9
76.5
81.1
85.0
87.1

93.4
85.0
85.3
77.1
77.8
78.0
80.7
80.7
83.6
88.7

93.9
89.2
80.0
80.8
79.8
73.7
82.6
81.3
84.8
89.8

92.0
89.4
84.7
75.4
83.0
79.8
77.9
81.5
83.8
87.8

1955. . .
1956. . .
1957
1958
1959
I960
1961
1962
1963.. .
.
1964

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976

91.0
91.8
87.3
87.7
89.4
86.3
83.5
85.7
92.1
90.4
71.5

91.2
92.0
85.3
88.8
89.6
84.5
83.9
87.3
92.5
89.6
70.7

91.7
91.9
85.5
88.4
90.4
84.5
82.1
88.4
92.9
89.1
74.9

90.2
90.1
87.1
88.5
89.6
81.9
82.8
90.6
92.1
81.7
77.1

91.0
91.4
86.3
88.4
89.8
84.3
83.1
88.0
92.4
87.7
73.6

1965
1966
1967. . .
.
1968
1969
1970
1971
1972
1973
1974
1975
1976




104

86
85
85
85
84
80
80
85
85
78
79

24,684
26,304
20,356

88.1
80.3
80.7
93.6
85.5
91.3
79.6

Formerly series 850.

86
85
85
85
84
80
80
85
85
78
79

AVERAGE

1945
1946
1947
1948
1949.. . .
1950
1951. . .
1952
1953
1954

2

86
84
84
85
79
80
83
85
84
79

87
83
85
84
82
81
82
86
84
75

110. TOTAL FUNDS RAISED BY PRIVATE NONFINANCIAL BORROWERS
IN CREDIT MARKETS
(ANNUAL RATE, MILLIONS OF DOLLARS)

1945
1946
1947
1948. .
.
1949
1950
1951
1952
1953
1954

1
This series is shown in this appendix for the first time.
beginning with 1952.

86
84
85
85
82
80
82
86
84
75

This series contains revisions beginning with 1948.

3

This series contains revisions
(December 1976)

F. Specific Peak and Trough Dates for Selected Cyclical Indicators
Specific dates are listed under the reference cycle dates to which they correspond. Numbers in parentheses indicate leads (-) or lags (+) of specific dates in relation to reference dates.
Specific trough dates corresponding to expansions beginning inSeries
March 1975
LEADING INDICATORS
1. Average workweek, production workers, manufacturing
3/75
(0)
3 Layoff rate, manufacturing (inverted)
2/75
(-1)
8. New orders for consumer goods and materials, 1972 dollars . . . 3/75
(0)
12 Index of net business formation
..
2/75
(-1)
17. Ratio, price to unit labor cost, manufacturing
3/75
(0)
19 Stock prices, 500 common stocks
12/74 (-3)
20. Contracts and orders for plant and equipment, 1972 dollars . . . 12/75 (+9)
29. New building permits, private housing units. .
1/75 (-2)
32. Vendor performance, companies reporting slower deliviers ....
2/75
(-1)
36. Net change in inventories on hand and on order, 1972
dollars (smoothed1 ) . .
4/75 (+1)
92. Change in sensitive prices (smoothed1 } .
.
2/75
(-1)
104. Percent change in total liquid assets (smoothed1 )
1/75 (-2)
105 Money supply (Ml) in 1972 dollars
1/76 (+10)
910 Composite index of 12 leading indicators
2/75
(-1)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
43 Unemployment rate total (inverted)
47 Industrial production
50 GNPin 1972 dollars (Q)
51 Personal income less transfer payments, 1972 dollars
57 Manufacturing and trade sales in 1972 dollars
.. .
59 Sales of retail stores in 1972 dollars
200 GNP in current dollars (Q)
920. Composite index of 4 roughly coincident indicators
LAGGING INDICATORS
62 Labor cost per unit of output, manufacturing
70 Manufacturing and trade inventories, 1972 dollars
72. Commercial and industrial loans outstanding
91 Average duration of unemployment (inverted)
95 Ratio, consumer installment debt to personal income
109 Average prime rate charged by banks
930. Composite index of 6 lagging indicators

6/75 (+3)
5/75 (+2)
3/75
(0)
1/75 (-1)
2/75
(-1)
3/75
(0)
11/74 (-4)

NSC
3/75
9/75

(0)
(+6)

12/75 (+9)
NSC
12/75 (+9)
10/75 (+7)
NSC
4/76 (+13)

November 1970
9/70

(-2)
(-1)

10/70
11/70

(0)

8/70
6/70
6/70

February 1961
12/60 (-2)
2/61
(0)
2/61
(0)
16
/ 1 (-1)

(-3)
(-5)
(-5)
10/70 (-1)
1/70 (-10)
12/70 (+1)

2/61
(0)
10/60 (-4)
11/60 (-3)
12/60 (-2)
3/60 ( 1 )
- 1

2/70 (-9)
9/70
(-2)
8/69 (-15)
2/70
(-9)
3/70 (-8)

2/61
(0)
4/60 (-10)
7/60
(-7)
6/60 (-8)
12/60 (-2)

11/70

(0)

8/71 (+9)

11/70
IV/70
NSC
11/70
NSC
NSC
11/70

(0)
(0)
(0)
(0)

2/61
(0)
5/61 (+3)
2/61
(0)

IV/60 (-3)
12/60 (-2)
1/61 (-1)
4/61 (+2)

IV/60 (-3)
2/61
(0)
12/61 (+10)

NSC
NSC

3/61 (+1)

7/71 (+8)
6/72 (+19)
6/71 (+7)
3/72 (+16)
2/72 (+15)

NSC
7/61 (+5)
1 / 1 (+9)
16

NSC
1 / 1 (+9)
16

April 1958
4/58
(0)
3/58
(-1)
1/58 (-3)
4/58
(0)
4/58
(0)
12/57
(-4)
3/58
(-1)
2/58 (-2)
12/57 (-4)
3/58

(-1)

11/57 (-5)
12/57
(-4)
3/58
(-1)
1/58 (-3)
5/58
7/58
4/58
1/58
4/58
4/58
3/58
1/58
4/58

(+1)
(+3)

(0)
(-2)

(0)
(0)
(-1)
(-2)

(0)

5/59 (+13)
8/58 (+4)
8/58 (+4)
10/58 (+6)
11/58 (+7)
8/58 (+4)
8/58 (+4)

May 1954

October 1949

4/54
(-1)
1/54 (-4)
10/53
(-7)
3/54 (-2)
3/54 (-2)
9/53
(-8)
3/54 (-2)
9/53 (-8)
12/53 (-5)

4/49
5/49
6/49
7/49
7/49
6/49
4/49
1/49
3/49

(-6)
(-5)
(-4)
(-3)
(-3)
(-4)
(-6)
(-9)
(-7)

11/53
11/53
12/53
10/53
11/53

6/49
6/49

(-4)
(-4)

8/54
9/54
4/54

II/54

(-6)
(-6)
(-5)
(-7)
(-6)
(+3)
(+4)

(-D
(0)

4/54

(-1)
(-5)
1/54 (-4)

12/53

II/54
7/54

(0)
(+2)

4/55 ( 1 )
+ 1
10/54 (+5)
10/54 (+5)
5/55 (+12)
11/54 (+6)
7/55 (+14)
10/54 (+5)

NA
8/48 (-14)
6/49
(-4)

10/49
(0)
10/49
(0)
10/49
(0)
IV/49 (+1)
7/49
7/49

(-3)
(-3)

NSC
IV/49 (+1)
10/49
(0)
7/50
2/50

(+9)
(+4)
12/49 (+2)
6/50 (+8)

NSC
NSC
3/50

(+5)

Specific peak dates corresponding to contractions beginning inSeries
November 1973
LEADING INDICATORS
4/73
(-7)
1 Average workweek, production workers, manufacturing
2/73
(-9)
3 Layoff rate manufacturing (inverted)
(-6)
8. New orders for consumer goods and materials, 1972 dollars . . . 5/73
3/73
(-8)
12 Index of net business formation
8/74 (+9)
17 Ratio price to unit labor cost, manufacturing
....
1/73 (-10)
19 Stock prices, 500 common stocks .
....
(0)
20. Contracts and orders for plant and equipment, 1972 dollars . . . 11/73
12/72 ( 1 )
- 1
29 New building permits, private housing units
5/73 (-6)
32. Vendor performance, companies reporting slower deliveries . . .
36. Net change in inventories on hand and on order, 1972
1
7/73
(-4)
dollars (smoothed )
4/74 (+5)
92. Change in sensitive prices (smoothed1 )
1
1/73 (-10)
104 Percent change in total liquid assets (smoothed )
1/73 (-10)
105 Money supply (Ml) in 1972 dollars
6/73 (-5)
910 Composite index of 12 leading indicators
.
. ..
ROUGHLY COINCIDENT INDICATORS
41 Employees on nonagricultural payrolls
43 Unemployment rate, total (inverted)
47 Industrial production
50. GNP in 1972 dollars (Q)
51 Personal income less transfer payments, 1972 dollars
57 Manufacturing and trade sales in 1972 dollars
. .
59" Sales of retail stores in 1972 dollars . .
200 GNP in current dollars (Q)
920 Composite index of 4 roughly coincident indicators
LAGGING INDICATORS
62 Labor cost per unit of output, manufacturing
70 Manufacturing and trade inventories, 1972 dollars
72 Commercial and industrial loans outstanding
91 Average duration of unemployment (inverted)
95 Ratio consumer installment debt to personal income . .
109 Average prime rate charged by banks
930. Composite index of 6 laqqinq indicators

9/74
(+10)
10/73 (-1)
6/74

IV/73
11/73
11/73
2/73

NSC
11/73

(+7)

(0)
(0)
(0)
(-9)

(0)

3/75 (+16)
12/74 (+13)
12/74 (+13)
5/74

(+6)
^74 (+3)
9/74 (+10)
9/7A (+10}

December 1969
10/68 (-14)
4/69

(-8)
10/69 (-2)
2/69 (-10)
1/68 (-23)

12/68 (-12)
1/69 ( 1 )
- 1
2/69 (-10)

April 1960
5/59 ( 1 )
- 1
5/59 ( 1 )
- 1
2/59 (-14)
4/59 (-12)
5/59 ( 1 )
- 1
7/59 (-9)
3/59 (-13)

6/69

(-6)

11/58 (-17)
10/59 (-6)

8/69
9/69
9/68
2/69
1/69

(-4)
(-3)

4/59 (-12)
11/58 (-17)

(-15)
(-10)
(1 )
- 1

3/70 (+3)
5/69 (-7)
10/69 (-2)

HI/69 (-4)
NSC
10/69 (-2)
NSC
NSC
10/69 (-2)

4/60
2/60
1/60
1/60
6/60
1/60
4/60
1/60
1/60

(-9)
(-9)

(1 )
- 1
(0)
(-2)
(-3)
(-2)
(+2)
(-3)

(0)
(-2)
(-3)

2/61 (+10)
9/60 (+5)

NSC
NSC
9/70

7/59
7/59
5/59

(+9)

10/69 (-2)
1/70 ( 1
+ )
2/70 (+2)
2/70 (+2)

NSC
6/60

(+2)

12/60 (+8)
7/60
6/60

(+3)
(+21

August 1957
11/55 (-21)
11/55 (-21)
7/55 (-25)
6/55 (-26)
2/57
(-6)
7/56 (-13)
11/56 (-9)
2/55 (-30)

10/55 (-22)

July 1953
4/53

(-3)

11/52 (-8)
4/53 (-3)
9/52 (-10)
1/51 (-30)
1/53 (-6)
2/53 (-5)
11/52 (-8)
7/52 (-12)

9/56 ( 1 )
- 1
9/55 (-23)
3/57 (-5)
4/56 (-16)
9/55 (-23)

2/53
3/53
5/53
5/53
3/53

3/57
3/57
3/57

4/53
6/53
8/53

HI/57
8/57
2/57
8/57

HI/57
2/57
4/58
9/57
9/57
9/57
1/58

(-5)
(-5)
(-5)

(0)
(0)
(-6)

(0)
(0)
(-6)

(+8)
(+1)
(+1)
( 1
+ )
(+5)
12/57 (+4)
9/57
(+1}

(-5)
(-4)
(-2)
(-2)
(-4)

(-3)
(-1)
( 1
+ )
11/53 (-2)
6/53
(-1)
3/53 (-4)
3/53 (-4)
11/53 (-2)
5/53 (-2)
3/54
9/53
8/53
9/53
4/54
2/54
9/53

(+8)
(+2)

(+D
(+2)
(+9)
(+7)
(+2}

November 1948
12/47 ( 1 )
- 1
*12/47 ( 1 )
- 1
6/48

(-5)

*l/48 (-10)
5/48
6/48
4/48

(-6)
(-5)
(-7)

10/47 (-13)
10/48 (-1)
*7/48 (-4)
9/47 (-14)
NA
*l/47 (-22)
*l/48 (-10)
9/48

(-2)

*l/48 (-10)
7/48

(-4)

IV/48
(0)
10/48 (-1)
12/48 (+1)
NSC
IV/48
(0)
10/48 (-1)
11/48

(0)

9/49 (+10)
8/48 (-3)

11/48
NSC
NSC
2/49

(0)
(+3)

NOTE: Specific peaks and troughs mark the dates when individual series reach their cyclical turning points, whereas reference peak and trough dates indicate the cyclical turning points in
business activity as a whole. This table shows the specific peaks and troughs corresponding to post-World War II business cycles for the three composite indexes, their components, and selected
other series. The determination of specific turning points is not an entirely objective matter, and honest disagreement may exist among individual analysts. Therefore, the dates listed above should
not be interpreted as being absolute. See Measuring Business Cycles by Burns and Mitchell (NBER: 1946) for further information on dating specific peaks and troughs.
NA = Not available. This indicates that data necessary to determine a turning point are not available.
NSC = No specific cycle. This indicates that no specific turning point corresponding to the indicated reference date is discernible.
Q = Quarterly series. Leads and lags are measured from middle of quarter to reference date.
*Not necessarily the peak (trough), but the high (low) for the available data.
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.




105

G. Experimental Data and Analyses
Recovery Comparisons: Current and Selected Historical Patterns

HOW TO READ CYCLICAL COMPARISON CHARTS
These charts show graphically, for selected indicators, the path of
the current business recovery. To set the current cyclical movements
into historical perspective, cyclical paths over generally similar historical periods are also shown. The selected periods are superimposed
so as to compare the current business recovery with corresponding
historical patterns and to facilitate critical assessment of the amplitude,
duration, and severity of the indicators' current movements.

1. Two cyclical comparison charts are shown for each indicator. The
left panel shows a comparison based on reference peak levels and reference trough dates; in the right panel, a chart is aligned according
to both thelevelsand the dates of the specific troughs in each indicator.
(See charts on the following pages.)

This number indicates latest calendar
month of data plotted (1 = January).

Designations: "Coincident," "Leading,"
"Lagging," and "Unclassified" indicate
the NBER timing classification for the
series.

i i i i i i i i i i i i i i i\i i i i

Series number, series title
2. The vertical line represents trough dates: reference trough dates
in the left panel and specific trough dates in the right panel. The current recovery and the corresponding historical periods are positioned so
that their reference trough dates (left panel) and specific trough dates
(right panel) are on this vertical line.

3. The horizontal line represents the level of data at reference cycle
peaks (left panel) and at specific cycle troughs (right panel). The current recovery and the corresponding historical periods are positioned so
that their reference peaks (left panel) and specific troughs (right panel)
are on this horizontal line.

4. For most series, deviations (percent or actual differences) from
the reference peak and specific trough levels are computed and plotted.
For series measured in percent units (e.g., the unemployment rate),
these units (actual data) are plotted rather than deviations. The numerical values of these deviations for the current cycle are shown in the
tables accompanying the charts.

5. For series that move counter to movements in general business
activity (e.g., the unemployment rate), an inverted scale is used; i.e.,
declines in data are shown as upward movements in the plotted lines,
and increases in data, as downward movements in plotted lines.

6. In each chart, several curves are shown. The heavy solid line
M describes the current recovery. The dotted line (•••) represents the
median pattern of the five post-World War II recoveries. The remaining
lines represent selected business recoveries. In the left panel, each line
is labeled according to the year of the reference trough. In the right
panel, the label for each line indicates the month and year of the
specific trough.

• 110

-6
7. The business cycle (reference) peaks and troughs used in these
charts are those designated by the National Bureau of Economic
Research as follows: peaks, Nov. 1948 ( I V Q 1948), July 1953 (IIQ
1953), Aug. 1957 (IIIQ 1957), Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ
1969), Nov. 1973 (IVQ 1973); troughs, Oct. 1949 (IVQ 1949), May
1954 (IIQ 1954), Apr. 1958 (IIQ 1958), Feb. 1961 (IQ 1961), Nov.
1970 (IVQ 1970), Mar. 1975(101975).

This scale measures time in months before
(-) and after (+) reference trough dates
(left panel) and specific trough dates
(right panel).

106




0

+6

+12

+18

Months from troughs

This scale shows deviations (percent or
actual differences) from reference peak
levels (left panel) and specific trough
levels (right panel).

This scale shows actual series units and
applies only to the current business cycle
(heavy solid line).

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

940. Ratio, coincident index to lagging
index

8

SERIES 940
1967=100
-2.7
95.0 11/75

9
10
11
12

-1.2
0.7
2.3
3.5

96.4
98.3
99.8
101.0

12/75
1/76
2/76
3/76

13
14
15
16

4.5
4.3
3.9
4.0

102.0
101.8
101.4
101.5

4/76
5/76
6/76
7/76

17
18
19
20

• 90

4.4
3.4
3.1
4.6

101.9
100.9
100.6
102.1

8/76
9/76
10/76
11/76

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
1/75

• 80

-J-20

3. Layoff rate, manufacturing (inverted)

10
11
12
13
14
15
16

25.7
27.2
28.5
28.2

99.8
101.0
102.0
101.8

2/76
3/76
4/76
5/76

17
18
19
20

27.7
27.8
28.3
27.1

101.4
101.5
101.9
100.9

6/76
7/76
8/76
9/76

26.7
28.6

100.6
102.1

10/76
11/76

MONTHS
FROM
REF.
TROUGH

1

85

SERIES 940
1967=100
95.0 11/75
19.6
96.4 12/75
21.4
98.3
23.8
1/76

21
22

• 85

Actual
data
for
current
cycle

940. Ratio, coincident index to lagging
index

CURRENT MONTH
ACTUAL
AND
DATA YEAR
SERIES

• 80

3. Layoff rate, manufacturing (inverted)

3

PER 100
EMPLOYEES
1.5 11/75

8
9
10
11
12

1.3
1.1
1.0
1.1

12/75
1/76
2/76
3/76

13
14
15
16

1.2
1.3
1.3
1.4

4/76
5/76
6/76
7/76

17
18
19
20

1.4
1.7
1.6
1.3

8/76
9/76
10/76
11/76

• i.o

• 1.5

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAH
2/75

-•3.5

-12

-6

0

+6

+12 +18 +24

Months from reference troughs




SERIES
3
PER 100
EMPLOYEES
-1.4
1.5 11/75
-1.6
1.3 12/75
-1.8
1.1
1/76
-1.9
1.0
2/76

13
14
15
16

-3.0

9
10
11
12

-1.8
-1.7
-1.6
-1.6

1.1
1.2
1.3
1.3

3/76
4/76
5/76
6/76

17
18
19
20

-1.5
-1.5
-1.2
-1.3

1.4
1.4
1.7
1.6

7/76
8/76
9/76
10/76

21

-1.6

1.3

11/76

• 2.0

--05

• 2.5

-I 0.0

• 3.0

-12

-6

0

+6

+12 +18 +24

Months from specific troughs

107

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
1111111111111111111111111111II11II1111111

74. Industrial production, nondurable
manufactures
m

Deviations
from
ref.

Actual
data

for
current

cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
REF.
TROUGH 11/73
DATA YEAR

Percent

8

+4

1.3
2.4
3.8
4.1

136.9
138.4
140.2
140.7

13
14
15
16

4.1
4.3
4.6
4.4

140.7
140.9
141.3
141.1

-8

4.3
5.4
5.0
5.5

140.9
142.4
141.9
142.5

8/76
9/76
10/76
11/76

8

• 130

-1-12

• 115

73. Industrial production, durable
manufactures

• 125

SERIES 74
1967-100
136.2
11/75
17.3

9
10
11
12

17.9
19.2
20.8
21.2

136.9
138.4
140.2
140.7

21.2
21.4
21.7
21.5

140.7
140.9
141.3
141.1

4/76
5/76
6/76
7/76

17
18
19
20

21.4
22.7
22.2
22.7

140.9
142.4
141.9
142.5

8/76
9/76
10/76
11/76

• 120

12/75
1/76
2/76
3/76

13
14
15
16

• 125

• 115

73. Industrial production, durable
manufactures

• uo

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
TROUGH 11/73
DATA YEAR

Percent

SERIES 73
1967-100
113.4
8 -12.6
11/75

+8

9
10
11
12

*135

-11.9
-10.8
-9.2
-8.3

114.4
115.8
117.9
119.0

13
14
15
16

-7.5
-6.2
-5.8
-4.3

120.1
121.7
122.3
124.2

4/76
5/76
6/76
7/76

-3.6
-5.6
-6.3
-4.2

125.1
122.5
121.6
124.4

8/76
9/76
10/76
11/76

8

-12 -6

0

+6

I..,,,1,
+12 +18 +24

Months from reference troughs




108

• 105

-20

• 125

• 120

SERIES 73
1967-100
8.3
113.4
11/75

9
10
11
12

10.6
12.6
13.7

114.4
115.8
117.9
119.0

14.7
16.2
16.8
18.6

120.1
121.7
122.3
124.2

19.5
17.0
16.1
18.8

125.1
122.5
121.6
124.4

8/76
9/76
10/76
11/76

•us

4/76
5/76
6/76
7/76

17
18
19
20

-+10

12/75
1/76
2/76
3/76

13
14
15
1$

• 115

-16

..,..,,!,.,,, ¥,,,,, I

• 130

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
DATA YEAR
3/75

_4

-12

• 135

12/75
1/76
2/76
3/76

17
18
19
20

+4

for
current
cycle

4/76
5/76
6/76
7/76

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
DATA YEAR
3/75

-4

Actual
data

12/75
1/76
2/76
3/76

17
18
19
20

• U5

Deviations
from
spec,
trough

SERIES 74
1967-100
136.2
08
.
11/75

9
10
11
12

+8

"M
|'""|'""|
|inii|iim|
74, Industrial production, nondurable
manufactures

9.3

- +5 •iio

-J
iiiIiiiilium iiiiiliiiiiliimliiiiili
-12 -6
0 +6 +12 +18 +24
Months from specific troughs

0

•1°5

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

41. Employees on nonagricultural
payrolls

8

111111111111111II1111111111111111II11

41. Employees on nonagricultural
payrolls

SERIES 41
THOUSANDS
-0.5
77542
11/75

9
10
11
12

-0.2
0.3
0.5
1.0

77764
78142
78358
78692

12/75
1/76
2/76
3/76

13
14
15
16

1.4
1.4
1.4
1.6

79011
79006
79043
79183

4/76
5/76
6/76
7/76

17
18
19
20

1.7
2.1
1.9
2.3

79278
79572
79451
79711

8/76
9/76
10/76
11/76

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
DATA YEAR
TROUGH
6/75

5
6
7

8

SERIES 41
THOUSANDS
11/75
1.4 77542
12/75
1.7 77764
1/76
2.2 78142
2/76
2.5 78358

9
10
11
12

78692
79011
79006
79043

3/76
4/76
5/76
6/76

13
14
15
16

3.6
3.7
4.1
3.9

79183
79278
79572
79451

7/76
8/76
9/76
10/76

17

40. Employees in goods-producing
industries

2.9
3.4
3.4
3.4

4.3

79711

11/76

40. Employees in goods-producing
industries

Xc,u

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
TROUGH 11/73
DATA YEAR

8

SERIES 40
THOUSANDS
11/75
-9.6
22639

9
10
11
12

-9.3
-8.6
-8.4
-7.9

22713
22380
22920
23050

12/75
1/76
2/76
3/76

13
14
15
16

-7.3
-7.4
-7.6
-7.6

23196
23169
23140
23118

4/76
5/76
6/76
7/76

17
18
19
20

-7.8
-7.2
-7.7
-7.2

23080
23228
23101
23240

8/76
9/76
10/76
11/76

• 23500

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
SPEC.
FROM ACTUAL
DATA YEAR
TROUGH
7/75

4

SERIES 40
THOUSANDS
11/75
1.7 22639

5
6
7
8

Months from reference troughs




• 22000

22713
22880
22920
23050

4.2
4.1
3.9
3.8

23196
23169
23140
23118

4/76
5/76
6/76
7/76

13
14
15
16

3.7
4.3
3.8
4.4

23080
23228
23101
23240

8/76
9/76
10/76
11/76

• 23000

12/75
1/76
2/76
3/76

9
10
11
12

iliiinliiiii iiiiiliiiiiliiiiiliiinl
-12 -6
0 +6 +12 +18 +24

2.0
2.8
2.9
3.5

- +]

.I.....I..M.I.M..I

-12 -6

0

+6

• 22500

I.....I.....I.

+12 +18 +24

• 22000

Months from specific troughs

109

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
64. Compensation of employees as
percent of national income

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
TROUGH IV/73
DATA YEAR

64. Compensation of employees as
percent of national income

SERIES 64
PERCENT

Deviations
from
spec,
trough

Actual

2

75.8

75.8

3

76.2

76.2

4

76.2

76.2

5

76.1

76.1

76.2

76.2

HI/76

for
current
cycle

• 79

11/76

6

Actual
data

111/75

+3

IV/75

1/76

• 78

+2

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
1/75

+1

64
F ERCENT

SERIES

0

0 .0

75 .8 H I / 7 5

1

0 .4

76 .2

2

0 .4

76 .2

1/76

3

0 .3

76.1

11/76

4

0 .4

76 .2 HI/76

• 76

IV/75

79. Corporate profits after taxes with

IVA and CCA

79. Corporate profits after taxes with

IVA and CCA

Percent

+140

QRTRS. DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH IV/73

+120

• 50

SERIES 79
ANN. RATE

BIL. DOL.

+100

2

-0.4

50.5

HI/75

3

-4.5

48.4

IV/75

4

5.9

53.7

5

4.3

52.9

11/76

6

12.2

56.9

• 45

1/76

HI/76

+80

• 40

+60

• 35

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
FROM ACTUAL
SPEC.
AND
TROUGH HI/74
DATA YEAR

-40

SERIES 79
ANN. RATE

• 30

BIL. DOL.
4

109.5

5

-1-6

-1-12

+18 -1-24

Months from reference troughs




110

53.7

1/76

119.5

52.9

11/76

8

0

48.4

122.8

7

-6

100.8

6

-12

+20

50.5 HI/75

136.1

56.9

IH/76

IV/75

• 25

-12 -6

0

+6

+12 +18 +24

Months from specific troughs

SERIES FINDING GUIDE
Page numbers
Titles of BCD sections and subsections, and a subject matter guide
Charts

Tables

Series numbers

()
1

(2)

(3)

CYCLICAL INDICATORS
A. COMPOSITE INDEXES AND THEIR COMPONENTS
Al. Composite Indexes
Leading, coincident and lagging indexes

11

Leading indicator subgroups

12

59
59

910,920,930
913,914,915,916,917,940

A2. Components of the Leading Index (12 series)

13,14

1,3,8,12,19,20,29,32,36,
92,104,105

A3. Components of the Roughly Coincident Index (4 series)

15

41,47,51,57

A4« Components of the Lagging Index (6 series)

16

62,70,72,91,95,109

. . . ..

B. CYCLICAL INDICATORS BY ECONOMIC PROCESS
Bl. Employment and Unemployment
Marginal employment adjustments (hours; accession, layoff, and quit rates;
initial claims)
Job vacancies (help-wanted advertising)

17
18

18,19

60
60
60,61

1,2,3,4,5,21
46,60
40,41,42,48,90

Comprehensive employment (nonagricultural establishment and household data)
Comprehensive unemployment (unemployment rates, duration, and insurance;
number unemployed)—see also section II-C

19

61

37,43,44,45,91

20
21
21

62
62
63

47,49,73,74
82,83,34

Orders and deliveries (new and unfilled orders; vendor performance)

22

63

6,7,8,25,32,96

Consumption and trade (sales; industrial production for consumer goods; index of
consumer sentiment; personal expenditures on autos)

23

64

54,55,56,57,58,59,75

B2. Production and Income
Comprehensive output and income (GNP; personal and labor incomes)
Industrial production (production indexes—total, durable and nondurable manufactures).
Capacity utilization

(manufacturing and materials)

50,51,52,53,223

B3« Consumption, Trade, Orders, and Deliveries

B4. Fixed Capital Investment

24

64

12,13

Business investment commitments (contracts and orders for capital goods; contracts
for business plant; new capital appropriations and backlog)

2-4,25

65

9,10,11,20,24,27,97

Business investment expenditures (production and sales of, and expenditures for,
business plant and equipment)

25,26

66

61,69,76,86,87,88

Residential construction commitments and investment (new building permits and housing
starts; fixed investment)

26

66

28,29,89

Inventory investment (manufacturing and trade inventories, and materials stocks)....

27

67

30,31,36,38

Inventories on hand and on order (book value of manufacturing and trade inventories,
materials and finished goods; inventories to sales ratio)

28

67

65,70,71,77,78

68,6

23,92
19
15,16,17,18,22,79,80,81

Formation of business enterprises (new incorporations; net business formation)

. . ..

B5. Inventories and Inventory Investment

B6. Prices, Costs, and Profits

Cash flows (corporate, current and constant dollars)

29
29
29,30
30

Unit labor costs and labor share (cost per unit of output, and per unit of gross
domestic product)

31

Sensitive commodity prices (spot market and wholesale prices for industrial materials).
Stock prices (index of 500 common stocks)
Profits and profit margins (corporate, with and without IVA and CCA; profit ratios) . .

34,35
62,63,64,68

B7. Money and Credit

32
32

70
70

85,102,104,105,106
107,108

Interest rates (Treasury, corporate, municipal, and mortgage rates; average prime rate)

33
34
34
35,36

70,71
71
71
71,72

Outstanding debt (commercial and industrial; consumer installment)

36

72

33,110,112,113
14,39
93,94
67,109,114,115,116,117,118,
119
66,72,95

37

73

950,951,952

Money (money supply and change in money supply—Ml, M2, M7)
Velocity of money (ratios to GNP and personal income)
Credit flows (changes in mortgage debt, business loans, and consumer installment debt)
Credit difficulties (liabilities of business failures; delinquency rate)
Bank reserves (free reserves; borrowing from Federal Reserve) . .

C. DIFFUSION INDEXES AND RATES OF CHANGE
Cl. Diffusion Indexes
Leading, coincident and lagging indicator groups

IOTE: See complete titles in "Titles and Sources of Series", which follows this Guide, using series numbers (column 3) for identification.




111

SERIES FINDING GUIDE—Continued
Page numbers
Titles of BCD sections and subsections, and a subject matter guide

Charts

Tables

Series numbers

(
D

()
2

()
3

C. DIFFUSION INDEXES AND RATES OF CHANGE— Con.
Cl. Diffusion Indexes — Con.
Selected activities (average workweek; initial claims; employment; industrial production
new orders; stock prices; newly approved capital appropriations; profits; inventories;

37,38,
39

9 1 9 2 9 3 % , 6 , 966,
6,6,6, 495
979899909192
6,6,6,7,7,7,
939495969798
7,7,7,7,7,7

7,77
67,8

C2. Diffusion Index Components
(Average workweek; industrial production; industrial materials prices; new orders) . .

7,47
37,5

91949697
6,6,6,6

40

4,85,1909090
74,05,1,2,3

II. OTHER IMPORTANT ECONOMIC MEASURES
A. NATIONAL INCOME AND PRODUCT
Al. GNP and Personal Income
(GNP; personal and disposable personal income; final sales; per capita GNP and

41

79

50,200,213,217,224,225,227

42

7,0
98

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

43

80

3,4,4,4,4,4
02021222325

44

80

260 , 261 , 262 , 263 , 266 , 26

45

81

250,252,253,255,256,257

46

81

202022242628
2,8,8,8,8,8

47

81,82

290,292,293,295,298

48

82
82

235,247,248,249,251,265,268

310,311
320,322

49

83
83,84
84,85

50,51

8,7
68

340,341,345,346,348,349,358
370

52

88

3,4,4,4,4,4,4,
7414244454647
448,451,452,453

53

89

500,501,502,510,511,512

54

89

516,525,548,564

55

90

602 , 604 , 606 , 612 , 614 , 61

56

91

68606261626768
1,2,2,5,5,6,6
669

57

92

4,2,2,2,2,2,2,
7717273757677
728

58

93,94

320,732,733,735,736,737,738

58

94

1,4,4,4,4,4,4
9727375767778

A2. Personal Consumption Expenditures
A3. Gross Private Domestic Investment
A4« Government Purchases of Goods and Services
A5- Foreign Trade
A6. National Income and Its Components
(Compensation of employees; corporate profits; proprietors' and rental incomes;
A7. Saving
AS. Shares of GNP and National Income

48

64,283,285,287,289

B. PRICES, WAGES, AND PRODUCTIVITY
EL. Price Movements
49
49

330,331,332,333,334

B2. Wages and Productivity
(Average hourly earnings, compensation, and output; negotiated wage and benefit
C. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Cl. Civilian Labor Force and Major Components — see also section I-B1
D. GOVERNMENT ACTIVITIES
Dl. Receipts and Expenditures
(Receipts, expenditures, and surplus or deficit for Federal, State and local
D2. Defense Indicators
(Defense Department obligations; military contract awards; new orders for defense
E. U.S. INTERNATIONAL TRANSACTIONS
El. Merchandise Trade
(Total exports and imports; exports of agricultural products, nonelectrical
E2. Goods and Services Movements Excluding Transfers Under Military Grants
(Total goods and services; merchandise trade, adjusted; income on investments) ....
F. INTERNATIONAL COMPARISONS
PI. Industrial Production
(U.S. compared with total OECD European countries, Canada, U.K., Germany, France,
F2. Consumer Prices
(UfS. compared with Canada U.K. Germany. France Italy

and Japan) - - - - - i- - * »

F3« Stock Prices

NOTE: See complete titles in "Titles and Sources of Series", which follows this Guide, using series numbers (column 3) for identification.




112

IS AND SOURCES OF SERIES
! listed below according to the sections of this report
they appear. Series numbers are for identification
I do not reflect relationships or order among the
vl" following a series title indicates monthly data;
cates quarterly data. Data apply to the whole period
hen indicated by "EOM" (end of month) or "EOQ"
uarter).

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1,2, and 3

space, the commonly used sources listed below are
o by number:

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).-McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(24,65)

-Department of Commerce, Bureau of Economic
-Department of Commerce, Bureau of the Census;
-Department of Labor, Bureau of Labor Statistics;
-Board of Governors of the Federal Reserve Sys-

j the source for each series is an indication of the
i which that series appears. The "Series Finding
Dp. 111-112) also lists chart and table page numbers

(22,63)
8. Value of manufacturers' new orders for consumer
goods and materials in 1972 dollars (M).-Sources 1,2,
and 3
(13,22,63)

10. Contracts and orders for plant and equipment in current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau
of the Census and Bureau of Economic Analysis

iposite index of twelve leading indicators (includes
is 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
-Source 1
(11,40,59)
iposite index of marginal employment adjustments
ludes series 1,2,3,5) (M).-Source 1
(12,59)
iposite index of capital investment commitments
ludes series 12,20,29) (M).-Source 1
(12,59)
iposite index of inventory investment and purchasincludes series 8,32,36,92) (M).-Source 1
1(12,59)
iposite index of profitability (includes series 17,
BO) (M).-Source 1
(12,59)
nposite index of money and financial flows (inles series 104,105,110 ) (M).-Source 1 (12,59)
iposite index of four roughly coincident indicators
udes series 41,47,51,57) (M).-Source 1
(11,40,59)
iposite index of six lagging indicators (includes
s 62,70,72,91,95,109) (M).-Source 1(11,40,59)
D, coincident composite index (series 920) to
ng composite index (series 930) (M).-Source 1
(12,59)

yclical Indicators
age workweek of production workers, manufacig(M).-Source3
(13,17,60,76)
ssion rate, manufacturing (M).-Source 3 (17,60)
iff rate, manufacturing (M).-Source 3 (13,17,60)
rate, manufacturing (M).-Source 3

28. New private housing units started, total (M).-Source 2

(26, 66)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(14,26,66)
30. Gross private domestic investment, change in business
inventories,all industries, in 1972 dollars (Q).-Source 1

(27,43,67,80)
31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2
(27,67)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management Association of Chicago
(13,22,63)

(24,65)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board. (Used
by permission. This series may not be reproduced without written permission from the source.)
(25,65)

Composite Indexes

27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).-Sources 1,
2, and 3
(24,65)

12. Index of net business formation (M).-Source 1; seasonal adjustment by Bureau of Economic Analysis and
National Bureau of Economic Research, Inc.
(13,24,64)
13. Number of new business incorporations (M).-Dun and
Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc.
(24,64)
14. Current liabilities of business failures (M).-Dun and
Bradstreet, Inc.
(34,71)
15. Profits (after taxes) per dollar of sales, ail manufacturing corporations (Q).-Federal Trade Commission
and Securities and Exchange Commission; seasonal
adjustment by Bureau of Economic Analysis (30,69)
16. Corporate profits after taxes in current dollars (Q).Source 1
(29,68)

17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages,
salaries, and supplements to wages and salaries) per unit
of output (M).-Sources 1,3, and 4
(30,69)

33. Net change in mortgage debt held by financial institutions and life insurance companies (M).-American
Council of Life Insurance; Federal National Mortgage
Association; Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks;
U.S. Savings and Loan League; and source 4; seasonal
adjustment by Bureau of Economic Analysis (33,70)

34. Net cash flow, corporate, in current dollars (Q).Source 1
(30,69)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(30,69)
36. Net change in inventories on hand and on order in
1972 dollars (smoothed) (M).-Sources 1,2, and 3
(14,27,67)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19,52,61,88)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(27,67)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).-American Bankers Association
(34,71)
40. Number of employees in nonagricultural goods-producing industries-mining, manufacturing, and construction (M).-Source 3
(18,61)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(29,68)

41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(15,18, 61)

19. Index of stock prices, 500 common stocks (M).Standard and Poor's Corporation (14, 29,58, 68,94)

42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (18, 61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company
(13,24, 65)

43. Unemployment rate, total (M).-Sources 2 and 3
(19,61)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(17,60)
22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1
(30,68)

44. Unemployment rate, 15 weeks and over (M).-Sources
2and3
(19,61)
45. Average weekly insured unemployment rate, State programs (M).-Department of Labor, Employment Training Administration
(19,61)

(17,60)
23. Index of industrial materials prices (M).-Source 3

age weekly initial claims for unemployment insur, State programs (M).-Department of Labor,
loyment Training Administration; seasonal adjust: by Bureau of Economic Analysis
(17,60)
B of manufacturers' new orders, durable goods
fries, in current dollars (M).-Source 2

(22,63,76)




(29,68,78)
24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).-Source 2

46. Index of help-wanted advertising in newspapers (M).The Conference Board
(18,60)
47. Index of industrial production, total (M).-Source 4

(24,65)

(15,21,40,57,62,77,92)

25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(22,63)

48. Employee hours in nonagricultural establishments (M).SourceS
(18,40,60)

113

TITLES AND SOURCES OF
SERIES-Continued

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2
(28,67)

49. Value of goods output in 1972 dollars (Q).-Source 1
(21,62)

96. Manufacturers' unfilled orders, durable goods
(EOM).-Source2

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis
(16,36,72)

97.

50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)

73. Index of industrial production, durable manufactures
(M).-Source4
(21,62)

51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(15,20,40,62)

74. Index of industrial production, nondurable manufactures (M).-Source 4
(21,62)

52. Personal income, total, in 1972 dollars (M).-Source 1

(20,62)

75. Index of industrial production, consumer goods (M).Source4
(23,64)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).-Sources 1 and 3

76. Index of industrial production, business equipment
(M).-Source4
(25,66)

(20,62)
54. Sales of retail stores in current dollars (M).-Source 2

(23,64)
55. Personal consumption expenditures, automobiles (Q).Source 1
(23,64)
56. Manufacturing and trade sales in current dollars
(M).-Sources 1 and 2
(23,64)
57. Manufacturing and trade sales in 1972 dollars (M).Sources1,2,and3
(15,23,64)
58. Index of consumer sentiment (Q).-University of
Michigan, Survey Research Center
(23,64)

77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources1,2,and3
(28,67)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(28, 67)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source!
(29,68)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Sourcel
(29,68)

Backlog of capital appropriations, mam
(EOQ).-The Conference Board. (Used by pi
This series may not be reproduced without w
mission from the source.)

102. Change in money supply M2 (demand deposit
rency plus time deposits at commercial be
than large CD's) (M).-Source 4

104. Change in total liquid assets (smoothed) (M)
land 4
(1

105. Money supply Ml (demand deposits plus cu
1972 dollars (M).-Sources 1, 3, and 4
(1

106. Money supply M2 (demand deposits and cur
time deposits at commercial banks other
CD's) in 1972 dollars (M).-Sources 1,3, and
107. Ratio, gross national product to money s
(Q).-Sources 1 and 4
108. Ratio, personal income to money supply
Sources 1 and 4
109. Average prime rate charged by banks (M).-Si

110. Total funds raised by private nonfinancial be
credit markets (Q).-Source 4

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(30,69)

112. Net change in bank loans to businesses (M).
seasonal adjustment by Bureau of Econom

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference Board
(18,60)

82. Rate of capacity utilization, manufacturing (Q).Source4
(21,63)

113. Net change in consumer installment debt (IV
4

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(25,66)

83. Rate of capacity utilization, manufacturing (EOQ).—
Sou reel
(21,63)

114. Discount rate on new issues of 91-day Tre
(M).-Source4

84. Rate of capacity utilization, materials (Q).-Source 4
(21,63)

115. Yield on long-term Treasury bonds (M).-[
of the Treasury

59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 3
(23, 64)

62. Index of labor cost per unit of output, total manufacturing-ratio, index of compensation of employees in
manufacturing (sum of wages, salaries, and supplements
to wages and salaries) to index of industrial production,
manufacturing (M).-Sources 1 and 4
(16,31, 69)
63. Index of unit labor cost, private business sector
(Q).-Source3
(31,69)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(31,48,69,82)
65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source 2

(28, 67)
66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(36,72)
67. Bank rates on short-term business loans, 35 cities
(Q).-Source4
(36,72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporationsratio of current-dollar compensation of employees to
real gross corporate product (Q).-Source 1
(31, 69)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).-Source 2

85. Change in money supply M1 (demand deposits plus
currency) (M).-Source 4
(32, 70)
86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1
(26, 66)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(26, 66)

118. Secondary market yields on FHA mortg
Department of Housing and Urban Develop
eral Housing Administration
119. Federal funds rate (M).-Source 4

89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1
(26, 66)

I-C. Diffusion Indexes

90. Ratio, civilian employment to total population of
working age (M).-Sources 1,2, and 3
(19,61)

950. Diffusion index of twelve leading indicator c
(M).-Source 1

91. Average (mean) duration of unemployment in weeks
(M).-Sources2and3
(16,19,61)

951. Diffusion index of four coincident indi
ponents (M).-Source 1

92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).Sources! and 3
(14,29,68)

952. Diffusion index of six lagging indicator c
(M).-Source 1

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(34,71)
94. Member bank borrowings from the Federal Reserve
(M).-Source4
(34,71)

70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(16,28, 67)

95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(16, 36, 72)

114

117. Yield on municipal bonds, 20-bond averagj
Bond Buyer

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars
(Q).-Source 1
(26, 66)

(25, 66)




116. Yield on new issues of high-grade corpo
(M).-Citibank and Department of the Treasi

961. Diffusion index of average workweek of
workers, manufacturing-21 industries (M).
and 3
962. Diffusion index of initial claims for une
insurance, State programs-47 areas (M).-S
Department of Labor, Employment Train
istration; seasonal adjustment by Bureau o
Analysis

;S AND SOURCES OF
ES-Continued
usion index of number of employees on private
agricultural payrolls-172 industries (M).-Source 3
(37.73)
usion index of value of manufacturers' new orders,
ible goods industries—35 industries (M).-Sources 1
2
(38, 74,76)
usion index of newly approved capital approprias-17 industries (Q).-The Conference Board. (Used
jermission. This series may not be reproduced withwritten permission from the source.)
(38,74)

usion index of industrial production-24 industries
-Sources l a n d 4
(38,74,77)
usion index of industrial materials prices-13 indusmaterials (M).-Sources 1 and 3; seasonal adjustt by Bureau of Economic Analysis
(38,74, 78)
usion index of stock prices, 500 common stocks2 industries (M).-Standard and Poor's Corporation
(38.74)
jsion index of profits, manufacturing-about 1,000
orations (Q).-Citibank; seasonal adjustment by
iau of Economic Analysis and National Bureau of
lomic Research, Inc.
(38,74)
jsion index of business expenditures for new plant
equipment, total-18 industries (Q).-Source 1
(39.75)
jsion index of new orders, manufacturing-about
businessmen reporting (Q).-Dun and Bradstreet,
(Used by permission. This series may not be reprod without written permission from the source.)
(39,75)
usion index of net profits, manufacturing and
j-about 1400 businessmen reporting (Q).-Dun
Bradstreet, Inc. (Used by permission. This series
not be reproduced without written permission
i the source.)
(39,75)
jsion index of net sales, manufacturing and tradeit 1400 businessmen reporting (Q).-Dun and Bradt, Inc. (Used by permission. This series may not be
oduced without written permission from the
:e.)
(39,75)
jsion index of number of employees, manufacig and trade-about 1400 businessmen reporting
-Dun and Bradstreet, Inc. (Used by permission,
series may not be reproduced without written perion from the source.)
(39,75)
jsion index of level of inventories, manufacturing
trade-about 1400 businessmen reporting (Q).and Bradstreet, Inc. (Used by permission. This
s may not be reproduced without written perion from the source.)
(39,75)
ision index of selling prices, manufacturing-about
businessmen reporting (Q).-Dun and Bradstreet,
(Used by permission. This series may not be reprod without written permission from the source.)
(39,75)
ision index of selling prices, wholesale tradet 450 businessmen reporting (Q).-Dun and Bradt, Inc. (Used by permission. This series may not be
oduced without written permission from the
:e.)
(39,75)
jsion index of selling prices, retail trade-about
businessmen reporting (Q).-Dun and Bradstreet,
(Used by permission. This series may not be reprod without written permission from the source.)
(39,75)




II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source 1
(27,43,67,80)
50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(31,48, 69,82)
200. Gross national product in current dollars (Q).-Source 1
(41,79)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Sourcel
(41,79)
217. Per capita gross national product in 1972 dollars
(Q).-Sources 1 and 2
(41,79)
220. National income in current dollars (Q).-Source 1
(46,81)
223. Personal income in current dollars (M).-Source 1
(41,62)
224. Disposable personal income in current dollars (Q).Source!
(41,79)

225. Disposable personal income in 1972 dollars (Q).Sourcel
(41,79)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources l a n d 2
(41,79)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(42,79)
231. Personal consumption expenditures, total, in 1972
dollars (Q).-Source 1
(42,79)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(42,79)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(42,79)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(48, 82)

248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).-Source
1
(48,82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).-Source 1
(48,82)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(48,82)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source 1
(45,81)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45,81)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45, 81)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(44, 80)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(44, 80)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(44, 80)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(44, 80)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source 1
(48, 82)
266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(44, 80)

236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(42, 80)

267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(44, 80)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(42, 80)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).Sourcel
(48,82)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(42,80)

280. Compensation of employees (Q).-Source 1

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(42,80)

(46, 81)

282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).-Source 1
(46, 81)

240. Gross private domestic investment, total, in current
dollars (Q).-Source 1
(43,80)

283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national
income (Q).-Source 1
(48,82)

241. Gross private domestic investment, total, in 1972
dollars (Q).-Source 1
(43,80)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(46,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(43, 80)

285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).-Source 1
(48,82)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(43, 80)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).Sourcel
(43,80)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q)-Source 1
(48,82)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(46, 81)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(48,82)
288. Net interest (Q).-Source 1

(46,81)

115

II-C. Labor Force, Employment,
and Unemployment

TITLES AND SOURCES OF
SERIES-Continued
289. Net interest as a percent of national income (Q).Source 1
(48,82)

37. Number of persons unemployed, labor force survey

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(47,81)

441. Total civilian labor force, labor force survey (M).Sources 2 and 3
(52,88)

292. Personal saving (Q).-Source 1

442. Total civilian employment, labor force survey (M).Sources 2 and 3
(52,88)
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)

(47,81)

293. Personal saving rate-personal saving as a percent of
disposable personal income (Q).-Source 1
(47,82)
295. Business saving-undistributed corporate profits plus
capital consumption allowances with inventory valuation and capital consumption adjustments (Q).Source!
(47,81)
298. Government surplus or deficit, total (Q).-Source 1

614. Imports

of

petroleum

and petroleurr

(M).-Source 2; seasonal adjustment by
Economic Analysis

(19,52,61,88)

616. Imports of automobiles and parts (M).
seasonal adjustment by Bureau of Econon

618. Merchandise exports, adjusted, excludir
grants (Q).-Source 1

620. Merchandise imports, adjusted, excludii
(Q).-Source 1

445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)

622. Balance on merchandise trade (Q).-Source

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(52,88)

651. Income on U.S. investments abroad (Q).-S<

II-B. Prices, Wages,
and Productivity
310. Implicit price deflator, gross national product (Q).Source!
(49,83)
311. Fixed weighted price index, gross business product
(49,83)

320. Index of consumer prices, all items (M).-Source 3
(49,58,83,93)
322. Index of consumer prices, food (M).-Source 3 (49,84)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(52,88)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sou rces 2 and 3

652. Income on foreign investments in the U.S. (

(52,88)

(47, 82)

(Q).-Sourcel

(M).-Sources 2 and 3

612. General imports, total (M).-Source 2

667. Balance on goods and services (Q).-Source

Source 1

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(52,88)

668. Exports of goods and services, excludii
under U.S. military grants (Q).-Source 1

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(52,88)

669. Imports of goods and services, total (Q).-S<

453. Civilian labor force participation rate, both sexes 16-19
years of age (M ).-Sources 2 and 3
(52,88)

II-F. International Comparh

II-D. Government Activities

19. United States, index of stock prices, 500 com
330. Index of wholesale prices, all commodities (M).Source 3
(49,84)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(49,84)
332. Index of wholesale prices, intermediate materials,
supplies, and components (M).-Source 3
(49,85)
333. Index of wholesale prices, producer finished goods
(M).-Source 3

(49,85)

334. Index of wholesale prices, consumer finished goods
(M).-SourceS

(49,85)

340. Index of average hourly earnings of production workers, private nonfarm economy-adjusted for overtime
(in manufacturing only), interindustry employment
shifts, and seasonality (M)-Source 3
(50,86)
341. Index of real average hourly earnings of production
workers, private nonfarm economy-adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M(.-Source 3
(50,86)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(50,86)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(53,89)
501. Federal Government receipts; national income and
product accounts (Q).-Source 1
(53,89)

(M).-Standardand Poor's Corporation (14,2

47. United States, index of industrial produi
(M).-Source4

(15,21,40,57,

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(53, 89)

320. United States, index of consumer price!

510. State and local government surplus or deficit; national
income and product accounts (Q).-Source 1 (53,89)

721. Organization for Economic Cooperation ai
ment, European countries, index of indust
tion (M).-Organization for Economic Coop
Development (Paris)

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(53,89)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (53,89)
516. Defense Department obligations incurred, total, excluding military assistance (M).-Department of Defense,
Fiscal Analysis Division; seasonal adjustment by Bureau
of Economic Analysis
(54,89)
525. Military prime contract awards to U.S. business firms
and institutions (M).-Department of Defense, Directorate for Statistical Services; seasonal adjustment by
Bureau of Economic Analysis
(54,89)

(M).-SourceS

722. United

Kingdom,

(49,

index of industrial

(M).-Central Statistical Office (London)

723. Canada, index of industrial production (M).
Bureau of Statistics (Ottawa)
725. West Germany,

index

of

(M).-Statistisches Bundesamt
adjustment by OECD

industrial

(Wiesbadei

726. France, index of industrial production (ft
National de la Statistique et des Etudes E
(Paris)

548. Value of manufacturers' new orders, defense products
(M).-Source2

(54,89)

727. Italy, index of industrial production (M
Centrale di Statistica (Rome)

346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).-Source 3

564. Federal Government purchases of goods and services
for national defense (Q).-Source 1
(54,89)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3

II-E. U.S. International
Transactions

732. United Kingdom, index of consumer p
Ministry of Labour (London); percent cha
ally adjusted by Bureau of Economic Analy

(51,87)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).SourceS
(51,87)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(50,87)
370. Index of output per hour, all persons, private business
(50,87)


sector (Q).-Source3
http://fraser.stlouisfed.org/
Federal Reserve Bank 11R Louis
of St.

728. Japan, index of industrial production (M).International Trade and Industry (Tokyo)

(50,87)

602. Exports, excluding military aid shipments, total
(M).-Source2

(55,90)

604. Exports of agricultural products (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis

733. Canada, index of consumer prices (M).
Bureau of Statistics (Ottawa); percent c
sonally adjusted by Bureau of Economic Ar

(55,90)
735. West Germany, index of consumer pi
606. Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic Analysis

(55,90)

Statistisches Bundesamt (Wiesbaden); perc
seasonally adjusted by Bureau of Economic

S AND SOURCES OF
^ Print-in i ioH
o-vsun milieu

738

», index of consumer prices (M).-lnstitut
«. de ,a Statistique et des Etudes Econorniques

742

adiusted by

index of consumer prices (M).- Institute Centrale
atistica (Rome); percent changes seasonally ad1 by Bureau of Economic Analysis
(58, 94)




-

Ja an

e°nsurner Prices (M).-Office of the
(Tokyo); percent changes seasonally
ad justed by Bureau of Economic Analysis
(58,93)
P -

' "nited

7

«-

index of

Prime Minister

'

746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)
(58,94)

"' *"* "*"

prices (M) D mini n

-° °

'

745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(58, 94)

„ |ta|y>
,

jndex flf stflck pfices (M)._|nstituto Cen(ra|e

statistica (Rome)

(58 94>

'

„,

748. Japan, index of stock prices (M).-Tokyo Stock Exchange (Tokyo)
(58, 94)





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102