View original document

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

BUSINESS
CONDITIONS
DIGEST

DECEMBER 1979




.,
OF COMMER
.'. i'1,^^
ECONflMtCAKALYSIS




U.S. DEPARTMENT OF COMMERCE
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

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

Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address

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

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

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

iii
:

"* *$v* :.

;, * 5 • > ( '->?»

v

Seasonal Adjustments. . .
MCD Moving Averages . .
Reference Turning Dates.
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

4
5
5
6

DECEMBER 1979
Data Through November
Volume 19, Number 12

Chart

Table

A1
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

C1
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
77
_

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has
been approved by the Director of the Office of Management and Budget through September 1, 1980.



KCII




II.
IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND

['AJ
I A2
[ A3
i A4
; A5
A6
[ A7
i A8

|
i
i
i
j
;
!

PRODUCT

Chart

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

Table

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

PHiCFS WAiifS,
A.\D PRUDLK T I V . 5 <
B1 !
B2 I

Price Movements
Wages and Productivity

C1

Civilian Labor Force and Major Components

D1 !
D2

Receipts and Expenditures
Defense Indicators

E1
E2

Merchandise Trade
Goods and Services Movements

56
57

92
93

F1
F2
F3

Industrial Production
Consumer Prices
Stock Prices

58
59
59

94
95
96

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

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

A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 issue)
B. Current Adjustment Factors (October 1979 issue)
C. Historical Data for Selected Series

97

D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")

E. Business Cycle Expansions and Contractions: 1854 to 1975 (July 1979 issue)
F. Specific Peak and Trough Dates for Selected Business IndicatorsfOcfo/oer 1979 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

104
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

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

Changes in this issue are as follows:

1. Appendix C contains historical data for series 10,
20, 24, 25, 27, 31, 36, 38, 47, 54, 59, 62, 69, 70, 71, 73,
74, and 75.
2. Appendix G contains cyclical comparisons for series
1, 3, 40, 47, 91, and 95.
The January issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on February 1.



MI

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 many of the economic time series found most useful by
business analysts and forecasters. The dominant feature is the cyclical indicators
section in which approximately 110 business cycle indicators are each assigned a
three-way timing classification according to their cyclical behavior at peaks, at
troughs, and at all turns. This section also contains other valuable aids for the
analysis of business conditions and prospects, such as composite indexes of leading,
coincident, and lagging indicators and various diffusion indexes. A second section
contains other important economic measures such as prices, wages, productivity,
government activities, U.S. international transactions, and international comparisons.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability c A computer
tape containing data for most of the series is available for purchase.

LONG TERM ECONOMIC GROWTH A report for the study of economic
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 BEA 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-11 variant is used for adjusting monthly data and
the X-110 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
current economic developments.

A

monthly report for analyzing

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.

A
BUSINESS STATISTICS
biennial reference volume containing statistical series reported currently in the Survey of Current Bus/ness.

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

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.

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

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



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.

Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD) The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

1

A. Timing at Business Cycle Peaks
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(62 series)

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
(9 series)

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

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

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

Inventory
investment
(4 series)
1 nventories 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)

Consumption
and trade
(4 series)

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

III.

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

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

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)
1 ndustrial
production
(4 series)

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

VII.

MONEY
AND CREDIT
(26 series)

Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)

Unit labor costs
and labor share
(4 series)

1 nterest 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
(1 series)

Business
investment
commitments
(1 series)

III.

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

MONEY
AND CREDIT
(26 series)

Inventory
investment
(4 series)

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

Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

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
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 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)
Comprehensive
employment
(4 series)

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Unfilled orders
(1 series)

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

Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

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

Inventories on
hand and on
order
(5 series)

VII.

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through +1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.}
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident



indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. "L" denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.

Section C. Diffusion Indexes and Rates of Change

Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
presented, along with the corresponding indexes
This section covers 111 individual time series, based on actual data, as the last set of diffusion
i n c l u d i n g the 22 i n d i c a t o r s used in the series.
This section also records rates of change for the
construction of the composite indexes. The peak
and trough timing classifications are shown on the three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
charts in the same manner as described above, but
economic activity: GNP in constant dollars
this section includes series with different timing at
peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
timing is not sufficiently consistent to be classified
income less transfers in constant dollars. Rates of
as either L,C, or Lg according to the probabilistic
change are shown for 1- and 3-month spans or for
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at 1-quarter spans.
Although movements in diffusion indexes and in
turning points of the given type. Eight series are
rates of change for the same aggregates are
unclassified at peaks, one series at troughs, and 19
generally positively correlated, these two measures
series at all turns (of the 19, 15 have definite but
present information about two related but distinct
different timing at peaks and at troughs). No series
aspects of economic change. Diffusion indexes
that is classified as U both at peaks and at troughs
measure the prevailing direction or scope of
is included in the list of cyclical indicators.
change, while rates of change measure the degree
The classification scheme which groups the
as well as the overall direction. As is the case for
indicators of this section by economic process and
diffusion indexes, cyclical movements in the rates
cyclical timing is summarized in the two
of change tend to lead those of the corresponding
tabulations on page 2. Cross-classification A is
indexes or aggregates, and thus, they tend to lead
based on the observed behavior of the series at five
at the business cycle turns as well.
business cycle peaks (November '48, July '53,

Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
This part is divided into six sections which cover in the physical volume of inventories held by
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4) is the compensation of government employees
still others relate to U.S. international transactions
or to selected foreign countries. The represented and purchases from business and from abroad. It
v a r i a b l e s i n c l u d e incomes, o u t p u t s , and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
l a b o r r e s o u r c e s ; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts,
included in the components of GNP and are
compiled by BEA, summarize both receipts and
t h e r e f o r e d e d u c t e d . More d e t a i l on U.S.
final expenditures for the personal, business,
international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product,
originate in the production of goods and services
final sales, and personal and disposable personal
attributable to labor and property supplied by
income. The four major components of the gross
residents of the United States. Thus, it measures
national product—personal consumption
the factor costs of the goods and services proexpenditures, gross private domestic investment,
duced. It consists of the compensation of
government purchases of goods and services, and
employees, proprietors' income, rental income of
net exports of goods and services—are presented in
persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts,
business saving (mainly undistributed corporate
briefly defined below, are described more fully in
profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market
major e x p e n d i t u r e components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the
percentages of GNP, and the major income
United States, before deduction of allowances for
components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary
the monthly consumer and wholesale price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal
reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax
weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1968.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
ciuded.



Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1968) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1968) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

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

Diffusion Indexes

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

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman
number indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, 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 data '
Timing
classification3

Series title

Unit
of
measure

Average
1977

I. CYCLICAL INDICATORS
A. Composite Indexes

Percent change

1978

3d Q
1979

2d Q
1979

1st Q
1979

Sept.
1979

,

Sept.
to
Oct.
1979

Nov.
1979

Oct.
1979

;

;

Oct.
to
Nov.
1979

1st Q
to
2dQ
1979

2dQ
to
3d Q
1979

Series number

1

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

i

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

,
L

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

L,L,L
C.C.C
g,Lg,i_g

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

141.8
140.1
143.1

142.8
145.4
158.2

140.1
144.9
162.8

140.0
145.0
167.6

140.3
144.8
170.8

138.4
144 .6
176.2

136.6
144.9
182.1

-1.4
-0.1
3.2

-1.3
0.2
3.3

-1.9
-0.3
2.9

-0.1
0.1
2.9

91
92
93

97.2
98.1
113.4
115.7
106.2
103.8
93.2
95 . 2
145.1 1 4 9 . 0

98.3
114.5
108.0
92.5
146.5

96.2
114.0
107.0
91 . 9
145.0

96.0
114.5
104.8
NA
146.7

96.3
115.5
104.0
NA
146.5

96.7
113.6
103.0
NA
145.6

95.7
111.6
102.7
NA
145.0

0.4
-1.6
-1.0
NA
-0.6

-1.0
-1.8
-0.3
NA
-0.4

-2.1
-0.4
-0.9
-0 . 6
-1.0

-0.2
0 .4
-2.1
NA
1.2

91
91
91
91
91

40.4
3.6
4.1
339
0.9
2.1

40.6
3.7
4.2
346
0.9
2.2

39.8
3.2
4.0
393
1.1
2.0

40.2
3.2
3.8
392
1.3
1.9

40.2
3.2
3.8
382
1.2
1.9

40.2
3.2
4.1
399
1.1
2.0

40.0
3.2
3.9
419
1 .3
1.9

0 .0
0.0
0.3
-4.5
0.1
0.1

-0.5
0.0
-0.2
-5.0
-0.2
-0.1

-2.0
-0.5
-0.2
-13.6
-0.2
-0.2

1.0
0.0
-0.20.3
-0.2
-0.1

0.738
149

0.802
158

0.780
154

0.777
156

0.791
159

0.804
167

0.779
158

0.013 - 0 . 0 2 5
5.0
-5.4

-0.022
-2.5

-0.003
1.3

6
4

1 6 8 . 0 9 1 6 9 . 2 9 169.51
9 3 , 2 0 5 9 3 , 8 8 0 94,113
89,353 89,759 89,803
26,630 26,638 26,593

169.54
94,005
89,967
26,559

169.71
94,221
90,185
26,604

0.0
-0.1
0.2
-0.1

0.1
0.2
0.2
0.2

0.0
-0.1
0.7
0.5

0.7
0.7
0.5
0.0

4
4
4
4

0.25

9

L!L',L

do.
do.
do.
do.
do.

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
ULg.U

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

40.3

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed 2
46. Help-wanted advertising

L,Lg,U
L,Lg,U

Ratio
1967=100...

0.518

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

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

156.63
87,302
82,423
24 , 3 4 6

U,Lg,U

Percent

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

...
...
.. .

136.4

131.3
125.4

...

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 age 2

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

3.5
4.0
371
1.1
1.8

118

1 6 3 . 8 4 168.16
91,031 9 3 , 3 0 1
86,446 88,724
25,598 26,486

2

57.10

58.60

59.39

59.06

59.31

59.42

59.16

59.29

-0.26

0.13

-0.33

6,855

6,047
6.0
3.2
11.9
1.4

5,878
5.7
3.0
11.4
1.2

5,880
5.7
3.0
10.8
1.2

5,994
5.8
2.9
10.4
1.1

5,985
5.8
2.9
10.6
1 .1

6,182
6.0
2.9
10.5
1.2

6,039
5.8
3.1
10.5
1.1

-3.3
-0.2
0.0
0.9
-0.1

2.3
0.2
-0.2
0.0
0.1

0.0
0.0
0.0
5.3
0.0

-1.9
-0.1
0.1
3.7
0 .1

3
4
4
9
4

1 3 4 0 . 5 1 3 9 9 . 2 1 4 3 0 . 6 1 4 2 2 . 3 1433 .3
1093.0 1147.6 1176.5 1175.7 1181.9 1180.1 1178.9 1183.8
9 4 4 . 3 9 9 7 . 8 1 0 2 5 . 8 1 0 2 4 . 3 1 0 2 3 . 6 1021.9 1021.2 1 0 2 6 . 4

-0.1
-0.1

0.4
0.5

-0.6
-0.1
-0.1

0 .8
0.5
-0.1

5
5
5

7.0
3.9

14.3
2.0

B2. Production and Income
Comprehensive Output and Income:
50 GNP in 1972 dollars
52 Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars . .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars

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

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

C,C,C

do. . . .

C,C,C

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

Industrial Production:
*47. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49 Value of goods output, 1972 dollars

c,c,c

Capacity Utilization:
Lapa i y u i

g.,

C,L,L

243.5

250.7

247.8

244 .1

242.9

242.0

241.5

-0.4

-0.2

-1.2

-1.5

5

138.2
130.0
150.5
615.6

146.1
139.7
156.9
639.5

152.2
147.5
161.9
658 . 6

151.9
146.6
162.5
647.3

152.3
145.7
164.3
651.3

152.4
145.8
164.4

152.4
145.4
164.7

151.6
143.9
165.0

0.0
-0.3
0.2

-0.5
-1.0
0.2

-0.2
-0.6
0.4
-1.7

0.3
-0.6
1.1
0.6

4
7
7
4

82.0

L,C,U

,

c,c,c

231.9

84.4
84
85.6

86.7
84
88 . 0

85.9
83
87.3

-0 .8
-1
-0 .7

-0.5
-1
-0.2

8
8
8

83

85.4
82
87.1

L,C,U

do
do

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 (u)

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

64

75

74

55

51

Consumption and Trade:
56 Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars ..
75. Industrial production, consumer goods
54. Sales of retail stores ,
59. Sales of retail stores, 1972 dollars
55 Personal consumption expend., autos
58. Index of consumer sentiment @

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

Bil. dol
i 2 2 4 . 5 3 254.10
do. . . .
147.61 1 5 6 . 2 1
1967=100...
145.3
149.1
Mil. dol
60,335 64,972
do. . . .
42,644 44,208
A.r., bil. dol.
61 . 7 6 8 . 0
I Q 1966=100
79.4
86.8

277 . 7 5
161.11
151.7
71,341
44,935
74.0
71.5

282.15
158.95
151.0
71,694
44,003
68 °
66.6

292.67
159.92
149.6
74,698
44,958
67 9
63.9

296.39
160.22
149.8
76,929
45,928

L,L,L
L,L,L

1967=100...
Number. . . .

'

3Pa

'

V U

'

j

. .

rp'p2

82.7

B3. Consumption, Trade, Orders, and
Deliveries

77.56
76.40
75.45
76.32
81.35
74.71
5 9 . 5 8 70.16
39.77
40.93
39.03
41.34
45.20
39.69
3 8 . 3 5 41.46
36.25
34.46
36.29
39.51
37.11
36.03
35.36 37.54
3.55
0.96
1.93
6.88
3.20
0.71
3.66
1.57
184.32 228.18 2 4 8 . 8 4 258.46 260.58 260.58 261.54 2 6 3 . 4 7

55

47

-1.5
-2.8
-0.1
-2.59
0.4
-1

-1.2
-1.9
-4.9
0.97
0.7
-3

-6.2
-8.5
-6.1
-3.68
3.9
-1

-2.1
-4.0
-2.9
-2.49
0.8
-19

2
9
3

299 . 0 5
NA
NA
159.78
148.7
149.9
75,620 76,992
44,852 45,263

0.9
-0.3
0.1
-1.7
-2.3

NA
NA
-0.8
1.8
0.9

3.7
0 .6
-0.9
4.2
2 .2
-0.4
-4.1

5
5
7
5
5
5
5

1 .4
3.2

50

66.7

62.1

63.3

-6.9

1.9

1.6
-1.3
-0.5
0.5
-2.1
-7.8
-6.9

133.1
130.5
132.3
132.9
132.0
126.5
36 , 5 0 9 3 9 , 9 8 5 4 2 , 3 7 1 4 3 , 0 4 6 4 4 , 4 1 2 4 4 , 9 7 5

NA
NA

NA
NA

NA
NA

NA
NA

-1.1
1.6

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




1
1

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

Timing
classification 3

Unit
of
measu re

Pert en change

Average
1977

1978

1st Q
1979

2d Q
1979

3d Q
1979

Sept.
1979

Oct.
1979

'

;

Nov.
1979

Sept.
to
Oct.
1979

Oct.
to
Nov.
1979

1st Q
to
2d Q
1979

2d Q
to
3d Q
1979

1

cl

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods Indus., nondefense . . .
27. New orders, capital goods industries, nondetense 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
1 1. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg. 5 . . . .
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. f i x e d 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

18.04

22.02

26.10

24.31

23.92

24.73

23.92

24.83

-3.3

3.8

-6.9

-1.6

1

L,L,L
L,L,L

do. . . .
do. . . .

12.05
15.08

13.61
18.30

15.63
22.75

14.12
21.16

13.45
20.93

13.82
21.82

13.43
20.78

14.00
20.89

-2.8
-4.8

4.2
0.5

-9.7
-7.0

-4.7
-1.1

2
2

L,L,L

do. . . .

10.12

11.42

13.82

12.46

11.93

12.35

11.88

12.05

-3.8

1.4

-9.8

-4.3

2

L,C,U Mil. s q . f t . . .
U,Lg,U Bil. dol
C,Lg,Lg Bil. dol., EOP

62.96
15.99
56.50

80.73
16.78
63.43

98.92
22.58
68.68

88.25
21.03
70.15

88.17
22.52
73.73

92.17

93.15

84.13

-9.7

-10 .8
-6.9
2.1

-0.1
7.1
5.1

1
9

C,Lg,Lg A.r., bil. doi.

135.80

153.82

165.94

173.48

179.33

4.5

3.4

6

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

194.45
147.8
129.3

230.22 260.69
160.3
169.3
140.1
147.2

263.24
170.5
146.9

277.41 279.62
173.3
172.1
150.7

1.0
0.7
-0.2

5.4
0.9
2.6

6
7
8

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

1,987
144.9
57 .7

0.0
3.9
-0.4

2
2
8

L,L,L

L,L,L
L,L,L
1,1,1

Bit. dol

2,018
145.4
60.1

1,615
121.1
57.7

1,834
128.5
56.7

1,834
133.5
56.5

1.1

281.25
171.3

NA
171.4

0.6
-1.2

1,921
143.4

1,762
124.6

1,518
102.3

-8.3
-13.1

-13.8
-17.9

13 .6
6.1
-1.7

-11.0

3

NA - 1 0 . 3 9
46.2
NA
NA
1.56

NA
NA
NA

-3.68
7.2
-1.82

-5.77
-10.8
-1.23

3
3
3

7
7
6

NA
0.1

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg, and trade invent. 2 ..
38. Chg. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order 5

L,L,L

do. . . .

13.1

14.1

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

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

12.36
27.4
0.88

18.98
41.5
2.04

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

338.10 379.63
236.82 249.59
58.88
63.80
1.57

L,Lg,Lg Bil. dol., EOP

143.50

5.8

12.3

18.1

7.1

21.09
49.1
4.33

17.41
56.3
2.51

11.64
45.5
1.28

6.96
4.5
1.23

-3.43
50.7
2.79

391.89 4 0 5 . 9 7 417.33
2 5 2 . 2 4 256.18 2 5 7 . 6 3
69.95
65.67
68.26

417.33
257.63
69.95

421.56
258.33
69.27

NA
NA
NA

1.0
0.3
-1.0

NA
NA
NA

3.6
1 .6
3.9

2.8
0.6
2.5

1.61

1.62

1.61

1.62

NA

0.01

NA

0.05

0.01

7

167.95 180.93 188.46

192.30

192.30

195.09

NA

1.5

NA

4.2

2.0

7

1.88
297.6

1.78
297.3

2.20
307.7

2.74
304.0

0.42
3.5

0.54
-1.2

0.13
7.6

-0.09
1.2

9
2

101.18 1 0 6 . 2 2

108.60

104.47

103.66

-3.8

-0.8

1.8

5.0

1

1.57

1.56

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Industrial materials prices®

L,L,L
U,L,L

Percent
1967=100...

0.69
210.4

1.22
231.0

1.84
273.4

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

L,L,L

1941-43=10.

98.20

96.02

99.35

Profits and Profit Margins:
1 6. Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars
79. Corp. profits after taxes, with I VA and CCA . .
80
do
in 1972 dol
1 5. Profits (after taxes) per dol. of sales, mfg, 2 . . .
26. Ratio, price to unit labor cost, nonfarm bus . . . . .

L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L

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

104.5
72.6
77.3
54.0
5.3
96.9

121.5
78.5
83.1
54.2
5.4
95.6

142.0
87.3
87.6
54.4
6.0
94.7

139.3
83.7
87.9
53.4
5.6
94.4

148.3
86.9
86.8
51.5
5.8
94.2

-1.9
-4.1
0.3
-1.8
-0.4
-0.3

6.5
3.8
-1 .3
-3.6
0.2
-0.2

1
1
7
8
1
2

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

L,L,L
L,L,L

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

171.7
115.4

194.1
121 .5

216.0
129 .8

217.3
127.4

228.3
130.5

0.6
-1.8

5.1
2.4

3
3

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin, corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income 2

1.97
294.1

Lg,Lg,Lg 1967=100...

179.7

194.2

205.9

211.7

216.6

2.8

2.3

6

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

0.951
154.3

1.020
164.1

1.075
171.5

1.104
174.2

1.127
176.0

2.7
1.6

2.1
1.0

6
6

75.8

75.7

75.5

75.9

75.8

0.79

0.94

0.21

0.08

-0.73

-0.13

Lg,Lg,Lg Percent

176.7

178.1

179.9

0.8

1.0

0.4

-0.1

6

1.13

-0.13

8

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) (smoothed 6 ) 2 .
105. Money supply (M1), 1972 dollars
*106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (M1) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
1 1 2.
113.
1 10.

Flows:
Change in mortgage debt 2
Change in business loans 2
Change in consumer installment debt 2
Total private borrowing




L,L,L

Percent. . . .

0.64

0.54

-0.21

0.92

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

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

0.74
0.91
225.9
538.0

0.66
0.86
226.1
542.5

0.14
0.86
216.9
529.9

0.94
0.79
214.1
524.3

1.01
0.89
212.7
523.8

1.03
0.87
212.2
523.4

0.70
0.85
210.6
521.9

0.53
0.86
208.7
519.7

-0.33
-0.02
-0.8
-0.3

-0.17
0.01
-0.9
-0.4

C,C,C
C,Lg,C

Ratio. . . . . .
. . . . . d o . .. .

5.802
1.964

6.028
2.028

6.383
2.112

6.367
2.112

6.394
2.109

2.103

2.108

2.119

0.005

0.011

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

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

80.10
90.83
85.94
89.44
87.67
7.46
14.27
21.97
38.84
31.79
34.96
37.34
41.02
44.35
39.88
281.76 3 4 6 . 6 3 346.41 372.41 3 9 9 . 9 2

88.52
45.60
53.35

104.40
NA
NA
15.88
4 . 2 7 -21.18 - 4 1 . 3 3 - 2 5 . 4 5
26.23
NA
NA - 2 7 . 1 2

0.07
0.10
-0.7
-0.1

10
10
10
10

-0.016
0.027
0.0
-0.003

10
10

0.80
-0.07
-1.3
-1.1

1.77
9.82
-1.14
7.5

-3.50
7.05
-2.54
7 .4

3
11
11
11

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

Timing
classification3

Percent change

J

Unit
of
measure

Average
1977

1978

1st Q
1979

2d Q
1979

182.36
2.33

238.79
2.45

3d Q
1979

Sept.
1979

NA
2.59

NA
2.59

Oct.
1979

Sept.
to
Oct.
1979

Nov.
1979

Oct.
to
Nov.
1979

1st Q
to
2d Q
1979

2d Q
to
3d Q
1979

3

£

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. dot
Percent, EOP

257.94
2.36

221.33
2.45

Bank Reserves:
93. Free reserves (inverted 4 ) 2 ©
94. Borrowing from the Federal Reserve 2 ®

L,U,U
L,Lg,U

Mil. dot
do. . . .

-253
462

-679
872

Interest Rates:
119. Federal funds rate 2 ©
1 14. Treasury bill rate 2 ©
1 1 5. Treasury bond yields 2 ©
1 16. Corporate bond yields 2 ®
117. Municipal bond yields 2 ®
1 18. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans 2 ®
*109. Average prime rate charged by banks 2 ®

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

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

5.54
5.26
7.06
8.20
5.68
8.72
7.84
6.82

7.94
7.22
7.89
8.98
6.02
9.75
9.80
9.06

10.07
9.36
8.44
9.55
6.37
10.25
12.27
11.75

10.18
9.37
8.44
9.68
6.22
NA
12.34
11.72

223.28

267.63

277.88

287.85

113.13
13.46

126.31 1 3 5 . 9 4 1 4 2 . 9 4 151.48
14.34
14.80
15.07
15.06

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

Outstanding Debt:
66. Consumer installment debt 5
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. income 2 . Lg,lg,Lg Percent

-733 -1,188 -1,077 -1,339
1,344
989
1,357
1,207

10.95
9.63
8.48
9.64
6.28
10.80
12.31
12.12

NA
NA

NA
NA

NA
NA

-30.9
-0.12

NA
-0.14

-1,601 -1,699
2 , 0 2 2 1,908

262
678

98
-114

455
368

-111
-150

9
9

0.77
0.26
0.04
-0.04
0.06
NA
-0.03
0.40

11
11
11
11
11
11
6
10

NA
NA

11.43
10.18
8.68
9.87
6.52
11.37

13.77
11.47
9.44
11.17
7.08
NA

13.18
11.87
9.80
11.52
7.30
12.41

2.34
1.29
0.76
1.30
0.56
NA

-0.59
0.40
0.36
0.35
0.22
NA

12.90

14.39

15.55

1.49

1.16

0.11
0.01
0.0
0.13
-0.15
NA
0.07
-0.03

297.19 297.19 2 9 9 . 3 8

1

3

NA

0.7

NA

3.6

3.2

6

1 5 4 . 8 6 155.21 1 5 3 . 4 5
15.16 15.13
NA

0.2
-0.03

-1.1
NA

5.1
0.26

6.0
0.01

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...

141.7
181.5
0.5
192.2

152.0
195.4
0.7
211.4

160.2
207.0
1.0
227.7

163.8
214.1
1.1
233.9

167.2
221.1
1.1
235.7

223.4
1 .1
237.1

225.4
1.0
238.9

227.5
1.0
240.2

0.9
-0.1
0.8

0.9
0.0
0.5

2.2
3.4
0.1
2.7

2.1
3 .3
0.0
0.8

31
32
32
32

do.
do.
do.
do.
do.

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

194.2
214.3
201.7
184.5
178.9

209.3
240.2
215.5
199.1
192.6

223.9
270.2
229.2
210.1
206.2

231.8
276.0
237.4
215.3
211.0

238.9
284.9
246.9
218.4
218.0

241.7
289.0
250.2
218.8
221 .7

245.2
293.2
254.6
221.4
223.9

246.9
299.1
256.8
222.6
227.4

1.4
1.5
1.8
1.2
1.0

0.7
2.0
0.9
0.5
1.6

3.5
2.1
3.6
2.5
2.3

3.1
3.2
4.0
1.4
3.3

33
33
33
33
33

do. . . .

196.8

212.9

223.9

227.8

232.5

234.3

235.0

236.9

0.3

0.8

1.7

2.1

34

do.
do.
do.
do.

...
,. .
...
...

108.4
209.4
115.4
118.8

109.0
228.7
117.0
120.1

107.9
239.4
115.5
118.9

106.2
244.1
114.0
118.2

105.2
249.1
112.9
118.0

104.9

104.3

104.0

-0.6

-0.3

-1.6
2.0
-1.3
-0.6

-0.9
2.0
-1.0
-0.2

34
34
34
37

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 1 6-19 years of age

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

97.37
90.54
6,855
2,727
2,486
1,642

0.0
-0.2
3.3
2.6
5.9
0.8

0.2
0.4
-2.3
0.3
-3.9
-3.8

-0.2
-0.2
0.0
-2.2
1.5
1.2

0.9
0.8
1.9
6.8
-0.2
-1.6

44
44
3
44
44
44

Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age 2

Percent
do. . . .
do. . . .

79.7
48.1
56.2

79.8
49.6
58.0

80.2
50.3
58.7

79.7
50.2
57.9

79.8
50.9
57.5

-0.2
-0.1
-0.3

-0.1
0.1
0.2

-0.5
-0.1
-0.8

0.1
0.7
-0.4

45
45
45

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

375.4
421.7
-46.3
298.8
271.9
26.8

432.1
459.8
-27.7
331.0
303.6
27.4

475.0
486.8
-11.7
343.9
316.3
27.6

485.8
492.9
-7.0
345.9
326.1
19.7

504.8
516.1
-11.3
359.8
334.5
25.3

2.3
1.3
4.7
0.6
3.1
-7.9

3.9
4 .7
-4.3
4.0
2.6
5.6

50
50
50
51
51
51

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

9,879
4,580
2,755
93.7

10,372 10,948 10,293
5,115
5,545
4,548
3,468
3,247
3,109
99.0
103.4
106.0

NA
6,207
3,189
109.0

Implicit price deflator, GNP
Consumer prices (CPl), all items©
Change in CPl, all items, S/A 2
CPl, food
Producer prices (PPI), all commodities®
PPI, crude materials
PPI, intermediate materials
PPI capital equipment
PPI, finished consumer goods
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 .
442.
37.
444.
445.
446.
Labor
451 .
452.
453.

100.42 102.47 102.30
96.41
94.38
96.60
6,047
5,880
5,878
2,252
2,129
2,178
2,181 2 , 2 1 3
2,236
1,519
1,537
1,559

103.20 103.50 103.47 103.69
97.29 97.65
97.21
97.51
5,994
5 , 9 8 5 6,182
6,039
2 ,330 2,336
2,271
2,273
2 , 2 7 9 2,190
2,153
2,209
1,561 1,573
1,513
1,512

79.8
51.0
58.1

79.6
50.9
57.8

79.5
51.0
58.0

D. Government Activities
D1. Receipts and Expenditures
501.
502.
500.
511.
512.
51 0.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt. surplus or deficit 2

517
525
548.
564.

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

D2. Defense Indicators

NA
NA
3,013

NA
NA
3,737

NA
NA
-28.8

NA
NA
24 .0

-6.0
-18.0
-4.2
2.5

NA
36.5
2.6
2.8

51
52
54
56

10,117 11,959 1 3 , 6 9 7 1 4 , 2 6 1 1 5 , 7 7 4 15,832 16,838
3,059 3,254
3,101
2,483
2,481 2 , 6 3 5
1,985
3,153
3,251
2,500
1,852
2,810
2,866
3,139
1 2 , 3 0 8 1 4 , 3 3 7 1 5 , 4 3 7 1 6 , 4 3 8 1 7 , 8 7 3 18,666 18,856
5,570 6,630
3,264
4,011
5,060
3,462
3,593
1,805
1,849
1,725
1,926
1,753
1,846
1,323

NA
NA
NA
NA
NA
NA

6.4
6.4
3.1
1.0
19.0
-2.4

NA
NA
NA
NA
NA
NA

4.1
6.2
2.0
6.5
11.6
5.3

10.6
17.7
9.5
8.7
26.2
4.3

60
60
60
61
61
61

NA
6,696
4,230

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.
do.
do.
do.
do.
do.

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

Basic data 1
Series title

Unit
of
measure

Percent change

Average
2d Q
1978

1976

1977

1978

3d Q
1978

4th Q
1978

1st Q
1979

2d Q
1979

39,412

41,348

42,792

3d Q
1979

4th Q
to
1st Q
1979

2d Q
to
3d Q
1979

1st Q •
to
2d Q
1979

Series number

1

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

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 balance 2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
1 mports of goods and services
Balance on goods and services 2

Mil. dol

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

28,686 30,204
31 ,013 3 7 , 9 2 2
- 2 , 3 2 6 -7,718
7,322
8,147
3,328
3,650
4 2 , 9 4 0 46,149
40,540 48,505
2,400 -2,356

35,513
43,956
-8,442
10,866
5,455
55,254
57,353
-2,099

1273.0 1340.5
1 7 0 2 . 2 1899 .5
1266 .4 1 3 2 7 . 4
1184.5 1 3 0 5 . 1
891.8
929.5

1399.2
2127.6
1385.1
1458.4
972.6

35,396

36,532

43,329
-7,933
10,256
5,402
54,354
56,493
-2,139

-7,949
10,526
5,574
56,263
58,194
-1,931

-5,971
12,907
6,308
61,414
60,015

1395.2

1407.3

1426.6

47,337

44 ,481 4 5 , 3 8 3 4 7 , 4 6 3 5 0 , 5 0 8 5 4 , 6 1 9
-6,115 - 7 , 7 1 6
14,115 1 5 , 4 0 4
7,251
7,939
64,893 67,758
63,156 67,451
1 , 3 9 9 1,737
307

-7,282
17,506

8,712
74,408
72,272

2,136

3.5
4.9
6.4
4.6
-144 -1,601
9.4
9.1
9.5
14.9
5.7
4.4
6.8
5.2
338 -1,430

10.6
8.1
434
13 .6
9.7
9.8
7.1
1,829

618
620
622
651
652
668
669
667

0 .3
2.5
0 .3
3.1
0.5
0.1
0.3

-0.6
1.6
-1.0
1 .9
-0.4
-0.8
-0.6

0.8
2.9
1 .6
2.4
0 .0
0.5
-0.2

50
200
213
224
225
217
227

0.2
-1.2
-1.1
1.7
2.7
0.8
2.3
3.8

-0.7
-3.6
-1.1
0 .6
1.5
-2.4
1 .8
2.5

1.2
1.5
1.5
0 .9
3.6
2.3
4.0
3.6

231
233
238
239
230
232
236
237

-0.1
-0.3
0.3
0 .9
1.4
-1.5

2.1
-0.7
5.8
5.8
2.1
14.3

-3.4
1.8
-11.0
-0.8
4.4
-18.9

241
243
30
240
242
245

-0.5
1.8
-1.7
1.4
2.9
0.6

-0.8
-3.0
0.4
1.4
-1.2
2.8

0.3
-0.7
0.7
2.4
0.7
3.3

261
263
267
260
262
266

2.8
-1.0
4.1
6.0
2.2
8.5

-0.9
2.9
-3.8
2.2
7.5
-12.1

5.3
-0.8
6.9
9.7
7.0
5.8

256
257
255
252
253
250

2.7
3.4
2 6
-3J2
0.7
4.3

1.5
2.0
0 2
-1.3
-1.8
2.4

2.3
2.3
0 8

-0.7
4.7

220
280
282
286
284
288

4.4
0.5
10.8
5.0
0.3

3.3
3.2
8.5
-3.1
0.4

-1.9
2.7
-18.2
1.3
-1.1

290
295
292
298
293

A. National Income and Product
A1. GNPand Personal Income
50.
200
213
224.
225.
217.
227.

G N P m 1972 dollars
GNP in current dollars
Final sales 1972 dollars
Disposable personal income, current dollars . . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 dol. . .

A.r., b i l . d o l
do
do
do
do
A.r., dollars
do. . . . . . .

1430.6 1422.3

1433.3

2104 .2 2 1 5 9 . 6 2 2 3 5 . 2 2 2 9 2 . 1 2 3 2 9 . 8 2 3 9 6 . 5
1 3 7 9 . 6 1395.1 1414 .6 1418 .4 1404 .1 1 4 2 6 . 2
1437.3

966.1

1476.5
976.2

1524.8

991.5

1572.2
996.6

1601.7 1 6 4 0 . 0
993.0
993.4
6,494
6,460

5,915
4,144

6,180

6,401

6,431

4,285

4,449

6,390
4,426

4,462

6,506
4,522

6,512
4,536

4,510

4 ,501

820.6

861.7
138 .2

900.8

894.8

905.3

920.3

147.8

147.5

152.1

921.8
150.2

915.0
144 .8

925.9

146.7

332.7

343.3

390 .8

410.8

339.4
344.7
351.9
348.1
344.1
413 .1 4 1 6 . 3 423 . 5 4 2 6 . 1
407.6
1331.2 1369.3 1415.4 1454.2 1475.9
212.1 213.8
200.3
203.5
208.7
521.8
536.7
5 5 8 . 1 571.1 581.2
609.1
669.3
629.1
645.1
686.0

349.2
429.9
1528.6

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

126.6
321.5
372.5
1089.9

157.4
443.9
488.5

1210.0 1 3 5 0 . 8
178.8
200.3
481.3
530.6
549.8
619.8

146 .9

213 .4
604.7

710.6

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

do
do
do
do
do
do

Total, 1972 dollars
Total f i x e d investment, 1972 dollars
Change in business inventories, 1972 dol. 2
Total current dollars
Total f i x e d investment, current dollars
Ctig in bus inventories, current dol. 2

173.4
166.8
6.6
243.0
233.0

10 . 0

200.1
186.9
13.1

214.3
200.2

14.1
303.3
351.5
281.3
329.1
21 . 9 22 . 3

216.8
201.2
15.6

214.0
201.8
12.2

217.4

217.2

221.7

205.5

204.9

203.5

352.3
326.5

356.2

370.5
349.8

25.8

336.1
20 . 0

12.0

20 . 6

12.3
373.8
354.6

18.1
395.4

19.1

361.9
33.4

214.2
207.1
7.1
392.3
377.8

14.5

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 doilars
State and local governments, current dollars . . .

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

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

E x p o r t s of goods and services, 1972 dollars . . .
Imports of goods and services, 1972 dollars . . .
Net exports of goods and serv., 1972 dol. 2 . . . .
E x p o r t s of goods and services, current dol
Imports of goods and services, current dol
Net exports of goods and serv., current dol. 2 .,

263.3

268.5

273.2

276.0

274.7

272.4

100.6
167.9

98.6
174.6

271.3
96.6
174.7

274.7

96.4
166.9
361.3
129.7
231.6

98.5
176.2

99.3
176.6

98.1
174.3

273.1
97.4
175.6

396.2

435.6

428.3

440.9

453.8

466.6

477.8

144.4
251.8

152.6

152.3

159.0

161.7

283.0

148.2
280.1

101.1
173.6
460.1
163.6

288.6

294.8

296.5

304.9

162.9
314 .9

96.1
80.4
15.8
163.3
155.4

98.4
88.2
10.3
175.9
185.8
-9.9

108.9
97.9
11 .0

109.2
96.9
12.3

113.8
101.0
12.9

117.0
100.0
17.0

116.0
102.9
13.2

122.2
102.1
20.1

207.2

205.7

111.9
98.5
13.3
213.8

213.3
-7.6

220.6

224.9
229.4

267.3
269.5

-6.8

-4.5

238.5
234.4
4.0

243.7

217.5
-10.3

1869.0

1897.9

A5. Foreign Trade

do
do
do
do
do
do

8.0

251.9
-8.1

-2.3

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

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

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

1359.8 1525.8 1724.3 1703.9 1752.5 1820.0
1 0 3 7 . 8 1156.9 1 3 0 4 . 5 1 2 8 8 . 2 1321.1 1 3 6 4 . 8

89 . 3
126.8
22.1
83.8

100.2

236.2
203.3

276.1
230.7

324.6
253.0

68.6
-35.7

65.0
-19.5

72.0
-0.3

iso.'o
24.7
94.0

116.8
167.7
25.9
109.5

115.0
169 [ 4
24 .4
106.8

117.4 1 2 5 . 7
175 ! 2 1 8 4 ! s
26.8
27.1
111.9
117.6

329.2

332.7
259.6

1941.9

1411 .2 1 4 3 9 . 7 1 4 7 2 . 8
129.0 129 3 130 3
178 ] y 176.6
180.8
27.3
26.8
26.6
122\ 6 125.6
131.5

2 A

A7. Saving

do
do
do
do
Percent

5.8

5.0

4.9

253.1
71.2
5.0
5.0

70.9
2.3
4.8

346.9
264.7

362.2
266.0

374.3
274.6

71.5
10.8

79.2
15.8

85.9
12.7

4.7

5.0

5.4

367.3

281.9
70.3
14.0
4 .3

NOTE: Series are seasonally adjusted except for those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at 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.




COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes

910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

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

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

Digitized NOTE:FRASER on the chart indicate length of leads (-) and lags ( + ) in months
for Numbers entered
Current data for these series are shown on page 60.

m

from reference turning dates.

_J)

A

COMPOSITE INDEXES AND THEIR COMPONENTS-Con.

Chart Al. Composite Indexes—Con.

913. Marginal employment adjustments (series 1, 2, 3, 5)

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

»

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

^_X/_ 916. Profitability (series 19, 26, 80)

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

940. Ratio, coincident index to

NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 60.


http://fraser.stlouisfed.org/
DECEMBER 1979
Federal Reserve Bank of St. Louis

ItCII

COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart A2. Leading Index Components

1. Average workweek, production workers,
manufacturing (hours)
]|jg[

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

8. New orders for consumer goods and materials, 1972 dollars (bit. dol.)^

fcul

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

12. Net business formation (index: 1967=100)

20. Contracts and orders for plant and equipment,

Current data for these series are shown on pages 61, 64, 65, and 6


http://fraser.stlouisfed.org/
Federal12
Reserve Bank of St. Louis

DECEMBER 1979

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.

36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.)

92. Change in sensitive prices, smoothed1 (percent)

104. Change in total liquid assets, smoothed1 (percent)

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

106. Money supply-M2-in 1972 dollars (bil. dol.)

1

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

 for these series are shown on pages 67, 68, 69, and 71.
Current data
 197Q
DECEMRER

KUft

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A3. Coincident Index Components

41. Employees on nonagricuttural payrolls (millions)

fowl

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

47. Industrial production, total (index: 1967=100)

57. Manufacturing and trade sales, 1972 dollars (bil. dol.)

Current data for these series are shown on pages 62, 63, and 65.




u

DECEMBER 1979

BCII

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components

91. Average duration of unemployment (weeks—inverted scale)

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

62. Labor cost per unit of output, manufacturing (index: 1967=100)

109. Average prime rate charged by banks (percent)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bil. dol.)
I lg,lg,lg"1

95. Ratio, consumer installment debt to personal income (percent)
Lg.Lg.Lgj

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


http://fraser.stlouisfed.org/
Federal Reserve Bank ofDECEMBER 1979
St. Louis

ItCII

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
',„•

5j,r •

[Marginal Employment Adjustments]
1. Average workweek, production workers, manufacturing (hours)

21. Average weekly overtime hours, production workers, manufacturing (hours)

2. Accession rate, manufacturing (per 100 employees)

5. Average weekly initial claims, State unemployment insurance (thousands—inverted scale)

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

4. Quit rate, manufacturing (per 100 employees)

Current data for these series are shown on page 61.




16

DECEMBER 1979

IMIft

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

| Job Vacancies |
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)

46. Help-wanted advertising (index: 1967=100)
Up

I Comprehensive Employment!
48. Employee-hours in nonagricultural establishments
(ann. rate, bil. hours)

42. Persons engaged in nonagricultural activities (millions)

. Employees on nonagricultural payrolls (millions)

40. Employees in goods-producing industries—mining,
manufacturing, construction (millions) h c y i

Current data for these

shown on pages 61 and 62.


http://fraser.stlouisfed.org/
DECEMBER 1979
Federal Reserve Bank of St. Louis

ItCII

17

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

| Comprehensive Employment—CorT

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

| Comprehensive Unemployment J
37. Number unemployed, total (millions—inverted scale)

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

45. Average weekly insured unemployment rate (percent—inverted scale)

91. Average duration of unemployment (weeks—inverted scale)
|Lg,lg,L

'

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

Current data for these series are shown on page 62.


http://fraser.stlouisfed.org/
18
Federal Reserve Bank of St. Louis

DECEMBER 1979

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income

| Comprehensive Output and Income]
50. GNP in 1972 dollars, Q (ann. rate, bil. dol.)

52. Personal income in 1972 dollars (ann. rate, bil. dol.)

[two

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

c,c,c

53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann. rate, bil. dol.)
!C,C,C[

Current data for these series are shown on page 63.


 DECEMBER 1979

ItUI

19

C
B |

^iMCATCRS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income—Con.

•

Industrial Production

47. Industrial production, total (indexTl96/=1^0)

7

74. Industrial production, nondurable manufactures
(index: 1967=100)
l —"

73. Industrial production, durable manufactures
(index: 1967=100)
l

49. Value of goods output in 1972 dollars, Q
(ann. rate, DM. ooTJ I C,C,C

I Capacity Utilization [
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

82. Rate of capacity utilization, manufacturing (FRB), Q (percent)

|L,C,UJ

84. ate of capacty utilization, materials, Q (percent)

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




?n

DECEMBER 1979

ItCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries

Orders and Deliveries

7. New orders, durable goods industries, 1972 dollars
(bil. dol.)

6. New orders, durable goods industries
current dollars (bil. dol.)
8. New orders for consumer goods and materials
in 1972 dollars (bil. dol.)

25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg.—4-term)
L.LL

96. Manufacturers' unfilled orders, durable goods industries

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

Current data for these series are shown on page 64.


 DECEMBER 1979

ItCII

91

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries—Con.

[Consumption and Trade

Current data for these
 series are shown on
http://fraser.stlouisfed.org/
Federaloo
Reserve Bank of St. Louis

56. Manufacturing and trade sales in current dollars (bil. dol.)
57. Manufacturing and trade sales
in 1972 dollars (Ml. dol.)

c,c,c
75. Industrial production, consumer goods
(index: 1967=100)

54. Sales of retail stores in current dollars (bil. dol.)
59. Sales of retail stores in 1972 dollars (bil. dol.)

OIuT

X

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

58. Index of consumer sentiment (1st Q 1966=100)

page 65.

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment

| Formation of Business Enterprises']
12. Net business formation (index: 1967=100) LLL

13. New business incorporations (thousands)

cn

Business Investment Commitments
20. Contracts and orders for plant and equipment
in 1972 dollars (bil. doi.)

10. Contracts and orders for plant and equipment
in

27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.)

24. Manufacturers' new orders, capital goods industries,
nondefense, in current dollars (bil. dol.) n~[~[

9. Construction contracts, commercial and industrial buildings
(mil. sq. ft. of floor area; MCD moving avg.—5-term)1

'This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division
66.

Current data for these series are shown on pages 65 and

 DECEMBER 1979

ItCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.

| Business

Inwpitmpnt Pnmmitmontc

Pnn 1

•wuuLMiiuu*»u..««».iim.

».,.. ...i.n, „.,„..

"~jr*j

i

™~^y\

_-_-_Z--JL_

^j^^L/
.^> *^]ffl["

Ir H

^^_-_„._m_^.__ ^_^JLJL^A/X
7"^
^\J

11. New capital appropriations, manufacturing, Q (bil. dol.)

97. Backlog of capital appropriations, manufacturing, Q
(bil. dol.)
C,Lg,Lg

61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dol.)

Business Investment Expenditures

Current data for these
 series are shown on pages 66
http://fraser.stlouisfed.org/
Federal 9/1
Reserve Bank of St. Louis

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

76. Industrial production, business equipment
(index: 1967=100)

and 67.

IQTQ

KUI

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.

[Business investment Expenditures—ConTj
Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)

88. Producers' durable equipment, Q

[Residential Construction Commitments and Investment]
28. New private housing units started, total (ann. rate, millions)

29. New building permits, private housing units (index: 1967=100)

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

Current data for these series are shown on page 67.




ItClft

DFHFMRFR 1Q7Q

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment

| Inventory investment]
30. Change in business inventories, 1972 dollars, Q (ann. rate, bit. dol.)

36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving avg.—4-term1)

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.—5-term)

38. Change in stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.; MCD moving avg.—4-term)
|LLL|

1

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

Current data for these
 series are shown on page 68.


26

DECEMBER 1979

IUII

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment—Con.

Inventories on Hand and on Order

70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)
g,lg,Lg|
\

71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.) I Lg,Lg,Lg

65. Book value of manufacturers' inventories
of finished goods (bil. dol.)

77. Ratio, deflated inventories to sales, manufacturing and trade
(ratio)

78. Stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.)

Current data for these series are shown on page 68.


 DECEMBER 1979

ItCII

27

•' n" ->,{
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits

[Sensitive Commodity Prices |
moving avg.—4-term1)

23. Industrial materials prices (index: 1967=100)

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

tn

Profits and Profit Margins
18. Corporate profits after taxes, 1972 dollars, Q
(ana rate ML do!.)

16. Corporate profits after taxes, current dollars, Q
(ann. rate, bil. dol.)

80. Corporate profits after taxes with IVA and CCA,
1972 dollars, Q (ann. rate, bil. dol.)

79. Corporate profits after taxes with IVA and CCA,
current dollars, Q (ann. rate, bil. dol.)

UL

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 69.




28

DECEMBER

1979

IICII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits—Con.

Profits and Profit Margins—Con.
Ratio

fo total mmnrafa*

(Torpor^** nrnfik

income, Q (percent)

-v

81. Ratio, rnrpnntp prnfik (aftpr fayfts) with inupntnry valuation and

capital consumption adjustments to total corporate domestic income,
Q (percent)
f m

15. Profits (after taxes) per dollar of sales, all manufadunng corporations, Q (cents)

26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1967=100)
I.1..U I

| Cash Flows |
35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)
i ^ m"

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


 DECEMBER 1979

ItCII

29

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits—Con.

I Unit Labor Costs and Labor Share]

63. Unit labor cost, private business sector, Q (index: 1967=100)
|Lg,Lg,Lg|

s

68. Labor cost (current dollars) per unitjrfgr^
(1972 dollars), nonfinancial corporations, Q (dollars)

62. Labor cost per unit of output, manufacturing (index: 1967=100)

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

Current data for these series are shown on page 70.




30

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit

85. Change in money supply—demand
(percent; MCD moving avg.—6-term)

102. Change in money supply plus time deposits at commercial banks (M2)
(percent; MCD moving avg—6-term)

;

104. Change in total liquid assets (percent; moving avg.—4-term1)

105. Monupply-Ml-in 1972 dollars (bil. dol.)

106. Money supply-M2-in 1972 dollars (bil. dol.)

!. Ratio, personal income to money supply M2 (ratio) |C,Lg,C|

iThis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

 Current data for these series are shown on page 71.
 DECEMBER 1979

KCII

31

• •' > v ••' , ...
B |

IND!CA } t>^.

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Flows

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

112. Change in bank loans to businesses (ann. rate, bil. dol.;
MCD moving avg—6-tertn)
rrr-r

jj

113. Change in consumer installment debt (ann. rate, bil. dol.)

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

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




32

DECEMBER 1979

!!€!»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Difficulties!
14. Current liabilities of business failures (mil. dolinverted scale; MCD moving avg.—6-term)

39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale) f~[~[~[

93. Free reserves (bil. dol.—inverted scale)
UMJ

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

Current data for these series are shown on page 72.


 nFHFMRFR 1 Q7Q

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[interest Rates

119. Federal funds rate (percent)-^)

TO

114. Treasury bill rate (percent)

115. Treasury bond yields (percent)

Fc^Lil

118. Secondary market yields on FHA mortgages
(percent) i. . . i
|Lg,Lg,l-g|
-N/

Current
Digitized fordata for these series are shown on pages
FRASER

34

117. Municipal bond yields (percent)
|U,Lg,Lgl

72 and 73.

DFHFMRFR 1 Q7Q

KUft

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.

Interest Rates—Con.

67. Bank rates on short-term business loans (percent)

109. Average prime rate charged by banks (percent)

I Outstanding Debt

66. Consumer installment debt (bil. dol.)

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

95. Ratio, consumer installment debt to personal income (percent)
I lg,Lg,lg|

Current data for these series are shown on page 73.


 DECEMBER 1979

ItCII

35

'//CLICAL
C I

INDICATORS

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes

950. Twelve leading Indicator components (6-mo. span—, 1-mo. span—-)
.U-.I-,

951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—)

ft; lip,!1'? '?!? Wi|l;i

' 1Uii vi l f'•i:'•i 11/1
l
ill,

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

961. Average workweek, production workers, manufacturing—20 industries (9-mo. span—, 1-mo. span—)

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

963. Employees on private nonagricuftural payrolls—172 industries

(6-mo. span—, 1-mo. span—)

Current data for these series are shown on page 74.




36

DECEMBER 1979

ltd*

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.

964. New orders, durable goods industries—35 industries (9-mo. span—, 1-mo. span—)

965. Newly approved capital appropriations, deflated-17 industries (4-Q moving avg. •-«•*, 1-Q span-—)

966. Industrial production—24 industries (6-mo. span^—, 1-mo. span—)

967. Industrial materials prices—13 industrial materials (9-mo. span—, 1-mo. span—)

968. Stock prices, 500 common stocks—54-82 industries

(9-mo. span——, 1-mo. span

960. Net profits, manufacturing—about 700 companies1 (4-Q span)

^his is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.


Current data for these series are shown on page 75.
 DECEMBER 1979

ItCIt

)

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.

970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
(a) Actual expenditures
\

974. Number of employees, manufacturing and trade (4-Q span)1

(b) Later anticipations
975. Level of inventories, manufacturing and trade (4-Q span)1

(a) Actual expenditures

\

(c) Early anticipations
971. New orders, manufacturing (4-Q span)1

976. Selling prices, manufacturing (4-Q span)1

972. Net profits, manufacturing and trade (4-Q span)1

977. Selling prices, wholesale trade (4-Q span)1

xvvlv.

973. Net sales, manufacturing and trade (4-Q span)1

1

978. Selling prices, retail trade (4-Q span)1

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

business executives.
Digitized for data for these series are shown on page
FRASER
Current


76.

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart C3. Rates of Change

Percent changes at annual rate
910c. Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57) k

930c. Composite index of six lagging indicators
(series 62, 70 72, 91, 95, 109)

50c. GNP in constant (1972) dollars (1-Q span)

47c. Index of industrial production

48c. Employee-hours in nonagricuitural establishments

51c. Personal income less transfer payments in 1972 dollars




KCII

DECEMBER 1979

39

A

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income

200. GNP in current dollars, 0 (ann. rate, bil. dol.)

223. Personal income in current dollars
(ann. rate, bil. dol.)

221 DJsposabfej^^
dollars, Q (ann. rate, bil. dol.)

50. GNP in 1972 dollars, Q (ann. tate, M dol)

225. Disposable personal income in 1972
dollars, Q (ann. rate, bil. dol.)
217. Per capita GNP in 1972 dollars (ann. rate, thous. dol.)

227. Per capita disposable personal income in
1972 dollars, Q (ann. rate, thous. dol.)

Current data for these series are shown on pages 63 and £


http://fraser.stlouisfed.org/
40
Federal Reserve Bank of St. Louis

DECEMBER 1979

BCII

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)

Personal consumption expenditures-

Annual rate, billion dollars (1972)

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


http://fraser.stlouisfed.org/•BUI DECEMBER 1979
Federal Reserve Bank of St. Louis

41

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment

Annual rate, billion dollars (current)

Gross private domestic investment—

245. Change in business inventories, 0

Annual rate, billion dollars (1972)

30. Change in business inventories, Q

Current data for these series are shown on page 81.




42

DECEMBER

1979

ItCII

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A4. Government Purchases of Goods and Services

Annual rate, billion dollars (current)

Government purchases of goods and services-

260. Total, Q

266. State and local
governments, 0

262. Federal Government, Q

Annual rate, billion dollars (1972)
261. Total, Q

267. State and local governments, Q

Current data for these series are shown on page 81.


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

DECEMBER

1979

43

IMPORTANT
A

I

NATIONAL INCOME AND PRODUCT—Con.

Chart A5. Foreign Trade

Annual rate, billion dollars (current) —-* 28o n
-/H 2 o A0 6 n«
JL»J

252. Exports of goods and services, Q

253. Imports of goods and services, 0

Annual rate, billion dollars (1972)

256. Exports of goods and services, Q

\

257. Imports of goods and services, Q

255. Net exports of goods and services, Q

Current data for these series are shown on page 82.


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

urn

A

I

NATIONAL INCOME AND PRODUCT—Con.

Chart A6. National Income and Its Components

Annual rate, billion dollars (current)

. Compensation of employees, Q

286. Corporate profits with inventory valuation and capital consumption adjustments, Q

\

282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
288. Net interest, Q-^

284. Rental income of persons with capital
consumption adjustment, Q

Current data for these series are shown on page 82.




ltd*

DECEMBER 1979

45

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving

Annual rate, billion dollars (current)

290. Gross saving (private and government), Q

.—

1

-J -... I

298. Government surplus or deficit, 0

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




46

DECEMBER 1979

KCII

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A8. Shares of GNP and National Income

268. State and local government purchases

. , . . . „ „ .

. of

265. Federal Government purchases of goods and services, Q

\

—v

\

248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q

251. Net exports of goods and services, Q

247. Change in business inventories, Q

[Percent of National Income|

64. Compensation of employees, Q

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

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

289. Net interest, Q

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

Current data for these series are shown on page 83.


 DECEMBER 1979

KCII

47

OTHER IMPORTANT ECONOMIC MEASURES
Bl

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

[Percent changes at annual rate |

;: 1972=100
310c. Implicit price deflator, •
6NP (1*0 span)

ra
310. Implicit price deflator, GNP, Q

m
311c. Fixed weighted price index, fW*&jHJsmess
product (1-Q span)

XV

311. Fixed weighted price index.

j

Producer prices-

6-month spans I

330c. All commodities

333. Capital equipment

334c. Finished consumer goods

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




DECEMBER 1979

KCIft

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart Bl. Price Movements—Con.

Consumer prices-

Percent changes at annual rate
320c. All items (6-month span)

Chart B2. Wages and Productivity
Index: 1967=100

345. Average hourly compensation, all employees,.
nonfarm business sector, ft to

340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
346. Real average hourly compensator
nonfarm business sector, Q

341, Real t^ef agn h(MJy»j^iiingSujQ
private nonfarm economy1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.

Current data for these series are shown on pages 84, 87, and 88.

 DECEMBER 1979

49

BJ

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.

I Wages—Con. |
Change in average hourly earnings of production
L_™ b"m?En spans ^ann< rate'
workers, private nonfarm economy1 —
340c. Current-dollar earnings

, 7 TTJjjS^
,^^^
>' > V 1

•

!l

•

I

^^^JLJtux^ ' —4-^ '

y

'

i

341c. Real earnings <,

! ' ii

Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c. Current-dollar compensation
1-quarter spans (ann. rate)

lj

>"<; > '

'

_»^V,4

346c. Real compensation
1-quarter spans^(ann. rate)

Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann. rate) -—
349. Average changes over life of
contract, Q (ann. rate)
I Productivity |
370. Output per hour, all persons,
private business sector, Q

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

,

1955 56

57

58

59

60

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

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-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 the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.



50

DECEMBER 1979

licit

C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components

441. Civilian labor force, total (millions)

Labor force participation rates (percent)—

453. Both sexes 16-19 years of age

452. Females 20 years and over
Number unemployed (millions)—
37. TotaFurimployecT'

444. Males 20 years and over
445. Females 20 years
and over

447. Number unemployed, full-time
worKers (minions;
v

448. Number employed part-time for economic

1955 56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

Current data for these series are shown on page 89.




ltd*

DECEMBER

1979

51

D

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures

500. Federal Government surplus or deficit, Q

511. State and local government jss

local government
expenditures, Q

510. State and local government surplus

Current data for these series are shown on page 90.




52

DFHFMRFR 1 Q7Q

IUII

GOVERNMENT ACTIVITIES-Con.
Chart D2. Defense Indicators

[Advance Measures of Defense Activity|

Current data for these series are shown on page



517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)

525. Defense Department military prime contract awards
(bil. dol.; MCD moving avg.—6-term)

543. Defense Department gross unpaid obligations outstanding (bil. dol.)

548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.—6-term)

90.

D I

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.

[intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967=100)

559. Manufacturers' inventories, defense products (bil. dol.)

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

580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg.-4-term)

588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.-4-term)

Current data for these series are shown on page 91.




54

DECEMBER 1979

ItCII

GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators—Con.

I Intermediate and Final Measures of Defense Activity—Con. |
570. Employment in defense products industries (millions)

Defense Department personnel (millions)—
577. Military, active duty

578. Civilian, direct hire employment

[National Defense Purchases|
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bil. dol.)

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

^g^^s

I u •i

;j

] .T

s
57

58

>9

61

82

63

64

65

6fi

6>

68

69

70

71

72

73

.' 1

75

76

77

7

8 1979

Current data for these series are shown on page 91.




ltd*

DECEMBER

1979

55

OmEP
E |

tCONOMit;

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

602. Exports, excluding military aid shipments
(bit. dol.; MCD moving avg.-5-term)

j

604. Exports of agricultural products,
total (bil. dol.)
606. Exports of nonelectrical machinery (bil.

X

612. General imports (bil. dol.; moving avg.-4-term)

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

616. Imports of automobiles and parts (bil. dol.)

Current data for these series are shown on page 92.

56




DECEMBER 1979

ItCII

E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Chart E2. Goods and Services Movements

Annual rate, billion dollars

E^3 Excess of receipts
i
I Excess of payments

Goods and services-

667. Balance on goods and services, Q

Merchandise, adjusted—
622. Merchandise trade balance, Q

Investment income—
651. Income on U.S. investments abroad, Q
X
652. Income on foreign investments in the U.S., Q

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

BCII




DECEMBER 1979

57

01 HER
F |

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production

Industrial production—

1955

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

Current data for these series are shown on page 94.




58

DECEMBER

1979

BCII

F

INTERNATIONAL COMPARISONS—Con.
Chart F3. Stock Prices

Chart F2. Consumer Prices

Percent changes at annual rate
Consumer prices—

6-month spans

Stock prices—
19. United States

735c. West Germany

736c. France

742. United Kingdom

737c. Italy

733c. Canada

Current data for these series are shown on pages 95



and 96.

Index: 1967=100

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

I
Q COMPOSITE INDEXES
910. Index of
12 leading indicators (series
1,3,8, 12, 19,
20,29,32,36,
92, 104, 106)

Year
and
month

(1967=100)

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

(1967=100)

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

(1967=100)

Lead ng Indicator Subgroups
913. Marginal
employment
adjustments
(series 1,2,3,
5)

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

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

(1967=100)

(1967=100)

(1967=100)

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

916. Profitability (series
19, 26, 80)

(1967=100)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100)

1977
January
February
March

131.9
133.0
135.6

126.3
127.6
129.7

120.2
121.0
121.7

95.9
96.6
98.0

110.9
111.2
112.0

102.3
102.7
104.1

94.5
94.4
94.9

141.2
142.2
143.3

105.1
105.5
D106.6

April
May
June

136.0
135.8
135.5

130.0
130.6
131.3

122.3
123.1
125.0

97.3
97.1
97.2

111.7
112.5
113.3

105.0
104.7
103.8

95.1
95.6
96.3

143.3
142.2
142.5

106.3
106.1
105.0

July
August
September

135.0
136.9
138.0

131.7
131.9
132.6

125.2
126.5
127.8

96.7
96.2
97.0

112.4
114.8
114.6

103.0
103.3
103.8

97.0
D97.2
96.1

144.8
146.9
148.2

105.2
104.3
103.8

October
November
December

139.1
139.4
140.2

133.8
134.7
135.7

129.4
131.1
131.7

97.4
98.0
98.7

115.0
115.7
116.6

104.3
103.8
104.3

94.9
94.0
92.7

148.8
148.8
148.5

103.4
102.7
103.0

January
February
March

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

90.9
89.4
90.4

148.5
148.0
147.4

99.9
99.3
99.8

April
May
June

141.5
141.8
142.5

139.3
139.5
140.1

137.8
140.0
142.0

99.0
98.0
97.8

114.9
115.0
116.1

106.9
107.2
106.9

92.1
93.8
94.1

147.5
147.8
148.5

101.1
99.6
98.7

July
August
September

141.2
142.0
142.9

140.5
141.4
141.4

143.5
144.5
146.4

97.4
97.3
98.5

115.5
115.4
116.0

105.2
105.8
105.8

94.2
95.4
95.4

148.9
149.1
149.9

97.9
97.9
96.6

October
November
December

0)143.6
142.8
143.0

143.0
144.3
145.5

148.1
152.7
155.2

98.7
98.8
D99.1

1)117.2
116.1
115.7

106.1
106.2
106.7

94.9
94.1
93.5

150.6
H>151 .1
150.2

96.6
94.5
93.8

142.5
142.7
143.2

144.8
144.9
E>146.6

157.5
158.5
158.5

98.5
98.4
98.0

H13.8
H14.2
H15.6

107.4
108.1
H)108.6

93.2
92.2
92.2

148.3
146.3
144.8

91.9
91.4
92.5

April
May
June

139.7
140.1
H40.5

144.1
145.6
145.0

161.9
162.5
163.9

94.6
97.3
96.6

113.9
rl 1 3 . 5
rl!4.5

107.7
107.1
106.3

92.3
91.7
91 .8

144.8
144.3
145.8

89.0
89.6
88.5

July
August
September

r 140.0
r!39,7
140.3

145.2
H44.9
144.8

165.1
H66.8
r!70.8

96.3
95.4
r96.3

H13.8
114.2
H15.5

r!05.4
r!05.0
104.0

91.7
r92.1
(NA)

146.8
146.9
146.5

87.9
86.9
r84.8

M38.4
136.6

3

144.6
144. 9

EX* 182.1

176.2

r96.7
p95.7

rl!3.6
pill. 6

H03.0
p!02.7

H45.6
p!45.0

r82.1
p79.6

1978

1979
January
February
March

October
November
December

1

2

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byE); 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 scries 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 10 and 11.
Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.




60

DECEMBER 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

^ EMPLOYMENT AND UNEMPLOYMENT
|

Minor Economic
Process
Timing Class

L,L,L

Year
and
month

1. Average
workweek of
production
workers,
manufacturing
(Hours)

L, C, L

L, L, L

2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
(Hours)

(Per 100 employees)

L, Lg, U

L, L.g, U

L, C, L

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance 1

3, Layoff rate,
manufacturing

4. Quit rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

(1967=100)

U, C, C

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

1977

January
February . .
March

39.6
40.3
40.3

3.3
3.3
3.4

4.0
4.4
4.1

386
431
329

1 .3
1.5
1 .1

1 .8
1.8
1 .8

0.439
0.434
0.450

105
106
108

152.25
154.82
154.81

April
.. .
May
June . .
.

40.3
40.4
40 5

3.4
3.5
3 6

3.9
4.0
4 0

358
378
363

1 .1
1.1
1 1

1 .8
1 .9
1 .8

0.467
0.484
0.484

109
112
114

155.41
156.19
156.71

July
August
September

40.3
40.4
40 4

3.5
3.4
3 4

4.0
3.9
3 9

382
391
377

1.3
1.2
1 1

1.8
1.8
1 9

0.537
0.535
0 539

121
122
120

157.16
157.32
158.02

October
November
December

40 5
40.5
40 4

3 5
3.6
3 5

4 0
4.1
4 3

372
349
331

1 l
1.0
1 0

1 9
1.9
2 0

0 573
0.597
0.674

128
133
140

158.77
159.05
159.06

39 5
40.0
40 5

3 5
3.7
3 6

4 1
3.9
4 0

331
370
(HM20

0 9
1.0
1 0

1 9
2.0
2 0

0 635
0.679
0 682

1 38
139
141

158.83
160.34
162.07

0)40 7
40 4
40 5

3 7
3 6
3 5

4 1
4 0
4 0

330
328
346

1 0
1 0
1 0

2 1
2 1
2 1

0 71 7
0 696
0 746

146
144
147

163.63
rl63 38
164.35

July
August
September

40.5
40 4
40 5

3.6
3 4
3 6

4.0
4 0
4 ]

375
361
328

0.8
1 0

0)0 8

2.0
2 1
2 1

0.718
0 752
0 759

149
150
152

164.43
164.54
164.81

October
November
December .

40 5
40.6
40 6

3 6
3.7
3 7

4 3
4.4
[u\4 c;

3?5
334
325

0 9
0.9
0 9

2 2
2.2
2 2

0)0 821
0.816
0 81 7

1 61
161
1 65

165.45
167.01
167.22

3.7
3.7
H>3.7

4 3
4.2
4.0

344
341
352

0.9
0.9
0.9

[0)2 3
2.2
2.1

0 815
0.800
0.791

161
158
156

167.44
167.33
169.22

1978

January
February
March
April
May
June

.

.

1979

January
February
March

40.6
40.6
40.6

April
May
June

39.1
40.2
40.1

2.7
3.5
3 4

3.9
4.0
4.0

438
352
390

1 .1
1 .0
1 .1

2.1
2.0
2 0

0.777
0.773
0.789

155
154
153

166.62
168.46
169.20

July
August
September

40.2
40 1
r40.2

3.3
3 2
3.2

3.9
3 7
3,8

398
395
382

1 .2
1 5
1 .2

1 .9
1 9
1 .9

0.789
0 750
0.791

155
155
159

169.27
169.10
H69.51

October
November .
December

r40 2
p40 0

4 1
q
po, y

399

] ]

p n

v-O on/i

n? •£
PJ 9

ndl Q

nl . "3
pi
6

3 2

n -3

pi ,y
nl

Q

nfl

77 Q

rn\v-i D/
[H/rl A 7
1 r o
p ! bo

v 1 f\ Q c\/l

0)pl 69 , 71

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 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 12, 16 and 17.
Data exclude Puerto Rico which is includ
uded in figures published bv the source agen cy.




DECEMBER 1979

61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

En

Minor Economic
Process
Timing Class

EMPLOYMENT AND UNEMPLOYMENT-Con.
Comprehensive Unemployment

Comprehensive Employment-Con.

U, C, C

L, C,U

U, Lg,U

L, Lg, U

L, Lg, U

L, Lg,U

Lg, Lg, Lg

Lg, Lg, Lg

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

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

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

37. Number of
persons unemployed, civilian
labor force

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs 1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

Year
and
month

C,C,C

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1977
7 11^

7 A

4 1

-\ r

7,268

7.5

4.1

7 1 c,l

7 A

o p

14.8

U

r

0/1

f. QAA

7 9

q 7

U

r

9 n

56.98

6,896
7 HDP,

7.1

3.7

15.0

2.0

R7 1 fl

£ 7D£

C7

c 7qc

6 q
7 PI

January
February
March

85 529
85,860
86 312

80 565
80,794
81 233

23 652
23,796
24 016

CC

April
May
June

86 544
86,817
87 209

81 622
81 ,986
82 369

24 1 91
24,326
24 433

Cf.

OA

July
....
August
September

87 407
87 684
P7 qqq

82 61 6
82 849
pq 9P7

?A dqn
9 A £,££,

October
November .
December

88 136
88 839
89,257

83 549
83 908
84 125

January
February
March

89 560
89,767
89 948

April
May
June

Apf)

qq

56.51

cc 70

R7 1 1

91

7 9

9

q 7

M

q

o p

U

T

4 n
4 .n
U

c y 01

c £9/i

6

24 635
24 740
24 750

57 35

6 654
6 635
6 187

6 8
6 7
6 3

84,421
84,735
85,246

24,838
24,893
25,107

58 10
58.11
58 19

p. ?q?

f.

6,092
6153

6.1
c 9

3.6
q A

90 430
90 710
91 216

85 961
86 227
86 590

25 487
25 534
25 652

cp oo

c nfi^

58 46

£

c -\
c. -\

c o pi

C oc/\

July
August
September

91 069
91,372
91 ,604

86 686
86,880
87 032

25 710
25,716
25 767

58 61
58.71
58 80

October
November
December

91 ,867
92 476
92 468

87,424
87 840
88 133

25,941
26 120
26 272

January
February
March

93 068
93,335

88 433
88,700
89 039

26 382
26,448
26 627

April
May
June

92 987
93 i 34
93 494

89 036

i o p

2 .0
J
2.2

2

T

1 Q

I .n
y

i.y

1

Q

Q
i o. y

n
I .0

A n
3 8
3 7

1q 7

1 &

13 5
13 7

1 R

q

1q n

1 7

12.6
1 9 ZL

1.6
i ^

q i

19/1

1 C

q D

199

1 A

c p

q i

19 n

1 O

6 1 76
5,940
5 964

6 1
5.9
5 9

q q

n

3.5
3 2

11.4
11 5

iq
1.2
1 3

58 85
59 09
59 08

5 836
5 877
6012

5 8
5 8
c q

3 0
3 0
3 1

n s

cq 9p

5 883
5,881
5 871

R p
5.7
5 7

q n

11 9

59.43
fuAcq AC.

3.0

11.3
11 7

59 00
59 00
59 19

5 937
5 929
0)5 774

5 8
5 8
fu\5 5

3 1
fH>2 8
3 0

11 0

89 626

26 565
26 651
26 674

93 949
93,578
94,113

89,713
89,762
r89,803

[H}26,723
26,599
r26,593

59 39
59.12
59.42

5,848
6,149
5,985

5 7
6,0
5.8

2 9
3 0
2.9

0)10.0
10.5
10.6

H)i .0

94 005
fl^94 221

r89 967
rq\nqo IRR

r26,559
p26,604

59.16
59 29

6,182
6 039

6.0
5 8

2.9
p3.1

10.5
10.5

1.2
1.1

57 80
57 95

0

T Q

1

7

1978

1 CC

0

C,

p

11 0
in 7

1 3
1 2
l ?

1979

July
August
September
October
November
December

qq /IQQ

....

OQ

qqp

q n

n i
10 4

1 ?
1.2
iq
1 2
1 ?
1 ]

1 .2
1.1

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, 15, 17, and 18.
x

62

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




DECEMBER 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR E C O N O M I C
PROCESS

H
H PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

C, C, C

Timing Class

C,C,C

50. Gross national product
in 1972 dollars

Year
and
month

Personal income
223. Current
dollars

52. Constant
(1972) dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

C,C,C

51 . Personal
income less
transfer payments in 1972
dollars

53. Wages and
salaries in
mining mfg
and construction in 1972
dollars
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

C, C, C

C, L, L

C, C, C

C, C, C

C, C , C

73. Index of
industrial
production
durable manufactures

(1967=100)

74. Index of
industrial
production
nondurable
manufactures

(1967-100)

47. Index of
industrial
production
total

(1967=100)

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

1977

January
February
March

1,315.7

1 455 2
1 ,472.0
1,490.3

1 066 1
1,070.5
1,079.1

9182
923.0
930.9

April
May
June

1,331.2

1 499 3
1,509.2
15186

1 081 0
1,084.2

932 5
937.5

1 noc R

QAD 7

July
August
September

1 537 0
1,547.7
1 560 7

1

1,353.9

ozm i
947.7

October
November
December

1,361*! 3

1,579.4
1,596.9

1,111.5
1,119.1

961.6
968.0

1

1 1 9A 7

Q7/1

1

C] 0

nQZl 7

1,097.7
1 1 02 2

0

QC9

0,

1

226.7
229.6

1 33 7
134.5
136.3

1 24 6
125.0
127.5

1 46 5
147.3
149.1

230 1
231.2
9-39 q

137 1
138.0
1 38 9

1 28 4
129.6
1 30 7

149 5
150.5
1 C1

1

900/1

i on

1 0,1

1C!

0

232.8

139.3

99A

90/1

£

C

235.9
236.3
o oc

/i

n

0

605 .'o

610.6

1 on c

131.5
i 09 i

151 .6

140.1
140.3
i zin ^

132.8
133.0
i o/i n

152.3
152.4

1 40 .0
i4U .o
1 /i n J
142.1

1 O9

1 32 . 1
1 J2 . 0
3
135.0

1 52 .4
i b29 9Q
1 n .
153.8

A 91 .4
D£ 1 /I

1 07 C
1 J/ .0

1 55 . 5
-i r r n
1 bb .0
1 57 .0

r 07 9
DO/ . ^

622.*5

1 Rl 7

624^2

1 ro A

1978

January
February
March

1

April
May
June

"i

July
August
September

1 /10.7 ^

October
November
December

1 A 9£ Pi

1 ,o 1 o. b
1 £1 Q £

-]
rj
1 ,1 "II y . o
j

1 A°i "5

1,130.1

980.9

240.3

1 £7A
1 £Q7
1 ,7n/l
1 /U4

one 9

969 . 4
079 .n
y ic o

233 . 6

1 191 9

1,654.4

3A7 Q

1 1 "37 /I
1 1 ^£ 9
1 -i TQ r\

QQQ

yyy .£o

9/10
^4«3. Q
9
9/1 9. 0
^4o. n
244. 0

R
"3
9
.L

1
-| r 1 Q
1 , 1 0 1 . 0
1

i 7Q1 n
i or\i A

1 £/l

1

1 CC Q

7

7

on "3 . i
y9o 1

i , i jy . y

i , 7 9.n 0
1 /oU. n
17/11 1
~\ 7c,£ i

1

QQQ

1 ,000 . 5
i ,oOd Q
i nn9 .y

i nn A i

1

1 £R C

I

1

1 7/1 Q

1

Q9£ Q

US 1 1 Q"3 Q

n! r

n

H9 "2
1 ,0<c o .A4
[Tj\ I n 09 r
[H/ 1 ,Uo(i . b

9 "3£ 1
£00 . 1

m
m

/i
o

1 07

i o/ .Qy

146 .1

1 39.0

245 . 3
9/1/1 .Cb
244

147.1
iA Q n

1 41 . 1

9/1 r

"I

1 /I Q C

1/19

Q

•} r Q

9/1 £

A

1 AO 7

m

/-

•i r Q r

1 A1 Q
141.0

i <M . y

9/1 Q D

^4o. y

ICO

C
1 bu .0

145.5

9 Rn Q
cbu. y

1 CT

0

-i n r
Q
1 45 .0

151 5
1 52 0
[H)l 53 0

1468
147 2
ftiM 48 fi

1 57 .2
1 r n /I
1 bo .4

54"I 1 .Q
o
/-/I

i by .o
j

1 by . b
160.4
1C!

r r 7 Q
bb/ . j

7

1979

January
February
March

1 ,430.6

1 ,834 3
1 ,851 .4
1 ,872 1

1 175 1
1 ,174*7
1 ,179 6

1 023 9
1 ,024 6
1 ,028 9

249 7
250 5
0)251 9

April
May
June . . . .

1 422 3

1 ,880 7
1 891 6
1 905 1

1 176 2
1 175 6
11753

1 024 6
1 024 1
1 024 3

248 6
248 0
246 8

July
August
September

[H) rl 433 3

1,933.2
rl Q4fi R

1,183.1
rl 1 ft? fi
rl 1 80 1

October
November
December

rl 960 1
. .

rl 978 2
[u\n1 QQQ 4

rl 1 7 8 9
pi 183 8

1,024.9

H

noo n

rl n?l Q

y,"]

f>9

1

9

nl H9£ /[

246.2
9/10

1

r242 9

1607
162 0
163 0

1 en p

m

e

161 7

1 CO

1 A7 A
1 A7 ft

1 CO p

E) 658 6

A

1 CO C

152.8
-] r -I
yO

CO

r
/I

147.2

647 3

ico n

164.1

m

o

vO A/1

1 /IC

Q

w-l A/t A

rl b4 .O
j

r?A? 0

.^-1 |T 9

/i

rl /m

/I

rl A /I 7

5

nl Rl

fi

pi 43 g

r651 .3

iTj\ n icc n

p241

r

NOTE: Series are seasonally adjusted except those series that appear to containno'seasonal movement. Unadjusted series are indicated by (u). 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, 19, 20, and 40.'




DECEMBER 1979

63

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

AN PRODUCTION AND

Minor Economic
Process

£ | CONSUMPTION, TRADE.. O R D E R S , AND D E L I V E R I E S
[

Capacity Utilization

L, C, U

Timing Class

83. Rate of
capacity
utilization,
manufacturing
(BEA)

Year
and
month

(Percent)

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

Orders and Deliveries

L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L, L, L

Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)

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

L, L, L

8. New oiders
for consumer
goods and
materials in
1972 dollars
(Bii.doi.)

L, L, L

L- Lg, U

L, L, L

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies reporting slower
deliveries®

(Bil.dol.)

(Bil. dol.)

(Percent
reporting)

1977

80 '.7

81 .1

55.91
55.74
58,58

37.15
36.87
38.49

33.95
34.58
36.15

1 .35
0.46
0.60

166.86
167.32
167.92

44
55
56

82 'i

83.2

57.98
58.27
59.01

37.92
37.94
38.27

34.96
34.96
35.39

1 .55
1 .27
1 .39

169.46
170.73
172.12

58
56
58

82.4

82.8

56.94
59.56
60,70

36.57
38.04
38.44

34.76
35.93
35.64

-0.69
1 .18
1 .44

171.43
172.61
174.05

59
58
56

82.'6

83lo

63,23
63.07
65.98

39,82
39.52
41 .14

35.82
35.89
36.34

3.01
2.91
4.35

177.06
179.97
184.32

56
50
56

82.'6

82,' 6

62.61
65,54
68.14

38.62
40.11
41 .45

35.14
36.71
37.28

2.76
2.99
4.38

187.08
190.06
194.44

55
64
67

83.9

85^6

69.25
68.90
68,31

41 .69
41 .23
40.57

38.47
37.65
37,33

3.69
3.88
2.72

198.13
202.01
204.73

64
64
66

85.2

86,4

65.94
70.59
72,40

38.85
41 .23
42.07

36,38
37.97
37.67

0.83
2,62
3.92

205.56
208,18
212.10

56
65
66

86*.4

|H>88'.2

76.46
76.91
76,83

44.12
43.98
43.63

38,66
38.40
38.78

6.37
5.52
4 ,,19

218.47
223.99
228.18

68
66
68

[H> 8 6 ^ 7

ss!6

79.65
81 .31
H)83.09

44.64
45.17
E)45.78

H>39.76
39.16
39,62

6.76
E>7.66
6.23

234.94
242,61
248.84

69
77
E>78

85.9

January
February
March

87^3

76.10
77.03
75.82

41 .43
41 .73
40.87

37.16
37.42
36.75

5.11
1.32
3.18

253.95
255.27
258.46

76
76
70

r87J

72.54
74.03
r77.56

r38.73
39.42
r40.93

r35.86
35.94
36.29

-1 .04
-0.39
r3.55

257.42
257.03
r260.58

60
55
51

r76.40
p75.45

r39.77
p39.03

r36.25
p34.46

rO.96
pi .93

r261 .54
DP263.47

50
47

*83

April
May
June

"84

July
August
September

"82

October
November
December

'82

1978
January
February
March

84

April
May
June

*84

July
August
September

'83

October
November
December

84

1979
January
February
March
April
May
June .
July
August
September

[H)84

.

.

.

*83

85i4
. ...

82

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). 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 12, 20, and 21.

64




DECEMBER 1979

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS
Minor Economic
Process
Timing Class

c, c, c

c, c, c

56. Current
dollars
(Mil.doi.)

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

C, L, C

C, L , U

U, L, U

75. index of inSales of retail stores
dustrial production, consumer
54 Current
goods
59. Constant
dollars
(1972) dollars
(1967=100)

(Mil.doi.)

F I X E D CAPITAL
INVESTMENT
Formatio n of Business Ent erpriscs

Consumption and trade

Manufacturing and trade sales
Year
ami

H

H | CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.
%

(Mil. do!.)

L. C , C

L, L, L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment ®

(Arm. rate,
bn.dol.)

(1stQ
1966-100)

87.5

L, L, L

12. Index of
net business
formation

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

1977
January
February ,
March

213,574
217,003
221,956

143,799
145,055
147,331

141.4
1 42 . 1
144.5

57,405
58,474
58,917

41 ,598
42,098
42,265

62.4

April
May

221,241
222,422
223,249

146,165
146,463
147,128

1 44 . 6
145.2
146.3

59,254
59,367
59,203

42,294
42,284
42,048

61. " 3

August
September

223,686
225,400
226,879

147,250
147,992
148,272

146.8
146.5
146.4

60,176
60,566
60,973

42,618
42,742
42,909

60.*9

October
November . . . . . . . . .
December

229,543
232,586
236,790

149,412
150,316
152,117

147.1
146.6
146.2

61,979
62,862
62,480

43,525
43,929
43,419

January
February
March

232,439
238,873
242,926

148,120
151,295
153,432

143.2
145.2
147.5

61,892
62,898
64,075

April
May
June

249,868
251,588
252,380

156,316
156,223
156,183

149.5
149.0
149.3

July
Auqust
September

252,728
259,226
260,099

155,372
158,476
157,585

October . . . . . . . . . . .
November
December

266,724
269,792
272,537

159,846
160,556
161 ,105

January
February
March

273,304
274,579
285,372

160,181
159,086
0)164,058

April
May
June

275,936
287,139
283,388

122.7
122.2
123.6

34,519
33,173
35,300

121.7
122.6
125.1

33,394
34,442
37,229

87.' 6

125.7
129.6
128.7

35,749
39,525
37,812

62^2

83J

130.8
132.3
133.6

38,943
38,344
39,674

42,655
43,051
43,648

62.3

83.7
84.3
78.8

133.6
133.7
130.5

36,547
39,253
37,602

65,146
65,522
65,964

43,988
43,916
43,947

70^2

81.6
82.9
80.0

130.7
131.0
132.9

38,498
38,320
39,796

149.8
150.6
150.8

66,224
67,303
68,085

43,944
44,454
44,675

68*.9

82.4
78.4
80.4

133.4
133.0
133.0

39,400
42,605
41 ,827

151.2
151.3
151.5

68,971
70,158
70,918

44,991
45,498
45,724

70.6

79.3
75.0
66.1

IH)135.5
133.6
133.5

41 ,945
41 ,568
42,461

150.6
151.5
ED152.9

70,855
71 ,122
72,045

45,102
44,759
44,944

E>74.'6

72.1
73.9
68.4

131.4
132.4
132.2

42,847
42,061
42,206

157,136
161 ,575
158,140

149.1
152.0
151.8

71 ,366
71,914
71 ,803

44,080
44,173
43,756

68^2

66.0
68.1
65.8

130.4
130.1
131.0

42 ,763
43,741
42,634

43,861
45,084

r67'.9

132.3
131.4
e!33.1

[H)45,049
43,213
p44,975

(NA)

(NA)

E>89.1

1978

1979

July
Auqust
September
October
November
December

288,565

159,296

r293,059
r296,394

160,227
r!60,225

150.8
rl48,2
149.8

72,370
74,794
r76,929

H)r45,928

60.4
64.5
66.7

[H)p299,050
(NA)

pl59,775
(NA)

H49.9
p!48.7

r75,620
[H)p76,992

r44,852
p45,263

62.1
63.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byiH), 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 12, 14, 22, and 23. '

KCII




DECEMBER 1979

65

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

BJ FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Business Investment Commitments

L, L, L

Timing Class

L.L.L

Contracts and orders for plant
and equipment
Year
and
month

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
space 1

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

97. Backlog of
capital appropriations, manufacturing

(Bil. dol.)

(Bil. dol.)

L, L,L

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

Square feet

(Millions)

Square meters 2

(Millions)

1977
January
February
March

16.90
16.77
16.32

11.62
11 .49
11 .16

14.43
13.96
14.27

9.95
9.59
9.78

53.56
51.27
67.45

4.98
4.76
6.27

14.'58

April
May
June

17.22
19.11
18.42

11.75
12.91
12.32

14.32
14.80
15.45

9.83
10.10
10.39

55.88
63.20
61.12

5.19
5.87
5.68

15^00

July
August
September

16.13
18.38
20.22

10.76
12.26
13.24

14.05
14.62
16.13

9.40
9.83
10.60

58.48
71.07
67.79

5.43
6.60
6.30

17.'46

October
November .
December

17.68
18.59
20.74

11.64
12.06
13.34

15.84
16.18
16.94

10.46
10.54
10.96

63.06
70.62
72.04

5.86
6.56
6.69

16^92

January
February
March

20.90
22.09
20.48

13.33
14.05
13.08

16.17
17.19
17.18

10.36
10.97
11.01

83.03
67.86
71.94

7.71
6,30
6.68

17JO

April
May
June

19.04
21.11
19.78

12.08
13.25
12.38

17.28
17.61
17.61

11.00
11.16
11.10

76.71
88.41
83.27

7.13
8.21
7.74

15J2

July
August
September

21.47
22.71
23.32

13.25
13.86
14.17

17.45
18.36
19.84

10.90
11.35
12.18

74.82
79.21
86.38

6.95
7.36
8.02

16'. 17

October
November
December

25.85
r24.70
22.84

15.50
rl 4 . 82
13.53

21.03
20.75
19.13

12.81
12.64
11.50

84.55
91 .08
81.48

7.85
8.46
7.57

18'. 7 5

. .

49.' 28

50^68

53.94

56. '50

1978

59.73

59 ".98

60'.83

63'.43

1979
January
February
March

25.02
25.99
[H)27.29

14.80
15.48
H>16.62

21.41
22.87
|H)23.98

12.83
13.79
1 1 4. 84
)

88.51
H>105.49
102.77

8.22
[H)9.80
9.55

[R}22.'58

25.38
22.50
25.06

14.79
13.04
14.52

20.77
20.96
21.75

12.33
12.24
12.81

93.59
87.09
84.08

8.69
8.09
7.81

21 '.03

July
August
September

23.50
23.53
r24.73

13,31
13.22
H3.82

20.23
20.74
r21.82

11.63
11 .80
H2.35

88.48
83.85
92.17

8.22
7.79
8.56

p22*.52

October
November
December

r23.92
p24.83

H3.43
p!4.00

r20.78
p20.89

rll.88
P12.05

93.15
84,13

8.65
7.82

April
May
June

68'. 68

70*. 15

[H>p73.'73

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 byjfi). 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.
l
Graphsof these series are shown on pages 12, 23, and 24.
This is a copyrighted series used by permission; it may not be reproduced
without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Converted to metric units
by the Bureau of Economic Analysis.

66




DECEMBER 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

BH FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

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
86. Total
87. Structures
88. Producers'
equipment
durable equip.
(1967=100)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

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

L, L, L

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

1977

130J6

181 .50
183.15
188.92

142.1
142.8
143.2

126.3

37.5

88*8

1,519
1,856
2,064

124.6
134.5
143.1

53^5

134^24

188.58
192.25
188.88

146.0
147.1
148.2

128^3

39.0

89 .'3

1,883
1,985
1,907

143.1
143.8
151 .0

57^9

July
August
September

140^38

195.08
198.96
201 .12

149.1
149.9
151.0

13CL8

39^9

9CL9

2,062
2,023
1,982

145.4
153.4
144.3

59.3

October
November
December

138.11

204.15
205.05
205.76

150.8
150.8
152.3

131 '.7

40 J

9K5

2,078
2,041
2,151

151 .5
152.7
151.2

60.1

144.25

204.83
209.20
214.91

152.0
153.6
156.5

133J

40.2

93.0

1,744
1,659
2,011

139.2
137.7
140.7

59.4

April
May
June

150^76

221 .86
220.94
228.18

158.0
158.4
160.1

140.3

43.9

96^4

0)2,176
2,037
2,093

154.6
141 .8
[0)160.2

July
August
September

155.'41

230.58
238.02
246.70

161 .7
163.4
163.8

141 .6

4 5 . 'l

96^5

2,104
2,004
2,024

142.6
138.6
148.5

60*2

October
November
December

163!%

245.58
248.99
252.90

164,8
165.0
166.8

145 '.5

46.5

98.*9

2,054
2,107
2,074

148.2
144.5
147.6

5C)!6

January
February
March .

165.94

256.18
255.73
270.16

168.1
169.0
170.8

147^2

45.8

101. 3

1,679
1,381
1 ,786

117.2
115.1
130.9

57^7

April
May
June

173.48

258.54
266.54
264.63

168.7
171 .4
171.5

146.9

47.*9

99^6

1 ,745
1 ,835
1 ,923

122.5
130.7
132.4

56." 7

[H)179.'33

272.96
r279.65
r279.62

171 .4
r!71 .5
DH73.3

E>48.'7

[H}rloi:9

1 ,788
1 ,793
rl,921

123.4
133.6
143.4

r56*5

DP281.25
(NA)

r!71.3
p!71.4

January
February
March
April .
May
June

. .

1978
January
February
March

.

0}60'9

1979

July
August
September
October
November
December

ra 184 .'3*2
'189.32

[R>rl50'7

rl,762
pi ,518

124.6
pi 02. 3

NOTE: Series are seasonally ad|usted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by IB); for
series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are 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.
x

First quarter 1980 (anticipated); 2d quarter 1980 (anticipated) is 195.76.




DECEMBER 1979

67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

M INVENTORIES AND INVENTORY INVESTMENT
|

Minor Economic
Process

Inventory Investment

L, L,L

Timing Class

L, L, L

L, L, L

36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data 1

Year
and
month

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Inventor es on Hand and on Order

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, mfg.

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

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

65. Mfrs.'
inventories of
finished
goods, book
70. Constant
(1972) dollars value
(Bil.dol.)

Lg, Lg, Lg

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

(Bil.dol.)

L, Lg, Lg

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

(Ratio)

(Bil.dol.)

1977
January
February . .
March

11. * 3

15.11
11.99
15.05

5.60
9.52
12.49

30.6
29.4
40.5

1.50
0.80
1.35

313.29
315.73
319.11

226.11
226.81
227.89

54.42
54.70
54.91

1.57
1.56
1.55

134.37
1 35 . 1 8
136.52

April
May
June

13li

15.76
8.77
9.78

14.16
13.73
12.31

39.8
22.0
21.7

0.87
0.97
0.20

322.42
324.26
326.07

229.16
229.84
230.81

55.39
56.35
56.84

1.57
1.57
1.57

137.39
138.36
138.57

July
August
September

lele

7.94
22.78
19.14

10.13
11.16
15.06

9.7
31.9
38.7

-0.63
1.13
1.23

326.88
329.54
332.76

231.68
233.01
234.49

57.42
57.46
57.83

1.57
1.57
1.58

137.94
139.07
140.30

October
November
December

111 3

3.02
20.26
17.06

15.80
14.56
13.79

7.4
32.1
24.5

0.58
0.88
1.74

333.38
336.06
338.10

234.60
235.77
236.82

58.45
59.02
58.88

1.57
1.57
1.56

140.88
141.76
143.50

is'.s

23.21
13.62
0)36.53

16.81
19.07
21.21

41.0
33.9
60.8

0.92
1.51
2.07

341.52
344.34
349.41

238.18
238.92
241.23

59.74
59.76
60.05

1.61
1.58
1.57

144.42
145.93
148.00

isle

29.34
17.71
15.10

25.47
E>27.18
24.29

60.4
33.7
33.8

1.83
2.00
2.38

354.44
357.25
360.06

242.94
243.93
244.65

60.71
61.07
61.57

1.55
1.56
1.57

149.84
151.84
154.22

12^2

10.36
18.49
12.82

17.55
14.52
14.27

35.8
42.3
31.8

1.18
1.81
2.62

363.05
366.57
369.23

245.54
246.77
247.13

62.10
62.74
62.82

1.58
1.56
1.57

155.40
157.22
159.83

1216

15.64
19.19
18.38

14.77
15.77
16.81

38.1
52.9
33.8

2.43
2.98
2.71

372.40
376.81
379.63

247.88
249.09
249.59

62.69
63.52
63.80

1.55
1.55
1.55

162.26
165.24
167.95

i2la

31.04
14.76
15.07

20.30
22.13
20.84

54.7
43.6
48.9

H>5.71
3.96
3.31

384.19
387.82
391.89

250.98
251 .38
252.24

64.67
65.48
65.67

1.57
1.58
1.54

173.66
177.62
180.93

E>i8.'i

29.44
-2.04
21.68

20.02
16.96
15.26

67.6
47.7
53.5

4.31
0.52
2.70

397.53
401.50
405.97

253.80
254.71
256.18

67.10
67.28
68.26

1.62
1.58
1.62

185.24
185.76
188.46

r/li

r!8.56
rl.96
r-20.95

r!4.55
r!3.40
r6.96

0)93.7
r38.2
r4.5

-0.02
2.63
rl.23

413.78
r416.96
r417.33

r258.92
[H>259.42
r257.63

68.95
69.00
E)r69.95

B1.63
1.62
rl.61

188.45
191 .08
H92.30

p-1.14
(NA)

p-3.43
(NA)

p50.7
(NA)

p2.79
(NA)

H)p421.56
(NA)

p258.33
(NA)

p69.27
(NA)

pi. 62
(NA)

(H)pl95.09
(NA)

1978
January
February
March

.

. .

April
May
June
July
August
September

. . . .

October
November
December

.

. .

1979
January
February
March
April
May
June

. .

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[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, 26, and 27.
1

Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.




DECEMBER 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

Ml

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

U, L, L

L, L, L

Timing Class

92. Change in sensitive prices
Year
and
month

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

PRICES, COSTS, AND PROFITS

23. Index of
industrial
materials
prices®

(1967=100)

L, L, L

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.)

L, C, L

L,C, L

Corporate profits after taxes
with IVAand CCA 1

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

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)

1977
-1.76
0)4.40
1.57

0.71
-0.14
0.69

210.2
216.4
222.8

103.81
100.96
100.57

99!2

70!6

6l'.9

48i6

l6'.2

0.43
1.04
-1.35

1.77
1.58
0.53

221.9
218.1
206.4

99.05
98.76
99.29

103^7

7^6

76 A

53.*8

l6!3

July
August
September

0.22
1.44
0.67

0.01
0.04
0.44

204.1
202.7
202.9

100.18
97.75
96.23

107^2

7^9

87J

D6CL3

io!z

October
November
December

0.21
1.51
2.52

0.77
0.79
1.11

204.7
203.8
210.9

93.74
94.28
93.82

107^9

73J

77^9

53!2

io!s

0.67
0.03
1.27

1.49
1.32
0.87

219.7
219.9
219.8

90.25
88.98
88.82

ioe!7

7\'.2

70.4

47!i

9^9

April
May
June

1.39
0.62
1.85

0.78
1.00
1.19

220.3
217.8
222.1

92.71
97.41
97.66

122!i

79'.9

84!7

55\7

16!?

July
August
September

1.59
0.44
1.62

1.32
1.32
1.26

224.7
232.6
239.1

97.19
103.92
103.86

124^6

79*.7

8?!?

56\7

1CL7

October
November
December

1.44
1.85
1.16

1.19
1.40
1.56

249.4
254.8
251.8

100.58
94.71
96.11

132!3

83L2

0)89*. 7

56!9

ii!6

1.85
2.57
3.43

1.55
1.74
2.24

258.3
273.5
288.5

99.71
98.23
100.11

142".6

H)87!3

8J'.6

54! 4

Dii'.i

April
May
June

-0.38
2.57
2.98

2.24
1.87
1 .80

294.5
293.8
293.9

102.07
99.73
101.73

139*. 3

83J

87^9

53*.4

li'.o

July
August
September

rO.88
r'l .28
3.36

rK93
rl .93
1.78

297.3
298.1
297.3

102.71
107.36
H>108.60

[R>rl48.3

r86.9

r86.8

r51 .5

rll.2

October
November
December

3.03
2.37

r2.20
H)2.74

H)307.7
304.0
3
308,9

104.47
103.66
"107.69

January
February
March
April
May
June

1978
January
February
March

. ..

1979
January
February .
March . . .

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 byE); 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.

Graphsof these series are shown on pages 13, 28, and 29.
'iVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series
is a weighted *t-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3Average for December 4, 11,
and 18. AAverage for December 5, 12, 19, and 26.
II DECEMBER 1979



69

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

fflj

Minor Economic
Process

Profits and Profit Margins-Con.

Year
and
month

U,L, L

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income 1

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

(Percent)

Timing Class

PRICES, COSTS, AND PROFITS-Con.

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

L, L, L

L, L, L

L, L, L

26. Ratio, price
Net cash flow, corporate
to unit labor
cost, nonfarm
35. Constant
business sector 2 34. Current
(1972) dollars
dollars
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

68. Labor cost
63. Index of
unit labor cost, per unit of real
private business gross domestic
sector
product, nonfinancial
corporations
(1967=100)

(Dollars)

Lg, Lg, Lg

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

Lg, Lg, Lg

64. Compensation of employees as a percent
of national
income 2

(1967=100)

(Percent)

1977
January
February
March

6*. 5

5.' 3

96.8

1623

112.'4

175^2

0.928

150.4
152.2
151.9

76^2

April
May
June

7.3

53

973

1703

1153

178!s

0.945

152.3
152.8
153.6

75^8

July
August
September

D8J

5.0

97*4

176^2

1173

180 .'2

0.954

154.2
154.8
155.7

753

October
November
December

i'.i

5^4

963

1773

ne.'o

183.'3

0.975

156.6
157.7
159.1

7s!s

January
February
March

e'.2

s'.o

94^7

178.'i

114^4

189!4

1 .002

161.5
163.9
164.4

76 ! 7

April
May
June

7J

53

95.8

1953

1233

192!l'

1 .009

163.1
163.2
163.3

753

July
August
September

Y.2

s.'i

96.6

197.3

1223

195!2

1 .024

163.6
163.1
163.9

75!4

October
November
December

1\2

5.7

96 .'o

205!7

1253

199!6

1 .042

164.9
166.6
167.8

75!6

January
February
March

63

E>6.'o

94^7

216.0

129.8

205/9

1 .075

170.6
171.8
172.0

753

April
May
June

6.6

53

94!. 4

2173

127^4

211 .7

1 .104

175.2
173.3
174.0

753

5.8

94.*2

E)r228/3

H>rl30.'5

E)216.'6

Drl.127

175.0
H76.4
r!76.7

r75.*8

1978

1979

July
August
September

r6.0

October
November
December

r!78.1
[H)pl79.9

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). 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 "IMA", not available.
Graphs of these series are shown on pages 15, 29, and 30.
J
2
IVA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series 26 reached its high value (98.1) in 3d
quarter 1975; series 64 reached its high value (76.8) in 4th quarter 1976.


'U


DECEMBER 1979 l ( |
t])

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS

|
Q MONEY AND CREDIT

Minor Economic
Process

Velocity of Money

Money

Timing Class

L, L, L

85. Change in
money supply
(Ml)

Year
and
month

(Percent)

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

L, L, L

L, L, L

L, C, U

104. Change in total liquid assets

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

L, L, L

105. Money
supply (M1)
in 1972
dollars

106. Money
supply (M2)
in 1972
dollars

(Bil.dol.)

(Bil.dol.)

C, C , C

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

(Ratio)

Credit Flows

C, Lg, C

L,L, L

108. Ratio,
personal income
to money supply
(M2)

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

(Ratio)

1977

0.92
1 .09
0.78

0.79
0.83
0.91

225.4
224.5
224.4

533.1
532.1
532.9

5.726

0.57

0.93
0.78
0.78

1.947
1 .954
1 .963

51 .70
57.72
69.95

April
May
June

0.88
0.34
0.53

0.84
0.56
0.73

0.83
0.66
0.83

0.91
0.83
0.76

224.7
224.5
224.5

533.5
534.2
535.1

5.794

1 .958
1.960
1 .958

79.81
82.10
94.26

July
August
September

1.05
0.58
0.76

1.08
0.73
0.75

E>1.14
1.07
0.91

0.82
0.94
1 .03

226.0
226.4
227.2

539.1
540.6
542.6

5.836

1 .961
1 .960
1 .962

74.11
83.71
96.79

October
November .
December

0.69
0.33
0.65

0.72
0.50
0.52

1 .12
1.12
0.85

1 .04
1.04
H>1.04

227.9
227.4
227.8

544.4
544.2
544.4

5.851

1 .971
1.983
1 .993

87.62
87.00
96.48

January
February
March

0.94
0.15
0.23

0.82
0.42
0.39

1.01
0.72
0.63

1.01
0.93
0.82

[H>228.4
227.2
226.0

[H}545.0
543.8
541.6

5.872

1.983
1.991
2.011

76.51
77.62
91.01

April
May
June

0.94
0.77
0.71

1 .03
0.91
0.76

0.79
0.82
0.88

227.2
227.1
226.3

542.1
541.8
540.9

6.005

. .

1.37
0.80
0.51

2.019
2.017
2.023

84.14
96.41
97.06

July
August
September

0.54
0.65
1.12

0.72
0.93
1.06

0.79
0.75
1 .11

0.86
0.79
0.82

226.2
226.3
226.9

541.7
543.4
544.5

6.044

2.039
2.033
2.029

80.18
101.60
94.16

0.14
-0.17
0.17

0.53
0.40
0.24

0.65
0.98
0.96

0.86
0.87
0.89

225.4
223.7
222.6

543.0
542.0
539.8

6.1*92

2.047
2.062
2.086

97.54
99.94
93.80

-0.42
-0.31
0.11

-0.09
0.19
0.32

0.85
0.73
0.65

0.90
0.89
0.80

219.7
216.5
214.6

534.5
529.4
525.8

6.383

2.096
2.112
1)2.129

91 .63
84.80
86.59

1)1.48
0.05
1.23

1 .17
0.45
1 .19

0.92
0.72
1.09

0.76
0.76
0.84

215.4
213.2
213.8

526.2
522.8
523.9

6.367

2.114
2.116
2.106

73.56
94.03
100.73

rO.87
rO.56
0.94

1.07
0.92
rl .03

0.86
0.71
rO.98

0.90
0.89
0.87

213.5
212.5
212.2

524.4
523.7
523.4

E)r6,394

2.115
2.109
r2.103

87.25
82.04
88.52

rO.21
pO.08
-0,13

rO.70
pO.53
3
0.81

rO.84
pO.82

rO.85
pO.86

210.6
p208.7

r521 .9
p519,7

r2.108
p2.119

[H)pl04.40
(NA)

January
February
March

0.73
0.57

1978

October
November .
December
1979

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

'.

! ..

3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by 0); 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, 31, and 32.
'Series 102 reached its high value (1.25) in February 1976. 2 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 weeks ended December 5 and 12.

licit




DECEMBER 1979

71

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

|
9 MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Flows— Con.

L, L, L

Timing Class

112. Net change
in bank loans
to businesses

Year
and
month

(Ann. rate,
bil.dol.)

Credit Difficulties

L, L, L

L, L, L

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

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures®

(Mil. dol.)

Interest Rates

Bank Reserves

L, L, L

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

L, U, U

L, Lg, U

93. Free
reserves®

94. Member
bank borrowing from the
Federal
Reserve®

(Mil. dol.)

(Mil. dol.)

C, Lg, Lg

L, Lg, Lg

119. Federal
funds rate®

114. Treasury
bill rate®

(Percent)

(Percent)

1977

236,940

6.90

25.28
28.33
40.42

168.54
194.20
248.20

2.37
2.37
2.37

433
-114
155

61
79
110

4.61
4.68
4.69

4.60
4.66
4.61

April
May
June

0.54
4.16
11 .33

37.07
34.80
30.77

267,068

207.27
473.89
305.86

2.40
2.43
2.38

-62
72
-149

73
200
262

4.73
5.35
5.39

4.54
4.94
5.00

July
August
September

6.59
13.61
7.81

28.88
35.22
34 14

310,644

577.82
338.25
E> 96.99

2.41
2.34
2.36

12
-872
-443

336
1,071
634

5.42
5.90
6.14

5.15
5.50
5.77

October
November
December

10.79
11.81
9.72

38.48
43.15
42 95

312,384

115.69
200.29
168 32

2.41
2.24
2 36

-980
-705
-384

1,319
840
558

6.47
6.51
6.56

6.19
6.16
6.06

January
February
March

9 76
17 21
19 97

29.24
34.34
48.91

309,956

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272
-38

481
405
344

6.70
6.78
6.79

6.45
6.46
6.32

April
May
June

18 10
26.24
21 96

49.27
51.36
50 48

336,240

202.99
160.40
178.84

2.44
2.28
2.44

-475
-975
-974

539
1,227
1,111

6.89
7.36
7.60

6.31
6.43
6.71

July
August
September

1 "3 fil
11 78
1 3 92

41 59
43 58
44 16

345 916

231 82
?0fi 40
127 02

2 42
2 37
2 42

-1 146
--885
993

1 286
1 147
1 068

7 81
8 04
8 45

7 07
7 04
7 84

October
November
December

10.90
8.77
-0 94

40.51
45.98
52 79

394,4l"2

475.34
178.93
196 54

2.35
2.34
2 45

-1,049
-417
-749

1,261
722
874

8.96
9.76
10 03

8.13
8.79

26.95
3?, 68
6 29

36 80
42.76
43 50

182.22
177.09
187 76

D2.12
2.31
2.33

994
973
999

10.07
10.06
10.09

9.35

346,408

39 55

40 oc.
39 67
on 7n

070 /no

242 76
900 4R

2 43
2.37
2 45

-899
-1 490
-1 ' l 7 5

897
1 777
1 396

10 01
10 24
10 29

9 49

31 97
23 83
4n c;4

29 32

no Q

on •}«

?Q "3R rrj\ n OQQ ,y^4
[l-^pjyy Q9/1

1 1 7Q
1 097

10 47
10 94
11 43

9 26
9 45
10 18

.January
February
March

-5.36
11 .59

1978

Q

19

1979

January
February
March

:
i

April
May
June
July
August
September
October
November
December

.. .

JH)r45.60
io/l

,

97

O "I

-1 Q

p-£l . lo
M2.94

[U\ r o or
[M/ DO . JO
9/~

90

1 MA \
(MA)

t/ 6 . 17
1/
970

f MA \

(NA)

-692
-764
-742

2.45
/1 7
2 .47

2.59
/MAN

(NA)

QnZL
y,

1

OOQ

H

o/! A

y, -|

£pn

fu\9

f|99

„

CQQ

nl

QOQ

-I

& p-1 ,699
2

-l,278

2

1,598

ITjXl o 77
[Hy 1 j . / /

TO

2

TO

13.82

9.27
9.46

9.58

9 05

n

47

[u\n 07
3

12.07

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 (R). 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 32, 33, and 34.
1
Average for weeks ended December 5 and 12. 2Average for weeks ended December 5, 12, and 19. 3Average for weeks ended
December 6, 13, and 20.

72




DECEMBER 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS

I | MONEY AND CREDIT-Con.
H

Minor Economic
Process

Outstanding Debt

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

1 16. Corporate
bond yields®

Timing Class

115. Treasury
bond yields®

1 17. Municipal
bond yields®

1 18. Secondary
market yields
on FHA
mortgages®

Year
and
month
(Percent)

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

67. Bank rates
on short-term
business loans

109. Average
prime rate
charged by
banks®

©

(Percent)

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil. dot.)

Lg, Lg, Lg

Lg, Lg, Lg

72. Commercial 95. Ratio,
and industrial
consumer inloans outstallment debt
standing, weekly to personal
reporting large
income
commercial
banks
(Mil.dol.)
(Percent)

1977

January
February
March

8 18
8 33

6.68
7 16
7 20

5.87
5 89
5 89

8.45
8.55
8.65

7.' 50

6.25
6 25
6 25

190,426
192,787
196,155

109,531
110,497
111,072

13.09
13.10
13.16

April .
May
June

8 30
8 38
8.08

7 13
7 17
6.99

5 73
5 75
5.62

8.64
(NA)
8.77

7.40

6 25
6 41
6.75

199,244
202 144
204,708

111 ,117
111 ,464
112,408

13 29
13 39
13.48

July
August
September . . .

8. 12

6.98
7.01
6 94

5.63
5.62
5 51

8 77
8 77
8 74

7.80

6.75
6.83
7 13

207 115
210 050
212 895

112.957
114,091
114,742

13 48
13 57
1364

October
November
December

8 21
8 26

5 64
5 49
5.57

8 81
8 81
8.96

8 64

8.39

7 08
7 16
7.24

7 52
7 75
7.75

216,102
219,698
223,277

115,641
116 625
117,435

13 68
13 76
13.04

January
February . . .
March

8 70
8 70
8 70

7 51
7 60
7 63

5 71
5 62
5 61

9 18
(NA)
9 35

7 93
8 90

225 714
228 576
232 652

118 248
119,682
121 ,346

13 95
14 01
14 06

April
May
June

8 88
9 00

5 80
6 03
6.22

Q

9.15

7 74
7 86
7.94

8.63

236 758
241 038
245,245

122,854
125 041
126,871

1412
14 29
14.39

July
August
September

9.27
8.83

8.10
7.88

6.28
6.12

9.96
9.81

9.00
9.01

248,711
252,343

o 70

7 P?

C

Q 81

14.38
14.49
14 58

October
November
December

9.14
9.30
9 30

8.07
8.16
8.36

6.13
6.19
6.50

January
February
March

9 47
9 52
Q £*;

8 43
8 43
8 45

6 46
6 31
633

April
May
June

9 69
9 83
9 51

8 44
8 55
8 32

6.28
6.25
6 13

10 61
10 49

8

6.13
6.20
6.52

10 46
10.58
11.37

7.96

8.06

8. 11

1978

f|Q

9 44
7ZL

8 00
8 00
8 00
p 07

Q qc

(NA)

Q Al

o c c npo

128,005
128,987
1 30 147

11 '44

9.94
10.94
11.55

259,399
263,231
267,630

131 ,055
131,786
131 ,708

14.56
14.61
14.65

11 75
1 1 75
1 1 75

270 697
274 260
277 885

1^

12 27

14 76
14 81
14 84

[H}12 34

11 75
11 75
11 fi^

opy pc/i

11,54
11.91
12.90

290,297
292,743
297,189

9.*92

9.98

10.04
10.23

1979

July
August
September
October
November
December

A

:

/] 7

9.57
9.87

n

-i 7
. 1 /

E}11.52
11 -|

90

0C

8.42
8.68

9

/1 n

E)9.80
iQ rQ

7 no
1)7.30
27

99

1024

i n 9 A.

in ?fi
(NA)

( MA \
I NA ;
0)12.41

12.31

281 990

1 AH

OOC

143 162
IAC -i/ip

14 99
1508
15 11

148,526
151,058
r!54,858

15 02
15.04
[0X15.16

9QC

1 /I QQ [H/^yy ,0/0
1 4. jy rn\oQQ O7c
(NA)
E)15.55
3

~i c

1 b ,q i
o1

Q£/i

136 677
137 201

fuNvl £*£*

A QQ

9~\ A.

p!53,449
A1CO

nT

c. ] q
(NA)

Q71

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[Hj); 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, 34, and 35.
1
Average for weeks ended December 7, 14, and 21. 2Average for weeks ended December 6, 13, and 20. 3Average for
December 1 through 26. ^Average for weeks ended December 5 and 12.

DECEMBER 1979



73

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,
106)

Year
and
month

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

1-month
span

6-month
span

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

1-month
span

1-month
span

6-month
span

45.8
50.0
83.3

91.7
79.2
70.8

25.0
100.0
100.0

100.0
100.0
100.0

66.7
75.0
91.7

April
May
June

50.0
41.7
58.3

58.3
83.3
54.2

75.0
75.0
100.0

100.0
100.0
100.0

July
August
September

45.8
70.3
54.2

62.5
58.3
70.8

75.0
75.0
75.0

75.0
70.8
58.3

66.7
75.0
66.7

January
February
March

45.8
62.5
41.7

April
May
June
July
August
September

6-month
span

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

1-month
span

9-month
span

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

1-month
span

9-month
span

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

1-month
span

6-month
span

1977

January
February
March

...

83.3
83.3
100.0

10.0
97.5
32.5

80.0
90.0
80.0

39.2
25.5
49.0

74.5
70.6
68.6

73.0
67.2
72.4

86.3
84.6
84.0

75.0
83.3
100.0

100.0
100.0
100.0

52.5
57.5
72.5

82.5
82.5
90.0

68.6
23.5
37.3

57.8
53.9
74.5

71 .5
70.3
65.1

82.3
79.1
77.6

100.0
100.0
100. 0

75.0
91.7
83.3

100.0
100.0
100.0

22.5
55.0
67.5

45.0
72.5
10.0

80.4
24.5
82.4

65.7
82.4
68.6

70.3
57.8
67.2

75.3
76.7
79.7

100.0
100.0
100.0

100.0
100.0
100.0

91.7
100.0
75.0

100.0
100.0
100.0

80.0
40.0
45.0

25.0
67.5
90.0

76.5
41.2
90.2

70.6
78.4
86.3

64.2
73.3
75.3

80.5
84.0
82.3

58.3
54.2
58.3

25.0
75.0
100.0

100.0
100.0
100.0

100.0
100.0
91.7

100.0
100.0
100.0

0.0
77.5
92.5

82.5
70.0
55.0

33.3
47.1
54.9

76.5
56.9
47.1

68.3
69.2
69.5

83.1
79.1
77.6

66.7
54.2
62.5

54.2
50.0
58.3

100.0
50.0
75.0

100.0
100.0
100.0

66.7
100.0
91.7

100.0
83.3
83.3

75.0
15.0
52.5

45.0
65.0
95.0

82.4
11.8
58.8

52.9
60.8
60.8

68.0
57.8
66.6

73.5
72.7
71.2

45.8
50.0
62.5

62.5
83.3
66.7

75.0
100.0
62.5

100.0
100.0
100.0

83.3
83.3
83.3

100.0
100.0
100.0

50.0
42.5
65.0

87.5
50.0
42.5

49.0
42.2
94.1

51.0
76.5
17.6

64.5
60.5
62.5

73.0
77.3
79.7

54.2
37.5
66.7

66.7
66.7
50.0

100.0
100.0
100.0

100.0
100.0
100.0

66.7
100.0
83.3

100.0
100.0
83.3

47.5
70.0
52.5

60.0
65.0
5.0

25.5
29.4
86.3

51.0
66.7
29.4

73.0
75.9
74.4

82.3
82.3
80.5

January
February
March

58.3
50.0
58.3

33.3
33.3
33.3

25.0
75.0
100.0

75.0
100.0
50.0

83.3
75.0
75.0

100.0
83.3
100.0

55.0
37.5
60.0

20.0
7.5
15.0

13.7
72.5
68.6

46.1
27.5
25.5

70.3
65.1
60.5

74.1
67.4
61.9

April
May
June

20.8
41.7
50.0

37.5
29.2
33.3

12.5
75.0
62.5

75.0
50.0
25.0

91.7
58.3
83.3

83.3
100.0
100.0

0.0
90.0
32.5

10.0
r30.0
r25.0

7.8
66.7
66.7

54.9
49.0
p29.4

44.8
54.7
57.0

58.1
50.3
46.8

July
August
September

50.0
29.2
58,3

MO. 9
2
40.0

100.0

75.0
66.7

66.7
83.3
66.7

100.0

62.5
35.0

p32.5

61.6
48.8

r56.7
p58.7

r72.5

33.3
54.9
86.3

(NA)

"100.0

October
November
December

'22.7
2
30.0

r50.0
p42,5

p8.8
(NA)

October
November
December

.

. .

-

1978

October
November
December

.

1979

50.0
r62 . 5
37.5
3
66.7

3

83.3
"62.5

r46,8
r67.7
p65.4

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 36.
1
Excludes series 12 for which data are not yet available.
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.

74




DECEMBER 1979

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

H
M DIFFUSION INDEXES-Con.

Year
and
month

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

1 -month
span

9-month
span

966. Index of industrial
production (24
industries)

965. Newly approved
capital appropriations,
deflated, the
Conference Board
(17 industries)

967. Index of industrial
materials prices ©
(13 industrial materials)

968. Index of stock
prices, 500 common
stocks 1 (u)

1-month
span

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

4-quarter
span

4-Q moving
avg.

1-month
span

58.3
72.9
68.8

83.3
91.7
91.7

69.2
73.1
80.8

57.7
50.0
50.0

46.0
27.4
43.5

33.0
43.5
54.8

'72

60

70.8
72.9
83.3

83.3
87.5
83.3

34.6
34.6
15.4

50.0
46.2
46.2

49.2
37.0
46.0

54.8
29.0
17.7

*78

*57

68.8
75.0
66,7

89.6
87.5
83.3

34.6
50.0
50.0

3

45.8
29.2
41.7

56.5
23.4
15.3

26.6
27.4
22.6

'74

'(51

72.9
66.7
72.9

75.0
79.2
75.0

50.0
37.5
57.7

3

45.8
62.5
75.0

11.3
66.9
46.8

19.4
16.1
23.7

'78

'48

39.6
47.9
85.4

83.3
79.2
91.7

69.2
34.6
46.2

3

66.7
66.7
58.3

8.1
30.6
50.0

"49.1
"62.1
"69.8

'78

49

87.5
54.2
83.3

87.5
87.5
85.4

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

"82.8
"86.2
"87.7

'78

50

70.8
83.3
70.8

87.5
87.5
91.7

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

"70.2
"67. 5
"68.4

80

48

66.7
79.2
87.5

87.5
77.1

81 .3

88.5
80.8
42.3

88.5
88.5
92.3

8,6
0.0
69,0

39.1
47.3
67.3

74

*52

54.2
52.1
66.7

58.3
58.3
50.0

61.5
76.9
76.9

96.2
96.2
88.5

94.8
35.5
85.5

18.2
32.7
57.4

"l\

p46

1 -quarter
span

16.7
64.6
66.7

56.3
r54.2
45.8

69.2
42.3
53.8

80.8
84.6
91 .7

80.0
16.4
90.0

90.7
88.9
75.0

45.8
45.8
r41 . 7

r62.5
p54.2

46.2
30.8
53.8

66.7
66.7

64.8
92.6
53.7

63.0

6-month
span

1-month
span

9-month
span

9-month
span

1-quarter
span

1977
January
February
March

54.3
42.9
72.9

88.6
88.6
74.3

48

April
May
June

38.6
71.4
57.1

80.0
80.0
82.9

77

July .
. . .
August
September

31.4
74.3
62.9

88.6
85.7
74.3

56

October
November
December

57.1
68.6
65.7

88.6
92.9
91.4

48

January
February
March

40.0
65.7
60.0

90.0
94.3
77.1

62

April
May .
June

65.7
52,9
54.3

82.9
85.7
94,3

27

July..
August
September

31 .4
82.9
60.0

88.6
74.3
91,4

59

October
November .
December

82.9
42.9
60.0

88.6
91.4
92.9

50

January
February
March

57.1
45.7
65.7

80.0
80.0
52.9

53

April
May
June

25.7
62.9
48.6

68,6
r55.7
r57.1

45

July .
August
September

40,0
65.7
54.3

p50.0

p36

October
November
December

r51 .4
p40.0

3

3

3

3
3

1978
3
3

1979

r56.3
p54.2

5

6

62.5
61 .5
73.1

5

5
56

3.7
38.0

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 b y @ . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
1
Based on 62 -industries through March 1978, on 59 industries through September 1978, on 58 industries through January 1979,
on 55 industries through June 1979, and on 54 industries thereafter. Data for component industries are not shown in table C2
but are available from the source agency.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet
Inc.
3
Based on 12 components (excluding print cloth).
"Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
5
Based on 12 components (excluding rosin).
6
Average for December 4, 11, and 18.


DECEMBER 1979


75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

D I F F U S I O N INDEXES-Con.

Year
and
quarter

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

Actual

(1-Qspan)

b. Later
anticipations

c. Early
anticipations

Anticipated

Actual

Anticipated

Actual

Anticipated

(4-Qspan)

(4-Qspan)

(1-Qspan)

(1-Qspan)

973. Net sales, manufacturing
and trade 1 ©

972. Net profits, manufacturing
and trade 1 ©

971. New orders, manufacturing 1 ©

(4-Qspan)

71
74
74
76

78

84

(4-Qspan)

73
76
78
78

79
82
84
83

84

78
74
70

78
82
80
70

87
84
82

83
82
82

(4-Qspan)

1977

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

66.7
66.7
66.7
72.2

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

61.1
66.7
61.1
69.4

83

66.7
77.8
83.3

First quarter . . .
Second quarter .
Third q u a r t e r . . .
Fourth quarter ,

66.7
72.2
66.7
72.2

55.6
72.2
69.4
77.8

85
81
73

82
86
90
86

81
84
85

1978

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

82
83

87
92
90

1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

84
80
72

85
88
84
78

1980

47.2

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

72

66

D I F F U S I O N INDEXES-Con.

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 ©

975. Level of inventories,
manufacturing and trade 1 ©

976. Selling prices, manufacturing 1 ©

977. Selling prices, wholesale
trade1©

978. Selling prices, retail
trade 1 ©

Actual

Actual

Actual

Actual

Actual

Anticipated

(4-Qspan)

(4-Qspan)

Anticipated

(4-Qspan)

(4-Qspan)

Anticipated

(4-Qspan)

(4-Qspan)

(4-Q span)

87
86
88
90

89
92
93
94

(4-Qspan)

Anticipated

(4-Qspan)

(4-Qspan)

1977

First quarter
Second quarter
Third quarter
Fourth quarter

60
59
61
62

59
60
61
59

74
72
74
75

65
68
72
70

87
87

78
81
86
82

62
64
64
63

59
60
62
62

76
76
76
78

67
70
73
74

87
88
90
91

82
84
87
87

62
60
60

60
60
58
56

80
76
73

70
74
71

92
93
92

86

84

90
86
92
92

84
90
87
90

91
94
94
93

90
88
92
92

94
95
94

90
92
92
90

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter

96
95
95

90
92
90

1980

First quarter
Second quarter
Third quarter
Fourth quarter

54

62

87

90

90

L
NOTE: Figures are the percent of series 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 38.
x
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.




76

DECEMBER 1979

ItCIt

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

K9 SELECTED DIFFUSION INDEX COMPONENTS: Base Data and Direct ons of Change

1979

Diffusion index components

April

June

May

August

July

October^

NovemberP

40.2

40.0

(50)

September

(42)

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

39.1

+

40.1

(90)

(0)

Percent rising of 20 components

40.2

40.2

(32)

(62)

(35)

39.4
38.5

39.3
38.4

+

40.1

+

r40.2

o

(72)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

39.1
38.1

+
+

39.4
38.5

Stone, clay, and glass products
Primary metal industries

41.2
41.8

+

41.7
41.4

Fabricated metal products
Machinery, except electrical

39.1
40.5

+
+

40.7
42.0

Electrical equipment and supplies
Transportation equipment

39.0
37.9

+
+

40.4
41.5

Instruments and related products
Miscellaneous manufacturing industries

40.3
37.6

+
+

40.8
38.6

Food and kindred products
Tobacco manufactures

39.6
37.6

+
+

39.8
38.9

Textile mill products
Apparel and other textile products

38.8
34.2

+
+

Paper arid allied products
Printing and publishing

41.8
37.1

Chemicals and allied products
Petroleum and coal products
Rubber and plastic products, n.e.c
Leather and leather products

o
o

41.6
41.2

o
o

40.7
42.0

+
+

39.5
38.3

+
+

39.7
38.6

+

39.3
38.8

41.4
41.3

41.3
41.0

+
o

41.5
r41.0

+

41.3
41.1

40.8
41.9

40.6
41.6

+
+

r40.7
r41.9

+

40.8
41.6

39.8
41.7

+

r40.3
40 . 6

o
+

40.3
41.2

+

40 . 6
40.3

+
+

41.3
39,3

+

40.3
40.8

+

40.2
40.9

40.6
38.9

+
+

40.7
39.3

40.5
39.1

+
o

r40.6
39.1

+
+

40.7
39.2

o

39.8
37.6

o
+

39.8
38.5

39.7
38.0

+
+

40.0
r38.6

o

+
o

40.1
35.2

o
+

40.1
35.3

o
o

40.1
35.3

+
o

40.6
r35.3

+
o

40.8
35.3

+
+

42.6
37.4

42.5
37.4

o
+

42.5
37.5

+
+

42.6
37.7

42.4
37.5

+

o

42.7
37.4

41.7
43.9

+

41.9
43.7

41.7
43.3

+
+

41.9
43.6

+
+

42.0
43.7

+

r41.7
44.1

o

39.7
35.6

+
+

40.9
36.1

40.7
36.4

+

40.6
36.6

40.2
36.5

+
+

40.3
r37.0

+

+

+

38.7
38.8
41.5
40.4
40.6
41 .5

40.0
38.3

40.0
35.2

o

Nondurable goods industries:

+

964. VALUE OF M A N U F A C T U R E R S ' NEW ORDERS, D U R A B L E GOODS INDUSTRIES '
(Millions c f dollars)
All durable goods industries

-

Percent rising of 35 components

76,099

+

(26)

77,027

-

(63)

75,820

-

(49)

72,545

+

(40)

74,029

41.7
43.8

39.8
37.6

+

+
+

40.9
35.2
42.5
37.6
41.9
43.6

40.2
36.5

+

39.8
36.7

76,400

-

75,452

2

+ r77,560

(66)

-

(54)

(40)

(51)

Primary metals
Fabricated metai products

-

11,782
9,036

+

11,270
9,477

+
-

11,658
8,878

+

10,937
8,994

+

10,707
9,268

+
-

11,707
8,745

+
+

12,315
9,503

+

12,697
9,185

Machinery, except electrical
Electrical machinery

-

12,772
9,362

+
+

13,140
9,587

+
+

13,502
9,690

-

13,105
8,867

+
+

13,401
9,833

+ r!3,983
- r9,796

-

13,839
9,661

-

13,250
9,597

Transportation equipment
Other durable goods industries

-

18,375
14,772

+
-

18,966
14,587

-

17,586
14,506

+

15,874
14,768

+
-

16,230
14,590

+
+

+

15,686
15,396

+
-

15,817
14,906

18,323
15,006

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.
a
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 included in the totals
and directions of change for the six major industry groups shown here.


DECEMBER 1979


77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

HI

S E L E C T E D D I F F U S I O N I N D E X COMPONENTS: Basic Data and Directions of Change-Con.

1979

Diffusion index components

August

July

June

May

April

October r

November'3

152.4

o 152.4

- 151.6

(42)

(56)

September^

966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100)
All industrial production

- 150.8

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

+

152.4

+ 152.6

(65)

(17)

+

152.8

-

+

(46)

(46)

(67)

151.6

(54)

- 121.7
- 148.8

+

121.0
150.3

+ 124.3
- 149.3

+
o

127.1
149.3

-

r-121.0
147.6

+
-

1P1.9
146.5

- 118.9
+ 146.9

- 116.9
- 146.4

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

-

161.8
170.6
131.6
176.3

+
+
+

164.3
174.7
141.9
174.7

+
+
+

164.5
175.1
139.4
175.9

+
-

165.3
174.4
135.5
174.0

+
-

r!66.2
H71.7
124.7
173.9

+
+
-

165.3
176.3
131.5
172.9

- 161.7
o 176.3
+ 133.2
+ 174.3

+
+

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

- 161.2
- 137.2

+
-

163.8
136.1

- 162.7
+ 136.8

+

163.3
135.2

+

H61.4
H38.0

+

161.0
138.6

+ 162.0
- 136.6

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

- 159.4
- 152.3

+
-

159.6
150.7

o 159.6
+ 152.7

+

159.5
155.7

+
o

161.7
155.7

-

161.2
153.5

+ 162.1
+ 155.7

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

- 141.2
- 130.8
69.6

+

+ 144.6
+ 132.0
70.1

-

+

141.5
128.2
72.3

143.0
129.7
69.7

+
+
o

r!44.1
H30.1
69.7

+
+
+

146.9
131.2
70.8

+ 147.2
(NA)
70.1

Paper and printing
Paper and products
Printing and publishing

- 148.7
- 135.7

+

147.9
136.8

+ 148.0
+ 136.9

+
-

154.0
135.6

+

153.9
137.7

+
-

155.3
137.1

- 153.2
+ 138.5

+ 154.3
+ 139.4

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

+ 207.7
+ 145.4
- 265.5

+

- 207.8
+ 143.9
o 270.0

+
o
+

210.5
143.9
278.0

+
-

r213.1
H43.0
r275.7

-

+

209.7
142.4
270.0

-

211.7
141.9
272.9

+ 213.8
- 141.4
+ 273.7

(NA)
+ 141.6
(NA)

Foods and tobacco
Foods
Tobacco products

- 147.0
- 120.0

+
+

149.2
120.2

+ 149.5
- 118.3

+

149.4
118.9

-

H48.1
107.5

+
+

148.4
117.4

-

+ 130.1
' 118.6

+

133.4
118.6

+

-

137.1
120.4

+
+

144.1
H21.6

-

0

142.6
121.0

+ 145.7
+ 122.7

+ 128.9
- 135.3

+

123.1
137.8

+ 123.2
- 137.3

128.6
136.4

+

126.5
138.3

121.9
137.5

+ 123.1
- 136.8

Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

+

137.5
119.6

+

+

-

161.6
176.6
126.5
175.0

(NA)
(NA)

(NA)
+ 156.0

(NA)
(NA)
(NA)

148.3
(NA)

(NA)
(NA)

- 143.8
+ 124.0
(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.




78

DECEMBER 1979

ltd)

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

j^l S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Basic Data and Directions i f Change-Con.

1979

Diffusion index components

April

June

May

July

August

October

September

November

307.7

304.0

December 1

967. I N D E X OF I N D U S T R I A L M A T E R I A L S P R I C E S 2

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

+

294.5
(69)

Percent rising of 13 components

293.8 o

293.9

(42)

+

(54)

297.3

+ 298.1

(46)

-

297.3

+

3

(54)

(31)

(62)

+

(62)

308.9
(73)

Dollars

Clipper scrap

(pound). .
(kilogram). .

Lead scrap

(pound). .
(kilogram). .

Steel scrap

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

+

0.778
1.715

0.709
1.563

- 0.681
1.501

-

0.663
1.462

+

0.702
1.548

+

0.725
1.598

+

0.729
1.607

+

0.746
1.645

+

0.758
1.671

+

0.223 +
0.492

0.237
0.522

+

+

0.267
0.589

-

0.263
0.580

o

0.263
0.580

-

0.258
0.569

+

0.399
0.880

-

0.375
0.827

- 102.500 - 92.000
112.986
101.412

0.256
0.564

+107.000
117.946

- 98.400
108.466

- 91.500
100.860

- 87.000
95.900

o 87.000
95.900

+

92.000
101.412

o 92.000
101.412

+ 7.134
15.728

-

6.845
15.090

+

7.040
15.520

+

7.520
16.579

+

7.588
16.729

+ 7.917
17.454

6.958 15.340

6.930
15.278

+

7.020
15.476

+

0.395 o
0.871

0.395
0.871

o

0.395
0.871

+

0.397
0.875

-

0.368
0.811

-

0.360
0.794

+

0.373
0.822

0.369
0.813

(yard). .
(meter). .

o

0.181 o
0.198

0.181
0.198

o 0.181
0.198

+

0.239
0.261

+

0.349
0.382

-

0.345
0.377

+ rO.370
rO.405

+ 0.391
0.428

+ 0.416
0.455

(pound). .
(kilogram). .

-

0.574 + 0.612 +
1.265
1 . 349

0.638
1.407

- 0.619
1.365

+

0.622
1.371

+

0.624
1.376

+

0.630
1.389

+

0.632
1.393

+

0.654
1.442

(yard). .
(meter). .

+

0.670 + 0 . 7 2 1
0.733
0.788

-

0.720
0.787

-

0.708
0.774

-

0.654
0.715

-

0.644
0.704

-

0.628
0.687

0.620
0.678

+

0.626
0.685

Wnul tops

(pound). .
(kilogram). .

+

2.838 +
6.257

2.850
6.283

o

2.850
6.283

o

2.850
6.283

o

2.850
6.283

+

2.888
6.367

+

2.980
6.570

+

3.050
6.724

+ 3.133
6.907

Hides

(pound). .
(kilogram). .

+

1.098
2.421

1.093
2.410

-

0.955
2.105

-

0.834
1.839

-

0.820
1.808

-

0.795
1.753

-

0.786
1.733

-

0.740
1.631

+

o

28.500 o
62.831

(NA)
(NA)

+

40.500
89.286

0.677
1 .493

-

0.665
1.466

+

0.187
0.412

- 0.185
0.408

Tin

(pound). .
(kilogram). .

Zinc

(pound). .
(kilogram). .

Burlap

Coltnn, 12-market average

Print cloth, average

Rosin

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

28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

0.677
1.493

-

0.664
1.464

-

0.649
1.431

+ 0.651
1.435

+

- 0.217
0.478

+

0.227
0.500

-

0.225
0.496

+

- 0.213
0.470

Rubber

(pound). .
(kilogram).

+

0.670 1.477

0.657 +
1 . 448

Tallow

(pound). .
(kilogram). .

+

0.248 0.547

0.247
0.545

N O T E : To f a c i l i t a t e i n t e r p r e t a t i o n , the m o n t h - t o - m o n t h d i r e c t i o n s of change are shown along with the numbers:
", p r e l i m i n a r y , and "NA", not available.

0.228
0.503

+

0.375
0.827

0.780
1.720

- 40.333
88.918
0.678
1 .495

(+) = using, (o) = unchanged, and (- ) = f a l l i n g . The "r" i n d i c a t e s revised,

1
2
J

Average for December 4, 11, and 18.
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.
Based on 12 components.


DECEMBER 1979


IMJI

79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil. dol.)

217. Per capita
GNP in 1972
dollars

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

(Ann. rate,
bil. dol.)

1976
First quarter . . ,
Second quarter ,
Third q u a r t e r . . ,
Fourth quarter ,

1,653.7
1,683.1
1,715.8
1,756.1

55.7
29.4
32.7
40.3

14.7
7.3
8.0
9.8

1,259.5
1,267.4
1,277.1
1,288.1

31.6
7.9
9.7
11.0

10.7
2.6
3.1
3.5

5,869
5,896
5,929
5,967

1,250.6
1,257.7
1,270.3
1,287.0

1,820.2
1,876.0
1,930.5
1,971.3

64.1
55.8
54.5
40.8

15.4
12.8
12.1
8.7

1,315.7
1,331.2
1,353.9
1,361.3

27.6
15.5
22.7
7.4

8.9
4.8
7.0
2.2

6,084
6,145
6,236
6,256

1,304.4
1,317.8
1,337.3
1 ,350.0

2,011.3
2,104.2
2,159.6
2,235.2

40.0
92.9
55.4
75.6

8.4
19.8
10.9
14.8

1,367.8
1,395.2
1,407.3
1,426.6

6.5
27.4
12.1
19.3

1.9
8.3
3.5
5.6

6,276
6,390
6,431
6,506

1,351.3
1,379.6
1,395.1
1,414.6

2,292.1
2,329.8

56.9
37.7
r66.7

10.6
6.7
rll.9

1,430.6
1,422.3
rl,433.3

4.0
-8.3

1.1
-2.3
r3.1

6,512
6,460

1,418.4
1,404.1
rl,426.2

1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

r2,396.5

rll.O

GNP AND PERSONAL INCOME-Con.

Year
and
quarter

PERSONAL CONSUMPTION E X P E N D I T U R E S
230. Total in current
dollars

Disposable personal income
224. Current dollars

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

r6,494

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,
dollars)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

1,152.2
1,170.2
1,193.1
1,222.6

883.1
887.7
893.4
903.3

115
130
148
185

1,053.3
1,073.7
1,100.5
1,132.0

807.3
814.5
824.0
836.4

152.9
155.6
158.3
162.9

125.5
126.0
126.5
128.5

1,250.1
1,286.0
1,323.2
1,361.2

908.0
921.5
936.3
951.8

4,200
4,255
4,313
4,375

1,169.1
1,190.5
1,220.6
1,259.7

849.2
853.1
863.7
880.9

174.3
175.7
178.9
186.4

135.8
136.6
138.2
142.4

1,395.0
1,437.3
1,476.5
1,524.8

956.6
966.1
976.2
991.5

4,390
4,426
4,462
4,522

1,287.2
1,331.2
1,369.3
1,415.4

882.7
894.8
905.3
920.3

185.3
200.3
203.5
212.1

139.3
147.8
147.5
152.1

1,572.2
1,601.7
rl,640.0

996.6
993.0
r993.4

4,536
4,510
4,501

1,454.2
1,475.9
rl.528.6

921.8
915.0
925.9

213.8
208.7

150.2
144.8
H46.9

1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

r213.4

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 pages 40 and 41.




DECEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

^R GROSS PRIVATE DOMESTIC INVESTMENT

^H PERSONAL CONSUMPTION EXPENDlTURES-Con.

Year
and
quarter

236. Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil.dol.)

240. Total in
current dollars

(Ann. rate,
bil.dol.)

241. Total in
1972 dollars

(Ann. rate,
bil.doi.)

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.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

431 .2
438.2
448.2
458.1

315.6
319.4
323.3
327.6

469.2
479.9
494.0
511 .0

366.2
369.1
374.2
380.4

233.5
241 .9
246,0
250.7

169.9
173.8
174.2
175.7

220.3
227.4
235.1
249.0

161 .0
164.1
167.5
174.6

467.7
475.5
483.0
499.2

328.9
329.6
332.1
340.0

527.1
539.3
558.7
574.1

384.5
386.9
393.3
398.5

280.4
300.0
315.7
316.9

191 .0
199.6
206.7
203.0

261 .1
277.5
288.2
298.5

179.7
186.2
190.1
191 .7

505.9
521 .8
536.7
558.1

337.3
339.4
344.7
351 .9

596.0
609.1
629.1
645.1

406.1
407.6
413.1
416.3

327.0
352.3
356.2
370.5

209.0
216.8
214.0
217.4

304.1
326.5
336.1
349.8

192.5
201 .2
201 .8
205.5

571.1
581.2
r604.7

348,1
344.1
r349.2

669,3
686.0
r710.6

423.5
426.1
r429.9

373.8
395.4
r392.3

217.2
221.7
r214.2

354.6
361.9
r377.8

204.9
203.5
r207.1

1976
First quarter . . . . . . .
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter

B

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245, Change in
business inventories in current
dollars

j^J GOVERNMENT PURCHASES OF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil.dol.)

Year
and
quarter

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

13.2
14.5
10.8
1 .7

8.9
9.7
6.7
1 .1

355.1
357.5
362.4
370.3

19.3
22.5
27.5
18.5

11.3
13.4
16.6
11.3

22.8
25.8
20.0
20.6

19.1
33.4
r!4.5

261. Total in
1972 dollars

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.doi.)

264.7
262.9
262.7
262.6

126.9
127.5
129.8
134.6

96.1
95.9
96.4
97.1

228.2
230.0
232.6
235.7

168.7
167.1
166.3
165.5

380.0
391 .6
400.5
412.8

264.5
267.6
270.3
271 ,5

138.2
142.6
145.6
151 .2

98.4
100.3
101 .8
101 .8

241 .8
249.0
254.9
261 .6

166.0
167.3
168.5
169.8

16.5
15.6
12.2
12.0

419.4
428.3
440.9
453.8

270.7
271 .3
274.7
276.0

150.9
148.2
152,3
159.0

99.9
96.6
98.5
99.3

268.5
280.1
288.6
294.8

170.9
174.7
176.2
176.6

12.3
18.1
r7.1

460.1
466.6
r477.8

274.7
272.4
r273.1

163.6
161.7
r!62.9

296.5
304.9
r314.9

173.6
174.3
175.6

(Ann. rate,
bil.dol.)

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bii.dol.)

(Ann. rate,
bil. dol.)

1976
First quarter . ...
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter

101.1
98.1
r97.4

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 pages 41, 42, and 43.


DECEMBER 1979


81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

I

FOREIGN TRADE

Year
and
quarter

(Ann. rate,
bil.dol.)

256. Constant
(1972) dollars

252. Current
dollars

255. Constant
(1972) dollars

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

253. Current
dollars
(Ann. rate,
bil.dol.) I

NATIONAL INCOME
AND ITS COMPONENTS
280. Compensation of
employees

220. National income in current
dollars

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

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1976
17.5
16.2
16.1
13.3

155.9
160.9
166.9
169.6

93.8
95.4
97.6
97.7

144.2
150.9
159.9
166.4

76.3
79.2
81 .5
84.4

1,323.1
1,344.9
1,369.6
1 ,401.6

1,001.4
1 ,025.9
1 ,048.0
1 ,075.9

11 .1
10.9
13.2
5.8

170.5
178.6
180.1
174.2

96.5
99.4

-18.1

97.3

179.8
184.7
186.4
192.3

85.4
88.5
87.3
91 .4

1 ,456.9
1 ,505.3
1,551 .1
1 ,589.8

1 ,110.1
1 ,141 .5
1,170.7
1,205.5

-22.2
-7.6
-6.8
-4.5

5,3
12.3
13.3
12.9

184.4
205.7
213.8
224.9

100.7
109.2
111 .9
113.8

206.6
213.3
220.6
229.4

95.4
96.9
98.5

1,621.0
1 ,703.9
1,752.5
1,820.0

1 ,244.0
1,288.2
1,321 .1
1,364.8

4.0
-8.1

17.0
13.2

H22.2

234.4
251.9
r269.5

1 ,869.0
1,897,9
rl ,941 .9

1,411 .2
1 ,439.7

r20.1

238.5
243.7
r267.3

117.0
116.0

r-2.3

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

11.8
10.0
7.0

3.2

1977

-9.2
-6.0
-6,3

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

100.5

1978

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

101 .0

1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

100.0

102.9
H02.1

SAVING

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.)

rl,472.8

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.)

1976

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

89.0
89.8
87.6
91 .1

22.0
21 ,6
21 .9
22.8

130.1
125.6
126.9
124.6

80.6
82.1
85.2
87.2

233.6
239.3
236.2
235.8

205.1
200.5
203.6
203.9

73.8
70.9
66.3
63.4

96.9
97.6
98.6
107.6

23.6
24,6
25,2
25.5

137.1
148.9
160.8
153.0

89.3
92.7
95.8
98.2

253.3
276.0
291 .6
283.6

213.9
226.8
243.2
238.8

52.5
65.9
71 .9
69.5

109.1
115.0
117.4
125.7

25.2
24.4
26.8
27.1

141.2
169.4
175.2
184.8

101 .5
106.8
111 .9
117.6

289.
329.
332,
346.9

234.4
253.1
259.6
264.7

74.6
71 .2
70.9
71 .5

129.0
129.3

27.3
26.8
26.6

178.9
176.6
rl80.8

122.6
125-6

362
374,
r367.3

266.0
274.6
r281.9

79.2
85.9
r70.3

1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978

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

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

H30.3

r!31 .5

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 44, 45, and 46.




82

DECEMBER

1979

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

B SHARES OF GNP AND NATIONAL INCOME
l

Q SAVING-Con.

Year
and
quarter

298. Government
surplus or deficit,
total

(Ann. rate,
bil.dol.)

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

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1976
-45.3
-32.1
-33.7
-31.6

6.4
6.1
5.6
5.2

63.7
63.8
64.1
64.5

9.5
9.6
9.8
9.8

3.8
3.9
3.9
4.4

0.3
0.9
0.6
0.1

0.7
0.6
0.4
0.2

-13.1
-16.6
-23.5
-24.8

4.2
5.1
5.4
5.1

64.2
63.5
63.2
63.9

9.9
9.9
10.0
10.1

4.5
4.9
4.9
5.1

1.1
1.2
1.4
0.9

-0.5
-0.3
-0.3
-0.9

-19.2
5.0
2.3
10.8

5.3
5.0
4.8
4.7

64.0
63.3
63.4
63.3

10.1
10.4
10.5
10.6

5.0
5.1
5.1
5.1

1.1
1.2
0.9
0.9

-1 .1
-0.4
-0.3
-0.2

15.8
12.7
r!4.0

First quarter
Second quarter
Third quarter
Fourth quarter

5.0
5.4
4.3

63.4
63.3
63.8

10.6
10.7
10,9

4.9
4.8
r4.8

0.8
1 .4
0.6

0.2
-0.3
r-0.1

1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter

^H 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 CCA 1

285. Rental income
of persons with
CCA1

(Percent)

(Percent)

287. Corporate
profitswith IVA
and CCA 1

289. Net interest

(Percent)

(Percent)

1976
First quarter
Second quarter
Third quarter
Fourth quarter

7,7
7.6
7.6
7.7

13.8
13.7
13.6
13.4

75.7
76.3
76.5
76.8

6.7
6.7
6.4
6.5

1.7
1.6
1.6
1.6

9.8
9.3
9.3
8.9

6.1
6.1
6.2
6.2

7.6
7.6
7.5
7.7

13.3
13.3
13.2
13.3

76.2
75.8
75.5
75.8

6.7
6.5
6.4
6.8

1 .6
1.6
1.6
1.6

9.4
9.9
10.4
9.6

6.1
6.2
6.2
6.2

7.5
7.0
7.1
7.1

13.3
13.3
13.4
13.2

76.7
75.6
75.4
75.0

6.7
6.7
6.7
6.9

1.6
1.4
1.5
1.5

8.7
9.9
10.0
10.2

6.3
6.3
6.4
6.5

7.1
6.9
6.8

12.9
13.1
13.1

75.5
75.9
r75.8

6.9
6.8
6.7

1.5
1 .4
1 .4

9.6
9.3
9.3

6.6
6.6
6.8

1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
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 46 and 47.
IVA means inventory valuation adjustment;•CCA means capital consumption


DECEMBER 1979


adjustment.

83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

^fl PRICE MOVEMENTS
Implicit pr ce deflator,
gross national product
Year
and
month

310. Index

(1972-100)

310c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

Fixed weighted price index,
gross business product
311. Index

(1972=100)

31 1c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

Consumer prices, all items
320. Index @ 320c. Change
over 1-month
spans 1

(1967=100)

(Percent)

Consumer prices, food

320c. Change
over 6-month
spans 1

322. Index

(Ann. rate,
percent)

(1967=100)

322c. Change
over 1-month
spans 1

322c. Change
over 6-month
spans 1

(Percent)

(Ann. rate,
percent)

1977
6.0

January
February
March

1 38 .' 3

April
May
June

14CK9

July
August
September

142.'6

October
November
December

144.8

6.9

175.3
177.1
178.2

0.7
1.0
0.6

7.9
8.1
8.3

183.9
187.7
188.6

0.6
2.1
0.5

10.1
11.1
11.5

7.1

179.6
180.6
181.8

0.7
0.4
0.6

7.5
6.4
5.9

191.2
191.8
193.0

1.4
0.3
0.6

10.1
6.9
6.6

5.2

182.6
183.3
184.0

0.3
0.4
0.4

5.2
5.4
5.2

193.0
194.1
194.7

0.0
0.6
0.3

4.1
5.1
4.9

6.5

184.5
185.4
186.1

0.4
0.5
0.5

6.0
6.4
7.3

195.1
196.6
197.7

0.2
0.8
0.6

7.4
8.5
10.5

6.6

187.2
188.4
189.8

0.7
0.6
0.8

8.3
8.9
9.8

200.0
202.2
204.7

1.2
1.1
1.2

13.8
14.6
16.6

10.5

191.5
193.3
195.3

0.8
0.8
0.9

9.5
9.4
9.6

208.1
210.5
213.5

1.7
1.2
1.4

14.2
12.6
11.3

8.8

196.7
197.8
199.3

0.6
0.6
0.9

9.5
9.0
8.5

213.7
214.6
216.0

0.1
0.4
0.7

9.6
8.4
7.4

8.7

200.9
202.0
202.9

0.8
0.6
0.6

9.2
10.4
10.7

217.9
219.2
221.3

0.9
0.6
1.0

10.4
13.0
13.9

10.0

204.7
207.1
209.1

0.9
1.2
1.0

11 .4
12.4
13.2

224.5
228.1
230.5

1.4
1.6
1.1

14.0
14.3
12.5

10.1

211 .5
214.1
216.6

1 .1
1 .1
1 .0

13.4
13.1
13.3

232.7
234.3
234.7

1 ,0
0.7
0.2

9.6
6.1
5.8

rlO.4

218.9
221.1
223.4

1.0

13.0
12.8

235.0
235.0
237,1

0.1
0,0
0.9

5.4
5.1

225.4
227.5

1.0
1.0

238.9
240,2

0,8
0,5

139'.4

7.7
141 '.8

4.8

143.*6

6.4

145.9

1978
January
February
March

147.'6

April
May
June

150.'8

July
August
September

153.4

6.3

148.2

10.6
152.0

7.2

155.'2

..

October
November
December

8.7

156!7

158'.5

1979
January
February
March

160.2

April
May
June

163.8

July
August
September

9.3

162.*3

9.3

166'.3

r8.5
r!67.2

October .
November
December

170.4

1 .1
1 .1

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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 seriesare shown on pages 48 and 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.

84



DECEMBER 1979

ito

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Q PRICE MOVEMENTS-Con.
|

Producer prices, all commodities
Year
and
month

330. Index®

330c. Change
over 1 -month
spans 1

(1967=100)

(Percent)

Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spans 1

(Ann. rate,
percent)

335. Index®

(1967=100)

335c. Change
over 1 -month
spans 1

(Percent)

335c. Change
over 6-month
spans 1

(Ann. rate,
percent)

331. Index

(1967=100)

331c. Change
over 1-month
spans 1

331 c. Change
over 6- mo nth
spans 1

(Percent)

(Ann. rate,
percent)

1977

January
February
March

188.1
190.2
192.0

0.4
1.0
1.0

9.5
9.3
7.2

188.4
190.0
191.7

0.5
0.8
0.7

7.3
7.3
7.4

210.6
217.0
218.6

-0.4
3.0
0.7

16.4
9.4
0.3

April
May
June

194.3
195.2
194.5

1.0
0.4
-0.4

6.5
4.8
3.5

193.3
194.2
194.7

0.7
0.5
0.3

7.8
7.2
6.8

222.0
220.3
211.8

1.6
-0.8
-3.9

-0.9
-8.0
-9.4

July
August
September

194.8
194.6
195.3

0.1
0.2
0.4

2.4
3.1
4.8

195.9
196.9
197.8

0.7
0.5
0.6

6.4
5.8
6.2

209.6
208.1
208.1

-1.0
-0.7
0.0

-10.6
-3.3
7.4

October
November
December

196.3
197.1
198.2

0.5
0.8
0.5

6.3
7.9
8.9

199.1
199.3
200.0

0.5
0.2
0.5

6.2
6.4
6.2

209.9
216.6
219.5

0.9
3.2
1.3

12.4
18.5
21.3

January
February
March

200.1
202.1
203.7

0.8
0.9
0.8

10.2
10.0
10.7

201.6
202.9
204.1

0.7
0.6
0.4

6.8
7.9
8.4

222.2
226.5
229.2

1.2
1.9
1.2

24.1
18.6
20.4

April
May
June . . . .

206.5
208.0
209.6

1.1
0.7
0.8

9.9
8.6
8.5

206.1
207.4
208.7

0.8
0.7
0.7

8.3
8.3
8.7

233.8
235.9
240.9

2.0
0.9
2.1

18.1
13.7
14.9

July
August . .
September

210.7
210.6
212.4

0.4
0.3
0.8

8.6
8.9
8.8

210.1
211.4
212.5

0.7
0.6
0.6

8.7
9.0
8.8

241.5
241.5
245.7

0.2
0.0
1.7

16.8
17.4
14.3

October
November
December

214.9
215.7
217.5

1.1
0.8
0.7

10.8
13.1
14.0

214.7
216.0
217.2

0.8
0.8
0.6

9.8
11.0
12.2

252.7
255.6
257.5

2.8
1.1
0.7

19.0
27.0
25.3

January
February
March

220.8
224.1
226.7

1.3
1 .4
1.2

14.3
14.1
13.9

220.0
222.5
225.4

1.2
1.1
1.2

13.4
14.4
15.3

263.4
272.2
275.0

2.3
3.3
1.0

17.5
16.8
16.5

April
May
June

230.0
232.0
233.5

1.2
0.7
0.6

r!4.2
12.9
13.7

229.0
231.6
234.0

1.4
1.2
1 .1

r!6.2

273.9
276.2
277.9

-0.4
0.8
0.6

H5.0
8.2
10.4

July
August
September

r236.9
238.1
241.7

rl.5
rO.8
1.6

14.0
14.8

r237.5
240.3
243.8

rl.6
rl.3
1.5

18.1
17.3

r282.5
283.1
289.0

rl.7
rO.2
2.1

14.6
17.3

October
November
December

245,2
246.9

1 .4
1.1

248.5
250.2

1 .8
0.9

293.2
299.1

1 .5
2.0

1978

1979

16.5
17.2

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 48.
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.

DECEMBER 1979



85

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

H
H PRICE MOVEMENTS-Con.

332. Index

(1967=100)

332c. Change
over 1 -month
spans1

(Percent)

Producer prices, finished consumer goods

Producer prices, capital equipment

Producer prices, intermediate materials
Year
and
month

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans 1

(Ann. rate,
percent)

334. Index

(1967=100)

334c. Change
over 1-month
spans 1

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1977

January
February
March

195.9
197.3
198.9

0.5
0.7
0.8

8.6
8.3
6.8

178.9
179.9
180.7

0.3
0.6
0.4

6.0
6.5
5.8

173.2
174.9
176.7

0.5
1.0
1.0

9.5
10.1
7.8

April
May
June

200.7
201.5
201.4

0.9
0.4
0.0

6.4
5.7
5.0

181.7
182.7
183.5

0.6
0.6
0.4

6.4
6.6
6.4

177.6
179.0
178.9

0.5
0.8

7.2
5.9
4.5

July
August
September

202.1
202.8
203.8

0.3
0.3
0.5

3.6
3.9
5.0

184.5
185.7
186.4

0.5
0.7
0.4

8.1
8.0
8.5

179.3
180.0
180.6

0.2
0.4
0.3

4.2
4.1
5.0

October
November
December

204.3
205.4
206.4

0.2
0.5
0.5

5.9
6.8
7.1

188.9
189.9
191.1

1.3
0.5
0.6

8.6
8.5
8.8

181.3
182.6
183.3

0.4
0.7
0.4

6.0
7.0
7.8

January
February .
March

208.0
209.6
210.9

0.8
0.8
0.6

7.7
7.8
7.9

192.3
193.4
194.4

0.6
0.6
0.5

7.3
7.8
8.1

184.6
186.2
187.5

0.7
0.9
0.7

9.5
9.2
10.1

April
May
June

212.0
213.3
214.4

0.5
0.6
0.5

7.2
7.0
7.0

195.7
197.2
198.7

0.7
0.8
0.8

8.3
8.0
8.1

189.7
190.8
192.3

1.2
0.6
0.8

10.1
8.6
9.0

July
August
September

215.4
216.8
218.2

0.5
0.6
0.6

8.5
8.9
9.4

200.1
201.0
202.1

0.7
0.4
0.5

8.0
8.2
7.9

193.7
194.0
195.8

0.7
0.2
0.9

8.3
8.3
9.3

October
November
December

220.8
222.6
224.2

1.2
0.8
0.7

10.8
11.8
12.8

203.4
205.1
206.4

0.6
0.8
0.6

8.6
9.5
9.5

197.4
198.6
201.0

0.8
0.6
1.2

10.7
13.1
13.5

January
February
March

226.7
229.2
231.7

1.1
1.1
1.1

13.4
13.8
14.2

208.5
210.3
211.5

1.0
0.9
0.6

10.8
10.2
10.0

203.8
206.3
208.6

1.4
1.2
1.1

13.3
12.9
11.2

April
May
June

235.1
237.5
239.6

1.5
1.0
0.9

rl5.8

214.1
215.3
216.5

1.2
0.6
0.6

r9.5

210.1
211.0
212.0

0.7
0.4
0.5

no. 9

July
August
September

r244.0
246.5
250.2

rl.8
rl.O

17.3
16.9

October
November
December

254.6
256.8

..

-0.1

1978

1979

15.7
16.6

1.5

r218.2
218.2
218.8

1.8
0.9

221.4
222.6

rO.8
rO.O

7.7
7.0
6.9
6.9

1 .2
0.5

223.9
227.4

13.0

rl.2
rl.4

0.3

r214.6
217.7
221.7

11.4

1.0
1.6

13.6
16.1

1.8

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 48.

'Percent changes are centered within the spans;
the 4th month.




1-month changes are placed on the 2d month and 6-month changes are placed on

DECEMBER

1979

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

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

Average hourly earnings, production workers, private nonfarm economy, adjusted 1
Year
and
month

Current dollar earnings
340. Index

(1967=100)

340c. Change
over 1-month
spans 2
(Percent)

Current dollar compensation

Real earnings

340c. Change
over 6-month
spans 2
(Ann. rate,
percent)

341. Index

(1967=100)

34 1c. Change
over 1 -month
spans 2
(Percent)

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

345. Index

(1967=100)

345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)

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

1977

January
February . .
March

191 .0
191 .9
192.9

0.8
0,5
0.5

7.8
7.6
7.4

108.7
108.2
108.1

0,1
-0.5
-0.1

-0.1
-0,5
-0.8

203*8

April
May
June

194.2
195.5
196.4

0.7
0.7
0.5

7.2
7.0
7.2

108.0
108.2
108.2

-0.1
0.2
0.0

-0.2
0.5
1 .1

207.'o

July
August
September .

197.8
198.5
199.7

0.7
0.4
0.6

7.6
7.3
7.4

108.5
108.4
108.7

0.3
-0.1
0,3

2 4
1 ,8
2.0

210,8

October
November
December

201 .4
202,5
203.6

0.9
0.5
0.5

8.4
8.4
8.6

109.3
109.2
109.3

0,6
-0.1
0.1

2.3
1 ,8
1 .3

214.3

January
February
March

205.9
206.6
208,1

1 .1
0.3
0.7

8,8
8.7
8.9

109.8
109.4
109.4

0.5
-0.4
0.0

0.4
-0.1
-0.6

220.1

April
May
June

210.1
211 .1
212.4

1 .0
0.5
0.6

8.0
8.2
8.3

109.5
109.1
108.9

0.1
-0.4
-0.2

-1.3
-0.9
1 .0

224'i

214.0
214.9
216.5

0.8
0.4
0.7

7.7
r7.9
8.2

109.1
108.9
108.9

0.2
-0.2
0.0

-1.5
-0.9
-0.3

228.8

218.1
219.2
220.9

0.7
0.5
0.8

8.2
8.7
8.2

108.7
108.6
108.7

-0.2
-0.1
0.1

-1 .1
-2,0
-2.9

233^7

January
February
March

222.6
224,0
225,2

0,8
0.6
0.5

8.2
7.7
7,4

108.5
107.8
107.3

-0.2
-0.6
-0.5

-3,3
-4.6
-5.5

239^4

April
May
June .

226.8
227.5
229.0

0.7
0.3
0.7

7.5
7.5
r8.3

106.9
106,1
105.7

-0,4
-0.7
-0.4

-5.3
-5.0
r-4.4

244.1

July
August
September

230.9
232.2
r234.3

0.8
0.6
0.9

r7.4
p8.4

105.6
105.1
H04.9

-0.1
-0.5
r-0.2

r-4.8
p-3.9

October
November
December

r235.0
p236.9

0.3
pO.8

H04.3
p!04.0

-0.6
p-0.3

.

9,0
7.9

6,5
7.5

7.5
8.0

6.8
8^3

1978

July
August
September

. .

October
November
December

11 .3
8.6

7.5
9^0

8.7
8.8

8,7

8."9

1979

....

10.3
8.'9
10.7

249.1

8.6

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 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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.

DECEMBER 1979



87

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

Q WAGES AND PRODUCTIVITY-Con.
|
Average hourly compensation, all employees,
nonfarm business sector-Con.

Year
and
month

Real compensation
346. Index

(1967=100)

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

346c. Change
over4-quarter
spans 1
(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)

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

(1967=100)

370c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

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

(1967=100)

1977
January
February
March

ns'.b

April
May
June

nils

July
August
September

115^2

October
November
December

115".6

0.8

9.0

7.5

-1.4

2.2

1.4

6!?

r.3

4.6
2^3

8.9

10.2

5.4

6.2

119^4

9.5

6.3

Ti

nsis

-2.0

115!s

-o.'i

116.*7

6!g

116.*3

ne'.o

61s

116^5

o.'i

117.'3

ny.'e

-K4

117^9

r.4

-CK6

-2.1

6.0

ne.'i

0^2

118^5

\'.2

116.6

1978
January
February
March

nsis

April
May
June

nsia

July
August
September

nsis

October
November
December

. .

nsis

3.2

-2.4

o!s

b.'b

-0.1

13.2

118.4
6.8

2.0

6.0

119*0
7.2

2.4

5.9

119^7

-CK9

-0.5

-1.5

8.2

6.1

5.2

-i!e

0.3

119!s

1979
January
February
March
April
May
June

p2.5

-0.6
IIB^B

...

July
August
September

nsig

112.9

-5.0

plO.6

-3.9

niio

p5.2

-2.5

p9.0

p7.7

nsia

-3.0

-2.2

nsii

-0.7

p6.0
118.0

115.2

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 49 and 50.
'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.




DECEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Qj CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force
Year
and
month

Number unemployed

Labor force participation rates

441. Total

442. Employed

451. Males
20 years
and over

(Thous.)

(Thous.)

(Percent)

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

(Percent)

(Percent)

37. Total

(Thous.)

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

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

448. Number employed
part-time
for economic
reasons

(Thous.)

1977
January
February
March

95,774
96,316
96,654

88,659
89,048
89,503

79.7
79.9
79.8

47.3
47.6
47.8

54.4
55.3
55.7

7,115
7,268
7,151

2,983
3,059
2,877

2,453
2,539
2,582

1,679
1,670
1,692

5,663
5,731
5,605

3,312
3,451
3,288

April
May
June

96,749
97,062
97,508

89,805
90,166
90,500

79.6
79.6
79.8

47.9
48.2
48.0

55.7
55.4
57.4

6,944
6,896
7,008

2,776
2.802
2,686

2,515
2,441
2,541

1,653
1,653
1,781

5,545
5,477
5,466

3,177
3,273
3,369

July
August
September

97,311
97,698
97,811

90,605
90,903
91,187

79.6
79.6
79.4

48.0
48.1
48.6

56.3
57.2
56.0

6,706
6,795
6,624

2,660
2,667
2,488

2,443
2,489
2,476

1,603
1,639
1,660

5,385
5,448
5,256

3,445
3,256
3,283

October
November
December

98,028
98,838
98,748

91,374
92,203
92,561

79.7
79.9
79.9

48.2
48.8
48.7

56.7
57.4
56.6

6,654
6,635
6,187

2,605
2,489
2,387

2,440
2,524
2,362

1,609
1,622
1,438

5,304
5,179
4,869

3,226
3,257
3,208

99,215
99,139
99,435

92,923
93,047
93,282

80.0
79.9
79.9

48.9
48.9
49.1

57.1
56.7
56.9

6,292
6,092
6,153

2,464
2,376
2,394

2,288
2,112
2,169

1,540
1,604
1,590

4,949
4,836
4,778

3,045
3,203
3,184

April
May
June

99,767
100,109
100,504

93,704
93,953
94,640

79.8
79.9
79.8

49.3
49.4
49.6

57.2
57,9
58.7

6,063
6,156
5,864

2,279
2,264
2,112

2,211
2,322
2,294

1,573
1,570
1,458

4,676
4,782
4,529

3,310
3,247
3,433

July
August
September

100,622
100,663
100,974

94,446
94,723
95,010

79.7
79.5
79.5

49.7
49.6
50.1

58.6
59.1
58.3

6,176
5,940
5,964

2,187
2,181
2,172

2,413
2,231
2,230

1,576
1,528
1,562

4,890
4,641
4,652

3,316
3,298
3,203

101,077
101 ,628
101,867

95,241
95,751
95,855

79.5
79.9
79.9

49.9
50.1
50.2

58.6
58.4
58.6

5,836
5,877
6,012

2,145
2,113
2,195

2,134
2,208
2,227

1,557
1,556
1,590

4,505
4,491
4,597

3,164
3,131
3,058

January
February
March

102,183
102,527
102,714

96,300
96,647
96,842

80.2
80.3
80.1

50.1
50.3
50.5

58.9
58.6
58.7

5,883
5,881
5,871

2,200
2,154
2,180

2,166
2,177
2,201

1,517
1 ,549
1,490

4,500
4,584
4,499

3,159
3,147
3,179

April
May
June

102,111
102,247
102,528

96,174
96,318
96,754

79.8
79.7
79.7

50.1
50.3
50.3

58.1
57.5
58.2

5,937
5,929
5,774

2,187
2,105
2,096

2,180
2,237
2,223

1 ,570
1,587
1 ,455

4,655
4,508
4,458

3,312
3,307
3,416

July
August
September

103,059
103,049
103,498

97,210
96,900
97,513

79.9
79.7
79.8

50.7
51.0
51 .0

57.9
56.4
58 J

5,848
6,149
5,985

2,249
2,300
2,271

2,150
2,324
2,153

1,450
1,525
1 ,561

4,624
4,774
4,731

3,340
3,355
3,111

October
November
December

103,474
103,685

97,293
97,646

79.6
79.5

50.9
51.0

57.8
58.0

6,182
6,039

2,330
2,336

2,279
2,190

1,573
1,513

4,839
4,769

3,230
3,358

1978
January
February
March

October
November
December

...

1979

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 51.


DECEMBER 1979


89

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

EJ RECEIPTS AND EXPENDITURES
State and local governments 1

Federal Government'
Year
and
month

0 DEFENSE INDICATORS

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
military prime
contract awards

(Mil. dol.)

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense products

(Mil. dol.)

(Mil. dol.)

1977

January
February
March

-37^2

36o\8

404 '.6

24!2

285 '.4

261 ! 3

9,804
9,763
9,873

3,354
4,369
4,819

49,258
50,229
50,761

2,067
1,918
2,425

April
May
June

-4o!9

370.' 8

41l'.6

2A.2

293.7

269.5

9,671
9,919
9,835

4,303
4,654
4,300

51,236
52,170
52,625

3,165
2,744
2,432

July
August
September

-53!e

375^8

429.4

30J

305!2

275J

9,498
10,486
9,143

4,624
4,623
4,255

53,383
54,262
52,697

1,967
2,422
2,003

October
November
December

-52L6

388! 2

441 ! 8

2s!s

310.'?

281 '.9

10,697
10,208
9,652

6,028
4,100
5,530

54,775
55,479
55,771

4,358
3,311
4,252

January
February
March

-49.4

397^8

447! 3

3CL2

319.'6

288 ! 8

10,959
10,410
10,272

4,552
4,071
5,878

57,304
58,401
58,986

2,798
2,520
4,394

April
May
June

-24.6

424.8

449.4

29.6

330.5

301.0

10,107
10,988
9,818

4,501
6,614
7,278

59,348
60,723
60,549

3,792
3,933
3,259

July
August
September

-2CL4

442 !l

462! 6

22!7

331 !s

309 !l

10,188
10,169
10,436

3,682
4,500
4,863

61,833
62,028
62,730

2,133
3,216
3,272

October
November
December

-16!3

463.' 5

479!7

27 !l

342! 6

315!5

10,733
10,619
9,759

4,480
6,467
4,490

63,006
63,440
64,470

3,841
4,371
4,083

-1K7

475!6

486.8

27.6

343.9

316.*3

10,833
10,065
11,945

5,527
4,354
6,753

65,120
48,267
67,128

2,781
3,858
3,101

-7.0

485.8

492." 9

19^7

345 .'9

326 !l

9,377
10,993
10,508

4,605
4,616
4,422

68,883
68,468
68,976

3,213
3,618
2,497

-11.3

r504.8

r516.1

r25.3

r359.8

r334.5

12,594
11,116
(NA)

6,521
5,404
6,696

70,252
81,542
(NA)

2,304
3,033
r4,230

1978

1979

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

(NA)

r3,013
p3,737

ification only and
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©.Series numbers are for identifica
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", aniticipated;and
"NA"
"NA", nnt awailahlp
not available.
Graphs of these series are shown on pages 52 and 53.
1

Based on national income and product accounts.




90

DECEMBER 1979

IIUI

OTHER IMPORTANT ECONOMIC MEASURES
D

|

GOVERNMENT ACTIVITIES—Con.

Q DEFENSE INDICATORS— Con.
|
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of 559. Manufacdefense and
turers' invenspace equipment tories, defense
products

(1967 = 100)

(Mil. dot.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

570. EmployDefense Department
ment in defense
personnel
products
industries
577. Military, 578. Civilian,
active duty @ direct hire
employment ®
(Thous.)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bit. dol.)

(Percent)

1977
January
February
March

80.6
80.9
80.8

6,461
6,419
6,270

31,024
30,459
30,364

7,476
8,017
7,961

2,593
2,483
2,520

1,069
1,074
1,069

2,077
2,078
2,075

994
995
995

9\'.6

5^6

April
May
June

81 .9
81.7
81.8

6,227
6,231
6,305

31 ,114
31 ,384
31,319

3,nc9
8,404
8,023

2,415
2,474
2,497

1,085
1,088
1 ,098

2,071
2,070
2,075

"95
997
1,009

93J

5.0

July
August
September

82.0
82.0
82.6

6,304
6,338
6,335

30,755
30,730
30,188

8,040
8,119
8,046

2,531
2,446
2,545

1,109
1,103
1,103

2,079
2,073
2,075

1,008
998
982

93.*9

4^9

October
November
December

79.6
79.9
81.6

6,178
6,273
6,389

32,019
32,743
34,430

8,563
8,652
8,782

2,527
2,588
2,565

1,066
1,068
1,093

2,072
2,069
2,060

983
985
983

96^4

4^9

January
February
March

82.6
80.8
83.9

6,451
6,622
6,634

34,633
34,511
36,108

8,209
8,061
8,433

2,595
2,642
2,796

1,120
1,125
1,138

2,065
2,062
2,058

982
982
982

97.*6

4.*9

April
May
June

84.9
84.9
85.6

6,734
6,840
6,823

37,150
38,382
38,914

9,338
8,303
9,113

2,750
2,701
2,728

1,142
1 ,160
1,170

2,054
2,046
2,057

982
988
1,000

98.*2

4^7

July
August
September

87.5
87.9
89.0

6,902
6,892
6,890

38,467
38,993
39,499

8,426
9,810
7,934

2,581
2,690
2,765

1,182
1,190
1 ,190

2,062
2,062
2,062

1,002
994
980

99.'6

4^6

October
November
December

89.3
90.3
91.4

6,985
6,988
7,167

40,660
42,293
43,563

9,428
8,645
9,658

2,680
2,738
2,813

1,202
1,213
1 ,230

2,058
2,050
2,041

981
981
978

ioi.'2

4. ' 5

January
February
March

92.4
92.4
92.9

7,411
7,512
7,599

43,409
44,515
44,588

9,602
9,360
9,473

2,941
2,751
3,028

1,235
1,254
1 ,269

2,040
2,030
2,026

972
971
968

103.4

4. *5

April
May
June

92.9
92.5
92.3

7,574
7,832
7,980

44,854
45,670
45,138

9,566
10,157
9,190

2,949
2,804
3,029

1,275
1,280
1,290

2,022
2,018
2,024

968
972
979

106 .'6

4.5

July
August
September

92.8
92.0
r93.5

8,046
8,181
8,519

44,656
44,697
r46,000

10,906
10,429
p9,137

2,783
2,992
2,928

1,301
1,303
1,316

2,027
2,024
2,027

982
974
960

109.0

r4."5

October
November
December

r94.8
p94.6

8,826
(NA)

r46,010
p46,732

r3,005
p3,016

pi, 328
(NA)

r2,030
p2,029

r964
(NA)

1978

1979

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal 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 54 and 55.


DECEMBER 1979


91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

R MERCHANDISE TRADE
l

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil. do!.)

604. Exports of agricultural products

(Mil.dol.)

606. Exports of nonelectrical machinery

612. General imports,
total

(Mil.dol.)

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

1977
January
February
March

9,626
9,922
10,250

1,762
2,004
2,112

1,831
1,892
1,859

11,036
12,340
12,702

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

10,262
10,467
10,109

2,142
2,360
2,077

1,808
1,835
1,868

11,889
11,190
13,572

3,803
2,885
3,933

1,266
1,183
1,360

July
August
September

10,286
9,576
10,848

1,976
1,801
2,064

1,862
1,732
2,133

12,361
12,113
12,695

3,212
3,318
3,789

1,315
1,328
1,428

October
November
December

9,385
9,554
11,116

1,654
1,755
2,111

1,556
1,791
2,056

12,409
12,049
13,335

3,325
3,627
3,157

1,426
1,465
1,479

January
February
March

9,864
9,945
11,146

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,260
14,004

2,968
3,586
2,996

1,529
1,661
1,581

April
May
June

11,630
11,786
12,268

2,428
2,861
2,904

2,415
2,472
2,427

14,492
14,008
13,970

3,051
3,084
3,252

1,715
1 ,659
1,684

July
August .
September

11,662
12,294
13,274

2,392
2,774
2,512

2,451
2,528
2,815

14,545
14,133
14,820

3,082
3,291
3,448

1,812
1,666
1,822

October
November
December

12,901
13,451
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,825
15,032

3,454
3,539
3,417

1,872
1 ,875
1,822

January
February
March

13,132
13,507
14,452

2,338
2,424
2,682

2,682
2,832
2,917

16,231
14,806
15,273

3,773
3,501
3,506

1,963
1 ,706
1 ,589

April
May
June

13,883
13,862
15,038

2,547
2,450
2,909

2,706
2,859
3,034

16,036
16,342
16,937

3,795
4,137
4,101

1,956
1 ,851
1 ,730

July
August
September

15,669
15,821
15,832

3,103
3,141
3,059

3,022

16,777
18,177

4,753
4,856

1,815
2,113

18,666

5,570

1,849

October
November
December

16,838
(NA)

3,254
(NA)

3,251

18,856

6,630

(NA)

(NA)

1,805
(NA)

1978

. .

1979

. . .

3,241
3,153

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesare indicated by (u). 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.

92




DECEMBER 1979

IIUI

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

I | GOODS AND SERVICES MOVEMENTS ( E X C L U D I N G T R A N S F E R S UNDER M I L I T A R Y GRANTS)
T
Merchandise, adjusted 1

Goods and service?
/ear
and
month

667. Balance

(Mil. dol.)

668. E x p o r t s

(Mii.doi.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. E x p o r t s

(Mil. dol.)

Income on investments

620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the U.S.

(Mil. dol.)

1977
January
February
March

-2,320

44,850

47,170

-7,667

29,518

37,185

7,775

3,192

April
May
Juno

-1,173

46,914

48,087

-6,564

31,075

37,639

8,080

3,519

July
August
September

-1,659

46,897

48,556

-7,438

30,558

37,996

8,420

3,686

October
November
December

-4,272

45,935

50,207

-9,204

29,665

38,869

8,312

4,201

January
February
March

r-5,725

r48,986

r54,7li

r-11 ,917

r30,712

r42,629

9,776

4,537

April
May
June

r-2,139

r54,354

r56,493

r-7,933

r35,396

r43,329

10,256

5,402

July
August
September

r-1 ,931

r56,263

r58,194

r-7,949

r36,532

r44,481

10,526

5,574

October
November
December

rl ,399

r61 ,414

r60,015

r-5,971

r39,412

r45,383

12,907

6,308

1 ,737

64,893

63,156

-6,115

41 ,348

47,463

14,115

7,251

r307

r67,758

r67,451

-7,716

42,792

50,508

r!5,404

r7,939

p2,136

p74,408

p72,272

rp-7,282

rp47,337

rp54,619

p!7,506

p8,7l'2

1978

1979
January
February
March
April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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.
'Balance of payments basis: Excludes transfers under military grants -*nd Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).


DECEMBER 1979


93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Qj INDUSTRIAL PRODUCTION

Year
and
month

47. United States, 7 2 1 . 0 E C D 1
European counindex of industrial production
tries, index of
industrial
production

(1967-100)

(1967-100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

(1967=100)

(1967=100)

726. France,
index of industrial production

(1967=100)

722. United
Kingdom, index
of industrial
production

(1967=100)

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1977
January
February
March

133.7
134.5
136.3

152
152
153

191.4
188.8
191.4

153
152
154

157
155
157

122
123
123

153.6
153.4
153.8

150.4
148.4
149.8

April
May
June

137.1
138.0
138.9

149
150
149

190.4
189.8
191.1

152
152
153

152
151
157

122
124
121

144.0
147.1
137.3

148.2
149.8
151.3

July
August
September

139.0
139.3
139.6

149
149
150

187.9
191.6
191.2

152
152
153

152
152
152

123
124
123

139.7
140.9
144.5

150.0
151.4
150.6

October
November
December

140.1
140.3
140.5

149
149
150

190.1
193.4
194.9

152
152
156

150
152
148

122
121
123

140.9
142.0
137.9

151.7
152.3
152.4

January
February
March

140.0
140.3
142.1

153
152
150

196.9
197.0
199.5

157
152
152

152
152
155

123
124
123

143.8
146.1
145.9

152.8
155.3
155.8

April
May
June

144.4
144.8
146.1

153
152
153

200.5
201.5
201.8

153
152
154

161
157
152

128
126
128

143.5
143.8
145.3

157.5
155.3
158.4

July
August
September

147.1
148.0
148.6

153
152
154

201.8
204.1
206.0

157
156
159

155
155
157

128
r!28
128

144.4
143.7
146.2

158.1
158.2
164.4

October
November
December

149.7
150.6
151.8

157
157
158

206.9
207.6
210.1

159
159
159

157
159
161

125
126
129

154.3
154.7
151.9

163.5
164.4
165.3

January
February
March

151.5
152.0
153.0

154
157
158

210.2
213.1
212.6

159
157
161

158
158
161

120
131
133

152.7
159.9
155.8

165.9
165.5
166.6

April
May
June

150.8
152.4
152.6

158
158
160

214.2
218.5
218.8

161
160
164

158
162
161

132
134
138

156.2
151.5
145.2

164.1
165.0
163.5

July
August
September

152.8
151.6
r!52.4

161
156

220.8
223.0
p220.0

r!66
r!66
p!66

136
129

p!60

170
163
p!63

p!26

149.7
r!49.6
p!58.4

166.8
H66.9
r!70.4

October
November
December

r!52.4
P151.6

(NA)

(NA)

(NA)

1978

1979

(NA)

(NA)

(NA)

p!69.0
(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal 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.

Organization for Economic Cooperation and Development.

94




DECEMBER 1979

ItO

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

JQ CONSUMER PRICES

Japan

United States
Year
and
month

320. Index® 320c. Change
over 6-month
spans 1

(1967-100)

(Ann. rate,
percent)

738. Index®

(1967=100)

West Germany

738c. Change
over 6-month
spans 1

(Ann. rate,
percent)

735. Index®

(1967=100)

United Kingdom

France

735c. Change
over 6-month
spans 1

(Ann. rate,
percent)

736. Index®

(1967-100)

736c. Change
over 6-rnonth
spans 1

(Ann. rate,
percent)

732. Index® 732c. Cfiange
over 6-month
spans 1

(1967=100)

(Ann. rate,
percent)

1977
January
February
March

175.3
177.1
178.2

7.9
8.1
8.3

236.0
237.2
238.7

8.2
8.8
6.1

154.0
154.9
155.5

4.7
5.3
5.2

204.1
205.5
207.3

9.5
9.3
9.7

276.9
279.7
282.4

18.9
16.0
14.7

April
May
June

179.6
180.6
181.8

7.5
6.4
5.9

242.6
244.9
243.6

5.6
7.1
7.2

156.2
156.9
157.6

4.5
4.2
3.2

210.0
212.0
213.6

11.3
10.8
10.4

289.6
291.9
294.9

11.2
11.9
11.6

July
August
September

182.6
183.3
184.0

5.2
5.4
5.2

243.0
243.0
247.3

6.9
3.7
2.8

157.4
157.3
157.1

3.1
2.2
1.8

215.5
216.7
218.6

9.7
8.8
8.1

295.3
296.7
298.3

9.4
10.2
9.5

October
November
December

184.5
185.4
186.1

6.0
6.4
7.3

248.6
245.7
245.1

2.2
1.1
2.0

157.3
157.5
157.9

2.2
2.0
2.9

220.3
221.1
221.7

7.1
7.6
8.1

299.6
301.0
302.6

8.4
6.5
6.0

187.2
188.4
189.8

8.3
8.9
9.8

246.1
247.1
249.4

1.4
3.5
4.6

158.9
159.7
160.3

2.5
2.9
2.8

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.3
5.5
5.6

April
May
June

191.5
193.3
195.3

9.5
9.4
9.6

252.1
253.5
252.1

7.0
7.7
4.9

160.7
161.1
161.5

2.9
2.7
1.5

228.9
231.1
232.8

11.7
11.2
10.1

312.6
314.4
316.8

7.5
9.7
9.2

July
August
September

196.7
197.8
199.3

9.5
9.0
8.5

253.1
253.3
256.4

5.0
2.9
2.5

161.5
161.0
160.6

1.6
1.8
2.4

235.7
237.1
238.6

10.2
9.8
9.6

318.2
320.3
321.6

10.1
11-. 0
10.7

200.9
202.0
202.9

9.2
10.4
10.7

256.8
254.1
253.7

0.1
-2.1
0.0

160.6
161.1
161.8

3.1
3.4
5.0

240.8
242.1
243.2

9J
10.4

323.1
325.3
328.0

11.2
9.3
10.3

January
February
March

204.7
207.1
209.1

11.4
12.4
13.2

253.9
253.1
255.1

0.5
2.8
4.5

163.5
164.5
165.5

5.4
5.6
5.2

245.5
247.1
249,4

9.8
10.4
10.9

332.9
335.6
338.3

1C. 6
10.1
12.7

April
May
June

211 .5
214.1
216.6

13.4
13.1
13.3

258.6
261.3
261.5

8.3
7.9
6J

166.4
167.0
167.8

6.0
6.2
5,6

251 .8
254.5
256.6

11.9
12.6
11 ,7

344.1
346.8
352.8

21.0
22.4
22.6

July
August . . . .
September

218.9
221.1
223.4

13.0

263,8
261.1
264.4

8.0
(NA)

168.8
169.0
169.1

6.1
6.4

260.0
262.7
264,9

12.7

368.0
370.9
374.6

r24.2
24.8

October
November
December

225.4
227.5

1978
January
February
March

.

. ..

October
November
December

n

~i

1979

12.8

267.7
(NA)

169.7
170.4

268.1
(NA)

(NA)

r378.5
381.8

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 59.
1

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

DECEMBER 1979



95

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

R STOCK PRICES
l

E9 CONSUMER PRICES-Con.
19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans1
pans1
Canada

Italy

Year
and
month

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

748. Japan,
index of
stock
prices®

745. West
Germany,
ndex of
stock
prices®

746. France, 742. United
Kingdom,
ndex of
stock
ndex of
stock
prices®
prices®

(1967=100)

(1967=100)

(1967=100)

(1967=100)

747. Italy,
ndex of
stock
prices®

743. Canada,
ndex of
stock
prices®

(1967=100)

(1967=100)

1977

112.9
109.8
109.4

343.8
344.7
341.3

119.5
118.3
118.1

116.0
109.7
101.6

149.6
157.0
164.2

52.9
50.0
48.7

107.3
108.5
111.0

9.8
7.8
7.3

107.7
107.4
108.0

339.3
343.3
340.7

124.0
128.4
125.2

93.9
97.2

104.0

164.9
180.3
178.6

46.2
44.4
43.4

108.2
102.4
107.3

187.1
187.9
188.9

8.2
8.6
9.1

109.0
106.3
104.7

339.6
345.0
351.2

124.3
126.0
124.9

105.3
109.7

178.4
191.6
208.7

43.9
45.3
50.3

106.6
101 .6
100.6

12.8
11.6
12.5

190.8
192.0
193.3

8.4
9.5

102.0
102.6
102.1

345.0
332.5
328.6

126.4
128.5
125.4

111.9
111.3
105.3

210.4
197.7
198.8

46.2
43.6
40.0

100.9
106.9

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

98.0

100.3
120.0

198.2
187.7
187.5

40.7
43.5
42.8

105.3

April
May
June

280.0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

9.6
7.3

100.8
106.0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201.2

41.4
43.2
44.0

106.9
109.4
109.1

July
August
September

286.8
288.3
292.9

12.7
11.8
11.5

205.4
205.5
205.2

8.6
8.2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

116.7
120.8
129.5

October
November
December

295.5
298.6
300.1

12.7
13.8
14.1

207.3
209.0
209.6

6.8
8.7

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51.6
51.2

122.3
129.1
131 .7

January
February
March

305.1
309.7
313.8

14.5
15.6
15.6

211.2
213.2
215.7

9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131 .2

160.9
149.9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

138.4
141 .1
150.7

April
May
June

317.8
321.3
323.9

15.0
15,2
17.2

217.2
219.3
220.3

9.5
8.5
8.5

111.0
108.5
110.7

402.9
411 .1
402.3

130.6
127.8
121 .7

1C4.5
162.0
171 .7

255.7
255.0
241.0

54.1
56.8
58.0

149.5
154.8
168.9

July
August
September

326.8
330.1
338.4

19.7
(NA)

222.1
222,9
224.9

7.9
8.8

111.7
116.8
118.1

400.6
408.0
412.5

122.0
124.3
125.7

173.7
188,6
207.4

232.8
233.9
236.3

58.8

159.4
178.6
p!89.8

October
November
December

346.2

113.6
112.8
pl!7.1

408.2
403.4
p408.7

123.5
118.3
pl!8.7

p204.0
rp!94.0
p!95.7

238.9
rp216.3
p218.6

63.7
59.7

January
February
March

238.8
243.4
246.5

17.0
14.8
12.7

178.0
179.7
181.5

April
May
June

249.5
252.6
254.3

14.7
13.4
12.3

182.5
184.0
185.3

July
August
September

255.8
258.2
261.5

13.0
12.5
12.7

October
November
December

265.0
267.6
268.9

January
February
March

9.3
9.5
10.0

10.0

99.8

96.4

1978

. ...

8.5
9.3
9.6
11.0

10.9

99.1
98.7

1979

(NA)

226.5
228,7

10.9
10.1

61 .7
63.0

p58.1

p!81.3
rp!79.9
pi 92. 7

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 59.
Changes over 6-month spans are centered on the 4th month.

96




DECEMBER 1979

APPENDIXES
C. Historical Data for Selected Series
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

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

III Q

II Q

IV Q

TOTAL FOR PERIOD

1948...
1949...
1950.. .
1951...
1952
1953.. .
1954...
1955.. .
1956...
1957.. .
1958...
1959...
1960. . .
1961. . .
1962.. .

1.50
1.31
1 .60
3.43
2.51
2.84
2.20
2.50
3.35
3.65
2.77
3.09
3.27
3.48
3.62

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

1.66
1.41
1.74
3.19
2.59
2.64
1.91
3.15
3.28
3.52
2.66
3.73
3.27
3.25
3.65

1.84
1.21
1.74
3.21
2.56
2.88
1 .96
2.93
3.40
3.15
2.69
3.35
3.52
3.27
3.85

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

1.84
1.37
2.09
2.98
2.69
2.16
2.05
2.99
3.60
3.13
2.85
3.54
3.41
3.41
3.61

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

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

1.59
1.49
3.01
2.36
3.34
2.57
2.31
3.33
3.33
2.83
3.14
3.63
3.44
3.43
3.64

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

1.60
1.61
2.72
2.63
2.36
2.34
2.25
3.45
3.79
2.89
3.00
3.30
3.20
3.72
4.00

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

4 .88
4.14
4.94
10.13
7.65
8.36
6.35
8.37
9.89
10.72
8.10
10.01
9.89
10.13
11.21

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

4.87
4.11
8.74
7.93
8.58
7.46
6.61
9.45
10.17
9.02
9.02
10.46
10.26
10.59
10.95

4.81
4.50
8.43
8.09
7.69
7.20
7 .08
10.10
10.71
8.52
8.95
10.29
10.03
10.66
11.81

19.83
16.58
28.10
36.70
31.56
30.82
26 .05
36.64
41.33
37 .83
34.33
41.11
40.62
41.28
45.11

1963
1964.. .
1965.. .
1966.. .
1967...
1968
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979.. .

3.80
4.70
4.89
5.81
5.30
5.96
9.04
9.24
8.26
8.91
11.36
14 .01
13.18
14.25
16.90
20.90

3.91
4.24
4.93
6.28
5.69
8 .07
9.50
8.96
9.00
9.39
12.10
14.46
12.28
13.83
16.77
22.09

3.88
4.43
5.22
6.14
5.81
9.83
8.83
8.46
9.09
10.14
12.18
14.77
11.94
15.02
16.32
20.48

3.98
4.46
5.25
6.41
5.70
8.18
10.06
8.06
8.94
9.95
12.23
14 .01
13.47
14 .36
17.22
19.04

4.36
4.82
5.18
6.34
5.88
7.42
9.37
8.13
8.70
10.98
12.99
15.45
14.02
13.37
19.11
21.11

3.99
4.95
5.10
6.21
6.11
7.39
8.95
7.86
9.81
9.60
12.90
14.28
13.80
15.83
18.42
19.78

3.96
4.64
5.27
6.64
6.05
8.46
8.92
8.18
8.01
10.58
13.07
16.49
12.88

4.07
4.69
5.08
6.22
6.26
8.53
8 .80
7.77
8.96
9.86
13.25
15.19
14.33
1 4 .98
18.38
22.71

4.20
4.75
5.49
6.79
6.09
7.87
9.96
7.98
9.45
11.30
13.11
15.61
12.43
16 .29
20.22
23.32

4.28
4.79
5.51
6.20
6.19
9.46
8.96
7.16
8.62
10.84
14.55
14.98
12.21
16.63
17.68
25.85

4.50
5.10
5.45
6.14
6.22
8.11
8.85
8.16
9.36
11.16
14.62
13.49
12.59
15.93
18.59
24 .70

4 .56
5.17
5.82
6.14
6.40
8.86
9.01
8 .98
9.69
11.42
14.00
14.76
11 .84
16.15
20.74
22.84

11.59
13.37
15.04
18.23
16.80
23.86
27.37
26.66
26.35
28.44
35.64
43.24
37 .40
43.10
49.99
63.47

12.33
14.23
15.53
18.96
17.69
22.99
28.38
24.05
27.45
30.53
38.12
43.74
41 .29
43 .56
54.75
59.93

12.23
14.08
15.84
19.65
18.40
24.86
27.68
23.93
26.42
31.74
39.43
47.29
39.64
47.51
54.73
67.50

13.34
15.06
16.78
18.48
18.81
26.43
26.82
24.30
27.67
33.42
43.17
43.23
36.64
48.71
57.01
73.39

49.49
56.74
63.19
75.32
71.70
98.14
110.25
98.94
107.89
124.13
156.36
177.50
154.97
182.88
216 .48
264.29

1 f, .24
16.13
21.47

20. CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN 1972 DOLLARS
(B ILLIONS OF DOLLARS)
1947 ...
1948. . .
1949...
1950.. .
1951...
1952.. .
1953...
1954...
1955...
1956.. .
1957.. .
1958...
1959.. .
I960
1961...
1962.. .
1963.. .
1964
1965.. .
1966...
1967...
1968
1969...
1970.. .
1971.. .
1972...
1973. . .
1974.. .
1975...
1976.. .
1977.. .
1978.. .
1979.. .

TOTAL FOR PERIOD

3.66
2.94
3.63
6.79
4.88
5 .56
4.12
4.68
5.85
5.89
4.34
4 .80
5.00
5.37
5.55

4.19
3.19
3.64
6.92
4.97
5.61
4.20
5.08
5.65
5.7U
4.18
4.95
5.12
5.22
6.05

4.02
3.15
3.92
6.28
5.04
5.11
3.57
5.85
5.67
5.62
4.17
5.79
4.98
4.96
5.60

4.45
2.71
3.93
6.29
4.97
5.53
3.67
5.42
5.83
5.02
4.21
5.20
5.38
5.03
5.88

3.79
2.81
4.86
8.37
4.62
5.27
3.74
5.19
6.05
5.22
4.25
5.34
5.38
4.95
5.63

4.39
3.07
4.68
5.80
5.21
4.10
3.84
5.49
6.11
4.96
4.46
5.44
5.22
5.23
5.52

3.93
2.83
5.62
5.54
5.36
5.00
4.03
5.43
5.79
4.84
4.30
5.53
5.24
5.34
5.59

3.68
3.07
6.93
5.33
4.81
4.18
4.04
5.71
5.72
4.93
4.90
4.93
5.23
5.63
5.60

3.61
3.38
6.42
4.61
6.39
4.77
4.35
5.94
5.51
4.44
4.92
5.57
5.29
5.26
5.57

3.66
3.25
5.70
5.14
4.89
5.03
4.56
5.70
5.49
4.52
4.76
5.37
5.13
5.38
5.68

3.60
3.63
5.66
5.14
4.59
4.37
4.23
6.10
6 .16
4.51
4.68
5.05
4.93
5.71
6.11

3.59
3.32
6.04
5.49
5.47
4.00
4.49
6 .07
5.80
4.28
4.52
5.34
5.37
5.26
6.24

11.87
9.28
11.19
19.99
14.89
16.28
11.89
15.61
17.17
17.21
12.69
15.54
15.10
15.55
17.20

12.63
8.59
13.47
20.46
14.80
14.90
11.25
16.10
17.99
15.20
12.92
15.98
15.98
15.21
17.03

11.22
9.28
18.97
15 .48
16.56
13.95
12.42
17.08
17.02
14.21
14.12
16.03
15.76
16.23
16.76

10.85
10.20
17.40
15.77
14.95
13.40
13.28
17.87
17.45
13.31
13.96
15.76
15.43
16.35
18.03

46.57
37.35
61.03
71.70
61.20
58.53
48.84
66.66
69.63
59.93
53.69
63.31
62.27
63.34
69.02

5.79
7.12
7.34
8.58
7.46
7.12
10.55
10.18
8.61
9.02
11.21
12.96
9.98
10.33
11.62
13.33

5.97
6.42
7.39
9.22
7.99
9.55
10.88
9.82
9.34
9.50
11.87
13.25
9.27
10.08
11.49
14.05

5.93
6.70
7.81
8.98
8.15
11.58
10.08
9.25
9.34
10.24
11.87
13.25
8.96
10.67
11.16
13.08

6.07
6.74
7.85
9.32
7.98
9.54
11.39
8.76
9.24
10.03
11.79
12.52
10.02
10 .43
11.75
12.08

6.66
7.27
7.74
9.17
8.22
8.74
10.69
8.76
8.95
11.05
12.52
13.37
10.41
9.56
12.91
13.25

6.07
7.48
7.59
8.95
8.53
8.70
10.14
8.45
10.08
9.62
12.44
12.18
10.20
11.16
12.32
12.38

6.02
7.01
7.84
9.54
8.43
9.91
10.05
8.71
8.23
10.59
12.58
13.71
9.51
11.47
10.76
13.25

6.19
7.08
7.54
8.92
8.70
10.06
9.88
8.28
9.13
9.83
12.72
12.43
10.56
10 .60
12.26
13.86

6.36
7.16
8.15
9.71
8.46
9.19
11.08
8.46
9.65
11.20
12.56
12.50
9.18
11.37
13.24
14.17

6.48
7.23
8.17
8.83
8.58
11.04
10.01
7.52
8 .79
10.76
13.82
11.78
8.93
11.59
11.64
15.50

6.83
7.69
8.06
8.71
8.59
9.41
9.80
8.55
9.54
11.03
13.84
10.53
9.14
11.03
12.06
14.82

6.91
7.80
8.61
8.67
8.80
10.29
10.00
9.37
9.84
11.22
13.15
11.29
8.63
11.18
13.34
13.53

17.69
20.24
22.54
26.78
23.60
2H.25
31.51
29.25
27.29
28.76
34.95
39.46
28.21
31.08
34.27
40.46

18.80
21.49
23.18
27.44
24.73
26.98
32.22
25.97
28.27
30.70
36.75
38 .07
30.63
31.15
36.98
37.71

18.57
21.25
23.53
28.17
25.59
29.16
31.01
25.45
27.01
31.62
37.86
38.64
29.25
33.44
36.26
41.28

20 .22
22.72
24.84
26.21
25.97
30.74
29.81
25.44
28.17
33.01
40.81
33.60
26.70
33.80
37.04
43.85

75.28
85.70
94.09
108.60
99.89
115.13
124.55
106.11
110.74
124.09
150.37
149.77
114.79
129.47
144.55
163.30

24. VALUE OF MANUFACTURERS' NEW ORDERS , CAPITAL GOODS INDUSTRIES, NONDEFENSE, IN CURRENT DOLLARS
(B ILLIONS OF DOLLARS)

TOTAL FOR PERIOD

1948.. .
1949.. .
1950...
1951...
1952.. .
1953...
1954.. .
1955...
1956...
1957.. .
1958
1959.. .
1960...
1961.. .
1962.. .

1.28
1.13
1.32
3.06
2.18
2.57
1.78
2 .09
2.72
2.96
2 .28
2.62
2.73
2.74
3.06

1.43
1.22
1.42
3.09
2.25
2.43
1.86
2.29
2.55
2.96
2.16
2.70
2.83
2.76
3.27

1.45
1.21
1 .43
2.92
2 .30
2.29
1.56
2.62
2.68
2.83
2.21
3.06
2.78
2 .76
2.92

1.62
1.02
1.49
2.88
2.22
2.41
1.65
2.30
2.82
2.61
2 .25
2.79
2.90
2.73
3.20

1.31
1.08
1 .88
2.74
2 .04
2.30
1.61
2.31
2.99
2.63
2.26
2.92
2.89
2.66
3.02

1.57
1.13
1.81
2.56
2.23
1.90
1.65
2.47
3.02
2.53
2.28
3.00
2.87
2.81
2.97

1.38
1.06
2 .22
2.46
2.36
2.09
1.75
2.43
2.77
2.52
2.29
3.03
2.78
2.94
3.00

1.36
1.13
2.81
2.35
2.07
1.84
1.74
2.59
2.84
2.56
2.46
2.79
2.78
3.08
2.99

1.38
1.26
2.64
2.11
2.20
1.88
1.94
2.57
2.84
2.42
2.56
3.04
2.75
2.91
3.06

1.39
1.19
2.40
2.40
2.19
1.80
1.93
2.64
2.88
2.36
2.48
2.93
2.69
2.94
3.11

1.40
1.25
2.37
2.38
1.97
1.78
1.83
2.77
3.21
2.33
2.58
2.74
2.60
3.04
3.34

1.43
1.20
2.68
2.37
2.19
1.76
1.95
2.87
3.07
2.16
2.47
2.96
2.86
2.88
3.15

4.16
3.56
4.17
9.07
6.73
7.29
5.20
7.00
7.95
8.75
6.65
8.38
8.34
8.26
9.25

4.50
3.23
5.18
8.18
6.49
6.61
4.91
7.08
8.83
7.77
6.79
8.71
8.66
8.20
9.19

4.12
3.45
7.67
6.92
6.63
5.81
5.43
7.59
8.45
7.50
7.31
8.86
8.31
8.93
9.05

4.22
3.64
7.45
7.15
6.35
5.34
5.71
8.28
9.16
6.85
7.53
8.63
8.15
8.86
9.60

17 .00
13.88
24.47
31.32
26.20
25.05
21.25
29 .95
34.39
30.87
28.28
34.58
33.46
34 .25
37.09

1963...
1964.. .
1965...
1966.. .
1967...
1968.. .
1969.. .
1970...
1971.. .
1972...
1973.. .
1974. . .
1975...
1976.. .
1977.. .
1978.. .
1979.. .

3.21
3.94
4.13
4.79
4 .43
4.96
6.91
7.22
6.85
7.44
9.60
12.38
11.74
11.03
14.43
16.17

3.29
3.52
4.06
5.25
4.69
6.97
8 .16
7.18
7.41
8.21
10.19
12.71
10.66
11.30
13.96
17.19

3.34
3.77
4 .40
5.17
4.73
8.64
7.58
6.86
7.45
8.57
10.57
13.10
10.20
11.81
14.27
17.18

3.35
3.72
4.34
5.33
4.78
7.49
9.01
6.34
7.27
8.34
10.88
12.69
10 .86
11.92
14.32
17.28

3.49
4.12
4.23
5.37
4.88
6.15
7.66
6.84
7.26
9.31
11.10
12.68
10.52
12.17
14.80
17.61

3.33
4.23
4.38
5.31
5.03
6.08
7.61
6.41
8.26
8.15
10.70
12.53
10.23
12.36
15.45
17.61

3.36
3.90
4.46
5.57
5.13
7.14
7.50
6.71
6.70
9.00
11.03
14.19
11.00
13.17
14.05
17.45

3.47
3.94
4.34
5.20
5.24
6.79
7.54
6.42
7.21
8.46
10.88
13.47
10.77
12.52
14.62
18.36

3.53
3.92
4.50
5.46
4.99
6.47
8.59
6.66
8.08
9.56
11.24
13.42
10.74
13.10
16.13
19.84

3.54
4.01
4.63
5.36
5.04
7.84
7.42
6.32
7.40
9.20
12.19
12.04
10.76
13.59
15.84
21.03

3.45
4.06
4.72
5.15
5.12
6.86
7.69
6.84
7.87
9.53
12.39
11.85
11.28
13.01
16.18
20.75

3.61
4.15
5.05
5.19
5.40
7.38
7.26
7.55
8.29
9.77
12.22
11.66
10.52
13.76
16.94
19.13

9.84
11.23
12.59
15.21
13.85
20.57
22.65
21.26
21.71
24.22
30.36
38.19
32.60
34.14
42.66
50.54

10.17
12.07
12.95
16.01
14.69
19.72
24.28
19.59
22.79
25.80
32.68
37.90
31.61
36.45
44.57
52.50

10.36
11.76
13.30
16.23
15.36
20.40
23.63
19.79
21.99
27.02
33.15
41.08
32.51
38.79
44.80
55.65

10.60
12.22
14.40
15.70
15.56
22.08
22.37
20.71
23.56
28.50
36.80
35.55
32.56
40.36
48.96
60.91

40.97
47.28
53.24
63.15
59.46
82.77
92.93
81.35
90.05
105 .54
132.99
152.72
129.28
149.74
180.99
219.60

NOTE: These series contain revisions beginning with 1968.




(DECEMBER 1979)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

II

-0.42
0.10
-0.53
2.81
1.34
1.10
-2.64
-0.63
0.88
1.17
-1.61
-0.06
0.40
0.09
0.30
0.06

-0.16
-0.64
0.34
1.46
0.86
-0.56
-2.11
0.14
1.50
0.05
-1.60
0.28
0.08
-0.50
0.32
0.75

0.24
1.09
0.96
1.71
0.45
0.22
0.14
-1.06
-0.01
1.21
2.51
3.97
-0.78
0.10
0 .64
2.46

0.0

25. CHANGE IN MANUFACTURERS' UNFILLED ORDERS, DURABLE GOODS INDUSTRIES
(BILLIONS OF DOLLARS

III

Q

-0.33
-0.99
0 .58
5.41
0.59
1.73
-2.46
0.78
1.31
-0.25
-2.39
0 .74
-1.55
-0.34
0.42

-0.17
-0.14
-0.96
0.41
3.91
1.97
-0.80
-2.49
1.19
0.41
-0.87
-0.50
0.90
-1.25
-0.30
-0.46

-0.42
0.01
-1.30
0 .46
3.31
2.18
-0.52
-1.83
0.36
1.22
-0.86
-0.84
0.52
-1.07
0.21
-0.77

-0.35
-0.34
-1.10
0.43
2.42
0.21
-0.09
-1.79
0.34
0.55
-0.64
-0.34
-0.42
-0.64
0.15
-0.42

-0.40
0.73
-1.24
0.77
2.60
2.72
-0.53
-1 .67
0.56
0 .26
-1.25
0.20
0.24
-0.23
0.14
-0.16

-0.76
0.36
-0 .88
2.33
2.25
1.80
-2.18
-1.19
0.81
1.48
-1.73
0.11
-0.07
-0.45
0.36
0.02

-0.50
0.21
-0.41
3.91
0.97
0.65
-2.25
-1.00
0.65
1.90
-1.70
-0.02
0.11
0.41
0.40
-0.43

-0.01
-0.27
-0.30
2.18
0.80
0.85
-3.49
0.30
1.18
0.12
-1.41
-0.26
1.16
0.31
0.15
0.58

-0 .49
-0 .44
0.34
1.97
1.32
-0.56
-2.54
1.31
1.47
-0.16
-1.91
0.12
0.82
-0.81
0.07
0.54

-0 .04
-0.61
0.43
1.12
0.81
-0.65
-1.85
-0.82
1.16
0.25
-1.45
0.78
-0.04
-0.38
0.32
0.12

0 .06
-0.86
0.26
1 .29
0.45
-0.48
-1.94
-0.06
1.87
0.07
-1.44
-0.07
-0.55
-0.32
0.57
1 .58

-0.26
-0.93
0.45
4.35
0.85
0.45
-2.21
0.86
0.65
-0.38
-1.35
1.02
-1.23
-0.17
0.18

-0.39
0.13
-1.21
0.55
2.78
1.70
-0.38
-1.76
0.42
0.68
-0.92
-0.33
0.11
-0.65
0.17
-0.45

0.89
1.31
1.01
1.93
0.08
-0.36
0.19
-0.77
1970.. .
1.18
1971.. .
1972.. .
0.31
2.66
1973. . .
3.99
1974. . .
-2.64
1975. . .
-1.35
1976. . .
1.35
1977 . . .
2.76
1978. . .

1.14
0.70
1.12
1.75
0.21
0.25
0.68
-1.03
0.86
0.65
3.05
3.79
-2.77
-0.53
0.46
2.99

1.40
0.82
0.84
2.39
-0.40
1.57
0.73
-0 .84
-0.04
0.42
4.22
2.97
-3.37
0.91
0.60
4.38

0 .54
0.86
0.95
1.84
0.14
0.35
2.34
-1.35
-0.52
0.32
3.56
3.07
-2.53
0 .50
1.55
3.69

0.82
1.12
0 .84
1.43
1.02
-0.41
0.91
-0.89
-1.31
1.00
3.51
4.90
-1.97
-0.10
1.27
3.88

-0.20
1.23
0 .88
2.17
1.54
-0.11
-0.04
-0.86
-1.37
1.05
2.98
3.70
-2.42
0.53
1.39
2.72

0.02
1.56
0.78
1.75
0.67
-1.17
0 .0
-1.05
-0.76
0.53
1.82
3.86
-0.34
1.06
-0.69
0.83

0.14
0 .60
0.71
1.09
0.39
0.70
-0.32
-1.43
-0.05
0.63
2.80
5.44
-1.02
-0.93
1.18
2.62

0 .57
1.11
1.38
2.30
0.28
1.12
0.74
-0.70
0 .79
2.48
2.92
2.61
-0 .98
0.17
1.44
3.92

0.10
1.24
1.36
0.82
1.02
1.55
-0.07
-1.14
0.33
1.15
3.49
-1.15
-1.70
1.13
3.01
6.37

0.22
0 .86
1.30
0.45
0.45
0.41
0.03
-0.24
0.84
1.48
4.06
-0.90
-0.14
0.97
2.91
5.52

-0.32
1.02
1.46
0.37
1.09
0.98
-0.15
0 .66
0.48
2.30
2.96
-2.34
-0.85
1.88
4.35
4.19

1.14
0.94
0.99
2.02
-0.04
0.49
0.53
-0 .88
0.67
0.46
3.31
3.58
-2.93
-0.32
0.80
3.38

0.39
1.07
0 .89
1.81
0.90
-0.06
1.07
-1.03
-1.07
0.79
3.35
3.89
-2.31
0.31
1.40
3.43

1948. . .
1949. . .
1950.. .
1951.. .

1952. . .
1953.. .

1954. . .
1955.. .

1956. . .
1957.. .
1958.. .

1959. . .
1960 . . .
1961 . . .
1962. . .
1963. . .
1964.. .

1965. . .
1966. . .
1967. . .
1968 . . .
1969 . . .

Q

AVERAGE FOR PERIOD

-0.16
-0.30
-0.85
0.36
3.72
-0.01
0.42
-1.69
0.62
0.23
-0.02
-1.16
1.41
-0.89
0.14
0.59

1947.. .

IV Q

1 Q

1.04
1.37
0.55
0.85
0.98
-0.06
-0.24
0.55
1.64
3.50
-1.46
-0.90
1.33
3.42
5.36

-0.16
-0.58
1.32
2.33
0.77
-1.17
-1.12
0.92
0.64
-1.13
-0 . 36
0.40
-0.57
0.16
0.13
0.44
1.04
1.05
1.52
0.54
0.41
0.42
-0.80
0.04
1.03
3.17
2.50
-1.73
0.35
1.57
3.66

1979.. .
27. VALUE OF MANUFACTURERS' NEW ORDERS , CAPITAL GOODS INDUSTRIES, NONDEFEMSE , IN 1972 DOLLARS 1
(BILLIONS OF DOLLARS )

1947 . .
1948. . .

1951. . .
1952. . .
1953. . .
1954 . . .
1955 . . .
1956. . .
1957.. .

1958. . .
1959. . .
I960.. .
1961.. .

1962. . .
1963. . .
1964. . .
1965.. .
1966.. .
1967.. .

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

1973. . .
1974.. .
1975.. .

1976. . .
1977.. .

1978. . .
1979. . .

3.19
2.56
3.04
6.08
4.30
5.07
3.38
3.94
4.82
4.80
3.56
4.05
4.12
4.14
4.63

3.57
2.77
3.27
6.13
4.43
4.79
3.53
4.31
4 .48
4.77
3.37
4.17
4.26
4.16
4.95

3.58
2.74
3.27
5.78
4.51
4.50
2.95
4.90
4.70
4.54
3.45
4.71
4.20
4.16
4.41

3.98
2.30
3.40
5.68
4.36
4.70
3.11
4.30
4.88
4.18
3.49
4.28
4.36
4.13
4.82

3.22
2.45
4.29
5.40
4.00
4.45
3.05
4.32
5.12
4.20
3.51
4.47
4.36
4.03
4.55

3.82
2.58
4.11
5.04
4 .40
3.64
3.12
4.59
5.15
4.04
3.54
4.56
4.34
4 .25
4 .49

3.32
2.41
4.97
4 .84
4.66
3.99
3.32
4.49
4.73
4.01
3.56
4.58
4.20
4.45
4.53

3.19
2.58
6.15
4.64
4.08
3.51
3.30

4.85
5.93
6.15
7.04
6.21
5.75
7.78
7.80
7.09
7.54
9.49
11.56
8.96
8.08
9.95
10.36

1949.. .
1950.. .

4.99
5.28
6.04
7.68
6.56
8.07
9.18
7.72
7.62
8.30
10.03
11.78
8.12
8.31
9.59
10.97

5.07
5.66
6.55
7.54
6.61
9.98
8.50
7.37
7.59
8.65
10.34
11.88
7.74
8.44
9.78
11.01

5.08
5.56
6.46
7.74
6.68
8.61
10.07
6.77
7.45
8.40
10.52
11.46
8.17
8.74
9.83
11.00

5.28
6.17
6.28
7.76
6.81
7.04
8.56
7.27
7.42
9.36
10.74
11.19
7.94
8.73
10.10
11.16

5.02
6.34
6.48
7.64
7.01
6.95
8.47
6.81
8.44
8 .16
10.37
10.82
7.69
8.77
10.39
11 .10

5.06
5.83
6.60
7.99
7.14
8.14
8.31
7.06
6.85
9.00
10.67
11.98
8.19
9.36
9.40
10.90

TOTAL FOR PERIOD

3.18
2.74
5.07
4.72
4.34
3.42
3.67
4.74
4.76
3.69
3.86
4.43
4.07
4.45
4.69

3.20
2.88
4.96
4.68
3.89
3 .38
3.47
4 .94
5.25
3.64
4.00
4.14
3.94
4.60
5.05

3.24
2.77
5.41
4.66
4.32
3.33
3.69
5.09
5.00
3.38
3.82
4.47
4.34
4.37
4.76

10.34
8.07
9.58
17.99
13.24
14.36
9.86
13.15
14.00
14.11
10.38
12.93
12.58
12.46
13.99

11.02
7.33
11.80
16.12
12.76
12.79
9.28
13.21
15.15
12.42
10 .54
13.31
13.06
12.41
13.86

9 .70
7.88
16.81
13.63
13.08
11.08
10.31
13.86
14.26
11.86
11.37
13.39
12.56
13.53
13.68

9.62
8.39
15.44
14.06
12.55
10.13
10.83
14.77
15.01
10.71
11.68
13.04
12.35
13.42
14.50

40.68

4.67
4 .52

3.19
2.89
5.69
4.15
4.34
3.58
3.69
4.63
4.73
3.80
3.99
4.59
4.16
4.41
4.63

5.23
5 .89
6.42
7.44
7.28
7.73
8.33
6.76
7.30
8.44
10.54
11.15
8.06
8.90
9.83
11.35

5.31
5.86
6.64
7.79
6.93
7.34
9.41
6.99
8.22
9.48
10.86
10.91
8.00
9 .18
10.60
12.18

5.33
6 .00
6.84
7.60
6.98
8.88
8.13
6 .58
7.52
9.15
11.68
9.66
7.92
9.51
10.46
12.81

5.19
6.06
6.96
7.27
7.06
7 .74
8 .40
7.10
8.00
9.43
11.83
9.35
8.23
9.04
10.54
12 .64

5.41
6.20
7 .44
7.30
7.41
8.33
7.86
7.81
8.42
9.60
11.56
9.07
7.71
9.57
10.96
11 .50

14.91
16.87
18.74
22.26
19.38
23.80
25.46
22.89
22.30
24.49
29.86
35.22
24.82
24.83
29.32
32.34

15.38
18.07
19.22
23.14
20.50
22.60
27.10
20.85
23.31
25.92
31.63
33.47
23.80
26.24
30.32
33 .26

15.60
17.58
19.66
23.22
21.35
23.21
26.05
20.81
22.37
26.92
32.07
34.04
24.25
27.44
29.83
34.43

15.93
18.26
21.24
22.17
21.45
24.95
24.39
21.49
23.94
28.18
35.07
28.08
23.86
28.12
31.96
36 .95

61.82

.74
.80
.05
.82
.22
.20

31. CHANGE IN BOOK VALUE OF MANUFACTURING AND TRADE INVENTORIES, TOTAL
(ANNUAL RATE, BILLIONS OF DOLLARS)

1948.. .

1949. . .
1950.. .
1951.. .

1952. . .
1953.. .

1954. . .
1955.. .

1956. . .
1957...
1958.. .
1959.. .
1960...
1961.. .
1962.. .

1963. . .
1964.. .

1965. . .
1966.. .

1967. . .
1968. . .
1969. . .
1970.. .
1971...
1972.. .
1973.. .
1974.. .
1975. . .
1976.. .
1977.. .
1978. . .
1979...

9.6
1.9
29.2
5.7
19.6
-4.7
4.5
9.1
6.6
-16.5
0.5
9.5
-3.5
7.0
2.2
6.5
11.5
10.2
17.7
10.9
10.8
1.8
9.7
7 .7
33.0
43.8
10.5
20.4
30.6
41.0

8.6
0.3
-0.3
17.8
-1.1

7.1

4.5

2.0

9.0

-3.1

-7.8

-6.5

-5.5

5.3

3.6

8.3

18.4
-0.2

16.6
-2.2

14.5
-4.5

2.2

5.4

-3.5

-3.8

3.2

7.6
5.1
1.9

12.7

2.4
2.9
3.7
12.5
-2.6

7.0
3.7
4.5
6.4
17.7

7.4
10.4
16.7
12.5
11.9

8.2
30.2
39.0
-11.3
25.6
29.4
33.9

-5.7

5.3
9.2
-6.4

7.8
2.7
5.1
15.4
14.2

9.6
7.1
15.3

8.3
15.9
11.5
27.8
53.4
-11.6
26.1
40.5
60.8

8.7
-4.6

0.8
13.1

3.7
-9.5
14.2

3.9

7.3
9.4
2.2
5.7

-3.8

-4 .6

6.0
8.0

8.0
6.4
0.9

-0.1
-6.8

0.2
0.1
1.8

6.1
6.8
0.9
9.0

1.2
6.9
7.4

5.4
4.7
8.2

12.2

18.9

6.5

4.7

14.0
12.9
15.8
12.6
15.7
26.8
32.6
-2.4
27.4
39.8
60.4

16.4
17.4
-0.5
13.4
20.6
34.0
55.8
-16.8
28.2
22.0
33.7

-1.7
10.8

2.5
-1.1

5.9
5.6
5.6
10.3
20.5

3.3
9.5
11.0
13.1

5.6
7.5
31.7
59.7
-6.4
45.8
21.7
33.8

11.4
-4 .4
-3.2
5.4
-3.0
9 .5
-4.2
6.6
5.7
3.0
-2.4
8.4
4.5
2.4
4.6
5.3
2.7
12.5
16.0
6.3
6.5
14.2
15.1
8.9
6.9
25.9
58.7
0.8
18.8
9.7
35.8

5.1
-2.9
21.9

5.2
-1.0

2.8
-5.4

8.9
5.4
7.0
-1.8

1.9
-2.1

5.4
5.8
5.8
4.7
12.0
17.2
13.4
15.1
13.9
12.8
13.1
25.7
24.5
44.6
13.2
17.3
31.9
42.3

Unless otherwise noted, these series contain ^evisions beginning with 1967.
series contains revisions beginning with 1968.




5.2
1.0
17.8
0.1
10 .8
2 .6
-0.9
5.0
8.0
5.6
4.3
-4.8
1.9
4.9
8.7
6.7
13.9
4.8
13.8
6.9
9.2
15.9
8.0
11.0
20.6
22.1
62.9
13.0
41.1
38.7
31.8

31.67
53.63

61.80
51.63
48.36
40.28
54.99
58.42

49.10
43 .97
52.67
50.55

51.82
56.03
70.78
78.86
90.79
82.68
94.56

103 .00
86.04

91.92
105.51
128.63
130.81
96.73
106.63
121.43
136.98

AVERAGE FOR PERIOD

5.0

3.0

-4.0
20.0

-5.5
24.0

-0.9
-7.2
17.4

2.8
9.3

2.5
5.8

3.2
3.7

-5.0
-3.8
11.3

-7.1

-3.4
-0.3

5.0

10.7
-2.1

-8.6

3.8
3.5
-1.0

1.9
6.2
9.1
-0.2

5.7
18.6
-0.8
15.4
14.1

3.1
6.2
14.6
22.7
61.3
12.5
15.6

7.4
38.1

4.2
7.0
3.5
-1.1

0.6
7.3
0.5

7.3
4.4
0.8
6.5
11.9
-13 .6

1.2
1.3

5.2

2 '3
.
2.3

-6.6

21.8

13.5
-1.5

7.2

2.4

-2.1
12.2

-5.6
20.5

2.8
6.3

6.1

3.6
2.3
5.0

-4.3

-3.5

5.1
9.0
3.6

4.9
9.2
1.5

-6.4

-6.0
10.4

3.2
0.0
5.6

6.8
6.4
5.2
0.0
1.8
1.4
4.2
6.4

4.1
5.7
8.6

5.9
7.1
9.8

4.8
5.9
8.2

17.2

15.7

16.6

1.5
9.1
-4.0

3.2
10.4
-4.2

7.3

4.9
9.0
9.1

0.5
8.9
9.7

17.0
14.6

14.2
13.1

11.1
14.0
11.6

7.6
8.4
9.7
0.0

7.8

9.5

13.5

14.3

19.5
40.3
50.5
-6.6
22.4
32.1
52.9

6.4

2.9
5.4

-3.3

4.6
4.8
-4.7

3.5
2.7

4.8

8.9

9.0

10.3
14.7
12.0
11.0
17.7
24.2
55.4

10.3
12.0

2.3

7.5

9.5

12.5

10.5
14.6
30.8
49.4
-8.5
33.8
27.8
42.6

30.3
45.4
-4.1
24.0
33.5
45.2

0.0
8.5
6.7

13.3
13.8

14.4
16.8
53.0
53.9
-1.0
19.7
24 .5
33.8

9.1

-5.2

9.0
25.7
26.8
36 .6

5.0
6.9
17.0
38.7
55.2

1.6
19.'2
21.3
41.6

-3.0
10.3
10.4
2.1
3.7
-2.9
6.4
7.8
1.8
-1.9
5.0
2.6
0.9
5.5

4 .4
6.0
9.4
15.9
8.6
10.8
13.7
8.5
10.2
14.6
31.0
51.4
-0.5
25.7
27.4
41.5
(DECEMBER 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

36.
1 9 4 7 . ..
1948.. .
1949.. .
1950...
1951...
1952...
1953.. .
1954. . .
1955...
1956.. .
1957.. .
1958. . .
1959. . .
I960.. .
1961. . .
1962.. .

1963.. .
1964 . . .
1965.. .
1966.. .
1967.. .
1968. . .
1969. . .
1970.. .
1971.. .
1972.. .
1973.. .
1974.. .
1975.. .
1976. . .
1977. . .
1978 . . .
1979. . .

1963...
1964.. .
1965.. .
1966. . .
1967.. .
1968.. .
1969. . .
1970.. .
1971.. .
1972. . .
1973.. .
1974. . .
1975.. .
1976.. .
1977. . .
1978. . .
1979. . .

1963. . .
1964.. .
1965.. .
1966.. .
1967.. .
1968.. .
1969.. .
1970...
1971...
1972.. .
1973. . .
1974.. .
1975. . .
1976. . .
1977.. .
1978. . .
1979.. .

May

June

July

Aug.

Sept.

Dec.

1 Q

NET CHANGE IN I N V E N T O R I E S ON HAND AND ON ORDER IN 1972 D O L L A R S , MONTHLY DATA
( A N N U A L RATE, B I L L I O N S OF D O L L A R S )
0.78
-8.40
5.58
33.58
11.32
10.75
-15.66
-2.88
16.40
1.40
-11.84
18.00
-17.22
6.35
-12.50

0.10
-3.71
19.52
32.26
2.04
4.81
-12.90
8.94
7.32
-3.01
-5.30
-0.48
-2.16
10.86
6.52

11 .62
-10.34
13.80
22.37
26.11
1.91
-15.31
15.84
5.24
-5.02
1.00
3.76
-3.62
4.93
3.91

10.00
0.49
10.48
19.36
6.52
-11.06
-15.22
9.92
17.05
-9.64
4.62
14.54
1.55
8.39
6.92

-9.19
1.78
44.28
12.46
-3.31
-18.29
-13.69
7.93
10.50
-3.47
0.40
6.89
-5.58
8.17
3.98

-4.69
9.41
18.91
3.66
13.13
-20.47
2.10
1.08
4.87
-1.70
13.80
10.12
2.30
8.81
10 .22

-4.93
-6.37
16.63
11.41
10.04
-23.26
2.30
14.03
-1.03
-24.02
4.52
12.31
-8.93
3.54
9.52

-4.84
-7.82
19.75
11.46
3.38
-21.53
0.18
5.36
4.10
-10.60
7.45
2.68
-1.70
16.07
-3.29

-10 .37
-12.86
10.10
12.24
7.49
-16.04
0.24
10.91
0.01
-6.24
12.77
12.00
-18.31
13.19
6.85

7.66
13.78
21.88
17.48
28.27
2.26
7.99
-8.44
17.78
9.46
34.46
16.62
-41.22
8.12
15.11
23.21

15.11
8.40
15.37
26 .17
7.36
5.98
15.11
0.23
12.49
8.62
29.64
12.42
-46 .80
8.53
11.99
13.62

16.03
10.62
16.09
29.27
3.28
3.56
11.60
-0.80
8.59
1.57
30.96

9.13
11.89
3.46
20.09
8.87
8.40
12.64
6.85
-2.83
4.69
20.10
-4,10
-25.36
10.34
15.76
29.34

6.16
9.83
13.04
25.13
-0,64
10.43
10.72
-7.39
-5.51
11.98
27.31
15.58
-27.26
10.00
8.77
17.71

0 .92
14.78
12.10
27.41
2.09
4.15
14.76
5.36
-10.64
10.52
27.32
17.80
-20.11
18.59
9.78
15.10

2.82
11.44
15.40
20.98
16.74
-9.48
15.40
1.31
-8.15
4.33
21.83
-7.18
-1.26
5.47
7.94
10.36

6.07
10.49
8.02
16.91
18.70
10.00
7.73
5.09
1.42
24.78
18.16
-15.88
6.30
-3.48
22.78
18.49

7.14
29.26
4.64
14.22
6.31
13.79
15.18
-3.06
6.47
25.62
25.78
-5.21
-8.47
12.85
19.14
12.82

11.54
6.66
8.64
22.07
2.54
15.80
8.59
-5.10
6.10
16.78
25.50
-7.21
2.90
0.07
3.02
15.64

7.64
19.20
12.71
13.49
17.02
13.27
-2.28
7.70
3.91
17.99
28.54
-20 .16
-9.04
3.50
20 .26
19.19

-0.86
18.89
19.38
12.13
23.58
15.43
3.10
8.11
5.96
18.06
32.44
-20.08
-9.29
5.72
17.06
18.38

-34!96
12.80
15.05
36.53

II Q

III Q

IV Q

AVERAGE FOR P E R I O D

4.20
-4.38
7.80
36.43
14.90
-0.35
-19.33
16.00
-0.10
-5.78
-13.42
17.70
-11.09
-3.71
6.40

0^22
5.26
41.49
6.86
18.26
-17.23
7.93
7.85
-3.79
-19.00
19.81
-5.13
-5.84
11.75

4.17
-7.48
12.97
29.40
13.16
5.82
-14.62
7.30
9.65
-2.21
-5.38
7.09
-7.67
7.38
-0.69

-1.29
3.89
24.56
11.83
5.45
-16.61
-8.94
6.31
10.81
-4.94
6.27
10.52
-0.58
8 .46
7.04

-6.71
-9.02
15.49
11.70
6.97
-20.28
0.91
10.10
1.03
-13.62
8.25
9.00
-9.65
10.93
4.36

12.93
10.93
17.78
24.31
12.97
3.93
11.57
-3.00
12.95
6.55

5.40
12.17
9.53
24.21
3.44
7.66
12.71
1.61
-6.33
9.06

5.34
17.06
9.35
17.37
13.92
4.77
12.77
1.11
-0.09
18.24

6.11
14.92
13.58
15.90
14.38
14.83
3.14
3.57
5.32
17.61

13.91
-40.99
9.82
14.05
24.45

9.76
-24.24
12.98
11.44
20.72

-9.42
-1.14
4.95
16.62
13.89

-15.82
-5.14
3.10
13.45
17.74

NET C H A N G E IN I N V E N T O R I E S ON HAND AND ON O R D E R IN 1972 D O L L A R S , SMOOTHED DATA 1
( A N N U A L R A T E , B I L L I O N S OF D O L L A R S )

-3.10
14.57
23.61
8.11
-3.20
-9 .97
7.91
7.33
-6.14
-2.46
11.60
-5.75
5.23
5.62

7.45
13.77
12.56
20.45
11.18
7.80
10.04
0.82
2.97
12.87
26.84
-0.39
-17.88
7.71
13.89
19.20

AVERAGE FOR PERIOD

-4.36
-7.03
21.65
11.10
13.66
-19.76
0.96
9.74
0.76
-13.58
9.44
5.90
-9.87
13.17

-1 .89
-3.33
30.27
8.24
20.61
-17.68
1.85
10.45
-0.68
-15.07
14 .40
2.68
-10.40
14.71

-0.78
1.82
37.10
6.42
19.56
-16.68
5.30
9.68
-2.82
-17.80
18.99
-1.28
-8.27
12.88

-2.71
5.27
38.16
7 .45
11.68
-16.48
7.01
8.60
-3.12
-17.01
20.86
-6.95
-3.07
6.84

1.60
-5.57
8.12
34.45
8.73
5.09
-15.85
6.72
8.61
-2.45
-12.60
16.83
-9.47
2.10
1.03

2.93
-6.49
11.97
31.75
11.29
5.45
-15.29
7.33
8 .76
-2.34
-7.78
9.42
-8.91
5.94
-0.27

5.70
-6.00
13.78
27.03
12.36
2.19
-14.55
9.43
9.76
-4.05
-2.64
6.52
-4.54
7.72
2.55

5.69
-3.60
18.73
21.36
10.66
-5.30
-14 .61
11.40
10.40
-5.97
1.06
7.17
-1.98
7.61
5 .36

1.43
0.60
23.70
14.94
7.61
-12.88
-11.84
8.77
10.87
-5.49
4.14
9.46
-1.56
7.81
5.99

-3.78
2.75
25.58
10.50
6.03
-18.64
-6.02
6.99
7.79
-7.33
6.26
10.14
-2.32
7.65
7.47

-5.54
0.01
22.52
9.01
7.73
-21.21
-0.79
7.25
3.71
-10.92
7.41
9.07
-3.42
8.16
6.69

-5.77
-5.30
16.96
10.27
7.91
-21.01
1.22
8 .46
1.84
-12.86
8.42
8.68
-6.21
10.20
4.92

-2.34
-2.85
29.67
8.59
17.94
-18.04
2.70
9.96
-0.91
-15.48
14.28
2.43
-9.51
13.59

-4.92
8.45
34.79
9.16
7.41
-15.87
7.02
8,66
-2.64
-12.46
15.70
-8.44
1.66
2.53

4.27
-3.00
18.74
21.11
10.21
-5.33
-13.67
9.87
10.34
-5.17
0.85
7.72
-2.69
7.71
4.63

2l!69
9.93
7.22
-20.29
-1.86
7.57
4.45
-10.37
7.36
9.30
-3.98
3.67
6.36

-2.78
11.51
23.87
8.79
-0.07
-12.36
6.79
8.35
-4.77
-4.93
11.75
-3.17
2.13
6.78

4.05
6.48
17.45
15.05
16.93
14.33
13.53
0.30
7.38
5.88
20.56
27.35
-21.48
-4.27
5 .60
16.81

6.81
6.98
19.35
18.77
16.94
12.45
12.54
-2.12
11.99
7.23
25.44
23.18
-31.59
-0.47
9.52
19.07

11.40
9.02
18.25
22.66
14.44
7.27
12.20
-2.35
12.87
7.28
29.54
17.20
-38.51
6.13
12.49
21.21

13.18
10.62
14.71
24 .74
9 .74
4.96
12.34
-0.45
9.52
5.75
29.29
10.46
-38.35
10.19
14.16
25.47

11.93
10.54
11.25
25.00
5.17
6.72
12.38
0.82
3.08
5.52
26.51
7.53
-32.45
10.80
13.73
27.18

7.92
11.47
10.20
24.52
3.64
7.56
12.18
0.58
-3.12
7.57
25.52
8.91
-26.72
12.01
12.31
24.29

4.35
12.09
11.52
24.36
4.75
4.68
13.17
0.68
-7.21
9.00
25.20
9.25
-20.23
12.16
10.13
17.55

3.28
12.13
12.68
23.14
9.29
1.63
13.13
1.84
-6.94
11.08
23.96
3.49
-10.62
9.11
11.16
14.52

4.31
14.65
10.60
19.57
13.21
3.16
12.70
2.52
-2.94
15.73
22.18
-5.59
-3.08
5.90
15.06
14.27

6.80
16.27
8.23
17.55
11.55
8.98
11.63
0.04
2.29
20.32
22.53
-9.43
-0.45
4.05
15.80
14.77

8.51
16.92
7.88
17.16
8.90
13.74
8.83
-0.59
5.08
21.26
24.88
-10.15
-2.31
4.31
14.56
15.77

7.44
16.64
11.12
16.24
11.50
14 .56
5.15
1.71
5.41
18.87
27.72
-13.34
-5.01
4.28
13 .79
16.81

7.42
7.49
18.35
18.83
16 .10
11.35
12.76
-1.39
10.75
6.80
25.18
22.58
-30.53
0.46
9.20
19.03

11.01
10.88
12.05
24.75
6.18
6.41
12.30
0.32
3.16
6.28
27.11
8.97
-32.51
11.00
13.40
25.65

3.98
12.96
11.60
22.36
9 .08
3.16
13.00
1.68
-5.70
11.94
23.78
2.38
-11.31
9.06
12.12
15.45

7.58
16.61
9.08
16.98
10.65
12.43
8.54
0.39
4.26
20.15
25.04
-10.97
-2.59
4.21
14.72
15 .78

7.50
11.98
12.77
20.73
10.50
8.34
11.65
0.25
3.12
11.29
25.28
5.74
-19.23
6.18
12.36
18 .98

CHANGE IN STOCKS OF M A T E R I A L S AND S U P P L I E S ON HAND AND ON O R D E R , M A N U F A C T U R I N G
(BILLIONS OF DOLLARS)

-5.03

AVERAGE FOR P E R I O D

-1.40
0.86
0.67
-0.49
-2.43
0.43
-0.98
-0.09
0.96

0.17
-1.06
0.56
0.41
-0.09
-1.01
1.33
-0 .69
-0.38
0.18

0.10
-1.48
1.12
0.18
-0.43
-0.57
0.81
-1.17
-0.12
-0.21

-0.08
-1.05
0.38
0.97
-0.62
-0.55
0.39
-0.94
0.13
-0.63

0.38
-0.93
0.48
0 ,26
-0.24
-0.41
-0.02
-0.69
0.22
-0.17

-0.28
-0 .66
0.52
-0.22
-0 .50
0.16
0.52
-0.45
0.09
-0.19

-0.95
-0.77
0.80
1.12
-0.91
0.24
0.11
-0.46
0.37
-0.18

-1.24
-0.69
0.65
1.04
-0 .98
0.17
0.13
0.21
0.81
-0.13

-1.84
0.14
0.86
0.04
-0.58
0.32
0.80
0.07
0.04
0.16

-1.73
0.56
1.07
0.24
-0.93
0.20
0.48
-0.58
0 .07
0.0

-1.08
-0.18
0.71
0.22
-0.92
0.53
0.29
-0.26
0.32
-0.02

-1.25
0.09
1.20
0.34
-1.17
0.07
-0.06
-0.67
1.15
0.03

-1.31
0.85
0.42
-0.34
-1.34
0.86
-0.95
-0.20
0.31

0.01
-0.88
0.46
0.34
-0.45
-0.27
0.30
-0.69
0.15
-0.33

-1.34
-0.44
0.77
0.73
-0.82
0.24
0.35
-0.06
0,41
-0.05

-1.35
0.16
0.99
0 .27
-1.01
0 .27
0.24
-0.50
0.51
0.0

-0.62
0.77
0,44
-0.65
-0.27
0.43
-0.55
0.22
-0.02

0.62
0.34
0.84
0.96
0 .68
0 .87
0.51
-0.67
1.02
0.63
2.48
2.79
-1.49
0.03
1.50
0.92

0.30
0.06
0,74
1.19
0.16
0.55
0.16
-0.40
0.32
0.73
2.27
3.14
-1.63
-0.19
0.80
1.51

0.57
0.31
0.66
1.59
-0.25
0.02
0.66
-0.16
0.06
0.43
2.90
2.27
-2.82
1.43
1.35
2.07

0.80
0.26
0.06
0.97
0.21
0.04
0.81
-0.16
-0.33
0.30
2.20
2.74
-2.99
0.44
0.87
1.83

0.36
0.35
0.44
0.99
0.0
-0.16
0.69
-0.23
-0.87
0.76
2.46
3.90
-1.94
0.83
0.97
2.00

-0.17
0.48
0.42
1.34
0.49
-0.58
0.15
-0.13
-1.32
0.51
2.17
3.48
-1.46
0.72
0.20
2.38

0.02
0.54
0.29
0.91
0.61
-0.72
0.30
-0.62
-0.34
0.96
1.73
3.17
-0.56
0.26
-0.63
1.18

-0.08
0.42
0.15
1.15
0.68
0.29
-0.08
-0.36
-0.07
1.34
2.25
3.17
-0.52
-0.55
1.13
1.81

0.29
1.01
0.69
0.27
0.40
0.20
0.52
-0.07
-0.13
1.30
2.49
1.88
-0.55
0.63
1.23
2.62

0.37
1.16
0.82
0.36
0.28
0.50
0.67
-0.23
0.33
0.83
2.75
-0.38
0.17
0.47
0.58
2.43

-0.06
0.84
0.58
0.22
0.56
0.54
-0.31
0.47
0.32
1.38
2.43
0.14
0.46
1.63
0.88
2.98

0.0
0 .69
1.01
0.08
0.87
0.63
-0.14
0.38
0.53
1.04
2.81
-0.32
-0.31
0.61
1.74
2.71

0.50
0.24
0.75
1.25
0.20
0.48
0.44
-0.41
0.47
0.60
2.55
2.73
-1.98
0.42
1.22
1.50

0.33
0.36
0.31
1.10
0.23
-0.23
0,55
-0.17
-0.84
0.52
2.28
3.37
-2.13
0.66
0.68
2.07

0.08
0.66
0.38
0.78
0.56
-0.08
0.25
-0.35
-0.18
1.20
2.16
2.74
-0.54
0.11
0.58
1.87

0,10
0.90
0.80
0.22
0.57
0.56
0.07
0.21
0.39
1.08
2.66
-0.19
0.11
0.90
1.07
2.71

0.25
0.54
0.56
0.84
0.39
0.18
0.33
-0.18
-0.04
0.85
2.41
2.16
-1.14
0.53
0.88
2.04

M O T E : These seri es c o n t a i n r e v i s i o n s b e g i n n i n g w i t h 1967.
' T h i s series is a weighted 4-term m o v i n g average ( w i t h w e i g h t s 1 , 2 , 2 , 1 ) p l a c e d on the t e r m i n a l month of the s p a n .




Nov.

Oct.

-0.44
-4.15
2.45
34.45
-2.11
4.91
-12.22
5.14
11.75
-2.96
-19.80
30.04
1.98
-3.53
11.87

38.
1947 . . .
1948 . . .
1949. . .
1950 . . .
1951 . . .
1952. , .
1953.. .
1954...
1955.. .
1956.. .
1957.. .
1958. . .
1959.. .
I960.. .
1961. . .
1962.. .

Apr.

9.18
5.54
53.60
7.80
50.21
-20.14
2.65
11.89
-2.63
-23.77
11.70
-6.28
-10.28
16,98

36.
1947. . .
1948 . . .
1949.. .
1950.. .
1951.. .
1952. . .
1953.. .
1954...
1955. . .
1956 . . .
1957. ..
1958.. .
1959.. .
1960. . .
1961.. .
1962.. .

Mar.

( D E C E M B E R 1979)

99

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Feb.

Jan.

Apr.

Mar.
47.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

III

Q

IV Q

INDEX O F I N D U S T R I A L P R O D U C T I O N , TOTAL
A V E R A G E FOR P E R I O D

(1967=100)

1947 . . .
1948.. .
1949.. .
1950.. .
1951. . .
1952. . .
1953...
1954...
1955.. .
1956.. .
1957.. .
1958.. .
1959.. .
1960. . .
1961. . .
1962. . .

38 .9
40.8
40.3
39.9
48.8
49.3
54.6
51.4
54.9
61.1
62.5
57.4
62.5
68.8
63.0
70.2

39.1
40.9
39.9
40.0
49.1
49.6
54.9
51.6
55.6
60.5
63.1
56.2
63.7
68.2
62.9
71.3

39.3
40 .4
39.1
41.3
49.4
49.7
55.3
51.3
56.9
60.5
63.1
55.5
64.7
67.6
63.3
71.7

39.0
40.5
38.9
42.7
49.4
49.3
55.6
51.0
57.5
61.0
62.2
54.6
66.0
67 .0
64 .6
71.9

39.2
41.2
38.3
43.7
49.3
48.8
55.9
51.3
58.5
60.5
62.0
55.1
67.0
67.0
65.6
71.8

39.2
41.7
38.3
45.0
49.0
48.4
55.6
51.4
58.5
59.9
62.1
56.5
67.1
66.1
66.5
71.6

38.9
41.7
38.2
46.4
48.3
47.6
56.3
51.5
59.0
58.1
62.5
57.4
65.5
65.9
67.3
72.3

39.2
41.6
38.6
47.9
47.S
50.7
56.0
51.4
58.9
60.5
62.5
58.5
63.3
65.8
67.9
72.4

39.5
41.2
38.9
47.6
48.1
52.5
54.9
51.5
59.3
61.8
62.0
59.1
63.2
65.1
67.8
72.8

39.9
41.6
37.5
47.9
48.1
53.0
54 .4
52.1
60.3
62.4
61.1
59.8
62.7
65.0
69.1
72.9

40.4
41.0
38.5
47.8
48.4
54.1
53.1
53.0
60.5
61.8
59 .6
61.5
63.1
64.1
70 .2
73.2

40.6
40.6
39.2
48.7
48 .7
54.4
51.8
53.6
60 .7
62.7
58.5
61.6
67.0
62.9
70.8
73.2

39.1
40.7
39.8
40.4
49.1
49.5
54.9
51.4
55.8
60.7
62.9
56.4
63.6
68.2
63.1
71.1

39.1
41.1
38.5
43.8
49.2
48.8
55.7
51.2
58.2
60.5
62.1
55.4
66.7
66.7
65.6
71.8

39.2
41.5
38.6
47.3
48.1
50.3
55.7
51.5
59.1
60.1
62.3
58.3
64.0
65.6
67.7
72.5

40.3
41.1
38.4
48.1
48.4
53.8
53.1
52.9
60.5
62.3
59.7
61.0
64.3
64.0
70 .0
73.1

39.4
41.1
38.8
44.9
48.7
50.6
54.8
51.9
58.5
61.1
61.9
57.9
64 .8
66.2
66 .7
72.2

1963. . .
1964.. .
1965.. .
1966. . .
1967.. .
1968 . . .
1969. . .
1970.. .
1971.. .
1972...
1973. . .
1974.. .
1975.. .
1976. . .
1977.. .
1978.. .
1979.. .

73.8
79.0
86.2
94.4
99.8
103.7
109.5
109.1
108.1
114.6
126.3
129.9
115.2
126.1
133.7
140.0

74.6
79.5
86.7
95.0
99.0
104.3
110.2
108.8
108.0
115.3
127.8
129.6
112.7
128.1
134.5
140.3

75.1
79.5
87.8
96.3
98.5
104.7
110.8
108.8
108.0
116.5
128.5
130.0
111.7
128.7
136.3
142.1

75.8
80.8
88.2
96.5
99.2
104.9
110.6
108.6
108.5
117.7
128.5
129.9
112.6
129.0
137.1
144.4

76.7

81.3
88.9
97.4
98.7
106.2
110.3
108.3
109 .1
118.1
129.6
131.3
113.7
130.1
138.0
144 .8

76.9
81.5
89 .6
97.9
98.4
106.6
111.2
108.1
109.6
118.7
129.9
131.9
116.4
130.7
138.9
146.1

76.6
82.0
90.4
98.4
98.7
106.5
111.8
108.4
109.8
119.3
130.4
131.8
118.4
131.2
139.0
147.1

76.8
82.6
90.8
98.5
100 .0
107.1
112.3
108.3
108.9
120.7
130.4
131.7
121.0
132.0
139.3
148.0

77.5
82.9
91.1
99.4
100.3
107.1
112.3
107.6
110.3
121.8
131.1
131.8
122.1
131.3
139.6
148.6

78.1
81.7
92.0
100.1
101.2
107.4
112.5
105.4
110.9
123 .4
131.4
129.5
122.2
131.3
140 .1
149.7

78.4
84.2
92.4
99 .4
102.6
108.6
111.4
104.8
111.3
124 .4
131.6
124.9
123 .5
132.6
140.3
150.6

78.3
85.2
93.5
99 .6
103.5
108.8
111.2
107.2
112.3
125 .8
131.3
119.3
124 .4
133.6
140 .5
151.8

74.5
79.3
86.9
95.2
99.1
104.2
110.2
108.9
108.0
115.5
127.5
129.8
113.2
127.6
134.8
140.8

76.5
81.2
88.9
97.3
98.8
105.9
110.7
108.3
109.1
118.2
129.3
131.0
114.2
129.9
138.0
145.1

77.0
82.5
90.8
98.8
99.7
106.9
112.1
108.1
109.7
120.6
130.6
131.8
120.5
131.5
139.3
147.9

78.3
83.7
92.6
99.7
102.4
108.3
111.7
105.8
111.5
124.5
131.4
124 .6
123.4
132.5
140.3
150.7

76.5
81.7
89.8
97.8
100.0
106.3
111.1
107.8
109.6
119.7
129.8
129.3
117.8
130.5
138.2
146.1

16.1
-16.0
37.1
-2.5
7.7
28.0
-25.2
22.8
4.1
-10 .9
-25.8
40 . 0
7.9
-15.4
20.9
5.1

6.1
-11.1
24.1
25.1
7.7
6.9
-25.7
14 .5
4.0
13.9
-20 .0
2.0
105.4
-20 .3
10.8
0.0

9.8
-1.5

-0.8
13.8
-7. 7
41.1
-3.2
-10.0
2.4
1.0
12.1
-3.4
-5.9
9.6
16.2
-8.4
21.9
-0.5

3.5
-4.6
6.6
27.9
-6 . 6
49.0
-3.7
0.8
5.8
20.3
-0.4
19.8
-20.2
-5.8
8.3
7.0

4 .7
43.6
5.3
-8.1
17.9
14.3
-11.1
-6.6
4.4
10.2
1.8
-35.2
13 .5
12.5
1.7
7 .5
-6.1

-1.5
15.2
15.3
2.4
11.0
2.2
-2.1
31.2
11.3
14 .4
-2.7
-42.3
9.1
9.4
1.7
10 .0

5.0
3.3

10.1
10.7
8.5
6.9
-0.2
7 .6
1.6
-2.6
6.0
7.9
4.5
6.1
18.3
6.4
7.9
12.0
-0.3

3.4
7.0
6.9
6.3
8.1
2.0
4.1
-1.7
3.1
10.9
3.8
-0.3
21.3
2.0
2.0
7.0
-0.3

11.6
-5.7
3.1
9.6
5.1
15.3
-20.7
17.3
9.8
6.0
-20.7
18.0
26 .3
-12.8
18.9
2.2

9.3
-11.9
28.2
7 .7
10.4
12.6
-20.3
23.3
5.4
0 .6
-22.1
19.3
45.0
-11.8
6.5
5.0

6.8
0.0
-12.5
23.6
7.4
6.3
6.8
-5.9
22.8
-0.7
3.1
-19.3
20.4
10.0
2.0
7.2

-0.3
9.6
-10.0
40.9
-3 .4
-9.8
4.9
0.8
15.1
-7.2
-3.7
7.3
11.7
-7.3
19.3
1.5

4.6
-0.6
0.8
27.7
-6.8
36.2
-5.7
2.1
5.8
15.5
-2.0
21.5
-19.2
-6.1
11.3
4.6

4.2
11.6
11.0
0.8
13.4
6.5
-3.9
-1.5
7.5
13.8
0.6
-32.9
7 .7
7.2
2.6
8.9

4.7
23.9
10.9
-1.2
10.3
8.1
-11.6
10.6
14.0
9.7
-4.5
-37.4
13.4
7.5
-0.3
4.9

10.0
7.1
11.6
11.1
-2.8
5.4
5.9
-6.4
5.8
14.1
9.2
-3.3
-21.8
13.3
8.3
5.9
1.7

8.6
8.6
9.8
8.5
-1.2
7.1
2.1
-1.7
5.0
7.8
5.4
5.8
14.6
6.6
8.1
11.0
1.8

3.9
4.0
7.7
6.0
7.9
2.9
4.7
-4.1
2.0
11.5
3.1
-2.0
21.0
2.7
3.0
7.8
-1.2

47-C. CHANGE IN I N D E X OF I N D U S T R I A L PRODUCTION, TOTAL,
(COMPOUND ANNUAL RATE, P E R C E N T )
1 9 4 7 ...
1948.. .
1949.. .
1950.. .
1951. . .
1952 . . .
1953.. .
1954. . .
1 9 5 5 ...
1956.. .
1957.. .
19 58 ...
1 9 5 9 . ..
I960...
1961. . .
1962. . .

1963. . .
1964. . .
1965 . . .
1966. . .
1967 . . .
1968.. .
1969. . .
1970 . . .
1971. . .
1972. . .
1 9 7 3 . ..
1 9 7 4 ...
1975. . .
1976 . . .
1977. . .
1978 . . .
1979.. .

16.8

6.3
3.0

6.1

-8.5
23.7
2 .5
15.8

-11.3
3.0
7.6
7.6
6.8
4.8

4.5

-8.9
33.3
8.2

-3.8
-20.4
19.0
37.5
1.9

-9.7

16.4
-11.2
12.1
-22 .4
25.6
-10.0
-1.9
20.5
13.8

10.3
11.3
15.0
12.2
2 .4

-9.2

2.3
8.0

7.2
7.9

-20.5
10 .6
27.5
4.9

15.2
-2.7
-23.1
20 .8

-12.1
-34.3
17.7

7.9
7.2
7.9

1963. . .
1964. . .
1965.. .
1966. . .
1967.. .
1968.. .
1 9 6 9 . ..
1970.. .
1971. . .
1972.. .
1973. . .
1 9 7 4 . ..
1975...
1976.. .
1 9 7 7 . ..
1978. . .
1979.. .

NOTE:

6.0

-10.8
21.1
0.0
8.7

-20.9
15.1
36.5
-7.3
6.4

-13.7
-21.6
46.8

3.0

22 .8
-17.0
32.0
-2.4
-11.5

15.6

-6.0
49.2

7.6
2.4
9.1

-6.8
32.0
0.0
0.0

-14.0
20.6
-10.1
7.9
6.9

0.0

-9.2
6.7

-6.8
13.4
10.4
-15.8
-17.8
27.0
-10.1
27.6
3.4

8.3
0.0

11.8
21.5

16.3
17.7
-5.9

5.6
2.5
8.9
2.3

7.6

13.2

13.1

7.4

2.6
4 .0

6.8
3.8

-10.1
5.8

17.3
16 .5
8.2

5.7
0.0

-0.9
10.1
2.8
7.3

21.2
-16.0

6.7
7.3

0.0

42 .2
-7.1
-9.4
-6.3
2.4

23.0
-9.4
-3.8
11.6
19.8

0 .0
-11.3

0.0

-15.0
17.8
-3.3

20.2
-1.7
15.2
7.7
9.9

11.8
-5.9
15.9
-3.2
-3.3
6.8
4.2

10.8
13.7
12.4
10.7
8.2
3.4

13.5

2.0

35.1
1.8

3.2
3.0

9 .9
6.3

-3.6
4.6

10.2
-2.2
5.6
6.3
2.8
5.6

32.5
5.7
8.1

11.3
1.6

A V E R A G E FOR P E R I O D

-8.8
0.0
-3.1
44 .4
-15.9
-13.1
16.2
2 .4
10.8
-30.7
8.0
20.9
-25.1
-3.6
15.4
12.4

9.7
-2.8
13.3
46.5
-11.7

-4.6
7.6
11.3
6.3
3.7
-1.1
6.7
3 .4
2.2
6.2
4.7
-0.9
22 .7
4.7
0.9
8.5
1.6

9.6
-lo!9
9.7
-7.3
7.8
52.0
-21.2
2 .4
8.5
29.1

9.7

1.0

1.0
3.0

-2 .0
-14.0
23.2

-2.9
-13.2
31.2

5.9
8.5
6.8

5.0
0.0
7.5

-3.8
27.0
-1.3

-3.1
20.3
-0.7
-1.9
-18.1
24.4
-10.1
10.6
10.0

-2.3
22.6

11.7

2.6

-19.0
21.7
3.6
2.6
5.2

7.9
5.7

10.8

11.3

6.3

12.4
11 .7
-1.6

12.8
12.5
-4.3

9.4
9.6
9.2

-2.4

6.8
6.0

4.7
7.6

4.7
4.1

-9.0
12.8
15.2
11.4
-5.9
-33.7
15.8

-8.4

-1.8

-3.9
-23.1
14.6

5.9
0.0
3.8

8.3
4.6
3.2

-15.1
42.5
1.6

-6.3
7.5
0.0

-6.8
-7.6
22.4
-6.9
18.3
2.8

9.4

10.5
10.5
-1.2
7 .5
0.4

-1.8

3.0

1.5

4.1

15.8

11.3

10.1

8.9

7.2
0.0

5.8
5.4
3.6
6.4

-8.7
9.5

10.6
13.2
-1.8

10.8
13.5
1.1

-1.0
13.5
-7.9
40 .9
-3.2
-10.1
2.2
0.8
11.7
-3.9
-6.2
7 .4
15.7
-8.6
21.8
-0.6

9.9
10 .4
8.5
6.8
-0.4
7.5
1.5
-2.5
6.1
7.8
4.4
6.0
17.9
6.4
7.9
11.7
-1.0

These series contain revisions beginning with 1976.

-1.0
12.4
-7.0
39.4
-8.6
-13.1
5.1
4.0

10.9
-17.7
1.9

22.1
-3.0
-6.4
17.8
2.2
4.3
6.1

10.4
8.1

-2.0
6 .2
4 .4
-0.7
4.9
5.5
6.0
6.0

22.3
7.0
5.7
7.7
5.4

0.0
3 .9
3.2
44.3
-11.6
16.5
0.7
0 .8
2.8
0.0
3.3
27.1
-20.3
-7.0
14 .8
3.4
0.5
6.6
8.8
4.6
5.4
3.4
7.5
0.0
-0.7
9.1
2.5
1.2
28.3
6.0
3.8
9.1
-2.1

12.9
12.3
-35.6
7.8
0.0

25.6
-33.6
-1.8
11.2

-9.2
13 .0
-1.9
-12.0
-1.8

12.0
-10.4
14.9
22.2
12.3
-16.1
15.2
-9.1
-1.8
25.6

1.7

6.8

1.7

3,2
9.1
5.4
1.2

11.5
4 .4

9.7

11.5

8.8

17.0

3.7
0.0
0.0

11.3

7.0
5.5

-1.1
-9.4
15.0

-7.5
16.6
11.5

113.2
-6.2
-2.3
-2.0
62.5
0.0

0.0

-0.9
29.8
7.6
2.6

7 .6
-9.0

4.0

6.6
0.9

11.5
-6.2
2.6

5 .0
6.5

C H A N G E I N I N D E X O F I N D U S T R I A L P R O D U C T I O N , T O T A L , OVER 3-MONTH
(COMPOUND ANNUAL RATE, PERCENT




100

0.0

-2.1
-2.2

0.9

-10.3
16.5
11.3
10.3

6.3

-3.3
-1.1

-4.2
-2.3

9.8
5.0

-8.8

4.7
6.7
0.0
0.0

47-C.

1947. . .
1948 . . .
1949. . .
1950.. .
1951. . .
1952. . .
1953.. .
1954. ..
1955.. .
1956.. .
1957...
1958. . .
1959.. .
1960 . . .
1961. . .
1962. . .

6.3

OVER 1 -MONTH S P A N S

3.1

-4.7
6.4

25.2
-7.1
38.4
-4.9
0.8
5.6

13.3
-0 .6
19.7
-21.3
-5.9
8.1
6.9

10.7
-1.0
-7.1
13.6
-1.6
53.7
-12.8
4 .7

-16.1
12.5
3.4

2 .2
-22.0
6.7

17.0
2.8

-19.0
1.0
0.0
4.4
9.3
0.0

5.1

9.1

33.1
-8.7
17.8
-16.0
-5.4
11.1

-17.3
22.1
-1.3
-9.9
14.3

8.9

3.4

4.5

8.1

7 .0

-1.5

6.9
6.3
7.9
1.9
4.0

7.3
7.1

8.6
8.0
7.2
3.7

10.5

-1.8

-10 .6

2.6

4.1

14.5

-3.6
27 .2
-1.0
2.8

-18.9
21.7
5.8
2.6
5.9

10.8
6.4

12.8
12.6
-4.2
4.7
7.5

-7.9
3.2

16.1
9.0

-3.7
-22.5
14.8
8. 5

A V E R A G E FOR

12.8
-5.6
-1.0
-0.8

3.2

10.9

5.9
8.6
6.8

11.7
-4.9
8.5
10.1
5.1

15.6
-20.4
17.4
10.1
6.8

-20.6
19.1
34.7
-12.5
19.1
2.3
4.3

14.2
11.0
1.0

13.4
6.6

-3.7
0.9

7 .5
13.9
0.6

-32.2
7.9
7.3
2.6
8.9

6.0
0.7
-1.6
25.9
0.3
15.8
-3.7
3.9
13.8
5.7
-6.0
7.4
13.1
-5.2
13.0
3.6
7.1
9 .6
9.8
6.7
4.3
5 .2
2.4
-2.8
5.0
12.2
4.5
-7.5
6.3
7.6
5.3
8.2

SPANS

29.6
-19.2
13.0
11.3

3.4
2.5

-13.8
24.5

10.8
5.7

-3.2
-12.3
9.1

12.8

3.7

3.1

3.7

-0.3
21.1

-6.8
13.5

-19.1

1.8
2.0
7.0

0.3
3.2
7.3

-0.5

-1.0

8.5
1.8
2.9
7.2
0.0

PERIOD

11.2
-7.7
10.1
5.5
6.9

19.2
-20.1
17.9
8.8
5.2

-20.0
19.8
23.3
-11.5
13.2
3.9
5.8

14.5
9.7
1.1

11.5
6.8

-6.2
-1.1
10.2
12.1
-0.1
-29.8
9.9
5.5
1.7
7.0

5 .6
0.3
-2.9
24 .4
1.0
13.0
-3.5
3.7
13.1
3.2
-5.6
7 .3
9.1
-3.7
11.5
4.3

7.1
8.6
9.7
6.7
3.9
5.5
1.6
-3.3
5.8
11.4
4.4
-7.3
5.9
7.0
5.3
7.9

(DECEMBER 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

54. SALES OF RETAIL ST ORES IN CURRENT DOLLARS
(MILLIONS OF DOLLARS)

ill Q

II Q

IV Q

TOTAL FOR PERIOD

1947 . . .
1948.. .
1949. . .
1950.. .
1951...
1952.. .
1 9 5 3 ...
1954.. .
1 9 5 5 ...
1956.. .
1957. . .
1958. ..
1959.. .
1960. . .
1961. . .
1 9 6 2 ...

9,583
10,883
10,949
11,339
13 ,885
13,030
14 , 352
13,712
14,765
15,495
16,329
16,659
17,583
18,092
17,953
19,009

9,852
10,866
11,099
11,589
13,716
13,274
14,325
14,055
14,896
15,370
16,635
16,374
17,712
18,159
17,889
19,011

9 ,769
11,021
11 ,191
11,674
13,021
12,890
14,418
14,020
15,005
15,663
16,453
16,319
17,860
18,139
18,078
19,331

9,947
11,210
11 ,290
11,716
12,735
13,208
14,218
13,991
15,255
15,516
16,493
16,535
17,871
18,615
17,758
19,436

10,061
10,906
11,223
11,916
12,840
13,708
14,167
13,957
15,260
15,771
16,534
16,517
18,011
18,337
18 ,025
19,568

10 ,146
11 ,173
11,217
12,345
12,792
13,885
14,146
14,272
15,126
15,797
16,820
16,476
18,175
18,312
18,159
19,317

10 ,176
11,257
10,993
13,300
12,651
13,512
14,090
13,991
15,404
15,744
16,799
16,746
18,169
18,128
18,145
19,623

10,141
11,331
11,106
13,349
12,936
13,212
14,017
13,996
15,418
15,826
16,967
16,853
18,285
18,190
18,345
19 ,745

10,462
11,230
11 ,263
12,694
12,855
13,430
14,007
14,073
15,677
15,906
16,841
16,745
18,046
18,173
18,377
19,804

10,609
11,240
11,160
12,358
13,094
14 ,047
14,060
14,081
15,715
15,933
16,782
16,662
18,178
18,333
18,708
20,115

10,792
11,159
11,221
12,069
13,099
13,891
13,855
14 ,406
15,652
16,106
16 ,699
17,048
17,699
18,071
18,840
20 ,220

10,842
11,404
11,052
12,959
12,924
14,266
13,719
14,671
15,531
16,193
16,647
17,605
17,617
17,939
18,847
20 ,216

29 ,204
32,770
33,239
34,602
40 ,622
39,194
43,095
41,787
44,666
46,528
49,417
49,352
53,155
54 ,390
53,920
57,351

30,154
33,289
33,730
35,977
38,367
40,801
42,531
42,220
45,641
47,084
49,847
49,528
54,057
55,264
53,942
58,321

30 ,779
33,818
33,362
39,343
38,442
40,154
42,114
42,060
46,499
47,476
50,607
50,344
54,500
54,491
54,867
59,172

32,243
33,803
33,433
37,386
39,117
42,204
41,634
43,158
46,898
48,232
50,128
51,315
53,494
54,343
56 ,395
60,551

122,406
133,619
133,783
147,213
156,548
162,353
169,094
169,135
183,851
189,729
200,002
200,353
215,413
219,529
218 ,992
235,563

1 9 6 3 ...
1964.. .
1965. ..
1966. . .
1967. . .
1968.. .
1969.. .
1970. . .
1971 ...
1972 . . .
1973. . .

20,301
21,046
22 ,918
24,919
23 ,980
25,438
28,216
29,812
32,312
35,153
40 ,760

20,148
21 ,143
23,063
24,993
23,573
25,732
28 ,445
29,988
32,538
35,367
41,322

20,309
21,296
22,834
25,430
23,733
26,343
28,280
29,950
32,596
36,075
41 ,459

20,397
21,472
23,026
25,084
23 ,913
26,299
28,547
30,087
33,148
36,315
41,417

20,268
21,762
23,383
24,653
23,842
26 ,418
28,636
30 , 586
33,128
36,806
41,410

20,419
2.1,779
23,243
25,222
24,392
26,971
28,606
30,739
33,690
36,859
41,577

46,037
52,591
57,405
61,892

46 ,882
52,736
58,474
62,898

45,993
52,753
58,917
64,075

46,322
53,365
59,254
65,146

48,250
53,137
59,367
65,522

48,524
54,168
59,203
65,964

20 ,630
22,195
23,697
25,615
24,368
27,490
28,925
30,976
34,060
37,571
41,771
46 ,577
49,796
54,684
60,566
67,303

20 ,579
22 ,404
23,760
25,667
24,885
27,057
29,229
31,096
34,450
38 ,000
42,482
45 ,749
50,003
54,856
60 ,973
68 ,085

20,937
21 ,538
24,373
25,557
24,743
27 ,777
29,450
31,136
34,843
38,895
42,670
45 ,368
50,139
55,443
61,979
68,971

20,701
21 ,740
24,667
25,566
25,125
28,215
29,587
30,690
35,411
39,218
43,295
45 ,144
51,017
56,059
62,862
70,158

21,156
22,751
24 ,755
25,384
25,767
28,092
29,833
31,635
35,395
40,318
42,533
45 ,122
51 ,804
57,392
62,480
70 ,918

60,758
63,485
68,815
75 ,342
71,286
77,513
84,941
89,750
97,446
106,595
123,541

1975.'..
1976. . .
1977 ...
1978. . .
1979 . . .

20 ,656
21,887
23,622
25,328
24,373
27,233
28,614
30,925
33,633
37,240
41,928
45,363
49,154
54,313
60,176
66 ,224

61,084
65,013
69,652
74,959
72 ,147
79,688
85,789
91,412
99,966
109,980
124,404
133,395
143,096
160 ,670
177,824
196,632

61,865
66,486
71,079
76,610
73 ,626
81,780
86,768
92,997
102,143
112,811
126,181
137,689
148,953
163,853
181,715
201,612

62,794
66,029
73,795
76,507
75 ,635
84 ,084
88,870
93,461
105,649
118,431
128,498
135,634
152,960
168,894
187,321
210,047

246,666
261,870
284,128
303,956
292,956
324 ,358
346,717
368,403
406,234
449,069
503,332
536,309
584,776
655,163
724,020
779,658

138,912
158 ,080
174,796
188,865

59. SALES OF RETAIL STORES IN 1972 DOLLARS
(MILLIONS OF DOLLARS )

TOTAL FOR PERIOD

1947 ...
1948. ..

16,811

16 ,764

17 ,047

17,165

195o!! '.
1951 . . .
1 9 5 2 ...
1 9 5 3 ...
1954 . . .
1 9 5 5 ...
1956. ..
1957. ..
1958 . . .
1959 . . .
1 9 6 0 ...
196J
1962. ..

17,995
20,219
18,192
20,153
19,321
21,097
22,270
22,771
?2 ,535
23,320
23,743
23,407
24,655

18,368
19,667
18,596
20,138
19,805
21,284
22,117
23,066
21 ,966
23,460
23,799
23,293
24,594

18 ,527
18,432
18,100
20,292
19,755
21 ,440
22,513
22,814
21,731
23,624
23,804
23,570
24,975

18,521
18 ,069
18,547
20,011
19,737
21 ,823
22,249
22,818
21 ,924
23,577
24,333
23,153
25,046

16,513
17,359
18,716
18,219
19,249
19,916
19,712
21,882
22,508
22,848
21 ,944
23,761
24 ,001
23,501
25,216

16,833
18 ,376
19,315
18,172
19,498
19,886
20,180
21 ,740
22,440
23,165
22,049
23,883
23,969
23,645
24 ,893

16,897
17,134
20,651
17,951
18,952
19,807
19,852
22,140
22,210
23,058
22,388
23 ,844
23,759
23,534
25,353

16,945
17,377
20,595
18,354
18,509
19,683
19,905
22,134
22,351
23,183
22,561
23,965
23,809
23,825
25,477

16,794
17,690
19,461
18,240
18,815
19,668
20,108
22,480
22,412
23,037
22,356
23,682
23,818
23 ,804
25,357

16,892
17,596
18,688
18,451
19,679
19,766
20,144
22,534
22,322
22,982
22,275
23,762
23,996
24,265
25 ,788

16,875
17,762
18,050
18,363
19,483
19,522
20,608
22,470
22,564
22,792
22,670
23,227
23,622
24 ,468
25,956

17,310
17,540
19,099
17,981
20,010
19,331
20,987
22,270
22,634
22,670
23 349
23*150
23,419
24 ,477
25,951

50,622
50,962
54 ,890
58 ,318
54,888
60,583
58,881
63,821
66,900
68,651
66,232
70,404
71,346
70,270
74,224

50,511
53,175
56,552
54,460
57 ,294
59,813
59,629
65,445
67,197
68,831
65,917
71 [221
72,303
70,299
75,155

50,636
52,201
60,707
54,545
56,276
59,158
59,865
66,754
66,973
69,278
67,305
71,491
71,386
71,163
76,187

51,077
52,898
55,837
54,795
59,172
58,619
61,739
67,274
67,520
68,444
68 294
70,' 139
71,037
73,210
77,695

202,846
209,236
227,986
222,118
227,630
238,173
240,114
263,294
268 ,590
275,204
267 748
283'255
286,072
284,942
303,261

1 9 6 3 ...
1 9 6 4 ...
1965.. .
1966. . .
1967. ..
1 9 6 8 ...
1969 . . .
1970 . . .
1971 . . .
1972. ..
1 9 7 3 ...
1974. . .
1975 . . .
1976 . . .
1977.. .
1978. . .
1979. ..

26,027
26,641
28,719
30,879
29,031
29,787
31,811
32,264
33,693
35,616
39,922
38,173
37,037
39 ,932
41,598
42,655

25,798
26,729
28,937
30,818
28,504
30,061
31,925
32,350
33,823
35,688
40,157
37,881
37,566
40 ,043
42,098
43,051

26,037
26,957
28,614
31,241
28,698
30,631
31,527
32,309
33,813
36,403
39,980
37,981
36,648
39,995
42,265
43,648

26,150
27,145
28,855
30,703
28,880
30,545
31,754
32,282
34,315
36,571
39,558
38,138
36,793
40,336
42,294
43,988

25,985
27,512
29,192
30,175
28,725
30,541
31,818
32,712
34,188
36 ,954
39 ,288
38,057
38,233
39,953
42,284
43,916

26,111
27,534
28,945
30,834
29,247
31,144
31,644
32,841
34,589
37,007
39,261
38,079
38,178
40,606
42 ,048
43,947

26,313
27 ,670
29,417
30,963
29 ,085
31,338
31,583
32,969
34 ,460
37,240
39,480
38,249
38,252
40,532
42 ,618
43 ,944

26,247
28 ,024
29,547
31,124
28,975
31,525
31,856
32,953
34 ,862
37 ,459
38 ,821
38,847
38,542
40 ,597
42 ,742
44,454

26,215
28,217
29 ,626
31 ,149
29,520
30,887
32,120
32,976
35,333
37,698
39,445
37,653
38,642
40,514
42 ,909
44 ,675

26,604
27,229
30 ,428
30,941
29,247
31 ,565
32,221
32,809
35,663
38,586
39,327
37,035
38,568
40,737
43,525
44 ,991

26,304
27,415
30 ,680
30 ,914
29,629
31 ,954
32,195
32,237
36,208
38,753
39,431
36,554
39,093
41 ,069
43,929
45,498

26,814
28,582
30 ,675
30 ,657
30 ,350
31,778
32,392
33,091
36,044
39,722
38,387
36,359
39,455
41 ,892
43,419
45 ,724

77,862
80,327
86,270
92,938
86,233
90,479
95,263
96,923
101,329
107 ,707
120,059
114,035
111,251
119,970
125,961
129,354

78,246
82,191
86,992
91,712
86,852
92,230
95,216
97,835
103,092
110,532
118,107
114,274
113,204
120,895
126,626
131,851

78,775
83,911
88,590
93,236
87,580
93 ,750
95,559
98,898
104,655
112,397
117,746
114 ,749
115,436
121,643
128,269
133,073

79,722
83,226
91,783
92,512
89,226
95,297
96,808
98,137
107,915
117,061
117,145
109 ,948
117,116
123,698
130,873
136,213

314,605
329,655
353,635
370,398
349,891
371,756
382,846
391,793
416,991
447,697
473,057
453 ,006
457,007
486,206
511 ,729
530,491

62. INDEX OF LAROR COS T PER UNIT OF OUTPUT, TOTAL MANUFACTURING
(1967=100)

1947. . .
194B . . .
1 9 4 9. .
.

1 950 . . .
1 9 5 1 ...
1952. . .
1953. . .
1954. . .
1 9 5 5 ...
1956.. .
1957 . . .
1958. ..
1959.. .
1960. . .
1 9 6 1 ...
1962. . .
1 963 . . .
1964 . . .
1965 . . .
1966.. .
1967.. .
1968.. .
1969.. .
1 9 7 0 ...
1971...
1 9 7 2 ...
1 9 7 3 ...
1974 . . .
1975.. .
1976. ..
1977.. .
1978. . .
1979

AVERAGE FOR PERIOD

72.8
78 .6
81.7
79.4
81.7
89 .2
90.5
94.5
91.4
92.1
96 .4
101.2
98.5
97.5
103 . 1
99.7

73.0
78.4
82.0
79.2
83 .0
89.2
90.6
94 .5
91.7
92.5
95.9
101.8
97.8
98.7
103.4
99.1

73.5
79.3
81 .1
78 . 5
83 .8
89.7
91.2
94 .7
90.8
93.2
96.2
102.6
97.8
99.9
102.7
99.3

73.6
78 .8
81.2
77 .8
85.3
89.8
91.3
94.5
90 .1
93.1
97 .1
102.8
97.1
100.0
101.4
100.3

74.7
78.3
81.8
78.3
85.6
90.6
91.0
94.1
90 .1
93.7
97.2
101.7
97.0
100.8
101 .1
100.4

74.7
78 . 5
81.1
77.2
86.7
91 .1
91.6
93.4
90.2
94.3
96.9
100 .0
97.6
101.4
100.5
100.8

74.6
79 .8
80 .9
76.8
87 .8
89 .2
91 .3
93.1
90 .6
97 .7
96.9
100 .2
99.2
100.9
99.8
100.1

74.7
80.9
79.8
76.6
88.7
89 .9
90 .9
93.5
91 .0
95.7
97.6
99.8
100.6
100.6
99.3
1 00 .0

76.3
81.4
79.4
77.8
88.7
90 .1
91.1
92.6
91.2
95.4
97.1
100.0
101.1
101.1
98.8
99 .7

76.1
80.8
79.6
79.8
88.3
90.2
92.1
93.0
91.0
96.1
98.2
98.8
101 .6
101 .4
98.8
99 .9

76.2
82.3
78.5
81.3
88.8
89.7
93 .0
93.7
92.3
96 .4
100.2
98.8
101.8
102 .4
98.8
99 .6

77.5
81.7
79.3
81.6
89.5
90.7
94 .4
92.9
91.6
96.5
100.7
99.2
98 .5
102 .4
98.1
99 .6

73.1
78 .8
81 .6
79.0
82.8
89 .4
90.8
94.6
91.3
92.6
96.2
101 .9
98.0
98.7
103.1
99.4

74.3
78.5
81.4
77.8
85.9
90.5
91.3
94.0
90.1
93 .7
97.1
101.5
97.2
100.7
101.0
100.5

75.2
80 .7
80.0
77 .1
88.4
89.7
91.1
93.1
90.9
96.3
97.2
100.0
100.3
100.9
99.3
99.9

76 .6
81.6
79.1
80.9
88.9
90.2
93.2
93.2
91.6
96.3
99.7
98.9
100.6
102.1
' 98.6
99.7

74.8
79.9
80.5
78.7
86.5
90.0
91.6
93.7
91.0
94 .7
97 .5
100.6
99,0
100.6
100.5
99.9

99.3
97 .4
96 .3
95.8
99.3
100.5
104.4
111.7
113.1
112.4
115.0
122.3
143.5
143.3
150.4
161.5

98.8
97.8
96.3
96.8
99.5
101.4
104.1
111.6
113.3
113.7
115.2
123.1
144 .9
142.9
152.2
163.9

98.5
98.5
95.8
96.4
100.3
101.7
104.8
112.4
113.6
114.0
115.4
123.3
147.1
143.3
151.9
164.4

97 .2
97.6
95.2
97.0
99.5
101 .4
105.6
112.0
113.4
113.3
116.9
124 .0
145.5
144.1
152.3
163.1

97.1
97.6
95.0
97.0
100.0
102.1
106.4
111 .8
113.4
113.6
116.1
124.6
145.3
144.1
152.8
163.2

97.5
97.9
95.3
97.4
100.3
102.2
106.5
112.3
113.1
113.5
116.6
125.0
142.8
144.1
153.6
163.3

98.3
97.8
94.4
97.3
100 .9
102.8
106.5
112.5
112.8
113.2
116.5
126.1
140.9
144.3
154 .2
163.6

97.8
98.0
94.8
98.3
101 .0
103.1
107.1
112.9
114.3
112.8
117.3
126.7
140.1
145.1
154.8
163.1

97.9
98.5
94.9
98.2
100 .4
103.7
107.6
113.1
112.5
112.9
117.8
127.4
140.0
146.5
155.7
163.9

97.5
98.3
95.3
97.9
99.7
104.6
107.9
112.6
112.0
112.9
118.5
130.8
141.7
146.9
156.6
164 .9

97.8
97.0
96.0
99.2
99.7
103.9
108.1
112.7
111.9
113.2
119.5
134.5
141.4
148.1
157 .7
166.6

98.6
96.9
95.6
98.7
100.0
104 .9
109.3
112.4
113.4
113.3
120 .5
140.2
142.8
148.6
159.1
167.8

98.9
97.9
96.1
96.3
99.7
101 .2
104.4
111.9
113.3
113.4
115.2
122.9
145.2
143.2
151.5
163.3

97.3
97.7
95.2
97.1
99.9
101.9
106.2
112.0
113.3
113.5
116.5
124.5
144.5
144.1
152.9
163.2

98.0
98.1
94.7
97.9
100.8
103.2
107.1
112.8
113.2
113.0
117.2
126.7
140.3
145.3
154.9
163.5

98.0
97.4
95.6
98.6
99.8
104.5
108.4
112.6
112.4
113.1
119.5
135.2
142.0
147.9
157.8
166.4

98.0
97.8
95.4
97.5
100.0
102.7
106.5
112.3
113.1
113.2
117.1
127.3
143.0
145.1
154.3
164 .1




101

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Nov.

Oct.

Dec.

1 Q

II Q

69. MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION
EXPENDITURES' (ANNUAL RATE, BILLIONS OF DOLLARS)
1947, . ,
1 9 4 8 ...
1949, . ,
1950 . . .
1951 . . .
1952 . . .
1953.. .
1954. . .
1955. . .
1956.. .
1957. . .
1958. . .
1959. . .
I960.. .
1961.. .
1962.. .
1963. . .
1964. . .
1965.. .
1966. . .
1967. . .
1968.. .
1969. . .
1 9 7 0 ...
1971 . . .
1972. . .
1973 . . .
1974 . . .
1975. . .
1976.. .
1977. . .
1978. . .
1979 . . .

III Q

IV Q

AVERAGE FOR PERIOD

33.49
31.49
29.70
34.51
41.77
38.04
36.71
41.00
40.60
42.41

33.85
30.46
31.14
35.07
42.65
36.64
37.56
40.62
40.81
43.51

33.28
29.39
31.75
35.56
41.47
36.47
37.99
41.20
40.27
44.23

34.04
28 .90
31.60
38.02
41 .29
35.24
38.39
41.62
40.42
44.82

33.70
28.48
32.37
38.51
40 .89
34.63
39.50
41.92
40.07
45.51

32.31
28.27
32.82
39.99
40.68
35.45
39.79
41.59
40.58
45.66

32.82
29.26
32.26
39.50
39.99
34.32
41.31
42.53
39.90
45.10

31.30
28.29
33.24
39.51
41.24
35.16
40 .24
40.26
41.69
46.17

31.39
28.36
34.21
39.34
40.39
35.26
40 .74
41.31
42.16
45.30

31.93
27.34
34.20
40.62
40.62
35.07
40.50
40 .97
42.58
45.12

31.02
28.22
34.39
41.84
40.01
36.04
40.17
40.65
42.90
45.16

30 .48
29.06
34.93
42.51
38.09
35.74
41.08
41 .08
43.17
44.10

33.54
30.45
30.86
35.05
41.96
37.05
37.42
40.94
40.56
43.38

33.35
28.55
32.26
38.84
40.95
35.11
39.23
41.71
40.36
45.33

31.84
28.64
33.24
39.45
40.54
34.91
40 .76
41.37
41.25
45.52

31.14
28.21
34.51
41.66
39.57
35.62
40.58
40 .90
42.88
44.79

32.47
28.96
32.72
38.75
40.76
35.67
39.50
41.23
41.26
44 .76

44.34
50.23
57.47
68.12
73.16
97.27
99.15
103.81
102 .04
115.76
127.14
152.00
163.64
160.14
181.50
204.83

45.16
50 .04
58.39
68.05
72.80
93.80
101.18
106.62
102.45
115.17
125.62
153.72
163.89
165.31
183.15
209.20

44.72
50.57
60.22
70.90
72.08
95.07
103.99
105.57
104.25
116.74
129.85
154.10
159.87
167.15
188.92
214.91

46.07
51.32
61.01
71.08
71.47
96.05
102.57
106.02
102.35
116.50
133.88
154.50
159.70
167.41
138.58
221.86

46.87
52.58
61.24
71.24
71.89
93.61
102.74
105.50
103.84
116.85
135.01
156.52
159.17
170.76
192.25
220.94

46.60
53.35
61.38
72.83
73.12
93.13
103.88
102.43
105.51
116.81
137.51
161.80
158.48
169 .67
188.88
228.18

47.58
55.65
62.42
73.78
73.51
93.23
105.77
104.45
103.64
116.26
142.25
159.49
158.31
170.90
195.08
230.58

47.82
53.98
62.02
75.01
74.35
94.14
106 .04
103.79
104.92
118.33
141.46
159.54
159.24
174.09
198.96
238.02

48.18
54.64
64.06
74.94
74.52
95 .70
108.68
101.91
107.03
117.21
144.20
165.04
159.01
173.66
201.12
246.70

48.91
55.26
65.42
75.80
73.56
97 .02
107.88
101.08
106.62
118.32
146.77
168.03
161.64
174.71
204.15
245.58

48.45
55.66
66.65
74.33
74.63
98.14
106.90
101.58
107.76
120.89
151.68
168.31
159.66
177.18
205 .05
248.99

48.65
57.15
68.95
75.05
77 .93
95.50
106 .84
103.00
114 .67
122.63
150.40
162.90
158.94
184 .66
205.76
252.90

44.74
50.28
58.69
69.02
72.68
95.38
101.44
105.33
102.91
115.89
127.54
153.27
162.47
164.20
184.52
209.65

46.51
52.42
61.21
71.72
72.16
94.26
103.06
104.65
103.90
116.72
135.47
157.61
159.12
169.28
189.90
223.66

47.86
54.76
62.83
74.58
74.13
94.36
106.83
103.38
105.20
117.27
142.64
161.36
158.85
172.88
198.39
238.43

48.67
56.02
67.01
75.06
75.37
96.89
107.21
101.89
109 .68
120.61
149.62
166.41
160.08
178.85
204.99
249.16

46.95
53.37
62.44
72.59
73.58
95.22
104.63
103.81
105.42
117.62
138.81
159.66
160.13
171.30
194.45
230.22

70. MANUFACTURING AND TRADE INVENTORIES IN 1972
(B ILLIONS OF DOLLARS )

DOLLARS 2
END OF PERIOD

1947 . . .
1948. . .
1949. . .
1950 . . .
1951...
1952. . .
1953.. .
1954. . .
1955. . .
1956.. .
1957. . .
1 9 5 8 ...
1959 ...
1960. . .
1961. . .
1962. . .

78.19 '
83.20
81.47
90.43
101.52
107.67
108.65
105.25
110.22
116.00
114.54
114.03
120.33
122.35
124.95

78.66
83.50
81.28
91.15
101.45
107.90
108.30
105.32
111.29
115.81
114.03
114.40
121.58
122.29
125.56

79.15
83.52
81.87
92.20
101.55
108.39
107.88
106.04
111.49
115.77
113.70
114.80
122.43
121.67
126.42

79.43
83.16
82.23
93.57
101.56
109.38
107.36
105 .92
112.56
116.05
113.16
116.24
122.35
121.68
126.58

80.69
79.70
83.16
83.12
83.81
83.12
96.53
95 .24
101.31 101.96
109.72 110.18
106.94 106.38
1 0 6 . 5 7 107 .55
113.19 113.70
116.04 116.20
112.67 112.46
116.79 117.55
123.08 123.34
121.96 121.81
127.54 128.21

81.82
83.30
82.74
97.46
101.94
110.99
105 .89
108.14
114 .24
116.43
112.30
118.33
123.76
122.21
128.67

81.95
83.32
84.64
98.56
101.91
110.94
105.26
108.78
114.63
117.05
112.01
118.13
123 .52
122.62
129.10

82.04
83.63
85.61
98 .97
103.16
110.99
105.19
108.64
115.21
117.46
112.72
117.57
123.92
123.20
129.87

82.15
83.11
86.58
99.68
104.20
110.26
104.71
109.18
115.29
116.37
112.96
117.77
123.76
123.34
130.46

82.15
82.31
88.04
100.28
104.81
109.52
105.08
109.30
115.82
116.10
113.20
117.79
123.91
124.01
130.39

81.91
81.28
88.54
100.72
105.26
109.18
104.92
109 .60
115.76
116.16
113.92
119.34
122.89
124.22
130 .78

79.15
83.52
81 .87
92.20
101.55
108.39
107.88
106.04
111.49
115.77
113.70
114.80
122.43
121.67
126.42

80.69
83.16
83.81
96.53
101.96
110.18
106.38
107.55
113.70
116.20
112.46
117.55
123.34
121.81
128.21

82.04
83.63
85.61
98.97
103.16
110.99
105.19
108.64
115.21
117.46
112.72
117.57
123.92
123.20
129.87

81.91
81.28
88.54
100.72
105.26
109.18
104.92
109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78

81.91
81.28
88.54
100.72
105.26
109.18
104.92
109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78

1963. . .
1964. . .
1 9 6 5 ...
1966. . .
1967.. .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973.. .
1974. . .
1975.. .
1976.. .
1977 . . .

131.11
136.69
144.22
152.71
170.49
177.83
185.29
193.40
197.29
202.08
209 .47
221.20
225.48
217.83
226.11

131.50
137.14
144.69
154.16
171.34
178.17
186.45
194.16
197.71
202.22
210.32
221.67
223.40
218.59
226.81

132.00
137.68
145.98
155.26
172.16
178.24
187.06
194.46
198.26
202.15
210.86
223.00
221.87
219.29
227.89

132.13
138.23
146.63
156.35
172.91
179.26
187.79
195.07
198.91
202.65
211.27
222.96
220.98
220.23
229.16

132.48
138.68
147 .27
157.89
173.26
180.44
138.58
194.68
199.63
203.64
212.14
224.14
219.35
220.89
229.84

133.09
139.31
148 .00
159.65
173.22
181.08
189.35
195.41
200.24
203 .86
213.23
225.10
218.37
222.38
230.81

133.47
139.58
149.17
160.93
173.97
181.51
190.35
196.08
200.40
203.99
214.26
225.25
218.14
223.04
231.68

134.08
140.09
150 .08
162.09
174.94
182.57
191.14
196.74
200.73
205.31
214.62
224.52
218.80
223.21
233.01

134.33
141.40
150.41
163.28
175.17
183.10
192.13
196.78
201.27
206.26
215.42
224.86
218.45
224.49
234.49

135.76
141.17
150.82
164.96
L75.18
184.10
192.96
196.53
201.50
207 .02
216.51
226.00
218.83
224.52
234.60

136.17
142.21
151.41
166.52
176.42
184.38
193.01
196.90
201.28
207.73
218.02
225.92
217.82
224 .82
235 .77

136.27
143.29
152.13
168 .06
177 .50
185.01
193.70
196.98
201.70
208.26
220.24
226.58
216.92
225.20
236.82

132.00
137.68
145.98
155.26
172.16
178.24
187.06
194.46
198.26
202.15
210.86
223.00
221.87
219.29
227.89

133.09
139.31
148.00
159.65
173.22
181.08
189.35
195.41
200.24
203.86
213.23
225.10
218.37
222.38
230.81

134.83
141.40
150.41
163.28
175.17
183.10
192.13
196.78
201.27
206.26
215.42
224.86
218.45
224.49
234.49

136.27
143.29
152.13
168.06
177.50
135.01
193.70
196.98
201.70
208 .26
220.24
226.58
216.92
225.20
236.82

136.27
143.29
152.13
168.06
177.50
185 .01
193.70
196.98
201.70
208.26
220.24
226.58
216.92
225.20
236.82

1979 . . .

71. MANUFACTURING AND TRADE INVENTORIES, TOTAL BOOK VALUE, IN CURRENT DOLLARS3
(BILLIONS OF DOLLARS )
1947 . . ,
1948. . .
1949 . . .
1950.. .
1951. . .
1952 . . .
1 9 5 3 ...
1954. . .
1955. . .
1956. . .
1957. . .
1958. . .
1959.. .
1960. . .
1961.. .
1962.. .

1963. . .
1964...
1965...
1966. . .
1967. . .
1968.. .
1969. . .
1970.. .
1971.. .
1972. . .
1973.. .
1974. . .
1975.. .
1976.. .
1977. . .
1978. . .
1979. . .

47.52
53.30
49.66
62.26
70.72

48.24
53.33
49.63
63.74
70.63

48.83
53.06
50.07
65.27
70 .62

49.20
52.41
50.37
66.65
70.43

49.36
51.87
51.06
67.87
70 .05

50.11
51.42
51.67
68.65
70 .23

51.06
51.05
51.40
69.10
69.99

51.49
50 .81
53.23
69.53
69 .91

51.92
50.89
54.71
69.53
70 .80

52.34
50.56
56.38
69.77
71.58

52.58
50.10
58.37
69.98
72.06

52.51
49.50
59.82
70.24
72.38

48.83
53.06
50 .07
65.27
70.62

50.11
51.42
51 .67
68.65
70.23

51.92
50.89
54.71
69.53
70.80

52.51
49.50
59.82
70.24
72.38

75. '73
73.55
80.27
87.85
87.67
87.14
92.92
94.43
96.18

75.44
73.82
81.33
88.05
87.92
87.44
93.96
94.21
96.76

75.12
74.45
81 .75
88.21
87.44
87.89
94.73
93.68
97.41

74.74
74.52
82.84
88.52
86.65
89.07
94.74
93.68
97.56

74.42
75.02
83.51
88.51
86.08
89.58
95.31
93.75
98.31

74.04
75.69
84 .04
88.58
85.94
90.48
95.52
93.66
98.81

73.70
76.24
84 .52
88.83
85.74
91.18
95 .90
93.87
99.19

73.24
76.98
84 .96
89.42
85.59
91.33
95.72
94.32
99.67

73.17
77.39
85 .63
89.88
85.95
90.94
95.88
94.72
100.39

72.85
78.33
86.05
89 .16
86.26
91.23
95.80
94.88
100.91

73.20
78 .91
86 .94
88 .99
86.55
91.14
95.85
95.50
100.95

73.18
79.52
87.30
89.05
87.09
92.13
94.72
95.60
101.06

75.12
74.45
81 .75
88.21
87.44
87.89
94.73
93.68
97.41

74.04
75.69
84.04
88.58
85.94
90.48
95.52
93.66
98.81

73.17
77.39
85.63
89.88
85.95
90.94
95.88
94.72
100.39

73.18
79.52
87.30
89.05
87.09
92.13
94.72
95.60
101.06

52.51
49.50
59.82
70 .24
72.38
76.12
73.18
79.52
87.30
89.05
87.09
92.13
94.72
95.60
101.06

101.56
106.40
112.99
123.24
138.88
147.11
158.46
171.03
180.14
189.88
208.43
241.06
285.46
288.86
315.73
344.34

101.78
106.82
114.28
124.42
139.68
147.70
159.73
171.72
181.46
190.84
210.75
245.51
284.49
291.04
319.11
349.41

101.88
107.39
114.89
125.44
140.22
148.87
160.81
173.03
182.51
192.15
212.98
248.23
284.30
293.32
322.42
354 .44

102.33
107.78
115.58
127.02
140.61
150.24
162.26
173.00
183.63
193.86
215.81
252.87
282.90
295.67
324.26
357.25

102 .80
108.25
116.44
128.72
140.88
151.03
163.18
174.09
184.10
194.49
218.45
257.85
282.37
299.49
326.07
360.06

103.23
108.48
117.48
130.06
141.40
151.57
164.36
175.34
184.84
195.06
220.61
262.74
282.44
301.06
326.88
363.05

103.72
108 .86
118.48
131.49
142.52
152.83
165.51
176.41
185.93
197.20
222.65
266.46
283.54
302.50
329.54
366.57

104.28
110.02
118.88
132.64
143.09
153.59
166.84
177.07
186.84
198.92
224.49
271.71
284.62
305.93
332.76
369.23

105 .04
110.01
119.35
134.19
143.02
154.88
168.01
177.33
187.36
200.14
226.39
276.82
285.66
307.23
333.38
372.40

105 .44
110.76
120.11
135.60
144.24
155.52
168.71
178.14
187.36
201.76
229.75
281.03
285.12
309.10
336.06
376.81

105.48
111.50
120.91
136.79
145.34
156.17
169.84
178.34
188.56
203.16
234.16
285.52
285.04
310.74
338.10
379.63

101.78
106.82
114.28
124.42
139.68
147.70
159.73
171.72
181.46
190.84
210.75
245.51
284.49
291.04
319.11
349.41

102.80
108.25
116.44
128.72
140.88
151.03
163.18
174.09
184.10
194.49
218.45
257.85
282.37
299.49
326.07
360.06

104.28
110.02
118.88
132.64
143.09
153.59
166.84
177.07
186.84
198.92
224.49
271.71
284.62
305.93
332.76
369.23

105.48
111.50
120.91
136.79
145.34
156.17
169.84
178.34
188.56
203.16
234.16
285.52
285.04
310.74
338.10
379.63

105 .48
111.50
120.91
136.79
145.34
156.17
169.84
178.34
188.56
203.16
234.16
285.52
285 .04
310.74
338.10
379.63

101.24
106.02
112.46
121.76
138.26
146.24
157.06
169.99
179.15
189.20
205.91
237.81
286.39
286.73
313.29
341.52

T J h i s series contains revisions beginning with 1968.
beginning with 1967.




102

END OF PERIOD

2

This series contains revisions beginning with 1976.

3

This series contains revisions

(DECEMBER 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Mar.

Feb.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q

II Q

III

Q

IV Q

7 3. INDEX OF INDUS TRIAL PRODUCTION, DURABLE MANUFACTURES
(1967=100)

1947. . .
1948 . . .
1949..
1950..
1951..
1952..

1953.

.
.
.
.

. .

1954.. .

1955.

. .

1956..
1957..
1958..
1959..

.
.
.
.

1 9 6 0 ...
1961. . .
1962.. .

1963. . .
1964 . . .
1965.. .

1966 . . .
1967. . .
1968.. .

1969. . .
1970. . .
1971. . .
1972.. .

1973 . . .
1974. . .
1975.. .

1976.

. .

1977.. .

1978. . .
1979 .. .

AVERAGE FOR PERIOD

68.5

37.9
38.9
35.2
42.0
49 .5
50.4
60.1
51.3
59.6
60.6
61.7
50.7
65.5
63.8
60.6
68.0

38.0
39.5
35.2
44.1
49.3
48.1
59.6
51.4
59.6
60.4
62.7
52.5
66 .1
62.5
61.7
67.6

37.1
40.1
35.2
45.7
48.2
45 .8
60 .4
50 .9
60.0
55.7
62.3
52.9
62.8
62.4
62.8
68.3

37.2
39.9
35.5
47.6
47 .9
51.8
60.2
50 .8
60.3
60.0
62.6
54.2
58,7
62.1
64.1
68.8

72.3
77 .2
87.1
98.1
99.1
105.1
110.6
104.1
101.4
111 .2
125.3
126.0
105.4
120.5
128.4
137.6

73,3
77.5
88.0
98.5
98.9
106.7
109.6
103.6
102.7
111.7
126 .3
127.5
105.5
122.5
129.6
137.9

73.6
77 .7
88.8
99 .0
98.7
107.2
110.7
103.1
102.7
112.3
127.1
128.5
107.0
123.0
130.7
139.0

73.3
78.6
90.5
99 .4
98.5
106.9
111.2
103.2
102.2
112.9
128.4
128.5
109.3
124.3
131.3
141.1

73.2
79.2
90.5
99.7
99.9
106.5
111.5
103.0
100.3
114 .6
127.5
128.6
112.3
125.1
131.5
141.8

36.6
39.0
38.1
36.5
48.4
50.1
58.7
52.7
54 .9
61.2
63.2
54.3
59 .6
67.5
57.7
66.1

37.0
38.7
37.4
37.0
48.9
50 .4
59.2
52.2
55.8
60.6
63.9
52.4
60.9
66 .9
57.1
67.5

37.6
38.9
36.8
37 .8
49.6
50.7
59.9
51.4
57.4
60.6
63.5
51.4
62.3
65.4
57.3
68.0

37.8
38.4
36.1
40.2
49.9
50.1
60.1
51.0
58.3
61.9
62.5
50.3
64.1

70.5
75.5
84 .0
94 .8
100.5
104.4
109.8
105.2
101.4
107.0
122.5
126.3
109.0
116.5
124.6
132.1

71.0
75.9
84.8
95.6
99.2
105.0
110.1
104.8
101.5
108.3
124.3
125.6
105.6
118.8
125.0
132.3

71.3
76.1
86.3
97.0
98.5
104.7
110.9
104.9
101.2
109.3
124.8
126.0
104.7
119.9
127.5
135.0

64 . 3
59.3

74. INDEX OF INDUSTRIAL PRODUCTION, NONDURA BLF,
(1967=100)
1947..
1948..
1949..
1950..

.
.
.
.

41.6
42.5
41.8
43.7
49.7
47.7
50 .9
50.1
54.5
59.8
60.9
59.9
65.5
70.0
68.3
74.0

1951
1952. . .
1953.. .

1954. . .
1955.. .
1956.. .

1957.

. .

1958.. .
1959.. .
I960.. .

1961.

. .

1962.. .

1963. . .
1964. . .
1965..
1966..
1967..
1968..

.
.
.
.

1969. . .
1970.. .

1971 . . .
1972. . .
1973. . .
1974...
1975.. .
1976.. .
1977.. .
1978.. .
1979.. .

41.4
42.7
41.8
44.2
49 .7
47.9
51.5
50.4
54.9
59.9
61.4
59.6
66.5
69.4
68.7
75.0

41.4
42.4
41.6
44.6

77.2
82.7
88 .9
94.1
98.8
102.8
108.9
112.2
113.6
122.1
130.3
135.5
119.8
138.0
146.5
152.4

78.1
83.1
89.1

78.8
82.8
89 .7
95.7
97.9
104.3
110.7
111.9
113.5
123.7
133.3
136.8
116.1
140.6
149.1
153.8

94 . 5
98.3
103.6
110.3
112.6
113.5
122 .7
132.4
135.7
118.4
140.3
147.3
152.9

49 . 3
47.8
51.7
50.7
56.0
59.7
61.7
59.3
66.7
69.7
69.3
75.5

41.0
42.9
40.9
45.4
49.3
47.9
51.7
50.6
56.4
60.1
60. 8
59.0
67.5
69. 8
70.1
75.3
79.6
84.7
89.6
95.3
99.4
104.4
110.5
112.2
114.6
125.1
132.9
136.5
118.8
140.9
149.5
155.5

37.7
39.5
36.3
47.2
48.4
54 .4
58.6
50 .7
60.2
61.7
61.5
54 .9
58.2
61.2
63.1
69.3
73.9

79 . 9
90.6
100.8
99 .4
106.4
111.9
101.4
102.5
116.4
129.2
129 .1
113.5
123.2
132.1
142.9

37.8
40 .0
33.0
47.6
48.4
55.5
58.0
51.5
61.2
62.5
60 .0
55.1
57 .9
60 .9
64 .5
69.5

38.4
39.3
33.4
47.7
49.2
57 .1
55.7
52.5
60.9
62.3
58.2
58.4
58.6
59 .4
66.1
69.9

38.7
38.7
35.2
48.2
49.6
57 .8
53.9
53.4
61.5
63.4
56.0
58.5
65.0
57 .6
67.1
70.1

37.1
38.9
37.4
37.1
49 .0
50.4
59.3
52.1
56.0
60.8
63.5
52.7
60.9
66.6
57.4
67.2

37.9
38.9
35.5
42.1
49.6
49.5
59.9
51.2
59.2
61.0
62.3
51.2
65.2
63.5
60.5
68.0

74.7
77 .5
91.3
102.1
100.1
107.0
111.9
97.1
103.7
118.4
129.3
126.6
112.7
122.6
132.8
144.6

74.9
81.3
91.7
100.3
102.8
108.6
110.0
96.5
103.8
120.0
129.8
121.6
113 .4
124.7
133.0
145.5

74.9
83.3
93.7
100.9
103.8
108.8
109.0
100.3
104.6
121.8
129.7
114.7
114.4
126.3
134.0
146.8

70 .9
75.8
85.0
95.8
99. 4
104.7
110.3
105.0
101 .4
108.2
123.9
126.0
106.4
118.4
125.7
133.1

73.1
77.5
88 .0
98.5
98.9
106.3
110.3
103.6
102.3
111.7
126.2
127.3
106.0
122.0
129. 6
138.2

1948.. .

1949. . .
1950 . . .
1951. . .
1953.. .

1954. . .
.
.
.
.
.

1960. . .
1961. . .
1962.. .

1963. . .
1964 . . .
1965.. .
1966.. .

1967.

. .

1968.. .
1969.. .

.. .

1970

1971...
1972.. .

1973. . .
1974. . .
1975..
1976..
1977..
1978.,

1979.

.
.
.
,

37.7
39.3
35.7
43.5
48.9
51.9
58.7
51.8
59.2
61.1
61.6
53.9
61.9
62.9
61.8
68 .6

73.5
79.2
90 .5
100.0
99. 3
106.6
111.5
102.5
101.7
114.6
128.4
128.7
111.7
124.2
131.6
141.9

74.8
80.7
92.2
101.1
102.2
108.1
110.3
98.0
104.0
120.1
129 .6
121.0
113.5
124.5
133 .3
145.6

73.1
78.3
89.0

98 . 9
100.0
106.5
110.6
102.3
102.4
113.7
127.1
125.7
109.3
122.3
130.0
139.7

AVERAGE FOR PERIOD

40.6
43.1
40.9
45.8
49.1
47.4
52.2
50 .9
57.2
59.7
61.0
59.7
67.7
69.9
70.5
75.7

40 .4
43.4
41.3
46.2
48.7
48.7
51.7
51.2
57.3
59.3
60.9
61.0
67.4
69.6
71.2
75.7

40.9
43.1
41.2
47.6
48.1
49.1
51.9
51.4
57.3
59.7
61.4
61.7
68.6
69.7
71.6
76.1

41.0
42.7
41.8
48.8
47.3
49.7
51.5
51.3
56.9
60.1
61.5
62.6
68.5
68.9
72.2
75.9

41.2
42.6
42.7
48.3
47.1
50.1
51.1
52.1
57.7
60.1
61.6
63.0
68.7
68 .8
72.1
76.5

41.9
42.6
43.3
48.5
46.6
50.7
50.7
52.5
58.5
60.6
60.9
63.6
67 .9
69 .0
73.6
76.1

42.4
42.2
43.1
48.4
47.1
51.3
50 .2
53.1
59.3
60.3
60.3
64.4
68.0
63.3
74.5
76.6

42.3
42.0
43.3
49.5
47.3
51.4
49.5
54 .0
59.8
60.9
60.2
64.4
68 .9
68.1
74.9
76.8

41.5
42.5
41.7
44.2
49.6
47.8
51.4
50 .4
55.1
59.8
61.3
59.6
66.2
69.7
68 .8
74.8

40 .7
43.1
41.0
45.8
49.0
48 .0
51.9
50.9
57.0
59.7
60.9
59.9
67.5
69.8
70.6
75.6

41 .0
42.8
41.9
48.2
47.5
49.6
51.5
51.6
57.3
60.0
61.5
62.4
68.6
69.1
72.0
76.2

42.2
42.3
43.2
48.8
47.0
51.1
50.1
53.2
59.2
60.6
60.5
64.1
68.3
68.5
74.3
76.5

41 .3
42.7
42.0
46.7
48.3
49.2
51.2
51.6
57.2
60.1
61.1
61.6
67.7
69.3
71.5
75.8

79.9
85.3
90.1
96.4
97.8
105.6
111.1
112.3
115.1
125.1
134 .4
137.5
120.8
140.4
150.5
155 .8

79.9
85.0
90 .4
96.6
98.7
106.2
111 .6
112.4
116.1
125.9
133.4
137.6
125.5
141.2
151.1
157.0

79.7
85.7
90.9
97 .4
98.2
105.9
112.8
113.1
117.2
126.0
133 .8
137.4
128.1
141.6
151.3
157.2

80.7
86.0
91.3
97.5
100.3
107.2
112.6
111.7
117.0
127.5
134 .5
137.2
130.5
141.4
151.6
158 .4

81.0
86.0
91.7
97.7
101.4
107.9
112.3
112.3
118.2
128.0
134.0
136.4
132.9
143.4
151.7
159.3

81.4
86.5
92.4
97.8
102.2
108.1
112.3
112.4
119.5
129.0
135 .0
133.6
133.6
143 .9
152.3
159.5

81.7
86.9
92.9
98.2
102.6
109.0
112.4
111.9
120.1
129.9
135.1
128.9
136.2
144.0
152.4
160 .4

81.8
87.7
93.5
98.4
103.3
108.0
112.8
112.8
120.9
131.7
135.2
123.1
136.9
144.4
152.4
161 .7

78.0
82.9
89.2
94.8
98.3
103.6
110.0
112.2
113.5
122.8
132.0
136.0
118.1
139.6
147.6
153.0

79.8
85.0
90.0
96.1
98.6
105.4
111.1
112.3
115.3
125.4
133.6
137.2
121.7
140.8
150.4
156.1

80.5
85.9
91.3
97.5
100.0
107.0
112.6
112.4
117.5
127.2
134.1
137.0
130.5
142.1
151.5
158.3

81.6
87.0
92.9
98.1
102.7
108.4
112.5
112.4
120.2
130.2
135.1
128.5
135.6
144.1
152.4
160.5

80.0
85.2
90.9
96.7
100.0
106.2
111.5
112.3
116.6
126.5
133.8
134 .6
126.4
141.8
150 .5
156.9

AVERAGE FOR PERIOD

42.0
43.7
42.5
45 .4
52.4

41.9
43.8
42.4
45.5
52.4

42.0
43.3
42.7
46.4
51.6

41.9
43.7
42.6
47.7
50.7

1.6
3.5
2.6
8.8
9.8

41.6
44.2
43.1
50 .1
49.1

41.8
44 .2
43.5
51.6
47.5

42.1
43.7
43.9
53.3
46.4

42.5
43.5
44 .6
52.0
46.9

43 .2
44.0
44.7
51.6
46 .6

43.8
43.5
44.1
51.3
47.4

43 .9
43 .0
43.6
52.1
47 .7

42.0
43.6
42.5
45.8
52.1

41.7
43.8
42.8
48 .9
49.9

42.1
43.8
44.0
52.3
46.9

43.6
43.5
44.1
51 .7
47.2

42.4
43.7
43.4
49.6
49.1

53!7
51.1
56.7
61.1
62.0
60.9
66.5
71.4
68.6
75.1

. .

1955..
1956..
1957..
1958..
1959..

38.3
39.3
33.9
47.8
49.1
56.8
55.9
52.5
61.2
62.7
58.1
57.3
60.5
59.3
65.9
69.8

MANUFACTURES

75. INDEX OF INDUSTRIAL PRODUCTION, CONSUMER GOODS
(1967=100)

1947.

37.3
39.8
35.7
46.8
48.2
50.7
59.7
50.8
60.2
59.1
62.1
54 .0
59.9
61.9
63.3
68.8

54.2
51.7
56.9
60.9

54.1
51.8
58.4
61.1
62. 3
59.4
68.1
71.1
70.7
76.8

54.3
52.1
59.2
60.7
62.4
60.3
68 .4
71.6
71.5
77.2

53.5
52.4
58.7
60.6
62.7
61.5
68.1
71.1
72.3
76.7

53.6
52.6
58.9
60.7
62.9
62.4
69.0
70.4
72.9
78.0

53.3
52.7
59.0
61.1
63.3
62.6
69.0
70.6
73.4
77.1

5 2 '.5
53.2
59.4
61.0
63.3
61.9
68 .8
70.3
72.2
77.6

52.5
53.3
60.5
61.5
62.3
62.4
68.5
71.0
74.2
77.4

5K7

62.8
60.5
67.0
70.6
69.0
75.5

54.2
51.8
58.0
60.8
62.9
60.0
67.0
70.7
69.0
76.1

54.5
60.7
61.1
62.1
65.5
67 .0
69.7
75.5
77.9

50 .9
55.5
61.0
61.6
61.7
65.8
69.2
69.2
75.6
78.2

54.0
51.5
57.2
60.9
62.6
60.5
66.8
70.9
68.9
75.6

54.0
52.1
58.8
60.8
62.5
60.4
68.2
71.3
71.5
76.9

53.1
52.8
59.1
60.9
63.2
62.3
68.9
70.4
72.8
77.6

51.7
54.4
60.7
61.4
62.0
64.6
68.2
70.0
75.1
77 .8

53.2
52.9
59.0
61.2
62.6
62.1
68.1
70.7
72.2
77.1

79.2
84.0
90.7
95.6
99.0
103.3
108.9
108.0
112.2
119.8
129.5
128.3
117.0
133.1
141.4
143.2

80.1
83.8
90.9
95.9
98.4
104.1
109.8
108 .8
112.1
120.6
130.5
127.8
116.1
135.0
142.1
145.2

80.4
83.4
91.7
96.6
98.8
104.3
110.0
109.1
112.3
121.5
131.4
128.5
117.0
135.5
144.5
147.5

80.7
85.5
91.5
96.9
99.3
104.5
109.1
109.6
113.0
122.5
131.2
129.6
119.0
136.2
144.6
149.5

80.9
86.2
92.0
96.9
99.0
105.2
108.2
110 .1
113.2
123.0
132.1
130.3
120.4
137.1
145.2
149.0

81.4
86.0
92.3
97.3
98.8
105.7
109.3
110.3
113.9
123.2
131.2
131.2
124.3
137.5
146.3
149.3

81.2
87.2
92.3
97.2
98.6
105.5
110 .9
110.5
115.5
124.0
131.4
131.2
126.6
137.5
146.8
149.8

81.8
87.1
92.2
96.8
99.7
106.8
111.3
109.2
115.1
125.5
130.2
132.2
127.5
137.8
146.5
150.6

82.0
86.1
93.6
97.2
100.0
107.1
110.5
108.4
115.8
126.2
132.9
131.1
129.0
136.8
146.4
150.8

82.6
84.4
94.1
99.2
101.5
107.8
110.6
106.9
117.0
127.5
133.1
129.7
128.7
137.5
147.1
151.2

82.7
87.6
94.6
98.7
103.1
108.9
109.4
106.3
117.9
128.4
132.4
126.2
131.1
139.4
146.6
151.3

83.2
89.4
95.1
98.5
104.0
108.3
109 .5
110.5
118.8
130.4
130.5
121.0
132.3
141.4
146.2
151.5

79.9
83.7
91.1
96.0
98.7
103.9
109.6
108.6
112.2
120.6
130.5
128.2
116.7
134.5
142.7
145.3

81 .0
85.9
91.9
97.0
99.0
105.1
108.9
110.0
113.4
122.9
131.5
130.4
121.2
136.9
145.4
149.3

81.7
86.8
92.7
97.1
99.4
106.5
110.9
109.4
115.5
125.2
131.5
131.5
127.7
137.4
146.6
150.4

82.8
87.1
94.6
98.8
102.9
108.3
109.8
107.9
117.9
128.8
132.0
125.6
130.7
139.4
146.6
151.3

81.3
85.9
92.6
97.3
100.0
105.9
109.8
109.0
114.7
124.4
131.5
128.9
124.0
137.1
145.3
149.1

. .

NOTE:

These series contain revisions beginning with 1976.




103

G. Experimental Data and Analyses

(Nov.)

Year
and
quarter

Implicit price
deflator, gross
nonfarm business
product 1
(Index: 1967=100)

Unit labor c o s t ,
all persons, nonfarm
business sector 1

III III III IMTTIJ

nr ITT

TTT

Ratio scale

Components of BCD series 26—

220
200

(Index: 1967=100)

Implicit price deflator, gross nonfarm
business product, Q
(index: 1967-100)

1977

175.4
179.0
180.9
184.7

169.8
173.6
176.2
178.3

I Q....
II Q . . .
Ill Q . .
IV Q . . .

(Mar.)

180
160

-J 140

240
220

[n]
1978

I Q....
II Q . . .

180.2
184.7
187.8
191 .4

195.1
200.3
204.4

Ill Q . .
IV Q . . .

200

190.2
192.7
195.6
199.3

206.0
212.1
216.9

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1967 = 100)

1979

I Q....
II Q . . .
Ill Q . .
IV Q . . .

180
160
140
120
-1 100

Inventory-sales ratios in 1972 dollars (ratio)—

Inventory-sales ratios in 1972 d o l l a r s 2
Year
a nd
month

Manufacturing
(Ratio)

Merchant
whol esal ers
(Ratio)

Arithmetic
scale

Retail trade

—i

(Ratio)

1978

2.1

2.0

Jan. . .
Feb...
Mar...
Apr. . .
May.. .
June. .

1 .84
1 .80
1 .78
1 .75
1 .77
1 .78

1 .32
1 .31
1.33
1 .31
1 .28
1.31

1 .40
1 .38
1 .38
1 .37
1 .39
1 .39

July. .
Aug. . .
Sept..
Oct...
Nov...
Dec. . .

1 .81
1 .77
1.78
1 .76
1 .76
1 .75

1 .29
1 .27
1 .30
1.27
1 .29
1.31

1 .40
1 .39
1 .39
1 .38
1 .38
1 .35

1.7

Jan. . . .
Feb....
Mar
Apr. . . .
May
June. . .

1 .76
1 .78
1 .72
1 .86
1 .78
1 .84

1 .33
1 .35
1.30
1 .33
1 .30
1 .31

1.39
1 .38
1 .38
1 .41
1 .42
1 .45

1.2

July...
Aug. . . .
Sept...
Oct....
Nov....
Dec

rl .84
1 .86
1 .87
pi .86
(NA)

1 .31
1.31
rl .31
pi .31
(NA)

1 .46
1 .42
1 .37
pi .41
(NA)

EE
1.9

1.8

1.4

1.3

1979

1.1
1.5

1.4

1.3

I l l I I I I I I I I I 111 I I I I I I I I I 111 I I I I I I I I I I I I I I I
1966

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

NOTE: The "r" indicates r e v i s e d ; "p", preliminary; and " N A " , not a v a i l a b l e .
Source: U . S . Department of Labor, Bureau of Labor S t a t i s t i c s .
2
Source: U.S. Department of Commerce, Bureau of Economic A n a l y s i s .




104

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data

(and

Series title
unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing 1
(per
100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion d o l l a r s )
32. Vendor performance, companies reporting
slower deliveries (percent)
.
. . .
12. Net business formation
(index: 1967-100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion d o l l a r s )
29. New building permits, private housing
units ( i n d e x - 1967=100)
36. Change in inventories on hand and on order in
1972 d o ! . , smoothed 2 (ann. rate, bil. dol . ) .
92. Change in sensitive prices, smoothed 2
(percent)
19. Stock prices, 500 common stocks
( i n d e x - 1941-43=10) .
104. Change in total liquid a s s e t s , smoothed 2
(percent)
106. Money supply (M2) in 1972 dollars
(bi 1 1 ion dol 1 ars ) . .
. . . .
.
. .
910. Composite index of 12 leading indicators 3
(index- 1967=100)
. . .
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands) . . . .
. .
51. Personal income less transfers in 1972
dollars (annual rate, billion d o l l a r s ) . . . .
47. Industrial production, total
( i n d e x - 1967=100)
57. Manufacturing and trade s a l e s in 1972
dollars (million d o l l a r s ) . . .
. . .
. .
920. Composite index of 4 roughly coincident
indicators 3 ( i n d e x - 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment 1
(weeks )
. .
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
( i n d e x - 1967=100)
109. Average prime rate charged by banks
(percent) . . . .
72. Commercial and industrial loans outstanding
(mi 1 1 ion dol 1 ars ) . .
. .
95. Ratio, consumer installment debt to
personal income (percent) . . . .
.
. .
930. Composite index of 6 lagging indicators 3
(index- 1967=100)

Aug.
1979

Sept.
1979

Aug .
to

Sept.
to

Oct.

1979

Nov.
1979

Oct.
1979

Oct.
1979

Nov.
1979

Sept.

r40.2

r40.2

1.5

1.2

1.1

35.94

36.29

r36.25

p34.46

55

51

50

131.4

e!33.1

13.22

p40.0

to

0.08

0.0

-0.20

0.30

0.11

-0.24

0.05

-0.01

-0.32

47

-0.14

-0.04

-0.13

NA

NA

0.19

r!3 .82

r!3.43

p!4 .00

0.10

-0.07

0.11

133.6

143.4

124.6

p!02.3

0.21

-0.45

-0.69

r!3 .40

r6.96

p-3.43

MA

-0.41

-0.71

2.74

-0.06

0.19

104.47

103.66

0.07

-0.26

-0.06

rO.85

pO.86

-0.07

-0.07

0.04

40.1

rl.93

1.78

r2.20

pi. 3

NA

MA

NA
0.27

107.36

108.60

0.89

0.87

523.7

523.4

r521.9

p519.7

-0.02

-0.13

-0.21

r!39.7

r!40.3

r!38.4

p!36.6

0.43

-1.35

-1.30

89,762

r89,803

r89 ,967

p90,185

0.04

0.14

rl,021 .9

rl,021.2

pi , 0 2 6 . 4

-0.10

-0.03

0.32

rl52.4

r!52.4

p!51.6

0.14

0.0

-0.19

r!60,225

p!59,775

NA

-0.00

-0.06

p!44.9

-0.07

-0.14

0.21

-0.06

0.06

0.0

-0.33

0.13

rl,023.9
151.6

160,227
r!44.9

10.5

144.8

10.6

r ! 4 4 .6

10.5

10.5

r259.42

r257.63

p258.33

NA

r!76.4

r!76.7

r!78.1

p!79.9

11.91

12.90

14.39

15.55

151,058

r!54,858

r!55,214

p.153,449

15.04

r!5.16

p!5.13

NA

r!66.8

r!70.8

r!76.2

p!82.1

0 .25

NA

NA

0.05

0.25

0.47

1.92

2.90

3.38

0.55

0.05

0.41
2.40

-0.10
3.16

-0.38

NA
3.35

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
2
This
3




105

G. Experimental Data and Analyses—Continued
Cyclical 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 cycle. To set the current movements in historical
perspective, cyclical paths over generally similar historical periods also
are shown. The selected periods are superimposed to compare the
current business cycle with corresponding historical patterns and to
facilitate critical assessment of the amplitude, duration, and severity of
the indicators' current movements.

1. For most indicators, two cyclical comparison charts are shown.
In the left panel, comparisons are based on reference peak levels and
reference trough dates; in the right panel, comparisons are based on
both the levels and the dates of the specific troughs in each indicator.
(See the charts on the following pages.)

The three-part code indicates the timing
classification of the series at peaks, at troughs,
and at all turns: i = leading; C = roughly coincident; Lg = lagging; and U = unclassified.

This number indicates the latest month (or
quarter) of data plotted. (1 = January)

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 cycle 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 specific cycle troughs (right panel). The
current cycle and the corresponding historical periods are positioned so
that their reference peak levels (left panel) and specific trough levels
(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 deviations (if plotted) and actual data 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 plotted as upward movements, and increases in
data are plotted as downward movements.

6. Several curves are shown in each chart. The heavy solid line
(•••») describes the current cycle. The dotted line (•••) represents
the median pattern of the five post-World War II cycles. The remaining
lines represent selected business cycles. In the left panel, each line is
labeled according to the year of the reference trough; in the right panel,
each line is labeled according to the date of the specific trough.

7. These charts use the business cycle (reference) peak and trough
dates designated by the National Bureau of Economic Research, Inc.

Peaks: Nov. 1948 (IVQ 1948), July 1953 (IIQ 1953), Aug. 1957
( I I I Q 1957), Apr. 1960 ( I I Q 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973).

• no

-12

-6

0

+6

+18

Months from troughs

Troughs: Oct. 1949 (IVQ 1949), May 1954 ( I I Q 1954), Apr. 1958
(IIQ 1958), Feb. 1961 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ
1975).

This scale measures time in months before (-)
and after (+) reference trough dates (left
panel) and specific trough dates (right panel).




106

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
Cyclical Comparisons: Current and Selected Historical Patterns
1. Average workweek, production workers,
manufacturing
03

1. Average workweek, production workers,
manufacturing

R ino
P L o Y rr

3. Layoff rate, manufacturing (inverted)

n

.9

3. Layoff rate, manufacturing (inverted)
LOT
m
1.0

1.

T

A C T I!

-

2.?

-

3-0
53
5'!

-I 3-5
11/73
-6

0 -»-6 - J - 1 2 + 1 8 + 2 4 + 3 0 - 1 - 3 6 + 4 ? 4 - 4 8 + 54
Months from reference troughs




-6

0 +6 + 1 2 + 1 8 + 2 4 + 3 0 + 3 6 + 4 2 + 4 8 + 5 4
Months from specific troughs

107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
|

,..,,,,

,,

MO»T"S pn.' | FROM AT ! OMO C U R R E N T MONT*'
R FF .
FROM ACTUAL
AMP
TRnnr.i 11/73
PATA
YPAR

40. Employees in goods-producing
industries

44

3. 6

26120

11/78

45
46
47
4°

4.2
4. 6
4.9
5.6

26272
26382
2644 8
26627

12/78
1/79
2/79
3/70

49
5n
51
52

5.4
5.7
5.8
6.0

2656 5
2 G6 5 1
2 G67 4
26723

4/79
5/79
6/79
7/79

53
54
55
56

5. 5
5.5
5. 3
5. 5

26509
26503
26 5 5 9
2 6604

40. Employees in goods-producing
industries
i

8/79
9/70
10/70
11/70

•loriT'is

HEV'IFROM 'VTIOMS CURRENT fONT"
SPFC.
FROfl ACTUAL
A rip
7/75
PATA
TT:OMrM
YEAR

40
41
h2
43
44
45
46
47
48

S E R I F S 40
T OI'DAf.'P.
17.2 26120
11/78
17.9
1 8 . 'j

18.7
19.5

26272
26382
26448
26627

12/78
1/70
2/79
3/79

19.2
19.6
19.7
19.9

26565
26651
26674
26723

4/79
5/79
6/79
7/79

49
19.4 26509
8/79
50
19.4 2659 3
9/79
51
19.2 26559
10/79
52
19.4 26604
11/79
10NTMS P F \/ 1 FROC. AT 10'!", C U R R F N T MONTH
FROf
R r F.
ANP
ACTUAL
TROITf1 1 / 7 7>
PATA YFAR

47. Industrial production index
cZc

44

3FR| rr , 47
1967=100
14.4
150.6 11/7 P.

45
46
47
4°

15.3
15.1
15.5
16.3

151.8
151.5
152.0
153.0

12/78
1/79
2/79
3/79

49
50
51
52

14.6
15.8
16.0
16. 1

150. 8
152.4
152.6
152.8

4/79
5/79
6/79
7/79

53
54
55
56

15.2
15.8
15.8
15.2

151.6
152.4
152.4
151.6

47. Industrial production index

8/79
9/79
10/79
11/79

150

135

F R O f l AT 10 MS CURRFNT rONTM
FROf! ACTUAL
SPFC.
ANP
T O!T,f!
3/75
PATA YEAR
n

130

S E R I E S 47
1967=100
44

3'i . 8

150.6

11/78

[. s
46
47
48

35.9
35.6
36.1
37.0

151.8
151.5
152.0
153.0

12/78
1/79
2/79
3/79

49
59
5T
52

35.9
36.4
36.6
36.8

150.8
152.4
152.6
152.8

4/79
5/79
6/79
7/79

53
54
55
56

35.7
36.4
36.1
35.7

151.6
152.4
152.4
151.6

8/79
9/79
10/79
11/79

• 125

120
120

• 115

1

-

-6

0 +6

12 18 24 30+36+42+48+54

Months from reference troughs


108


-15

-

-J

-6

0 +6 +12+18+24+30+36 + 42+48+54
Months from specific troughs

-1-5

0

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
ations
from
specific
troughs
Actual
-7

91. Average duration of unemployment
(inverted)

91. Average duration of unempioyment
(inverted)
5531

m
11/7R

Actual
data
current
cycle

10.7
11.3
11.7

10

-6

-5
12

C/79
0/79
10/79
11/79

-4

-3
14
l/7fl

-2
91

• 16

11.3
-'(. 9

11.7
11.0

• 17

11.1

+1
-6.1

95. Ratio, consumer installment debt to
personalincome

-6.1

+2
-i 16

10/7-}
11/79

LgJgJg]

15

+3

runnrnr

FHOf
RTF.
TROUT'

• 20

ACTUAL
HAT A

+4

Ik. 55

in/7S
11/7?

95. Ratio, consumer installment debt
to personal income

Actual
+2.8

• 15.4

+2.4

15. 0 k
15.16
15.13

5k
55

+ 2.0

+1-6
—i

+ 1-2
10/7°
1.95
1.99
1.1

rO-8

+0-4

-

~6

0 + 6 +12 +18 +24 +30 +36 +42 +48 +54




-6

0-0

0 +6 +12 +18 +24 +30 +36 +42 +48+54

109

> 12.6

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Curren t issue
(page ni mbers)

Series

Charts

Tables

Historical
Series
escriptions
data
(issue date) issue date)

A

Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment index
Employees, manufacturing and trade, Dl
Inventories manufacturing and trade Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits net manufacturing and trade Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

2
604

16
56

61
92

4/79
12/78

8/68

2/79
2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79
2/79
2/79

11/68

38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

22
56

65
92

9/79
12/78

10/69*

61
970
58
974
975
971
976
978
977
972
973

24
38
22

55
616

11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

B

Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

15,35
32

73
72

6/79
6/79

11/72
11/72

93

33
33

72
72

12/78
8/79

11/72

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

6/79
2/78
2/79
2/79
2/79
5/79
7/78

295

46

82

11/79

4/69
11/68
11/68*

C

Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing ( F R B )
Materials
Capital appropriations manufacturing
Backlog
Newly approved
Newly approved D 1
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
nonfarm business sector
Compensation average hourly all employees

83
82
84

20
20
20

64
64
64

9/79
9/79
9/79

97
11
965

24
24
37

66
66
75

8/79
8/79
2/79

914
35
34

11
29
29

60
70
70

3/79
9/79
9/79

51
18
51
18,51

89
62
89

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

3/79
7/79
6/79
3/79
8/79
6/79
6/79

11/75*

74'"
60
66
73
72

345

49

87

6/76*

10/72*




110

280

50
45

62,89

87
82

4/79
3/79
3/79
4/79

6/76*

Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales . . . .
Gross private domestic f i x e d investment
Nonresidential,as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food index
Food, percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See P r o f i t s .
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt net change
Crude materials-See Wholesale prices.

Currer t issue
(page n mbers)

Series

Charts

Tables

920
920c
940

10
39

n

60

930
930c

10
39

914

n
n
n
n
n

915
913
917
916
910

60

Historical
Series
descriptions
data
(issue date) issue date)

3/79
7/79
3/79

11/75*

60

3/79
7/79

11/75*

60
60
60
60
60
60

3/79
3/79
3/79
3/79
9/79
3/79
7/79

5/75*

910c

10
39

29
9
69

13,25
23
24

67
66
67

6/79
8/79
12/79

4/69

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

11/79
9/79
9/79
11/79
9/79
5/79

10/69*

8
75

12,21
22

64
65

9/79
12/79

66

35
32
15 35
33

73
72
73
72

6/79

320
320c
322
322c
58

49
49,59

84,95
84,95

49
49
22

20
10
116

113
95
39

9/68*

10/69*

6/72

in/ 79
10/72

2/79

11/72

84
84
65

5/79
5/79
5/79
5/79
8/78

5/69*
5/69*
5/69*
5/69*
11/68*

12,23
23
34

66
66
73

12/79
12/79
1/79

9/68
7/64

112
110
72

32
32
15,35

72
72
73

6/79
11/79
6/79

11/72
7/64
11/72

66
113

73
72
73
72
71

5/79
6/79
8/79
2/79
8/79

10/72
1 0/72

39
33

35
32
15,35
33
32

525
564
548
517

53
55
53
53

90
91
90
90

8/78
10/79
8/78
8/78

39
32

33
12,21

72
64

2/79
8/79

11/72
12/74

970
965
951

76
75
74
76
74
75
79

2/79
2/79
6/79
2/79
6/79
4/78

11/68*

963
967

38
37
36
38
36
37

966

37
36'"
38
36
36
37

971
968
976
978
977
960
972
973
961

38
37
38
38
38
37
38
38
36

75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77

9/79

962
975
952
950
964

95

11/72

D

1/72

442
90
441
37

345c
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfai m economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

\'m

Series titles
(See complete titles in "Titles and Sources of
Series, " f o l l o w i n g this index)

4/72*
4/72*
4/72*

11/72
11/72

1 1/79

10/72*
10/69

64

30,47

70,83

9/79

10/69*

346

49

88

6/76*

10/72*

346c

50

88

6/76*

10/72*

340

49

87

8/79

6/72*

340c

50

87

8/79

6/72*

341

49

87

8/79

6/72*

341 c
348
349

50
50
50

87
88
88

8/79
11/79
11/79

6/72*
6/72*
6/72*

53

19

63

8/79

Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices components
Industrial production
Industrial production, components
Initial claims, State unemployment insurance ,
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components . . . .
New orders, manufacturing
Prices, 500 common stocks
Prices, selling, manufacturing
Prices, selling, retail trade
Prices, selling, wholesale trade .
Profits, manufacturing
Profits, net, manufacturing and trade
Sales, net, manufacturing and trade
Workweek, mfg. production workers
Workweek, mfg. production workers, components . . . .
Disposable personal income-See Income.

974

10/69*

11/68*
4/69*

6/78'
2/79
6/79
6/79
7/78

6/69*
11/68*

2/79"
9/79
2/79
2/79
2/79
10/79
2/79
2/79
12/78

11/68*
5/69*
11/68*
11/68*
11/68*
11/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued

' '
M,

I

'

l

)

x ni

i

SI-TIPS mips

i

t

1

S!

'lit

K /h','

ihPS,"h"K.m,]t", m,l'0

E
1 im

|

i 1 i t i n i<
. in inii n.i [ 1

j

i
i

t

1

It

1)11 t

2
441

M l

K

1

16
51

61
89

48

V

17

61

7/79

i

i
i

(

i ir
n

n

,

t
v

,
iph
1 >
tl
ll

i
11

M U
i
i

i

iitnnnulti 1
f
chni]i

39
17
38

8/68*

62
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62

7/79
12/78
2/79
12/78
5/79
3/79
4/79
7/79
3/79
7/79
6/78
4/79
3/79
12/78
4/79
4/79
4/79
4/79
4/79
4/79
4/79
4/79
4/79
4/79
3/79
3/79
7/79
4/79
4/79
12/78

mi i ( it ni| mi r n Q l
. , , i]M M i n i
IK
i ri\ iti ii in i r i HI
i i U f p i, ' t n
n
l i n
t 1 i' r t i i ]
it
i|tr
1 ! Hi ru i it i
nifin,) ) i i
n °t ti nmm 1 mint n nrnu
n
ii i m
1
t it i r u n
1!
i in n if i t i n ]
(

Ml It

III '

I

Cl

nr i MM hi ini
i i it
i I
i If)
r it h M u I1 ( n

r n

) i
1

1

(I

i i i
1 II

1
1

i
t
i

n
i

1

i

i
1

1
1

(1
1

U

ItS

M |H

0

1

Iff

ll I' lH 11

\

i 1

1

]|

1

I I1

11 1 1

t

nil

i

f

t h i

1

111 1

(Ul

111

ll

i i IM it
f|
id

'

f

1

ill!

) [II ill
K

1

i i' l i t
t
n i l
[ ( it i
t i t ( i v 'i
Mulm 1 1

IKI
ti t
i i nt
1 i r i
n i
11i

i

0

1

1

i

\

1 1

(

ih
n i i
j n
, 1n M i
i i i
ti
n i
(i i ) t h
U 1J n II
1 h n'( ; (l
i n'
i
tn n

i

i

M (

i
i' v

r

14,17
36
18
51
17
17
16
36

12,16
11"
16
51
51
51
51
17
16
51
51
51
51

15,18
18
18
18

18,51
12,16

J M

961

36

62,89
61
77
74

8/68
4/72*

11/68*
8/68
4/72*
12/74
6/69"
6/69*
8/68*
12/74

,

G u b SHIMS; nnhc>
F - M h \ i i ] n t f d pniM Mdpv
F'MMvMi] M,| ( . r i c p md"\, tvru'iu ctirinqrs
<M ,•• dnM"stic pMchi t, i-ih.n co,t ucr unit
Gi > , s n d t i nu ! '( d u c t
1 1 VP L r ' "T '' ii is
GNP, t ui'.Uit iMI rs. ddfcTencps

84
84
70

11/79
11/79
9/79

19,40

63,80

10/69*
10/69*
10/69*
10/69
10/69
10/69

217

20
48
48
40

80
80
80
80
80
71
63
84
84
80

10/79
10/79
1 0/79
10/79
10/79
10/79
8/79
9/79
11/79
11/79
10/79

46
60

17
17

61
61

7/79
3/79

12/74

21
1

16
12,16

12/78
12/78

12/74
8/68

961

36

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

5/79
6/79
9/79
11/79

6/72
4/69

I ' T ' n M - L M t ' i M M , bf-lP

310

I'i'plu it nni i ilntl itot GNP 'h in>nt ' liti'iit*
1
ipuits l^r.' r i i qn tuni" ifiil 1 itf r;, , t < njl f MMCtMns.
1 i ,,>.r
1 • fi n > t . M i 'Pi, IJP huiiMv i'i t np'i ,OPS
1 i* | , l M in ,MPtt )'
IMIM ii • i , . r . p h MI!, ni PM; lives
.f" " i" ,i ' f p | U i i , permit c'linv"
C( | P , i'i r, M ,TI; 1 I;PM
Li i f i | i i f , s , t • , , [ , • , [ ! . , ! " • - , , , if t . c ( ' i c U ' l . m c f i ^ ' . .

310c

48
48

84
84

11/79
11/79

10/69*
10/69*

345

49

87

6/76*

10/72*

345c
280
64

50
45

87
82

6/76*

30,47

70,83

11/79
9/79

10/72*
10/69
10/69*

346

49

88

6/76*

10/72*

346c
95
286
287
225
224
227

50
15,35
45
47
40
40
40

88
73
82
83
80
80
80

6/76*

10/72*

8/79
11/79
11/79
10/79
10/79
10/79

10/69
10/69*
10/69
10/69
10/69

340

49

87

8/79

6/72*

340c

50

87

8/79

6/72*

341

49

87

8/79

6/72*

341 c
652
651
288
289
220
52
223
51
51c
108
282

50
57
57
45
47
45
19
40
14,19
39
31
45

87
93
93
82
83
82
63
63
63

8/79
8/79
8/79
11/79
11/79
10/79
8/79
9/78
7/79
7/79
8/79
11/79

6/72*
5/69*
5/69*
10/69
10/69*
10/69

283
284
285
348
349
53
13
23

47
45
47
50
50
19
23
28

11/79
11/79
11/79
11/79
11/79
8/79
7/78
1/78

10/69*
10/69
10/69*
6/72*
6/72*

967

37

83
82
83
88
88
63
65
69
79
75

4/78'

4/69*

76
75
73
74
47

24
22
20
20

67
65
63
63

2/78
12/79
12/79
12/79
12/79

11/68

GNP, i urM.it .ioihrs
GNP, r M i,t d ,11 ,^, rliff. rp-HTGNP, l u r - i t i t i ' is, i f M P i i t en nn|ps
i h t i t n i, , s ir, 1
( - > . | ' M: t i n t . list, il d i.i-s
i . , „ / |, Mt , ,|, f| t l t , ,
I" 1 , > t | MM j"'l I'M | • I!Mnt tvniji".
I ' l , l u . l i ' u " GNP L I'lStMlt ,| II ,c
GiiM [ H I V , '» ii imrt" nyp t GPP liuest"u nt, capita,.

AMtM' >

A PMiP M i " v V ' M , m

MP(]KM

H i isihl) , ] 1 't , , / " TI Pfl t), "IL '1 tllll'l |lt'Mllt c
r

i ' ii» M' i npp! < I'lUui,' J> il.iis
p
sHi ti i G H H I . p M i . n t f GNP

|

1 rr

t i t

H

n lit i
1 (H it i t
1
, ) '
'MI tt ( f
t
f nr
f
unit
t 1

) K ,Ml

4/72
6/69
4/72
4/72*
8/68

1?/7B

11/73

i H

KM

i i

| f fl f t ( i f

Hid

i ninn i

J

r1 Nil M

72

1/79

94
213
917

33
40
11

72
80
60

8/79
10/79
3/79

311

48
48

84
84

11/79
11/79

687
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83

8/79
8/79
8/79
12/78
12/78
11/79
11/79
8/79
12/78
8/79
12/78
12/78
11/79
11/79
8/79
12/78
11/79
11/79
11/79

33

72

12/78

20

63

9/79

502
501
500
512
511
510
298

H

' ( il in i d ici
i
t in! NiPA
( j j jti 1 11 n i
cit
ini NIP \
f
run 1 nd r i
tn
i Minn i MH ( ,ii 1 irt
j
' i J if /
i tiM 1
Nlf \
f]0 u nrl r i t r r-nt fill MPA

[ f 1

f i i (f
iu

i ibilt

i mi , r /

34

49

1

l i i k ( lit i 1 n rn n
urt , 1 1
ni M
Kit
i 'i
u !

52
52
52
52
52
52
46

90
90
90
90
90
90
83

1

!

11 ( J l M

,[

n i 1 ( i 1 e< f ilitiir
i ti lor H I u M
i ri hi !
|ih s ii i( f i it

> t
I it
t ,t

M1! IlLl

1 f[ I,

1

Ill

9/79
9/79
9/79
10/79
10/79
10/79
11/79

7/68*
7/68*
7/-6S*

, IMItf

in l l ) 1

H i'

iji r]n Hi

I

hi) i 1 ( i mi d j hr
f d r i
rn nt d i 1 ir
F i d t ' , , ' f f m t ' G^P
It

tin
"• 1 ti
tit
] it 1
I.t.l

ID

'ifll 1

i id hf 1 Liin t i n t (I In
Kid 1 r i urn nt J il irs
nd loul [iHLint nf GNP
ion i int duHirs
n.rrpnt 1 ii rs




rr

263
262
265
564
267
266
268
261
260

43
43
47
55
43
43
47
43
43

81
81
83
91
81
81
83
81
81

11/79
11/79
11/79
10/79
11/79
11/79
11/79
11/79
11/79

11/73
10/69
10/69*
10/69*
11/73
10/69
10/69*

(l

r i l t , M' • ,

M ' Pi ' M i i i [ l v
(M ,

.

..

10/69*
10/69*
10/69

12/78

10/69*

A\ PHI i!u, PPS,

.'

' . . .'

DiMMSK,,, M' I'M 1' "U ,P' ' , ( I I M f l t i " l l d r S

MI,M li P ; t iMin <l MI )<-<->( , p, i i v it , i , nstdnt del
F d r M ' r; MI I'IP h, ,r
i r i d j ^ t i in 'u r > ' is
, - i , , , , , , , f - r T 1 ( L | l l l !-' rv
r ,. ,,,, ]s u, (.',,(](. n mil , [ii i d n c t ' n '-, i r > T

5/69*
5/69*

,>,!>

' , ,, , . | j , ; r r T I

F Ml, l',S, ' ( ,1

Pl

,,n >,',y ( j | . ' . ( n n t , I ,,,-r^n .'

,M'I ,l]P

' i ) Tl, , [Ml (Ii 1 i M M

i r t , • ; ;,,,, ',, nPllfulM I f , .

5/69
5/69*
5/69*
5/69*
5/69
5/69*

,' i"pf ,, [in itc M m'.Mii ' rui IM, H pi[unt L!I -nnes .
I 1 t ' 'i" MI i iMi'in P K ' s M i nt Ji he I !. c
"K ' (i'( i p U S in 'M1 ipnt f 'bm d
|

11/72

10/69

|i PS

10/69

', ; , - _ , ' ,

M

1 ItPIMt, M l . ,

fJdtMidl
Pi IMMil
P(Ti,)i ul
P.TSI, i,, 1
Per in.ii
f

5/69
10/69*

Ii M v

, i , , L , [ , ,1 ,u l\ IP il i i I1 , M M l d t ' l t, M

[

G
r

n -,-

CM, ; P isMic i, IP ii d. : ,(]i 1 uirK il' cM[i!n\ PPS,
nunf.iiM l,usiiiPSSMH f n , pi 'cuit chdni|HS
Cnn^L" IK nstdhnie'it ri^bt, r u tin to pptsniidl mciMU' . .
' uipi i t ' | > i ' t s vitn i V f ,nd LCA
Ci/ip ; K f t, ',vi fl i ! N / A iifi ' C f A , | r' if npt i 1'ifome
1
U i ' i s ' t - i ' IP r , n i in' i» M
n,* i, t h hrs

Mn

( nu ' i it, t if. i , t h, ( ]( i
f, t H i n t b n l q f t ulp \
f dir i [ i i n d i t u r i
nilinl i i ^

si'"

1

93

ft

310c

39
40

7/68

• ni|

fi-

Hi

119

311c

50
50b
50c
200
200b
200c
107
49
310

H

IM! \ t n t e d adMitismq M m >\sp,i|i(- rs
Mi ,|i ivit.'d adMMnni], M'I tu Linpmpln, merit
' ' c a n s it prMluftinn ,-, u h i , •MKinMcturmij

f IM.H 'is ' - i ' ' • ' i

nt
i , H
1 i it

68

A , t il|P Ul \\ M ' , ' " P i f MK lltS

F

,

311c

l

r

f i ' Mi ml iti
t ll r ! f, , m i l T I t (( ( ( U 1 If
F ' ! Pi 1 r ' i i n hf r t i n t - n i M if) ' r
h ' i't (i / > i '
(Dlhr
r
i ml 1! >
mi i in , f 1
t i ul in M m i
M i in t r , it 1
M
1 n in i 1 t ML in Ii < f IPA
1
(
i |M u r i i f i r d t i f i M i 1 IKK ' I F A
r
( i i i i n
i, i i
i il i i in ii
1 i (ti n
[
j i
i , (
il
i
!
f H
n ti n n i u (if
, t
rhini
iiljii tf i t i i u U t ,
! i
rdn n l i
* M| i mi,, , , i
1 .it 1 K| in
1 ir (M
f ,1 1
id 1 1 i
i
ml
IP s
i
i l l i,fji 1 ii 1 r i
r i t (in
t

311

A"l M q P V X HMV'Pf

4/72

Tables

Historical
descnptions
datd
(issue date) (issue date)

48
48
30

,\i p t .qp , v l ) , i f | y

it'

!

Charts

8/68*

48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

i h u t IIMII ( ] i < MI. 1

4/79
3/79

C Hirer t issue
(ucifjen mbers)

Series

din

,

n 1 1 t

'! P , 1 * 1 H i i ' , 1 1 1 , 11"'

.rr, T,.
M ll'l", IIS' U' d llldlS
"if 'n», rnrrunt dulldf
hiLur IP, IPSS ^cins'fts, L mstdnt dulldrs
IM, T , , , l M , s t M n s f p r s , r o n s t d n t d u ! s . r c i t H u t [ l i ( ]

HI, | i | , f n

, , ! _ r j - | , i t , , inui" , Mippl /

r" 'iinpti r - ' MKIMP vi I V A d i n i GCP. ,Miir rs' , , C M , ( »i"i n / A ^ m J C C A , h v c u n t
if m t i M d ! iiuumi
h p n t i l iiiLi/iipnf [Ptsons.'v,! 1 , CCA
Rpntdl me jm^' nf persons wilti CCA, prt if ndt'l. mcomp
Udqp.ind bpupiit decision^ first y p a r
'.Vt,gp dnd benefit lipnsiuns, l i f e of con^.'Ct
iVciqes nnd Sdi incs, pinim<j, "Pq , ,,,id r mstr ,ctm i . . . .
nc'"i)"r iti'uis, ir M busMPSSP":
ndnstri.'il nidtPii ils (irirps
ndiiotn il materials priLPS, njiiipune'r ,
ndirtridl mdtpri ils puces, Dl
ndnstrn! prodnctirn SPR dls i IntpriidtiMial L impanson^
Business equipment
Consumer quods
rVMbiprndiiuhcturps
NonfijiihipmaiuifdCtniPS
Totd 1
TdtJi, rnnipontjits
Tntai.DI
T o t d l , tdti 1 nf change
.
Installment debt -See Credit.
InsMpd Mieirpir/mpnt
'" v'n woe My initial claims, unemplOy. insurance . . . .
A > q -veeh'y initidh laims, ineiTip'Iny ifisiir.trcc, HI ..
Avq -,\(f4ly insured unemjilov'rnpnt rate

14,20,58

966
47c

37'"
39

5
962
45

16
36
18

7l""
82

63,94

78
75

61
74
62

7/68*

10/69

4/69

9/79'
12/79

7/79
6/78
7/79

6/69
6/69*
6/69

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Interest, net
Interest, net percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada, percent changes
France, index
France percent changes
Italy, index
Italy, percent changes
Japan, index
Japan, percent changes
United Kingdom, index
United Kingdom, percent changes
United States, index
United States, percent changes
West Germany, index
West Germany, percent changes
ndustrial production
Canada
France
Italy
Japan
OECD European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
imports, merchandise, adjusted, exc. military
mports merchandise total
mports of automobiles and parts
mports of goods and services, total
mports of petroleum and products
ncome on foreign investments in LI.S
ncome on U.S. investments abroad
Inventories
Business inventories change constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) . . . .
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial . . . .
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential total percent of GNP
Producers' durable equip., nonresid., constant dol.
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Digitized for 112
FRASER


Current issue
(page numbers)

Series
number

Tables

Charts

Historical
Series
data
descriptions
(issue date) (issue date)

288
289

45
47

82
83

11/79
11/79

10/69
10/69*

67
116
119
118
117
109
114
115

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

8/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79

12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64

1/79
1/79
7/79
7/79
1/79
1/79
1/79
1/79
1/79
1/79
5/79
5/79
1/79
1/79

9/72*

59'"

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

2/79
2/79
2/79
2/79
2/79
2/79
12/79
2/79

10/72*
10/72*
10/72*
10/72*

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

6/79
6/79
6/79
6/79
6/79
6/79
6/79

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

8/79
8/79
8/79
12/78
12/78
8/79
12/78
8/79
12/78
12/78
8/79
12/78
8/79
8/79

30
245
247
65
36
77
915
70
71
31
975
78

26,42
42
47
27
13,26
27
11
15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
68
68
76
68

9/79
11/79
11/79
6/78
12/79
6/79
3/79
12/79
12/79
12/79
2/79
6/78

38

26

68

12/79

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59
59"'
59'"
59"'

59
49
49,59

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Plant and equipment
Business expenditures, new
Business expenditures new Dl
Contracts and orders, constant dollars
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U.S
Income on U.S. investments abroad
Italy-See International comparisons.

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) issue date)

9/72*
9/72*
9/72*
5/69*
5/69*
9/72*

10/72*
11/68
10/72*

5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*

24
38
12,23
23

67
76
66
66

2/79
2/79
12/79
12/79

9/68

652
651

57
57

93
93

8/79
8/79

5/69*
5/69*

68
62
63
26

30
15,30
30
29

70
70
70
70

9/79
12/79
1/77
11/79

7/68
11/68
10/72

930
930c
952
3

10
39
36
12,16

60

3/79
7/79
6/79
4/79

11/75*

910
910c
950
14
104

10
39
36
33
13,31

60
74'"
72
71

3/79
7/79
6/79
2/79
3/79

913
78

11
27

60
68

3/79
6/78

38

9/72*

61
970
20
10

26

68

12/79

8
84

12,21
20

64
64

9/79
9/79

917

11

60

3/79

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

3/79
3/79
3/79
3/79
3/79
8/79
8/79
8/79
1/79
1/79

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

7/78'
2/79

11/68*

88
87
86
248

25
25
25
47

67
67
67
83

9/79
9/79
9/79
11/79

10/69*

517
721

53
58

90
94

8/78
2/79

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

9/79
12/79
6/76*
6/76*
6/76*
9/79
9/79
9/79
12/78

11/68
11/68*

J

L
Labor cost per unit of gross domestic product
Labor cost per unit of output manufacturing
Labor cost per unit of output, private business sector
Labor cost, price per unit of, nonfarm business
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Layoff rate manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans-See Credit.

74'"
61

8/68*
5/75*

M
Man-hours-See Employment and unemployment.
Marginal employment adjustments Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows Cl
Money supply
Liquid assets change in total
Money supply M1
Money supply Ml, percent changes
Money supply M ?
. . . . .
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields

10/72
10/72

7/64'
7/64

N

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

8/79
8/79
2/79
3/79
8/79

69

24

67

12/79

243
242

42
42

81
81

11/79
10/79

86
248
88
89
249
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

9/79
11/79
9/79
9/79
11/79
9/79
10/79
10/79

27

23

66

12/79

24

23

66

12/79

National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondcfense, current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol.
2/69
Contracts and orders, plant and equip., current dol. . . .
2/69
Defense products
11/68*
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
.. . .
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment constant dollars
Structures constant dollars
. .. ,.
Total, constant dollars
. . , ...,
Total percent of GNP
9/68*
O

10/69
10/69*
9/68

Obligations incurred, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
10/69* Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
10/69*
Per hour, nonfarm business sector
Per hour, private business sector
10/69
Per hour, private business sector, percent changes
Ratio to capacity manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity materials
9/68
Overtime hours, production workers, manufacturing

12/79
12/79
9/79
12/79
12/79
8/78
9/79
9/79

9/68

9/68'

9/68'

11/68
6/68*
10/72*
10/72*

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series t i t l e s
(See complete titles in "Titles and Sources of

(page n jmbers)

Series
number

Charts

Tables

Historical
Series
data
Ascriptions
(issue date) (issue date)

P,,rsmii| Hi,m((

F'ersonal Sowing rate
Petioleum and products, imports
Plant and equipment- See also Investment, c a p i t a l .
ijtuness expenditures for
Ii nnessiMpenditurstor, Dl
l/mtrarts and orders f o r , constant dollars
Cuntracts and orders f o r , current dollars
Pnpul ition, ci M|I, in employment as percent of
Pmi'inrJi'.ps
Consumer prices -See also International comparisons.
All items, index
Ail items, percent changes
F . id, iode<
F o o d , percent changes
Deflates, NIPA
f- 1 <ed weighted, gross business produi t, mde^ . .
f-'\ed weighted, gross business product, pet. changes
I m p l i c i t price deflator, GNP, mde>
I m p l i c i t pi ice deflator, GNP, percent cnanges
I n d u s t r i a l materials .
Imlustiul materials, components
Industrial matenals, Dl
Labor cost, p r i c e per unit of .
Sen itua prices, i hange in
Slur * pritps- See also lot' j rna!iooal compa.isons.
bUO c o m m o n stock
',00 common stock, Dl
Wholesale prices
AlUomrnudit'os, mdr^
Ail tommu'htips, p e i c e n t change
( msumer hnrliej qoods, index
Coiisumer limshed ijoods, [lercent chaiu]es
Crude ma'PHa!,, rode\
limle uiaterial' p"rrent changes
Inn i Mediate matenals, peicent changes
Produiei Inn, bed goods, index
Pioduni h,,i, litri goods, percent changes
Pnre to unit labor cost, nonfaim business
P r i r e s si Hint]
M i n u i a t i u r m g , Dl
Pi" in trade, Dl
Wholesale Made, Dl .
Prime r o n t i icts military
Pi line nte i haiged bv banks
PK duter/ durable equipment, nonresnl., GPDI
P i ' i i u n i o u - S e t Industrial prorinc tion and GNP.
Pi Hi.dMtv
Dot, u; per Dour, n i n f d r m business" sector
O u t p u t "er hour, p r i v a t e business sector
O u t p u t per hour, ornate business sector, [ict changes
PMli'ammy, Cl
C i - p i i i ite, a f t e r t i < e s , ( o n s i a o t dolla's
C o i a o i a t e , alter t.MP J( r mrent d illdis
Coiporate, a f t e r tjM-b, with i V A u n c i CCA,
( u n s t a n t doHai
( -innate, aftei Lues, with I V A a n d CCA, c u r . clol . .
C • - 0 1 , UP, with IVA and CCA
C o - p o r a t e , with IVA and CCA, pi t ol ru.t'i. income . .
Mu n u l a c ' t i i i n g and t r a d e , Dl
M a n u l a t t u r i ' H ] , Dl
Per d ilhi ol siles, manufacturing
P r o f i t a b i l i t y , Cl
Halm, p r o f i t s to c o r p o r a t e domestic income . .
R a t i o , p r o f i t s with IVA and CCA to c o r p o r a t e domesh'
P u p i i ' tor ' m c u m e v v i t h IVA a id CCA
Pni|.;i,'t<ir ' incnmp with IVA d o l CCA, prt. at i-t'l. I - L . .

453
452
451

51
51
51

89
89
89

4/79
4/79
4/79

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41

65
80
80
81
81
81
81
80
80

A7
f/

no
OO

9/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
1 0/79

292
293
614

46
46
56

82
83
92

11/79
11/79
12/78

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

2/79
2/79
12/79
12/79
3/79

1 1

r

i

I I

i

1 | H

1 OS

irn of pir r n

Jill

f 1 M




Tables

93
89
249

33
25
47

72
67
83

12/78
9/79
11/79

59
54

22
22

65
65

12/79
12/79

213

40

80

10/79

69
57
56
973
77
59
54

24
1 4 22

67

DD

22'
38
27
22
22

65

76
68
65
65

12/79
5/ 79
C
j// T O
/y
2/79
6/79
12/79
12/79

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/79
11/79
11/79
11/79
11/79

92

13,28

69

4/79

19
968
78

13,28

37
27

69
75
68

9/79
9/79
6/78

38

26

68

12/79

34
34

72
73

1/79
1/79

7/64
7/64

91
60
5
962
3

15,18

17
16
36

3/79
3/79
7/79
6/78
4/79

6/69

12,16

62
61
61
74
61

446
445
447
444
37
4

51
51
51
51

89
89
89
89

18,51

62,89

16

61

4/79
4/79
4/79
4/79
4/79
4/79

44
45
43

18

62

18
18

62
62

3/79
7/79
4/79

4/72
6/69
4/72

96
25

21
21

64
64

6/78
12/79

9/68
9/68

107
108
32

31
31

71
71
64

8/79
8/79
8/79

12/74

330
330c
334
334c
331

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

4/79
4/79
5/79
5/79
4/79
4/79
4/79
4/79
5/79
5/79
4/79
12/78

36'"

77
74

12/7P.

11/72
10/69*

6/72'

S

Salaries-See Compensation
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures

M u'uifactor I'm 'tod trade sales' cuVr^nTd jllarT
Manuf ictuniu'and trade sales, Dl
10/69
R i t i ) inventories to salejs mfq and trade
7/68*
R e t a i l Miles constant doll us
Retaikales c u r r e n t dollar
Sa-'Jiq
11/68
Business saving
11/68*
Government surplus or deficit
Gnss Kiving invate inci government
9/68"
P e r s - P ' i saving
Personal saving rate
Selling pnces-Sep Prices, selling
Sensitive prices, change m
5/69*
State aori local qi>vernmpnt-See Government
5/69*
S t i i c f puces-See also International r impansons
5/69*
'jDSk mm m stock
5/69*
' j O O c immuu s l o t ' s D l
Stock, o! " t t ' r p ' c jnd supplies on hand and »„ order
Stock ot tridt, nais and supplies on hand and on o,der,
chdoge
10/69*
r
10/69* S< ' O ' u s -See G e y e o m e n t

23
967
26
92

4/78'
11/79
4/79

4/69*

29
13,28

84
84
84
84
69
79
75
70
69

19
968

13,28
37

69
75

9/79
9/79

330
330c
334
334c
331

85
85
86
86
85
85
86
86
86
86
70

4/79
4/79
5/79
5/79.
4/79
4/79
4/79
4/79
5/79
5/79
11/79

6/69*

332
332c
333
333c
26

48
48
48
48
48
48
48
48
48
48
29

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

2/79
2/79
2/79
8/78
1/79

11/68*
11/68*
11/68*

25

67

cc

9/68*

2/69
11/68*

6/72'

10/69
10/69
10/69
7/68*

5/69

311c

310
310c

S/""

5/79
5/79
5/79
5/79
11/79
11/79
11/79
11/79
1/78

5/69
5/69*

4/69
T

Treasury bill rate
T r e a s u r y bond y i e l d s
5/69*
U

331c

88

358
370
370c
916

50
50
50
11

88
88
88
60

6/76*
6/76*
6/76*

18
16

28
28

69
69

9/79
9/79

80
79
286
287
972
960
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/79
9/79
11/79
11/79
2/79
10/79
1/78
9/79
9/79

81
282
283

29
45
47

70
82
83

9/79
11/79
11/79

61

4/79

284

45

82

11/79

47

83

6/68*
10/72*
10/72*

Dnempln, i nt
Dor turn ot mn mph\ mem i v t i a g c
Hup want d idv( rtismq o unpn| l o y m e n ratio
Irnti i c i in
g w e e k l une ripio ins mice
Imtnl cl rims i j wf e k l v m mplr
us Kanct Dl
1 i t i f f i te minut ict j mg
i\i n iher i m mi. M t a ci ill r 1 in i f o r c e
1- i t h c , ( S 1b iq y t i r s o f ige
f r
20 , r mk s
r ill mi *(} k r
Mu 20 t its ind o u r
T it il 01 mnl t d
Oui r itt mnut ict i in )
D i e p o e t it H
I b v n h i o d iv t r
Tor 1
Dot i ( d ir ii r r
'i
f
0 i ilil g i id i i o t i ir i
D n ilt ( o if] i i 1
nm n
D Mini \ i igo F
i i MM n 1 em M i in

11/79

6/69*
3/68*

4/72*

V

9/79

16

285

11/73

9/79

uh LC\ [t i c e r t it nil H il

1

10/69
10/69
10/69

48
48
48
48
28

311

84
84

R
^

10/69
10/69

84,95
84,95

4

ia i it 1 M ig

Charts

Series
Historical
descriptions
data
(issue date) (issue date)

10/69*

49
49,59
49
49

320
320c
322
322c

Q
n iii r t

Currer t issue
(page n jmbers)

Series
number

114
115

Reserves, free
Residential fixed investment, constant dollars, GPDI . . . .
Residential f i x e d investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant d o l l a r s
Retail sales, current dollars

P

Parlicrpalion rates, civilian labor force
Hothsexps, 16 19 years ot age
Feniules ?0 years and over .
Males 20 /(3ars and twer
Personal consumption expenditures
Automobiles
Durable ij )ods, i onstant dollars
Durable goods, c u r r e n t dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars .
Services, current dollars
Total, constant dollars
.
lotal, cmrent dollars
Iota', percent of G N P . . . .

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

1/72
7/68

Veioc t> of moiie,
GNP to morie,
ip , M1 r jiiu
rVi n i i icon t i nmi' 'upply MJ, ratio
Vfidor p t i f iriiiiu e

10/69
10/69*
11/68*

12,21

W
w

Wan a i d s i n s See Ct npi i r ation
' V s f uerruiv Sep Intf r o a t i o t il n ifw s n s
V, holes lit t ice
All ^ommodiMes index
7/68
All c immt dities perc ( i n* ct ange r
Ton mif f m s h f d pods indt\
Cnn,um r f i n i s h e d good H I t i t unrips
10/69
Cn d m at- iaK nd< x
10/69*
Crude m t ' e r i i s percent en i 'gf r
l o f t men att rrnteudis index
Inn • itrli itt m ' t f rials 1 1 rcent chanties
P i luc r f i n h d g o o t l i idex
Pio 1 1 1 f i n i h d g i >K p( cmt changes
•Miisiti t i r i c r s cl mqe m
Worr f f f t f p n j d i k i i u n j o r r e r ? m a m MI turmg
W irk i pi. ( f ,i t d K tion w o r k e i s manufacturing
10/69
coi pi n e i ts
10/69* Wtmwei k ot p r o d u c t i in worh-rs manu'acnrrmq Dl

3/69'

331c

332
332c
333
333c
92
1

961

6/69*

8/68'

113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).Source 1
(29,70)

12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

35. Net cash flow, corporate, in 1972 dollars (Q).—Source
1
(29,70)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).—Source
1
(1160)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)

18. Corporate profits after taxes in 1972 dollars (Q).—
Source 1
(28,69)

36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
d a y s a n d over (EOM). — A m e r i c a n B a n k e r s
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).—Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).—Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persons unemployed 15 weeks and
over (M).-Sources 2 and 3
(18,62)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rate, State programs (M).-U.S. Department of Labor, Employment
Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).—Source
1
(10,39,60)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(1160)
1-B. Cyclical Indicators
1. A v e r a g e workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).—Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3

(16,61)

5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)
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

114



23. Index of industrial
3

materials prices (M).—Source
((28,69,79)

24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)
48. Employee-hours in
(M).-Source 3

nonagricultural

establishments
(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M)-Source 1
(14,19,39,63)

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)

52. Personal income, total, in 1972 dollars (M).-Source

27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)

28. New private housing units started, total (M).-Source
2
(25,67)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)

29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)

55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)

56. Manufacturing and trade sales in current dollars (M),—
Sources 1 and 2
(22,65)

31. Change in book value of manufacturing and trade
inventories, total (M).—Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries (M). —Purchasing Management
Association of Chicago
(12,21,64)

1

(19,63)

57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)

119. Federal funds rate (M).-Source 4

(34,72)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
( M ) . — S o u r c e s 1, 2, 3, and The C o n f e r e n c e
Board
(17,61)

85. Change in money supply Ml (demand deposits plus
currency) (M).-Source 4
(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q)-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1
(25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)
92. Change in sensitive prices (PPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).—
Sources 1 and 3
(13,28,69)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

67. Bank rates on short-term business loans (Q,M).—Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)

95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(15,35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal a d j u s t m e n t by Bureau of E c o n o m i c
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations,
(EOQ).-The Conference Board

manufacturing
(24,66)

102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(31,71)
104. Change in total liquid assets (smoothed) (M).—Sources
1 and 4
(13,31,71)
105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M)-Sources 1, 3, and 4
(31,71)

(28,69)

82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)




964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M)-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)
968. Diffusion index of stock prices, 500 common stocks—
58-82 industries (M).—Standard & Poor's Corporation
(37,75)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M) -Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).- Source 4;
seasonal a d j u s t m e n t by Bureau of E c o n o m i c
Analysis
(32,72)

115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)

(Q).-Source 1

963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)

107. Ratio gross national product to money supply Ml (Q).—
Sources 1 and 4
(31,71)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)

962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

(28,69)

(Q).-Source 1

961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)

106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M).-Sources 1, 3, 4 (13,31,71)

113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)

79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)

116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. D e p a r t m e n t of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued
977.

Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

li-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253.

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)

Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256.

Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)

257.

Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

220. National
1

income

260.

Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)

223.

income

Personal
1

in
in

current
current

dollars
dollars

(Q).—Source
(45,82)
(M).—Source
(40,63)

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q)-Sources 1 and 2
(40,80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 doilars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233.

Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)

235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)

261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

116

320.

Index of consumer
3

prices, all items (M).—Source
(49,59,84,95)

322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).-Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Index of producer prices, capital equipment (M).—
Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities (M).—
Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

239.




311. Fixed weighted price index, gross business product
(Q).-Source 1
(48,84)

280. Compensation of employees (Q).-Source 1

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

II-B. Prices, Wages, and Productivity

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

243.

total (Q).—Source
(46,83)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

298. Government surplus or deficit,
1

267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

237.

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)

Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1
(46,83)

341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)

236.

Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

292. Personal saving (Q).-Source 1

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287.

Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

349.

Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370.

Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent
national product (Q).-Source 1

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and
3
(51,89)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

of gross
(55,91)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)
580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)
588. Value of manufacturers' shipments, defense products
(M)-Source 2
(54,91)

II-D. Government Activities

II-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

604. Exports of agricultural products (M).—Source 2;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(56,92)

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department obligations incurred (M).—U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

606. Exports of nonelectrical machinery (M).-Source 2;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(56,92)
612. General imports, total (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports,
(Q).-Source 1

adjusted,

excluding

military
(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on
1

U.S. investments abroad

652. Income on foreign investments

(Q)-Source 1

(Q).—Source
(57,93)

in the United States

(57,93)

667. Balance on goods and services (Q).—Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559. Value of manufacturers' inventories, defense products
(EOM)-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
1
(57,93)

4

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




320. United States, index of consumer
(M)-Source 3

prices, all items
(48,59,84,95)

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Institute
Centrale di Statistica (Rome)
(58,94)

500. Federal Government surplus or deficit; national income
and product accounts (Q).—Source 1
(52,90)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock
Financial Times (London)

prices

(M).—The
(59,96)

743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock
Exchange (Tokyo)

prices

(M).—Tokyo Stock
(59,96)

Superintendent of Documents
U.S. Government Printing Office
Washington, D.C. 20402
OFFICIAL BUSINESS
Penalty for Private Use $300




FIRST-CLASS MAIL
POSTAGE & FEES PAID
USDC
WASHINGTON, D.C.
PERMIT No. G-56


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102