Full text of Business Conditions Digest : December 1980

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U.S. DEPARTMENT
OF COMMERCE
BUREAU OF
ECONOMIC ANALYSIS




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

THIS
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: $55.00 domestic,
$68.75 foreign. Single copy price: $4.75
domestic, $5.95 foreign. Foreign airmail rates
are available upon request. Address all
correspondence concerning subscriptions to the

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

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

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

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

DECEMBER 1980
Data Through November
Volume 20, Number 12

Al
A2
A3
A4

')*','
Bl
B2
B3
B4
B5
B6
B7

!$**$
Cl
C2
C3

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

•

Chart
10
12
14
15

Table
60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

'

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

'*f «- r - 2 S >Ji4 :"'*(,". }" >

»N:,« r ^ r i s ^ f *v,-. •
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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




of funds for printing this periodical has been approved by the Director of the Office of
Management and Budget through September 1,
1983.




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2
_A3_

A4
A5
_A6_

A7
A8

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

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
B2

Price Movements
Wages and Productivity

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
?Lj

Ell

Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES

J)Tj
D2 1

Receipts and Expenditures
Defense Indicators

El -4i
M^

LI?J

Merchandise Trade
Goods and Services Movements

I F1_J
! F2 !
F F3 1

Industrial Production
Consumer Prices
Stock Prices

U.S. INTERNATIONAL TRANSACTIONS

INTERNATIONAL COMPARISONS

III.
A. MCD and Related Measures of Variability (April 1980 issue)
QCD and Related Measures of Variability (April 1980 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (October 1980 issue)
F. Specific Peak and Trough Dates for Selected Indicators (June 1980 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

105
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 in this issue are as follows:

changes are made from

1. The series based on data from the national income and
product accounts (NIPA) have been revised by the source agency
due to the incorporation of newly available and revised source
data; the reconsideration and improvement of definitions,
classifications, and estimating procedures; and the introduction of new series. All estimates have been revised for the
period 1968 to date, and estimates for earlier periods have
been revised whenever source data for these periods were revised or changes were necessary to maintain comparability with
revised estimates for later periods.

time to time to in-

Revised data for 1978 to date are shown in this issue for
series 16, 18, 22, 30, 34, 35, 49-53, 55, 62, 64, 68, 79-81,
86-89, 95, 107, 108, and 223 in section I-B; all series in
section II-A; series 310 and 311 in section II-B; and series
500-502, 510-512, 564, and 565 in section II~D. Revised data
for the earlier periods will be shown in a subsequent issue.
Note: Series 57, 59, 70, 77, and the inventory-sales
ratios of manufacturers, merchant wholesalers,
and retailers (appendix G), for which NIPA data
are used as deflators, are shown on an unrevised
basis in this issue. Revised data for these
series will be published in a subsequent issue.
Further information concerning these revisions may be
obtained from the ILS. Department of Commerce, Bureau of
Economic Analysis, National Income and Wealth Division.
2. The series
(series 61 and 970)
the source agency,
coverage to include
benchmarks for 1967
procedures, and the
later years.

on New plant and equipment expenditures
have been revised in their entirety by
These revisions reflect the expansion of
all nonfarm business, the incorporation of
and 1972, the improvement of statistical
reprocessing of sample data for 1972 and

Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Business Outlook Division.
(Continued on page iv.)
The January issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on February 3.



ill

corporate 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.

3. Appendix C contains historical data for series 9, 72, 112, 721-723,
725-728, 950-952, 966, and 968.
4. Appendix G contains cyclical comparisons for series 19, 29, 41, 48,
51, 91, 95, and 940.




SHISKIN AWARD FOR ECONOMIC STATISTICS
Nominations are invited for the second annual Julius Shiskin
Award in recognition of outstanding achievement in the field
of economic statistics. The Award has been established by
the Washington Statistical Society Chapter of the American
Statistical Association and will be presented, with an honorarium of $250, at the WSS Annual Dinner in June 1981.
The Award is designed to honor an unusually original and important contribution in the development of economic statistics or in the use of economic statistics in interpreting the
economy. The contribution could be in statistical research,
in the development of statistical tools, in the application
of computers, in the use of economic statistics to analyze
and interpret the economy, in the management of statistical
programs, or in developing public understanding of measurement issues, to all of which Mr. Shiskin contributed. Either
individuals or groups can be nominated.
A nomination form can be obtained by writing to the Julius
Shiskin Award Committee, c/o American Statistical Association,
806 15th Street, NW, Washington, D.C. 20005. Completed nomination forms must be received by April 1, 1981.

IV

METHOD OF PRESENTATION
This report is organized into two major parts.
Part !, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part i are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
' (^ nble of contents) and each of these SPttions
^ <it'v nhnl briefly in Ihis introduction Datj arp
bii ,'/; b ith TI Kirf^ and .'t tables Most < harts

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



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

Part I. CYCLICAL INDICATORS

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

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs),
lication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. The turning dates for of duplication, composite indexes give more
the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the
Annual Report.
individual indicators. Furthermore, much of the

1

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

r\

|
X

Economic
X Process

X

1_
EMPLOYMENT

II.
PRODUCTION
AND
INCOME
(10 series)

AND
UNEMPLOYMENT
(18 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 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)

V.
INVENTORIES

vii.

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

AND
INVENTORY
INVESTMENT
(9 series)

MONEY
AND CREDIT
(26 series)

!

1
|
i

j

X
LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

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

Capacity
utilization
(2 series)

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

Comprehensive
employment
(1 series)

.. _
Consumption
and trade
(4 series)

Duration of
unemployment
(2 series)

Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
1 nterest rates
(1 series)
„_
,.__ _.,„._.

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

Comprehensive
employment
(3 series)

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

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

Trade
(1 series)

Business
investment
commitments
(1 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

!
!
I
;
•
I

...;

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

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

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

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

Interest rates
(1 series)

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

VII.
MONEY
AND CREDIT
(26 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)

B. Timing at Business Cycle Troughs
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

j_
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

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

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

TIMING
UNCLASSIFIED,

ru)
j
(1 series)
i



II.

;

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

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

i Unfilled orders
(1 series)

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

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

'
|

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventory
investment
(4 series)

Inventories on
hand and on
order
(5 series)

1

!

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)

1

i

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
w e l l - e s t a b l i s h e d d i f f e r e n c e s i n 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.
Section 6. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); 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
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and lor four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

THER |MM«i.rANr tCONOMK'

This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor 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 ,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product

Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
in the physical volume of inventories held by
private business. The former include all private labor force and its major components: Total
purchases of dwellings, whether purchased for numbers of employed and unemployed persons.
tenant or owner occupancy. Net purchases of used The number of unemployed is subdivided into
selected categories defined by sex, age, and class
goods are also included.
Government purchases of goods and services of worker. Also included are data on participation
(A4) is the compensation of government employees rates for a few principal segments of the labor
and purchases from business and from abroad. It force.
excludes transfer payments, interest paid by
Section D. Government Activities
government, and subsidies. It includes gross
investment by government enterprises but excludes
Receipts, expenditures, and their balance (surtheir current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels:
used goods and excludes sales and purchases of (1) Federal Government and (2) State and local
land and financial assets.
government. Also shown is a selection of series
Net exports of goods and services (A5) is exports from the discontinued Defense Indicators,
less imports of goods and services. Exports are part These series measure defense activities which
of the national production; imports are not, but are influence short-term changes in the national
included in the components of GNP and are economy. Included are series relating to
therefore deducted. More detail on U.S. obligations, contracts, orders, production,
international transactions is provided in section E. shipments, inventories, outlays, and employment.
National income (A6) is the incomes that These series are grouped according to the time at
originate in the production of goods and services which the activities they measure occur in the
attributable to labor and property supplied by defense order-production-delivery process. Series
residents of the United States. Thus, it measures measuring activities which usually precede prothe factor costs of the goods and services pro- duction, such as contract awards and new orders,
duced. It consists of the compensation of are classified as "advance measures of defense
employees, proprietors' income, rental income of activity." Series measuring activities which tend to
persons, corporate profits, and net interest.
coincide with production, such as employment, and
Saving (A7) is the difference between income activities which usually follow production, such as
and expenditures during an accounting period. shipments, are classified as "intermediate and final
Total gross saving includes personal saving, measures of defense activity."
business saving (mainly undistributed corporate
profits and capital consumption allowances), and Section E. U.S. International Transactions
government surplus or deficit.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
(excluding
military aid) and general imports, plus a
major expenditure components of GNP
(consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
percentages of GNP, and the major income shown are the balances between receipts and
components of national income (compensation of expenditures for goods and services, merchandise,
employees, corporate profits, etc.) are expressed as and investment income.
percentages of national income.
Section F. International Comparisons

The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product— personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services— are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated 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 producer 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 1969.
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.
cluded.

http://fraser.stlouisfed.org/
4
Federal Reserve Bank of St. Louis

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 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) 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 - o r 4-quarter spans.

Roman
number indicates
latest quarter used in computing the changes.

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


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

Basic data1
Series title

Timing
classification3

Unit
of
measure

Percent change
Sept.
to
Oct.
1980

Average
1978

1979

IstQ
1980

2dQ
1980

3dQ
1980

Sept.
1980

Oct.
1980

Nov.
1980

Oct.
to
Nov.
1980

IstQ
to
2dQ
1980

2dQ
to
3dQ
1980

Series number

1

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

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

Lg,Lg,Lg

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

141.8
140.1
143.1

140.1
145.1
166.4

133.3
145.0
182.9

124.0
138.4
182.4

131.2
137.3
162.7

135.0
138.7
163.8

136.0
140.0
168.3

137.6
141.2
180.2

0.7
0.9
2.7

1.2
0.9
7.1

-7.0
-4.6
-0.3

5.8
-0.8
-10.8

91
92
93

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

do.
do.
do.
do.
do.

98.1
115.7
106.2
93.2
149.0

96.8
113.5
105.9
91.7
145.5

95.7
109.7
102.2
90.5
137.1

89.4
103.9
98.4
89.1
129.2

92.9
107.5
99.7
NA
135.9

94.0
109.2
101.5
NA
138.3

94.9
106.8
103.3
NA
139.6

95.2
108.3
103.2
NA
139.6

1.0
-2.2
1.8
NA
0.9

0.3
1.4
-0.1
NA
0.

-6.6
-5.3
-3.7
-1.5
-5.8

3.9
3.5
1.3
NA
5.2

91
91
91
91
91

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

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

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

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

L,Lg,U
L,Lg,U

Ratio
1967-100...

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

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

U,Lg,U

Percent

58.59

Thousands . .
Percent
do. . . .
Weeks
Percent

6,047
6.0
3.2
11.9
1.4

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

L,L,I.

c,c,c

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

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

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

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

40.2
3.3
4.0
381
1.1
2.0

40.1
3.1
3.8
406
1.4
1.9

39.4
2.7
3.1
607
3.1
1.4

39.3
2.6
3.6
513
1.7
1.3

39.6
2 .7
3.8
501
1.5
1.3

39.6
2.8
3.9
439
1.4
1.3

39.7
2.9
3.6
399
1.2
1.4

0.
0.1
0.1
12.4
0.1
0.

0.3
0.1
-0.3
9.1
0.2
0.1

-1.7
-0.4
-0.7
-49.5
-1.7
-0.5

-0.3
-0.1
0.5
15.5
1.4
-0.1

0.738
149

0.786
158

0.699
150

0.446
116

0.442
119

0.464
122

0.472
127

0.503
134

0.008
4.1

0.031
5.5

-0.253
-22.7

-0.004
2.6

6
4

164.56
91,031
86,697
25,585

169.89
93,648
89,886
26,504

171.97
94,486
91,120
26,605

169.39
93,622
90,489
25,763

168.38
93,777
90,131
25,317

169.07
93,765
90,384
25,476

169.86
93,851
90,612
25,613

169.61
94,054
90,880
25,766

0.5
0.1
0.3
0.5

-0.1
0 .2
0.3
0.6

-1.5
-0.9
-0.7
-3.2

-0.6
0.2
-0.4
-1.7

4
4
4
4

59.25

59.17

58.41

58.27

58.28

58.19

58.25

-0.09

0.06

-0.76

-0.14

9

5,963
5.8
3.0
10.8
1.2

6,390
6.1
3.2
10.7
1.3

7,808
7.5
4.2
11.2
1.6

8 ,018
7.6
4.4
12.4
2.0

7,827
7.5
4.4
13.1
2.2

8 ,005
7.6
4.1
13.3
2.2

7,924
7.5
3.8
13.6
2.2

-2.3
-0.1
0.3
-1.5
0.

1.0
0.1
0.3
-2.3
0.

-22.2
-1.4
-1.0
-4.7
-0.3

-2.7
-0.1
-0.2
-10.7
-0.4

3
4
4
9
4

1 4 3 6 . 9 1 4 8 3 . 0 1501.9 1 4 6 3 . 3 1471.9
1155.1 1197.4 1 2 0 7 . 6 1194.8 1 2 0 7 . 6 1 2 0 8 . 6 1214.6 1218.2
1 0 0 5 . 3 1 0 4 3 . 8 1 0 5 0 . 5 1036.2 1 0 3 5 . 6 1036.9 1044.1 1 0 4 8 . 3

0.5
0.7

0.3
0.4

-2.6
-1.1
-1.4

0.6
1.1
-0.1

5
5
5

40.4
3.6
4.1
339
0.9
2 .1

2

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

C,C,C

C,C,C

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

C,C,C

do. . . .

244.3

247.2

238.8

228.2

226.2

228.0

229.3

230.6

0.6

0.6

-4.4

-0.9

5

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

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

146.1
139.7
156.9
655.9

152.5
146.4
164.0
674.5

152.5
144.1
165.5
682.1

144.6
133.9
158.3
658.1

142.0
129.8
157.1
657.5

143.9
131.7
159.8

146.5
135.3
161.4

148.5
137.8
162.7

1.8
2.7
1.0

1.4
1.8
0.8

-5.2
-7.1
-4.4
-3.5

-1.8
-3.1
-0.8
-0.1

4
7
7
4

L,C,U
L,C,U

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

84.4
84
85.6

85.6
82
87.4

83.4
80
85.5

77.9
76
78.7

75.7
76
74.9

-5.5
-4
-6.8

-2.2
0
-3.8

8
8
8

L,1,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

75.14
81.46
80.01 68.73
78.96
80.69
70.19
77.20
33.71
38.31
36.10
37.82
38.23
41.48
41.40
39.61
34.24
32.26
35.10
35.21
29.45
33.26
37.16
36.46
1.41
1.29
-1.50
1.19
3.68
2.33
2 .39
3.26
2 2 8 . 8 2 2 6 7 . 8 8 2 7 4 . 8 8 2 7 0 . 3 8 2 7 4 . 6 2 2 7 4 . 6 2 2 7 5 . 8 1 277.10
35
44
45
39
64
45
33
63

2.2
1.1
5.5
-1.20
0.4
5

1.0
0.2
-2.5
0.10
0.5
1

-14.1
-14.9
-16.4
-3.83
-1.6
-12

9.3
7.1
9.5
2 .91
1.6
2

2
9
3

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

Bil. dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
101966=100

254.26
156.32
149.1
66,741
44,314
63.4
79.4

288.28
159.82
150.8
73,837
44,800
65.3
66.0

NA
325.52
NA
156.06
146.4
147.6
80,519 81,826
42,989 43,248

2.3
0.1
1.6
0.5
-0.1

NA
NA
0.8
1.6
0.6

73.7

75.0

76.7

1.8

2.3

-5.1
-6.4
-3.4
-3.6
-5.8
-29.2
-14.3

5.5
2.4
-0.3
5.1
2 .9
15.8
24.6

5
5
7
5
5
5
5

L,L,L
L,L,L

1967=100...
Number. . . .

132.9
39,996

117.9
117.7
131.7
128.9
120.6
43,714 4 3 , 8 8 2 41,394 4 4 , 6 0 4 4 6 , 4 8 8

117.6
NA

NA
NA

-2.5
NA

NA
NA

-8.7
-5.7

0.2
7.8

1
1

c,c,c

c,c,c

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods 5
*32. Vendor performance 2 (u)
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 ®

309.65
158.76
148.3
77,997
44,344
71.6
63.5

2 9 3 . 9 9 310.16
148.54 152.07
142.9
143.3
75,200 79,048
41,777 4 3 , 0 0 0
58.7
50.7
67.8
54.4

318.32
155.85
144.1
80,087
43,011

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




Basic data1
Timing
classification3

Series title

Unit
of
measure

Ptotcewt chaw*

Average
1978

1979

IstQ
1980

2dQ
1980

3dQ
1980

Sept.
1980

Oct.
1980

Nov.
1980

Sept.
to
Oct.
1980

Oct.
to
Nov.
1980

IstQ
to
2dQ
1980

2dQ
to
3dQ
1980

Series number

1

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

1. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment— Con.
Business Investment Commitments:
1 0. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972dol
24. New orders, cap. goods Indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
1 1. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg.5 . . . . .

L,L,L

Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. fixed investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol

;

Bil. dol

22.01

25.46

26.06

22.77

24.23

23.87

23.82

27.34

-0.2

14.8

-12.6

6.4

1

13.60
18.30

14.64
21.64

14.18
22.64

12.37
20.57

13.05
20.61

12.89
20.86

12.36
20.62

14.42
21.72

-4.1
-1.2

16.7
5.3

-12.8
-9.1

5.5
0.2

2
2

-5.3

9.0

-9.6

0.5

2

7.5

26.3

-24.2
-12.3
4.6

-1.0
-3.6
2.2

L,L,L
L,L,L

do. . . .
do. . . .

L,L,L

do. . . .

11.41

12.68

12.57

11.36

11.42

11.53

10.92

11.90

L,C,U Mil. sq.ft. ..
U,Lg,U Bil. dol
C,Lg,Lg Bil. dol., EOP

80.73
16.78
63.43

90.34
22.20
76.66

90.91
29.50
84.09

68.94
25.86
87.94

68.22
24.93
89.84

66.40

71.38

90.12

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

231.24 2 7 0 . 4 6 291.89 2 9 4 . 3 6 2 9 6 . 2 3

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

2 3 0 . 1 3 2 7 1 . 9 3 3 0 0 . 3 9 2 9 2 . 5 5 2 9 4 . 1 4 303.11 3 0 1 . 8 0
160.3
171.3
175.7
172.0
170.4
170.7
171.9
153.4
163.3
165.0
156.1
154.2

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

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

L,L,L

do. . . .

14.0

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

19.02
43.2
2.05

2,020
145.4
62.4

1,744
123.8
59.1

1,263
91.7
54.2

10.2

-0.9

1.3

-5.0

10.62 -10.96
46.4
49.1
2.56
2.08

-8.93
30.8
-1.84

-11.57
30.1
0.25

1,053
72.5
43.1

1,412
112.0
44.7

NA
173.4

1
9

0.8

0.6

6

-0.4
0.7

NA
0.9

-2.6
-2.1
-5.4

0.5
-0.9
-1.2

6
7
8

1.3
-14.7

-0.4
1.7

-16.6
-20.9
-20.5

34.1
54.5
3.7

2
2
8

1,541
126.3

1,561
107.7

2.2

-6.3

3

-5.42
31.4
0.87

-0.06
33.4
1.44

NA
NA
NA

5.36
2.0
0.57

NA
NA
NA

2.03
-18.3
-3.92

-2.64
-0.7
2.09

3
3
3

380.64 427.04 439.32 447.03 454.57 454.57 457.35
2 4 9 . 5 9 2 5 7 . 3 2 256.88 2 5 7 . 5 0 257.13 257.13 257.51
63.88
70.53
73.94
76.61
76.76
76.76
76.43

NA
NA
NA

0.6
0.1
-0.4

NA
NA
NA

1.8
0.2
3.6

1.7
-0.1
0.2

7
7
6

NA

0.

1,555
109.5

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 doi.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
L,L,L
L,L,L

Lg,Lg,Lg Bil. dol., E O P ;
do. ...
Lg,Lg,Lg
do. . .. '
Lg,Lg,Lg
Lg,Lg,Lg Ratio

1.57

L,Lg,Lg Bil. dol., EOP

168.52

1.60

1.62

1.74

1.69

1.65

1.65

NA

0.12

NA

0.7

NA

-2.7

2.52
304.7

0.52
0.8

0.08
1.3

-2.32
-11,3

103.01 110.30 1 0 8 . 4 0 1 2 3 . 2 8 126.51 1 3 0 . 2 2 1 3 5 . 6 5

2.9

4.2

199.20 2 0 5 . 4 3 199.90 2 0 0 . 6 3 2 0 0 . 6 3 202 .07

-0.05

7

0.4

7

0.92
2.4

9
2

-1.7

13.7

1

1
1
7
8
1
2

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...

1.23
231.0

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

L,L,L

1941-43=10.

96.02

Profits and Profit Margins:
1 6. Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars . . .
79. Corp. profits after taxes, with 1 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

A.r., bil. dol.
L,L,L
.....do. ...
L,L,L
do. . . .
L,C,L
do. ...
L,C,L I
Cents
L,L,L
1967=100...
L,L,L

140.3
90.6
102.6
66.6
5.4
95.6

167.8
99.6
109.2
65.5
5.7
94.3

182.9
102.6
106.0
60.1
5.6
93.6

146.5
80.3
97.8
54.1
4.4
93.3

159.1
85.5
99.4
54.0
4.6
93.9

-19.9
-21.7
-7.7
-10.0
-1.2
-0.3

8.6
6.5
1.6
-0.2
0.2
0.6

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. . . .

218.5
137.2

257.1
149.1

280.7
155.2

246.1
132.2

262.9
138.6

-12.3
-14.8

6.8
4.8

3
3

Lg,Lg,Lg 1967=100...

194.0

214.0

227.5

235.6

240.4

3.6

2.0

6

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

0.996
164.2

1.092
175.8

1.158
184.9

1.193
194.6

1.203
201.0

3.0
5.2

0.8
3.3

6
6

1.2

-0.5

6

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income2

Lg,Lg,Lg Percent

2.08
293.0

2.51
318.5

0.19
282.6

1.11
289.3

1.92
298.3

201.0

2.44
300.8

200.3

200.4

-0.3

0.

74.5

74.4

74.6

75.8

75.3

...

0.66
0.67
0.97
222.5
864.4

0.60
0.71
0.95
215.6
846.2

0.41
0.60
0.65
206.3
816.5

-0.02
0.70
0.66
198.6
801.5

1.35
1.15
0.73
201.7
818.3

1.32
0.72
0.88
202.9
818.2

0.96
0.77
1.00
202.8
816.4

0.78
0.92
1.01
202.4
815.8

-0.36
0.05
0.12
0.
-0.2

-0.18
0.15
0.01
-0.2
-0.1

do. ...

6.206
1.276

6.449
1.323

6.591
1.352

6.612
1.350

6.577
1.342

1.344

1.350

1.353

0.006

0.003

75.97
29.86
17.40

93.40
29.36
17.58

NA
35.86
NA

17.43
-0.50
0.18

B7. Money and Credit
Money:
85. Change in money supply (M1-B)2
102. Change in money supply (M2) 2
*104. Chg. in total liquid assets (smoothed6)2
105. Money supply (M1-B), 1972 dollars
*106. Money supply (M2), 1972 dollars

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

Percent.
do.
do.
Bil. dol
do.

Velocity of Money:
107. Ratio, GNP to money supply (M1-B)2
108. Ratio, pers. income to money supply (M2) 2 ..

C,C,C
C,Lg,C

Ratio

Credit Flows:
33. Change in mortgage debt2
1 1 2. Change in business loans2
1 13. Change in consumer installment debt2
1 10. Total private borrowing

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

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




...
...
...

90.83
86.19
74.78
25.03
61.85
14.27
22.88
2 9 . 9 3 -11.45
24.38
44.35
35.50
20.41 -35.53
3.42
3 4 6 . 6 3 3 5 6 . 9 8 3 5 2 . 7 9 171.74 2 8 3 . 0 3

1.37
0.45
0.07
1.6
2.1

8
10
10
10
10

0.021 - 0 . 0 3 5
-0.002 -0.008

10
10

-0.43
0.10
0.01
-3.7
-1.8

NA - 4 9 . 7 5
6 . 5 0 -41.38
NA - 5 5 . 9 4
-51.3

36.82
35.83
38.95
64.8

3
11
11
11

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

Series title

Unit
of
measure

PencBirt change

Average
1978

1979

IstQ
1980

2dQ
1980

3dQ
1980

Sept.
1980

NA
2.70

NA
2.70

Sept.
to
Oct.
1980

Nov.
1980

Oct.
1980

Oct.
to
Nov.
1980

IstQ
to
2dQ
1980

2dQ
to
3dQ
1980

f
3
c

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.dol
Percent, EOP

221.33 2 2 2 . 2 8 2 3 6 . 0 6 415.33
2.64
2.45
2.53
2.74

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

L.U.U
L,Lg,U

Mil.dol
do. . . .

-679 -1,131 -1,715 -1,070
872
1,338
1,907
1,279

Interest Rates:
119. Federal funds rate 2 ©
1 14. Treasury bill rate 2 ©
1 1 5. Treasury bond yields 2 ©
116. Corporate bond yields 2 ©
117. Municipal bond yields2©
1 18. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans2©
*109. Average prime rate charged by banks 2 ©

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

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

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

7.94
7.22
7.89
8.98
6.02
9.75
9.80
9.06

267.63

11.20
10.04
8.74
10.05
6.52
10.89
13.18
12.67

15.05
13.46
11.15
12.99
8.23
NA
15.67
16.40

12.69
10.05
10.02
12.03
7.95
12.43
17.75
16.32

NA
NA

-471 -1,086 -1,018
774
1,244
1,335

9.84
9.24
10.43
12.18
8.58
13.40
11.56
11.61

-1,201
2 ,156

1

NA
NA

NA
NA

-75.9
-0.21

NA
0.04

3

-68
91

183
821

-645
-628

-599
-505

9
9

-2.36
-3.41
-1.13
-0.96
-0.28
NA
2.08
-0.08

-2.85
-0.81
0.41
0.15
0.63
0.97
-6.19
-4.71

11
11
11
11
11
11
6
10

10.87
10.32
10.94
12.74
8.94
14.26

12.81
11.58
11.20
13.17
9.11
14.38

15.59
13.89
11.83
14.10
9.56
14.47

1.94
1.26
0.26
0.43
0.17
0.12

2.78
2.31
0.63
0.93
0.45
0.09

12.23

13.79

16.06

1.56

2.27

NA

0.5

NA

-2.9

0.3

6

162.81 165.31 1 6 7 . 7 9 170.78
13.71
13.51
13.61
NA

1.5
-0.10

1.8
NA

-0.6
-0.36

1.6
-0.61

7
9

303.13 3 0 8 . 2 4 2 9 9 . 3 5 3 0 0 . 2 1 3 0 0 . 2 1 301.67

126.31 147.06 161.16 160.17
14. 84
14.30
14.68
14.32

NA
NA

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

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A 2
CPI food
Producer prices (PPI), all commodities®
PPI, crude materials
PPI, intermediate materials
PPI capital equipment
PPI, finished consumer goods

|
|
••• .

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

150.0
195.4
0.7
211.4

162.8
217.4
1.0
234.5

171.2
236.5
1.4
245.5

175.3
245.0
0.9
249.4

179.2
249.6
0.6
257.3

251.7
1.0
261.6

253.9
1.0
263.6

256.2
1.0
266.6

0.9
0.
0.8

0.9
0.
1.1

2.4
3.6
-0.5
1.6

2.2
1.9
-0.3
3.2

31
32
32
32

do.
do.
do.
do.
do.

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

209.3
240.2
215.5
199.1
192.6

235.6
282.2
242.8
216.7
215.7

259.0
302.6
271.3
230.1
237.5

264.2
293.2
275.8
237.0
242.9

272.5
327.1
281.9
242.8
251.2

274.1
335.8
283.7
243.2
252.3

277.0
342.3
286.3
246.6
253.8

278.4
346.2
289.1
248.0
255.5

1.1
1.9
0.9
1.4
0.6

0.5
1.1
1.0
0.6
0.7

2.0
-3.1
1.7
3.0
2 .3

3.1
11.6
2.2
2.4
3.4

33
33
33
33
33

do. . . .

212.9

229.8

242.6

248.5

253.8

255.4

257.7

260.3

0.9

2.4

2.1

34

do.
do.
do.
do.

109.0
226.9
116.1
119.3

105.6
247.1
113.7
118.3

102.3
261.1
110.1
117.7

101.4
268.0
109.5
116.8

101.8
273.7
109.9
116.9

101.5

101.4

101.4

-0.1

0.

-0.9
2.6
-0.5
-0.8

0.4
2.1
0.4
0.1

34
34
34
37

0.1
0.
2.3
-5.4
12.1
5.2

0.1
0.2
-1.0
-0.6
-2.5
0.6

0.5
-0.9
22.2
36.6
14.5
9.2

0.4
0.2
2.7
5.0
0.
1.9

44
44
3
44
44
44

-0.2
0.1
0.1

0.
0.1
-0.3

0.1
0.2
-0.7

-0.1
0.1
-0.5

45
45
45

-1.4
4.0
-30.2
0.5
1.3
-2.7

3.8
4.7
-7.7
3.5
2 .3
4.7

50
50
50
51
51
51

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

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

1.0

C. Labor Force, Employment, and
Unemployment
441 .
442.
37.
444.
445.
446.
Labor
451 .
452.
453.

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, 16-19 years of age

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

Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age2

Percent
do. . . .
do. . . .

79.8
49.6
58.0

79.8
50.6
58.1

79.5
51.2
57.6

79.6
51.4
56.9

79.5
51.5
56.4

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

431.5
460.7
-29.2
327.4
298.4
30.5

494.4
509.2
-14.8
351.2
324.4
28.3

528.4
564.7
-36.3
372.1
345.4
26.6

520.9
587.3
-66.5
373.9
350.0
23.9

540.8
615.0
-74.2
386.8
358.2
28.6

100.42
94.37
6,047
2,252
2,236
1,559

102.91 104.19 1 0 4 . 7 0 105.09 1 0 5 . 0 3 105.18 105.32
96.94
97.80
96.89
97.07
97.21
97.18
97.40
5,963
6,390
7,827
7,808
8,005
7,924
8,018
2,223
3
,
7
4
4
2,593
3,542
3,541
3,719
3,519
2,213
2,271 2,600
2,601
2,473
2 ,771 2 , 7 0 2
1,528
1,526
1,698
1,610
1,666
1,693
1,704

79.5
51.3
56.7

79.3
51.4
56.8

79.3
51.5
56.5

D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
51 1
512.
510.

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

1 0 , 3 6 0 11,132 1 3 , 2 4 6 1 3 , 3 4 6 1 3 , 7 4 4 1 3 , 9 4 9
5,157
7,410
5,356
6,149
7,413
7,270
3,467
3,284
3,875
4,591
6,458
5,113
100.0
111.2
125.0
128.7
131.4

NA
NA
3,908

NA
NA
4,790

NA
NA
-39.5

NA
NA
22 .6

0.8
20.6
18.5
3.0

3.0
-1.9
11.4
2.1

51
52
54
56

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

11,955 15,136 1 7 , 7 0 5 1 8 , 2 6 3 1 8 , 6 2 6 18,701 19,088
2,483
2,896
3,430
3,131
3,543
3,648
3,491
2,500
3,009
3,391
3,711
4,081
4,027
4,117
1 4 , 3 3 3 17,195 2 1 , 0 6 4 19,910 1 9 , 2 3 2 1 9 , 4 6 5 2 0 , 0 6 0
3,278
4,676
6,782
4,982
6,329
5,384
5,876
1,725
1,853
1,965
1,851
2,171
2,270
2,189

NA
NA
NA
NA
NA
NA

2.1
-4.3
2.2
3.1
17.9
-3.6

NA
NA
NA
NA
NA
NA

3.2
-8.7
9.4
-5.5
-6.7
-5.8

2.0
13.2
10.0
-3.4
-14.9
17.3

60
60
60
61
61
61

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




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

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

Unit
of
measure

Percent change

Average
1977

2dQ
1979

3dQ
1979

4th Q
1979

IstQ
1980

2dQ
1980

3dQ
1980

4th Q
to
IstQ
1980

1978

1979

30,204
37,922
-7,718
8,147
3,650
46,177
48,543
-2,366

35,514
43,953
-8,440
10,743
5,518
55,260
57,560
-2,301

45,514
52,881
-7,367
16,492
8,365
71,627
70,408
1,220

42,815
50,885
-8,070
15,250
7,980
67,763
67,873
-110

47,198
54,258
-7,060
18,050
8,731
74,773
72,267
2,506

50,237
59,462
-9,225
18,407
9,524
78,305
78,555
-250

54,708
65,558
-10,850
20,846
10,752
85,647
86,445
-798

54,710
62,215
-7,505
16,641
10,508
81,892
82,997
-1,105

56,288
8.9
59,116
10.3
- 2 , 8 2 8 -1,625
19,113
13.3
10,646
12.9
9.4
86,403
80,026
10.0
6,377
-548

1371.7
1918.0
1359.3
1311.5
939.8
6,180
4,332

1436.9
2156.1
1423.0
1462.9
981.2
6,568
4,485

1483.0
2413.9
1472 .9
1641.7
1011.5
6,721
4,585

1473.4
2374.6
1455.0
1612.8
1006.9
6,687
4,570

1488.2
2441.1
1480.6
1663.8
1015.7
6,737
4,598

1490.6
2496.3
1491.3
1710.1
1017.7
6,731
4,596

1501.9
2571.7
1502.8
1765.1
1020.1
6,767
4,596

1463.3
2564.8
1462.0
1784.1
1007.3
6,578
4,528

1471.9
2637.3
1476.9
1840.6
1017.6
6,597
4,561

863.9
904.8
930.9
922.8
933.4
A.r., bil. dol
941.6
943.4
919.3
138.4
146.3
146.6
144.2
146.7
145.4
146.0
126.2
do
334.0
345.7
354.6
350.6
355.4
361.3
361.5
do . . . .
356.6
391.5
412.8
429.6
428.0
431.3
434.3
do
436.5
436.5
1
2
0
5
.
5
1348 .7 1510.9 1 4 7 8 . 0 1529.1 1 5 8 2 . 3 1631.0 1 6 2 6 . 8
do
178.8
199.3
212.3
207.4
213.3
216.1 2 2 0 . 9
194.4
do
497.0
529.8
602.2
586.4
611.5
639.2
661.1
664.1
do
547.7
619.6
696.3
684.2
704.3
727.0
749.0
768.4
do

IstQ
to
2dQ
1980

._
2dQ
to
3dQ
1980

|
.9?

£

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
Imports of goods and services
Balance on goods and services 2

Mil. dol

do
do
do
do
do
do
do

0.
-5.1
3,345
-20.2
-2.3
-4.4
-4.0
-307

2 .9
-5.0
4,677
14.9
1.3
5.5
-3.6
7,482

618
620
622
651
652
668
669
667

0.8
3.0
0.8
3.2
0.2
0.5
0.

-2.6
-0.3
-2.7
1.1
-1.3
-2.8
-1.5

0.6
2 .8
1.0
3.2
1.0
0.3
0.7

50
200
213
224
225
217
227

930.8
132.6
354.9
443.3
1682.2
208.8
674.2
799.2

0.2
-0.4
0.1
0.5
3.1
2.2
3.4
3.0

-2.6
-13.2
-1.4
0.
-0.3
-12.0
0.5
2.6

1.3
5.1
-0.5
1.6
3.4
7.4
1.5
4.0

231
233
238
239
230
232
236
237

A. National Income and Product
A1. GNPand Personal Income

A r bil dol
G N P i n 1972 dollars
do
GNP in current dollars
do
Final sales 1972 dollars
Disposable personal income, current dollars ...
do
do
Disposable personal income, 1972 dollars
A.r., dollars
Per capita GNP in 1972 dollars
do
Per capita disposable pers. income, 1972 dol. . .

50
200
213
224
225.
217.
227.

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
A3. Gross Private Domestic Investment

241.
243.
30.
240.
242.
245

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

do
do
do
do
do
do

213.5
201.2
12.3
322 .3
301.3
21.0

229.7
215.8
14.0
375.3
353.2
22.2

232.6
222.5
10.2
415.8
398.3
17.5

238.7
220.4
18.4
423.2
390.1
33.1

232.6
225.0
7.6
421.7
408.3
13.3

221.5
222.2
-0.7
410.0
410.8
-0.8

218.3
219.2
-0.9
415.6
413.1
2.5

200.5
199.2
1.3
390.9
383.5
7.4

195.3
200.2
-5.0
377.1
393.2
-16.0

-1.4
-1.4
-0.2
1.4
0.6
3.3

-8.2
-9.1
2.2
-5.9
-7.2
4.9

-2.6
0.5
-6.3
-3.5
2.5
-23.4

241
243
30
240
242
245

do
do
do
do
do
do

272.3
100.7
171.6
394.5
143.9
250.6

277.8
99.8
178.0
432.6
153.4
279.2

281.8
101.7
180.1
473.8
167.9
305.9

280.3
100.8
179.4
465.1
163.6
301.6

281.1
99.9
181.2
475.4
165.1
310.4

285.3
103.1
182.2
496.4
178.1
318.3

290.1
107.6
182.5
516.8
190.0
326.8

291.9
110.7
181.3
530.0
198.7
331.3

288.2
106.9
181.7
533.5
194.9
338.6

1.7
4.4
0.2
4.1
6.7
2.7

0.6
2.9
-0.7
2.6
4.6
1.4

-1.3
-3.4
0.2
0.7
-1.9
2.2

261
263
267
260
262
26C

do
do
do
do
do
do

113.2
91.3
21.9
183.3
187.5
-4.2

127.5
103.0
24.6
219.8
220.4
-0.6

146.9
109.2
37.7
281.3
267.9
13.4

140.5
108.8
31.6
266.8
258.6
8.2

151.3
110.2
41.1
293.1
275.2
17.9

154.8
112.6
42.2
306.3
298.7
7.6

165.9
115.8
50.1
337.3
329.1
8.2

160.5
103.9
51.7
333.3
316.2
17.1

160.5
102.8
57.6
342.4
297.9
44.5

7.2
2.8
7.9
10.1
10.2
0.6

-3.3
-6.0
1.6
-1.2
-3.9
8.9

0.
-5.6
5.9
2 .7
-5.8
27.4

256
257
255
252
253
250

1 5 4 6 . 5 1 7 4 5 . 4 1 9 6 3 . 3 1 9 3 2 . 0 1986.2 2 0 3 1 . 2 2 0 8 8 . 5 2 0 7 0 . 0 2 1 2 2 . 4
1152.3 1 2 9 9 . 7 1 4 6 0 . 9 1 4 3 8 . 9 1 4 7 6 . 7 1518.1 1 5 5 8 . 0 1 5 6 9 . 0 1 5 9 7 . 4
103.5
117.1
129.4
131.6
132.9
133.7
136.3
124.9
129.7
164.7
185.5
196.8
196.6
199.5
189.4
200.2
169.3
177.9
25.1
27.4
30.5
30.1
30.3
31.0
31.2
31.5
32.0
100.9
115.8
143.4
136.9
146.8
156.5
165.4
175.3
185.3

2.8
2.6
-1.9
5.7
0.6
5.7

-0.9
0.7
-6.6
-15.4
1.0
6.0

2.5
1.8
3.8
5.1
1.6
5.7

220
280
282
286
284
288

0.6
3.5
5.1
-12.5
0.2

-2.5
-0.3
27.9
-32.9
1.3

1.9
2 .7
1.2
-3.0
-0.1

290
295
292
298
293

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

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

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

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

A5. Foreign Trade

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

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

290
295
292.
298.
293.

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

do
do
do
do
do
do

A7. Saving

do
do
do
do
Percent

304.0
230.7
72.9
-17.1
5.6

355.2
279.1
74.9
1.3
5.2

412.0
312.7
84.7
13.4
5.2

416.2
310.3
90.9
13.9
5.6

422.3
320.5
89.3
11.3
5.4

402.0
315.7
80.7
4.4
4.7

404.6
326.7
84.8
-8.1
4.9

394.5
325.8
108.5
-41.0
6.2

402.0
334.6
109.8
-44.0
6.1

movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are i,.
-IO>,,,M or^ ^,.r— „„„ "Titi
1 <?„
~* °"'ies" at the back of BCD. NA = not available, a = anticipated.
in adjustment. NIA = national income accounts.
e used if available.
umerences ratner man percent cnanges are snown ror mis series.
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging, U = unclassified.
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.
3

4




CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
(Nov.) (Oct.)
P T

(JuiyXMay)
P
T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P
T

(Dec,) (Nov.)

P

(Nov.) (Mar.)

T

P

T

160150140-

M
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29,

130-

s

5

-ZL
-23

*

.„

12011010090-

M

160150140130-

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

120-

^

11010090210200190-

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

T

.1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 85 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
60.

Current
data for these series are shown on page



10

DECEMBER 1980

BCII

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart Al. Composite Indexes—Continued
( N o v . ) (Oct.)

P

(July) (May)

T

P

(Aug.)(Apr.)

T

-'Apr..)(Feb )

P I

P

T

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

Index: 1967=100

120-

914. Capita! investment commitments (series 12, 20, 29)

110-

-13

_l!L

-10

J.

10090-

-2
120-

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

110100-

y
/VNsA/^^^X/

916. Profitability (series 19. 26. 80)
160150-

-2

140 •

130120 «

110-

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

100-

^

90-

70-

\^\r *
x 7V^

60 -

940. Ratio, coincident index to lagging index
-io

C-

/^ "

A/

^

120-

\

110100908070«

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
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
Federal Reserve Bank of
St. Louis

ltd*

1980

11

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components

1. Average workweek, production workers,
manufacturing (hours)

Iy

\.VT./*

41-1
40-

39~*

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

34*
4035-

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

3025-

20*

15-

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

100-

50-

25-

150140130«
120-

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

V

100161412-

20. Contracts and orders for plant and equipment,

4«J

1948 49 50

51

52 53

54

55

56

57 58

59 60

61 62 63

64 65 66

67 68

69

70

71 72

73 74

75

76

77

78 79 1980

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


http://fraser.stlouisfed.org/
Federal Reserve
Bank of St. Louis
1?

DECEMBER 1980

ltd)

CYCLICAL
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued

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

200180-

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)

L,L,L

L,L,L

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

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

1948 49 50 51 52 53 54 55 56 57 58 59 80 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
1

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
68, 69, and 71.

data for these series are shown on pages 67,
Digitized for Current
FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank DECEMBER
of St. Louis 1980

ItCII

13

CYCLICAL INDICATORS
I

A

I
1

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

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

(July)(May)
P
T

(Aug.)(Apr)
P T

(Apr.)(Feb.)
P I

(Nov.) (Mar.)
P
T

95
908580'

75-

41. Employees on nonagricuftural payrolls (millions)
70-

65-

11001000900800-

51. Personal income less transfer payments,

1 ' ' 1

700-

jT

-rV-'-i

.^^

-f

^^^^

S

.
^
\/

X ->_ H /

[il

V

47. Industrial production, total (index: 1967= 100) yX *^'~V '
|C,C,C|

\J

150140130120- »fO
110100-

y^"

qn-

170160150-

10
*

57. Manufacturing and trade sates, 1972 dolars (bil. dol.)

140130120110'
10090-

70-

60 J

^NA/
1948 49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79 1980

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


http://fraser.stlouisfed.org/
14
Federal Reserve Bank of St. Louis

DECEMBER 1980

<%

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
(Nov.) (Oct.)
P I

(July) (May)
P T

.A

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

( D e c ) (Nov.)
P I

(Nov.) (Mar.)
P
T

Q1 Average duration nf

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.)

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

1948

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79 1980

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


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

15

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS

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

P

(Dec.) ( N o v . )

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

[Marginal Employrpjt Adjustments|
1. Average workweek, production workers, manufacturing (hours)

4241403938-

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

3-

2. Accession rate, manufacturing (per 100 employees)

/
-

4-

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

~

200-

Y
300-

400-

500600700-

3. Layoff rale, manufacturing (per 100 ertployees—inverted scafe) [ l,L,L |

2-

4-1

4. Quit rate, manufacturing (per 100 employees)

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 61.


http://fraser.stlouisfed.org/
16
Federal Reserve Bank of St. Louis

DECEMBER 1980

ltd!

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

P

(Apr.HFeb )

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

I Job Vacancies] I

1.4 T

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

1.0-

0.6-

0.2-

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

I Cofflfphensive Emftpyment|
Employee-hours in nonagricuttural establishments
(aim, rate, bil. hour^j:?•;

150-1

140J

1009590-

in nonagricuttural acmes (millions)

8580i

75-

70-

41. Employees on nonagricuftural payrolls (millions)

sf

1956

57

58

59

60

61

62

63

64

40. Employees in goofepoducing industri
manuTactunng, construction (millions)

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

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


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

ItCII

17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

[Comprehensive Employment—Con.]

60n

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

58-

J

5756"
5554-

IComprehensive Unemployment]
37. Number unemployed, total (millions-inverted scale)

t&
/

\

i

fui

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

S£T

\

Z

rni

i

8-

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

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

./.A^

A
\

T^^T

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

V
1956

57

58

n

±
59

80

61

62

63

64

65

66

87

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 62.


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

DECEMBER 1980

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

16001500-

[Comprehensive Qytptit and Income |

m

50. GNP in 1972 dollar, Q (ann. rate, bii. dol.)

14001300120011001000900800

1300'
12001100

52. Personal income in 1972 dollars (ann. rate, bil. dol.)
|C,C,C| *""""" ~
^—^-

1000'
900800700-

600'

11001000-

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

900800'
700-

600-

500 -

53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann. rate, bil. dot.)

260240220200180160'
140J

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 63.


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

BCII

19

CYCLICAL
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
iAug K A p r }

* r

| Industrial Production]

^ v/
,

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

|c,c,c

ys

_~

^V/

^/~

/

74. Industrial production, nondurable manufactures
(index: 1967=100) firm V S

l»l

.X

V
r ~

no*
73. Industrial production, durable manufactures
(nte 1967=1M)
TTl

500450-

i. Value of goods output in 1972 dollars. 0
(ann. rate, H. dol.) \ r r r \
I v,v,l/ I

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

VT
8Z Rate of capacity utilization, manufacturing (FRB), Q (percent) |LC,U|

84. Rate of capacity utilization, materials, Q (percent)
90-

v
1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

DECEMBER

1980

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


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

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries

[Orders and Deliveries]

6. New orders, durable goods industries,
current dollars (bil. dol.) _

HD

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

8. New orders for consumer goods and materials
in 1972 dollars (bil. dd)
Lit

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

96. Manufacturers'
unfilled orders, durable goods industries
blLdol

< ->

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

Current data for these series are shown on page 64.


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

ltd*

21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

P

(Apr.) (Feb.)

T

P

( D e c i ;Ncv i

T

P

T

(Nov.)

(Mar.)

P

T

I Coemption an&|ijade|

56. Manufacturing and trade safes in current dollars—
(bil. dol.)

57. Manufacturing and trade sates
in 1972 dollars (bil dol.)

Industrial production, consumer good
(index: 1967=100)
C,LC

54. Sales <rf retail stores in current dollars (HL dol)-*-

59. Sales of retail stores in 1972 dollars (hi, do!.)

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

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

1956

57

58

59

60

61

62

63

64

66

67

68

69

70

/.

Current data for these series are shown on page 65.


http://fraser.stlouisfed.org/
22
Federal Reserve Bank of St. Louis

DECEMBER

1980

IICII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart B4. Fixed Capital Investment

160-

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

140 •

|L,L,L

^^—V

-^-^-/"""^w^^^^^X/^

120-

10
50 '
4540 -

13. New business incorporations (thousands)

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

10. Contracts and orders for plant and equipment
in current dollars (bil. dol.) ITTT

27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.) X
L.LL
24. Manufacturers' new orders, capital goods industries,
" nond8eiise, iff current do^lBOoT

Construction contracts, commercial and industrial
CoTfloor IrSTMC

79

80 1931

1

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


http://fraser.stlouisfed.org/
DECEMBER
Federal Reserve Bank of
St. Louis 1980

ItCII

23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

T

(Nov.)

(Mar.)

P

T

I BuMrifss Investmftt: Commitments— Con.

97. Backlog of capital appropriations, manufacturing, Q /

0* *«

/

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

Business Investment Expenditures]

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

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

1956

57

58

59

C»

'^

"><,

6?

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


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

DECEMBER 1980

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

P

^Dec.) ( N o v )
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)

(Mar.)

P

T

180160140-

I Bu$la$ss Investmm Expenditures-Con.|
presidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)

^w»

86. Total, Q

120100-

88. Producers' durable equipment, Q

80-

60-

40-

20 J

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

2.62.42.2-

2.0 181.61,4-

1.2-

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

Residential fixed
(ann. rate, bil. dol.)

59

78

79

80 1981

Current data for these series are shown on page 67.


http://fraser.stlouisfed.org/
KCII DECEMBER 1980
Federal Reserve Bank of St. Louis

25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued

Chart B5. Inventories and Inventory Investment

[inventory Investment!
30. Change in business inventories, 1972 dolars, Q (ann. rate, bil. dol.)
iLJULl
+20-

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

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.-6-term)

38. Change in stocks of materials and supplies on hand and on order,
manufacturing (bil. dd; MCD moving avg.^l-term) |L,Ll|

1356

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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 1980

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Dec.) ( N o v . )
P
T

(Apr.) (Feb.)
P
T

(Nov.)

(Mar.)

P

T
500-

jlilories on H^and on Order]

10

450400350-

71. Book vahi^jgliufaduring and trade inventories,
current dotes (bil. dol.)

300-

250-

70. Manufacturing ml trade inventories, 1972 dollars •

2009085807570656055504540353025-

20 J

77. Ratio, deflated inventories to sales, manufacturing and hade

1,81.7-

10

1.61.5220200 •

ISO-

10

150 •

12010*1

78. Stocks of materials and supplies on hand and on order,
manufacturing (bi. dd)
|L,Lg,Lg|
J

60-

1955

57

58

59

60

61

62

63

64

65

66

67

88

69

70

71

/3

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 68.


DECEMBER 1980


KCII

27

CYCLICAL
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits

|Sensitive Commodity Prices
92. Change in sensitive prices (percent; moving avg.—4-term1)

,\

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

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

J
16. Corporate profits after taxes,__gggj_dojjagL_Q
(ann. rate, bil. dol.)
- — ^ ^

I Prof its and Profit Margins]

^_^^

18. Corporate profits after taxes, 1972 dollars, Q

profits after taxes with IVA and CCA,
1972 dollars, Q (ann. rate, bil. dol.) |_?C,L

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

4

75

76

77

80

1981

DECEMBER

1980

78

79

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 69.




28

!!€!»

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

[Profits and Profit Margins—Con.|
22. Ratio, corporate profits (after
income, Q (percent)

to total corporate domestic

81. Ratio, corporate profits (after taxes) with inventory valuation and
capital consumption adjustments to total corporate domestic income,
Q (percent)
|u y L y L|

15. Profits (after taxes) per dollar of sates, all manufacturing corporations, Q (cents)
iLLLl

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

[Cash Flows|

35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.) | | _ L L |

\

34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.) U L L l

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


http://fraser.stlouisfed.org/
BCD
DECEMBER 1980
Federal Reserve Bank of St. Louis

29

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

| Unit Labor Costs and Labor Share I

7
63. Unit labor cost, private business sector, Q
(index: 1967=100)

68. Labor cost (current dollars) per unit of gross domestic product
(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

DECEMBER 1980

!!€!»

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit

85. Change in money supply Ml-B
1.1,1,1
(percent; MCD moving avg.—6-term) i ^

.U

,'

102. Change in money supply M2
(percent; MCD moving avg.-6-term) | L,C,U

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

full

105. Money supply-Mi-B-in 1972 dollar (bil. dol.)'
iLLLl

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 71.


http://fraser.stlouisfed.org/
DECEMBER
1980
Federal Reserve Bank
of St. Louis

BCII

31

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

[Credit Flows I

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

£5^^

112. Change in bank loans to bug^ai
MCD moving avg.—6-term) rn

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

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

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




32

DECEMBER 1980

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

[Credit Difficulties I
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)
|LLL

[Bank Reserves!

93. Free reserves (bil. dol.-inverted scale)

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

Current data for these series are shown on page 72.


http://fraser.stlouisfed.org/
Federal Reserve
of St. Louis1980
KM! Bank
DECEMBER

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

[interest Rates!

119. Federal funds rate (percent)-

114. Treasury bill rate
(percent) IC L g L

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)

118. Secondary market yields on FHA mortgages (percent)
g,Lg,Lg

117. Municipal bond yields (percent)

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




34

DECEMBER

1980

ltd!

B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart B7. Money and Credit— Continued

[interest Rates—Con.|

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

109. Average prime rate charged by banks (percent)

[Outstanding Debt)
66. Consumer installment debt (bil. dol.)
|Lg,Lg,L

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

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

Current data for these series are shown on page 73.


http://fraser.stlouisfed.org/
ltd)
DECEMBER
Federal Reserve
Bank
of St. Louis1980

35

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes

950. Twelve leading indicator components (6-mo. span—, 1-mo. span—)

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

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 nonagricuRural payrolls—172 industries

(6-mo. span—, 1-mo. span—)

Current data for these series are shown on page 74.




36

DECEMBER 1980

BCII

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

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—53-82 industries (9-mo. span—, 1-mo. span

)

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

1

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


DECEMBER 1980


ItCII

37

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

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

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

(a) Actual expenditures

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

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

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

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

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

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

/TV \/~pr

1969 70

71

72

73

74

75

76

77

78

79

80

1981

1969

70

71

72

73

74

75

76

77

78

79

80

1981

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.
Current data for these series are shown on page 76.




38

DECEMBER

1980

ItCIt

DIFFUSION INDEXES AND RATES OF CHANGE—Continued
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,

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57) '~'T

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 nonagricultural establishments
fl

>

51c. Personal income less transfer
payments in 1972 dollars

NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series
were published.


DECEMBER 1980


ItCII

39

A

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income

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

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

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

Disposable personal income in iy/z
bil. don
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.)

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

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


40


DECEMBER

1980

ItCII

- •
A

I

- • - " ;«VANT

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)
ffl

I
Personal consumption expenditures—

M

230. Total. 0

- , -i

237. Services, Q
-236. Nondurable goods, Q

232. Durable goods,

Annual rate, billion dollars (1972)

233. Durable goods, Q .

1956

57

58

59

60

61

62

63

64

85

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

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


DECEMBER 1980


BCII

41

cmi-R
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment

Annual rate, billion dollars (current)

Gross private domestic investment-

245. Change in business inventories, Q

Annual rate, billion dollars (1972)

30. Change in business inventories, Q

Current data for these series are shown on page 81.


42


DECEMBER

1980

!!€!»

A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services

Annual rate, billion dollars (current)
Government purchases of goods and services—

X"

M
_.J

-I

260. Total, Q

266. State and local
governments, Q"

Annual rate, billion dollars (1972)

Z67. Mate and local governments, Q

x

1958

57

58

59

80

61

62

63

64

85

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 81.


DECEMBER 1980


BCII

43

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade

Annual rate, billion dollars (current)

252. Exports of goods and services, Q

253. Imports of goods and services, Q

250. Net exports of goods and services, Q

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,

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

73

79

80

1981

Current data for these series are shown on page 82.


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

DECEMBER 1980

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components

Annual rate, billion dollars (current)

220. National income, Q

280. Compensation of employees, Q

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

288. Net interest, Q
and capital consumption adjustments, Q
284. Rental income of persons with capital
consumption adjustment, Q N,

1950

57

58

59

60

61

62

63

64

65

72

73

74

75

76

77

78

79

80

198.1

Current data for these series are shown on page 82.


DECEMBER


!!€!»

1980

45

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

44,5

Annual rate, billion dollars (current)

290. Gross saving (private and government), Q

298. Government surplus or deficit, Q

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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


46


DECEMBER 1980

ItCII

wr. w-A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income

[Percent of GNP|

235. Personal consumption expenditures, Q

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

248. Presidential fixed investment, 0

249. Residential fixed investment, Q

^247. Change in business inventories, Q

w
\
251. Net exports of goods and services, Q

Percent

[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

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

Current data for these series are shown on page 83.


DECEMBER 1980


BCII

47

IMPORTANT ECONOMIC
B

PRICES, WAGES, AND PRODUCTIVITY

Chart 61. Price Movements

| Percent changes at annual rate |

[Index: 1972= 1001

310c. Implicit price deflator,
GNP (1-Q span)

310. Implicit price deflator, GNP, Q •

14U-

311c. Fixed-weighted price index, gross business
product (1-Q span)

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

/

331. Crude materials

332. Intermediate materials

333. Capital equipment

^//

333c. Capital equipment

334. Finished consumer goods
334c. Finished consumer goods

1969

70

71

72

73

74

75

76

77

78

79

80

1981

1969

70

71

72

73

74

75

76

77

78

79

80 1981

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




DECEMBER 1980

BUI

B

I

PRICES, WAGES, AND PRODUCTIVITY— Continued

Chart Bl. Price Movements — Continued

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, ajhemgl
nonfarm business sector, Q

340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1

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

341. Real average hourly earnings of production workers.

1956 57

58

¥•»

6U

61

62

€7

70

71

7

?

73

74

75

78

77

78

79

80 1981

1

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


DECEMBER 1980


BCII

49

Mv*PO/tt'- v . t We/** \ ; " , * ; . B I

' ,

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued

Change in average hourly earnings of
workers, private nonfarm economy1—
340c. Current-dollar earnings W\n

_T

i j.

341c. Real earnings

6-month spans (ann. rate) }

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

, 1-quarter spans (ann. rate) *
'\».

»*.

.

i»

4-quarter spans '
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 ofcontract, Q (ann. rate)
| Productivity |
370. Output per hour, all persons,
private business sector, Q

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

370c. Change in output per hour, private business sector, Q
1-quarter spans (ann. rate)

,

1

2
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
One-month percent changes have been multiplied by a constant (12) to make
them comparable to the annualized 6-month changes. 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 1980

B€l»

G7HFR 'MPO/iTAr* *' - iV,
C

I

?

•' •

V!f -^ URcS

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

2. Females 20 years and" over
Number unemployed (millions)—
37. Total unemployed

444. Males 20 years and over
,._^,_^
445. Females 20 years
and over \
44b. Both sexes 16-19 years of age

447. Number unemployed, full-time
workers (millions)

448. Number employed part-time for economic

1956

57

58

58

€0

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 89.


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

BCII

51

GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures

Annual rate, billion dollars (current)

502. Federal Government expenditures, Q

X

\

501. Federal Government receipts, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

512. State and local government expenditures, Q

510. State and local government surplus or deficit, Q

1958

57

58

59

60

fi*

o?

-

Cl

G5

Current data for these series are shown on page 90.




52

DECEMBER

1980

ItCII

£)

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators

[Advance Measures of Defense Activity|
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.-6-term)

¥

9

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

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

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

Current data for these series are shown on page 90.


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

BCII

53

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued

[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.—6-tertn)

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

Current data for these series are shown on page 91.




54

DECEMBER

1980

IICII

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued

[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)

Current data for these series are shown on page 91.


http://fraser.stlouisfed.org/
DECEMBER
Federal Reserve Bank of
St. Louis 1980

KCII

55

^ ' - , -: IMPORTANT
U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

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

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

612. General imports (bil. dol.; MCD 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

1980

itrit

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements

Annual rate, billion dollars

Excess of receipts
Excess of payments

Goods and services—

667. Balance on goods and services, 0

Merchandise, adjusted—
622. Merchandise trade balance,
618. Exports, Q-

Investment income—
651. Income on U.S. investments abroad, Q

ign 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.


http://fraser.stlouisfed.org/
DECEMBER 1980
Federal Reserve Bank of St. Louis

BCII

57

INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production

Industrial production—

728. Japan-—
721. OECD European countries

722. United Kingdom

728. Japan

725. West Germany •

Current data for these series are shown on page 94.




58

DECEMBER 1980

BUI

F I

INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices

Percent changes at annual rate

6-month spans
Stock prices-

Consumer prices—

748. Japan

745. West Germany
735c. West Germany

746. France

732c. United Kingdom

733c. Canada

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


http://fraser.stlouisfed.org/
KM)
DECEMBER 1980
Federal Reserve Bank of St. Louis

59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Ml

Year
and
month

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

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

(1967=100)

(1967=100)

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

(1967=100)

COMPOSITE INDEXES
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)

916. Profitability (series
19, 26, 80) '

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

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

940. Ratio,
coincident
index to
lagging index 1

(1967=100)

1978

January
February
March
April
May
June

. . .

July
August
September

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

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

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

143.0
144.3
145.5

148.1
152.7
155.2

98.7
98.8

106.1
106.2
106.7

94.9
94.1
93.5

150.6
B)151.1
150.2

96.6
94.5
93.8

93.2
92.2
92.2

148.6
145.6
144.5

92.0

146.1
146.9
148.4

89.1
89.6
88.6

148.6
148.3
146.2

88.2
87.1
84.0

81 .0

0)143.6
142,8
143.0

October
November . . .
December

(H)99.1

1)117.2
116.1
115.7

99.6
98.7

1979

157.4
158.5
158.4

98.5
98.4
98.0

113.9
113.9
115.5

107.4
108.3
[H>108.8

144.1
145.6
145.0

161 .8
162.5
163.6

94.6
97.3
96.7

113.6
113.3
113.9

107.8
107.3
106.6

92.3
91.7

141.2
140.1
140.1

145.4
145.0
144.9

164.8
166.4
170.6

96.4
96.0
96.4

113.6
112.9
114.0

106.1
105.7
104.6

91.7
92.0

137.8
135.6
r!35.2

145.1
145.0
r!45.2

175.9
179.1
r!77.9

96.6
96.1
96.3

112.7
112.0
rl!2.4

103.3
102.3
102.3

90.8
90.3

r90.6

143.9
140.4
138.3

January
February
March

r!34.8
rl34.1
r!31.1

r!46.1
r!45.4
r!43.4

H78.3
H80.5
r!89.9

96.3
96.3
94.5

rill. 6
H09.9
r!07.6

102.7
102.3
101.6

r90.9
r91.2
r89.4

137.2
138.4
135.8

r81.9
r80.6
r75.5

April
May
June

r!25.6
H22.6
r!23.7

r!40.7
H37.9
H36.6

H)rl96.0
r!83.3
r!67.8

90.3
88.3
89.6

r!04.2
r!03.0
r!04.5

99.9
98.2
97.1

r88.7
r88.8
r89.9

131.3
127.0
129.4

r71 .8
r75.2
r81.4

r!36.7
r!36.6
r!38.7

r!63.3
r!61.1
H63.8

92.0
92.8

r98.2
r99.4
rl01.5

r90.8
r91.5

r94.0

rl06.1
r!07.1
r!09.2

r!33.1
r!36.3
r!38.3

r83.7
r84.8
r84.7

140.0
141.2

168.3
"ISO. 2

P95.2

r!06.8
p!08.3

H03.3
p!03.2

r!39.6
p!39.6

r83.2
p78.4

January .
February
March

142.6
142.3
143.2

144.8
144.9
18)146.6

April
May
June

140.3
141.4
141.6

July
August
September .
October
November
December

91 .8

91 .8

91 .4
92.6

82.5
81.6

1980

July
August
September .

!
1
j

r!28.0
H30.6
r!35.0

October
November .
December

I
!

2

136.0
137.6

3

94.9

(NA)

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 [Fj). 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 10 and 11.

Series 916 reached
Excludes series 12
Excludes series 57
"•Excludes series 70

2

3

60




its
and
for
and

high value (97.2) in August 1977; series 940 reached its high value (106.6) in March 1977.
36 for which data are not yet available.
which data are not yet available.
95 for which data are not yet available.

DECEMBER 1980

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS
.. .

BB EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process
Timing Class

L, L,L

1. Average
workweek of
production
workers,
manufacturing

Year
and
month

L, L, L

L, C, L

2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
(Per 100 employees)

(Hours)

(Hours)

L, Lg,U

L, C, L

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance 1

3. Layoff rate,
manufacturing

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, Lg, U

4. Quit rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

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)

1978

39 7
40.0
40 5

3 4
3.7
3 6

4 1
3.9
4 0

338
364
335

1 0
1.0
1 0

1 9
1.9
2 0

0 652
0.680
0.682

138
139
141

159 30
160.83
162 59

0)40.9
/in A
40.4

E>3.8
3 5
3.5

4.2
4 0
4.0

334
330
341

1.0
1 0
0.9

2.1
2 0
2.1

0.718
0 700
0.741

146
144
147

164.21
164 02
165.04

July
August
September

40 5
zin A
An R

3 6

4 0
A

q

£

4 2

n Q
fH^n R

2 1
2 1
2 1

0 712
0 753
0 758

149

C

362
345
328

0 9

q

1 52

165 27
165 40
165 66

October
November
December

40.5
/in £
40.6

3.6

4.3
4 3
0)4.4

0.9

161

166.30

January
February
March
April
May
June

q 7

3.7

1

2.2

0)0.828

qq/i

O

n

9 9

n pi c

334

1.0

2.2

0.821

9

q/LZL

T
. 1

q O/1
OOH

O
O
O

D323

1 RD

1 r ~\

1 CJ

165

168.20

Qfl

1979

January
February
March

/in &

q

/in £
4U.
o
/in A
4U.D

3 . 7/

April
May
June

QO "3
jy
.o

2.y

4(J.

/in i

.4
3 q

July
August
September

/in i1
4U.

3

40.1
40.1

3.3
3.2

/in Lo

...

7

3 .7
/

Q

3/1

. 0

Q
.

0

4
4
4 .UA
4

A
.0
4 A
.0
4 A
. U

3 .y
Q

3.9
3.9

q/]7

n
n
n
-\
. 1

[Tj\

9 9
9 9

In/ £ . £

9 1

2.

1

350

1
A
1 .U

9

A

375

-i

2

A

434

395
390
387

1

9

1

n

n 01 p

O
0

0
0
0

pnn

1 C1
1 D1

158

1 6P zn
1 fiR 8£

7QH

1 R£

1 7n ^9

77/r

1 cr

777
709

1 RA

i £7 An
i AQ AC;
1 7n i Q

1 53
1 55
l R^
159

1 7n "57
1 7n 9A

1.9

0
0 7r o
0.790

0)167
158
159

i
Kn
1 /7n
O . 50

1
. 1
/I

1
I .4

I .y
2 .0

1.2

A

701

170.49

40.1
40.1
40.2

3.2
3.3
3.2

4.1
4.0
3.9

409
407

1 .2
1 .3
1.2

2 .0
2.0
1.9

0019
0.778
0.778

January
February
March

40.3
40.1
39.8

3.2
3.0
3.1

3.9
3.9
3.6

404
375
440

1.3
1.3
1.5

1.9
1.9
1.9

0.714
0.713
0.670

154
151
145

0)172.24
172.09
171.57

April
May
June

39.8
39 3
39 1

3.0
2 6
2 4

3.0
3 0
3 3

569
635
617

2.9
3 5
2 9

1 .5
1 .4
1 4

0.500
0.409
0.428

122
112
115

170.49
169.27
168 42

July
August
September

qq n
39 4

2 5

3 4

nqc

1

-|

q

q c

1 lo

1 £7 A Q
1 O / . DO

9 7

en?

1 Q

1

^

C

9 7

q p

CAT

1

1

Q

39.6
p39.7

2.8
p2.9

3.9
p3.6

439
p399

October
November
December

oyb
OQT

1 ~7H 7 O

1 /O. /o
171.47

1980

October
November
December

y.qn

7

£>

1.4
pi. 2

1.3
pi. 4

/i 90

T T D

/i q/i

117

/1 A/I

199
1 LL

0.472
pO.503

127
pi 34

O
O
0

168.44
H69.07
r!69.86
P169.61

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[R); 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.
1
Data exclude Puerto Rico which is included in figures published by the source agency.

 DECEMBER 1980


61

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Qj EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment-Con.

Timing Class

Year
and
month

u,c,c

C, 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.)

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1978
6.4
6.1
6.2

3.5
3.6
3.5

13.0
12.6
12.4

1.6
1.6
1.5

6.1
6.1
5.9

3.2
3.2
3.2

12.4
12.0
12.1

1.5
1.4
1.3

6.2
5.9
5.9

3.3
3.3
3.2

11.9
11.5
11.5

1.3
1.2
1.3

H)5,788
5,882
5,984

5.7
5 8
5.9

3.0
3.0
3.0

11.8
11 1
10.6

1 .3
1 2
1 2

59 19
59 33
59 31

5,904

5 8
5 7
5 7

3 0

11 2
11 3
11 8

1 2
1 2
1 3

59 05
59 U
59.13

5 944
5 903

11 0
10 9
10.5

1 ?
1 2
1.1

fwMO 1
10 7
10 7

fu\l 0

10 5
10 6
10.5

1 2
1.2

1.3
1 .2
1 .3

January
February
March

89,425
89,653
89,813

84,582
84,892
85,396

24,871
24,909
25,085

58.03
58.03
58.09

6,305
6,088

April
May
June

90,468
90,818
91,141

86,104
86,368
86,746

25,460
25,481
25,599

58.42
58.56
58.76

6,056

July
August
September

91,046
91,457
91,598

86,924
87,231
87,419

25,657
25,719
25,801

58.60
58.76
58.78

6,228
5,929

October
November
December

92,024
92,488
92,456

87,790
88,242
88,567

25,965
26,141
26,267

58.95

January
February
March

92,897
93,189
93 303

88,858
89,109
89,455

26,363
26,377
26,537

April
May
June

93 039
93 249
93,409

89,386
89,708
89,909

26,473
26,522
26,557

July
August
September

93 917
93 689
94 140

90,054
90,222
90,283

26,582
26 528
26,554

October
November
December

94 180
94 223
94,553

90 441
90 552
90,678

26 554

01 rni
fuTsQl "IRfi

59 08
59.06

6,153
6,126
5,902

5,971

1979

5 883
5 882

3.0
3 0
o q

5,824

5 8
5 8
5.7

59 37
59 19
0)59 42

5 909
6 124
5 990

[u\5 7
5 9
5 8

2 9

59 27
59 27

6 121
6 044

2 9

26,590

59.38

6,087

5 9
5 8
5.9

ItTsoc 71 c
9fi coo

cq ?A
59 26
cq nn

6

6

OC.

CflA

[JJ\

9 Q

2.9
o q
9 Q

0

1

3.1

] ]
1 ]
] i

1980
January
February
March

QA

COA

irj\Q/l coc

[H/y4 ,D£D
QZL 9Q8

Ql

1 A.A

f)c

n~j c

£0,4/0

93,912
93,609
93,346

90,951
90,468
90,047

26,121
25,745
25,422

58.63
58.47

July
August
September

93,739
93,826
93,765

89,867
90,142
r90,384

25,163
25,312
r25,476

58.29
58.23

October
November
December

93,851
94,054

r90,612
p90,880

r25,613
p25,766

April
May
June ....

....

58.12

58 28
58.19
58.25

o o

6 307
/1 QQ
6 ,4oo

fi n

6. 2

3.3

in
ID. oE.
10.7
11 .0

7,265
8,154
8,006

7.0

3.7
4.3
4.6

11.3
10.5
11.7

1.6

11.6
12.6
13 1

1.8
2.1
2 2

13.3
13.6

2.2
2.2

/IOC

0

7.8
7.7

3 . 11

8,207
8,019
7,827

7.8
7.6
7 5

4.5
4.3
4 4

8,005
7,924

7.6
7.5

4.1
p3.8

1.6
1.7

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 14, 15, 17, and 18.
x
Data exclude Puerto Rico which is included in figures published by the source agency.




62

DECEMBER

1980

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

Rl PRODUCTION AND INCOME

Minor Economic
Process
Timing Class

Year
and
month

1978

Industrial Production

Comprehensive Output and Income

c,c, c

50. Gross national product
in 1972 dollars

C,C,C

Personal income
223. Current
dollars

52. Constant
(1972) dollars

C,C,C

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.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised 1

Revised 1

Revised1

Revised 1

C,C,C

47. Index of
industrial
production,
total

(1967=100)

C,C,C

C,L, L

73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967=100)

(1967=100)

C, C, C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)
Revised 1

January
February
March

1,402! 3

1,622.6
1,635.2
1,655.9

1,128.4
1,131.6
1,138.1

978.0
981.6
988.4

235.3
236.7
240.2

140.0
140.3
142.1

132.1
132.3
135.0

152.4
152.9
153.8

635^4

April
May
June

1,432." 8

1,678.7
1,689.9
1,707.6

1,145.9
1,143.4
1,147.6

997.5
995.5
1,000.5

244.7
244.0
244.6

144.4
144.8
146.1

137.6
137.9
139.0

155.5
155.8
157.0

655J

July
August
September

1,446.' 7

1,732.4
1,747.8
1,762.9

1,158.8
1,163.6
1,165.9

1,007.5
1,012.0
1,015.0

245.8
246.0
246.4

147.1
148.0
148.6

141.1
141.8
142.9

157.2
158.4
159.3

659!5

October
November
December

1,465!8

1,787.7
1,807.8
1,832.3

1,171.5
1,177.7
1,189.0

1,021.4
1,027.8
1,038.4

247.4
249.6
251.0

149.7
150.6
151.8

144.6
145.5
146.8

159.5
160.4
161.7

673^5

January
February
March

1,479^9

1,845.8
1,863.0
1,884.8

1,184.0
1,185.1
1,190.7

1,033.7
1,035.8
1,040.8

251.2
251.1
[H)252.3

152.0
152.5
D153.5

147.0
147.2
[0)148.6

161.6
162.9
164.0

681.' 8

April
May
June

1,473^4

1,892.1
1,903.4
1,923.5

1,188.5
1,188.1
1,193.2

1,037.2
1,037.5
1,043.0

251.1
249.2
247.9

151.1
152.7
153.0

144.5
147.6
147.6

162.6
163.6
163.7

669J

July
August
September

1,488!2

1,954.0
1,974.8
1,987.9

1,202.5
1,206.4
1,203.3

1,045.2
1,048.4
1,046.3

247.2
245.1
244.4

153.0
152.1
152.7

147.2
144.4
145.9

164.8
165.2
165.4

673!6

October
November
December

1,49()!6

2,011.3
2,032.6
2,051.8

1,205.8
1,209.9
1,211.9

1,049.0
1,053.6
1,055.3

243.2
242.0
242.0

152.7
152.3
152.5

146.0
145.2
144.8

164.8
165.0
165.3

673!3

1)1,501.9

2,077.2
2,086.4
2,101.0

1,216.2
1,207.4
1,199.2

Dl,056.5
1,050.9
1,044.0

240.9
239.3
236.2

152.7
152.6
152.1

144.7
144.1
143.4

1)166.0
165.9
164.7

D682J

April
May
June

1,463.3

2,102.1
2,114.1
2,127.1

1,194.4
1,195.1
1,195.0

1,037.6
1,036.0
1,035.1

231.7
228.0
224.9

148.3
144.0
141.5

138.4
133.3
129.9

161.6
158.0
155.3

658 ".I

July
August
September

1.47K9

2,161.2
2,179.4
2,205.7

1,206.7
1,207.4
1,208.6

1,033.8
1,036.2
1,036.9

224.2
226.4
228.0

140.4
141.8
r!43.9

128.3
r!29.4
rl 31 . 7

154.7
H56.9
r!59.8

657!5

2,232.5
Dp2,257.4

1,214.6
Dpi, 218. 2

1,044.1
pi, 048. 3

229.3
p230.6

r!46.5
p!48.5

r!35.3
p!37.8

H61.4
p!62.7

1979

1980

January
February
March

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 D; for
series that move counter to movements in general business activity, current low values are indicated by D. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 19, 20, and 40.
1

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

 DECEMBER 1980


63

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process

•OT CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

L, C, U

Timing Class

Year
and
month

PRODUCTION AND
INCOME-Con.

83. Rate of
capacity
utilization,
manufacturing
(BEA)
(Percent)

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

Orders and Deliveries

L, C , U

84. Rate of
capacity
materials

L, L, L

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

(Percent)

L, L, L

(Bil.dol.)

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

L, L, L

8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)

L, L, L

L, Lg, U

L, L, L

25. Change in
unfilled orders,
durable goods
industries

96. Manufacurers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies reporting slower
deliveries®

(Bil.dol.)

(Bil.dol.)

(Percent
reporting)

1978

January
February
March .

82^6

82^6

62,03
65.05
67.04

38.31
39.81
40.78

35.04
36.20
36.47

2.23
2.73
4.06

186.93
189.66
193.72

55
64
67

83!9

85.'6

69.20
68.88
68.54

41.71
41.24
40.70

37.98
37.02
36.84

3.45
4.00
2.79

197.17
201.16
203.95

64
64
66

85.2

86.4

67.39
71.29
72.71

39.76
41.64
42.25

36.50
37.61
37.34

1.94
3.15
3.95

205.89
209.04
212.99

56
65
66

86.'4

88.' 2

76.42
77.21
76.54

44.10
44.14
43.36

38.06
38.06
38.86

6.32
5.71
3.80

219.31
225.02
228.82

68
66
68

78.68
80.43
E)81.65

44.16
44.68
E}45.04

H)38.94
38.43
38.63

5.91

H>7.10
5.89

234.72
241.82
247.71

69
77
E>78

*84

April
May
June

'84

July
August . .
September
October
November
December

*83

'84

1979

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

D8619

H>88!4

[R>84

85.9

87^5

75.93
77.04
76.03

41.36
41.75
40.98

36.74
36.88
36.43

4.73
1.52
3.23

252.43
253.96
257.19

76
76
70

85^3

87 .*2

74.58
74.76
77.65

39.82
39.81
40.91

35.95
35.44
35.93

0.71
0.40
3.45

257.90
258.30
261.74

60
55
51

84^4

86!3

76.52
75.90
77.20

39.71
39.15
39.43

35.60
34.34
34.19

0.98
2.15
3.01

262.72
264.87
267.88

50
47
49

83 A

85'. 5

81.47
81.02
77.55

40.61
39.93
38.28

36.10
36.00
33.52

3.52
1.86
1.62

271.40
273.26
274.88

48
42
45

78!7

72.42
67.33
66.45

35.62
33.12
32.38

30.35
28.95
29.06

0.21

77.9

-2.12
-2.60

275.10
272.98
270.38

40
32
28

r75.7

r74.9

74.23
72.23
r78.96

r35.77
34.71
r37.82

r31.71
31.80
33.26

r2.39

272.06
272.23
r274.62

32
34
39

r80.69
pSl.46

r38.23
p38.31

r35.10
p34.24

rl.19
pi. 29

r275.81
H)P277.10

44
45

83

'82

81

1980

January
February
March
April
May
June
July
August
September

*80

76

p76

October
November
December

1.68
0.17

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|R); 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 12, 20, and 21.




DECEMBER

1980

Ittlt

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

B

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

Minor Economic
Process

Formation of Business Enterprises

Consumption and trade
C,C,C

Timing Class

C,C,C

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil.dol.)

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

C, L,C

C, L,U

U, L, U

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

(Mil.dol.)

FIXED CAPITAL
INVESTMENT

(Mil.dol.)

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment ®

(Ann. rate,
bil.dol.)

(IstQ
1966=100)

Revised

1978

L, L, L

L, L, L

L,C,C

1

12. Index of
net business
formation

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

2

January
February
March

232,748
238,854
241,915

148,346
151,393
153,449

143.2
145.2
147.5

62,220
63,040
64,100

42,881
43,149
43,665

57!8

83.7
84.3
78.8

133.5
133.1
130.5

36,414
39,434
37,847

April
May
June

250,279
251,562
252,883

156,423
156,450
156,468

149.5
149.0
149.3

65,305
65,861
66,392

44,095
44,143
44,232

65J

81.6
82.9
80.0

131.9
132.1
132.7

39,585
39,059
39,860

July
August
September

253,690
259,732
260,457

155,750
158,585
157,533

149.8
150.6
150.8

66,794
67,469
68,006

44,322
44,563
44,623

64*.2

82.4
78.4
80.4

133.3
132.5
133.3

40,152
41,007
41,553

October
November
December

266,934
269,692
272,424

159,972
160,370
161,050

151.2
151.3
151.5

69,164
69,871
70,832

45,117
45,312
45,669

66.*6

79.3
75.0
66.1

E>134.8
133.4
133.8

41,437
41,423
42,179

274,091
274,844
283,741

160,460
159,177
D164,058

151.3
151.8
[H)153.4

71,293
71,266
72,045

45,381
44,850
44,944

69*.2

72.1
73.9
68.4

131.3
132.1
132.5

42,410
42,302
42,761

276,406
286,413
283,772

157,285
161,807
158,316

149.3
152.2
152.1

71,606
72,292
72,093

44,229
44,405
43,932

62!9

66.0
68.1
65.8

130.9
130.5
130.9

43,034
43,895
43,044

289,994
293,167
296,776

159,751
160,273
160,068

151.2
148.7
150.0

73,121
74,871
76,666

44,316
45,130
E)45,771

65ib

60.4
64.5
66.7

131 .8
130.3
132.5

44,655
42,911
44,687

298,619
299,153
302,386

159,757
158,205
158,718

150.0
149.1
148.6

75,583
76,421
77,150

44,803
44,954
44,881

64.'2

62.1
63.3
61.0

131 .9
131.4
133.9

46,478
44,811
43,579

January
February
March

312,730
310,571
305,657

161,600
160,189
154,500

147.9
148.4
148.6

79,464
77,993
76,534

45,695
44,365
42,972

E>71.'6

67.0
66.9
56.5

131.0
129.8
125.8

44,447
44,583
42,615

April
May
June

295,277
292,478
294,203

150,706
147,103
147,805

145.3
142.4
142.1

75,011
74,587
76,001

41,859
41,460
42,013

50.7

52.7
51.7
58.7

120.5
117.8
114.8

42,461
41,974
39,746

July
August
September

304,154
308,019
r318,316

152,027
148,342
r!55,849

142.0
r!42.7
r!44.1

78,287
78,770
r80,087

43,086
42,903
r43,011

58.*7

62.3
67.3
73.7

115.3
117.7
p!20.6

.44,058
43,266
Dp46,488

October
November
December

[H>p325,525

p!56,057

r!46.4
r80,519
p!47.6 [H)p81,826

r42,989
p43,248

75.0
76.7

ell7.6

1979

January
February
March

. ..

April
May
June
July
August
September
October
November
December

. .

. .

1980

(NA)

....

(NA)

(NA)

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by[H}; for
series that move counter to movements in general business activity,current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 14, 22, and 23.
Series 58 reached its high value (89.1) in 2d quarter 1977.
2
See "New Features and Changes for This Issue," page iii.

 DECEMBER 1980


65

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

1H FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Business Investment Commitments

L, L, L

Timing Class

L, L, L

Contracts and orders for plant
and equ pment
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 meters2

(Millions)

1978

20.79
21.89
20.13

13.26
13.90
12.84

16.07
16.99
16.84

10.30
10.84
10.79

83.03
67.86
71.94

7.71
6.30
6.68

17JO

April
May
June

19.00
21.18
19.83

12.06
13.31
12.42

17.24
17.68
17.66

10.98
11.20
11.13

76.71
88.41
83.27

7.13
8.21
7.74

15J2

July
August
September

22.08
22.92
23.18

13.62
13.99
14.07

18.05
18.57
19.69

11.27
11.48
12.09

74.82
79.21
86.38

6.95
7.36
8.02

16.17

7.85
8.46
7.57

is!75

[H}9.80

January
February
March ...

....

October
November
December

59^73

59.98

60^83

25.94
24.87
22.34

15.56
14.93
13.24

21.12
20.92
18.76

12.86
12.74
11.28

84.55
91.08
81.48

26.16
25.48
0)28.10

15.40
15.17
0)16.99

21.23
22.48
23.60

12.72
13.56
0)14.60

88.51
0)105.49
102.77

April
May
June

25.36
22.67
24.66

14.76
13.14
14.32

20.60
21.13
21.70

12.24
12.34
12.78

93.59
87.09
84.08

8.69
8.09
7.81

2K20

July
August
September

25.82
23.83
24.52

14.55
13.38
13.69

21.23
21.08
21.58

12.20
12.00
12.21

88.48
83.85
92.17

8.22
7.79
8.56

22.69

October
November
December

24.14
r27.42
27.42

13.52
H5.49
15.31

21.07
21.75
22.28

12.01
12.73
12.81

93.15
84.13
80.79

8.65
7.82
7.51

23.28

January
February
March

27.35
24.56
26.27

15.01
13.47
14.07

H>23.86
21.48
22.59

13.34
12.02
12.35

104.43
85.46
82.84

9.70
7.94
7.70

0>29!50

April . .
May
June

24.20
21.18
22.92

12.97
11.53
12.61

22.16
19.59
19.95

12.02
10.79
11.26

72.90
62.72
71.19

6.77
5.83
6.61

25'. 86

July
August
September

24.86
23.96
r23.87

13.70
12.57
r!2.89

21.61
19.37
r20.86

12.24
10.50
rll.53

72.28
65.99
66.40

6.71
6.13
6.17

p24".93

October
November
December

r23.82
p27.34

r!2.36
p!4.42

r20.62
p21.72

rlO.92
pll.90

71.38
90.12

6.63
8.37

63. '43

1979

January
February
March

8.22

2i!ei

9.55

67.63

69*.95

73.45

76!66

1980

84 '.09

87*. 94

0)p89'.84

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 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.
1
Graphs of 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. 2Converted to metric units by the Bureau
of Economic Analysis.




66

DECEMBER 1980

ltd*

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^9 FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

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.)

(Ann. rate,
bil.dol.)

C, Lg, U

Lg, Lg, Lg

(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised 1

Revised 1

(Ann. rate,
bil.dol.)

L, L, L

C, Lg, C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
equipment
87. Structures
88. Producers'
durable equip.

Revised1

1978

C, Lg, C

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.)
Revised 1

21 3! 24

205.29
209.48
213.55

152.0
153.6
156.5

14517

42.' 1

103^6

1,779
1,762
2,028

140.5
140.2
145.3

61 '.5

April
May
June

227^53

222.93
221.05
228.54

158.0
158.4
160.1

153.*5

44^7

108^9

1)2,182
2,018
2,092

157.4
142.6
E>160.2

E>63'.3

July
August
September

233.*24

230.65
236.47
245.60

161 .7
163.4
163.8

155^6

45.' 3

109!7

2,090
1,983
2,014

144.3
136.6
141.4

62.8

October
November
December

247^36

245.93
249.54
252.58

164.8
165.0
166.8

159!i

46*.3

113J

2,001
2,111
2,052

143.9
145.0
146.8

ei.'g

January
February
March

255'.55

256.93
256.86
268.78

168.2
169.3
171.0

16K4

45.'8

115^6

1,727
1,469
1,800

119.1
120.4
136.7

6o!s

April
May
June

265 ! 24

261.20
268.02
265.92

168.7
171.2
171.2

16K3

48.0

113^2

1,750
1,801
1,910

125.0
133.1
132.4

59*. 1

July
August
September

273.15

274.41
278.61
280.10

171.3
171.6
173.4

DIGS! 4

49.4

0)117.0

1,764
1,788
1,874

126.3
131.0
136.9

5s!e

October
November
December

284! 30

285.29
279.46
287.54

172.3
172.6
174.1

lei'.i

0)50.' 7

nsis

1,710
1,522
1,548

119.4
104.0
100.7

5s!i

January
February
March

.

. .

1979

1980
January
February
March

291 '.89

297.92
[H)303.20
300.05

174.9
176.0
0)176.1

165.'6

50.5

114.'5

1,419
1,330
1,041

102.7
94.3
78.2

54*.2

April
May
June

294! 36

291.99
293.49
292.17

174.2
171.9
169.8

156.'l

48.' 7

107^4

1,030
906
1,223

63.7
66.6
87.1

43J

July
August
September

[H)296.'23

293.84
285.47
r303.11

170.1
r!70.3
rl70.7

154^2

46^8

losis

1,265
1,429
rl,541

99.8
109.9
126.3

44^7

October
November
December

a294.95

P301.80
(NA)

rl71.9
p!73.4

rl,561
pi, 555

107.7
109.5

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 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, 24, and 25.
x
2

See "New Features and Changes for This Issue," page iii.
Anticipated expenditures for 1st and 2d quarters 1981 are 310.59 and 323.84, respectively.

 DECEMBER 1980


67

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

^M INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventory Investment

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
Monthly
dollars
Smoothed
data
data 1
(Ann. rate,
bil.dol.)

1978

L, L, L

Inventories on Hand and on Order

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

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

L, L, L

38. Change
n stocks of
supplies on
land and on
order, mfg.
(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

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

Lg, Lg, Lg

70. Constant
(1972) dollars

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

(Bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

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

L, Lg, Lg

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

(Ratio)

(Bil.dol.)

Revised 2

January
February
March

17.*7

21.07
13.75
0)35.22

16.33
18.36
20.35

42.9
36.3
61.1

0.48
1.41
1.81

341.01
344.04
349.13

238.18
238.92
241.23

59.76
59.78
60.24

1.61
1.58
1.57

144.38
145.80
147.60

April . .
May
June .

i6\b

28.69
18.05
14.51

24.62
H)26.60
23.87

61.2
32.0
32.1

1.84
2.00
2.32

354.23
356.90
359.58

242.94
243.93
244.65

60.71
61.03
61.45

1.55
1.56
1.56

149.44
151.45
153.76

July
August
September

ll'.5

14.94
18.77
14.06

18.12
15.95
16.00

37.0
42.9
38.8

1.95
1.64
2.94

362.66
366.23
369.47

245.54
246.77
247.13

61.85
62.65
62.74

1.58
1.56
1.57

155.71
157.35
160.29

October
November
December

1CK6

14.46
18.32
19.09

15.84
15.69
16.45

42.0
54.3
37.8

2.19
3.19
2.84

372.97
377.50
380.64

247.88
249.09
249.59

62.75
63.64
63.88

1.55
1.55
1.55

162.48
165.67
168.52

]'S'A

28.12
14.56
13.64

19.57
21.22
19.68

56.8
47.2
39.8

E)5.09
3.70
2.98

385.38
389.31
392.63

250.98
251.38
252.24

64.70
65.51
65.88

1.56
1.58
1.54

173.60
177.30
180.29

liDisii

28.62
-1.31
20.72

18.86
16.30
14.83

68.1
43.7
57.3

4.33
0.52
2.59

398.31
401.94
406.72

253.80
254.71
256.18

67.08
67.22
68.08

1.61
1.57
1.62

184.62
185.14
187.73

July
August
September

24.47
2.46
-21.16

15.32
15.25
8.90

K>82.3

Y.6

44.9
15.2

1.24
2.21
1.74

413.58
417.32
418.59

258.92
[H}259.42
257.63

68.62
68.95
69.87

1.62
1.62
1.61

188.97
191.18
192.93

October
November
December

-6! 7

-4.33
-8.72
-13.45

-2.88
-9.54
-10.12

53.4
37.8
10.2

2.24
2.52
1.51

423.04
426.19
427.04

258.18
258.13
257.32

69.75
69.94
70.53

1.62
1.63
1.62

195.16
197.69
199.20

January
February
March

-6." 9

-9.97
-16,31
-0.77

-9.77
-11.98
-11.13

57.3
42.1
48.0

2.48
2.54
1.21

431.82
435.32
439.32

257.47
256.82
256.88

71.78
72.76
73.94

1.59
1.60
1.66

201.67
204.22
E)205.43

April . .
May
June

K3

1.10
-27.42
-21.23

-7.17
-7.18
-12.44

74.4
3.3
14.8

-0.36
-2.85
-2.32

445.53
445.80
447.03

258.65
257.83
257.50

75.76
76.21
76.61

1.72
|H>1.75
1.74

205.07
202.22
199.90

-5.'6

r-2.50
r-2.11
r-2.06

r-16.45
r-12.83
r-5.42

29.7
29.3
r31.4

1.37
-1.50
rO.87

449.51
451.95
H54.57

r257.57
r257.27
r257.13

77.00
H>77.19
76.76

rl.69
rl.73
1.65

201.27
199.76
r200.63

plO.46
(NA)

p-0.06
(NA)

p33.4
(NA)

pi. 44
(NA)

DP457.35
(NA)

P257.51
(NA)

76.43
(NA)

pi. 65
(NA)

p202.07
(NA)

1979

January
February
March
April
May
June

1980

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.
2
See "New Features and Changes for This Issue," page iii.




DECEMBER 1980

IICII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

MB PRICES, COSTS, AND PROFITS

Minor Economic
Process .
....

L, L,L

Timing Class

U, L, L

92. Change in sensitive prices
Year
and
month

Stock
Prices

Sensitive Commodity Prices

Monthly
data 2

Smoothed
data 3

(Percent)

(Percent)

23. Index of
industrial
materials
prices®
(1967=100)

L, L, L

19. Index of
stock prices,
500 common
stocks ®
(1941-43=10)

1978

Profits and Profit Margins

L, L, L

L, L, L

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

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

L, C, L

UC, L

Corporate profits after taxes
with IVAand CCA 1
79. Current
dollars
(Ann. rate,
bil.dol.)

80. Constant
(1972) dollars 2
(Ann. rate,
bil.dol.)

Revised' 4

Revised^ 4

Revised**

Revised' 4

L, L, L

22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
Revised' 4

January
February
March

0.74
0.27
0.94

1.47
1.36
0.90

219.7
219.9
219.8

90.25
88.98
88.82

125^4

83.6

92^4

62.2

1CK6

April
May
June

1.36
0.82
1.82

0.75
0.95
1.19

220.3
217.8
222.1

92.71
97.41
97.66

137.2

sgie

10K9

67.'b

1K4

July
August
September

2.45
0.03
1.37

1.51
1.56
1.36

224.7
232.6
239.1

97.19
103.92
103.86

142^9

91 .'l

105!5

67.*8

n'ia

October
November
December

1.32
1.60
1.22

1.09
1.17
1.40

249.4
254.8
251.8

100.58
94.71
96.11

155!8

97!9

no.'i

69*.6

ii!e

1.77
2.92
3.04

1.45
1.75
2.27

258.3
273.5
288.5

99.71
98.23
100.11

164.6

ioi',6

Diiaii

70. 'l

DI i . 9

-0.35
2.85
2.93

2.22
1.86
1.83

294.5
293.8
293.9

102.07
99.73
101.73

164.'6

98.9

no.' 2

66\9

ii!s

July
August
September

1.63
1.09
3.47

2.14
2.18
1.97

297.3
298.1
297.3

102.71
107.36
108.60

173'.6

1 01 .' 8

i n". i

65!)

11.4

October
November
December

2.63
1.92
2.33

2.23
2.54
2.48

307.7
304.0
309.6

104.47
103.66
107.78

168.*2

96\7

102.2

59.4

i i .' i

January
February
March

3.43
2.99
-1.05

2.43
D2.74
2.35

316.2
E)322.5
316.9

110.87
115.34
104.69

0)182^9

Diozie

106.0

60.1

1K5

April
May
June

-0.65
-0.22
0.09

1.11
-0.10
-0.45

301.9
278.5
267.5

102.97
107.69
114.55

146*.5

8CK3

97.*8

54J

9*.4

r2.63
rl.57
3.00

rO.29
rl.13
rl.92

277.6
292.1
298.3

119.83
123.50
126.51

159J

85\5

99^4

54.'b

1CK3

r2.89
1.75

r2.44
2.52

300.8
304.7
297.1

130.22
E)135.65
6
132.62

1979

January
February
March
April
May
June

1980

July
August
September
October
November
December

.. .

5

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 byH); 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.
1
Graphsof these series are shown on pages 13, 28, and 29.
IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series
reaching highs before 1978: series 92 (monthly), February 1977 (4.95); series 80, 3d quarter 1977 (71.0). 3See footnote 1 on
page 68. 4See "New Features and Changes," page iii. 5Average for December 2, 9, and 16. 6Average for December 3, 10, and 17

 DECEMBER 1980


69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

1978

HJ PRICES, COSTS, AND PROFITS-Con.

Profits and Profit Margins-Con.

U, L, L

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income 1 2

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

(Percent)

(Cents)

Revised

Cash Flows

L, L, L

L, L, L

Unit Labor Costs and Labor Share

L, L,L

Lg, Lg, Lg

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

3

(Ann. rate,
bil.dol.)
Revised

(Ann. rate,
bil.dol.)
3

Revised

Lg, Lg, Lg

Lg, Lg, Lg

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

3

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

(Dollars)
Revised

Lg, Lg, Lg

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

(1967=100)
3

Revised

3

Revised 3

7.3

5.'6

94^7

202!]

13CL9

189.4

0.970

161.8
163.8
163.6

75*.3

April
May
June

s!b

5.4

95.8

215*.3

136!9

192J

0.982

162.7
163.2
163.3

74!s

July
August
September

7! 9

5!5

96!6

22l!b

137.0

195!2

1.004

163.6
163.8
164.6

74!3

October
November
December

7!e

s!?

96.'6

235^7

143*.9

199'.6

1.025

165.4
167.0
167.8

73.*8

January
February
March

7!5

E>5.9

94 '.7

247. * 4

147!9

205.9

1.052

170.2
171.6
171.7

74J

April
May
June

6.9

s.'e

94^4

252*.b

147.'i

211.7

1.079

176.4
173.9
174.6

74.*5

July
August
September

6*.3

5.'8

94*. 2

266J

152!s

217!6

1.104

175.7
177.3
177.7

74!3

October
November
December

5.1

5'.4

94*6

262! 9

148!6

221.1

1.135

178.9
180.0
181.7

74! 7

January
February
March

5.5

s.'e

93!(5

E}28C)!7

D155!2

227 '.5

1.158

182.9
184.9
186.8

74.6

April
May
June

5!5

i!i

93.3

246 !l*

132.2

235.6

1.193

190.5
194.8
198.6

E>75!8

July
August
September

s!s

p4.*6

93*9

262! 9

138.' 6

E)246.'4

0)1.203

200.6
(H)201.4
201.0

75! 3

January
February
March

.

1979

1980

October
November
December

200.3
p200.4

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.
1
Graphs of these series are shown on pages 15, 29, and 30.
IVA, inventory valuation adjustment; CCA, capital consumption adjustment.
2
3
Series 81 reached its high value (8.1) in 3d quarter 1977; series 26 reached its high value (98.1) in 3d quarter 1975.
See
"New Features and Changes for This Issue," page iii.


70


DECEMBER 1980

licit

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

IM MONEY AND CREDIT

Minor Economic
Process
Timing Class

L, L, L

85. Change in
money supply
(Ml-B)

Year
and
month

Velocity of Money

Money

L, C, U

102. Change
in money
supply (M2) 1

104. Change in total liquid assets

Monthly
data
(Percent)

(Percent)

L, L,L

L, L,L

Smoothed
data 2

(Percent)

(Percent)

C, C , C

L, L, L

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

106. Money
105. Money
supply (Ml-B) supply (M2)
in
1972
in 1972
dollars
dollars

(Bil.dol.)

(Bil.dol.)

(Ratio)
Revised 3

1978

C, Lg, C

Credit Flows

L, L, L

33. Net change
108. Ratio,
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil.dol.)
Revised 3

January
February
March

1.11
0.00
0.48

0.66
0.41
0.64

0.83
0.82
1.08

0.99
0.93
0.89

D224.3
223.0
222.3

0)869.1
867.6
866.3

6.036

1.246
1.250
1.258

82.43
85.03
89.80

April
May
June

1.12
0.88
0.70

0.65
0.66
0.62

1.06
1.11
0.79

0.95
1.04
1.04

223.2
223.4
223.0

865.6
864.5
862.3

6.184

1.267
1.267
1.272

85.40
93.43
89.80

July
August
September

0.40
0.43
1.11

0.57
0.78
0.93

0.81
1.03
1.18

0.94
0.89
0 .9 4

222.4
222.0
222.5

861.5
863.0
863.5

6.246

1.284
1.285
1.284

89.15
101.17
92.98

October
November
December

0.20
0.79
0.73

0.77
0.74
0.57

0.66
1.24
1.11

0.98
0.99
1.02

221.1
221.4
221.6

862.8
863.6
862.9

6.360

1.2V2
1.297
1.307

94.51
94.62
91 .61

0.03
0.19
0.89

0.43
0.45
0.91

0.61
0.79
1.20

1.00
0.91
0.85

219.6
217.6
217.3

858.6
852.9
852.0

6.475

1.311
1.318
1.321

100.84
82.15
88.18

1.57
-0.11
1.27

1.02
0.58
1.13

1.13
1.02
1.37

0.95
1.08
Dl.14

218.7
216.2
216.7

852.6
848.7
849.6

6.402

1.313
1.313
1.312

75.24
91 .96
94.76

July
August
September

0.94
0.66
0.61

0.85
0.91
0.74

0.74
0.85
(H>1.38

1.02
0.99

216.4
215.7
214.5

847.7
846.9
843.3

6.427

1.322
1.324
1.323

97.36
84.01
87.42

October
November
December

0.18
0.34
0.57

0.48
0.42
0.60

0.49
0.28
0.69

0.95
0.81
0.60

212.8
211.3
210.0

839.1
834.1
828.9

6.492

1.332
1.340
1.345

E)103.69
77.12
51.59

January
February
March

0.44
0.82
-0.03

0.59
0.80
0.41

0.66
0.96
0.65

0.52
0.66
0.76

208.0
206.9
203.9

822.4
817.7
809.5

6.591

1.354
1.349
1.353

87.55
67.51
69.29

April
May
June

-1.18
-0.10
1.22

-0.21
0.79
1 .51

0.48
0.72
rO.56

0.73
0.66
0.60

199.7
197.8
198.2

800.5
799.9
804.1

0)6.612

Dl.356
1.353
1.341

50.12
16.79
r8.18

0.92
H)1.80
1.32

1.51
1.21
rO.72

rO.64
rl.ll
pi. 19

rO.61

200.0
202.3
202.9

816.2
820.5
r818.2

6.577

1.343
1.338
1.344

r43.45
r66.12
75.97

rO.96
pO.78
-0.34

0.77
pO.92

reO.78
el. 01

202.8
p202.4

r816.4
p815.8

1.350
pi. 353

p93.40
(NA)

1979

January
February
March
April
May
June

....

1.11

1980

July
August
September
October
November
December

4

rO.70
pO.88
rel.OO

el. 01

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 byK>; 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.
1
Series 102 reached its high value (1.64) in June 1975. 2See footnote 1 on page 68.
This Issue," page iii. ** Average for weeks ended December 3 and 10.

DECEMBER 1980




3

See "New Features and Changes for

71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

IQ MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Flows-Con.

L, L, L

Timing Class

U L, L

112. Net change
in bank loans
to businesses

Year
and
month

(Ann. rate,
bil.dol.)

Credit Difficulties

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

L, U, U

L, L, L

14. Current
liabilities
of business
failures® *

39. Delinquency 93. Free
rate, 30 days
reserves ®
and over, consumer installment loans

(Mil. dol.)

Interest Rates

Bank Reserves

(Percent) '

(Mil. dol.)

L, Lg, U

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

L, Lg, Lg

C, Lg, Lg

119. Federal
funds rate®

1 14. Treasury
bill rate®

(Percent)

(Percent)

1978

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
1,2?7
1,111

6 89
7.36
7 60

6 31
6 43
6 71

July
August
September

13.61
11.78
13.92

41.59
43.58
44.16

345,916

231.82
206.40
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

10.90
8 77
-0 94

40 51
45 98
52 79

394 412

475 34
178 93
196 54

2 35
2 34
2 45

-1 049
-41 7
-749

1 261
722
874

8 96
9 76
10 03

8 13
Q 7q

January
February
March

39 31
33 07
5 76

36 80
42 76
43 50

182 22
177 09
187 76

[R>? 1?
9 ^1
2 33

692

347 904

Jf.A

994
qyQ

1 0 07
i n n£

-742

QQQ

i n no

April
May
June

39.62
•3] qq

897

355 864

23 23

49.26
39 67
30 70

10.01
in 9/1
in 9Q

40 55
30 54
43 36

29 32
29 35
|H)53 35

[H)414 400

•3 70
91 in

26 23

.

...

October
November
December

9 12

1979

July
August
September

.

.

.

October
November
December

OQ

00

309 748

242.76
?nn zm
273 1 7

2.43
9 17

-899
1 Aqn

1

777

9 dR

1 1 7R

1

?Qfi

91 9 9n
287 44
1 86 20

9 4R

1

1 7Q

•3qc yc

9 zm
9 t^n

m

on

2 47
2 59

qoq
-904

1 097

-1 339

1 344

1 7Rn

1 ,7/bC 1I
H7O
1 ,(j/y

2,022
1 ,906
1 ,473

q oc

9

97

Q

Z1A

9.49

9

CO

q n^

i n 47
10 94
n zn

q zm
in i ft

1077

n

TO

TO

1 1 R7

1070

1 9 07

q 9&

A7

i ^p, r\9

9

352,792

243.15
190.79
274.24

2.37
2.32
2.53

-999
-1,465
[H)-2,680

1,241
1 ,655
E>2,824

13.82
14.13
17.19

12.04
12.81
0)15.53

-23.82
-41.21
-41.56

171,740

428.15
381.15
436.68

2.53
2.64
2.74

-2,261
-835
p-114

2,455
1,018
p365

[H>17.61
10.98
9.47

14.00
9.15
7.00

13.06
30.23
r29.86

-7.31
0.18
17.40

p283,032

445.69
345 41
(NA)

2.77
2.94
2.70

p28
p-356
p-1 086

p390
p687
pi 244

9,03
9.61
10 87

8.13
9.26
10.32

29.36
p35.86
2
37.62

17.58
(NA)

(NA)

p-1 ,018
p-1 ,201
3
-l 106

pi ,335
p2,156
3-j 770

12 81
15 59
18 95

11 58
13 89
^15 66

A

CC

16 19

(H>55.48
35.83
-1.52

16.46
27.54
17.24

April
May
June

2.47
-38.96
2.14

July
August
September

6ZL

1980

January
February
March

October
November
December

....

3

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 byK>; 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 32, 33, and 34.
1
2
3
Series 14 reached its high value (96.99) in September 1977.
Average for weeks ended December 3, 10, and 17.
Average for
weeks ended December 3, 10, 17, and 24.
''Average for weeks ended December 4, 11, 18, and 26.

72




DECEMBER

1980

ISO

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Rl MONEY AND CREDIT-Con.

Minor Economic
Process

Outstanding Debt

Interest Rates-Con.

Timing Class

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields©

115. Treasury
bond yields®

1 17. Municipal
bond yields©

1 18. Secondary
market yields
on FHA
mortgages©

Year
and
month
(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

7. Bank rates
n short-term
usiness loans

®

(Percent)

(Percent)

Lg, Lg, Lg

109. Average
prime rate
charged by
banks©

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil. dot.)

Lg, Lg, Lg

72. Commercial
and industrial
oans outstanding, weekly
reporting large
commercial
)anks
(Mil.dol.)

Lg, Lg, Lg

95. Ratio,
consumer installment debt
to personal
income

(Percent)
Revised 1

1978

January .
February
March

8.70
8.70
8.70

7 51

5 71

7.60
7.63

5.62

April
May
June

8.88
9.00
9.15

7.74
7.87

July
August
September .

8.90

5 61

9 18
(NA)
9 35

7 93
8.00
8 00

225 714
228,576
232 652

118 248
119,682
121 346

1 3 91
13.98
14 05

9 44
9 74
(NA)

8 96

8 00
8 27
8 63

236 758
241 038
245 245

122 854
125 041
l?f> 871

id. in
14 26

7 94

5 80
6 03
6 22

9.27
8.83
8.78

8 10
7 88
7 82

6 28
6 12
6 09

9 95
9 81
9 81

9 00
9 01
9 41

?48 711

i op nnc

i £ qc

9 92

252 343

1 ?8 QR7

1AAA

9c.c noq

1 "30 1 ZL7

9.14

8.07

6.13

259,399

131,055

9 30
9 30

8 16
8 36

6 19
6 50

January
February
March

9 47
9 52
9 65

8 43
p £q
p AR

£ 47

i n o/i

C

in 9 A

April
May
June

9.69
9.82
9.51

8 44
8 55

6 29
6 25

8.32

6.13

10 61
10.49

6 13
6 20
6 52

1 0 46
10 58
11 37

19

9.87

8 35
8 42
8 68

11.17
11.52
11 .30

9 44
9 80
9 58

7 08
7 30
7 22

(NA)
12 41
1224

15 81

January
February
March

11 65
13.23
14.08

10 03
11 55
[H)ll 87

12 60
(NA)
[fl)14 63

15 67

April
May
June

13.36
11.61
11.12

10.83

July
August
September

11.48
12.31
12 74

9 83
10.53
10 94

October
November
December

1317
H>14.10
2
14.36

....

October
November
December

9.98
1 0 04

in ??

9.94

11 44

1n

Q/l

oco

oqi

1O1

11

rr

o c~j

c on

1 o 1 7f\Q
1 6 \ , /Do

n
1 -i

-jr

7QC

i A qc

H

co

14.51
U
U

rc
c-i

1979

.

July
August
.
September
October
November
December

....

9 47
9 57

C

qi
00

in

19

97

7r

1 1 . /b
-i r
. /b

n

or

12 34

"31

£ / u , o£ Qy7/

1
"2/1 OQ/I
1 J4,yo4

1 37 ,740

14.67
14.72
14.74

277 ,885

1QQ

11 7R

opi ann
ope 9QC

TZL1 £99
1/1/1 1 pp

11.65

287,854

146,124

11

9QO

907

i/iQ cim

11 Ql
i o on

OQO

7/iq

1 f^9

DAP

9Q7

Ipo

14.86
1 4. 82

1 ^^

fifil

M . nc
9b

oq
1 c nc

9QQ

1 I 7C

f NA^

97n

274,260

C/I

U
-| r

Ofl

9On

1 oo ,£<:U

14.90
[H)14.99
14.97

q7R

1 cm 071

qm 7po
ono -\ 01

14. 88

1 c;A 91 ^

1/1
QC
14 .ob
14.77

304 503
306 798
[fl)308 235

159 215

Mcc

] c o pni

M 7n
H r-j

1 r/l

JTQO

1980

9.82
9.40

1 1 20
11.83
3

12.11

7 35
8 16
9 i7
8.63
7.59
7.63

13.45
11.99
11 85

8 13

12 39
13.54
14 26

8.67

8 94
9 11
E)9.56
A
10.27

14 38
14.47

1 C OC

1 5 63
10

H>17.75

11.56

15.71

01

1 fi° D7ZL

E>19.77
16.57
12.63

306,250
302,816
299,353

162,280
159,033
159,211

14.57
14.32
14 07

11 48
11.12
19 91

298 744
298,759
300 209

ifin?QQ
162,818

i q po

1 ? 7Q

oni

16.06
5
20 27

£7/1

(NA)

y,i (re

one

167 794
H)pl70,782
6

i 70 Qi 7

13.71
i q fii
n1

q ci

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by |H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
1
Graphs of these series are shown on pages 15, 34, and 35.
See "New Features and Changes for This Issue," page iii. 2Average for weeks
ended December 5, 12, 19, and 26. 3Average for weeks ended December 5, 12, and 19. ^Average for weeks ended December 4, 11, and
18. 5Average for December 1 through 29. 6Average for weeks ended December 3, 10, and 17.

 DECEMBER 1980


73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

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

Year
and
month

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

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

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

106)

1-month
span

6-month
span

1-month
span

6-month
span

1 -month
span

6-month
span

1-month
span

100.0
100.0
91.7

100.0
100.0
100.0

75.0
90.0
85.0

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 industries)

1-month
span

6-month
span

1978

January
February
March

45.8
62.5
41.7

58.3
54.2
58.3

April
May
June

66.7
54.2
62.5

54.2
50.0
58.3

July
August
September

45.8
50.0
62.5

62.5
83.3
66.7

100.0

October
November
December

54.2
37.5
66.7

January
February
March
April
May
June

100.0
100.0
100.0

25.0
75.0

100.0
100.0

2.5

77.5
65.0
40.0

33.3
47.1
54.9

76.5
56.9
47.1

68.6
68.6
71.8

82.3
82.8
79.9

82.4
11.8
58.8

52.9
60.8
60.8

69.8
61.9
64.2

74.7
75.3
74.7

100.0
100.0
100.0

66.7

100.0

100.0
91.7

83.3
83.3

62.5

52.5
70.0
95.0

62.5

100.0
100.0
100.0

83.3
83.3
83.3

100.0
100.0
100.0

47.5
45.0
60.0

82.5
47.5
22.5

49.0
42.2
94.1

51.0
76.5
15.7

61.0
67.7
67.2

73.3
77.6
80.5

66.7
66.7
50.0

100.0
100.0
100.0

100.0
100.0
100.0

66.7

100.0

100.0
100.0

83.3

83.3

35.0
67.5
57.5

62.5
70.0
12.5

25.5
29.4
86.3

51.0
66.7
29.4

68.0
75.3
74.7

82.0
79.1
78.2

58.3
41.7
66.7

33.3
41.7
41.7

25.0
75.0

100.0

75.0
87.5
50.0

83.3
75.0
75.0

100.0
100.0
100.0

52.5
37.5
67.5

15.0
10.0
15.0

11.8
72.5
68.6

46.1
27.5
25.5

66.9
66.3
62.2

74.7
71.8
64.0

25.0
45.8
41.7

41.7
33.3
29.2

12.5
75.0
75.0

75.0
50.0
25.0

91.7
75.0
83.3

100.0
100.0

92.5
32.5

17.5
30.0
17.5

66.7
66.7

56.9
49.0
31.4

49.7
58.1
57.8

60.5
53.8
51.5

!
|

45.8
29.2
54.2

37.5
33.3
45.8

100.0

100.0
50.0
75.0

66.7
83.3
75.0

100.0

50.0
50.0

83.3
75.0

75.0
45.0
72.5

32.5
25.0
90.0

37.3
54.9
86.3

21.6
23.5
49.0

57.0
54.4
52.9

58.1
55.5
55.2

!

16.7
20.8

62.5
50.0

100.0

75.0
75.0
25.0

83.3
41.7
50.0

50.0
58.3
50.0

37.5
57.5
65.0

45.0
32.5
27.5

53.9
68.6

35.3
33.3

r41.7

41.7
45.8
16.7

5.9

65.1
55.2
53.5

59.3
63.1
56.4

January
February
March

41.7
29.2
33.3

0.0

rlOO.O

25.0

58.3
66.7
41.7

66.7
66.7
50.0

75.0
10.0

17.5

16.7
12.5

2.0
2.0
9.8

60.2
54.9
45.9

r45.3
r36.9
r32.3

April
May
June

12.5
16.7
50.0

66.7
33.3
33.3

50.0
50.0
50.0

55.0
17.5
17.5

r34.6
r28.8
r30.2

r24.7

33.3

32.5
87.5
65.0

r36.3
r62.8
r62.8

r32.8
p48.8

50.0
75.0
75.0

5.0

1979

July
August
September
October
November
December

I
5

83.3

0.0

7.8

8.8

1980

16.7

r33.3

0.0
0.0

0.0
0.0

45.8

25.0
25.0
75.0

July
August
September

83.3

75.0

r83.3

MOO.O

October
November
December

'80.0

91.7

0.0

0.0
0.0

25.0

25.0
2

66.7
33.3
33.3

50.0

100.0

rlOO.O

62.5
2

100.0
100.0

50.0
3

75.0

3

50.0

0.0

r62.5
p65.0

2.5
5.0
12.5

25.5
60.8
46.1

3.9

5.0
rlO.O

33.3
70.6

p25.0

62.7
84.3

p!3.7
(NA)

19.6
p3.9
(NA)

26.7
25.6

65.1

p64.5

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. 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.
Excludes series 12 and 36 for which data are not yet available.
2
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.

74




DECEMBER

1980

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

BB DIFFUSION INDEXES-Con.
964. Value of manufacturers' new orders,
durable goods industries (35 industries)

Year
and
month

966. Index of industrial
production (24
industries)

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

1 -month
span

9-month
span

January
February
March

37.1
60.0
45,7

85.7
91.4
80.0

62

April
May
June

74.3
42.9
57.1

85.7
80.0
94.3

27

July
August
September

48.6
80.0
65.7

88.6
80.0
88.6

59

October
November . .
December

77.1
45.7
62.9

91.4
97.1
91.4

50

82.9
80.0
61.4

48

1 -quarter
span

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

1-month
span

6-month
span

1-month
span

49

39.6
47.9
85.4

83.3
79.2
91.7

69.2
34.6
46.2

*50

87.5
54.2
83.3

87.5
87.5
85.4

'is

70.8
83.3
70.8

4-Q moving
avg.

9-month
span

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

1-month
span

9-month
span

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

1-quarter
span

4-quarter
span

1978
3

66.7
66.7
58.3

30.6
50.0

"49.1
"62.1
"69.8

'78

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

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

'so

91.7
79.2
83.3

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

66.7
79.2
87.5

62.5
66.7
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

*71

45

62.5
54.2
70.8

56.2
54.2
45.8

69.2
42.3
53.8

80.8
84.6

90.7
88.9
75.0

*74

'45

16.7
62.5
56.2

'51

52.1
39.6
45.8

66.7
50.0
54.2

46.2
30.8
53.8

'47

64.6
52.1
58.3

58.3
58.3
45.8

p48

75.0
37.5
35.4

16.7
16.7
12.5

50.0
73.1
61.5

12.5
16.7
16.7

16.7

r!2.5

11.5
15.4

12.5

0.0

29.2

33.3

r62.5
r79.2

p62.5

53.8
76.9
57.7

3
3

8.1

1979
!

January
February
March

62.9
45.7
62.9

April
May
June

25.7
62.9
51.4

65.7
62.9
60.0

33

42.9
57.1
60.0

54.3
45.7
75.7

48

51.4
45.7
54.3

62.9
62.9
42.9

53

71

:

July .
August
September

i
i

October
November
December

i
1

5

5

91.7

80.0
16.4
90.0

5

66.7
66.7
58.3

64.8
92.6
53.7

63.0
68.5
68.5

63

66.7
58.3
58.3

3.7
38.0
95.4

69.8
37.7
39.6

54

58.3
50.0

74.1
52.8

39.6
47.2

53.8

3.8

77.4

50.0
46.2
46.2

26.4
92.5
89.6

90.6
94.3
86.8

46.2

92.5
88.7
76.4

84.9

5
5

62.5

5

61.5
76.9

5
5

1980
1

January
February
March

!
!

72.9
40.0
31.4

22.9
28.6
34.3

April
May
June

i
i

17.1
34.3
42.9

44.3
54.3

July
August
September

:
!

October
November
December

i
71.4
! P45.7

71.4
54.3
82.9

15

r40.0
p48.6

p50

r79.2
p95.8

6

65.4
53.8

5
5

6

42.3

'56

43.4
55.7

46.2

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by®. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 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, on 54 industries through January 1980, and on 53 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.
3
Based on 12 components (excluding rosin).
6
Average for December 2, 9, and 16.

 DECEMBER 1980


75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

a. Actual
expenditures

(1-Qspan)
1978

2

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

Anticipated

Actual

Anticipated

Actual

(4-Qspan)

2

2

Revised

72.7
90.9
72.7
86.4

81.8
81.8
77.3
75.0

70.5
59.1
86.4
72.7

83
86
86

82
83

73
76
78
78

79
82
84
83

84

86.4
68.2
68.2
88.6

52.3
63.6
63.6
47.7

63.6
50.0
68.2
77.3

85
81
73
78

80
84
80
72

78
74
70
72

78
82
80
70

87
84
82
82

85
88
84
78

77.3
59.1
50.0

54.5
45.5
36.4
40.9

81.8
59.1
81.8
77.3

74
63
60

66
75
57
62

62
54
57

66
73
59
61

73
62

72
80
63
67

Revised

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

(1-Qspan)

(1-Qspan)

Anticipated

Actual

c. Early
anticipations

b. Later
anticipations

973. Net sales, manufacturing
and trade 1 ©

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 1 ©

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

Revised

87
92
90

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

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

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

77

70.5

78

70

DIFFUSION INDEXES-Uon.
Year
and
quarter

974. Number of employees,
manufacturing and trade 1 ®

975. Level of inventories,
manufacturing and trade 1 ®

976. Selling prices, manufacturing 1 ®

Actual

Actual

Actual

Anticipated

Anticipated

977. Selling prices, wholesale
trade 1 ®

Anticipated

Anticipated

Actual

978. Selling prices, retail
trade 1 ®
Actual

Anticipated

(4-Q span)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Q span)

62
64
64
63

59
60
62
62

76
76
76
78

67
70
73
74

87
88
90
91

82
84
87
87

92
93
94

90
87
90

91
94
94
93

90
88
92
92

62
60
60
58

60
60
58
56

80
76
73
75

70
74
71
68

92
93
92
94

86

96
95
95
96

90
92
90

94
95
94
96

90
92
92
90

58
54
53

54
56
48
50

67
61
64

62
70
53
56

90
88
90

92
90
92

90
92
87

92
91
94

90
93
84
90

(4-Qspan)

(4-Qspan)

(4-Qspan)

1978

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

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

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

87
90
83
86

1981

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

56

63

90

90

NOTE: Figures are the percent ot 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.
*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.
2
See "New Features and Changes for This Issue," page iii.




76

DECEMBER 1980

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

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

Diffusion index components

1980

April

September

August

July

June

May

October1"

November*3

961. AVERAGE W O R K W E E K OF P R O D U C T I O N WORKERS, MANUFACTURING '
(Average weekly hours)

All manufacturing industries

o

Percent rising of 20 components

39.8

39.3

39.1

39.0

(55)

(18)

(18)

(32)

+

39.4

+

(88)

r39.6

o

39.6

+

39.7

(65)

(62)

38.5
37.9

+
+

39.0
38.1

40.9
40.4

+
+

41.1
41.0

40.3
40.7

+
o

40.4
40.7

(65)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

o

Stone, clay, and glass products
Primary metal industries

37.3
38.5

+

37.5
37.6

+

37.6
37.0

40.6
40.6

40.3
39.2

+

+

38.1
36.6

+
+

38.9
37.4

+

r38.8
r38.0

40.4
38.8

40.2
38.6

+
+

40.3
39.2

+
+

r40.9
r40.0

39.6
40.6

+
+

40.1
40.8

+
+

r40.4
r40.9

+

39.5

-

r40.6

+
+

39.8
40.8

+
+

39.9
40.9

+

40.2
38.6

+

40.5
38.5

o
+

Fabricated metal products
Machinery except electrical

+
+

40.8
41.5

39.9
41.0

39.7
40.7

Electrical equipment and supplies
Transportation equipment

+

39.9
40.5

39.5
39.7

39.2
39.5

+

39.0
39.6

+
+

39.4
40.9

40.7
38.5

40.3
38.3

40.4
38.2

40.1
38.3

o
+

40.1
38.6

o

40.1

+

+

r38.9

39.9
38.2

39.6
37.3

+
+

39.7
38.5

+

39.8
37.3

r37.5

+

39.6
39.5

o

+

39.6
39.2

38.8
35.1

+
o

39.2
35.1

+

r39.7

35.1

+
+

39.8
35.3

o

o

39.8
35.0

41.4
36.9

+
+

41.8
37.1

+

42.2
36.9

+
+

42.3
37.0

o

42.3
36.7

Instruments and related products
Miscellaneous manufacturing industries

+

+

Nondurable goods industries:
Food and kindred products
Tobacco manufactures

+
+

39.6
38.2

Textile mill products
Apparel and other textile products

+

40.3
35.8

39.7
35.3

39.1
35.2

Paper and allied products
Printing and publishing

o

42.5
37.2

41.7
37.1

41.4
36.8

Chemicals and allied products
Petroleum and coal products

41.5
41.1

41.3
42.5

41.1
42.3

40.8
42.2

+
o

41.0
42.2

+

41.3

+

+

r42.7

+
+

41.4
43.5

+
+

41.5
43.8

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

+
+

40.1
37.3

39.2
36.7

39.0
36.1

+
+

40.2
36.5

r40.1

+

40.3
36.1

+

-

40.8
35.9

+

80,693

+

81,455

+
o

+

39.3
36.7

o

o
+

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

-

Percent rising of 35 components

72,416

-

67,328

-

+

(43)

(34)

(17)

66,454

74,228

-

9,680
8,862

+
-

8,947
8,076

10,811

-

8,373
8,333

+

-

+

8,621

Machinery, except electrical
Electrical machinery

-

11,651
10,737

+
-

12,701
10,022

+

13,085

-

9,941

+
-

Transportation equipment
Other durable goods industries

+
-

17,510
13,976

-

14,320
13,579

+

12,672
13,733

+
+

r36.2

2

+ r78,960

(54)

(71)

Primary metals
Fabricated metal products

72,229

39.7

(83)

(71)

(46)

+

11,412
8,522

+
+

12,554
8,903

+
+

13,745
10,121

-

13,126
9,979

14,177
9,677

+

12,931
10,790

+
-

14,817
9,977

+

14,806
11,098

+
+

15,029
11,429

16,362
14,580

-

14,175
14,399

+ r!7,487
+ 15,222

+

15,007
15,916

+
-

16,134
15,758

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

ito

 DECEMBER


1980

77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^M SELECTED D I F F U S I O N INDEX C O M P O N E N T S : Basic Data and Directions of Change-Con.

Diffusion index components

1980

May

April

July

June

August r

September^

October r

November*3

966. INDEX OF INDUSTRIAL P R O D U C T I O N '
(1967=100)
All industrial production

2

Percent rising of 24 components

148.3

-

(12)

144.0

-

(17)

141.5

140.4

(17)

(29)

+

141.8

+

(62)

+

143.9
(79)

146.5

+

(79)

148.5
(96)

Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products

-

106.4
141.4

-

96.1
133.2

-

90.4
126.1

-

81.7
123.8

+
+

86.0
125.8

+
+

89.9
129.0

+
+

100.0
132.4

+
+

107.7
134.6

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

+

163.2
177.0
115.1
173.8

-

162.1
171.4
109.8
171.0

+
-

158.3
166.6
110.0
169.2

+
+
-

158.5
165.0
110.7
167.5

+
+
+

158.8
166.7
108.3
167.6

+
+
+
-

159.1
167.8
112.9
167.4

+
+
+
+

160.5
169.9
118.9
168.9

+
+
+
+

161.5
171.9
120.9
170.9

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

-

148.8
105.2

-

140.8
104.5

+

134.5
109.7

+

134.2
112.8

+
+

135.7
121.7

+
+

141.0
122.7

+
-

143.4
121.4

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

-

157.1
151.2

-

149.5
147.3

-

143.1
143.7

+

138.6
144.7

+
-

141.1
144.2

+
-

144.3
143.6

+
+

146.2
143.7

-

139.9
131.3
69.9

+

137.1
128.6
70.1

-

133.6
127.2
68.5

-

132.5
121.5
67.8

+
+

132.6
123.8
67.7

+
+

133.0
124.0
67.2

+
+

133.7
(NA)
68.5

-

148.2
136.5

145.7
135.5

+
-

146.2
135.4

+

143.6
138.6

+
+

147.1
140.3

+

-

151.7
140.1

+

151.4
141.5

+
+

154.6
142.4

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

-

209.1
137.4
261.8

-

199.2
133.0
248.1

-

191.1
131.3
242.9

-

+

197.8
126.7
245.9

+
+
+

206.0
131.1
253.1

+

210.4
129.5
258.9

+

-

190.3
130.5
242.5

(NA)
132.2
(NA)

Foods and tobacco
Foods
Tobacco products

-

147.8
121.9

+

149.5
116.2

149.0
113.9

+

148.9
119.6

-

148.3
117.4

+
+

148.7
119.1

+

149.2
(NA)

+
+

143.4
132.5

+
+

145.0
133.9

+
-

150.0
133.2

+

149.8
134.3

+
-

154.9
133.6

+

148.9
134.7

+

144.7
135.3

-

123.5
133.1

-

120.8
128.1

-

120.0
123.9

-

83.1
123.7

-

71.2
123.5

+
+

73.1
128.2

+
+

85.9
130.3

Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing

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

-

+

+

(NA)
(NA)

+

(NA)
144.9

(NA)
(NA)
(NA)

(NA)
(NA)

+
+

147.4
136.8
(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.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

78




DECEMBER 1980

Mil

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^M SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.

Diffusion index components

1980
April

May

June

July

August

September

October

November

December 1

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

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

-

Percent rising of 13 components

301.9 (12)

278.5 (15)

267.5

+

277.6

+

(54)

(0)

292.1

+

(77)

298.3

+

(58)

300.8

+

(65)

304.7 -

297.1

(54)

(46)

0.719
1.585

0.653
1.440

0.294 0.648

0.263
0.580

Dollars

Copper scrap

(pound). .
(kilogram). .

-

0.674 +
1.486

0.688 1.517

0.679
1.497

+

0.760
1.675

-

0.732
1.614

-

0.716
1.578

+

0.732
1.614

Lead scrap

(pound). .
(kilogram). .

-

0.313 0.690

0.220 0.485

0.216
0.476

+

0.218
0.481

+

0.256
0.564

+

0.294
0.648

+

0.302
0.666

(U.S. ton). . 91.800 (metric ton). .
101.191

71.000 78.263

63.000
69.445

+ 68.000
74.956

+ 78.000
85.979

+ 89.000
98.105

+ 93.000
102.514

+

Steel scrap

-

98.000 + 105.000
108.025
115.741

Tin

(pound). .
(kilogram). .

-

7.918 +
17.456

8.063 17.776

7.810
17.218

-

7.742
17.068

o

7.742
17.068

+

7.974
17.579

-

7.728
17.037

-

7.405 16.325

6.777
14.941

Zinc

(pound). .
(kilogram). .

-

0.385 0.849

0.375 0.827

0.368
0.811

-

0.355
0.783

+

0.359
0.791

+

0.374
0.825

+

0.383
0.844

+

0.396 +
0.873

0.416
0.917

Burlap

(yard). .
(meter). .

-

0.362 0.396

0.350 0.383

0.337
0.369

-

0.324
0.354

+

0.331
0.362

-

0.325
0.355

-

0.314
0.343

-

0.286 0.313

0.274
0.300

Cotton

(pound). .
(kilogram). .

-

0.787 1.735

0.779 1.717

0.725
1.598

+

0.783
1.726

+

0.857
1.889

+

0.875
1.929

-

0.861
1.898

+

0.869 +
1.916

0.873
1.925

(yard). . +
(meter). .

0.695 0.760

0.691 0.756

0.690
0.755

-

0.675
0.738

-

0.668
0.731

-

0.656
0.717

+

0.665
0.727

+

0.684 +
0.748

0.710
0.776

Print cloth

Wool tops

(pound). .
(kilogram). .

-

3.460 7.628

3.250 7.165

3.200
7.055

o

3.200
7.055

+

3.400
7.496

+

3.460
7.628

+

3.500
7.716

o

3.500 o
7.716

3.500
7.716

Hides

(pound). .
(kilogram). .

-

0.490 1.080

0.405 0.893

0.380
0.838

+

0.476
1.049

+

0.522
1.151

-

0.474
1.045

+

0.498
1.098

+

0.592 +
1.305

0.650
1.433

(100 pounds). . o 48.000 - 46.500 (100 kilograms). .
105.821
102.514

45.000
99.207

o

45.000 o
99.207

45.000
99.207

0.796 1.755

0.728
1.605

0.180 0.397

0.178
0.392

Rosin

o 45.000
99.207

o 45.000
99.207

o 45.000
99.207

o 45.000
99.207

Rubber

(pound). .
(kilogram). .

0.711
1.567

0.682
1.504

0.680
1.499

-

0.678
1.495

+

0.688
1.517

+

0.756
1.667

+

0.802
1.768

Tallow

(pound). .
(kilogram). .

0.180
0.397

0.168 0.370

0.152
0.335

+

0.167
0.368

+

0.187
0.412

-

0.179
0.395

-

0.169
0.373

+

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
Average for December 2, 9, and 16.
2
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.


DECEMBER 1980


ItCIt

79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

1977

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

200. Gross national product in current dollars

50. Gross national product in 1972 dollars

a. Total

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised 1

Revised 1

b. Difference

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised l

Revised 1

c. Percent
change at
annual rate

Revised 1

217. Per capita
GNP in 1972
dollars

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

Revised 1

Revised 1

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

2,032.4
2,129.6
2,190.5
2,271.9

43.8
97.2
60.9
81.4

9.1
20.5
11.9
15.7

1,402.3
1,432.8
1,446.7
1,465.8

10.8
30.5
13.9
19.1

3.2
9.0
3.9
5.4

6,431
6,558
6,606
6,679

1,384.6
1,416.8
1,435.2
1,455.2

2,340.6
2,374.6
2,441.1
2,496.3

68.7
34.0
66.5
55.2

12.7
5.9
12.2

1,479.9
1,473.4
1,488.2
1,490.6

14.1
-6.5
14.8
2.4

3.9
-1.7
4.1
0.6

6,730
6,687
6,737
6,731

1,464.4
1,455.0
1,480.6
1,491.3

2,571.7
2,564.8
2,637.3

75.4
-6.9
72.5

12.6
-1.1
11.8

1,501.9
1,463.3
1,471.9

11.3
-38.6
8.6

3.1
-9.9
2.4

6,767
6,578
6,597

1,502.8
1,462.0
1,476.9

1978

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

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

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

GNP AND PERSONAL INCOME-Con.

Year
and
quarter

1977

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

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224. Current dollars 225. Constant
(1972) dollars

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised1

Revised1

Revised 1

Revised 1

Revised 1

Revised 1

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

174.3
175.7
178.9
186.4

135.8
136.6
138.2
142.4

1,398.0
1,440.7
1,482.1
1,531.0

966.8
975.5
985.9
998.0

4,434
4,465
4,502
4,547

1,278.3
1,330.1
1,369.9
1,416.6

884.1
923.4

185.0
200.1
202.0
210.2

139.5
148.1
147.0
150.7

1,580.3
1,612.8
1,663.8
1,710.1

1,005.7
1,006.9
1,015.7
1,017.7

4,574
4,570
4,598
4,596

1,454.1
1,478.0
1,529.1
1,582.3

925.5
922.8
933.4
941.6

212.5
207.4
213.3
216.1

149.6
144.2
146.7
146.0

1,765.1
1,784.1
1,840.6

1,020.1
1,007.3
1,017.6

4,596
4,528
4,561

1,631.0
1,626.8
1,682.2

943.4
919.3
930.8

220.9
194.4
208.8

145.4
126.2
132.6

1978

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

900.6

911.2

1979

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

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 40 and 41.
x
See "New Features and Changes for This Issue," page
iii.




DECEMBER

1980

ItCIt

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

|Q GROSS PRIVATE DOMESTIC INVESTMENT

BH PERSONAL CONSUMPTION EXPENDITURES-Con.
236. Nondurable
goods in current
dollars

Year
and
quarter

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

240. Total in
current dollars

241. Total in
1972 dollars

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.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised 1

Revised 1

Revised 1

Revised1

Revised 1

Revised 1

Revised 1

1977

First quarter
Second quarter
Third quarter
Fourth quarter

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

504.0
520.4
536.3
558.3

339.8
342.4
347.2
353.5

589.3
609.5
631.6
648.1

404.8
410.1
417.1
419.2

350.7
377.7
380.4
392.6

224.9
232.9
229.3
231.8

325.8
350.7
361.3
374.9

207.2
216.9
217.8
221.3

571.8
586.4
611.5
639.2

351.1
350.6
355.4
361.3

669.9
684.2
704.3
727.0

424.8
428.0
431.3
434.3

408.3
423.2
421.7
410.0

237.7
238.7
232.6
221.5

384.0
390.1
408.3
410.8

222.3
220.4
225.0
222.2

661.1
664.1
674.2

361.5
356.6
354.9

749.0
768.4
799.2

436.5
436.5
443.3

415.6
390.9
377.1

218.3
200.5
195.3

413.1
383.5
393.2

219.2
199.2
200.2

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter
1980

First quarter
Second quarter
Third quarter
Fourth quarter

....

D

GROSS PRIVATE
DOMESTIC INVEST .-Con.

245. Change in
business inventories in current
dollars

Year
and
quarter

^H GOVERNMENT PURCHASESOF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revised 1

1977

First quarter
Second quarter
Third quarter
Fourth quarter

261. Total in
1972 dollars

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bit. dol.)

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

19.3
22.5
27.5
18.5

11.3
13.4
16.6
11.3

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

24.9
27.0
19.1
17.7

17.7
16.0
11.5
10.6

415.7
425.1
438.3
451.3

274.6
276.3
280.0
280.1

149.5
149.1
154.1
160.7

99.4
98.0
100.8
101.0

266.2
276.0
284.2
290.6

175.3
178.3
179.2
179.2

24.3
33.1
13.3
-0.8

15.4
18.4
7.6
-0.7

458.2
465.1
475.4
496.4

280.6
280.3
281.1
285.3

164.8
163.6
165.1
178.1

102.9
100.8
99.9
103.1

293.4
301.6
310.4
318.3

177.7
179.4
181.2
182.2

2.5
7.4
-16.0

-0.9
1.3
-5.0

516.8
530.0
533.5

290.1
291.9
288.2

190.0
198.7
194.9

107.6
110.7
106.9

326.8
331.3
338.6

182.5
181.3
181.7

....

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter
1980

First quarter
Second quarter
Third quarter
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41, 42, and 43.
x

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

IIUI

 DECEMBER 1980


81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

FOREIGN TRADE

Year
and
quarter

1977

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

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services
255. Constant
(1972) dollars

256. Constant
(1972) dollars

252. Current
dollars

280. Compensation of
employees

220. National income in current
dollars

257. Constant
(1972) dollars

253. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised l

Revised 1

96.5
99.4
97.3

179.8
184.7
186.4
192.3

85.
88.
87.
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

195.9
214.8
225.3
243.5

118.3
125.4
129.8
136.6

208.2
218.1
223.3
232.0

99.5
102.4
103.7
106.2

1,644.6
1,720.7
1,771,7
1,844.6

1,238.1
1,282.3
1,316.5
1,361.7

36.0
31.6
41.1
42.2

259.1
266.8
293.1
306.3

141.1
140.5
151.3
154.8

239.2
258.6
275.2
298.7

105.1
108.8
110.2
112.6

1,903.7
1,932.0
1,986.2
2,031.2

1,410.0
1 ,438.9
1,476.7
1,518.1

50.1
51.7
57.6

337.3
333.3
342.4

165.9
160.5
160.5

329.1
316.2
297.9

115.8
108.9
102.8

2,088.5
2,070.0
2,122.4

1,558.0
1,569.0
1,597.4

-9.2
-6.0
-6.3
-18.1

10.
13.
5.

170.5
178.6
180.1
174.2

-12.3
-3.3
1.9
11.4

18.7
23.0
26.1
30.5

19.9
8.2
17.9
7.6
8.2
17.1
44.5

11.

100.5

1978

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

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

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

NATIONAL INCOME AND ITS COMPONENTS-Con.

Year
and
quarter

M977
First quarter ..
Second quarter
Third quarter..
Fourth quarter

282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)
Revised 1

284. Rental income
of persons with
capital consumption adjustment

(Ann. rate,
bil.dol.)
Revised 1

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

Revised 1

SAVING

. Net interest

290. Gross saving
(private and government)

292. Personal
saving

295. Business
saving

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1
89.3
92.7
95.8
98.2

Revised 1
253.3
276.0
291.6
283.6

Revised 1
213.9
226.8
243.2
238.8

Revised 1

52.5
65.9
71.9
69.5

96.<
97.(
98.(
107.6

23.(
24.(

25.5

137.1
148.9
160.8
153.0

110.3
115.5
118.2
124.6

25.3
25.4
28.7
30.0

163.6
185.2
190.5
202.7

107.3
112.3
117.8
125.7

326.9
354.0
359.4
380.4

260.1
275.5
284.9
295.8

84.6
73.6
73.4
73.8

127.8
129.4
132.9
136.3

30.7
30.1
30.3
31.0

201.9
196.6
199.5
189.4

133.4
136.9
146.8
156.5

407.4
416.2
422.3
402.0

304.4
310.3
320.5
315.7

83.8
90.9
89.3
80.7

133.7
124.9
129.7

31.2
31.5
32.0

200.2
169.3
177.9

165.4
175.3
185.3

404.6
394.5
402.0

326.7
325.8
334.6

84.8
108.5
109.8

25.;

1978

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

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

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 44, 45, and 46.
^ee "New Features and Changes for This Issue," page iii.




82

DECEMBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

Iflj SHARES OF GNP AND NATIONAL INCOME

^9 SAVING-Con.

Year
and
quarter

29$. Government
surplus or deficit,
total

(Ann. rate,
bil.dol.)
Revised

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

(Percent)
Revised 2

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

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

Revised

Revised 2

251. Net exports of
goods and services

Revised 2

Revised 2

1977

First quarter
Second quarter
Third quarter
Fourth quarter

-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

-17.7
4.9
1.1
10.8

6.0
5.1
5.0
4.8

62.9
62.5
62.5
62.4

11.0
11.2
11.3
11.4

5.1
5.2
5.2
5.1

1.2
1.3
0.9
0.8

-0.6
-0.2
0.1
0.5

18.1
13.9
11.3
4.4

5.3
5.6
5.4
4.7

62.1
62.2
62.6
63.4

11.4
11.5
11.8
11.6

5.0
4.9
4.9
4.8

1.0
1.4
0.5
0.0

0.9
0.3
0.7
0.3

-8.1
-41.0
-44.0

4.9
6.2
6.1

63.4
63.4
63.8

11.6
11.3
11.1

4.5
3.6
3.8

0.1
0.3
-0.6

0.3
0.7
1.7

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

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

First quarter
Second quarter
Third quarter
Fourth quarter

W| SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

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

1977

Revised 2

First quarter .
Second quarter
Third quarter
Fourth quarter

Percent of National Income

268. State and
local govt. purchases of goods
and services
(Percent)
Revised 2

64. Compensation of 283. Proprietors'
employees
income with IVA
and CCA 1

285. Rental income
of persons with
CCA 1

287. Corporate
profits with IVA
and CCA 1

289. Net interest

(Percent)

(Percent)

(Percent)

(Percent)

(Percent)

Revised 2

Revised 2

Revised 2

Revised 2

Revised

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

7.4
7.0
7.0
7.1

13.1
13.0
13.0
12.8

75.3
74.5
74.3
73.8

6.7
6.7
6.7
6.8

1.5
1.5
1.6
1.6

9.9
10.8
10.8
11.0

6.5
6.5
6.6
6.8

7.0
6.9
6.8
7.1

12.5
12.7
12.7
12.8

74.1
74.5
74.3
74.7

6.7
6.7
6.7
6.7

1.6
1.6
1.5
1.5

10.6
10.2
10.0
9.3

7.0
7.1
7.4
7.7

7.4
7.7
7.4

12.7
12.9
12.8

74.6
75.8
75.3

6.4
6.0
6.1

1.5
1.5
1.5

9.6
8.2
8.4

7.9
8.5
8.7

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter
1980

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.
^VA, inventory valuation adjustment; CCA, capital consumption adjustment.
See "New Features and Changes for This Issue," page iii.

2

ltd*


DECEMBER 1980


83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Q PRICE MOVEMENTS
Implicit price deflator,
gross national product
Year
and
month

310. Index

310c. Change
over 1-quarter
spans 1

Fixed weighted price index,
gross business product
311. Index

31 1c. Change
over 1-quarter
spans 1

(1972=100)

(Ann. rate,
percent)

(1972-100)

(Ann. rate,
percent)

Revised 2

Revised 2

Revised 2

Revised 2

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)

1978

6.4

5.8

January
February
March

144.'9

April
May
June

148.'6

187.2
188.4
189.8

0.6
0.6
0.8

8.1
8.5
9.2

200.4
202.1
204.5

0.9
0.8
1.2

12.2
12.7
14.6

191.5
193.3
195.3

0.7
0.8
0.9

9.3
9.3
9.5

207.2
209.6
212.7

1.3
1.2
1.5

13.5
12.8
11.8

196.7
197.8
199.3

0.7
0.6
0.9

9.7
9.4
8.9

213.5
214.6
216.2

0.4
0.5
0.7

11.0
10.1

200.9
202.0
202.9

0.9
0.6
0.6

9.5
10.6
10.9

218.3
219.9
222.2

1.0
0.7
1.0

11.4
13.3
13.8

9.7

204.7
207.1
209.1

0.9
1.1
1.0

11.1
12.0
12.9

225.3
228.4
230.6

1.4
1.4
1.0

12.9
12.8
11.1

9.0

211.5
214.1
216.6

1.0
1.0
1.0

13.2
12.9
13.3

232.0
233.5
234.2

0.6
0.6
0.3

9.1
6.3
6.4

9.3

218.9
221.1
223.4

1.1
1.0
1.2

13.4
13.3
13.8

235.3
235.5
237.9

0.5
0.1
1.0

6.8
6.9
9.3

9.5

225.4
227.5
229.9

1.0
1.0
1.2

14.5
15.3
15.9

239.8
241.4
244.8

0.8
0.7
1.4

8.2
8.0
7.9

233.2
236.4
239.8

1.4
1.4
1.4

15.7
15.4
14.8

244.8
244.7
247.1

0.0
0.0
1.0

7.3
6.6
4.7

242.5
244.9
247.6

0.9
0.9
1.0

11.7
10.2

248.4
249.2
250.5

0.5
0.3
0.5

247.8
249.4
251.7

0.0
0.7
1.0

252.9
257.5
261.6

1.0
1.8
1.6

253.9
256.2

1.0
1.0

263.6
266.6

0.8
1.1

147^5

10.6

10.4
15K2

... .

7.7

July
August
September

15K4

October
November
December

155^6

8.8
154.'i

9.8

10.2

158.*2

9.1

1979

8.4

January
February
March

158.*2

16K9

7.8

April
May .
June

....

165'.4

16K2

7.8

July
August
September

164!2

October
November
December

167.*5

169J

8.1
173^0

1980

9.3

January
February
March

17l!z

April
May
June

175!3

July
August
September

179.*2

10.2

177.3
9.8

9.6
181 '.4

9.2

October
November
December

9.6
185^6

9.3
9.4
9.7

6.7
10.7
12.1
12.6
14.5

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 pages 48 and 49.
1
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.
2
See "New Features and Changes for This Issue," page iii.




DECEMBER 1980

OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY—Con.

JQ PRICE MOVEMENTS-Con.

Producer prices, all commodities
Year
and
month

330. Index®

(1967=100)

330c. Change
over 1 -month
spans1 ©

(Percent)

Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spans1 ®

(Ann. rate,
percent)

335. Index®

335c. Change
over 1 -month
spans1 @

(1967=100)

(Percent)

335c. Change
over 6-month
spans1 ®

(Ann. rate,
percent)

331. Index

(1967=100)

331 c. Change
over 1-month
spans1

331c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

1978

January
February
March

200.1
202.1
203.7

1.0
1.0
0.8

10.7
11.4
11.8

201.6
202.9
204.1

0.8
0.6
0.6

7.2
8.3
8.9

221,6
224.2.
229.0

1.2
1.2
2.1

24.6
19.1
21.4

April
May
June

206.5
208.0
209.6

1.4
0.7
0.8

10.9

8.6
8.7

206.1
207.4
208.7

1.0
0.6
0.6

8.6
8.6
8.4

234.5
235.6
241.3

2.4
0.5
2.4

19.9
17.0
16.1

July
August
September

210.7
210.6
212.4

0.5
0.0
0.9

8.3
7.5
7.7

210.1
211.4
212.5

0.7
0.6
0.5

8.5
8.5
8.3

242.6
242.5
246.8

0.5
0.0
1.8

16.6
17.4
13.7

October
November
December

214.9
215.7
217.5

1.2
0.4
0.8

9.8

214.7
216.0
217.2

1.0
0.6
0.6

9.6

13.2
13.9

10.8
12.5

253.2
255.3
257.3

2.6
0.8
0.8

17.2
23.1
23.4

January
February
March

220.8
224.1
226.7

1.5
1.5
1.2

14.5
15.7
15.3

220.0
222.5
225.4

1.3
1.1
1.3

13.8
15.0
16.1

262.6
269.1
274.2

2.1
2.5
1.9

16.4
16.1
17.1

April
May
June

230.0
232.0
233.5

1.5
0.9
0.6

15.1
13.1
14.0

229.0
231.6
234.0

1.6
1.1
1.0

16.5
16.9
17.4

273.2
275.1
278.4

July
August
September

236.9
238.3
242.0

1.5
0.6
1.6

14.0
13.5
14.4

237.5
240.6
244.2

1.5
1.3
1.5

18.2
17.1
17.0

October
November
December

245.6
247.2
249.7

1.5
0.7
1.0

15.8
19.2
17.1

249.0
250.6
253.1

2.0
0.6
1.0

January
February
March

254.9
260.2
261.9

2.1
2.1
0.7

14.5
14.2
13.1

260.6
265.9
268.6

April
May
June

262.8
264.2
265.6

0.3
0.5
0.5

H2.5
10.2

271.3
271.9
273.5

. . .

1979

-0.4

0.7
1.2

17.5
12.3
12.9

284.6
285.2
291.4

2.2
0.2
2.2

16.2
17.7
17.4

20.4
22.1
21.0

294.5
298.4
301.7

1.1
1.3
1.1

10.7
16.2

3.0
2.0
1.0

18.7
17.7
16.8

299.5
307.5
300.9

1.0
0.2
0.6

r!2.3
8.8
7.3

290.4
294.1
295.2

-3.5

7.4
8.1

6.6

1980

9.5
11.1
11.0

-0.7

2.7
-2.1

1.3
0.4

July
August
September

r270.4
273.1
274.1

rl.8
rl.O

r276.2
277.3
278.2

rl.O
rO.4

0.3

r313.9
331.6
335.8

r6.3
r5.6

0.4

October
November
December

277.0
278.4

1.1
0.5

281.2
282.7

1.1
0.5

342.3
346.2

1.9
1.1

-2.8
-2.9
-4.3

r9.8
16.3
24.5
38.9
38.6

1.3

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 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 1980



85

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

^M PRICE MOVEMENTS-Con.

Producer prices, intermediate materials
Year
and
month

332. Index

(1967=100)

332c. Change
over 1 -month
spans 1

(Percent)

Producer prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans 1

(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

334c. Change
over 1-month
spans 1

(Percent)

(1967=100)

334c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1978
January
February
March

208.2
209.7
210.9

0.8
0.7
0.6

7.6
7.5
7.9

192.2
193.3
194.5

0.6
0.6
0.6

7.7
7.6
8.1

184.5
186.1
187.2

0.6
0.9
0.6

9.3
9.2
9.8

April
May
June

211.9
213.1
214.5

0.5
0.6
0.7

6.7
6.9
7.1

195.6
197.0
198.6

0.6
0.7
0.8

8.4
8.4
8.4

189.5
190.8
192.2

1.2
0.7
0.7

10.2
9.0
9.3

July
August
September

215.1
216.8
218.3

0.3
0.8
0.7

8.6
9.3
9.3

200.1
201.3
202; 5

0.8
0.6
0.6

7.7
8.4
8.0

193.7
194.3
195.7

0.8
0.3
0.7

8.6
8.3
9.5

October
November
December

220.8
222.8
224.3

1.1
0.9
0.7

11.3
11.8
12.6

203.0
205.1
206.4

0.2
1.0
0.6

8.6
9.1
9.2

197.5
198.6
201.1

0.9
0.6
1.3

10.6
12.5
13.4

January
February
March

226.9
229.2
231.6

1.2
1.0
1.0

13.3
13.4
14.2

208.5
210.3
211.6

1.0
0.9
0.6

11.1
9.9
9.9

203.7
206.1
208.4

1.3
1.2
1.1

12.7
12.7
11.1

April
May
June

235.0
237.3
239.7

1.5
1.0
1.0

15.3
16.2
17.2

214.0
215.0
216.4

1.1
0.5
0.7

9.5
7.4
7.6

209.7
210.8
212.0

0.6
0.5
0.6

11.2
12.2
13.7

July
August
September

243.6
247.1
250.7

1.6
1.4
1.5

17.7
17.6
17.8

218.2
217.9
219.5

0.8
-0.1
0.7

7.0
7.5
7.9

214.8
218.3
222.2

1.3
1.6
1.8

14.9
16.9
17.6

October
November
December

255.0
257.3
260.2

1.7
0.9
1.1

20.4
21.7
19.4

221.4
222.9
224.8

0.9
0.7
0.9

9.6
11.4
11.7

224.8
227.9
229.9

1.2
1.4
0.9

18.3
18.5
18.0

January
February
March

267.3
272.6
273.9

2.7
2.0
0.5

15.7
14.6
13.8

228.4
230.0
232.0

1.6
0.7
0.9

13.8
12.7
12.4

233.6
237.6
241.4

1.6
1.7
1.6

15.6
13.3
12.9

April
May
June

274.3
275.4
277.6

0.1
0.4
0.8

r9.7
7.1
7.3

236.2
236.6
238.3

1.8
0.2
0.7

rll.9
12.1
9.9

241.7
242.6
244.3

0.1
0.4
0.7

r!3.3
13.1
9.2

July
August
September

r280.0
282.1
283.7

rO.9
rO.8
rO.6

8.9
10.2

r241.6
243.5
243.2

rl.4
rO.8
-0.1

9.0
9.9

r248.7
252.7
252.3

rl.8
rl.6
-0.2

10.3
10.9

October
November
December

286.3
289.1

0.9
1.0

246.6
248.0

1.4
0.6

253.8
255.5

0.6
0.7

1979

1980

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




DECEMBER 1980

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Bl 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
spans2
(Ann. rate,
percent)

341. Index

(1967=100)

341 c. 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)

1978

January
February
March

205.8
206.5
208.1

1.1
0.3
0.8

8.5
8.6
9.0

109.6
109.3
109.4

April
May
June

209.9
211.1
212.5

0.9
0.6
0.7

8.1
8.4
8.3

109.6
109.3
109.1

-0.3
-0.2

July
August
September

214.0
215.0
216.6

0.7
0.5
0.7

8.1
8.0
8.2

109.1
109.0
108.9

-0.1
-0.1

October
November
December

218.3
219.4
221.0

0.8
0.5
0.7

8.2
8.5
8.2

108.7
108.6
108.6

-0.2
-0.1

January
February
March

222.6
224.0
225.2

0.7
0.6
0.5

7.8
7.6
7.5

108.4
107.8
107.3

April
May
June

226.7
227.6
229.2

0.7
0.4
0.7

7.5
7.6
8.2

July
August
September

230.8
232.3
234.3

0.7
0.6
0.9

October
November
December

235.0
237.3
239.4

January
February
March
April
May
June

0.5
-0.3

0.1
0.2

0.6
0.3
0.0

11.4

220.5

7.3

-0.9
-0.7
-1.0

224!4

-1.5
-1.3
-0.9

228 '.9

-1.4
-2.1
-2.9

233.*7

-0.2
-0.6
-0.5

-3.3
-4.2
-4.9

239^5

106.9
106.3
105.9

-0.4
-0.6
-0.4

-5.2
-4.9
-4.5

244^2

7.5
8.8
9.1

105.5
105.2
104.9

-0.4
-0.3
-0.3

-5.1
-4.0
-4.0

249!2

0.3
1.0
0.9

8.4
8.9
9.6

104.2
104.1
103.8

-0.7
-0.1
-0.3

-5.3
-5.5
-5.5

254^6

240.3
242.4
245.2

0.4
0.9
1.2

9.8
9.4
9.8

102.7
102.2
102.0

-1.1
-0.5
-0.2

-5.2
-5.2

246.2
248.3
250.9

0.4
0.9
1.0

101.4
101.4
101.5

-0.6

252.1
254.0
r255.4

0.5
0.8

r257.7
p260.3

0.0

0.0

QA

8^9
8.4
8^6

8.6

s!s

1979

. .

10.2

8^9
8.1
8.9
8.5
9!6
9.0
9^7

1980

July
August
September
October
November
December

....

10.0

9.8
r8.4

0.0
0.1

rO.6

102.0
102.0
rlOl.5

0.5
0.0
r-0.5

rO.9
pl.O

rl01.4
pl01.4

-0.1
pO.O

r9.5
p9.9

10.5

261 !i

9.*8

r-4.3
-1.4
-0.3

11.0

268^6

r-0.8
rO.l
pO.l

8.9
273.7

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 pages 49 and 50.
1

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.
2


DECEMBER 1980


87

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

[SB 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
over 4-quarter
spans1
(Ann. rate,
percent)

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

(Ann. rate,
percent)

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
spans1

(Ann. rate,
percent)

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

(1967=100)

1978

January
February
March .

neie

April
May
June

ne.'o

July
August
September

IIB.'S

October
November
December

ns.'e

3.4

-2.0

-0.7

o.'i
616

-i'.i

-0.8

13.2

8.2

6.8

6.0

7.2

5.9

6.1

5.2

-K7

nsls
119'.!

119!?
ngls

-1.5

oil

nel2

617

neli

613

luli

-6'.7

117.*6

-ile

iio-le

-i'.7

nsii

-ilo

ii5lo

-\\2

115.'2

-o.'s

114^9

1.9

2.1

0.3

1979

January
February
March

ns.'a

April
May
June . .

mil

July
August
September

112*.9

October
November
December

nii?

2.8

-0.9

5.3

-2.6
10.5

-4.2

7.8

-3^4
-4.3

-4.0

-iis

-i.'i

9.0

6.1

8.5

6.0

nsig

ns'.a
nils
nili

-3.1

-2.0

-1.4

-0.3

1980

January
February
March

no.i

April
May
June

109.*5

July
August
September

109.*9

p8.6

-5.5

p6.4

-2.6
-2.4

-0.3

117*.7

plO.l

p6.8

-2.7
116.8

1.6

pll.6

113.8

0.3

p7.3
11619

114.*3

October
November
December

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 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 1980

ICO

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q| CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.)

(Thous.)

Labor force participation rates
451. Males
20 years
and over

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

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed
37. Total

(Thous.)

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

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

ber employed
part-time
for economic
reasons

(Thous.)

1978

99,118
99,009
99,281

92,813
92,921
93,128

79.8
79.7
79.8

48.9
48.8
49.0

57.1
56.8
56.8

6,305
6,088
6,153

2,437
2,361
2,379

2,314
2,126
2,171

1,554
1,601
1,603

4,948
4,812
4,799

3,071
3,227
3,204

April
May
June

99,819
100,242
100,458

93,763
94,116
94,556

79.8
79.9
79.8

49.4
49.5
49.6

57.3
58.3
58.3

6,056
6,126
5,902

2,274
2,278
2,171

2,219
2,295
2,275

1,563
1,553
1,456

4,644
4,802
4,581

3,281
3,226
3,329

July
August
September

100,656
100,731
100,944

94,428
94,802
94,973

79.7
79.7
79.6

49.8
49.6
50.0

58.6
59.1
58.3

6,228
5,929
5,971

2,190
2,177
2,180

2,425
2,219
2,241

1,613
1,533
1,550

4,887
4,612
4,647

3,266
3,256
3,248

October
November
December

101,189
101,610
101,815

95 401
95,728
95,831

79.6
79.9
80.0

50.0
50.1
50.1

58.6
58.5
58.5

5,788
5,882
5,984

2,139
2,110
2,198

2,107
2,215
2,212

1,542
1,557
1,574

4,475
4,491
4,609

3,231
3,163
3,082

January
February
March

102,061
102,379
102,505

96,157
96,496
96,623

80.0
80.1
79.9

50.1
50.3
50.4

58.9
58.8
58.6

5,904
5,883
5,882

2,167
2,138
2,164

2,195
2,202
2,212

1,542
1,543
1,506

4,514
4,565
4,539

3,203
3,176
3,211

April
May
June

102,198
102,398
102,476

96,254
96,495
96,652

79.8
79.7
79.7

50.2
50.4
50.3

58.2
57.9
57.7

5,944
5,903
5,824

2,190
2,130
2,169

2,199
2,208
2,196

1,555
1,565
1,459

4,637
4,533
4,515

3,279
3,283
3,284

July
August
September

103,093
103,128
103,494

97,184
97,004
97,504

79.9
79.8
79.9

50.8
51.0
50.9

57.9
56.3
58.2

5,909
6,124
5,990

2,254
2,286
2,282

2,160
2,304
2,164

1,495
1,534
1,544

4,617
4,727
4,715

3,274
3,298
3,167

October
November
December

103,595
103,652
103,999

97,474
97,608
97,912

79.7
79.5
79.5

50.9
50.9
51.1

57.9
58.1
58.6

6,121
6,044
6,087

2,317
2,335
2,303

2,250
2,197
2,257

1,554
1,512
1,527

4,796
4,770
4,791

3,315
3,392
3,519

January
February
March

104,229
104,260
104,094

97,804
97,953
97,656

79.4
79.6
79.4

51.4
51.3
51.0

58.2
57.4
57.3

6,425
6,307
6,438

2,577
2,507
2,696

2,304
2,254
2,255

1,545
1,547
1,487

5,046
4,942
5,168

3,513
3,406
3,418

April
May
June

104,419
105,142
104,542

97,154
96,988
96,537

79.5
79.9
79.4

51.5
51.5
51.3

56.3
57.9
56.5

7,265
8,154
8,006

3,246
3,671
3,710

2,534
2,670
2,596

1,485
1,813
1,700

5,875
6,740
6,621

3,816
4,349
3,999

July .
August .
September

105,203
105,025
105,034

96,996
97,006
97,207

79.5
79.5
79.5

51.6
51.7
51.3

57.4
55.2
56.7

8,207
8,019
7,827

3,730
3,682
3,744

2,702
2,628
2,473

1,774
1,709
1,610

6,781
6,600
6,530

4,113
4,148
4,204

October
November
December

105,180
105,320

97,176
97,396

79.3
79.3

51.4
51.5

56.8
56.5

8,005
7,924

3,541
3,519

2,771
2,702

1,693
1,704

6,553
6,611

4,261
4,168

January
February
March

1979

1980

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 1980


OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Qj RECEIPTS AND EXPENDITURES
State and local governments 1

Federal Government'
Year
and
month

Q DEFENSE INDICATORS

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bit. dol.)

(Ann. rate,
fail, dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised 2

Revised 2

Revised 2

Revised 2

Revised 2

Revised 2

January
February
March

-48.' 8

398.' 6

447.4

31 !i

316!9

285.' 8

10,537
10,659
10,155

4,853
4,741
4,909

57,304
58,401
58,986

2,735
2,529
4,393

April
May
June

-27^4

423.'6

451 J

32!3

328.' 0

295 .'7

10,242
10,793
10,094

4,970
6,?04
7,081

59,348
60,723
60,549

3,761
3,946
3,237

July
August
September

-22!8

440.' 9

463.' 7

23.' 9

327.*2

303.' 3

10,327
10,278
10,256

3,928
4,924
4,855

61 ,833
62,028
62,730

2,157
3,214
3,279

October
November
December

-17!9

462! 7

480.' 6

28!7

337*.7

309!6

10,214
10,484
10,282

4,343
6,509
4,568

63,006
63,440
64,470

3,867
4,381
4,101

-11.' 5

477.' 0

488^4

29^5

340.9

311. '4

10,787
10,250
11 ,741

5,706
4,773
5,763

65,120
48,267
67,128

2,684
3,871
3,102

-s!i

485 .'9

494.0

21 .'9

342^7

32CL8

9,297
10,935
10,926

4,936
4,720
5,117

68,883
68,468
68,976

3,181
3,640
2,464

July
August
September

-15.2

50CK6

515^8

26\5

355.4

328.'8

12,657
11,052
11 ,965

6,135
5,282
6,364

70,252
81,542
71,886

2,332
3,029
4,237

October
November
December

-24^5

514'.6

53s!e

28^9

365! 6

336^7

11,679
10,730
11,565

4,318
5,670
5,489

64,325
68,634
68,525

3,048
4,033
3,787

January
February
March , .

-36.3

528.4

564^7

26.6

372 !l

345. * 4

12,563
12,419
14,757

5,515
7,152
5,781

70,088
68,497
72,961

3,352
3,680
4,594

April
May
June

-66. * 5

520.9

587.3

23!9

373.' 9

350.'c

13,639
14,206
12,193

7,572
7,483
7,184

73,766
74,848
75,204

4,948
5,279
3,546

July
August
September

-74.' 2

54CK8

615.'6

28.6

386.' 8

358!2

12,973
14,310
13,949

6,768
7,633
7,410

76,366
76,506
79,260

4,366
4,515
6,458

(NA)

r3,908
p4,790

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.)

1978

1979

January
February
March
April
May
June

. .

1980

October
November
December

(NA)

(NA)

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 pages 52 and 53.
1
Based on national income and product accounts.
2
See "New Features and Changes for This Issue," page iii.




90

DECEMBER 1980

ItO

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Con.

Qj 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

(Mil. dot.)

(Mil. dot.)

588. Manufac- 570. EmployDefense Department
ment in defense
turers' shippersonnel
ments, defense products
products
industries
577. Military, 578. Civilian,
active duty © direct hire
employment @
(Mil. dol.)

(Thous.)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

Revised 1

Revised 1

1978

January
February
March

82.6
80.8
83.9

6,441
6,606
6,626

34,633
34,511
36,108

8,493
8,271
8,375

2,532
2,652
2,795

1,120
1,125
1,138

2,065
2,062
2,058

982
982
982

96*.5

4.7

April
May
June

84.9
84.9
85.6

6,736
6,828
6,804

37,150
38,382
38,914

9,056
8,217
9,072

2,719
2,714
2,705

1,143
1,162
1,173

2,054
2,046
2,057

982
988
1,000

98.' 4

4.*6

July
August
September

87.5
87.9
89.0

6,901
6,896
6,905

38,467
38,993
39,499

8,394
9,638
8,592

2,604
2,688
2,773

1,184
1,193
1,195

2,062
2,062
2,062

1,002
994
980

100.' 9

4.*6

October
November
December

89.3
90.3
91.4

7,013
7,004
7,170

40,660
42,293
43,563

9,026
8,762
9,407

2,706
2,748
2,832

1,207
1,219
1,236

2,058
2,050
2,041

981
981
978

104!6

i!e

January
February
March

92.3
92.4
93.0

7,397
7,485
7,586

43,409
44,515
44,588

9,645
9,452
9,525

2,838
2,765
3,029

1,242
1,262
1,278

2,040
2,030
2,026

972
971
968

106.0

4.*5

April
May
June

92.1
92.4
92.2

7,573
7,806
7,953

44,854
45,670
45,138

9,299
9,781
9,425

2,915
2,824
2,996

1,283
1,289
1,299

2,022
2,018
2,024

968
972
979

108J

4.*6

July
August
September

92.9
91.9
93.8

8,048
8,178
8,553

44,656
44,697
46,000

10,499
10,103
9,982

2,814
2,988
2,934

1,310
1,312
1,324

2,027
2,024
2,027

982
974
960

112'.6

4.*6

October
November
December

95.4
96.4
96.7

8,871
9,275
9,462

46,010
46,893
47,492

9,982
10,206
11,182

3,038
3,150
3,188

1,336
1,349
1,356

2,030
2,029
2,020

964
967
967

118'.7

4^8

97.0
97.2
97.1

9,592
9,619
10,075

47,769
48,196
49,401

11 ,341
10,632
11,235

3,076
3,253
3,389

1,359
1,366
1,377

2,029
2,032
2,033

964
965
966

125^0

4^9

97.6
97.2
96.8

10,277
10,451
10,588

51,061
52,902
53,011

11,356
11,061
11,480

3,286
3,440
3,435

1,373
1,375
1,373

2,028
2,031
2,034

969
975
988

128 '.7

s!6

July
August
September

97.2
r96.9
r97.4

10,908
11,177
11,310

53,922
55,112
57,771

11,303
11,135
11,648

3,453
3,324
3,798

1,371
1,379
1,384

2,044
2,049
2,051

990
973
971

isi.'i

5!6

October .
November
December

r98.4
p99.4

11,647
(NA)

r57,904
p58,847

12,359
(NA)

r3,776
p3,847

pi, 393

1979

1980

January
February
March
April
May
June

..

....

(NA)

(NA)

(NA)

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 pages 54 and 55.
1

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


DECEMBER 1980


ItUI

91

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

QH MERCHANDISE TRADE
602. Exports, excluding
military aid shipments,
total

Year
and
month

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

1978

9,863
9,938
11,143

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,221
14,005

3,000
3,626
3,094

1,529
1,661
1,581

April
May
June

11,628
11,776
12,264

2,428
2,861
2,904

2,415
2,472
2,427

14,491
14,012
13,970

3,162
3,038
3,229

1,715
1,659
1,684

July
August ....
September

11,656
12,286
13,275

2,392
2,774
2,512

2,451
2,528
2,815

14,543
14,130
14,821

3,194
3,257
3,307

1,812
1,666
1,822

October
November
December

12,901
13,448
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,818
15,028

3,347
3,489
3,588

1,872
1,875
1 ,822

13,265
13,616
14,297

2,338
2,424
2,682

2,682
2,832
2,917

16,528
14,605
15,358

3,580
3,634
3,667

1,963
1,706
1,589

13,979
14,083
14,817

2,547
2,450
2,909

2,706
2,859
3,034

15,841
16,438
16,835

3,832
4,000
4,199

1,956
1,851
1,730

July
August
September

15,691
15,713
15,822

3,103
3,141
3,059

3,022
3,241
3,153

16,806
18,277
18,407

4,692
4,949
5,662

1,815
2,113
1,849

October
November .
December

16,680
16,928
16,742

3,254
3,415
3,434

3,251
3,172
3,240

19,037
18,548
19,665

6,050
5,351
6,502

1,805
1,984
1,871

January
February
March

17,348
17,233
18,534

3,439
3,520
3,331

3,297
3,454
3,423

20,945
21,640
20,607

5,614
7,741
6,991

1,899
2,035
1,960

April
May
June

18,468
17,678
18,642

3,285
3,083
3,024

3,571
3,620
3,943

19,308
20,528
19,893

5,185
7,191
6,611

1,710
1,999
1,843

July
August
September

18,075
19,103
18,701

3,300
3,682
3,648

3,985
4,230
4,027

18,995
19,236
19,465

5,153
6,018
4,982

2,103
2,139
2,270

October
November
December

19,088
(NA)

3,491
(NA)

4,117
(NA)

20,060
(NA)

5,876
(NA)

2,189
(NA)

January
February
March

....

1979

January
February
March
April
May
June

....

....

1980

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 56.

92




DECEMBER

1980

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

E9| GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investments
620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the U.S.

(Mil. dol.)

1978

January
February
March

-4,969

49,319

54,288

-11,141

30,922

42,063

9,607

4,539

April
May
June

-2,795

54,156

56,951

-8,295

35,404

43,699

9,957

5,474

July
August
September

-1,933

56,432

58,365

-7,508

36,828

44,336

10,557

5,717

October
November
December

493

61,131

60,638

-6,815

38,900

45,715

12,851

6,343

2,732

65,667

62,935

-5,1*1*4

41 ,805

46,919

14,263

7,225

-iib

67,763

67,873

-8,070

42,815

50,885

15,250

7,980

July
August .
September

2,506

74,773

72,267

-7,060

47,1*98

54,258

18,050

8,731

October
November
December

-250

78,305

78,555

-9,225

50,237

59,462

18,407

9,524

r-798

85,647

r86,445

-10,850

54,708

65,558

20,846

10,752

r-1, fo'5

r81,892

r82,997

r-7,505

54,710

r62,21*5

r!6,641

rlO, 508

p6,377

p86,40*3

p80,026'

rp-2,828

rp56,288

rp59,l*l*6*

p!9,l'l'3

pi 0,64*6

1979

January
February
March
April
May
June

1980

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 series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).

 DECEMBER 1980


93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Bl INDUSTRIAL PRODUCTION

Year
and
month

47. United States, 721.0ECD 1
index of indusEuropean countrial production tries, index of
industrial
production

(1967=100)

(1967=100)

728. Japan,
index of industrial production

(1967=100)

725. West
Germany, index
of industrial
production

(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)

1978

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

150.0
151.8
152.2

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

154.3
151.8
154.8

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
128
128

144.4
143.7
146.2

154.1
154.0
158.8

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

158.3
158.8
161.8

January
February
March

152.0
152.5
153.5

154
156
157

210.2
213.1
213.1

159
157
161

158
159
161

122
132
133

152.8
160.0
156.0

160.8
161.0
162.0

April
May .
June

151.1
152.7
153.0

158
158
158

214.4
218.2
218.5

161
164
164

159
163
163

132
134
136

156.7
151.9
145.1

160.3
162.1
160.6

July
August
September

153.0
152.1
152.7

163
r!60

221.2
221.8
220.5

168
164
164

168
168
165

134
130
128

150.4
150.1
159.4

163.1
163.3
165.4

October
November
December

152.7
152.3
152.5

163
163

225.0
228.1
228.4

166
167
167

161
163
165

130
132
130

166.8
167.3
164.7

164.7
163.7
160.8

130
128
126

168.5
175.8
174.2

160.9
161.2
164.2

123
r123
r!24

175.5
161.5
H66.2

160.6
157.3
155.9

p!57

r!65
r!65
p157

r!22
rl!8
p!16

r!64.3
H41.9
p!59.6

r!55.5
r!57.2
H60.2

(NA)

(NA)

(NA)

1979

161
r!61

1980

January
February
March

152.7
152.6
152.1

164
165
165

230.9
243.3
235.0

168
170
170

165
166
166

April .
May
June

148.3
144.0
141.5

164
158
160

238.8
236.4
234.0

168
164
163

166
159
159

July
August
September

140.4
141.8
H43.9

161
156

235.0
r224.0
P233.1

164
161

October
November
December

r!46.5
p!48.5

p!56
(NA)

(NA)

(NA)

p!61.1
(NA)

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 58.
Organization for Economic Cooperation and Development.




94

DECEMBER 1980

ItO

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Ql CONSUMER PRICES

United States
Year
and
month

Japan

320. Index® 320c. Change
over 6-morrth
spans1

738. Index®

France

United Kingdom

736. Index® 736c. Change
over 6-month
spans 1

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

West Germany

738c. Change
over 6-month
spans1

735. Index®

735c. Change
over 6-month
spans 1

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

January
February
March

187.2
188.4
189,8

8.1
8.5
9.2

246.1
247.1
249.4

3.0
3.9
4.1

158.3
159.1
159.5

2.4
2.4
2.5

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.7
6.5
6.8

April
May
June

191.5
193.3
195.3

9.3
9.3
9.5

252.1
253.5
252.1

5.4
5.9
3.6

160.0
160.3
160.8

2.8
2.2
1.9

228.9
231 .1
232.8

11 .7
11 .2
10.1

312.6
314.4
316.8

8.4
9.0
8.5

July
August . . .
September

196.7
197.8
199.3

9.7
9.4
8.9

253.1
253.3
256.4

3.6
3.1
2.9

160.5
160.3
160.2

2.1
2.4
2.5

235.7
237.1
238.6

10.2
9.8
9.6

318.2
320.3
321.6

8.8
9.4
9.8

October
November
December . . .

200.9
202.0
202.9

9.5
10.6
10.9

256.8
254.1
253.7

1.2
0.9

160.3
160.8
161.4

3.0
3.5
4.3

240.8
242.1
243.2

8.7
9.1
10.4

323.1
325.3
328.0

10.3
10.2
11.2

January
February
March

204.7
207.1
209.1

11.1
12.0
12.9

253.9
253.1
255.1

1.8
3.1
4.6

162.9
163.6
164.4

4.4
4.3
4.7

245.5
247.1
249.4

9.8
10.4
10.9

332.9
335.6
338.3

11.4
11.4
13.2

April
May
June

211.5
214.1
216.6

13.2
12.9
13.3

258.6
261.3
261.5

7.3
7.0
5.3

165.3
165.7
166.6

6.0
5.8
5.8

251.8
254.5
256.6

11 .9
12.6
11.7

344.1
346.8
352.8

21.5
21.4
22.1

July
August
September

218.9
221.1
223.4

13.4
13.3
13.8

263.8
261.1
264.4

6.7
6.9
6.9

167.7
167.8
168.3

6.0
6.4
6.1

260.0
262.7
264.9

12.7
12.4
12.8

368.0
370.9
374.6

23.2
23.7
21.5

225.4
227.5
229.9

14.5
15.3
15.9

267.7
266.7
268.3

6.0
8,9

168.7
169.3
170.1

4.0
5.4
5.6

268.1
269.8
272.0

14.2
14.7
15.6

378.5
381 .8
384.6

15.4
16.8
17.4

January
February
March

233.2
236.4
239.8

15.7
15.4
14.8

270.8
273.3
275.5

9.9
9.5
9.9

171.0
172.8
173.8

5.6
5.6
5.7

277.2
280.2
283.4

15.0
15.0
14.1

394.1
399.7
405.1

20.4
20.5
20.5

April
May
June

242.5
244.9
247.6

11.7
10.2
9.3

280.2
282.7
283.5

9.5
8.2
7.2

174.9
175.6
176.5

6.9
5.5
4.7

286.7
289.3
291.1

12.9
12.3
11.6

419.0
422.8
426.8

18.5
15.8
14.1

July
August
September

247.8
249.4
251.7

9.4
9.7

284.2
283.7
288.1

5.6

176.8
177.0
177.0

4.6
5.0

295.5
298.4
301.0

11.8
(NA)

430.4
431.3
434.1

10.6
10.4

October
November
December

253.9
256.2

1978

-0.7

1979

October
November
December

. .

10.8

1980

(NA)

288.5
(NA)

177.3
178.3

304.3
(NA)

436.8
440.3

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 59.

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

 DECEMBER


1980

95

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

E9 STOCK PRICES

Q 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
spans1
Canada

Italy

Year
and
month

(1967=100)

748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

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

(1967=100)

(1967=100)

(1967=100)

98.0

747. Italy,
index of
stock
prices®

743. Canada,
ndex of
stock
prices®

(1967=100)

(1967=100)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

8.5
9.3
9.6

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

100.3
120.0

198.2
187.7
187.5

40.7
43.5
42.8

99.1
98.7
105.3

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

1978

January
February
March

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

April
May
June

280.0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

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

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

317.8
321.3
323.9

14.9
15.5
17.8

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

164.5
162.0
171.7

255.7
255.0
241.0

54.1
56.8
58.0

149.5
154.8
168.9

326.7
330.6
339.2

19.2
19.4
21.7

222.1
222.9
224.9

7.9
8.8
9.5

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
61.7
63.0

159.4
178.6
191.7

345.5
350.3
356.6

25.8
26.1
23.1

226.5
228.7
230.1

10.0
10.4

113.6
112.8
117.2

408.2
403.4
410.8

123.5
118.3
118.8

187.5
189.1
186.8

238.9
215.6
217.1

62.6
58.6
55.4

175.2
189.3
199.5

367.9
374.3
378.2

23.0
22.6
20.4

231.3
233.3
235.8

10.3
10.6

120.6
125.5
113.9

420.1
425.5
413.0

117.2
123.3
118.1

203.8
207.4
185.4

224.3
239.4
231.6

59.8
61.1
61.1

224.7
256.3
203.2

April
May
June

384.3
388.2
391.7

18.2
17.4
19.2

237.2
240.0
242.7

10.0
11.0
11.5

112.0
117.1
124.6

417.6
422.9
423.8

116.5
118.8
120.6

189.0
201.1
201.4

228.1
230.3
240.7

61.0
61.5
64.8

212.8
216.4
227.5

July
August
September

398.4
402.4
410.9

r!8.7
21.2

244.5
246.8
249.0

11.7
12.7

130.4
134.3
137.6

424.9
429.1
437.6

121.2
121.7
120.0

198.9
199.9
203.0

255.9
256.7
262.6

66.0
74.4
82.7

240.0
232.3
233.5

October
November
December

417.9
426.7

141.7
147.6
p!44.3

447.5
448.2
p444.3

120.6
117.2
p!16.2

rp204,3
rp207.2
p!95.5

p273.8
rp283.7
P274.8

93.5
99.2

223.3
rp220.6
p220.5

11.0

10.9

1979

January
February
March

..

April
May
June
July
August
September

.

..

October
November
December

10.9
10.1

9.9

1980

January
February
March

..
..

9.9

251.2
254.3

p93.8

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 59.
1

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




96

DECEMBER

1980

APPENDIXES
B. Current Adjustment Factors
19?30

Series

5. Average weekly initial claims, State
unempl oy merit insurance
13. New business incorporations

1

Jan.

Feb.

150.1

114.8

105.8

15. Profits (after taxes) per dollar of sales,
manufacturing 2
33

Net change in mortgage debt

1 3

. .

72. Commercial and industrial loans
outstanding
517.
525.
543.
570.

Defense Department gross obligations
incurred 1
Defense Department military prime
contract awards

Apr.

90.4

85.7

105.6

104.8

94.5

May

80.3
103.5

June

87.1
104.2

July

-1989

-317

100.1

99.1

100.0

108.7

91.2

189

1033

Oct.

1847

Nov.

Dec.

86.3

75.8

87.6

100.8

131.1

104.8

96.8

96.6

103.8

90.5

94.5

98.3

97.9
83

640

283

-72

-364

474

100.5

100.1

99.3

99.4

100.0

100.5

91.9

91.5

79.6

122.1

140.9

113.3

91.4

87.8

78.2

77.0

74.3

172.0

150.4

105.6

102.1

101 .4

99.7

97.6

95 1

93.0

94.6

101 5

104.1

104.0

100.4

100.3

99.8

100.0

99.7

100.0

100.0

100.2

100.3

100.4

99.6

87.4

82.9

100.9

89.3

Sept.

109.9

109.2

-1913

Aug.

90.3

69.9

Defense Department gross unpaid
obligations outstanding 1

104.5

106.3

Employment in defense products industries .

100.2

100.1

99.8

99.9

99.9

96.6

102.9

102.0

100.0

101.9

100.9

101.2

102.4

97.5

102.7

103.5

92.5

95.3

95.3

110.7

105.6

103.9

99.8

91.5

88.1

88.7

105.2

107.7

95.3

93 7

95.5

114 4

104 4

106 9

103 2

94 9

91 5

93 7

100 4

97 1

104 4

107.7

93.0

97.8

112.5

90.6

98.8

105 2

97.5

109.6

99 5

90.0

96.9

105 8

98 7

107 0

118 8

101 3

108 2

95 5

77 8

88 1

101 0

94 7

100 5

1

580.

Defense Department net outlays

604.

Exports o f agricultural products

606

Exports of nonelectrical machinery.

614.

Imports of petroleum and products 1 . . . . .

616

93.2

Mar.

Imports of automobiles and parts

. . . .

1

111.5

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc.,
rather than by the source agency. Seasonal adjustments are kept current by the Bureau of Economic Analysis. Seasonally adjusted
data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description of the
method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-II VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly
series; factors are placed in the middle month of the quarter.
3
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.




97

C. Historical Data for Selected Series
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

9. CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL BUILDINGS 1
(MILLION SQUARE FEET OF FLOOR SPACE)
1948...
1949...
1950. . .
1951. ..
1952. . .
1953...
1954. . .
1955...
1956. ..
1957.. .
1958.. .
1959.. .
1960. ..
1961. . .
1962...
1963. . .

27.99
18.80
17.93
42.80
16.62
24.17
26.79
32.13
33.99
41.22
31.53
31.93
37.32
36.21
38.70
44.61

1964...
1965. ..
1966...
1967.. .
1968.. .
1969. . .
1970. ..
1971. . .
1972. . .
1973. ..
1974...
1975. ..
1976. ..
1977. ..
1978...
1979...
1980...

50.88
53.00
62.29
49.09
64.51
94.43
88 .86
54.37
60.61
87.48
76.53
54.39
44.27
53.56
83.03
88.51

III Q

IV Q

TOTAL FOR PERIOD

22.51
19.66
23.84
30.42
19.71
24.35
23.99
32.04
42.51
37.83
29.63
35.11
36.73
37.49
45.90
39.42

25.63
19.16
27.04
27.22
21.44
26.66
27.18
31.51
42.21
31.94
26.25
41.92
38.73
35.62
42.72
40.23

30.12
16.54
28.14
25.27
19.26
29.92
29.81
31.37
34.17
35.90
28 .70
38.55
39.25
35.16
44.64
47.00

25.08
17.67
27.86
24.71
23.86
19.44
29.77
34.64
35.68
40.66
25.54
34.19
40.31
36.73
41.16
51.39

31.41
16.22
27.47
22.33
21.61
39.18
25.97
37.49
35.31
33.55
30.12
37.64
38.87
36.57
40.56
45.78

22 .89
12.56
34.46
22.32
24.16
25.90
27.62
35.49
37.06
33.38
34.02
34 . 14
39.38
39.32
42.69
44.93

23.39
18.95
31.05
25.26
21.34
27.37
28.28
40.27
36.81
31.51
30.33
38.38
38.96
38.73
40.96
43.88

23.18
16.90
31.55
19.42
24.32
31.05
31.17
34.45
30.90
30.98
33.07
41.44
39.44
33.88
41.08
50.81

20 .72
17.82
34.19
18.21
26.95
31.30
26.15
37.36
35.91
32.67
30.76
36.03
39.44
41.61
42.20
43.73

18.28
18.09
27.93
25.74
34.00
18.45
31.62
35.17
33.31
32.73
29.06
39.44
38.15
41.69
41.89
45 .43

79.64
55.98
59.06
109.81
55.54
77.19
73.00
99 .26
115.15
119.25
91.07
99.20
110.98
110.19
127.35
129.14

80.83
53.37
83.04
77.20
64.56
76.02
86.76
97.52
112.06
108.50
80.49
114.66
118.29
107.51
128.52
138.62

77.69
47.73
92.98
69.91
67.11
92.45
81.87
113.25
109.18
98.44
94.47
110.16
117.21
114.62
124.21
134.59

62.18
52.81
93.67
63.37
85.27
80.80
88.94
106.98
100.12
96.38
92 .89
116.91
117.03
117.18
125.17
139.97

300.34
209.89
328. 5
320. 9
272. 8
326. 6
330. 7
417.01
436.51
422.57
358.92
440.93
463.51
449.50
505.25
542.32

49.10
48.65
54.77
55.12
70.42
67.99
56.14
57.84
61 . 39 66.61
63.50
69.98
67. 11
80.95
62.58
50.04
67.13
66.25
84.71
85.89
80.67
75.07
39.69
46. 54
52.32
50.95
51.27
67.45
71.94
67.86
105.49 102 .77

49.12
57.74
68.28
58.27
47.09
65.82
64.00
57.74
66.96
83.61
82.77
56.90
52.83
55.88
76.71
93.59

46.86
57.52
64.00
54.72
66.96
85.60
58.19
61.26
83.01
83.73
77.98
44.79
52.65
63.20
88.41
87.09

49.99
57.72
65.85
62.30
66.35
80.37
54.47
65.00
71.50
85.79
75.83
50.54
53.85
61.12
83.27
84.08

53.40
56.68
63 .54
56.72
71.65
73.70
70.45
61.77
68 .44
95.42
76.64
52.60
52.21
58.48
74.82
88.48

49 .28
52.00
63.52
61 .66
66.15
71.96
61.04
54.62
72.05
89.80
82.17
43.25
50.78
71.07
79.21
83.85

51.21
62.97
64 .40
60.45
61.59
68.90
60.16
68.09
73.35
83.77
73.70
50.12
48.53
67.79
86.38
92.17

53.46
60.55
54.76
58 .42
79.63
79.96
51.71
63.45
75.61
91.60
62.47
54.10
51.47
63.06
84.55
93.15

52.57
61.74
64 .42
63 .17
69.70
64.31
54.00
66.41
79.93
87.47
56.71
41.99
52.53
70.62
91.08
84.13

57.91
64.13
60.21
64 .08
71.47
86.89
54.69
66.83
79.42
69.51
54.25
50.71
54.81
72.04
81.48
80.79

148.63
162 .89
200.70
163.07
192.51
227.91
236.92
166 .99
193.99
258 . 08
232.27
140.62
147.54
172.28
222 .83
296.77

145.97
172.98
198.13
175.29
180.40
231.79
176.66
184.00
221.47
253.13
236.58
152.23
159.33
180.20
248.39
264.76

153.89
171.65
191.46
178.83
199.39
214.56
191.65
184.48
213.84
268.99
232.51
145.97
151.52
197.34
240.41
264.50

163.94
186.42
179.39
185.67
220.80
231.16
160.40
196.69
234.96
248.58
173.43
146.80
158.81
205.72
257.11
258.07

612 .43
693.94
769.68
702.86
793.10
905.42
765.63
732.16
864.26
1028.79
874.79
585.62
617.20
755.54
968.74
1084.10

29.14
17.52
17.29
36.59
19.21
28.67
22. ?2
35.09
38.65
40.20
29.91
32.16
36.93
36.49
42.75
45.11

9 . CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL BUILDINGS 1 2
(MILLION SQUARE METERS OF FLOOR SPACE)

TOTAL FOR PERIOD

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

2.60
1.75
1.67
3.98
1.54
2.25
2.49
2.98
3.16
3.83
2.93
2.97
3.47
3.36
3.60

2.71
1.63
1.61
3.40
1.78
2 .66
2 .06
3.26
3.59
3.73
2.78
2.99
3.43
3.39
3.97
4 19

2 .09
1.83
2.21
2.83
1.83
2.26
2.23
2.98
3.95
3.51
2.75
3.26
3.41
3.48
4.26

2.38
1.78
2.51
2.53
1.99
2.48
2.53
2.93
3.92
2.97
2 .44
3.89
3.60
3.31
3.97

2.80
1.54
2.61
2.35
1.79
2.78
2 .77
2.91
3.17
3.34
2.67
3.58
3.65
3.27
4.15

2.33
1.64
2.59
2.30
2.22
1.81
2 .77
3.22
3.31
3.78
2.37
3. L8
3.74
3.41
3.82

2.92
1.51
2.55
2.07
2.01
3.64
2.41
3.48
3.28
3.12
2.80
3.50
3.61
3.40
3.77

2.13
1.17
3.20
2 .07
2.24
2.41
2.57
3.30
3.44
3.10
3.16
3.17
3.66
3.65
3.97

2.17
1.76
2.88
2.35
1 .98
2.54
2.63
3.74
3.42
2.93
2.82
3.57
3.62
3.60
3.81

2.15
1.57
2.93
1.80
2.26
2.88
2.90
3.20
2.87
2.88
3.07
3.85
3.66
3.15
3.82

1.92
1.66
3.18
1.69
2.50
2.91
2.43
3.47
3.34
3.04
2.86
3.35
3.66
3.87
3.92

1.70
1.68
2.59
2.39
3.16
1.71
2 .94
3.27
3.09
3.04
2.70
3.66
3.54
3.87
3.89

7 .40
5.21
5.49
10.21
5.15
7.17
6.78
9.22
10.70
11.07
8 .46
9.22
10.31
10.23
11.83
11.99

7.51
4.96
7.71
7.18
6.00
7.07
8.07
9.06
10.40
10.09
7.48
10.65
10.99
9.99
11.94
12.88

7 .22
4.44
8.63
6.49
6.23
8.59
7.61
10.52
10.14
9.15
8.78
10.24
10.89
10.65
11.55
12.50

5.77
4.91
8.70
5.88
7.92
7.50
8 .27
9.94
9.30
8 .96
8.63
10.86
10.86
10.89
11.63

27.90
19.52
30.53
29.76
25.30
30.33
30.73
38.74
40.54
39 .27
33.35
40.97
43.05
41.76
46.95

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

4.92
5.79
4.56
5.99
8.77
8.26
5.05
5.63
8.13
7.11
5.05
4.11

5.12
6.54
5.37
5.70
6. 50
7.52
4.65
6.15
7.98
7.49
4.32
4.73

5.09
6.32
5.22
6.19
5.90
6.23
5.81
6.24
7.87
6.97
3.69
4.86

5.36
6.34
5.41
4.37
6.11
5.95
5.36
6.22
7.77
7.69
5.29
4.91

5.34
5.95
5.08
6.22
7.95
5.41
5.69
.71
.78
.24
.16
.89

5.36
6.12
5.79
6.16
7.47
5.06
6.04
6.64
7.97
7.04
4 .70
5.00

5.27
5.90
5.27
6.66
6.85
6.54
5.74
6.36
8.86
7.12
4.89
4.85

4.83
5.90
5.73
6.15
6.69
5.67
5.07
6.69
8.34
7.63
4.02
4.72

5.85
5.98
5.62
5.72
6 .40
5.59
6.33
6.81
7.78
6.85
4.66
4.51

5.63
5.09
5.43
7.40
7.43
4 .80
5.89
7.02
8.51
5.80
5.03
4.78

1978 . . .
1979. . .
1980...

7.71
8.22

6.30
9.80

6.68
9.55

?!l3
8 .69

8.' 21
8 .09

7!74
7.81

e'.95

8.22

7 . 36
7.79

8 .02
8.56

7is5
8.65

5.74
5.98
5.87
6.48
5.97
5.02
6.17
7.43
8.13
5.27
3.90
4 .88
6.56
8^46
7.82

5.96
5.59
5.95
6.64
8.07
5.08
6.21
7.38
6.46
5.04
4.71
5.09
6 . 69
7^57
7.51

15!l3
18.65
15.15
17.88
21.17
22.01
15.51
18.02
23.98
21.57
13.06
13.70
16.01
20.69
27.57

13.55
16.06
18.41
16.28
16.75
21.53
16.42
17.09
20.57
23.52
21.97
14.15
14.80
16.74
23 .08
24.59

14.30
15.95
17.78
16.62
18.53
19.94
17.80
17.14
19 .86
24. 98
21.60
13.57
14.08
18.33
22.33
24.57

15.23
17.33
16.66
17.25
20.52
21.47
14.90
18.27
21.83
23.10
16.11
13.64
14.75
19.11
23.88
23 .98

56.89
64.47
71.50
65.30
73.68
84.11
71.13
68.01
80.28
95. 58
81.25
54.42
57.33
70.19
89. 98
100.71

72. COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING, WEEKLY REPORTING LARGE COMMERCIAL BANKS
MILLIONS OF DOLLARS)

1964...
1965...
1966...
1967...
1968...
1969. ..
1970. ..
1971. ..
1972...
1973...
1974...
1975. ..
1976...
1977...
1978...
1979...
1980...

AVERAGE FOR PERIOD

13,417
14 ,055
12,677
16,503
19,632
21,227
21,000
20,529
24,515
28,695
29,171
28,567
31,433
32,999
33,582
36,039

13,358
13,979
12,764
17,116
19,641
21 ,277
21,064
20,692
24,686
28,720
28,835
28,583
31,870
32,966
33,712
36,126

13,371
13,861
12,763
17,579
19,761
21,430
21,036
20,916
25,414
29,182
28,728
28,820
32,093
33,111
33,907
36,251

13,473
13,605
12,849
18 ,079
19,742
21 ,675
20,967
21,049
25,932
29,503
28,554
29,092
32,293
33,079
34,121
36,458

13,834
13,409
12 ,936
18,453
19,809
21,816
20,811
21,416
26,448
29,650
28,168
29,573
32,591
33,020
34,269
36,626

14,065
13,163
13,242
18 ,646
19,969
21,747
20,650
21,796
26,799
30,033
28,079
30,042
33,011
32,955
34,509
36,740

14,385
12,833
13,619
18,757
20,141
21,778
20,651
22,244
27,145
30,245
28,039
30,026
32,993
33,012
34,740
36,872

14,507
12,660
14,057
18,865
20,190
21,934
19,804
22 ,664
27,418
30,285
27,941
30,456
32,840
33,131
35,038
37,047

14,461
12,641
14,696
18,968
20,381
21,819
19,753
22,977
27,778
30,374
28,122
30,646
32,956
33,214
35,318
37,341

14 ,356
12,670
15,027
19,111
20,650
21,640
19,718
23 ,421
27,858
29,969
28,215
30,915
32,996
33,215
35,635
37,821

14,196
12,604
15,462
19,194
21,031
21,451
19,955
23,771
28,199
29,573
28,342
31,076
33,118
33,280
35,939
38,579

14,087
12 ,573
15,986
19,411
21,133
21,058
20,314
24,110
28,395
29,517
28,496
31,288
33,018
33,429
35,986
39,045

13,382
13,965
12,735
17,066
19,678
21,311
21,033
20,712
24,872
28,866
28,911
28,657
31,799
33,025
33,734
36,139

13,791
13,392
13,009
18,393
19,840
21,746
20,809
21,420
26,393
29,729
28,267
29,569
32,632
33,018
34,300
36,608

14,451
12,711
14,124
18,863
20,237
21,844
20,069
22,628
27,447
30,301
28 ,034
30,376
32,930
33,119
35,032
37,087

14,213
12,616
15,492
19,239
20 ,938
21,383
19,996
23,767
28,151
29,686
28 ,351
31,093
33,044
33,308
35,853
38,482

13 ,959
13,171
13,840
18,390
20,173
21,571
20,477
22,132
26,716
29,646
28,391
29,924
32,601
33,118
34,730
37,079

38,931
43,562
53,062
60,701
65,333
73,450
83,205
83,235
77,003
85,727
103,380
125,122
112,793
109,531
118,248
134,984

39,195
44,618
53,908
61,023
65,595
74,190
84,229
83,709
77,338
89,943
104,652
123,953
113,038
110,497
119,682
137,740

39,201
45,563
54,585
61,592
65,843
74,886
84,462
83,851
77,461
92,773
106,840
122,131
110,450
111,072
121,346
138,220

39,554
46,203
55,022
61,996
67,010
76,283
84,770
83,163
78,135
94,316
111,444
120,883
107,247
111,117
122,854
141,522

39,882
47,209
55,877
62,132
67,184
77,457
85,241
83,716
78,759
95,659
113,163
119,097
107,021
111,464
125,041
144,188

40,137
47,718
56,955
62,494
67,664
78,541
85,420
83,701
78,813
97,586
114,667
117,447
107,507
112,408
126,871
146,124

40,428
48,072
57,838
62,824
68,015
79,055
85,599
83,101
78 ,970
99,201
118,124
116,764
107,271
112,957
128,005
149,503

40,839
49,139
58,857
62,875
68,681
79,884
86,220
84,437
79,589
101,336
120,295
115,671
107,084
114,091
128,987
152,048

41,418
50,141
59,328
63,203
69,339
80,889
86,230
86,139
80 ,404
101,493
123,888
115,107
107,802
114,742
130,147
155,661

41,625
50,812
59,822
63,587
70,163
82,073
84,649
85,677
82,052
101,389
124,031
114,720
108,248
115,641
131,055
155,971

42,068
51,650
60,282
64,065
71,105
82,627
83,982
85,598
83,293
101,523
124,929
114,323
109,180
116,625
131,786
154,213

42,737
52,300
60,532
64,830
72,210
83,365
83,566
85,216
83,955
102,008
125,190
114,291
109,978
117,435
131,708
154,592

39,109
44,581
53,852
61,105
65,590
74,175
83,965
83,598
77,267
89,481
104,957
123,735
112,094
110,367
119,759
136,981

39,858
47,043
55,951
62,207
67,286
77,427
85,144
83,527
78,569
95,854
113,091
119,142
107,258
111,663
124,922
143,945

40,895
49,117
58,674
62,967
68 ,678
79,943
86,016
84,559
79,654
100,677
120,769
115,847
107,386
113,930
129,046
152,404

42,143
51,587
60,212
64,161
71,159
82 ,688
84,066
85,497
83,100
101,640
124,717
114,445
109,135
116,567
131,516
154,925

40,501
48,082
57,172
62,610
68,178
78,558
84,798
84,295
79,648
96,913
115,884
118,292
108,968
113,132
126,311
147,064

1948 . . .
1949...
1950. ..
1951...
1952.. .
1953. . .
1954.. .
1955. ..
1956...
1957...
1958. . .
1959...
1960...
1961.. .
1962...
1963...

nu
1c.. These
nicie beiieb
l e v i b i u n s but
out, are reprinted
reprmteu for
lur the
trie convenience
conven rente or
tne user.
NOTE:
series uuiiuam
contain MU
no revisions
of the
'This is a copyrighted series used by permission; it may not be reproduced without written permis
m'ssion from McGraw-Hill Information Systems Company,
F.W. Dodge Division. 2Data have been converted to metric units by the Bureau of Economic Analysis.




(DECEMBER 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Jan.

Feb.

Apr.

Mar.
112.

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.

June

July

Aug.

Sept.

Annual
Oct.

Nov.

-1.92
-0.79
5.22
1.00
4.57
-2.27
2.84
4.20
4.09
-4.75
1.52
1.93
1.46
0 .78
3.65
9.10

IQ

0.16
-1.42
-0.01
5.56
1.44
1.84
-0.34
2.69
8.74
5.54
-1.28
2.84
2.68
1.74
2.34
1.50

1.22
-3.07
1.03
6.00
-0.23
2.94
-0.83
1.60
6.22
3.85
-2.09
3.26
2.40
-0.38
2.57
2.48

4.33
-2.35
1.04
4.49
0.80
1.69
-1.87
4.40
6.19
1.76
-4.63
5.77
3.58
-0.71
1.78
2.02

2.77
-2.95
3.67
2.32
1.92
-0.83
-1.93
4.56
4.21
4.60
-1.07
5.63
5.04
-0.78
2.88
1.37

3.84
-3.96
4. 52
1.33
2.06
0.37
0.01
5.38
4.15
2.54
-0.48
-0.19
-0.22
0.68
2.77
1.58

1.46
-2.08
5.26
1.30
0.59
1.87
-10.16
5.04
3.28
0.48
-1.18
5.16
-1.84
1.43
3.58
2.10

-0.55
-0.23
7.67
1.24
2.29
-1.38
-0.61
3.76
4.32
1.07
2.17
2.28
1.39
1.00
3.36
3.53

-1.26
0.35
3.97
1.72
3.23
-2.15
-0.42
5.33
0.96
-4.86
1.12
3.23
0.48
0.01
3.80
5.76

-1.37
9.90
9.14
2.03
6.04
14.88
-1.92
-3.97

3.17
12.67
10.15
3.86
3.14
8.88
12 .29
5.69
4.02
50.59
15.26
-14.03
2.94
11.59
17.21
33.07

0.07
11.34
8.12
6.83
2.98
8.35
2.80
1.70
1.48
33.96
26.26
-21.86
-31.06
6.90
19.97
5.76

.24
.68
.24
.85

3.94
10.96
10.26
1.63
2.09
14.09
5.65
6.64
7.49
16.12
20.63
-21.43
-2.71
4.16
26.24
31.99

3.06
6.11
12.94
4.34
5.76
13.01
2.15
-0.18
0.65
23.12
18.05
-19.80
5.83
11.33
21.96
23.23

3.49
4 .25
10.60
3.96
4.21
6.17
2.15
-7.20
1.88
19.38
41.48
-8.20
-2.83
6.59
13.61
40.55

4.93
12.80
12.23
0.61
7.99
9.95
7.45
16.03
7.43
25.62
26.05
-13.12
-2.24
13.61
11.78
30. 54

6.95
12.02
5.65
3.94
7.90
12.06
0.12
20.42
9.78
1.88
43.12
-6.77
8.62
7.81
13.92
43.36

2.48
8.05
5.93
4.61
9.89
14.21
-18.97
-5.54
19.78
-1.25
1.72
-4.64
5.35
10.79
10.90
3.72

1 .00
1 .76
3.70
-8.26
8.09
18.52
55.25
-14.98
-38.44
0.54
18.10
39.62

II Q

II! Q

IV Q

AVERAGE FOR PERIOD

-0.71
-0.91
1.04
7.36
0.11
0.60
0.77
1.96
2.05
0.30
-4.03
0.19
5.24
-0.40
1.56
1.04

9.76
39.31

Dec.

NET CHANGE IN BANK LOANS TO BUSINESSES
(ANNUAL RATE, BILLIONS OF DOLLARS)

3.11
-0.38
1.25
6.20
2.65
1.13
-0.70
2.58
4.86
3 .60
-4.15
0.85
0.64
-0.23
1.84
0.64

..
..
. .
. .
. .
. .
21.26
. .
16.46
..
-0.82
..
-17.98
..
-5.36
..

1978...
1979.. .

May

5.32
10.06
5.52
5.74
11.30
6.65
-8.00
-0.95
14 .89
1.61
10 .78
-4.76
11.18
11.81
8.77
-21.10

-1.31
-0.37
6.29
2.60
1.22
-4.72
4.31
4.07
2.35
-0.67
1.85
2.54
-1.20
1.79
0.56
5.59

0 .85
-0.90
0.76
6.37
1.40
1.19
-0.09
2.41
5.22
3.15
-3.15
1.29
2.85
0.37
1.91
1.06

2.77
-2.79
1.91
4.27
0.83
1.27
-1.54
3.52
5.54
3.40
-2.60
4.89
3.67
-0.62
2.41
1.96

1.58
-2.09
5.82
1.29
1.65
0.29
-3.59
4.73
3.92
1.36
0.17
2.42
-0.22
1.04
3.24
2.40

-1.50
-0.27
5.16
1.77
3.01
-3.05
2.24
4.53
2.47
-3.43
1.50
2.57
0.25
0.86
2.67
6.82

0.93
-1.51
3.41
3.43
1.72
-0.08
-0.74
3.80
4.28
1.1?.
-1.02
2.79
1.64
0.41
2.56
3.06

8.03
7.80
3.00
9.18
13.26
8 .86
-4 .99
-4.58
7.94
5.82
3.13
-0.38
9.58
9.72
-0 .94
4.55

0.62
11.30
9.14
4.24
4.05
10.70

3.75
8.25
9.48
3.61
7.28
14.62
3.83
-0.60
5.41
19.25
31.31
-18.74
-11.77
5.34
22.10
31.61

5.12
9.69
9.49
2.84
6.70
9.39
3.24
9.75
6.36
15.63

5.28
8.64
4.82
6.51
11.48
9.91
-10.65
-3.69
14.20
2.06
5.21
-3.26
8.70
10.77
6.24
-4.28

3.69
9.47
8.23
4.30
7.38
11.16
0.20
1.65

4 . 39
1.14
35*.27

19.33
-12.24
-15.37
4.38
15.65
26.05

36.88

-9.36
1.18
9.34
13.10
38 . 15

18 ".05
23.18
-10.90

-4.31
7.46
14.27
22 .88

1980. . .
721.
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.. .

ORGANIZATION FOR ECONOMI J COOPERATION AND DEVELOPMENT, EUROPEAN COUNTRIES —
INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

AVE <AGE FOR PERIOD

39
43
47
59
63
64
65
72
74
79
81

39
43
47
57
63
64
65
72
75
81
81

40
43
48
59
63
65
65
72
75
79
82

40
44
48
60
63
64
67
74
77
79
83

40
44
48
60
63
64
68
74
75
81
85

40
45
51
60
64
64
68
74
75
81
85

41
45
50
62
64
64
68
75
77
81
86

41
45
51
62
64
65
69
75
77
82
87

42
46
52
62
64
64
69
77
77
82
86

42
46
51
62
64
64
72
77
77
81
87

43
46
52
62
64
65
72
77
78
82
87

43
47
52
62
64
65
72
77
79
82
87

39
43
47
58
63
64
65
72
75
80
81

40
44
49
60
63
64
68
74
76
80
84

41
45
51
62
64
64
69
76
77
82
86

43
46
52
62
64
65
72
77
78
82
87

89
93
97
98
102
113
120
127
130
139
148
138
141
152
153
154

90
94
97
98
102
113
123
126
128
141
146
138
142
152
152
156

90
93
100
98
104
115
123
126
131
141
148
137
143
153
150
157

90
94
98
98
102
116
124
126
131
142
149
135
145
149
153
158

90
96
98
98
104
117
123
126
133
143
149
134
146
150
152
158

90
94
100
100
104
117
123
127
133
143
149
135
145
149
153
158

92
94
100
100
108
119
126
128
133
143
149
135
146
149
153
163

90
94
100
100
109
119
123
127
134
145
145
133
146
149
152
160

92
96
100
101
109
117
124
128
134
146
146
137
149
150
154
161

92
96
98
101
111
117
124
128
137
146
143
139
149
149
157
K,l

92
96
98
102
112
119
124
128
138
146
141
139
150
149
157
163

93
97
98
105
113
119
126
127
139
146
138
139
150
150
158
163

90
93
98
98
103
114
122
126
130
140
147
138
142
152
152
156

90
95
99
99
103
117
123
126
132
143
149
135
145
149
153
158

91
95
100
100
109
118
124
128
134
145
147
135
147
149
153
161

92
96
98
103
112
118
125
128
138
146
141
139
150
149
157
162

4::

4,
50
61
64
6-i
6:-/ -j
7 •',

q•

i;;..i
107

11 "
12 4
1 ... 13 j
143
14 h
137
1 4I:/
1
1 :;

1980. ..
722.
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...

UNITED KINGDOM— INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

AVERAGE FOR PERIOD

52
55
60
63
63
63
69
73
73
73
75
75
83
84
83
82

52
55
60
64
63
63
68
73
73
76
76
75
83
84
84
84

54
56
60
65
6
6
6
7
7
7
7
75
84
84
84
85

53
56
61
64
61
64
69
74
73
73
73
77
83
84
84
87

52
57
61
64
61
65
70
75
72
76
75
77
84
83
85
88

52
58
60
65
61
62
70
73
73
76
75
77
83
84
85
88

53
62
61
64
59
64
70
73
73
76
73
78
83
85
85
90

53
58
61
64
59
64
70
72
72
76
73
78
84
84
85
89

54
57
62
64
60
65
71
74
73
76
73
79
84
83
87
88

53
57
63
63
62
68
72
76
73
75
73
81
84
84
84
91

54
59
63
63
63
67
72
75
73
76
75
81
84
83
84
92

56
60
63
63
63
67
72
76
73
73
75
82
84
84
84
92

53
55
60
64
63
63
69
74
73
74
76
75
83
84
84
84

52
57
61
64
61
64
70
74
73
75
74
77
83
84
85
88

53
59
61
64
59
64
70
73
73
76
73
78
84
84
86
89

54
59
63
63
63
67
72
76
73
75
74
81
84
84
84
92

5j
58
61

92
98
100
98
104
108
108
112
108
121
113
118
113
122
123
122

93
98
100
99
105
109
110
109
99
121
114
118
114
123
124
132

93
96
100
99
106
109
112
108
109
122
118
116
115
123
123
133

95
98
100
100
106
110
110
110
112
122
122
114
116
122
128
132

95
100
100
99
107
110
109
112
114
122
123
113
118
124
126
134

96
97
99
100
107
112
110
110
114
124
123
113
116
121
128
136

95
97
100
100
107
112
110
110
113
124
123
113
117
123
128
134

95
98
100
99
107
109
110
110
114
124
123
110
116
124
128
130

96
99
100
100
107
109
110
109
116
123
121
113
118
123
128
128

97
100
99
100
106
108
112
109
117
124
120
114
120
122
125
130

97
99
97
101
107
110
110
109
118
123
120
114
121
121
126
132

98
100
98
104
108
112
112
110
120
121
117
113
121
123
129
130

93
97
100
99
105
109
110
110
105
121
115
117
114
123
123
129

95
98
100
100
107
111
110
111
113
123
123
113
117
122
127
134

95
98
100
100
107
110
110
110
114
124
122
112
117
123
128
131

97
100
98
102
107
110
111
109
118
123
119
114
121
122
127
131

9j
98
99

;; A
6 •'

6j
70
-,
7j
'M
7--;
8 T

H4

I
1;
Hi;
i10
113
123
l:?i:

1 2 r.

131

1980. ..
NOTE:

These series contain no revisions but are reprinted for the convenience of the user.




(DECEMBER V-,

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Jan.

Feb.

Mar.

Apr.

May

June

Aug.

July

723. CANADA— INDEX OF INDUSTRIAL
(1967=100)

Sept.

Annual
Oct.

Nov.

Dec.

IQ

MQ

III Q

IV Q

PRODUCTION
AVERAGE FOR PERIOD

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

33.7
35.5
35.9
41.8
41.9
46.4
46.6
49.0
54.8
58.3
56.7
60.2
65.9
64.8
69.5

33.7
35.2
36.5
41.8
41.8
46.8
47.2
49.2
54.8
59.3
57.3
61.4
65.3
64.7
69.8

33.8
35.5
36.5
42.1
42.5
47.2
46.5
50.1
55.8
59.7
57.2
61.4
65.9
64.3
70.8

34.5
35.3
36.7
42.5
42.5
47.2
46.2
50.1
57.1
58.7
57.8
62.7
63.8
65.5
71.2

34.3
35.7
37.0
42.5
43.3
47.2
46.0
51.3
56.5
58.7
58.3
62.4
64.3
65.9
72.0

34.0
35.5
38.1
42.4
43.3
46.9
46.3
51.8
57.6
58.5
57.8
62.6
63.9
66.8
72.6

34.1
35.5
38.9
41.7
43.1
47.2
46.0
51.9
58.2
58.5
58.3
62.9
63.0
67.7
73.7
75.5

34.6
36.2
38.2
42.3
44.4
46.9
46.9
53.1
57.8
58.8
58.2
62.9
63.5
67.3
72.6
75.5

34.9
35.8
39.8
41.6
44.7
47.1
46.4
53.2
58.3
57.6
57.9
64.2
64.1
68.4
73.9
78.2

35.1
35.9
40.3
41.5
45.4
46.6
47.0
53.7
58.8
57.0
58.2
65.5
64.3
68.7
73.3
78.4

35.2
35.8
40.7
41.3
45.7
45.8
47.1
54.0
59.1
57.1
59.4
63.9
63.9
69.1
73.2
79.3

35.2
36.4
41.2
41.1
45.9
46.6
48.2
54.7
59.3
57.2
59.7
64.3
63.7
69.4
73.2
80.3

33.7
35.4
36.3
41.9
42.1
46.8
46.8
49.4
55.1
59.1
57.1
61.0
65.7
64.6
70.0
73.7

34.3
35.5
37.3
42.5
43.0
47.1
46.2
51.1
57.1
58.6
58.0
62.6
64.0
66.1
71.9
75.4

34.5
35.8
39.0
41.9
44.1
47.1
46.4
52.7
58.1
58.3
58.1
63.3
63.5
67.8
73.4
76.4

35.2
36.0
40.7
41.3
45.7
46.3
47.4
54.1
59.1
57.1
59.1
64.6
64.0
69.1
73.2
79.3

34.4
35.7
38.3
41.9
43.7
46.8
46.7
51.8
57.3
58.3
58.1
62.9
64.3
66.9
72.2
76.2

1964. ..
1965...
1966. ..
1967...
1968. . .
1969.. .
1970. . .
1971...
1972...
1973...
1974
1975. ..
1976. ..
1977.. .
1978.. .
1979...
1980...

80.8
87.7
96.0
99.4
101.6
109.9
114.7
115.3
124.8
136.7
148 . 6
138!l
141.5
149.6
150.0
160.8

82.2
87.0
96.8
98.2
101.2
111.7
116.1
115.9
123.4
139.9
149.2

81.5
88.9
96.8
98.1
102.3
113.8
114.4
116.2
125.2
141.3
149.2
136.7
144.6
148.1
152.2
162 .0

82.0
88.5
97.0
99.0
104.3
113.2
113.1
116.8
128.2
141.2
147.2
138.0
146.2
146.4
154.3
160.3

82.1
88.7
97.0
99.0
106.1
112.5
113.8
118.9
126.8
140.6
149.9
135.2
148.3
148.7
151.8
162.1

82.6
89.3
97.2
99.3
106.7
112.1
112.4
119.2
128.4
142.2
147.7
137.0
145.7
150.0
154.8
160.6

82.2
90.9
96.8
100.2
106.9
113.6
113.1
119.8
128.1
144.7
147.0
138.6
146.2
148.4
154.1
163.1

82.8
89.5
95.3
101.8
107.6
112.0
113.6
123.2
129.0
140.4
145.9
137]9
147.2
149.9
154.0
163.3

84.7
91.5
97.5
101.3
108.3
112.7
112.7
123.4
131.6
141.7
145.7
138.5
146.9
149.0
158.8
165.4

84.5
93.1
98.6
100.4
109.1
112.0
112.9
124.8
133.8
143.9

85.9
94.0
98.1
101.8
109.9
113.3
114.2
123.3
135.1
145.9

86.7
95.7
98.4
102.2
109.0
115.1
114.4
124.2
135.3
145.9

140.1
147.4
150.5
158.8
163.7

142.3
147.6
150.5
161.8
160.8

82.2
88.8
97.1
99.1
105.7
112.6
113.1
118.3
127.8
141.3
148.3
136^7
146.7
148.4
153.6
161.0

83.2
90.6
96.5
101.1
107.6
112.8
113.1
122.1
129.6
142.3
146.2
138.3
146.8
149.1
155.6
163.9

85.7
94.3
98.4
101.5
109.3
113.5
113.8
124.1
134.7
145.2
144.1
139.6
146.5
150.2
159.6
163.1

83.2
90.4
97.1
100.1
106.1
112.7
113.8
120.1
129.1
142.0

136.3
144.4
149.6
158.3
164.7

81.5
87.9
96.5
98.6
101.7
111.8
115.1
115.8
124.5
139.3
149.0
137is
142.8
148.2
151.3
161.3

issie

142.3
147.0
151.8
161.0

725. WEST GERMANY — INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

138.1
145.7
149.0
155.1
162.3

AVERAGE FOR PERIOD

1948...
1949. ..
1950...
1951...
1952...
1953. ..
1954...
1955. ..
1956...
1957...
1958...
1959.. .
1960...
1961.. .
1962...
1963...

13
22
26
34
37
38
43
50
56
60
62
63
72
79
86
87

14
23
26
35
36
39
44
51
55
62
63
64
72
80
87
86

14
23
27
35
37
40
44
51
56
59
63
64
73
80
84
88

14
23
28
36
37
41
45
51
58
60
62
64
74
80
84
88

15
23
29
36
36
40
46
52
58
60
62
67
73
79
87
90

14
24
29
35
37
41
46
54
58
62
63
67
73
79
87
88

16
24
30
36
37
42
47
54
59
60
62
66
76
80
87
91

17
25
31
35
38
42
47
55
59
62
64
70
74
80
90
92

18
25
32
35
38
43
48
55
59
62
63
68
76
80
88
91

19
25
33
36
39
43
48
56
59
62
63
71
77
80
87
92

19
25
33
36
40
43
48
56
59
62
64
71
77
80
88
92

20
26
34
36
39
44
50
56
59
62
64
71
79
81
88
91

14
23
26
35
37
39
44
51
56
60
63
64
72
80
86
87

14
23
29
36
37
41
46
52
58
61
62
66
73
79
86
89

17
25
31
35
38
42
47
55
59
61
63
68
75
80
88
91

19
25
33
36
39
43
49
56
59
62
64
71
78
80
88
92

16
24
30
35
38
41
46
53
58
61
63
67
75
80
87
90

1964...
1965...
1966. ..
1967...
1968...
1969...
1970. . .
1971...
1972...
1973...
1974...
1975.. .
1976...
1977. ..
1978...
1979...
1980.. .

94
101
103
98
99
119
128
135
135
146
149
137
145
153
157
159

97
102
103
98
102
120
130
134
137
149
149
137
148
152
152
157

95
99
106
98
103
121
131
134
138
148
148
138
146
154
152
161

95
101
103
98
105
123
132
135
138
148
149
137
148
152
153
161

95
102
103
97
108
124
132
134
138
150
150
135
149
152
152
164

97
101
' 105
98
108
124
132
135
139
149
148
135
149
153
154
164

98
101
103
101
108
126
134
137
139
145
152
135
149
152
157
168

97
101
102
98
114
127
131
131
139
152
145
138
150
152
156
164

98
102
102
101
113
126
131
135
139
150
145
138
152
153
159
164

98
102
101
102
113
127
132
135
141
149
143
141
152
152
159
166

98
101
99
102
117
130
131
132
143
150
142
142
152
152
159
167

99
103
99
110
117
128
132
128
146
150
137
143
152
156
159
167

95
101
104
98
101
120
130
134
137
148
149
137
146
153
154
159

96
101
104
98
107
124
132
135
138
149
149
136
149
152
153
163

98
101
102
100
112
126
132
134
139
149
147
137
150
152
157
165

98
102
100
105
116
128
132
132
143
150
141
142
152
153
159
167

97
101
102
100
109
125
131
134
139
149
146
138
149
153
156
164

726. FRANCE— INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

AVERAGE FOR PERIOD

1948 . . .
1951...
1952. ..
1953. . .
1954. . .
1955...
1956...
1957.. .
1958...
1959...
1960...
1961...
1962...
1963...

40
44
40
46
49
55
62
67
63
70
76
80
82

42
44
40
45
49
53
62
67
64
70
76
80
81

40
44
42
46
50
56
62
67
64
70
76
81
73

42
43
42
47
50
56
62
66
66
71
76
80
82

42
40
44
48
50
58
63
66
66
71
76
81
87

42
42
44
48
51
58
63
66
67
71
77
80
87

44
42
43
48
51
59
64
66
66
73
77
81
89

43
43
40
47
52
59
64
66
66
73
77
81
89

44
42
44
49
51
59
64
66
67
74
77
82
88

44
43
44
48
52
61
64
66
68
74
77
82
88

43
43
45
49
54
61
66
64
69
74
77
82
88

43
40
47
49
53
61
66
64
69
74
80
82
89

41
44
41
46
49
55
62
67
64
70
76
80
79

42
42
43
48
50
57
63
66
66
71
76
80
85

44
42
42
48
51
59
64
66
66
73
77
81
89

43
42
45
49
53
61
65
65
69
74
78
82
88

42
42
43
48
51
58
64
66
66
72
77
81
85

1964. ..
1965...
1966. ..
1967...
1968...
1969...
1970...
1971. . .
1972...
1973.. .
1974...
1975...
1976. ..
1977...
1978...
1979...
1980...

91
89
93
99
103
113
120
124
133
143
152
139
146
157
152
158

91
91
96
99
104
111
121
126
132
144
154
139
147
155
152
159

91
91
96
99
106
111
121
126
133
146
151
137
148
157
155
161

92
91
96
98
106
115
124
126
135
143
152
137
150
152
161
159

92
91
98
98
73
118
121
124
136
150
154
132
148
151
157
163

91
92
99
100
91
117
122
126
136
148
152
137
150
157
152
163

89
92
99
100
110
117
121
128
137
150
157
135
151
152
155
168

89
92
99
100
110
117
121
128
137
150
157
135
151
152
155
168

91
93
99
102
106
115
122
132
139
147
150
136
158
152
157
165

91
95
98
100
111
120
124
130
140
150
148
139
150
150
157
161

91
95
99
102
114
117
122
132
141
151
143
139
157
152
159
163

89
95
99
103
114
117
124
132
143
146
140
144
154
148
161
165

91
90
95
99
104
112
121
125
133
144
152
138
147
156
153
159

92
91
98
99
90
117
122
125
136
147
153
135
149
153
157
162

90
92
99
101
109
116
121
129
138
149
155
135
153
152
156
167

90
95
99
102
113
118
123
131
141
149
144
141
154
150
159
163

91
92
98
100
104
116
122
128
137
147
151
137
151
153
156
163

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
]
This series contains revisions beginning with 1971.




100

(DECEMBER 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

7 2 7 . ITALY—INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
1948...
1949...
1950...
1951...
1952.. .

1953. . .
1954. ..
1955. ..
1956...

1957. ..
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969.. .

1970. ..
1971. ..
1972. ..
1973...
1974...
1975.. .
1976...
1977...
1978...
1979.. .
1980...

1953. ..
1954...

1955. ..
1956...
1957...
1958...
1959...

1960. ..
1961...
1962...
1963...
1964...
1965...
1966...

1967. ..
1968...

1969. ..
1970...

1971. ..
1972. ..
1973. ..
1974...

1975. ..
1976...
1977.. .
1978...
1979...
1980...

1953. ..
1954...

1955. ..
1956...
1957...
1958...
1959...
1960...

1961. ..
1962. ..
1963...

1964. ..
1965...
1966...

1967. ..
1968...
1969...

1970. ..
1971...
1972.. .

1973. ..
1974...
1975...
1976...
1977...
1978...
1979...
1980...

IV Q

Annual

AVERAGE FOR P E R I O D

20.6
23.2
24.7
29.3
29.3
31.3
34.9
37.6
38.6
44.5
45.3
49.6
57.4
63.3
71.3
74.1

20.8
22.1
25.1
30.0
29.3
31.9
34.9
38.2
40.3
44.5
45.2
49.9
58.2
63.2
70.8
76.1

20.8
22.4
25.8
30.0
29.7
31.9
35.3
37.9
41.6
45.2
45.1
50.0
58.4
63.8
71.3
78.0

22.4
24.2
25.8
30.0
30.4
30.9
34.9
38.3
42.0
44.7
45.2
50.0
59.1
64.6
72.2
77.9

21.3
25.1
26.4
29.7
30.0
31.9
34.3
39.2
42.0
45.1
46.2
49.7
60.4
65.5
70.2
79.3

21.3
24.2
25.8
30.0
30.0
32.7
35.6
39.3
42.7
45.5
46.7
50.1
60.3
66.6
72.8
78.7

24.2
24.7
27.1
29.7
30.6
33.0
35.8
39.1
42.1
45.8
46.6
51.9
60.5
66.8
73.0
79.8

23.6
24.2
27.1
29.7
30.9
32.7
36.5
39.2
43.2
46.2
47.4
53.1
61.3
67.4
71.7
81.3

23.2
24.2
27.3
28.7
30.9
33.6
36.5
39.3
43.2
44.5
47.6
54.1
60.5
68.7
72.7
81.5

23.8
24.2
28.0
28.4
31.3
34.9
36.5
39.7
42.7
45.1
47.9
55.3
60.8
69.5
74.2
81.1

23.2
23.8
29.0
29.0
30.9
34.9
36.9
39.6
43.4
45.5
47.9
56.0
60.9
70.1
75.9
80.5

20.3
22.8
24.7
29.3
29.3
31.5
34.8
37.7
39.6
44.2
45.6
49.2
57.1
62.8
71.1
75.4

21.5
23.9
26.0
29.9
30.0
31.6
34.8
38.5
41.9
45.0
45.5
49.9
59.364.6
71.2
78.4

23.0
24.4
26.7
29.8
30.5
32.8
36.0
39.2
42.7
45.8
46.9
51.7
60.7
66.9
72.5
79.9

23.4
24.1
28.1
28.7
31.0
34.5
36.6
39.5
43.1
45.0
47.8
55.1
60.7
69.4
74.3
81.0

22.1
23.8
26.4
29.4
30.2
32.6
35.6
38.7
41.8
45.0
46.4
51.5
59.5
66.0
72.3
78.7

82.6
79.4
88.8
97.8
102.4
112.8
116.9
116.5
121.6
123.2
145.9
128.7
130.8
153.6
143.8
152.8

79.9
80.3
88.5
99.2
102.5
109.5
118.3
117.3
120.2
122.7
141.9
132.1
139.0
153.4
146.1
160.0

81.6
79.3
90.7
97.8
102.5
112.8
117.8
117.3
119.8
122.7
143.1
126.0
139.2
153.8
145.9
156.0

80.6
80.5
88.8
99.7
104.3
113.5
116.8
113.7
118.7
130.7
147.2
127.8
138.7
144.0
143.5
156.7

79.7
83.1
92.1
100.5
105.7
111.4
115.0
114.6
120.9
132.6
143.9
120.4
145.2
147.1
143.8
151.9

78.3
84.0
92.5
100.0
105.5
114.5
115.1
114.7
121.1
136.0
146.4
127.2
139.7
137.3
145.3
145.1

79.8
84.6
93.3
100.1
106.3
115.0
118.3
114.5
119.0
140.1
143.5
129.2
143.5
139.7
144.4
150.4

74.9
83.5
95.8
100.5
106.0
113.2
115.2
115.4
122.0
136.2
130.6
114.3
139.1
140.9
143.7
150.1

79.1
84.6
96.1
100.0
109.1
107.0
118.7
119.5
116.1
138.2
144.2
128.2
147.8
144.5
146.2
159.4

78.8
85.0
94.9
101.1
109.9
102.2
116.0
117.0
128.2
142.0
136.9
130.7
143.7
140.9
154.3
166.8

79.4
87.2
95.4
101.8
106.0
99.9
117.5
120.1
127.8
141.5
129.7
132.1
150.4
142.0
154.7
167.3

79.6
86.8
97.5
101.6
110.7
104.2
117.9
121.3
127.8
139.0
123.4
125.9
154.7
137.9
151.9
164.7

81.4
79.7
89.3
98.3
102.5
111.7
117.7
117.0
120.5
122.9
143.6
128.9
136.3
153.6
145.3
156.3

79.5
82.5
91.1
100.1
105.2
113.1
115.6
114.3
120.2
133.1
145.8
125.1
141.2
142.8
144.2
151.2

77.9
84.2
95.1
100.2
107.1
111.7
117.4
116.5
119.0
138.2
139.4
123.9
143.5
141.7
144.8
153.3

79.3
86.3
95.9
101.5
108.9
102.1
117.]
119.5
127.9
140.8
130.0
129.6
149.6
140.3
153.6
166.3

79.5
83.2
92.9
100.0
105.9
109.7
117.0
116.8
121.9
133.7
139.7
126.9
142.6
144.6
147.0
156.8

5.3
7.4
8.4

13.8
15.3
18.6
19.4
23.0
27.9
28.7
31.4
40.4
48.2
55.6
57.2

5.9
7.7
9.3
13.3
13.9
16.6
18.4
19.7
24.3
30.0
28.1
33.5
42.1
50.2
55.9
60.2

6.6
7.9
10.3
13.6
14.9
17.4
17.9
20.7
25.9
29.9
28.8
35.5
43.7
52.4
55.2
63.2

6.9
8.3
11.7
13.6
14.4
18.3
18.4
21.7
27.4
29.2
29.7
37.9
45.8
54.3
54.8
66.4

6.2
7.8
9.9
13.2
14.3
16.9
18.3
20.4
25.2
29.3
28.8
34.6
43.0
51.3
55.4
61.8

68.7
73.9
77.7
93.2
109.7
125.2
147.0
155.7
160.1
186.9
196.7
161.6
176.3
190.5
197.8
212.1

70.5
73.3
81.7
97.1
113.0
131.2
151.7
154.1
163.7
190.8
188.6
164.0
182.4
190.4
201.3
217.0

72.6
74.1
85.7
102.1
116.1
135.0
153.7
156.6
168.3
193.2
181.4
167.4
186.2
190.2

74.0
75.3
90.3
107.3
121.6
142.1
154.3
157.0
176.3
197.4
172.6
168.1
188.3
192.8

71.4
74.2
83.8
100. 0
115.1
133.4
151.7
155.8
167.1
192.1
184.8
165.3
183.3
191.0

204.0

208.2
227.2

202.8

AVERAGE FOR P E R I O D

5.0
7.1
8.3
12.1
14.1
14.6
18.5
19.1
22.9
27.5
28.7
30.7
39.0
47.4
55.9
55.9

5.3
7.4
8.5
11.7
14.0
15.0
18.2
19.4
23.4
28.1
28.8
31.6
40.8
47.9
55.5
57.4

5.5
7.7
8.3
12.6
13.4
16.2
19.0
19.7
22.8
28.1
28.7
32.0
41.3
49.4
55.4
58.2

5.6
7.7
9.0
13.1
13.8
16.4
18.7
19.7
23.7
29.1
28.5
32.5
41.8
49.1
55.9
59.8

5.9
7.4
9.3
13.4
14.0
16.5
18.2
19.7
24.3
30.7
27.9
33.5
42 .0
50.4
56.4
60.5

6.1
7.9
9.6
13.5
14.0
16.8
18.2
19.7
24.9
30.3
27.8
34.4
42.5
51.1
55.5
60.2

6.4
7.9
9.9
13.7
14.6
17.0
18.1
20.3
25.5
30.5
28.5
34.9
43.0
51.9
54.7
62.3

6.5
8.0
10.3
13.5
14.7
17.5
17.6
20.8
25.9
29.6
28.8
35.4
43.6
52.7
55.9
63.6

6.8
7.9
10.8
13.5
15.5
17.6
18.1
21.1
26.4
29.6
29.0
36.3
44.5
52.6
55.0
63.8

6.8
8.0
11.4
13.1
14.7
18.1
18.2
21.2
27.2
29.3
29.6
37.0
45.0
53.7
54.7
65.6

6.8
8 .2
11.8
13.8
14.3
18.2
18.4
21.7
27.5
29.3
29.4
37.6
46.0
54.4
55.0
66.6

7.1
8.6
11.8
14.0
14.3
18.5
18.7
22.2
27.6
29.0
30.2
39.0
46.4
54.9
54.7
67.1

67.8
74.0
76.9
92.9
108.3
123.8
145.6
155.7
158.0
184.8
198.3
163.3
172.6
191.4
196.9
210.2

69.3
73.4
77.0
91.9
110.1
125.8
146.9
154.9
159.8
186.4
198.2
161.8
176.9
188.8
197.0
213.1

68.9
74.4
79.3
94.9
110.6
126.0
148.4
156.4
162.6
189.6
193.7
159.7
179.3
191.4
199.5
213.1

69.4
73.4
80.5
95.2
111.2
129.6
149.8
155.5
161.7
188.8
190.1
163.5
181.8
190.4

70.4
72.6
81.7
97.2
114.7
132.4
151.4
151.7
164.3
190.9
190.2
163.3
181.0
189.8
201.5
218.2

71.6
73.9
82.8
99.0
113.1
131.6
153.9
155.0
165.0
192.6
185.5
165.1
184.5
191.1
201.8
218.5

71.9
73.9
84.3
100.0
114.2
133.2
153.9
155.5
164.8
190.7
183.6
166.9
186.0
187.9
201.8
221.2

71.9
73.9
85.8
101.8
117.4
134.5
153.2
156.4
169.3
195.7
181.3
166.6
186.4
191.6
204.1
221.8

73.9
74.4
86.9
104.6
116.7
137.2
154.0
157.9
170.9
193.1
179.3
168.6
186.3
191.2

73.9
74.5
88.3
105.3
119.7
141.0
154.2
156.0
172.7
196.4
175.4
168.8
186.0
190.1

73.1
75.7
90.4
107.9
122.8
141.2
152.7
157.9
176.0
198.0
172.6
166.0
188.9
193.4

206.0
220.5

206.9
225.0

207.6

74.9
75.7
92.2
108.8
122.3
144.0
156.0
157.2
180.2
197.7
169.8
169.6
190.1
194.9
210.1

228.1

228.4

950.
1948...
1949...
1950...
1951...
1952...

III Q

19.6
23.2
24.2
28.7
29.3
31.3
34.7
37.2
39.8
43.7
46.2
48.1
55.8
61.9
71.2
75.9

7 2 8 . JAPAN — INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
1948...
1949...
1950...
1951...
1952...

II Q

200.5

214.4

DIFFUSION INDEX OF 12 LEADING INDICATOR COMPONENTS
( P E R C E N T R I S I N G OVER 1-MONTH SPANS)

29.2
75.0
58.3
79.2
62.5
58.3
75.0
37.5
33.3
58.3
83.3
37.5
58.3
54.2
66.7

60.0
41,7
70.8
45.8
58.3
70.8
66.7
58.3
50.0
50.0
58.3
75.0
8.3
87.5
58.3
50.0

60.0
33.3
95.8
41.7
33.3
37.5
83.3
54.2
66.7
29.2
70.8
54.2
58.3
100.0
45.8
66.7

40.0
50.0
75.0
41.7
58.3
33.3
91.7
45.8
25.0
58.3
87.5
58.3
50.0
70.8
16.7
75.0

54.2
41.7
62.5
29.2
75.0
12.5
100.0
58.3
33.3
66.7
91.7
29.2
54.2
79.2
29.2
37.5

25.0
75.0
66.7
33.3
50.0
33.3
79.2
70.8
58.3
37.5
79.2
33.3
54.2
66.7
91.7
37.5

20.8
75.0
54.2
45.8
50.0
29.2
66.7
54.2
45.8
33.3
91.7
41.7
50.0
70.8
70.8
41.7

33.3
83.3
25.0
66.7
75.0
8.3
83.3
54.2
41.7
25.0
100.0
41.7
58 .3
41.7
75.0
79.2

45.8
54.2
45.8
50.0
54.2
50.0
100.0
25.0
50.0
25.0
66.7
25.0
25.0
83.3
45.8
79.2

12.5
66.7
20.8
50.0
62.5
33.3
83.3
58.3
54.2
0.
87.5
41.7
33.3
75.0
54.2
41.7

25.0
58.3
33.3
66.7
66.7
62.5
54.2
25.0
37.5
25.0
45.8
50.0
37.5
62.5
62.5
58.3

54.2
66.7
70.8
50.0
33.3
58.3
16.7
66.7
87.5
62.5
41.7
20.8
83.3
45.8
45.8
58.3

50.0
70.8
66.7
41.7
66.7
37.5
33.3
66.7
75.0
62.5
62.5
33.3
50.0
50.0
62.5
41.7

54.2
62.5
58.3
54.2
50.0
25.0
41.7
87.5
79.2
41.7
45.8
58.3
58.3
83.3
41.7
66.7

87.5
50.0
37.5
66.7
29.2
66.7
41.7
45.8
58.3
33.3
33.3
83.3
50.0
50.0
66.7
25.0

62.5
70.8
29.2
75.0
66.7
37.5
62.5
50.0
37.5
54.2
33.3
91.7
66.7
41.7
54.2
45.8

58.3
54.2
20.8
79.2
79.2
41.7
29.2
58.3
66.7
37.5
16.7
91.7
79.2
58.3
62.5
41.7

75.0
58.3
29.2
79.2
58.3
29.2
58.3
45.8
66.7
37.5
16.7
83.3
50.0
45.8
45.8
45.8

66.7
45.8
33.3
100.0
50.0
41.7
41.7
37.5
75.0
29.2
16.7
62.5
37.5
70.8
50.0
29.2

75.0
37.5
29.2
54.2
83.3
50.0
79.2
50.0
87.5
45.8
25.0
62.5
45.8
54.2
62.5
54.2

58.3
66.7
29.2
37.5
66.7
33.3
58.3
75.0
79.2
70.8
12.5
62.5
37.5
75.0
54.2
16.7

75.0
70.8
33.3
70.8
66.7
20.8
45.8
66.7
75.0
66.7
8.3
62.5
75.0
70.8
37.5
20.8

50.0
62.5
41.7
75.0
62.5
25.0
66.7
91.7
79.2
33.3
25.0
41.7
50.0
58.3
66.7
41.7

NOTE: These series contain no revisions but are reprinted for the convenience of the user.

221.2

219.4

AVERAGE FOR P E R I O D

20.0
45.8
91.7
54.2
66.7
45.8
83.3
91.7
25.0
33.3
45.8
75.0
25.0
66.7
70.8
83.3




12.1

59.7
69.4
75.0
37.5
38.9
54.1
77.8
23.6
70.8
61.1
66.7

51.4
41.7
77.8
37.5
55.5
27.8
91.7
52.8
41.7
51.4
83.3
47.2
54.2
83.3
30.6
59.7

26.4
77.8
48.6
48.6
58.3
23.6
76.4
59.7
48.6
31.9
90.3
38.9
54.2
59.7
79.2
52.8

27.8
59.7
33.3
55.6
61.1
48.6
79.2
36.1
47.2
16.7
66.7
38.9
31.9
73.6
54.2
59.7

54.5
59.7
48.6
60.8
39.9
79.2
55.9
43.8
34.7
73.6
50.7
41.0
71.9
56.2
59.7

52.8
66.7
65.3
48.6
50.0
40.3
30.6
73.6
80.6
55.6
50.0
37.5
63.9
59.7
50.0
55.6

69.4
58.3
29.2
73.6
58.4
48.6
44.5
51.4
54.2
41.7
27.8
88.9
65.3
50.0
61.1
37.5

72.2
47.2
30.6
77.8
63.9
40.3
59.7
44.4
76.4
37.5
19.5
69.4
44.4
56.9
52.8
43.1

61.1
66.7
34.7
61.1
65.3
26.4
56.9
77.8
77.8
56.9
15.3
55.6
54.2
68.0
52.8
26.4

63.9
59.7
39.9
65.3
59.4
38.9
47.9
61.8
72.2
47.9
28.1
62 .8
56.9
58.7
54.2
40.6

38.9
79.2
52.8
68.1

(DECEMBER 1980)

101

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Annual
Oct.

Nov.

Dec.

8. 3
100.0
16.7
75.0
83.3
33.3
100.0
20.8
33.3
0.
91.7
25.0
37.5
83.3
87.5
87.5

16 . 7
100.0
45.8
75.0
58.3
41.7
100.0
25.0
33.3
20.8
91.7
0.
37.5
87.5
79.2
79.2

1 Q

950. DIFFUSION INDEX OF 12 LEADING INDICATOR COMPONENTS
(PERCENT RISING OVER 6-MONTH SPANS)
1948 . . .
1949...
1950. ..
1951. . .
1952. . .
1953. ..
1954. . .
1955. ..
1956. ..
1957. ..
1958...
1959...
1960. ..
1961. . .
1962. ..
1963. ..

1965. ..
1966. ..
1967. ..
1968. . .
1969. . .
1970.. .
1971. ..
1972. ..
1973. ..
1974. ..
1975. ..
1976...
1977. . .
1978...
1979. ..
1980...

25.0
95.8
41.7
58.3
62.5
58.3
91.7
33.3
8.3
41.7
91.7
25.0
70.8
62.5
87.5

25.0
100.0
45.8
66.7
41.7
83.3
83.3
25.0
16.7
54.2
83.3
41.7
100.0
20.8
100.0

25.0
100.0
37.5
70.8
25.0
87.5
83.3
25.0
8.3
95.8
83.3
8.3
91.7
29.2
83.3

45.0
41.7
100.0
29.2
75.0
25.0
91.7
75.0
25.0
20.8
91.7
54.2
16.7
91.7
41.7
83.3

54.2
83.3
41.7
62.5
66.7
16.7
91.7
100.0
75.0
25.0
25.0
83.3
91.7
58.3
33.3

54.2
66.7
41.7
50.0
45.8
25.0
91.7
91.7
58.3
20.8
33.3
91.7
79.2
54.2
41.7

62.5
45.8
62.5
50.0
33.3
25.0
75.0
83.3
62.5
25.0
75.0
79.2
70.8
58.3
41.7

91.7
45.8
25.0
70.8
83.3
29.2
37.5
70.8
83.3
50.0
25.0
91.7
75.0
58.3
54.2
41.7

40.0
54.2
83.3
25.0
58.3
25.0
87.5
75.0
33.3
33.3
100.0
37.5
33.3
100.0
29.2
54.2

30 . 0
91.7
66.7
33.3
83.3
8.3
95.8
70.8
25.0
25.0
100.0
25.0
62.5
100.0
41.7
62.5

20.0
91.7
66.7
33.3
75.0
8.3
100.0
58.3
20.8
16.7
100.0
16.7
50.0
91.7
45.8
66.7

16.7
91.7
62.5
33.3
83.3
8.3
100.0
75.0
58 . 3
0.
100.0
0.
45.8
91.7
66.7
66.7

16.7
91.7
50.0
33 . 3
83.3
16.7
91.7
58.3
50.0
0.
100.0
16.7
41.7
91.7
83.3
70.8

83.3
50.0
16.7
83.3
58.3
37.5
33.3
58.3
100.0
25.0
8.3
100.0
75.0
83.3
50.0
33.3

83.3
54.2
25.0
91.7
70.8
41.7
33.3
41.7
95.3
29.2
0.
100.0
70.8
54.2
58.3
29.2

8 3.' 3
16.7
100.0
91.7
16.7
33.3
54.2
95.8
33.3
8.3
91.7
50.0
62.5
62.5
37.5

70.8
8.3
100.0
91.7
0.
41.7
66 .7
91.7
29.2
0.
83.3
62.5
58.3
83.3
33.3

87.5
12.5
91.7
91.7
0.
66.7
66.7
91.7
29.2
0.
66.7
58.3
70.8
66.7
45.8

1964. ..
1965. . .
1966. ..
1967. . .
1968. ..
1969. ..
1970.. .
1971. ..
1972. ..
1973. ..
1974. . .
1975...
1976. ..
1977. ..
1978 . . .
1979. . .
1980. ..

91.7
20.8
70.8
91.7
16.7
66.7
91.7
91.7
25.0
0.
83.3
50.0
66.7
66.7
41.7

83.3
33.3
70.8
83.3
8.3
75.0
91.7
91.7
33.3
8.3
83.3
62.5
75.0
66.7
45.8

83.3
50.0
70.8
66.7
8.3
100.0
100.0
83.3
25.0
16.7
83.3
66.7
66.7
50.0
16.7

25.0
98.6
41.7
65.3
43.1
76.4
86.1
27.8
11.1
63.9
86.1
25.0
87. 5
37.5
90.3

17 .8
91.7
59.7
33.3
80.5
11.1
97.2
63.9
43.0
5.6
100.0
11.1
45.8
91.7
65.3
68.1

13 .9
94. 4
33.3
69.4
75.0
33.3
97.2
34.7
40 . 3
9.7
91.7
16.7
38.9
84.7
86.1
79.2

68.4
68.8
43.4
73.2
26.7
90.6
64.6
34.7
13.2
88.2
38.2
36.8
90.3
56.6
76.0

57.0
65.3
48.6
54.2
48.6
22.2
86.1
91.7
65.3
23.6
44.4
84.7
80.6
56.9
38.9

50.0
22.2
81.9
70.8
36.1
34.7
56.9
93 .0
34.7
11.1
97.2
73.6
65.3
54.2
34.7

80.5
12.5
97.2
91.7
5.6
47.2
62.5
93.1
30.6
2.8
80 .6
56.9
63.9
70.8
38.9

75.0
86.1
34.7
70.8
80.6
11.1
80.6
94.5
88.9
27.8
8.3
83.3
59.7
69.5
61.1
34.7

81.6
68 .4
33.7
74.6
74.3
25.4
46.2
75.0
91.7
39.6
11.4
76.4
68 .8
69.8
60.8
36 .8

75.0
20.8
100.0
54.2
54.2
58.3
50 .0
91.7
66.7
29.2
58.3
100.0
45.8
91.7
70.8
91.7

AVERAGE FOR PERIOD

0.
75.0
75.0
75.0
100.0
25.0
100.0
50.0
25.0
0.
75.0
100.0
50.0
25.0
62.5

75.0
0.
50.0
50.0
100.0
100.0
50.0
100.0
50.0
100.0
12.5
100.0
25.0
50.0
87.5
100.0

75.0
25.0
100.0
75.0
50.0
100.0
0.
100.0
62.5
62.5
0.
100.0
0.
100.0
100.0
100.0

50.0
0.
100.0
62.5
50.0
75.0
25.0
100.0
100.0
12.5
0.
100.0
75.0
75.0
100.0
100.0

75.0
25.0
100.0
50.0
62.5
50.0
50 .0
100.0
25.0
0.
75.0
100.0
37.5
100 .0
62.5
75.0

100.0
37.5
100.0
50.0
50.0
50.0
75.0
75.0
75.0
75.0
100.0
100.0
25.0
100.0
50.0
100.0

62.5
0.
100.0
12.5
0.
62.5
50.0
100.0
0.
62.5
100.0
25.0
0.
75.0
100.0
62.5

62.5
100.0
100.0
50.0
100.0
0.
25.0
50.0
100.0
62.5
75.0
0.
0.
100.0
100.0
75.0

50.0
100.0
50.0
25.0
100.0
0.
100.0
100.0
100.0
0.
100.0
25.0
25.0
62.5
50.0
100.0

75.0
0.
75.0
87.5
87.5
25.0
100.0
75.0
100.0
0.
100.0
50.0
25.0
100.0
100.0
100.0

12.5
100.0
50.0
75.0
50.0
25.0
100.0
100.0
75.0
0.
100.0
75.0
0.
100.0
100.0
37.5

25.0
75.0
100.0
75.0
100.0
0.
100 .0
100.0
100.0
0.
75.0
100.0
25.0
100.0
37.5
75.0

8.3
75.0
66.7
75.0
100.0
25.0
100.0
54.2
62.5
4 .2
91.7
41.7
66.7
70.8
87.5

100.0
75.0
100.0
100.0
25.0
100.0
0.
100.0
100.0
100.0
50.0
0.
100.0
25.0
25.0
25.0

100.0
100.0
100.0
37.5
75.0
100.0
75.0
25.0
75.0
100.0
25.0
25.0
100.0
100.0
75.0
75.0

62.5
100.0
100.0
75.0
100.0
100.0
62.5
87.5
100.0
75.0
50.0
12.5
100.0
100.0
100.0
100.0

100.0
100.0
75.0
100.0
75.0
75.0
25.0
100.0
100.0
62.5
25.0
75.0
100.0
75.0
100.0
12.5

100.0
75.0
75.0
62.5
100.0
50.0
25.0
100.0
100.0
75.0
75.0
100.0
75.0
75.0
50.0
75.0

75.0
100.0
100.0
75.0
100.0
100.0
25.0
62.5
75.0
75.0
75.0
75.0
87.5
100.0
75.0
75.0

100.0
100.0
75.0
75.0
75.0
100.0
100.0
75.0
75.0
75.0
50.0
100.0
100.0
75.0
75.0
100.0

75.0
75.0
100.0
100.0
75.0
100.0
25.0
37.5
100.0
37.5
12.5
100.0
100.0
75.0
100.0
50.0

100.0
87.5
75.0
75.0
87.5
87.5
50.0
87.5
75.0
100.0
50.0
100.0
50.0
75.0
62.5
50.0

12.5
100.0
100.0
50.0
100.0
100.0
0.
62.5
100.0
100.0
25.0
100.0
25.0
100.0
100.0
62.5

100.0
100.0
50.0
100.0
100.0
0.
0.
100.0
100.0
100.0
0.
100.0
100.0
100.0
100.0
50.0

100.0
100.0
87.5
100.0
75.0
75.0
100.0
100.0
100.0
25.0
0.
75.0
100.0
100.0
100.0
100.0

87.5
91.7
100.0
70.8
66.7
100.0
45.8
70.
91.
91.
41.
12.
100.
75.
66.
66.

1964. ..
1965. ..
1966. ..
1967. ..
1968. ..
1969...
1970. ..
1971...
1972. ..
1973.. .
1974. ..
1975. ..
1976...
1977. ..
1978. ..
1979. ..
1980. ..
NOTE:

0.
100 .0
75.0
100.0
100.0
0.
100.0
100.0
50.0
0.
100.0
100.0
25.0
100.0
100.0

0.
100.0
100.0
100.0
100.0
0.
100.0
62.5
62.5
0.
100.0
100.0
75.0
100.0
100.0

0.
100.0
75.0
62.5
100.0
25.0
100.0
50.0
50.0
0.
100.0
50.0
100.0
100.0
100.0

100.0
0.
100.0
50.0
50.0
100.0
50.0
100.0
25.0
62.5
37.5
100.0
50.0
100.0
100.0
100.0

100.0
100.0
100.0
75.0
100.0
100.0
50.0
100.0
100.0
100.0
50.0
0.
100.0
100.0
100.0
75.0

100.0
100.0
100.0
75.0
100.0
100.0
50.0
100.0
100.0
100.0
25.0
0.
100.0
100.0
100.0
87.5

100.0
100.0
100.0
75.0
100.0
100.0
25.0
100.0
100.0
100.0
75.0
0.
100.0
100.0
100.0
50.0

100.0
100.0
100.0
75.0
100.0
100.0
25.0
100.0
100.0
100.0
50.0
75.0
100.0
100.0
100.0
75.0




102

91.7
91.7
83.3
79.2
91.7
75.0
25.0
87.5
91.7
70.8
58.3
83.3
87.5
83.3
75. 0
54.2

58.3
66.7
83.3
29.2
66.7
20.8
58.3
83.3
66.7
41.7
91.7
16.7
8.3
79.2
83.3
79.2

37.5
58.3
75.0
79.2
79.2
16.7
100.0
91.7
91.7
0.
91.7
75.0
16.7
100.0
79.2
70.8

38.5
83.3
57.3
68 .8
49.0
58.3
91.7
69.8
33.3
61.5
70.8
28.1
84.4
76.0
82.3

91.7
87.5
83.3
83.3
79.2
95.8
58.3
66.7
83.3
70.8
37.5
100.0
83.3
75.0
79.2
66.7

70.8
100.0
79.2
83.3
91.7
58.3
33.3
87.5
100.0
75.0
8.3
91.7
75.0
100.0
100.0
70.8

85.4
92.7
86.5
79.2
82.3
82.3
40.6
78.1
91.7
77.1
36.5
71.9
86.5
83.3
80.2
64.6

AVERAGE FOR PERIOD

100.0
0.
100.0
50.0
100.0
62.5
25.0
100.0
62 . 5
25.0
75.0
75.0
25.0
100.0
100.0
100.0

100.0
50.0
100.0
50.0
100.0
0.
62.5
100.0
100.0
25.0
100.0
50.0
25.0
100.0
100.0
100.0

100.0
0.
100.0
50.0
100.0
0.
50.0
100.0
100.0
25.0
100.0
12.5
25.0
100.0
100.0
100.0

75.0
50.0
100.0
75.0
100.0
0.
100.0
100.0
100.0
12.5
100.0
25.0
0.
100.0
100.0
100.0

50.0
50.0
100.0
50.0
100.0
0.
100.0
100.0
100.0
0.
100.0
50.0
0.
100.0
100.0
100.0

0.
100.0
75.0
100.0
100.0
0.
100.0
100.0
100.0
0.
100.0
100.0
0.
100.0
100.0
100.0

0.
75.0
75.0
100.0
100.0
0.
100.0
100.0
100.0
0.
100.0
100.0
0.
100.0
100.0
100.0

0.
100.0
75.0
100.0
100.0
0.
100.0
75.0
100.0
0.
100.0
100.0
25.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0
100.0
25.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
50.0

100.0
100.0
75.0
100.0
100.0
100.0
50.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
25.0

100.0
100.0
100.0
100.0
100.0
100.0
0.
100.0
100.0
100.0
25.0
100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0
100.0
0.
100.0
100.0
100.0
0.
100.0
100.0
100.0
100.0
50.0

100.0
100.0
100.0
100.0
100.0
87.5
0.
100.0
100.0
100.0
0.
100.0
100.0
100.0
100.0
75.0

100.0
100.0
100.0
100.0
100.0
50.0
50.0
100.0
100.0
50.0
0.
100.0
100.0
100.0
100.0
75.0

100.0
100.0
100.0
100.0
100. 0
50 .0
50.0
100.0
100.0
50.0
0.
100.0
100.0
100.0
100.0
75.0

100.0
100.0
75.0
100.0
100.0
50.0
75.0
100.0
100.0
50.0
0.
100.0
100.0
100.0
100.0
25.0

These series contain no revisions but are reprinted for the convenience of the user.

IV Q

38 . 3
62.5
83.3
29.2
72.2
19.4
91.7
73.6
27.8
26.4
97.2
38.9
37.5
97.2
37.5
66.7

951. DIFFUSION INDEX OF 4 ROUGHLY COINCIDENT INDICATOR COMPONENTS
(PERCENT RISING OVER 6-MONTH SPANS)
1948
1949...
1950. . .
1951. . .
1952. . .
1953. ..
1954. . .
1955. ..
1956...
1957. ..
1958. ..
1959...
1960. > .
1961. . .
1962...
1963. ..

III Q

AVERAGE FOR PERIOD
16 . 7
83.3
37.5
58.3
83.3
25.0
91.7
58.3
54.2
8.3
91.7
25.0
41.7
83.3
91.7
70.8

951. DIFFUSION INDEX OF 4 ROUGHLY COINCIDENT INDICATOR COMPONENTS
(PERCENT RISING OVER 1-MONTH SPANS)
1948...
1949...
1950.. .
1951. ..
1952. ..
1953. . .
1954. ..
1955...
1956. . .
1957. ..
1958...
1959...
1960. ..
1961. ..
1962. . .
1963. ..

II Q

0.
100.0
83.3
87.5
100.0
8.3
100.0
70.8
54.2
0.
100.0
83.3
66.7
100.0
100.0

100.0
16.7
100.0
50.0
83.3
54.2
45.8
100.0
62.5
37.5
70.8
75.0
33.3
100.0
100.0
100.0

75.0
33.3
100.0
58.3
100.0
0.
83.3
100.0
100.0
12.5
100.0
29.2
8.3
100.0
100.0
100.0

0.
91.7
75.0
100.0
100.0
0.
100.0
91.7
100.0
0.
100.0
100.0
8.3
100.0
100.0
100.0

35.4
93.8
72.9
92.7
38.5
59.4
97.9
83.3
26.0
67.7
76 .0
33.3
91.7
100.0
100.0

100.0
100.0
100.0
75.0
100.0
100.0
41.7
100.0
100.0
100.0
50.0
0.
100.0
100.0
100 .0
70.8

100 . 0
100. 0
91.7
91.7
100.0
100.0
33.3
100.0
100.0
83.3
50.0
91.7
100.0
100.0
100.0
50.0

100.0
100.0
100.0
100.0
100.0
95.8
0.
100.0
100.0
100.0
8.3
100 . 0
100.0
100.0
100.0
75.0

100.0
100.0
91.7
100.0
100.0
50.0
58.3
100.0
100.0
50.0
0.
100.0
100.0
100. 0
100.0
58.3

100.0
100.0
95.8
91.7
100.0
86.5
33.3
100.0
100.0
83.3
27.1
72.9
100.0
100.0
100.0
63.5
(DECEMBER 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Dec.

41.7
75.0
66.7
66.7
75.0
41.7
25.0
83.3
75.0
41.7
58.3
91.7
50.0
58.3
83.3
75.0

66.7
25.0
75.0
83.3
58.3
41.7
75.0
100.0
91.7
58.3
66.7
50.0
75.0
50.0
58.3
91.7

25.0
41.7
66. 7
100.0
91.7
41.7
41.7
58.3
50.0
66.7
91.7
50.0
50.0
75.0
66.7
75.0

5Cl!o
52.8
80.6
72 .2
75.0
36.1
72.2
86.1
52.8
25.0
72.2
80.6
30.6
69.5
58.3

58.3
75.0
41.7
41.7
66.7
91.7
33.3
33.3
75.0
83.3
50.0
66.7
58.3
91.7
66.7
83.3

41.7
75.0
75.0
58.3
83.3
75.0
33.3
33.3
83.3
75.0
50.0
16.7
58.3
100.0
100.0
41.7

58.3
66.7
75.0
83.3
83.3
66.7
16.7
50.0
91.7
91.7
50.0
33.3
66.7
75.0
83.3
50.0

66.7
72 .2
80.5
66.7
75.0
80.5
50.0
55.5
47.2
94.4
63.9
19.5
55.6
77.8
97.2
77.8

83.3
25.0
83.3
83.3
75.0
41.7
25.0
100.0
66.7
50.0
50.0
83.3
41.7

58 . 3
41.7

Oct.

IQ

952. DIFFUSION INDEX OF 6 LAGGING INDICATOR COMPONENTS
(PERCENT RISING OVER 1-MONTH SPANS)
1948...
1949...
1950. ..
1951. ..
1952. ..
1953. ..
1954. ..
1955...
1956. ..
1957. ..
1958. ..
1959. ..
1960. ..
1961.. .
1962. ..
1963. . .
1964. ..
1965. ..
1966...
1967. ..
1968. ..
1969...
1970. . .
1971. ..
1972. ..
1973...
1974. ..
1975. ..
1976. ..
1977...
1978. ..
1979...
1980...

50.0
75.0
100.0
75.0
58.3
41.7
66.7
91.7
75.0
33.3
58.3
58.3
25.0
91.7
58.3

58.3
58.3
41.7
66.7
50.0
91.7
41.7
75.0
75.0
25.0
16.7
75.0
91.7
41.7
41.7
58.3

41.7
75.0
83.3
66.7
75.0
83.3
58.3
33.3
16.7
100.0
75.0
25.0
41.7
66.7
100.0
83.3

91.7
66.7
75.0
66.7
75.0
83.3
41.7
83.3
50.0
100.0
66.7
16.7
66.7
75.0
100.0
75.0

75.0
41.7
41.7
75.0
91.7
75.0
25.0
75.0
91.7
58.3
25.0
83.3
91.7
25.0
75.0
58.3

75.0
41.7
58.3
58.3
50.0
100.0
16.7
41.7
83.3
91.7
16.7
75.0
75.0
16.7
91.7
66.7

58.3
41.7
75.0
75.0
75.0
66.7
8.3
66.7
100.0
83.3
0.
83.3
91.7
25.0
75.0
66.7

66.7
75.0
83.3
66. 7
75.0
75.0
50.0
50.0
75.0
83.3
50.0
16.7
58.3
91.7
91.7
75.0

75.0
75.0
100.0
50.0
66.7
91.7
41.7
33.3
66.7
100.0
58.3

66.7
75.0
83.3
75.0
83.3
83.3
41.7
58.3
100.0
66.7
83.3
0.
75.0
83.3
100.0
75.0

0.
75.0
75.0
66.7
91.7

75.0
41.7
58.3
75.0
91.7
58.3

8. 3
91.7
83.3
66.7

8.3
83.3
83.3

8.3
91.7
91.7
83.3
75.0
83.3
66.7
75.0
100.0
75.0
41.7
50.0
100.0
66.7

0.
83.3
100.0
91.7
83.3

91.7
41.7
58.3
58.3
50.0
75.0
33.3
75.0
75.0
83.3
25.0
75.0
41.7
41.7
75.0
83.3

83.3
33.3
75.0
83.3
41.7
41.7
25.0
100.0
50.0
83.3
75.0
33.3
75.0
75.0
75.0

83.3
66.7
83.3
66.7
75.0
66.7
66.7
75.0
75.0

58.3
66.7
75.0
66.7
58.3
58.3
58.3
66.7
66.7
75.0
66.7
50.0
50.0
75.0
83.3
66.7

91.7
75.0
66.7
58.3
91.7
58.3
75.0
91.7
66.7
83.3
83.3
33.3
58.3
91.7
83.3
83.3

91.7
66.7
50.0
66.7
66.7
75.0
33.3
58.3
83.3
83.3
75.0
16.7
83.3
83.3
83.3
75.0

8.3

75.0
41.7
91.7
75.0
75.0
75.0

8.3

1962. ..
1963. ..
1964. ..
1965...
1966. . .
1967...
1968. ..
1969...
1970. ..
1971. . .
1972.. .
1973. ..
1974. ..
1975. . .
1976. ..
1977.. .
1978...
1979...
1980. ..

91 . 7
41.7
58.3
83.3
83.3
100.0
0.
58.3
100.0
91.7
0.
100.0
91.7

83.3
25.0
58.3
75.0
91.7
100.0
0.
83.3
100.0
100.0
0.
100.0
83.3

41.7
58.3
83.3
100.0
100.0
33.3
58.3
100.0
91.7
16.7
83.3
75.0

41.7
58.3
83.3
100.0
100.0
16.7
66.7
100.0
91.7
0.
83.3
91.7

91.7
58.3

91.7
58.3

91.7
58.3

91.7
58.3

91.7
75.0

91.7
75.0
100.0
66.7
75.0
100.0
50.0
33.3
83.3
100.0
100.0
16.7
50.0
83.3
100.0
100.0

58.3
75.0
100.0
66.7
83.3
100.0
50.0
33.3
66.7
100.0
100.0
16.7
66.7
83.3
100.0
100.0

58.3
75.0
100.0
66.7
83.3
100.0
50.0
50.0
66.7
100.0
66.7
16.7
50.0
100.0
100.0
100.0

75.0
75.0
100.0
66.7
83.3
100.0
50.0
33.3
100.0
100.0
66.7
0.
83.3
100.0
100.0
83.3

91.7
75.0
100.0
66.7
83.3
91.7
50.0
83.3
83.3
100.0
66.7
0.
83.3
100.0
83.3
100.0

100.0
41.7
83.3
75.0
91.7
83.3

100.0
25.0
100.0
83.3
58.3
50.0

100.0
25.0
100.0
83.3
58.3
58.3

66.

100.0
75.0
75.0
50.0
100.0
66.7

91.7
75.0

75.0
91.7

75.0
91.7

75.0
91.7

75.0
75.0

83.3
75.0
83.3
66.7
83.3
83.3
50.0
66.7
83.3
100.0
83.3

75.0
75.0
83.3
75.0
83.3
100.0
50.0
66.7
83.3
83.3
75.0
16.7
100.0
100.0
100.0
100.0

58.3
75.0
83.3
50.0
83.3
83.3
41.7
66.7
83.3
100.0
58.3
16.7
66.7
100.0
100.0
83.3

75.0
100.0
83.3
50.0
83.3
75.0
33.3
83.3
66.7
100.0
50.0
41.7
83.3
100.0
100.0
75.0

75.0
83.3
83.3
50.0
100.0
75.0
33.3
50.0
100.0
100.0
50.0
16.7
83.3
100.0
100.0
50.0

0.
100.0
83.3
100.0

0.
100.0
83.3

0.
83.3
100.0
83.3
100.0

8.3
100.0

66.
83.
16.
100.

8.3

8.3

100.0
75.0
50 .0
50.0
100.0
41.7

54.2
20.8
72.9
54.2
75.0
52.1
35.4
89.6
58.3
45.8
20.8
83.3
66.7
70.8
16.7
58.3

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972.. ,
1973...
1974. ..
1975. ..
1976...
1977...
1978. ..
1979...
1980...

85.4
77.1
70.8
66.7
56.2
68.8
29.2
60.4
83.3
58.3
22.9
25.0
79.2
58.3
39.6
62.5




0.
77.8
86.1
86.1
83.3

91.7
36.1
66.6
77.8
88.9
94.4

80.6
69.5
63.9
63.9
72.2
63.9
55.5
72.2
72.2
80.5
75.0
33.3
63.9
83.3
83.3
75.0

52 .8
72 .2
63.9
61.1
77.8
77.8
27.8
38.9
83.3
83.3
50.0
38.9
61.1
88.9
83.3
58.3

44.5
65.3
76.4
68 .8
63.9
29.2
76.4
77.8
68.0
34.7

2.9
7.4
2.4
5.0
2.9
63.8
72 .2
74.3
63.9
75.0
78.5
46 .5
52.8
68.8
86.8
64.6
22.9
64.6
84.0
87.5
73.6

FOR PERIOD

94 . 4
25.0
100.0
83.3
63.9
63.9
8.3
100.0
72.2
69.4
38.9
100.0
58.4
47.2
75.0

72 .2
36.1
83.3
94 .4
75.0
38.9
47.2
94.4
86.1
36.1
72.2
80.5
44.5
63.9
69.4
83.3

37.5
75.7
84.7
80.6
74.3
20.8
84.0
88.2
73.6
30.6
90.3
67.4
41.0
82.0
75.7

75.0
88.9
72.2
66.7
100.0
66.7
33.3
50.0
100.0
83.3
33.3
33.3
72.2
100.0
94.4
52.8

74.3
80.6
87.5
64.6
86.8
86.1
43.7
55.6
84.7
94.4
63.9
18.8
73.6
97.2
95.8
83.3

75.0
100.0
66.7
66.7
100.0
50.0
33.3
50.0
100.0
66.7
16.7
50.0
66.7
100.0
83.3
50.0

69.4
75.0
100.0
66.7
80.5
100.0
50.0
38.9
72.2
100.0
88.9
16.7
55.6
88.9
100.0
100.0

27 .1
50.0
64.6
66.7
93.8
20.8
95.8
68.8
47.9

27.1
68.8
62.5
72.9
58.3
16.7
83.3
66.7
68.8
20.8

53.5
23.6
76.4
56.3
67.4
62.5
53.5
88 .2
50.0
59.0
19.4
81.2
54.9
64.6
54.9
70.8

88.2
44.4
58.3
55.5
63.2
82.6
43.8
38.9
63.2
73.6
34.0
78.5
52.8
66.7

41.0
63.2
77.1
41.6
72.9
45.1
56.2
54.9
61.1
44.4
84.7
48.6
31.2
70.1
63.9
66.7

36.1
57.7
66.0
61.1
75.7
20.8
86.8
75.7
60.4
10.4
71.5
62.5
30.6
75.7
57.0
52.1

47.2
43.8
76.9
50.9
68.6
46.0
64.9
75.4
53.8
38.2
59.7
66.5
37.7
72.2
57.1
64.0

66.0
72.9
70.8
39.6
66.6
64.6
38.9
52.8
77.8
72.2
50.0
26.4
77.1
66.7
57.6
62.5

77.1
69.4
65.3
58.3
69.4
54.1
47.3
75.0
75.7
59.7
59.0
72.9
67.4
75.7
75.0
45.1

69.5
65.3
65.3
63.9
55.6
57.0
45.8
60.4
79.9
66.7
39.6
80.6
55.5
70.2
75.0
45.8

70.8
80.6
53.5
64.6
64.6
56.9
48.6
79.9
77.1
59.0
11.1
64.6
61.8
70.8
77.8
58.3

70.8
72.0
63.7
56.6
64.1
58.2
45.2
67.0
77.6
64.4
39.9
61.1
65.4
70.8
71.4
53.0

0.
80.5
94.4
97.2

0.
100.0
86.1
36.1
91.7
69.4
83.3
75.0
94.4
66.7
83.3
91.7
50.0
61.1
88.9
100.0
72 .2

0.
83.3
100.0
88.9
94.4

91.7
69.4
83.3
83.3
58.3
83.3
86.1
41.7
72.2
77.8
94 .4
61.1
25.0
83.3
100.0
100.0
86.1

AVERAGE FOR PERIOD

58.3
52.1
95.8
43.8
66.7
31.2
64.6
83.3
27.1
60.4
93.8
54.2
22.9
91.7
41.7
58.3

50.0
50.0
97.9
31.2
45.8
81.2
58.3
43.8
60.4
47.9
87.5
64.6
35.4
72 .9
58.3
62.5

52 .1
66.7
87.5
37.5
91.7
41.7
47.9
52.1
68.8
60.4
83.3
20.8
33.3
81.2
56.2
70.8

20.8
72.9
45.8
56.2
81.2
12.5
62.5
68.8
54.2
25.0
83.3
60.4
25.0
56.2
77.1
66.7

54.2
54.2
70.8
43.8
75.0
25.0
81.2
91.7
64.6

85.4
50.0
54.2
77.1
83.3

58.3
20.8
81.2
33.3
62.5
62 .5
83.3
81.2
18.8
33.3
68 .8
75.0
37.5
66.7
52.1
64.6

68 .8
45.8
47.9
95.8
27.1
60.4

87.5
45.8
25.0
75.0
77.1
64.6

66.7
31.2

68.8
70.8
62.5
16.7
85.4
45.8
43.8
45.8
72.9
83.3
62.5
33.3
85.4
72.9
47.9
54.2

43.8
70.8
79.2
35.4
58.3
79.2
43.8
52.1
77.1
75.0
64.6
20.8
66.7
68.8
85.4
70.8

89.6
58.3
62.5
75.0
58.3
31.2
54.2
81.2
85.4
35.4
43.8
70.8
58.3
70.8
87.5
16.7

85.4
72.9
75.0
37.5
91.7
60.4
43.8
68.8
66.7
79.2
75.0
62.5
68.8
72.9
54.2
62.5

56.2
77.1
58.3
62.5
58.3
70.8
43.8
75.0
75.0
64.6
58.3
85.4
75.0
83.3
83.3
56.2

79.2
72.9
70.8
50.0
45.8
54.2
54.2
58.3
66.7
64.6
45.8
87.5
56.2
68.8
70.8
52.1

66.7
64.6
54.2
87.5
66.7
54.2
33.3
43.8
87.5
64.6
41.7
79.2
62.5
75.0
83.3
39.6

62.5
58.3
70.8
54.2
54.2
62.5
50.0
79.2
85.4
70.8
31.2
75.0
47.9
66.7
70.8
45.8

58.3
79.2
62.5
64.6
66.7
60.4
50.0
77.1
75.0
66.7
25.0
50.0
56.2
72.9
66.7
64.6

77.1
79.2
47.9
70.8
77.1
56.2
29.2
75.0
85.4
72.9

77.1
83.3
50.0
58.3
50.0
54.2
66.7
87.5
70.8
37.5

NOTE: These series contain no revisions but are reprinted for the convenience of the user.

75.0
75.0
88.9
63.9
75.0
91.7
52.8
44.4
72.2
88.9
G9.4

44.5
47.2
69.5
83.3
75.0
41.7
47.2
80.5
72.2
55.6
72.2
63.9
58.3
61.1
69.4
80.6

75.0
83.3
66.7
83.3
100.0
75.0
33.3
50.0
100.0
83.3
33.3
33.3
66.7
100.0
100.0
58.3

58.3
18.8
87.5
56.2
45.8
72 .9
41.7
83.3
85.4
22.9
27.1
91.7
41.7
77.1
64.6
77.1

6.2

8.3
80.5
83.3
16.7
86.1
75.0

83.3
38 .9
75.0
72.2
55.6
63.9
22 .2
86.1
63.9
83.3
33.3
75.0
47.2
61.1
75.0
77.8

58.3
91.7

52.1
31.2
79.2
62 .5
52.1
77.1
58.3
93.8
47.9
50.0
31.2
75.0
47.9
68.8
70.8
70.8

54.2
18.8
77.1
52.1
75.0
58.3
66.7
81.2
43.8
81.2

IV Q

52.8
52.8
83.3
94.4
100.0
27.8
61.1
100 .0
91.7
11.1
80.5
80.6
16.6
91.7
58.3

83.3
100.0
75.0
33.3
58.3
100.0
91.7
25.0
83.3
75.0
41.7

966. DIFFUSION INDEX OF INDUSTRIAL PRODUCTION — 24 INDUSTRIES
(PERCENT RISING OVER 1-MONTH SPANS)
1948. ..
1949...
1950. ..
1951...
1952. ..
1953...
1954. . .
1955...
1956. ..
1957...
1958. ..
1959...
1960. . .
1961...
1962...
1963...

69.4
41.7
63.9
69.4
72.2
75.0
11.1
66.7
88.9
80.6

AVERAGE
75.0
41.7
83.3
100.0
75.0
41.7
58.3
83.3
100.0
33.3
83.3
83.3
50.0
58.3
75.0
83.3

83.3
25.0
100.0
83.3
75.0
83.3

III Q

AVERAGE FOR PERIOD

952. DIFFUSION INDEX OF 6 LAGGING INDICATOR COMPONENTS
(PERCENT RISING OVER 6-MONTH SPANS)
1948 . . .
75.0
1949...
41.7
1950. ..
1951. ..
83.3
1952. ..
83.3
100.0
1953, ..
1954. . .'
33.3
1955...
58.3
100.0
1956. ..
91.7
1957. ..
16.7
1958. ..
1959...
75.0
75.0
1960. . .

II Q

8.3

2.1

4.2
81.2
62.5
66.7
79.2
52.1

58 . 3
95.8
18.8
56.2

4.2
62.5
66.7
72.9
87.5
58.3

58 . 3
30.6

(DECEMBER 1980)

103

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year
Jan.

Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

Oct.

II Q

Dec,

IQ

73.6
15.3
97.9
49.3
66.0
68.8
42.4
98.6
62.5
56.2
19.4
95.8
72.2
72.9
70.8
95.8

75.0
40.3
98.6
34.7
75.0
59.7
66.0
92.4
50.0
39.6
75.0
75.0
27.8
94.5
75.7
91.0

39.6
57.7
95.1
38.2
97.2
18.8
83.3
91.7
62.5
13.9
98.6
47.9
13.9
98.6
67.4
80.5

17.4
86.8
72.2
66.7
90.3
17.4
97.2
82.0
77.8
3.5
95.8
77.1
28.5
91.7
75.7
81.9

51.4
50.0
91.0
47.2
82.1
41.2
72.2
91.2
63.2
28.3
72.2
74.0
35.6
89.4
72.4
87.3

98.6
84.7
90. 3
47.2
93.1
76.4
26.4
69.4
93.1
84.7
43.0
26.4
81.9
88.9
84.7
59.7

94.4
84.7
72.2
66.7
84.0
69.5
46.5
73.6
88.9
88.9
49.3
80.5
76.4
84.7
86.8
52.1

86.1
91.7
66.7
80.5
79.2
64.6
47.9
76.4
85.4
79.2
19.5
91.7
72.2
86.8
88.9
57.0

88.9
93.1
51.4
89.6
80.6
36.1
47.9
95.1
84.7
52.1
7.0
93.1
80.6
76.4
84.7
54.1

92.0
88.6
70.1
71.0
84.2
61.6
42.2
78.6
88.0
76.2
29.7
72.9
77.8
84.2
86.3
55.7

16.0
89.2
67.9
77.7
51.0
47.3
75.2
49.1
54.8
22.5
86.2
44.2
42.7
54.6
61.2
60.4

34.8
82.3
59.0
39.8
64.6
74.8
82.9
54.6
38.7
26.7
84.0
60.0
65.4
63.1
63.7
52.7

63.0
63.0
55.6
53.6
50.7
80.9
60.4
44.1
41.3
82.5
57.5
46.8
68.0
44.5
65.6

69.0
61.9
16.2
72.1
51.1
33.3
72.0
46.5
46.9
65.4
4.5
36.9
59.8
31.7
54.8
70.4

52.2
64.7
57.8
37.1
77.6
48.2
73.1
38.9
67.1
36.6
48.7
53.9
52.7
41.7
25.9
45.7

62.1
63.0
37.5
64.4
61.7
36.9
54.3
55.4
59.5
34.9
38.6
62.4
58.1
39.1
47.6
62.5

966. DIFFUSION INDEX OF INDUSTRIAL PRODUCTION — 24 INDUSTRIES1
(PERCENT RISING OVER 6-MONTH SPANS)
75.0
12.5
97.9
62.5
66.7
77.1
25.0
95.8
79.2
58.3
8.3
100.0
79.2
50.0
79.2
91.7

79.2
12.5
100. -0
47.9
62.5
66.7
43.8
100.0
62.5
56.2
16.7
95.8
87.5
77.1
75.0
95.8

66.7
20.8
95.8
37.5
68.8
62.5
58.3
100.0
45.8
54.2
33.3
91.7
50.0
91.7
58.3
100.0

75.0
27.1
100.0
29.2
50.0
75.0
64.6
93.8
39.6
54.2
50.0
83.3
25.0
91.7
81.2
87.5

83.3
41.7
100.0
35.4
79.2
58.3
70.8
95.8
50.0
37.5
83.3
79.2
37.5
100.0
70.8
95.8

66.7
52.1
95.8
39.6
95.8
45.8
62.5
87.5
60.4
27.1
91.7
62.5
20.8
91.7
75.0
89.6

56.2
54.2
93.8
37.5
91.7
20.8
83.3
100.0
50.0
22.9
95.8
45.8
20.8
100.0
54.2
87.5

41.7
54.2
95.8
37.5
100.0
18.8
79.2
87.5
58.3
6.2
100.0
35.4
12.5
100.0
70.8
83.3

20.8
64 .6
95.8
39.6
100.0
16.7
87.5
87.5
79.2
12.5
100.0
62.5
8.3
95.8
77.1
70.8

14.6
83.3
87.5
58.3
95.8
8.3
91.7
91.7
70.8
4.2
95.8
70.8
16.7
87.5
75.0
83.3

8.3
85.4
62.5
75.0
91.7
18.8
100.0
79.2
83.3
2.1
100.0
83.3
25.0
95.8
77.1
87.5

29.2
91.7
66.7
66.7
83.3
25.0
100.0
75.0
79.2
4.2
91.7
77.1
43.8
91.7
75.0
75.0

1964. . .
1965...
1966. ..
1967.. .
1968. . .
1969. . .
1970. . .
1971. ..
1972. . .
1973...
1974...
1975. ..
1976...
1977. ..
1978...
1979...
1980...

95.8
83.3
91.7
50.0
95.8
79.2
25.0
62.5
100.0
83.3
45.8
8.3
83.3
83.3
83.3
62.5

100.0
91.7
95.8
50.0
89.6
75.0
33.3
75.0
91.7
87.5
37.5
16.7
75.0
91.7
79.2
66.7

100.0
79.2
83.3
41.7
93.8
75.0
20.8
70.8
87.5
83.3
45.8
54.2
87.5
91.7
91.7
50.0

95.8
87.5
75.0
41.7
91.7
66.7
37.5
70.8
79.2
95.8
56.2
70.8
79.2
83.3
87.5
56.2

91.7
87.5
75.0
72.9
81.2
75.0
39.6
75.0
91.7
87.5
45.8
83.3
75.0
87.5
87.5
54.2

95.8
79.2
66.7
85.4
79.2
66 .7
62.5
75.0
95.8
83.3
45.8
87.5
75.0
83.3
85.4
45.8

83.3
91.7
70.8
70.8
83.3
87.5
50.0
70.8
83.3
87.5
50.0
87.5
75.0
89.6
87.5
66.7

79.2
95.8
66.7
87.5
77.1
60.4
45.8
75.0
93.8
83.3
4.2
95.8
70.8
87.5
87.5
50.0

95.8
87.5
62.5
83.3
77.1
45.8
47 .9
83.3
79.2
66 .7
4.2
91.7
70.8
83.3
91.7
54.2

85.4
91.7
62.5
87.5
75.0
39.6
50 .0
95.8
87.5
52.1
4.2
95.8
79.2
75.0
91.7
58.3

87.5
91.7
50.0
89.6
87.5
35.4
52.1
95.8
83.3
58.3
12.5
91.7
79.2
79.2
79.2
58.3

93.8
95.8
41.7
91.7
79.2
33.3
41.7
93.8
83.3
45.8
4.2
91.7
83.3
75.0
83.3
45.8

968. DIFFUSION INDEX OF STOCK PRICES, 500 COMMON STOCKS— 54-82 INDUSTRIES2
(PERCENT RISING OVER 1-MONTH SPANS)

1964.. .
1965. . .
1966.. .
1967.. .
1968.. .
1969...
1970.. .
1971. . .
1972. . .
1973. . .
1974...
1975. . .
1976. ..
1977.. .
1978
1979. . .
1980. . .

1964...
1965.. .
1966...
1967. . .
1968. ..
1969.. .
1970...
1971. . .
1972.. .
1973. ..
1974. . .
1975...
1976. ..
1977...
1978...
1979. . .
1980...

AVERAGE FOR PERIOD

7 3. *7
87.5
98.7
76.9
71.2
93.1
72.5
41.2
57.5
91.9
86.2
27.5
86.9
25.6
97.5

2.5
17.5
66.2
85.0
25.6
43.7
79.4
87.5
41.9
13.7
77.5
62.5
12.5
96.2
75.0
78.7

81.2
71.2
66.2
21.9
56.2
80.6
80.6
47.5
88.7
81.2
73.1
80.6
34.4
85.6
47.5
43.7

93.1
47.5
47.5
49.4
21.2
5.6
85.6
83.7
33.7
74.4
59.4
53.1
51.9
72.5
8.7
91.2

95.6
29.4
75.0
40.0
38.1
41.2
86.9
33.1
23.1
78.7
91.2
53.7
35.0
81.9
1.2
85.0

80.0
1.9
33.1
20.0
78.1
0.
71.2
88 .7
20.0
42.5
86.2
41.9
76.2
40.0
1.2
51.9

12.5
100 .0
19.4
47.5
85.6
65.0
90.6
53.7
95.0
51.9
85.6
80.6
35.0
42.5
69.4
29.4

3.7
95.0
94.4
92.5
53.7
76.9
83.1
23.1
56.9
7.5
88.7
42 .5
76.2
81.2
78.1
75.0

31.9
72.5
90 .0
93.1
13.7
0.
51.9
70 .6
12.5
8.1
84.4
9.4
16.9
40 .0
36.2
76.9

61.9
95.0
92.5
41.9
13.7
75.6
60.6
5.0
23.7
4.4
80.0
52.5
25.0
46.9
8.1
44.9

1.2
65.6
31.9
6.2
90.0
81.2
91.9
86.9
46.9
26.2
89 .4
55.6
90.0
87.5
98.7
44 .9

41.2
86.2
52.5
71.2
90.0
67.5
96.2
71.9
45.6
49.4
82.5
71.9
81.2
55.0
84.4
68.4

54.1
73.3
68. 5
52.9
65.2
84.4
69.2
57.3
50.8
80.8
76.4
24.8
89.6
49.4
73.3

89.6
26.3
51.9
36.5
45.8
15.6
81.2
68.5
25.6
65.2
78.9
49.6
54.4
64.8
3.7
76.0

74.7
92.2
74.0
90.9
64.5
12.0
43.3
95.8
89.6
26.8
85.8
95.4
100.0
46.0
8. 1
94.8

65.2
81.8
48.7
92.2
10.5
43.3
23.3
87.5
70.1
14.5
50.7
93.8
83.1
27.4
30 .6
35.5

78.5
64.3
14.3
61.0
21.1
13.3
82.7
71.5
76.4
19.6
91.0
86.2
53.1
43.5
50.0
85.5

75.6
70.8
63.6
76.0
94.7
54.0
16.4
84.0
71.5
21.7
9.7
69.2
31.5
49.2
90.7
80.0

52.6
66.9
3.9
74.0
83.6
74.7
2.7
41.7
21.5
14.7
27.3
61.0
41.5
37.0
90.7
16.4

35.3
0.
23.4
51.3
80.3
1.3
47.9
27.8
43.1
15.4
39.4
70.8
50.8
46.0
59.3
90.0

89.7
24.7
38.3
81.6
48.7
4.0
41.7
44 .4
30.6
66.2
4.5
64.6
80.0
56.5
28.8
64.8

41.0
79.9
6.5
77.6
17.8
34.7
77.8
23.6
76.4
41.9
7.6
6.2
43.1
23.4
98.3
92.6

76.3
81.2
3.9
57.2
86.7
61.3
96.5
71.5
33.8
88.2
1.5
40.0
56.2
15. 3
37.3
53.7

73.1
66.9
25.3
32.2
82.7
72.7
72.2
18.1
33.8
89.0
66.2
70.8
15.4
11 .3
8 .6
3.7

59.6
70.1
88.3
7.9
77.3
68 .0
48 .6
2.8
90.1
7.5
70 .8
64 .6
50.8
66 .9
0.
38.0

24.0
57.1
59.7
71.1
72.7
4.0
98.6
95.8
77.5
13.4
9.2
26.2
91.9
46.8
69.0
95.4

72.8
79.4
45.7
81.4
32.0
22.9
49.8
84.9
78.7
20.3
75.8
91.8
78.7
39.0
29.6
71.9

54.5
45.9
30.3
67.1
86.2
43.3
22.3
51.2
45.4
17.3
25.5
67.0
41.3
44 . 1
80.2
62.1

10.0

24^6
80.0
82.9
43.3
50.8
89.1
95.0
60.0
58.5
67.5
88.3
37.9
97.5
10.4
96.2

62.7
70.6
78.7
56.2
27.5
97.1
84.6
57.3
35.6
99.6
71.3
39.4
91.4
3.1
89.6

49.6
88.3
70.4
56.4
72.9
38.3
97.9
71.2
36.4
26.6
100.0
54.4
57.5
73.7
7.9
78.4

13.7
95.4
87.1
60.4
75.2
77.7
98.7
68.9
33.9
28.7
98.3
30.8
90.4
66.7
85.4
74.9

67.7
77.0
69.6
61.9
48.6
95.7
79.9
46.9
37.4
91.3
61.2
56.3
82.3
26.7
84.8

82.6
63.6
44.4
91.1
65.4
42.7
5.6
94.9
63.2
23.5
15.2
86.8
93.3
43.8
60.3
36.1

85.0
66.2
13.4
90.6
81.4
13.3
19.9
77.3
65.3
22.5
7.1
92.8
82.5
33.8
85.6
84.9

72.1
61.2
17.3
68 .4
90.6
22.2
50.2
39.8
52.6
22.4
6.2
79.3
54.9
25.5
68 .7
66.7

76.2
66.0
57.3
49.6
59.8
23.8
97.2
58.6
37.7
41.8
44.1
82.6
54.1
19.7
51.2
49.0

79.0
64.3
33.1
74.9
74.3
25.5
43.2
67.6
54.7
27.6
18.1
85.4
71.2
30.7
66.5
59.2

27.5
90.0
96.2
42.5
59.4
83.7
91.2
56.2
51.2
47.5
95.0
30.0
97.5
17.5
95.0

18.7
87.5
83.7
35.0
38.1
91.2
97.5
51.2
59.4
60.0
85.0
41.2
97.5
6.2
95.0

27.5
62.5
68.7
52.5
55.0
92.5
96.2
72.5
65.0
95.0
85.0
42.5
97.5
7.5
98.7

53.7
68.7
80.0
67.5
48.7
97.5
95.0
67.5
50.0
100.0
84 .4
42.5
97.5
3.1
95.0

63.7
71.2
86.2
58.7
16.2
97.5
88 .7
55.6
36.9
100.0
67.5
36.9
95.6
3.7
89.1

83.1
80.5
51.9
85.7
61.8
73.3
5.5
98.6
62.5
26.5
28.8
62.0
90.8
33.0
49.1
18.2

78 .2
58.4
43.5
90.3
63.2
40.0
5.6
95.1
59.0
19.1
10.6
98.5
93.8
43.5
62.1
32.7

86.5
51.9
37.7
97.4
71.1
14.7
5.6
91.0
68.1
25.0
6.1
100.0
95.4
54.8
69.8
57.4

85.9
58.4
22.1
93.4
76.3
12.0
6.9
97.2
84.7
19.1
6.1
95.4
89.2
54.8
82.8
90.7

84.6
72.7
11.7
92.1
82.7
6.7
25.0
77.8
67.6
17.6
10.6
93.8
93 .8
29.0
86.2
88.9

61 . 2
70.6
71.9
70.0
42.5
17.5
96.2
70 .0
48.7
20.0
98.7
61.9
38.7
81.2
2.5
84.6
84 .6
67.5
6.5
86.2
85.3
21.3
27.8
56.9
43.7
30.9
4.6
89.2
64 .6
17.7
87.7
75.0

61.2
83.7
67.5
45.6
64 .4
30.0
96.2
68.7
43.7
25.0
100.0
55.6
46.2
76.2
1.2
78.2
81.8
61.0
9.7
68.4
93.3
25.3
31.9
31.9
54.9
23.9
4.6
80.8
45.4
26.6
70.2
63.0

55 . 0
85.0
65.0
62.5
74.4
31.2
97.5
81.2
31.9
23.7
100.0
56.9
57.5
73.7
3.7
79.5

32 . 5
96.2
78.7
61.2
80.0
53.7
100 .0
63.7
33.7
31.2
100.0
50.6
68.7
71.2
18.7
77.6

68 .8
59.1
22.1
65.8
97.3
21.3
46.5
43.1
54.9
16.4
3.1
66.2
56.5
27 .4
67.5
68.5

65.6
63.6
20.1
71.1
81.3
20.0
72.2
44.4
47 .9
26 .9
10.8
90.8
62.9
22.6
68.4
68 .5

©
AVERAGE FOR PERIOD

11.2
97.5
80 .0
52.5
81.2
65.6
98.7
72.5
27.5
26.2
100.0
33.7
83.7
67.5
67.5
69.2

84.4
66.2
79.4
83.7
98.7
73.7
41.2
30.0
98 .7
32.5
90.0
70.0
93.7
71.2

20.0
92.5
96.9
62.5
65.0
83.7
98.7
60.6
33.1
30.0
96.2
26.2
97.5
62.5
95.0
84.4

75.3
60.4
47.4
52.6
71.3
14.7
95.8
50.7
42.0
35.8
23.1
87.7
57.3
19.4
39.1
69 .8

76.6
67.5
58.4
46.1
52.0
25.3
97.2
59.7
36.2
53.7
38.5
80.0
56.5
16.1
47.3
37.7

76.6
70.1
66.2
50.0
56.0
31.5
98.6
65.3
34.8
35.8
70.8
80.0
48.4
23.7
67.3
39.6

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
1
This series contains revisions beginning with 1978. 2 Diffusion index is based on 82 components from 1948 through February 1963; the number of
components then declines gradually to 54 at the end of 1979.




104

IV Q

©

96 3. DIFFUSION INDEX OF STOCK PRICES, 500 COMMON STOCKS — 54-82 INDUSTRIES2
(PERCENT RISING OVER 9-MONTH SPANS)

1948
1949.. .
1950. ..
1951. . .
1952.. .
1953.. .
1954. ..
1955. . .
1956...
1957. . .
1958...
1959...
1960. . .
1961.. .
1962. ..
1963...

III Q

AVERAGE FOR PERIOD

1948...
1949. . .
1950. ..
1951. . .
1952. . .
1953...
1954. . .
1955. ..
1956. . .
1957. ..
1958...
1959...
1960...
1961. . .
1962...
1963.. .

1948. ..
1949.. .
1950. . .
1951. ..
1952. ..
1953. . .
1954. ..
1955. . .
1956...
1957.. .
1958. . .
1959.. .
1960. ..
1961...
1962.. .
1963.. .

Annual

Nov.

(DECEMBER '

G. Experimental Data and Analyses

Year
and
quarter

Unit labor cost,
all persons, nonfarm
business sector 1

Implicit price
deflator, gross
nonfarm business
product 1
(Index: 1967=100)

(Index: 1967=100)

1978

I Q....
II Q . . .
Ill Q . .
IV Q . . .

Components of BCD series

180.2
184.7
187.8
191.4

190.2
192.8
195.6
199.3

195.1
200.3
204.7
208.4

206.0
212.1
217.3
221.8

213.7
220.4
225.8

228.2
236.3
240.5

Implicit price deflator,
business product, Q
(index 1967-100)

1979

I Q....
II Q . . .
Ill Q . .
IV Q . . .

1980

I Q....
II Q . . .
Ill Q . .
IV Q . . .

Inventory-sales ratios in 1972 dollars 2
Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Unit labor cost, all
business sector, Q
(index: 1967 = 100)

Inventory-sales ratios in 1972 dollars (ratio)

Retail trade
(Ratio)

1979
Jan.
Feb.
Mar.
Apr.
May.
June

1.76
1.78
1.72
1.86
1.78
1.84

July
Aug.
Sept
Oct.
Nov.
Dec.

1.84
1.86
1.87
1.87
1.91
1.90

1.33
1.35
1.30
1.33
1.30
1.31

1.39
1.38
1.38
1.41
1.42
1.45

.31

1.46
1.42
1.37
1.41
1.40
1.37

1.31
1.31
.30

1.29
1.30

Manufacturing •**

Merchant wholesalers

1980
Jan.
Feb.
Mar.
Apr.
May.
June

1.87
1.88
1.92
2.06
2.09
2.10

1.38
1.37

1.34
1.35
1.38
1.42
1.43
1.40

July
Aug.
Sept
Oct.
Nov.
Dec.

2.07
2.07
rl . 97
pi. 94
(NA)

rl.29
rl.42
rK27
pi. 30
(NA)

1.38
1.37
1.38
pi. 39
(NA)

.29

1.27
1.37
.31

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980
NOTE: The "r" indicates revised; "p", preliminary; and " N A " , not available.
Source: U . S . Department of Labor, Bureau of Labor Statistics.
2
Source: U . S . Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
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 dollars)
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 (index: 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed 2 (ann. rate, bil. dol . ) .
92. Change in s e n s i t i v e prices, smoothed 2
(percent)
19. Stock prices, 500 common stocks
(index- 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 sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators 3 (index- 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
(index: 1967=100)
109. Average prime rate charged by banks
(percent)
72. Commercial and industrial loans outstanding
(million dollars)
95. Ratio, consumer installment debt to
personal income (percent)
. .
930. Composite index of 6 lagging indicators 3
(index- 1967=100)
. . .

Aug.
1980

Sept.
1980

39.4

r39.6

Net contribution to index

Oct.
1980

39.6

Sept.
to

Oct.

Oct.
1980

Nov.
1980

Nov.
1980

Aug.
to
Sept.
1980

p39.7

0.17

0.0

0.10

to

1.9

1.5

1.4

pi. 2

0.40

0.10

0.24

31.80

33.26

r35.10

p34.24

0.23

0.28

-0.15

34

39

44

45

0.18

0.18

117.7

r!20.6

el!7.6

NA

0.35

-0.36

12.57

r!2.89

r!2.36

p!4.42

0.06

-0.10

0.42

109.9

126.3

107.7

109.5

0.41

-0.47

0.06

r-12 .83

r-5.42

p-0.06

NA

0.47

0.34

rl.13

rl.92

r2.44

0.33

0.22

0.04

123.50

126.51

130.22

135.65

0.15

0.18

0.30

rO.70

rO.88

rel.OO

el. 01

0.58

0.39

0.04

820.5

r818.2

r816.4

p815.8

-0.11

-0.09

-0.03

r!30.6

r!35.0

r!36.0

p!37.6

3.37

0.74

1.18

90,142

r90,384

r90,612

p90,880

0.21

0.20

0.30

rl,036.2

rl,036.9

rl, 0 4 4 . 1

pi, 0 4 8 .3

0.03

0.34

0.26

r!43.9

r!46.5

p!48.5

0.40

0.49

0.48

148,342

r!55,849

p!56,057

NA

1.08

0.03

r!36.6

r!38.7

r!40.0

p!41.2

1.54

0.94

0.86

-0.24

-0.09

-0.21

141.8

12 .6

13.1

13.3

2.52

13.6

0.04

NA

NA

NA

NA

r257.27

r257.13

p257.51

NA

-0.03

0.07

r201.4

r201.0

r200.3

p200.4

-0.06

-0.11

0.02

12.23

13.79

16.06

2 .16

3.03

6.62

r!65,306

167,794

p!70,782

0.33

0.33

0.58

r!3.71

r!3.61

p!3.51

NA

-0.34

-0.34

rl61.1

r!63.8

r!68.3

p!80.2

1.68

2.75

11.12
162 ,818

NA
7.07

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.
x
This
2
This
3

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed 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.




106

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns

HOW TO READ RECESSION COMPARISON CHARTS

These charts show graphically, for selected indicators, the path of
the current business recession. To set the current movements in
historical perspective, cyclical paths over generally similar historical
periods also are shown. The selected periods are superimposed to
compare the current business recession with corresponding historical
patterns and to facilitate critical assessment of the amplitude, duration,
and severity of the indicators' current movements.

1. In most cases, comparisons are based on reference peak levels
and reference peak dates.

This number indicates the latest month (or
quarter) of data plotted. (l=January)

The three-part code indicates the timing
classification of the series at peaks, at troughs,
and at all turns: L = leading; C = roughly
coincident; Lg=lagging; and U = unclassified.

,.,,,,,,,,
Series number, series title

2. The vertical line represents reference peak dates. The current
and historical periods are alined so that their reference peaks fall on
this line.

3. The horizontal line represents the level of data at reference
peaks. The current and historical periods are alined so that their
reference peaks fall on this line.

4. In most cases, deviations (percent or actual differences) from
the reference peak levels are computed and plotted. For series
measured in percent units (e.g., the unemployment rate), those units
(actual data) are plotted rather than deviations. The deviations (if
plotted) and actual data for the current period are shown in the tables
accompanying the charts.

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
(••) describes the current period. The dotted line (•••)
the median pattern of the six post-World War II cycles. The
lines represent selected business cycles; each line is labeled
to the year of the reference peak.

solid line
represents
remaining
according

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), Jan. 1980 (IQ 1980)*

i i i i i

i i i i i
0

+6

i i i i i

i i i i i I i i

+12

Months from reference peaks

Troughs: Oct. 1949 (IVQ 1949), May 1954 (IIQ 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 peak dates.

This scale shows deviations (percent or actual
differences) from reference peak levels.

This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).

*The NBER has not officially designated the latest reference peak quarter. However, for purposes of these charts, it is assumed that the first quarter of 1980 is the reference peak for quarterly series.




107

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns—Continued
nrTTymnjTTmjTmTjT,,,,,..,,,,,,. iqirrn

19. Index of stock prices
UL]

Devi-

Actual

ations

data

from

for

reference

current

peaks

cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
PEAK
DATA YEAR
1/80
SERIES 19
1941-43=10

Percent

0

+50
• 160

+25
• 120

41. Employees on nonagricultural
payrolls
I

m

n

Devi-

Actual

ations

data

from

for

reference

current

peaks

cycle

Percent

0. P 110.87

1/80

1
2
3
4

4.0
-5.6
-7.1
-2.9

115.34
104.69
102.97
107.69

2/80
3/80
4/80
5/80

5
6
7
8

3.3
8.1
11.4
14.1

114.55
119.83
123.50
126.51

6/80
7/80
8/80
9/80

9
10
11

17.5
22.4
19.6

130.22
135.65
132.62

10/80
11/80
12/80

-i +4
• 94,000

• 92,000

MOO

-25

• 80

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
PEAK
1/80
DATA YEAR
• 90,000
SERIES 41
THOUSANDS
0

-50

29. New building permits, private
housing units
Percent

+ 70

+ 60

0. P 91031

-2

1/80

1
2
3
4

0.2
0.1
-0.1
-0.6

91186
91144
90951
90468

2/80
3/80
4/80
5/80

5
6
7
8

-1.1
-1.3
-1.0
-0.7

90047
89867
90142
90384

6/80
7/80
8/80
9/80

9
10

-0.5
-0.2

90612
90880

10/80
11/80

• 88,000

1957

-4

91. Average duration of unemployment
(inverted)

• 165

• 10

+ 50
Median

• 150

+ 40

+ 30

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
PEAK
DATA YEAR
1/80
SERIES 29
1967=100

• 135

0

+ 20
• 120

+10
• 105

•n

0. P

•12

102.7

1/80

1
2
3
4

-8.2
-23.9
-38.0
-35.2

94.3
78.2
63.7
66.6

2/80
3/80
4/80
5/80

5
6
7
8

-15.2
-2.8
7.0
23.0

87.1
99.8
109.9
126.3

6/80
7/80
8/80
9/80

9
10

4.9
6.6

107.7
109.5

10/80
11/80

• 13

• 16

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

-20
• 75

-30

-40

-50
........ .....I..... .......... MM.

-6

0

+6

+12

MM.

+18 +24 +30 +36

Months from reference peaks


http://fraser.stlouisfed.org/
108
Federal Reserve Bank of St. Louis

• 60

M7

SERIES 91
WEEKS

-I + 7

0

0. P

10.5

1/80

1
2
3
4

0.2
0.5
0.8
0.

10.7
11.0
11.3
10.5

2/80
3/80
4/80
5/80

5
6
7
8

1.2
1.1
2.1
2.6

11.7
11.6
12.6
13.1

6/80
7/80
8/80
9/80

9
10

2.8
3.1

13.3
13.6

10/80
11/80

I I I 1 1 1 I I I ! I I I I I I I I I I I I I I I I IN I l l l l I I l l l l

•6

0

+ 6 -1-12 +18

+24 +30 +36

Months from reference peaks

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns—Continued
III1I MIII IIIII IIIII IIIII III
11 1
Actual

I

I

I

I

I" I

I "

48. Employee hours in nonagricultural
establishments
I

Deviations
from
reference
peaks

data
for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
1/80
PEAK

0

1

SERIES 48
ANN. RATE
BIL. HOURS
1/80
0. P 172.24

95. Ratio, consumer installment debt
to personal income
Ir

Deviations
from
reference
peaks

Actual
data
for
current
cycle

Actual

2
3
4

-0.1
-0.4
-1.0
-1.7

172.09
171.57
170.49
169.27

2/80
3/80
4/80
5/80

5
6
7
8

-2.2
-2.7
-2.2
-1.8

168.42
167.63
168.44
169.07

6/80
7/80
8/80
9/80

9

-1.4
-1.5

169.86
169.61

10/80
11/80

+ 0.6

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
1/80
PEAK

+ 0-4

+ 1.2

+ 1-0

10

• 172

0

*""

—6
M66

-

-4

0

P

• 15.0

+0-2

SERIES 95
PERCENT

• 170

• 168

• 15.5

+ 0.8

0-0

14 .66

1/80

1
2
3
4

0 .04
0 .01
-0 .09
-0 .34

14 .70
14 .67
14 .57
14 .32

2/80
3/80
4/80
5/80

5
6
7
8

-0 .59
-0 .84
-0 .95
-1 .05

14 .07
13 .82
13 .71
13 .61

6/80
7/80
8/80
9/80

9

-1 .15

13 .51

10/80

-0-2

• 14.5

-0-4
-0-6

• 14.0

-0.8

• 164

-1.0

-I -5

-1.2

51. Personal income, less transfer
payments, in 1972 dollars

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
1/80
DATA YEAR
PEAK

+10
• 1150

0

1
• 1125

+5
• 1100

> 1050

SERIES 51
ANN. RATE
BIL. DOL.
0. P 1056 .5
1/80

940. Ratio, coincident index to lagging
index
Percent

2
3
4

-0. 5
-1.2
-1.8
-1. 9

1050 .9
1044 .0
1037 .6
1036 .0

2/80
3/80
4/80
5/80

+ 15

5
6
7
8

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

1035 .1
1033 .8
1036 .2
1036 .9

6/80
7/80
8/80
9/80

+ 10

9
10

-1.2
-0.8

1044 .1
1048 .3

10/80
11/80

+5

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
1/80
DATA YEAR
PEAK

-5

SERIES 940
1967=100

i n i ill mi inn liiiiiliiMiliiiii Illinium

-6

0

+6

+12 +18 +24 +30 +36

Months from reference peaks




0. P

• 85

• 75

• 1025

0

>1000

1
2
3
4

-1 .6
-7 .8
-12 .3
-8 .2

80 .6
75 .5
71 .8
75 .2

2/80
3/80
4/80
5/80

5
6
7
8

-0 .6
2 .2
3 .5
3 .4

81 .4
83 .7
84 .8
84 .7

6/80
7/80
8/80
9/80

9
10

1 .6
-4 .3

83 .2
78 .4

10/80
11/80

81 .9

1/80

-10

-15

-20

-6

0

+6

• 70

>65

+12 +18 +24 +30 +36

Months from reference peaks

109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
escriptions
(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

8/80
8/80

8/68

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

10/80
10/80
8/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

55
616

22
56

65
92

9/79
8/80

10/69*

B
Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

15,35
32

73
72

93
94

33
33

72
72

12/80
12/80

9/80
9/80

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

8/80
1/80
10/80
10/80
10/80
3/80
3/80

295

46

82

11/79

11/72
11/72

11/72

4/69
ii/68
11/68*

C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourlv, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

83
82
84

20
20
20

64
64
64

9/79
9/73
9/79

97
11
965

24
24
37

66
66
75

10/80
10/80
10/80

914
35
34

11
29
29

60
70
70

9/80
9/79
9/79

442
90
441
37

51
18
51
18,51

89
62
89
62,89

3/80
2/80
3/80
2/80

4/72*

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

11/75*

74*"
60
66
73
72

7/80
7/80
12/80
9/80
12/80
12/80
12/80

345

49

87

11/80

10/72*

345c
280

50
45

\'m

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Composite indexes
Coincident indicators
Four comciders
Four comciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Sixlaggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales . . . .
Gross private domestic fixed investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income . ,
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items index
All items, percent changes
Food, index
,
Food, percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing, total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
,
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
Crude materials-See Wholesale prices.

Charts

110

Tables

920
920c
940

10
39
11

60

930
930c

10
39

914
915
913
917
916
910
910c

Historical
Series
descriptions
data
(issue date) issue date)

7/80
7/80
9/80

11/75*

60

7/80
7/80

11/75*

11
11
11
11
11
10
39

60
60
60
60
60
60

9/80
9/80
9/80
9/80
9/80
7/80
7/80

29
9
69

13,25
23
24

67
66
67

8/80
12/80
8/80

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
3/80

10/69*

8
75

12,21
22

64
65

7/80
12/79

66
113
95
39

35
32
15,35
33

73
72
73
72

11/80
11/80
8/79
10/80

10/72
10/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/80
5/80
5/80
5/80
8/80

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

66
66
73

7/80
7/80
11/80

9/68
7/64

112
110
72

32
32
15,35

72
72
73

12/80
11/79
12/80

11/72
7/64
11/72

66
113
95
39
33

35
32
15,35
33
32

73
72
73
72
71

11/80
11/80
8/79
10/80
4/80

10/72
10/72

525
564
548
517

53
55
53
53

90
91
90
90

5/80
10/79
8/80
5/80

39
32

33
12,21

72
64

10/80
10/80

11/72
12/74

970
965
951
974
963
967

38
37
36
38
36
37

10/80
10/80
12/80
10/80
9/80
5/80

11/68*

966

37'"

962
975
952
950
964

36*"
38
36
36
37

971
968
976
978
977
960
972
973
961

38
37
38
38
38
37
38
38
36

76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77

60*"

5/75*

9/68*

10/69*
6/72"

11/72

11/72

D

1/72

4/72*
4/72*

11/72
11/72

87
82

11/80
11/79

10/72*
10/69

64

30,47

70,83

9/79

10/69*

346

49

88

11/80

10/72*

346c

50

88

11/80

10/72*

340

49

87

10/80

6/72*

340c

50

87

10/80

6/72*

341

49

87

10/80

6/72*

341c
348
349

50
50
50

87
88
88

10/80
11/79
11/79

6/72*
6/72*
6/72*

53

19

63

4/80

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 worke r s, components ....
Disposable personal income-See Income.

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




Current issue
(page numbers)

Series
number

10/69*

ii/68*
4/69*

12/80
11/80
10/80
12/80
12/80
9/80

6/69*
11/68*

io/80
12/80
10/80
10/80
10/80
10/79
10/80
10/80
9/80

il/68*
5/69*
11/68*
11/68*
11/68*
ii/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
escriptions
(issue date) issue date)

E
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagncultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., and construction
Employees, manufacturing and trade, 01
Employees on nonagricultural payrolls
Employees on private nonag. payrolls, Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate, manufacturing
Unemployed, both sexes, 16-1 9 years oid
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components . . . .
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.

16
51

61
89

48

17

61

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

39
17
38
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

961

36""

2
441

62
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62
62,89
61
77
74

8/80
3/80
9/80
9/80
9/80
10/80
9/80
9/80
2/80
3/80
11/80
2/80
7/80
11/80
8/80
9/80
8/80
3/80
3/80
3/80
3/80
2/80
8/80
3/80
3/80
3/80
3/80
3/80
2/80
8/80
2/80
2/80
8/80
9/80 '

F
Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, Cl
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant do!., NIPA . . . .
Exports of goods and services, current do!., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, constant dol., NIPA . . . .
Imports of goods and services, current dol., NIPA
Imports of goods and services, total
Imports of petroleum and products
Net exports, goods and services, constant do!., NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves

119

34

72

11/80

94
213
917

33
40
11

72
80
60

9/80
10/79
9/80

311
311c

48
48

84
84

11/79
11/79

667
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

7/80
7/80
7/80
8/80
8/80
11/79
11/79
7/80
8/80
7/80
8/80
8/80
11/79
11/79
7/80
8/80
11/79
11/79
11/79

93

33

49
502
501
500
512
511
510
298
263
262
265
564
267
266
268
261
260

72

9/80

20

63

9/79

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/79
9/79
9/79
10/79
10/79
10/79
11/79

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

G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars




Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes . . . . . . . . .
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP, constant dollars
4/72*
GNP constant dollars differences
GNP, constant dollars, percent changes
8/68*
GNP, current dollars
«
8/68*
GNP, current dollars, differences
,
GNP, current dollars, percent changes
li/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
4/72*
Per capita GNP, constant dollars
12/74
Gross private domestic invest. -See Investment, capital.
6/69'
6/69*
8/68*
12/74

4/72

Current issue
(page numbers)

Series

Charts

Tables

Series
Historical
descriptions
data
issue
date)
(issue date)

311
311c
68

48
48
30

84
84
70

11/79
11/79
9/79

50
50b
50c
200
200b
200c
107
49
310
3!0c
217

19,40

10/79
10/79
10/79
10/79
10/79
10/79
7/80
9/79
11/79
11/79
10/79

10/69*
10/69*
10/69*
10/69
10/69
10/69

31 '"
20
48
48
40

63,80
80
80
80
80
80
71
63
84
84
80

46
60

17
17

61
61

11/80
2/80

12/74

21
1

16
12,16

8/80
8/80

12/74
8/68

39
40

7/68"

10/69*
10/69*
10/69

H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
Average workweek, components
Average workweek, Dl
Housing
Housing starts
Housing units authon/ed by local bldg. permits
Residential GPDI constant dollars
Residential GPDI, percent of GNP

961

36'"

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

3/80
8/80
9/79
11/79

6/72
4/69

310
31Qc

48
48

84
84

11/79
11/79

10/69*
10/69*

345

49

87

11/80

10/72*
10/72*
10/69
10/69*

9/80

10/69*

1
4/72
6/69
4/72
4/72*
8/68

Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income
Compensation, real average hourly, all employees,
11/73
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income . .
Corporate profits with 1 VA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
5/69*
private nonfarm economy, percent changes
5/69*
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
5/69"
workers, private nonfarm economy, percent changes .
5/69*
Income on foreign investment in the U.S
Income on US investments abroad
. ...
5/69*
Interest, net
5/69*
Interest, net, percent of national income
National income
Personal income, constant dollars
5/69"
Personal income, current dollars
5/69*
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
5/69'
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA add CCA, percent
of national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
Wage and benefit decisions life of contract
Wages and salaries, mining, mfq., and construction ....
Incorporations new businesses
7/68*
Industrial materials prices
7/68*
Industrial materials prices components
7/68*
Industrial materials prices, Dl
Industrial production - See alsi International comparisons.
Business equipment
Consumer goods
Durable manufactures
10/69
Nondurable manufactures
Total
,
11/73
10/69
Total components
10/69*
Total Dl
10/69*
Total, rate of change
11/73
Installment debt-See Credit.
Insured unemployment
10/69
Avg. weekly initial claims, unemploy. insurance
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl ...
Avg. weekly insured unemployment rate
10/69

345c
280
64

50
45
30,47

87
82
70,83

11/80
11/79
9/79

346

49

88

11/80

10/72*

346c
95
286
287
225
224
227

50
15,35
45
47
40
40
40

88
73
82
83
80
80
80

11/80
8/79
11/79
11/79
10/79
10/79
10/79

10/72*

340

49

87

10/80

6/72*
6/72*

ib/69
10/69*
10/69
10/69
10/69

340c

50

87

10/80

341

49

87

10/80

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

10/80
7/80
7/80
11/79
11/79
10/79
2/80
1/80
10/80
10/80
6/80
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
4/80
3/80
5/80

10/69*
10/69
10/69*
6/72*
6/72*

967

37

83
82
83
88
88
63
65
69
79
75

5/80

4/69*

67
65
63
63
63,94
78
75

1/80
12/79
12/79
12/79
9/80

11/68

76
75
73
74
47

24
22
20
20
14,20,58

966
47c

37
39

5
962
45

16
36
18

7l'
82

61
74
62

7/68*

10/69

4/69'

12/80
9/80

7/80
11/80
8/80

6/69
6/69*
6/69

111

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
mports, 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 U 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'
nventories on hand and on order, net change
nventories 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

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
descriptions
data
(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
11/80
11/80

12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64

n/so

11/80
11/80

n/so
n/so

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.

Charts

Tables

Historical
Series
descriptions
data
(issue date) ( ssue date)

61
970
20
10

24
38
12,23
23

67
76
66
66

10/80
10/80
7/80
7/80

9/68'

652
651

57
57

93
93

7/80
7/80

5/69*
5/69*

68
62
63
26

30
15,30
30
29

70
70
70
70

9/79
12/79
7/80
7/80

7/68
11/68
10/72

930
930c
952
3

10
39
36
12,16

60

7/80
7/80
12/80
8/80

11/75*

910
910c
950
14
104

10
39
36
33
13,31

60
74*
72
71

7/80
7/80
12/80
10/80
6/80

913
78

11
27

60
68

9/80
8/80

38

26

68

8/80

8
84

12,21
20

64
64

7/80
9/79

917

11/68
11/68*

J
Japan-See International comparisons.

11/80

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

12/80
12/80
12/80
12/80
12/80
12/80
9/80
12/80

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

7/80
7/80
7/80
8/80
8/80
7/80
8/80
7/80
8/80
8/80
7/80
8/80
7/80
7/80

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
8/80
8/80
1/80
9/80
12/79
12/79
9/80
10/80
8/80

38

26

68

8/80

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59"

59'"
59'"
59'"

59
49
49,59

n/so
n/so
11/80

n/so

9/72*
9/72*
9/72*

11/80

n/so
n/so
n/so
n/so
5/80
5/80
11/80

n/so

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

10/80
10/80
10/30
9/80
12/80

69

24

67

8/80

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

8/80

24

23

66

8/80

9/72*
9/72*
5/69*
5/69*
9/72*

10/72*
10/72*
10/72*
10/72*

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.

M
10/72*
11/68
10/72* 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.
change
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows, Cl
5/69*
Money supply
5/69*
Liquid assets, change in total
Money supply Ml
5/69*
Money supply Ml, percent changes
Money supply M2
5/69*
Money supply M2 percent changes
5/69*
Ratio, GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt, net change
5/69*
Mortage yields secondary market
Municipal bond yields
5/69*
5/69*
N
National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, 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

74
61

8/68*
5/75*

11

60

9/80

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

6/80
6/80
6/80
6/80
6/80
7/80
6/80
4/80
11/80
11/80

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

8/80
8/80
7/80
7/80
7/80
8/80
7/80
7/80

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

9/80
10/80

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

5/80
12/80

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

10/72
10/72

7/64'
7/64

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
16/69
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 ....

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.


112


Current issue
(page numbers)

Series
number

9/79"
9/79
9/79
8/80

9/68

9/68'

9/68'

l'i/68
6/68*
10/72*
10/72*

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

Reserves, free
Residential fixed investment, constant dollars, GPDI . . . .
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars

P
Participation rates, civilian labor force
Both sexes, 1 6-1 9 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total constant dollars
Total current dollars
Total, percent of G NP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues for, Dl
Contracts and orders for, constant dollars
Contracts and orders for current dollars
Population, civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items index
All items, percent changes
Food index
Food, percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator GNP index
Implicit price deflator, GNP, percent changes . . .
Industrial materials
Industrial materials components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Wholesale prices
All commodities, index
All commodities, percent change
Consumer finished goods index
Consumer finished goods, percent changes
Crude materials index
Crude materials, percent changes
Intermediate materials index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade Dl
Wholesale trade, Dl
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment nonresid GPDI
Production-See Industrial production and GNP.
Productivity
Output per hour, nonfarm business" sector
Output per hour, private business sector
Output per hour, private business sector, pet. changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with I VA and CCA,
constant dollar
Corporate, after taxes, with I VA and CCA, cur. dol. . . .
Corporate, with I VA and CCA
Corporate, with I VA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with I VA and CCA to corporate domestic
income
Proprietors' income with I VA and CCA
Proprietors' income with I VA and CCA, pet. of nat'l. inc. .

453
452
451

51
51
51

89
89
89

3/80
3/80
3/80

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79

10/69*

292
293
614

46
46
56

82
83
92

11/79
11/79
8/80

10/69
7/68*

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

10/80
10/80
7/80
7/80
2/80

11/68
11/68*

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

5/80
5/80
5/80
5/80

5/69*
5/69*
5/69*
5/69*

311
311c
310
310c
23

48
48
48
48
28

11/79
11/79
11/79
11/79
5/80

10/69*
10/69*
4/69

967
26
92

37
29
13,28

84
84
84
84
69
79
75
70
69

5/8o"
7/80
4/80

4/69*

19
968

13,28
37

69
75

9/79
12/80

5/69
5/69*

330
330c
334
334c
331
331c
332
332c
333
333c
26

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
7/80

6/69*

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

10/80
10/80
10/80
5/80
11/80

88

25

67

9/79

358
370
370c
916

50
50
50
11

88
88
88
60

9/8o'

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl . . .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
Males, 20 years and over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over
Insured, average weekly
11/73
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United
Kingdom-See International comparisons.
6/68*
10/72*
10/72*
V

18
16

28
28

69
69

9/79
9/79

1/72
7/68

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
10/80
10/79
7/80
9/80
9/79

81
282
283

29
45
47

70
82
83

9/79
11/79
11/79

4

16

61

8/80

284

45

82

11/79

Q
Quit rate manufacturing

R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

285

47

83

11/79

10/69

S

10/69

Salaries-See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, mfg. and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

io/69
10/69
10/69
10/69*

9/68'

Charts

Tables

Series
Historical
descriptions
data
(issue date) jssue date)

93
89
249

33
25
47

72
67
83

9/80
9/79
11/79

59
54

22
22

65
65

6/80
6/80

213

40

80

10/79

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

8/80
1/80
1/80
10/80
1/80
6/80
6/80

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

4/80

19
968
78

13,28
37
27

69
75
68

9/79
12/80
8/80

38

26

68

8/80

114
115

34
34

72
73

11/80
11/80

7/64
7/64

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

3/80
2/80
7/80
11/80
8/80

6/69
6/69*
8/68*

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
62,89
61

3/80
3/80
3/80
3/80
2/80
8/80

44
45
43

18
18
18

62
62
62

2/80
8/80
2/80

4/72
6/69
4/72

96
25

21
21

64
64

8/80
8/80

9/68
9/68

107
108
32

31
31
12,21

71
71
64

7/80
6/80
10/80

12/74

330
330c
334
334c
331
331 c
332
332c
333
333c
92
1

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

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
4/80
8/80

36'"

77
74

9/80

11/72
10/69*

6/72"

9/68*
2/69*
11/68*

6/72

io/69
10/69
10/69
7/68*

5/69
5/69*

T
Treasury bill rate
Treasury bond yields

10/69
10/69*
11/68*

Current issue
(page numbers)

Series
number

U

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio
Vendor performance

4/72*

W

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69 '
Wholesale prices
All commodities, index
7/68
All commodities percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
io/69
Crude materials index
10/69*
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek
of production workers, manufacturing,
10/69
components
10/69* Workweek of production workers, manufacturing, Dl . . . .

961

6/69*

8/68'

NOTE: The following abbreviations are used in this index: Cl, composite index, Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Bureau of Economic Analysis and National Bureau of
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)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 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
manufacturing corporations (Q).—Federal
mission and Securities and Exchange
seasonal adjustment by Bureau of
Analysis

39. Percent of consumer installment loans delinquent 30
days and over (EOM). —American Bankers
Association
(33,72)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).—Source
1
(11,60)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

sales, all
Trade ComCommission;
Economic
(29,70)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)

40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persons unemployed 15 weeks and
over (M).-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
and 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)

916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)

1-B. Cyclical Indicators
1. A v e r a g e w o r k w e e k of production w o r k e r s ,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)

23. Index of industrial materials prices (M).-Source
3
((28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
(23,66)
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
(M).-Source 3

in

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)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)

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)

8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)

31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).-McGraw-Hill
Information Systems Company; seasonal adjustment by

32. Vendor performance, percent of companies reporting
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)

3. Layoff rate, manufacturing (M).—Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3
5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

(16,61)

unemployment
Department of
Administration;
of Economic
(16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).—Source 2(21,64,77)


114


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
(34,72)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources 1, 2, 3, and The C o n f e r e n c e
Board
(17,61)

84. Rate of capacity utilization, materials (Q).-Source
4
(20,64)

119. Federal funds rate (M).-Source 4

85. Change in money supply Ml-B (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)

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)

92. Change in sensitive prices (PPi of crude materials less
agricultural products) (smoothed) (M).—Sources 1 and

3

(13,28,69)

93. Free reserves (member banks excess reserves minus
borrowings) (M).—Source 4
(33,72)

67. Bank rates on short-term business loans (Q).-Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)

95. Ratio, consumer installment 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 adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment

(M).-Source 4

(24,67)

77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(€8,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)




96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).—The Conference Board (24,66)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M.).-Sources
1 and 4
(13,31,71)
105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)
106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)
107. Ratio, gross national product to money supply Ml-B
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34 ; 73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing-20 industries(M).-Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).-Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)
968. Diffusion index of stock prices, 500 common stocks—
53-82 industries ( M ) . - S t a n d a r d & P o o r ' s
Corporation
(37,75)
970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)
971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced withou* 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)

II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)
220. National income in current dollars (Q).-Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)

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)
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)

292. Personal saving (Q).-Source 1

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).-Source 1 (46,83)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)
298. Government surplus or deficit, total (Q).—Source
1
(46,83)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).-Source
3
(49,59,84,95)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(44,82)

322. Index of consumer prices, food (M).-Source 3(49,84)

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)

331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)

257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

330. Index of producer prices, all commodities (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)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

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)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

280. Compensation of employees (Q).-Source 1

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).-Source 1
(45,82)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source
3
(50,88)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

283. Proprietors' income 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)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Qj.-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)
Digitized 116
for FRASER


(45,82)

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)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

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 of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

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)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

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)

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)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

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)

II-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

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;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
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 gross obligations incurred (M).—
U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
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

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(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)

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)

II-F. International Comparisons

4

564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




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)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

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).-lnstitut
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 prices (M).—The
Financial Times (London)
(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 prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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