Full text of Business Conditions Digest : December 1981

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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert G. Dederick, Assistant Secretary for Economic Affairs

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 Management and Budget
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

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides

a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Develop-

ments, 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.

Annual subscription price: $60 domestic, $75
foreign. Single copy price: $5.50 domestic,
$6.90 foreign. Foreign airmail rates are available
upon request. Address all correspondence

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.
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 in-

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

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

ItCII

iii

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

1
1
1
1
4
5
5
6

DECEMBER 1 9 8 1
Data Through November
Volume 21, Number 12

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
AT

Chart

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Table

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Bl
B2
B3
B4
B5
Bb

"B71

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

DIFFUSION INDEXES
AND RATES OF CHANGE

cr
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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



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

ItCII




PART if.
OTHER IMPORTANT
ECONOMIC MEASURES

Al
A2 _•
A3 i
A4 ;
A5
A6
A7
A8

N A T I O N A L INCOME
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES. WAGES,
AND PRODUCTIVITY
Bl :
B2 1

Q |
Cl |

Q l
Dl ;
D2 \

111
Eilj
E2 !

Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

u ?.. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements

i.NI r RATIONAL C
Industrial Production
Consumer Prices
Stock Prices

PAk v /;* Afr'MlNOiXfiS
A. MCD and Related Measures of Variability (January 1981 issue)
QCD and Related Measures of Variability (January 1981 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 (July 1981 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1981 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 are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

Changes in this issue are as follows:

1. Appendix C contains historical data for series 12-14,
26, 370, 525, 543, 602, 604, 606, 612, 614, 616, 721-723, 725728, and the components of series 26.
2. Appendix G contains cyclical comparisons for series
21, 51, 77, 91, 930, and 940.
The January issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on February 1.



SIX BEA PROJECTS
FOR ECONOMIC
ANALYSIS

BUSINESS CONDITIONS DIGEST

A monthly report for analyzing

economic fluctuations over a short span of years.
This report brings together many of the economic time series most useful to business analysts and
forecasters. In the cyclical indicators section, each of about 110 business cycle indicators is assigned
a three-way timing classification according to its cyclical behavior at peaks, troughs, and all turns.
This section also includes important analytical measures, such as composite indexes of leading, coincident, and lagging indicators and selected diffusion indexes. A second section contains other important economic data on prices, wages, productivity, government and defense-related activities, U.S. international transactions, and international comparisons.
About 300 time series are shown in analytical graphs that help to evaluate business conditions and
prospects. Current data are shown in accompanying tables. Appendixes provide historical data,
seasonal adjustment factors, measures of variability, cyclical comparisons, and other useful information. A computer tape containing data for most of the series is available for purchase.
HANDBOOK OF CYCLICAL INDICATORS

A reference volume con-

taining valuable background information for users of Business Conditions Digest.
This recurrent report provides descriptive and analytical information on the economic time series
presented monthly in Business Conditions Digest. Included are series descriptions, historical
data, and measures of variability. For the cyclical indicators and composite indexes, special tables
show detailed scoring measures and average timing at cyclical peaks and troughs. Verbal and
algebraic explanations of the composite index methodology are also provided.

LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years: 1860-1970.
This report provides a comprehensive, long-range view of the U.S. economy by presenting relevant
statistical time series in easy-to-follow analytical charts and convenient data tables. It is a basic
research document for economists, historians, investors, teachers, and students, bringing together in
one volume a complete statistical basis for the study of long-term economic trends. A computer tape
file of the time series included in the report is available for purchase.

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS The source
statements for FORTRAN IV programs used by BEA in its analysis of
time series are available on a single computer tape.
SEASONAL A D J U S T M E N T PROGRAMS—Two variants of the Census computer program
measure and analyze seasonal, trading-day, cyclical, and irregular fluctuations. They are particularly
useful in analyzing economic fluctuations that take place within a year. The X-ll variant is used for
adjusting monthly data and the X-11Q for quarterly data. These programs make additive as well as
multiplicative adjustments and compute many summary and analytical measures.
INDEX PROGRAM—This program computes composite and diffusion indexes and summary
measures of the properties of each index.
T I M E SERIES PROCESSOR—This program, through simple commands, performs a variety of
arithmetic, statistical, and manipulative operations on time series data.

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

BUSINESS STATISTICS
For further information (including prices and ordering instructions) on any of these items,
please write to the Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C.
20230.



A biennial reference volume containing

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

IV

METHOD OF PRESENTATION

adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
This report is organized into two major parts.
which contain considerable variation due to the
Part I, Cyclical Indicators, includes about 150 time
number of working or trading days in each month.
series which have been found to conform well to
As used in this report, the term "seasonal
broad fluctuations in comprehensive measures of
adjustment" includes trading-day and holiday
economic activity. Nearly three-fourths of these are
adjustments where they have been made.
individual indicators, the rest are related analytical
Most of the series in this report are presented in
measures: Composite indexes, diffusion indexes,
seasonally
adjusted form and, in most cases, these
and rates of change. Part II, Other Important
are
the
official
figures released by the source
Economic Measures, covers over 140 series which
agencies.
However,
for the special purposes of this
are valuable to business analysts and forecasters
report,
a
number
of
series not ordinarily published
but which do not conform well enough to business
in
seasonally
adjusted
form are shown here on a
cycles to qualify as cyclical indicators. (There are a
seasonally
adjusted
basis.
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, MCD Moving Averages
such as real GNP and unemployment.) The largest
Month-to-month changes in a series are often
section of part II consists of quarterly series from
the national income and product accounts; other dominated by erratic movements. MCD (months for
sections relate to prices, labor force, government cyclical dominance) is an estimate of the approand defense-related activities, and international priate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
transactions and comparisons.
It is the smallest span of months for which the
The two parts are further divided into sections
average change in the cyclical factor is greater than
(see table of contents), and each of these sections
that in the irregular factor. The more erratic a
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts series is, the larger the MCD will be; thus, MCD is 1
begin with 1956, but those for the composite for the smoothest series and 6 for the most erratic.
indexes and their components (part I, section A) MCD moving averages (that is, moving averages of
begin with 1948, and a few charts use a two-panel the period equal to MCD) tend to have about the
format which covers only the period since 1969. same degree of smoothness for all series. Thus, a
Except for section F in part II, charts contain 5-term moving average of a series with an MCD of 5
shading which indicates periods of recession in will show its cyclical movements about as clearly
general business activity. The tables contain data as the seasonally adjusted data for a series with an
for only the last few years. The historical data for MCD of 1.
The charts in this report generally include
the various time series are contained in the 1977
centered MCD moving averages for those series
Handbook of Cyclical Indicators.
In addition to the charts and tables described with an MCD greater than 4. The seasonally
above, each issue contains a summary table which adjusted data are also plotted to indicate their
variation about the moving averages and to provide
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors, observations for the most recent months.
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday



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 an
cording 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
Reference Turning Dates
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 (for example, leading at both peaks and troughs),
publication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. Since then, NBER has of duplication, composite indexes give more
designated turning points for the 1973-1975 reces- reliable signals over time than do any of the
sion and the 1980 recession.
individual indicators. Furthermore, much of the

1

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

\
N.

LEAniNfi fLl
IN DICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(2 3 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 series)

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

Capacity

New and

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

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

Stock prices

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)

Comprehensive
employment
(1 series)

Comprehensive
output and

utilization
(2 series)

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

construction
(3 series)

real income
(4 series)
Industrial
production
(4 series)

Consumption
and trade
(4 series)

Duration of
unemployment
(2 series)

(2 series)

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

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

Comprehensive
employment
(3 series)

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

Trade
(1 series)

Business
investment
commitments
(1 series)

Inventories on
hand and on
order
(4 series)

Unit labor costs
and tabor share
(4 series)

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

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

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
N.
Economic
NProcess
Cyclical >.
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
A N D CREDIT
(26 series)

Marginal
employment

Industrial
production
(1 series)

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

Formation of
business
enterprises
(2 series)

Inventory

Stock prices

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Unfilled orders
(1 series)

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

adjustments
(3 series)

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

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

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

investment
(4 series)

Business
investment
commitments
(4 series)
Residential
construction
(3 series)

(1 series)
Commodity
prices
(2 series)

Profits and
profit margins
(6 series)
Cash flows!
(2 series)

Inventories on
hand and on
order
(5 series)

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

r»f
OT

unemployment
(5 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in t i m i n g .
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)

indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period can
be determined by inspection of the charts, where the
1973-1975 recession and the 1980 recession are
shaded according to the dates of the NBER reference
cycle chronology.

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 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
For purposes of constructing a composite index,
actual data but also from surveys of anticipations
each component series is standardized: The monthor intentions. Indexes based on responses of
to-month percent changes in a given series are
business executives about their plans and
divided by the long-run average (without regard to Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
sign) of those changes. Thus, the more volatile
presented, along with the corresponding indexes
series are prevented from dominating the index.
This section covers 111 individual time series, based on actual data, as the last set of diffusion
The coincident index is calculated so that its long- including the 22 indicators used in the series.
term trend (since 1948) equals the average of the construction of the composite indexes. The peak
This section also records rates of change for the
trends of its four components. This trend, which is and trough timing classifications are shown on the three composite indexes (leading, coincident, and
similar to that of GNP in constant dollars, can be charts in the same manner as described above, but lagging) and for four indicators of aggregate
viewed as a linear approximation to the secular this section includes series with different timing at economic activity: GNP in constant dollars
movement (at an average growth rate) in aggregate peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
economic activity. The indexes of leading and lag- timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
ging indicators have been adjusted so that both as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
their trends and their average month-to-month measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
percent changes (without regard to sign) are ap- are labeled U, i.e., unclassified as to timing at 1-quarter spans.
proximately equal to those of the coincident index. turning points of the given type. Eight series are
Although movements in diffusion indexes and in
(For a more detailed description of the method of unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
constructing the composite indexes, see the 1977 series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
Handbook of Cyclical Indicators.)
different timing at peaks and at troughs). No series present information about two related but distinct
In addition to these principal composite indexes, that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
differentiated according to cyclical timing, there is included in the list of cyclical indicators.
measure the prevailing direction or scope of
are five indexes based on leading indicators which
The classification scheme which groups the change, while rates of change measure the degree
have been grouped by economic process. Taken
indicators of this section by economic process and as well as the overall direction. As is the case for
together, these additional indexes include all 12 cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
component series of the overall leading index, plus tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
a few related series. Also shown in this section is based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
the ratio of the index of roughly coincident
business cycle peaks (November '48, July '53, at the business cycle turns as well.



Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
This part is divided into six sections which cover in the physical volume of inventories held by
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4)
is the compensation of government employees
still others relate to U.S. international transactions
and
purchases
from business and from abroad. It
or to selected foreign countries. The represented
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts, included in the components of GNP and are
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S.
final expenditures for the personal, business, international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product, originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross residents of the United States. Thus, it measures
national product—personal consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and 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.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES




4

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

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

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
100-1

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

Arabic number indicates latest
month for which data are
used in computing the indexes.

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

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

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

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.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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




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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data1
Timing
classification 3

Series title

Unit
of
measure

Average
.

1979
1. CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators

1st Q

2dQ

3dQ

1981

1981

1981

1980

Oct.
1981

Sept.
1981

Nov.
1981

Sept.
to
Oct.
1981

Oct.
to
Nov.
1981

1st Q
to
2dQ
1981

2dQ
to
3d Q
1981

_•
E
3
C

i

|

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

140.1
145.1
166.4

131.2
140.3
176.8

135.7
142.3
185.4

135.6
142.3
186.5

132.5
142.4
193.6

130.3
142.0
194.4

128.2
140.0
189.3

127.8
138.4
183.0

-1.6
-1.4
-2.6

-0.3
-1.1
-3.3

-0.1
0.
0.6

-2.3
0.1
3.8

91
92
93

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

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

96.8
113.5
105.9
91.7
145. 5

92.9
107.2
101.0
90.8
135. 6

94.1
106.0
103.1
94.3
139 4

94.3
105.2
104.0
94.0
138 0

93.1
102.1
102.9
NA
137 6

91.0
101.4
102.2
NA
137 5

90.3
98.9
101.0
NA
137 8

90.2
99.6
99.8
NA
138 1

-0.8
-2.5
-1.2
NA
0 2

-0.1
0.7
-1.2
NA
0.2

0.2
-0.8
0.9
-0.3

-1.3
-2.9
-1.1
NA

91
91
91

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

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

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

40.2
3.3
4.0
381
1.1
2.0

39.7
2.8
3.5
485
1.7
1.5

39.9
2.9
3.5
413
1.3
1.4

40.2
3.0
3.3
412
1.2
1.3

39.8
2.9
3.2
434
1.4
1.4

39.3
2.7
2.9
492
1.7
1.3

39.5
2.7
2.9
518
2.2
1.2

39.3
2.5
3.1
523
2.3
1.1

0.5
0.
0.
-5.3
-0.5
-0.1

-0.5
-0.2
0.2
-1.0
-0.1
-0.1

0.8
0.1
-0.2
0.2
0.1
-0.1

-1.0
-0.1
-0.1
-5.3
-0.2
0.1

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

L,Lg,U
L,Lg,U

Ratio
1967=100...

0.786
158

0.520
129

0.487
127

0.449
119

0.457
118

0.419
112

0.384
110

0.367 - 0 . 0 3 5
111
-1.8

-0.017
0.9

-0.038
-6.3

0.008
-0.8

6
4

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

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

169.63 169.84
93,648 93,960
89,823 90,564
26,461 25,718

172.22
94,692
91,232
25,670

170.97
95,507
91,546
25,741

170.11
95,412
91,938
25,933

167.94
94,959
92,033
25,930

170.54
94,880
91,798
25,651

170.28
94,662
91,561
25,459

1.5
-0.1
-0.3
-1.1

-0.2
-0.2
-0.3
-0.7

-0.7
0.9
0.3
0.3

-0.5
-0.1
0.4
0.7

4
4
4
4

U,Lg,U

Percent

59.25

58.51

58.43

58.75

58.47

58.13

58.03

57.85

-0.10

-0.18

0.32

-0.28

9

Thousands. .
Percent
do. . . .
Weeks
Percent

5,963
5.8
2.9
10.8
1.2

7,448
7.1
3.9
11.9
1.7

7,788
7.3
3.3
14.3
2.1

7,900
7.4
3.3
13.7
2.1

7,708
7.2
3.3
14.0
2.1

7,966
7.5
3.5
13.7
2.1

8,520
8.0
3.6
13.7
2.1

9,004
8.4
3.9
13.2
2.2

-7.0
-0.5
-0.1
0.
0.

-5.7
-0.4
-0. 3
3.6
-0.1

-1.4
-0.1
0.
4.2
0.

2.4
0.2
0.
-2.2
0.

3
4
4
9
4

c.c.c
c.c.c

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

1483.0
1197.4
1043.8

1480.7
1207.5
1043.2

1516.4
1230.6
1061.1

1510.4
1236.b
10b7.3

1515.8
1247.9
1073.0

1249.4
1075.4

1247.2
1073.9

1246.9
1073.9

-0.2
-0.1

0.
0.

C.C.C

do

247.2

231.0

233. 3

232 2

231 1

2 29 7

228 5

2 27 3

0 5

c.c.c

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

152.5
146.4
164.0
674.5

147.0
136.7
161.2
665.2

151.8
141.3
165.7
688.9

152.5
143.1
166.0
686.3

153.1
142.6
166.9
691.9

151.7
140.9
166.2

149.6
138.1
164.0

146.5
134.0
161.5

L.C.U

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

85.6
82
87.4

79.1
78
80.0

79.9
78
82.2

79.8
78
81.2

79.3
76
81.2

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

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

79.32
79.32
4 2 . 54
38.30
37.55
33.73
3.57
1.26
293.67 308.82
63
40

85.46
39.40
34.74
1.26
312.60
49

87.88
39.75
35.60
0.62
314.48
52

87.78
39.10
34.59
1.00
317.46
46

86.28
38.28
33.98
0.09
317.46
43

77.80
34.31
31.71
-4.78
312.68
38

78.65
34.47
30.51
-2.23
310.46
32

-9.8
-10.4
-6.7
-4.87
-1.5
-5

1.1
0.5
-3.8
2 . 55
-0.7
-6

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.
I Q 1966=100

294.51 320.11
160.16 154.63
150.8
145.4
74,529 79,721
45,172 43,656
65.3
61.8
66.0
64.4

349.75
158.94
147.7
86,627
45,039
75.6
68.3

351.54
157.68
150.0
86,247
44,259
63.3
73.9

353.75 353.72
156.59 156.18
149.5
148.2
88,213 88,699
44,492 44,416
70. 2
74.8
73.1

345.45
151.85
147.5
86,803
43,272

NA
NA
144.7
87,465
43,493

-2.3
-2.8
-0.5
-2.1
-2.6

NA
NA
-1.9
0.8
0.5

70.3

62.5

-3.8

131.7
43,714

117.7
116.0
47,151 48,990

NA
NA

NA
NA

NA
NA

L.L.L
C,C,C
I Lg,Lg,Lg

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

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

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
* 4 1 . 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 )
ULg,U
43. Unemployment rate, total {inverted 4 ) 2
L,Lg,U
45. Avg. weekly insured unemploy-rate (inv. 4 ) 2 . . L,Lg,U
* 9 1 . Avg. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 . . Lg,Lg,Lg

2

B2. Production and Income
Comprehensive Output and Income:
50. GNP in 1972 dollars
52. Personal income in 1972 dollars
* 5 1 . Pers. income less transfer pay., 1972 dollars . .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
* 4 7 . Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . . .

C.C.C

CCC
C.L.L

c.c.c
L.C.U

-1.4
-2.0
-1.3

c

0 4
0.5
0.6

0 4
0.9
0.5

5
5

0.5
1.3
0.2
-0 4

0.4
-0.3
0.5
0 8

4
7
7
4

-0

1
Q

-0

8

-1

0

-0.5

-2.1
-3.0
-1.5

5
_2

o

8

2.8
0.9
2.5
-0.64
0.6
3

-0.1
-1.6
-2.8
0.38
0.9
-6

2
9
3

-11.1

0.5
-0.8
1.6
-0.4
-1.7
-16 3
8.2

U.6
-0.7
-0. 3
2.3
0.5
10 9
1.2

NA
NA

-1.4
3.9

NA
NA

B3. Consumption, Trade, Orders, and
Deliveries
Orders
6.
7.
*8.
25.
96.
*32.

and Deliveries:
New orders, durable goods
New orders, durable goods, 1972 dollars
New orders, cons, goods and mtls., 1972 dol. .
Chg. in unfilled orders, durable goods 2
Mfrs.' unfilled orders, durable goods 5
Vendor performance 2 (§)

Consumption and Trade:
56 Manufacturing and trade sales
* 5 7 . 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 s e n t i m e n t ©

5
7
5
5
5

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




L.L.L
L.L.L

1967=100...
Number. . . .

121.1
44,337

NA
NA

NA
NA

1
1

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

Timing
classification3

Unit
of
measure

Average

Sept.
1st Q
1981

2dQ
1981

3dQ
1981

Sept.
1981

Oct.
1981

Nov.
1981

Oct.
1981

1980

Oct.
to
Nov.
1981

lstQ

2dQ
to

2dQ
1981

3dQ
1981

I. CYCLICAL I N D I C A T O R S - C o n .
B4. Fixed Capital Investment—Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
11. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg.5
Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip

86. Nonresid. fixed investment, total, 1972 dol. ..

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

Bil. dol

do. . . .

26.35

25.92

27.71

27.38

26.53

25.17

26.92

-5.1

7.0

3.0

-1.2

15.17
22.52

13.91
22.55

13.63
23.49

13.88
23.94

13.87
23.99

13.68
23.03

12.39
21.00

13.51
23.20

-9.4
-8.8

9.0
10.5

1.8
1.9

-0.1
0.2

13.20

12.3'

12.14

12.23

12.39

12.16

10.59

11.91

-12.9

12.5

0.7

1.3

90.52
22.01
76.47

77.96
25.90
90.73

84.37
27.75
93.34

81.66
28.44
96.56

72.18
26.84
96.26

68.55

72.32

71.90

5.5

-0.6

-3.2
2.5
3.4

-11.6
-5.6
-0.3

1.4

3.6

2.7
2.2
-0.6

1.7
0.9
1.7

-15.5
-b.l
-6.3

-17.7
-20.7
-10.7

do. . . .
do. . . .

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

270.46 295.63 312.24 316.73 3 2 8 . 2 5

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

282.12 310*98 329.35 338.30 344.11 347.05 333.43
171.3 173.
178.2 182.2 183.9 182.6 181.1
163.3 158.4 162.0 161.1 163.9

178.2

-3.9
-0.8

871
58.4

-5.7
-15.1

NA

NA
-1.6

Residential Construction Commitments and
Investment:
28. New private housing units started, total

*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol

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

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

L,L,L

do.

1,745
123.6
59.1

1,29
96.6
48.1

1,391
95.1
51.0

1,176
89.3
47.8

968
70.8
42.7

916
68.7

864
58.3

12.2

4.1

8.78
68.1
2.18

6.30
57.9
-2.60

-2.48
-10.2
-4.78

NA
NA
NA

10.14
-6.1
0.48

7.85
20.6
-0.08

444.22 475.20 485.47 494.23 508.13 508.13 512.9 5
265.44 262.97 262.64 265.40 268.53 268.53 270.01

0.9
0.6
1.3

NA
NA
NA

1.8
1.1
2.5

2.8
1.2
3.2

0.06

0.03

0.03

-1.2

1.2

1.1

-0.97
-0.1

-1.66
-0.7

0.8
0.2

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)2
31. Chg. in book value, mfg. and trade invent.2 ..
38. Chg. in mtl. stocks on hand and on order2 ..
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 goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order5

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

do.
do.
Bil. dol. .

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

10.2

-2.9

-1.4

10.8

14.9

11.08
49.0
2.65

-9.6
31.0
0.38

-7.77
41.1
0.43

2.37
35.0
0.91

10.22
55.6
0.83

71.38

76.56
1.71

1.65

L.Lg.Lg Bil. dol., EOP

213.73

L,L,L
U,L,L

Percent
1967=100...

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

L,L,L

194143=10.

Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars
79. Corp. profits after taxes with IVA and CCAdj .
80
do
in 1972 dol..
15. Profits (after taxes) per dol. of sales, mfg.2 .
26. Ratio, price to unit labor cost, nonfarm bus . . .

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

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

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

L,L,L
L,L,L

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

1.98
293.0

81.21

83.78

83.78

84.87

1.65

1.68

1.71

1.72

1.78

218.24
219.52 222.26

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed6)2
23. Spot market prices, raw industrials (§)

79.25

1.49
298.0

2.96
288.5

1.99
288.3

224.77 224.77 222.17

0.33
286.4

0.04
283.0

0.04
277.2

270.5

0.
-2.0

1O3.O1 118.78 131.52 132.81 125.68 118.27 119.80 122.92

1.3

-0.24
-2.4

1.0

-5.4

1977=100..

167
99.6
109.2
65
5.7
96.8

163.
88.
100.
55.1
4
96.3

169.2
87
115
60
5.0
97.3

152.7
77.4
113.9
58.2
5.1
96.9

156.3
76.5
117.6
58.9
4.8
96.8

-9.8
11.8
-1.2
-3.3
0.1
-0.4

2.4
-1.2
3.2
1.2
-0.3
-0.1

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

257.1
149.1

265.4
141.8

282.4
144.7

270.5
134.6

279.2
136.4

-4.2
-7.0

3.2
1.3

Lg.Lg.Lg 1977 = 100..

119.3

131.4

139.4

141.6

145.1

1.6

2.5

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

1.092
175.8

1.196
195.0

1.244
203.9

1.266
207.6

1.295
211.3

1.8
1.8

2.3
1.8

74.4

75.3

75.2

75.5

75.3

0.58
0.69
0.97
218.3
848.6

0.52
0.76
0.77
204.4
813.8

0.81
0.97
1.07
200.6
807.3

0.25
0.60
0.72
201.2
813.8

0.23
0.71
0.88
195.8
805.4

-0.23
0.54
0.94
193.9
802.4

0.28
0.67
0.92
193.8
805.0

0.92
1.38
0.84
194.6
812.0

6.371
1.319

6.521
1.347

6.761
1.366

6.694
1.359

6.870
1.376

1.378

1.376

1.365 - 0 . 0 0 2

85.26
61.19 55.48 4 5 . 3 4
22.88
19.60 -11.90 3 2 . 8 8
38.69
2.90 23.89 2 2 . 4 3
349.62 292.75 306.49 3 4 9 . 2 4

34.28
35.84
30.53
317.69

26.33
31.99
33.83

NA
20.30
12.17

NA

NA

11.86

-11.69
-21.66

do. . . .
Cents

Lg.Lg.Lg Percent

214.0

216.1

1.0

2.0

0.3

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

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
33.
112.
113.
110.

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

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

Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment credit2
Total private borrowing




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

do. ..

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

NA

0.51
0.13
-0.02
-0.1
0.3

O.b4
0.71
-0.08
0.4
0.9

-0.56
-0.37
-0.35
0.3
0.8

- 0 . 02
0.11
0.16
-2.7
-1.0

-0.011

0.067
0.007

0.176
0.017

NA
-8.44
NA

10.14 -11.06
44.78
2.96
-1.46
8.10
9.0
13.9

Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data1
Timing
classification 3

Series title

Percent change

Average

of
measure

1st Q
1981

1979

1980

2dQ
1981

3d Q
1981

Sept.
1981

Oct.
1981

Nov.
1981

Sept.
to
Oct.
1981

Oct.
to
Nov.
1981

|

2dQ
to
3d Q
1981

1st Q

to
2dQ
1981

S
•c

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

L,L,L
L,L,L

Mil.dol
Percent, EOP

222.28
2.64

386.26
2.57

538.63
2.53

NA
2.30

NA
2.28

NA
2.28

NA
NA

NA
NA

NA
NA

Bank Reserves:
93. Free reserves ( i n v e r t e d 4 ! 2 ®
94. Borrowing from the Federal Reserve2 ©

L,U,U
L,Lg,U

Mil.dol
do. . . .

-1,131
1,338

-1,141
1,420

-872
1,229

-1,591
1,845

-1,193
1,544

-1,073
1,473

-1,032
1,149

-380
695

-41
-324

-652
-454

11.19
10.04
8.74
10.05
6.52
10.89
13.18
12.67

13.36
11.61
10.81
12.77
8.60
13.42
15.17
15.27

16.57
14.37
12.01
14.37
9.98
14.69
19.91
19.21

17.78
14.83
12.66
15.22
10.69
16.18
19.99
18.93

17.58
15.09
13.60
16.33
12.11
17.76
21.11
20.32

15.87
14.95
14.14
16.97
12.92
18.55

15.08
13.87
14.13
16.96
12.83
17.43

13.31
11.27
12.68
15.53
11.89
15.98

-0.79
-1.08
-0.01
-0.01
-0.09
-1.12

-1.77
-2.60
-1.45
-1.43
-0.94
-1.45

20.08

18.45

16.84

-1.63

-1.61

Bil.dol., EOP

303.58

306.47

312.45

318.05

325.69

325.69

326.70

NA

0.3

NA

1.8

2.4

b

Bil.dol
Percent

147.06
14.79

163.76
14.14

172.87
13.35

176.96
13.35

185.77
13.22

188.40
13.23

190.09
13.20

191.08
NA

0.9
-0.03

0.5
NA

2.4
0.

5.0
-0.13

7
9

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

162.8
217.4
1.0
234.5

177.4
246.8
1.0
254.6

188.1
262.9
0.8
270.7

191.1
269.0
0.6
271.4

195.6
276.7
1.1
276.1

279.3
1.2
278.6

279.9
0.4
279.4

280.7
0.5
280.0

0.2
-0.8
0.3

0.3
0.1
0.2

1 6
2.3
-0.2
0.3

2 4
2.9
0.5
1.7

31
32
32
32

do.
do.
do.
do.
do.

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

235.6
282.2
242.8
216.7
215.7

268.8
304.6
280.3
239.8
248.9

287.6
329.8
299.2
255.9
265.1

294.1
333.1
305.8
262.3
271.1

296.0
333.7
308.8
267.1
273.1

295.5
330.2
309.4
267.8
273.5

296.0
324.6
309.3
270.2
274.7

295.5
320.0
310.2
272.4
276.0

0.2
-1.7
0.
0.9
0.4

-0.2
-1.4
0.3
0.8
0.5

2. 3
1.0
2.2
2.5
2.3

0.6
0.2
1.0
1.8
0.7

33
33

1977 = 100...

116.8

127.3

134.9

137.6

140.4

141.5

141.8

143.1

0.2

0.9

2.0

2.0

34

do.
do.
do.
do.

97.4
118.8
99.2
99.5

93.5
130.5
96. 0
99.3

92.8
138.8
95.5
100. 3

93.0
142.0
96.0
101.1

92.3
145. 3
95.5
100.9

92.1

92.0

92.3

-0.1

0.3

0.2
2 3
0 5
0 8

-0.8
2 3
-0 5
0 2

34
34
34
37

102.91 104.72
96.94
97.27
5,963
7,448
2,223
3,261
2,213
2,547
1,528
1,640

105.80
98.01
7,788
3,323
2,718
1,747

106.77 106.43
98.87
98.72
7 , 900
7,708
3,411
3,308
2,763
2,772
1,726
1,629

106.24
98.27
7,96b
3,455
2,819
1,692

10b.74 107.03
9 8 . 22
98.02
8,520
9,004
3,773
4,043
2,953
3,062
1,793
1,899

0.5
-0.1
7.0
9.2
4.8
6.0

0.3
-0.2
5.7
7.2
3.7
5.9

0.9
0. 9
1.4
2.6
1. 7
-1.2

-0.3
-0.2
-2.4
-3.0
0.3
-5.b

44
44
3
44
44
44

-0.1
0.5
-0.2

0.
0.2
0.2

0.5
0.5
-0.6

-0. 5
-0.2
-1.5

45
45
45

0
0
-0
0
0
0

6
6
6
5
7
8

2 8
3 9
-8 5
1 5
1 I
7

50
50
50
51
51
51

-0.1
1.2
-8.4
2 1

10.3
28.8
24.3
4 0

51
52
54
5b

-1.0
-6.8
19.2
-1.5
-11.8
1.4

60
bO
bO
61
bl
61

Interest Rates:
119. Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ©
115. Treasury bond y i e l d s 2 ©
116. Corporate bond y i e l d s 2 ©
117. Municipal bond y i e l d s 2 ©
118. Mortgage yields, residential 2 ©
67. Bank rates on short-term bus. l o a n s 2 ©
*109. Average prime rate charged by b a n k s 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,Lgj

Outstanding Debt:
66. Consumer installment credit5 .
I Lg,Lg,Lg
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,Lg,Lg
*95. Ratio, consumer install, credit to pers. income2 . Lg,Lg,Lg

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

NA
NA

NA
0.23

NA
0.02

1
3

719
616

-398
-301

9
9

1.21
0.46
0.65
0.85
0.71
1.49
0 08
-0.28

-0.20
0.26
0.94
1.11
1.42
1.58
1 12
1.39

11
11
11
11
11
5
10

II. O T H E R I M P O R T A N T E C O N O M I C
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 i t e m s ©
Change in CPI, all items, S/A2
CPI, food
Producer prices (PPI), all commodities ©
PPI, crude materials
PPI intermediate materials
PPI, capital equipment
PPI, finished consumer goods

|
\

33
33
33

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 b u s . . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector
!

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

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

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 over2
Females, 20 years and over2
Both sexes, 16-19 years of age2

Percent
do. . . .
do. . . .

79.8
50.6
58.1

79.4
51.4
56.9

78.9
51.9
56.9

79.4
52.4
56.3

78.9
52.2
54.8

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

494.4
509.2
-14.8
351.2
324.4
26.7

540.8
602.0
-61.2
384.0
355.0
29.1

617.4
664.0
-46.6
411.7
374.8
36.9

621.0
668.2
-47.2
413.6
377. 5
36.1

638.3
694.0
-55.7
419.6
381.8
37.8

11,141
5,356
3,374
111.2

13,392
6,961
4,662
131.7

15,370
7,631
5,210
145.2

15,355
7,720
4,772
148.2

lb,931
9,940
5,932
154.1

15,137
2,886
3,009
17,190
4,676
1,853

18,390
3,435
3,788
20,417
6,139
2,030

20,008
4,158
4,188
22,022
7,123
2,044

19,519
3,523
4,286
21,858
6,590
2,199

19,323 19,655
3,285
3,563
5,111
4,559
21,521 21,229
5,815
5,709
2,229
1,943

78.9
51.8
55.4

78.8
52.3
55.2

78.8
52.5
55.4

D. Government Activities
D 1 . Receipts and Expenditures
501.
502
500.
511.
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

1

D2. Defense Indicators
517
525.
548.
564.

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

Mil.dol
do. . . .
do. . . .
A.r., b i l . d o l .

l b , 5 8 4 12,892
9 , 907
NA
b,554
3,830

NA
NA
4,237

-22.3
NA
-41.6

NA
NA
10. b

NA
NA
NA
NA
NA
NA

-3.1
4.8
-4.8
9.4
7.3
26.8

NA
NA
NA
NA
NA
NA

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

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




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

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

19,044
3,735
4,338
23,234
6,123
2,464

-2.4
-15.3
2.3
-0.7
-7.5
7.6

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

4th Q

1st Q

1st Q
1981

2dQ
1981

2dQ
to
3d Q
1981

6.9
4.9
893
9.1
8.7
6.5
5.6
1,056

-1.0
2.5
2,233
3.9
9.2
0.7
3.1
2,130

-4.0
-3.4
-132
5.4
3.3
-0.9
-2.3
1,334

618
620
622
651
652
668
669
667

1515.8
2965.0
1500.9
2042.0
1043.6
6,586
4,535

2.1
4.5
1.7
2. 7
0.7
1.9
0.5

-0.4
1.1
-1.2
1.9
0.3
-0.6
0.4

50
200
213
224
225
217
227

904.8
930.9
935.1
919.3
930.8
960,
946. 8
955.1
962.8
146.3
146.6
135.8
126.2 132.6
146,
139.1
137.4
140.3
358.4 356.6
345.7
354.6
354.9
364.
360.4
367.0
368.8
440.9
412.8
429.6
436.5
443.3
447.3
448.9
450.7
453.7
1348.7 1510.9 1672
1626.8 1682.2 1751.0 1810.1 1 8 2 9 . 1 1883.9
211
212.3
194.4
199.3
208.8
223.3
227.3
238.3
236.2
675
602.2
664.U
529.8
674.2
703.5
735.3
726.0
751.3
768.4
619.6
785.2
824.2
799.2
845.8
896.4
866.5

1.4
5.5
1.1
0.4
3.4
b.7
3.2
2.6

-0.5
-6.4
0.7
0.4
1.0
-4.6
1.3
2.4

3.5

231
233
238
239
230
232
236
237

Average
2dQ
1980
1979

3d Q
1980

4th Q
1980

1st Q
1981

2dQ
1981

3d Q
1981

to

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

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

Mil.dol.

..do.
, .do.
..do.
, .do.
..do.
..do.

35,514
43,953
-8,440
10,816
5,466
55,256
57,508
-2,252

,118
,955
,836
,675
,310
,232
,480
,752

55,992
62,327
-6,335
18,985
10,794
86,168
83,472
2,696

55,667
62,411
--6,744
16,860
10,342
83,617
82,830
787

252
,154
,902
.850
,697
655
177
,478

57,149
62,719
-5,570
19,764
11,507
88,636
84,902
3,734

61,098
65,775
-4,677
21,566
12,513
94,431
89,641
4,790

1436.9
2156.1
1422.9
1462.9
981.5
6,454
4,409

1483.0
2413.9
1472.9
1641.7
1011.5
6,588
4,493

1480.7
2626.1
1483.6
1821.7
1018.4
6,504
4,473

1463.3
2564.8
1462.0
1784.1
1008.2
6,437
4,435

1471.9
2637.3
1476.9
1840.6
1018.5
6,456
4,468

1485.6
2730.6
1492.7
1897.0
1025.8
6,499
4,488

1516.4
2853.0
1517.8
1947.8
1033.3
6,620
4,511

,477 58,037
,387 65,079
,910 -7,042
,399 23,610
, 666 14,120
083 94,250
,423 90,256
,660 3,994

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

GNPin 1972 dollars
GNP in current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars . . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 d o l . . .

A.r., bit. doi.
do. .

do. .
do. .
do..
A.r., dollars.
do. .

1510.4
2885.8
1499.6
1985.6
1036.8
6,580
4,517

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

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

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.

229.
215.
14.
375.3
353.2
22. 2

232
222
10
415.8
398.3
17.5

203.
206.
-2.
395.
401.
-5.9

200.
199.
1.3
390.
383.

277 .8
99.8
178.0
432.6
153.4
279.2

281.8
101.7
180.1
473.8
167.9
305.9

127.5
103.0
24.6
219.8
220.4
-0.6

146.9
109.2
37.7
281.3
267.9
13.4

7.4

195.3
200.2
-5.0
377.1
393.2
-16.0

200.
207.
-7.
397.
415.
-17.4

211.6
213.1
-1.4
437.1
432.7
4.5

219.7
208.9
10.
458.
435.
23.3

221.5
206.5
14.9
463.0
435.6
27.5

5.5
2.6
5.8
9.9
4.2
21.9

-2.0
12.2
4.9
0.6
18.8

0.8
-1.1
4.1
1.0
0.1
4.2

241
243
30
240
242
245

290.0
108.
181.
534,
198.
335. 8

291.9
110.7
181.2
530.0
198.7
331.3

288.2
106.9
181.3
533.5
194.9
338.6

289.8
107.4
182.4
558.6
212.0
346.6

293.6
111.2
182.5
576.5
221.6
354.9

289.5
108.7
180.
577.
219.
357.9

288.3
109
178
588
226.4
362.5

1.3
3.5
0.1
3.2
4.5
2.4

-2.2
-1.0
0.2
-0.9
0.8

-0.4
0.8
-1.1
2.0
3.1
1.3

261
263
267
260
262
266

161.1
109.1
52.0
339.8
316.5
23.3

160.5
108. 9
51.7
333.3
316.2
17.1

160.5
102.8
57.6
342.4
297.9
44. 5

157.4
108.9
48
346
322
23.3

162. 5
111.6
50.9
367.4
338.2
29.2

161.5
115.4
4b.2
368. 2
347.5
20.8

160.1
116.9
43.2
368. 0
338.7
29.3

3.2
2. 5
2.4
6.2
4.8
5.9

-0.6
3.4

-0.9
1.3
-3. 0
-0. 1
-2.5
8.5

256
257
255
252
253
250

1745.4 1963.3 2121.4 2070.0 2122.4 2204.8 2291.1 2320.9 2377.6
1460.9 1596.5 1569.0 1597.4 1661.8 1722
1752.0 1790.7
131.6
130.6
124.9
129.7
134.0
132
134.1
137.1
185.5
196.8
182.7
169.3
177.9
183.3
203.0
190.3
195.7
27.4
30.5
31.8
31.5
32.0
32.4
32.7
33.3
33.9
115.8
143.4
179.8
175.3
185.3
193.3
200.8
211.0
220.2

3.9
3.6
-1.4
10.7
0.9
3.9

1.3
1.7
1.5
-6.3
1.8
5.1

2. 4
2.2
2.2
2.8
1.8
4.4

22U
280
282
286
284
288

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

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

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

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

do.
do.

do.
do.
do.
do.

A 5 . Foreign Trade

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

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

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

290.
295.
292.
298.
293.

Gross saving (private and govt.) .
Business saving
Personal saving
Government surplus or deficit 2 .
Personal saving rate2.

..do.
, .do.
..do.
..do.
..do.

A 7 . Saving

2

Differences rather than percent changes are shown for this series.
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassil
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series isa 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 A l . Composite Indexes
(JuiyHVia 1 ))
PI

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Nov.) (Mar.)
P
T

(Dec
P

(Jan.) {July)

P 1

Index: 1967=100
160-

-15

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

150-=

.9

140130 -

^

11

-4

-11
-23

-2

r

11 !

-4

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

-6
-2

-1

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

NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.

Current
data for these series are shown on page 60.



10

DECEMBER 1981

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR C O M P O N E N T S — C o n t i n u e d
Chart A l . Composite Indexes—Continued

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

-15

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

-3

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

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

NOTE:
entered on the chart indicate length of
Digitized
forNumbers
FRASER
Current data for these series are shown on page 60.


940. Ratio, coincident index to lagging index

leads ( - ) and lags ( + ) in months from reference turning dates.

11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
(July) (May)
P T

(Nov j ( O c t . )
P
T

(Aug)(Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.)(Nov.)
P
T

(Nov.) (Mar.)
P
T

(Jan.)(July)
P T

1. Av^pge workweek, production workers,
manufacturing (hours)

4140390-

3. Layoff rate, manufacturing (per 100 employees—inverted scale)
1-

Skk
23-

454035-

8. New orders for consumer goods 3fld materials, 1972 dollars (Ml. dol.)

11

|L,L,L

302520-

15-

1

*

v»

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

A

\

^ \

U

V

./Nik

V

/

EH

/A

A
\

V_

A

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

20. Contracts and orders for plant and equipment,

1948 4$ 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70
Current
data for these series are shown on pages 61, 64, 65, and 66.




71 72 73 74 75 76 77 78 79 80 1981

100755025-

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
(Nov.)COct.)
P
T

(July) (May)
P T

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

(Jan.) (July)
P T

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

36. NefJijfange in inventory on hand and on order, 1972 dollars, smoothed1 (ann. $|s» bil. dol.)

92. Chang? in sensithi: crude materials prices, smoothed1 (percent) JXJX

104. Chaise in total Itepiid assets, smoothed1 (percent) [E

140-

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

12010080-

9001

Money supply—M2—in 1972 dollars (bil. dol.)
700-

400

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 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.
on pages 67, 68, 69, and 71.


Current
data for these series are shown


13

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

Current
data for these series are shown



41. Employees on nonagriculturai payrolls (millions)
CXC

51. Personal income less transfer payments,

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

57. Manufacturing and trade sales,
1972 dollars (bil. d b l F

on pages 62, 63, and 65.

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Nov ) vOlt )
P ]

(July: )(May)
P T

lAug i iApr )
P

(Apr.) (Feb.)

P

T

(Dec UNuv

I

P

T

(Nov.) (Mar.)
P
T

(Jan.) (July)

Pi'

91. Average duration of employment (weeks-inverted scale)

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

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

109. Average prime rate charged by banks (percent)

72. Commercial and industrial loans outstanding, weekly
reporting laige commercial banks

j

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

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


http://fraser.stlouisfed.org/
Federal ReserveDECEMBER
Bank of St. 1981
Louis

ItCII

15

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
(Aug.) (Apr.)
P

( D e c ; iNov
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)

(Mar.)

P

1

(Jan.) (July)
P

T

1 Mjijnal EmployijTig Adjustments ]
L Average workweek, production workers, manufacturing (hours)

42 T

41-

40-

3938-J

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

2. Accession rate, manufacturing (per 100 employees)

ZJ

V

A*

,

,

A
4-

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

3. Layoff rate, manufacturing (per 100 employees—inverted scte) | LyL,L

4. Quit rate, manufacturing (per 100 employees)

J
IV»fo

57

58

5S

€0

61

62

83

64

85

86

67

88

69

70

71

72

73

74

"75

76

77

78

79

80

1981

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




16

DECEMBER 1981

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
(Aug )'.Apr.)

(Dec.) (Nov.)

(Apr.) (Feb.;

PI

P

T

P

(Nov.)

(Mar.)

P

T

T

(Jan.) (July)
P

T

[Job Vacancies] „
r\I

1.4-

Ratio,
R
a
it help-wanted advertising to number
f persons unemployed (ratio)

1.0-

0.6-

0.2-

200n
175-

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

150125-

m

100™
75™

180-

| Comprehensive Employment |

48. Employee-hours in nonagricuKural establishments
(ann. rate, bil. hours)

r^%

170160150-

1009590-

42. Persons engaged hi nonagricultural activities (millions)
8S-

70-

41. Employees on nonagricultural payrolls (millions)

25-

S
"^

1956

:S/

5fl

r

NV

t»\;

>i?

^;

£3

40. Employees in goods-producing industries—mining,
—-^-^

' — ^ 1 (Ill-Ulfc) •

79

HO

198!

Current data for these series are shown on pages 6 1 and 62.


http://fraser.stlouisfed.org/
Federal Reserve BankDECEMBER
of St. Louis1981

ItCII

17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
Aug.);Apr )
p
[

i A I M ; • \ :::u
p
I

(Jan.) (July)
P T

1 Comprehensive Employment—Con.1

60-i

90. Ratio, civilian employment to total populdtion of working age (percent)
|U,Lg,U|

/ - v -

"

V

«J

J

r\j\
fnl

1 Comprehensive Unemployment[
37. Number unemployed, total (millions—inverted scale)

7

\~-£\
jni]
43. Unemployment rate, total (percent-inverted scale)

ffi

jT

"u^r

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

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

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

Current data for these series are shown on page 62.




18

DECEMBER 1981

CYCLICAL

INDICATOR

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

[Comprehensive Output and Income
50. GNP in 1972 dollars, Q (ann. rate, tiLlS&T

52. Personal income in 1972 dollars (ann. rate, bil. dbl.)
C,C,C I

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

clTc

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

Current data for these series are shown on page 63.


http://fraser.stlouisfed.org/
Federal Reserve
of St. LouisIQftl
K f . .Bank
I I DFHFMRFR

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
(Aug.)(Apr.)
P
T

Inliitrial

(Apr.) (Feb.)
P
T

i Nov.)
P

(Dec.) (Nov )
P
T

(Jan.) (July)
P T

(Mar.)
T

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

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

100-

73. Industrial production, durable manufactures
(index: 1967=100) r ^ r j r i

700-

liMJ

650600550500450-

49. Value of goods output in 1972 dollars, Q
(ann. rate, mi.

400-

350-

[Capacity Utilizationl
100-

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

9080-

100 -

8z. Rate or capacity utilization, manufacturing (rKB), y (percent) f L,C,U|

100-1

84. Kate or capacity utilization, materials, y (percent;

80-

1956

57

58

59

bO

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 64.




?n

DECEMBER 1981

ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
(An h k h
P

(Nov )

(Mar s

(Jan.)(July)

P

T

P T

I

[Orders and Deliveries]
6. New orders, durable goods industries,
current dollars (bil. dol.)

lL,L,Ll
<%

7. New orders, durable goods industries, 1972 dollars

orders for consumer goods and materials
dollars ( M . dol.)
T

96. Manufacturers' unfilled orders, durable
(bil. dol.)

60-*

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

100-1

75-

50 -

25-J

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 64.


DECEMBER 1 9 8 1


Bill

21

B

CYCLICAL INDICATORS BY ECONOMIC P R O C E S S — C o n t i n u e d

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

[Consumption and Trade]

56. Manufacturing and trade sales in current dollars-—

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

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

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

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

OXul

X

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

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

Current data for these series are shown on page 65.




22

DECEMBER 1981

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
(Jan.)(July)
P

i

P

I

P

T

[Formation of Business Enterprises!
12. Net business formation (index: 1967=100) L L L

13. New business incorporations (thousands)

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

10. Contracts and orders for plant and equipment
in current dollars (bil. do!,)

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

9. Construction contracts, commercial and industrial buildings
Vinii. sq. ii. OT now area; wiuu moving avg.—o-ierm;

?>'\

CO

78

00 198i

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 1981
Federal Reserve Bank of St. Louis

BCD

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

T

P

T

(Nov )

nVIar.)

P

T

(Jan.) (July)
P

T

I Business Investment Commitments—Con,

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

97. Backlog of capital appropriations, manufacturing, Q /
(bil. dol.)
fTnrm
/

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

[Business Investment Expenditures!

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

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

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 66 and 67.




24

DECEMBER 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Jan.) (July)
P T

s Investr^i! Expenditures—Con.

|j|Miar
"

" •" '

ilii

%

:

'
28. New private housing u n i l j | | t e d , Wai (ann,
ILLL

89. Residential fixed i

1 ^

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 67.


DECEMBER 1 9 8 1


ItCII

25

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued

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

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
I

(Jan.)(July)
P T

(Mar.)
I

I Inventory Investiiftt 1
30. Change in business inventories, 1972 dollars, 0 (arm, rate, bil. dol.)

36. Net change in inventories on hand ant-nn order. 197?
(ana rate, bil. do!.; moving avg.—4-tew1) li i i I .

31. Change in book value, manufacturing and trade inventories
(ann. rate, bit. dol.; MCD moving avg.

38. Change in stocks of materials and supplies on tend and on order,
manufacturing (bil. dol.; MCD moving avg.-4-ternt)) | L,LTL

V.-5Z>

57

58

59

60

61

62

63

6--

85

68

67

SB

69

70

7!

72

71

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 1981

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued

1 Inventories on Hand and on Order]
45C-

71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.)
UUX
70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)

10
65. Book value of manufacturers' inventories
of finished goods <t>il. dol.)

it.

Katio, detl«ited inventories to sales, manufacturing and trade
(ratio) n

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

i^iy

*'•

58

b<*

60

h

rJ

64

Current data for these series are shown on page 68.


DECEMBER 1981


27

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
(Aug.)(Apr.)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Jan.) (July)
P T

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

, ;? | i

VH#<\P%J*b*i

23. Spot market prices, raw industrials2 (index: 1967=100)

19. Stock prices, 500 common stocks (index: 194143=10)
200-

w^

J_

16. Corporate profits after taxes, current dollars, Q *
(ann. rate, bil. dol.) \m\
"-^v^ry

[Profits and Profit Margins|

^r

LUJJ

180160140120-

£

*W?
rvr

16. corporate protrts after taxes, ale dollars,
(ann. rate, bil. dol.)
^
^_

£v

100-

60 J
140120100-

Corporate profits after taxes with IVA and CCfflf,
1972 dollars, Q (arm. rate, bil. dol.)

60-

40-

79. Corporate profits after taxes with IVA and CCAdj,
current dollars, Q (ann.rate,bil. U) 17x71
20-»

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

1
2

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




28

DECEMBER 1981

IICII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
(Aug.MApr.)
P T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Api uFtl!
P
T

(Jan.) (July)
P T

(Mar.)
T

|Profits and Profit Margins—Con.]
22. Ratio, corporate profits (after taxes) to total corporate domestic
income. 0 (percent)
10-

8-

81. Ratio, mrnoratft nrofrte (after torn) with inventory valuation and

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

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

26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1977-100)
' . " • • ;

M

V—

x ^

[Cash Flows!
160-

35. Net cash flow, corporate, in 1972 dollars. 0
(ann. rate, bil. doL)

120-

80-

34. Net cash flow, corporate, in current dollars, Q
(ann. rate, Wl. <M) n T T l
40 J

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 69 and 70.


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

\M\\

29

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

P

i

[Unit labor Costs and Labor Share]

63. Unit labor cost, private business sertop*
(index: 1977=100)

68. Labor cost (current dollars) per unit of gi
(1972 dollar), nonfinancia! oxporations, Q (dollar)

62. Labor cost per unit of output,

64. Compensation of employees as a percent

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 70.




30

DECEMBER 1981

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
\Apr ) ( p p b

P

P I

(L'fV ) (Nov )

T

P

'Nov )

(Mai ^

P

1

T

{lac )(July)
P

I

in money supply Ml-B
(percent; MCD moving avg.-6-temi) i

.t i u JAfl .

I I

ISNL

102. Change in money supply M2
(Dercenfc MCD movins av*.-64emri I LC.U 1

i m

A

104. Change in total liquid assets (percent; moving

Money supply—Ml-B—in 1972 dollars (bil. dol.)

106. Money supply-M2-in
LLL

1 Velocity of Money!
108. Ratio, personal i t t a f § fa mmny M

1956 57
1

58

59

60

61

62 63

64

65

66

67

68

69

70

71

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 7 1 .


http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. Louis
DECEMBER
1981

72

73

74

75

76

77

78

79

80 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

(Aug.)(Apr.)
P

(Deo ) (Nov.)
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)
P

(Jan.)(July)
P T

(Mat.)
T

ICrjfl Flows 1

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

lL,L,Ll

112. Change in bank loans to businesses (ann. rate, bil. dol.;
MCD moving avg.—6-term) n f j ~ [

\ I ij

113. Change in consumer installment credit (ann. rate, bil. 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 7 1 and 72.




DECEMBER 1981

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Dec.) (Nov.)
P
T

F T

(Nov.)
P

(Jan.)(July)
P T

(Mar.)
T

I Credit Difficulties]
14. Current liabilities of business failures (mil. dol.
inverted scale; MCD moving avg.—6-term)

Hi

1

ll • H
'iNJit ! I U ti/.H

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

•^vv

1956 57

58

59

60

61

62

63

Current data for these series are shown on page 72.


http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. Louis
DECEMBER
1981

ItCII

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1961

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug ) ( A p ( >

(Jan.)(July)

(Dei

( A p r . ) ' J t'b

PI

PI

P

T
2019 -

Interest Rates]

119. Federal funds rate (percent)-—

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)
C,Lg,L

118. Secondary market yields on FHA mortgages (percent)

117. Municipal bond yields (percent)

1956

57

58

59

60

61.

62

63

64

65

86

67

88

69

70

7i

72

73

74

75

76

77

78

79

80

1.981

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




34

IM:

CYCLICAL
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)

72 Commercial and
weekly reporting large
banks (bil. dol.)

95. Ratio, consumer installment credit

1956

57

58

59

60

62

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 73.


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank
of St. Louis

ItCII

35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
(Aug.)(Apr.)
P
T

;Apt s <h>b P

(Dec ) ( N o v . )
P
1

T

(N K M

iMar )

(Jan.s(Jijiy)
P T

Percent rising

950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. s p a n — )

lOO-i

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

! 1 'Jl!

tf

u

1Jf

• HJ

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

961. Average workweek, production workers, manufacturing-20 industries (9-mo. s p a n — , 1-mo. s p a n — )

96Z Initial claims, State unemployment insurance—51 areas (percent declining; 9-mo. s p a n — , 1-mo. s p a n — )

963. Employees on private nonagricultural payrolls—172 industries (6-mo. s p a n — , 1-mo. s p a n — )

50«

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

12

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 74.




36

DECEMBER 1981

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
(Aug.) (Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

964. New orders, durable goods industries—35 i

100-

50-

0-

Newly approved capital appropriations, deflated—1

90-

70-

50-

30-

966. Industrial production-24 industries M m - s p a n — , 1
100-

50-

0-

Spot market prices, raw industrials-13 industrial materials (9-mo.

100-

50-

%8. Stock prices, 500 common stocks-~52^|yustries (9-mo. s ^ * « i f , 1-mo. s p a n — )

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

.^/V^,^
••WW»A«IW«lil««W^«lMW»J^^^

V
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.


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

37

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued

Percent rising

Actual

~ ~

Actual

Percent rising

Anticipated •••••••

•

Anticipated*

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

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

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

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

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

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

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

• ••* •.

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

978. Selling prices, retail trade (44} span)1

1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
1,400 business executives.
Current data for these series are shown on page 76.




38

Dun & Bradstreet diffusion indexes are based on surveys of about

DECEMBER 1981

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
. jar ,, L ,
P

Percent changes at annual rate

7

910c. Composite index of twelve leading indicators

(series 1, 3, 8, II 19, 20V 29, 32, 36, 9Z 104, 106)

• 40 ~i

920c. Composite index of four roughly coincident indicators
forks AT 47 51 ^

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 nonagricuKural establishments

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 1981


39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
(Aug.)(Apr.)
P
T

(Dec ) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov )
P

(Jan.)(July)
P T

(Mar.)
T

3000-j
280026002400220020001800-

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

1600 J

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

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

Q(ann. rate, « ; # ! §

227. Per capita disposable

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 1981

lt€l»

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

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

( D e c ) (Nov.)

(Apr.) (Feb.)

T

P

T

P

T

(Nov.)

(Mar.)

P

T

(Jan.) (July)
P

T

Annual rate, billion dollars (current)

expenditures—

Personal

1956 57

58

59

60

61

62

63

64

65

78

79

80 1981

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


DECEMBER 1981
http://fraser.stlouisfed.org/

ItCII

Federal Reserve Bank of St. Louis

41

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
!Aiu;

;

'A1'1

!

• Aor i . \ f'r. }

Annual rate, billion dollars (current)

Gross private domestic investment-

245. Change in business inverrtonesTTJ"

Annual rate, billion dollars (1972)

30. Change in business inventories, Q

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




42

DECEMBER 1981

BCII

A

I

NATIONAL INCOME AND PRODUCT—Continued

C h a r t A4. G o v e r n m e n t Purchases of Goods and Services

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

266. State and local
governments, Q

262. Federal Government, Q

Annual rate, billion dollars (1972)

261. Totel, Q

267. State and local governments, Q

X

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


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
(Aug.)(Apr
P

T

(Nov.)

(Mar.)

P

T

(Jan.) (July)
P

T

Annual rate, billion dollars (current)

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 mid services, Q

255. Net exports of goods aid services, Q

Current data for these series are shown on page 82.




44

DECEMBER 1981

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

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

(Apr.) (Feb.)
P T

(Jan.)(July)
P T

2800260024002200*
200018001600140012001000900800700600500400300-

200180160-

SSI

140-

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

z_

10090807060-

T_

282. ProDrietors' income with inventory valuation
3nd capital consumption sdjustments, Q

V

120-

-288. Net interest, Q
40-

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

195G 57

58

59

60

61

H2

?t

7'

8'

Current data for these series are shown on page 82.


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

45

OTHER IMPORTANT ECONOMIC MEASURED
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

290. Gross saving; (private and government), Q

298. Government surplus or deficit Q

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




46

DECEMBER 1981

BCII

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr
P

i

F

P

1

P T

Percent

[Percent of GNP|

235. Persona! consumption expenditures, Q
65-

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

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

^ 2 4 7 . Change in business inventories, Q
251. Net exports of goods and services, Q

[Percent of National Income!

Percent
64. Compensation of employees, Q

^W^

283. Proprietors' income with inventory valuation
^ 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.

BCII

DECEMBER 1981


47

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

(Nov.)

(Mar.)

P

T

T

(Jan.)(July)
P T

| Index: 1972=1M|

310. Implicit price deflator, i«MfV

(Dec.) (Nov.)
P
T

.

-***0^

f l ,_

200 n
190180170160150140130120110-

(Nov.)
P

(Mar.)
T

(Jan.)(July)
P T

j Percent changes at annual rate [
310c. Implrcrt price deflator, •
6ofiP
H P(1-Q
( 1 span)
Q)
~js*

3

T~~^A

311. Fixed-weighted price index,
gross business product, Q
A ^ A M 330c. All commodities

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 1981

BCD

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
(Aug.)(Apr.)
PI

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Jan.)(July)
P T

(Mar)
T

Consumer pricgs~-

Percent changes at annual rate

C h a r t B 2 . Wages a n d Productivity

341. Real average hourly earni
workers, private nonfarm

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

nonfarm business sector, 0

all employees,
or, Q (current dollars)

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

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 1981


IU II

49

OTHER IMPORTANT ECONOMIC MEASURES
B

|

PRICES, WAGES, AND PRODUCTIVITY-Continued

Chart B2. Wages and Productivity—Continued

[Wages—Con.j
Change in average hourly earnings of production
workers, private nonfarm economy1 —
340c Current-dollar earning*

~ J ^ ^ ) W H

341c Real earnings A4jlja?sA* l / ^ i ^ J j \ ?
6-month spans (ann. rate)

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

' •! ;•'

345c. Current-dollar compensation
. JL-qudfiei ^pdio \ai\i\. idic;

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)
1 Productivity]

358. Output per hour, all persons,
nonfarm business sector,
"370. Output per hour, all persons,
private business sector, Q
370c Change in output per hour, private business sector, Q
Y

Percent change

I-quarter spans (ann! rate) N-

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 1981

ItCII

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

441. Civilian labor force,

442. Total employed (millions)

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

453. Both sexes 16-19 years of age

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

446. Both sexes 16-19 years of age

448. Number employed part-time for economic
reasons (millions)

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

Current data for these series are shown on page 89.


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

BCII

51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Jan.) (July)
P T

(Mar.)
T

Annual rate, billion dollars (current)!

800700600-

If J

500-

m
400-

502. Federal Government expenditures, Q

300-

200-

5 0 1 Federal Government receipts, Q

100-

500. Federal Government surplus or deficit, Q
+ 100-10-20•-30-40-50-60-

[raj
511. State and local government receipts, Q

512. State and local government expenditures, Q

510. State and local government surplus or deficit, Q

Current data for these series are shown on page 90.




52

DECEMBER 1981

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
I£) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
• A * - -: Feli =
P
I

[v; .• iNcv )
F
i

N v .
P

(Jan )(July)
P T

(Mar ;
I

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

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

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

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

1956 57

58

59

60

61

62

63

64

65

66

67

68

68

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 90.


http://fraser.stlouisfed.org/
DECEMBER
Federal Reserve Bank
of St. Louis1981

itut

53

OTHER IMPORTANT
£ ) I

ECO^O'^L

•• t f~ > I

GOVERNMENT ACTIVITIES—Continued

Chart D 2 . 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. do!.)

... ..,*

561. Manufacturers' unfitted orders, defense products (oil. dol.)

580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg.—6-term)

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

1956

57

58

59

60

61

62

83

64

65

66

67

68

69

70

7.1

72

73

/•••?

75

78

77

78

79

80

1981

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




54

DECEMBER 1981

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
I D e l . ) <.N:<V.;
P

(Nov)
P

!'

I Intermediate and filial Measures of DefenseActivity—Con. |
r

^;:;

(Mar.)
I

(Jan.)(July)
P T

f |

570. Employment in defense products industries (millions)

1.8-1
18i A •

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

578. Civilianflipect hire employment

[National Defense Purchases]

564. Federal Government purchases of goods and sen/ices forjuatiooal—
defense, Q (ann. rate, bil. dot.)

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

•

i90b 57

58

5S

6J

fci

62

6i

54

tb

o-i

6J

70

71

it

73

74

75

76

77

78

79

\

80 1981

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


http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. Louis
DECEMBER
1981

IUII

55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
(Aug ) ( A p r . )
P
T

(Apr.) (Feb.)
P
I

{Dec. W Nov.)
P
T

P

(Jan.; (July)
P T

T

24-

16-

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

604. Exports of agricultural products,
t o y (bil. dol.)
606. Exports of nonelectrical machinery (bil. dol.)
\

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

806 0-

•II

5.04.0-

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

3.0-

2.0-

1.0-

616. Imports of automobiles and"

0.80.6-

0.4-

0.2

J

•pifi
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 92.




56

DECEMBER 1981

IU II

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

Chart E2. Goods and Services Movements
(Aug.)(Apr.)
P
T

(Nov.)
P

(Dec.)! Nov
P
T

(Apr.) (Feb.)
P
T

(Jan.)(July)
P T

(Mar.)
T

Excess of receipts
Excess of payments

667. Balance on goods and services, 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

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

Digitized

IQfil

57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
(Aug.)(Apr )
P
T

(Dei..) (Nov i
P
r

(Apr,);Feb.)
P
T

(Jan.) (Jul>
P T

(.Ncv.j ' M a r
P
T

Industrial production—

721. OECD Euronean countries

1956

57

58

59

60

61

62

83

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 94.




Kill

F

I

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices

Chart F3. Stock Prices

Percent changes at annual rate

6-month spans

Index: 1967=100

Stock prices—

Consumer prices—

19. United States
•A/

\r
748. Japan

±
745. West Germany
735c. West Germany

;' ' »
12

/V

746. France

736c. France

T7\l . \

733c Canada

•J

1969

70

71

72

73

74

75

76

77

78

79

80

198)

-.1

70

71

72

73

74

75

76

77

78

79

80 1981

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


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

BCII

59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

^ H

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

Year
and
month

(1967 = 100)

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

(1967 = 100)

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

940. Ratio,
coincident
index to
lagging index

COMPOSITE INDEXES

Leading indicator subgroups

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

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

915. Inventory
916. Profitinvestment
ability (series
and purchasing
19, 26, 80)
(series 8, 32, 36,
92)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

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

(1967 = 100)

1979
142.6
142.3
143.2

144.8
144.9
146.6

157.4
158.5
158.4

92.0
91.4
92.6

98.5
98.4
98.0

113.9
113.9
115.5

107.4
108.3
108.8

93.2
92.2
92.2

148.6
145.6
144.5

140.3
141.4
141.6

144.1
145.6
145.0

161.8
162.5
163.6

89.1
89.6
88.6

94.6
97.3
96.7

113.6
113.3
113.9

107.8
107.3
106.6

92.3
91.7
91.8

146.1
146.9
148.4

141.2
140.1
140.1

145.4
145.0
144.9

164.8
166.4
170.6

88.2
87.1
84.9

96.4
96.0
96.4

113.6
112.9
114.0

106.1
105.7
104.6

91.7
92.0
91.8

148.6
148.3
146.2

137.8
135.6
135.2

145.1
145.0
145.2

175.9
179.1
177.9

82.5
81.0
81.6

96.6
96.1
96.3

112.7
112.0
112.4

103.3
102.3
102.3

90.8
90.3
90.6

143.9
140.4
138.3

January
February
March

134.7
134.1
131.5

146.1
145.2
143.5

178.4
180.8
190.0

81.9
80.3
75.5

96.3
96.4
94.5

111.6
109.9
107.8

102.7
102.1
101.6

90.9
91.6
89.6

137.2
138.7
136.4

April
May
June

126.2
123.0
123.9

140.5
138.0
136.7

196.2
183.5
168.5

71.6
75.2
81.1

90.3
88.3
89.6

104.3
103.2
104.5

100.3
98.8
97.7

88.7
88.5
89.7

131.8
126.4
128.9

July
August
September

128.1
130.7'
134.4

136.5
136.7
138.1

163.6
161.7
164.2

83.4
E>84.5
84.1

91.7
92.2
92.9

106.1
107.0
[H)108.8

98.5
99.5
101.5

90.6
91.3
91.5

133.5
137.4
139.0

135.0
136.5
rl36.4

139.7
140.8
141.3

168.5
175.6
191.0

82.9
80.2
74.0

93.6
94.2
94.5

107.3
108.2
108.3

103.1
103.4
103.2

91.8
92.2
93.0

139.4
H>139.9
138.8

135.2
r!35.2
136.7

142.0
142.5
142.4

189.1
186.1
181.0

75.1
76.6
78.7

94.2
94.1
93.9

106.7
105.2
106.2

102.1
103.3
104.0

93.9
94.4
H>94.5

139.4
139.3
H39.6

H>137.5
H35.3
134.1

142.2
142.2
142.5

179.1
189.4
190.9

79.4
75.1
74.6

94.7
94.0
94.2

106.4
r!05.3
103.8

H)104.6
103.9
103.4

94.4
93.7
r93.8

H39.0
H37.7
r!37.4

r!34.2
133.1
^30.3

142.6

0)142.6
142.0

192.8
193.5
@)rl94.4

74.0
73.7
r73.0

0)94.8
93.6
91.0

r!O3.1
rlO1.8
rlO1.4

rlO3.6
102.9

r93.5
r93.5
(NA)

H37.4
r!37.9
r!37.5

140.0
138.4

189.3
"183.0

r74.0
p75.6

r90.3
p90.2

r98.9
p99.6

rlOl.O
p99.8

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

1980

October
November
December
1 Qfti
laol

January
February
March
April
May
June
July
August
September

M28.2
127.8

October
November
December

2

3

r!02.2

r!37.8
pi 38.1

NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Current high values are indicated by [H); for series that move counter to movements
in general business activity, current low values are indicated by |fl). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 1 1 .
1

Excludes
Excludes
Excludes
^Excludes

2

3

series
series
series
series

12
12
57
70




60

for
and
for
and

which data are not yet available.
36 for which data are not yet available.
which data are not yet available.
95 for which data are not yet available.

DECEMBER 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

^ g

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L, L, L

1. Average
workweek of
production
workers,
manufacturing

(Hours)

L, C, L

21. Average
weekly overtime
hours, production workers,
manufacturing

(Hours)

L, L, L

2. Accession
rate, manufacturing

(Per 100 employees)

L, C, L

5. Average
weekly initial
claims, State
unemployment
insurance l

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, Lg, U

L, L, L

3. Layoff rate,
manufacturing

4. Quit rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

(Ratio)

L, Lg, U

46. Index of
help-wanted
advertising
in newspapers

(1967 = 100)

U, C, C

48. Employeehours in nonagricultural
establishments

(Ann. rate,
bil. hours)

1979
January
February
March

40.5
40.5
40.6

3.6
3.6
3.6

4.1
4.1
4.0

344
334
347

0.9
0.9
0.9

2.2
2.1
2.1

0.805
0.785
0.780

161
158
156

168.70
168.89
170.04

April
May
June

39.3

40.3
40.2

2.9
3.5
3.4

4.0
4.0
4.1

434
350
375

1.0
1.0
1.1

2.1
2.0
2.0

0.780
0.794
0.796

155
154
153

166.24
169.23
169.79

July
August
September

40.3
40.2
40.2

3.4
3.3
3.3

3.9
3.9
3.9

395
390
387

1.1
1.4
1.2

2.0
2.0
1.9

0.804
0.762
0.793

155
155
159

169.87
170.01
170.48

October
November
December

40.1
40.0
40.0

3.3
3.2
3.1

3.9
3.9
3.8

395
409
407

1.2
1.3
1.3

2.0
2.0
1.8

0.811
0.771
0.755

167
158
159

170.39
170.67
171.25

January
February
March

40.1
40.0
39.7

3.1
2.9
3.0

3.9
3.8
3.7

402
375
440

1.4
1.3
1.4

1.9
1.9
1.8

0.705
0.696
0.660

154
151
145

172.49
172.14
171.18

April
May
June

39.8
39.5
39.3

3.0
2.6
2.5

3.2
3.1
3.4

569
635
617

2.7
3.2
2.6

1.6
1.5
1.4

0.504
0.420
0.438

122
112
115

170.19
169.04
167.98

July
August
September

39.2
39.5
39.6

2.5
2.7
2.7

3.5
3.6
3.7

535
502
501

1.6
1.8
1.5

1.4
1.4
1.3

0.438
0.439
0.466

118
117
122

167.04
168.13
169.07

October
November
December

39.7
39.8
39.9

2.8
3.0
3.0

E>3.7
3.6
3.5

439
409
396

1.5
1.3
1.2

1.3
1.4
1.5

127

0)0.502

0)134

0.497

130

169.66
170.06
171.12

40.1
39.8
39.9

3.0
2.8
2.8

3.5
3.5
3.4

417
402
421

1.4
1.3
1.3

1.4
1.4
1.3

0.486
0.495
0.479

128
129
125

0)172.87
171.65
172.14

40.2
0)40.3
40.1

2.9

0)3.2
3.0

3.4
3.1
3.4

408
411
418

1.1
1.3
1.3

1.3
1.3
1.4

0.453
0.430
0.463

118
118
121

170.56
171.43
170.92

July
August
September

40.0
40.0
39.3

3.0
3.0
r2.7

3.4
3.2
2.9

0)392
417
492

0)1.0
1.4
1.7

B>i:5

123
119
112

171.09
171.29

1.3

0.488
0.463
0.419

r!67.94

October
November
December

r39.5
p39.3

2.7
p2.5

2.9
p3.1

518
p523

r2.2
p2.3

rl.2
pl.l

0.384
p0.367

110
pill

r!70.54
pl70.28

1980

0.475

1981
January
February
March
April
May
June

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

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


DECEMBER 1981


61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ Q

Minor Economic
Process

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Unemployment

U, C, C

C, C, C

L, C, U

U, Lg, U

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

(Thous.)

(Thous.)

(Thous.)

(Percent)

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

37. Number of
persons unemployed, labor
force survey

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate,
State programs!

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

L, Lg, U

1979
January
February
March

92,781
93,088
93,318

88,693
88,946
89,329

26,239
26,279
26,465

59.13
59.27
59.31

5,958
5,993
5,956

5.8
5.9
5.8

3.0
3.0
3.0

11.2
11.3
11.7

1.2
1.2
1.3

April
May
June

93,061
93,364
93,562

89,348
89,699
89,958

26,444
26,526
26,603

59.07
59.16
59.24

5,918
5,776
5,718

5.8
5.6
5.6

2.9
2.8
2.8

11.0

10.9
10.5

1.2
1.2
1.1

July
August
September

93,995
93,706
94,189

90,080
90,228
90,276

26,637
26,568
26,547

59.43
59.21
59.43

5,738
6,057
5,971

5.6
5.9
5.8

2.8
2.9
2.9

10.3
10.6
10.6

1.0
1.1
1.1

October
November
December

94,153
94,123
94,458

90,402
90,442
90,536

26,494
26,382
26,397

59.24
59.21
59.30

6,132
6,104
6,272

5.9
5.9
6.0

3.0
3.1
3.1

10.5
10.6
10.6

1.1
1.2
1.2

January
February
March

94,421
94,488
94,291

90,687
90,865
90,871

26,385
26,363
26,238

59.18
59.18
58.99

6,500
6,454
6,543

6.2
6.2
6.3

3.2
3.2
3.4

10.6
10.7
11.0

1.3
1.2
1.3

April
May
June

93,963
93,764
93,548

90,817
90,446
90,087

25,971
25,662
25,402

58.68
58.54
58.26

7,202
7,944
7,811

6.9
7.6
7.5

3.7
4.2
4.6

11.2
10.6
11.7

1.5
1.6
1.7

July
August
September

93,732
93,793
93,781

89,960
90,219
90,461

25,151
25,322
25,445

58.30
58.23
58.27

8,021
7,942
7,800

7.6
7.6
7.4

4.4
4.3
4.3

11.8
12.5
13.0

1.8
2.0
2.2

October
November
December

93,887
93,999
93,888

90,668
90,844
90,949

25,521
25,629
25,631

58.21
58.22
58.11

7,961
7,946
7,785

7.6
7.5
7.4

4.1
3.8
3.5

13.3
13.6
13.5

2.2
2.2
2.3

94,294
94,646
95,136

91,091
91,258
91,347

25,647
25,657
25,705

58.30
58.38
58.61

7,847
7,754
7,764

7.4
7.3
7.3

3.4
3.2
3.3

14.4
14.4
14.0

2.2
2.1
2.1

95,513
0)95,882
95,127

91,458
91,564
91,615

25,700
25,705
25,818

58.89
0)58.97
58.40

7,746
8,171
7,784

7.3
7.6
7.3

3.3
3.3
3.4

13.7
13.2
14.2

2.0
2.0
2.2

July
August
September

95,704
95,574
94,959

91,880
91,901
0)r92,O33

0)25,939
25,931
r25,930

58.67
58.60
58.13

0)7,502
7,657
7,966

0)7.0
7.2
7.5

0)3.2
3.3
3.5

13.9
14.5
13.7

0)2.0
2.1
2.1

October
November
December

94,880
94,662

r91,798
p91,561

r25,651
p25,459

58.03
57.85

8,520
9,004

8.0
8.4

3.6
p3.9

13.7

0)13.2

2.1
2.2

1980

1981
January
February
March
April
May
June

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




62

DECEMBER 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q J

Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME

Industrial Production

Comprehensive Output and Income

C, C, C

50. Gross national product
in 1972 dollars

C, C, C

52. Constant
(1972) dollars

51. Personal
income, less
transfer payments, in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

Persona income

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

C, C, C

C, C, C

(Ann. rate,
bil. dol.)

C, C, C

47. Index of
industrial
production,
total

C, C, C

73. Index of
industrial
production,
durable manufactures

C, L, L

74. Index of
industrial
production,
nondurable
manufactures

(1967 = 100)

(1967 = 100)

(1967 = 100)

C, C, C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)

1979
January
February
March

1,479.9

1,845.9
1,863.0
1,884.8

1,184.0
1,185.1
1,190.7

1,033.9
1,035.8
1,040.8

251.1
251.3
252.6

152.0
152.5
153.5

147.0
147.2
148.6

161.6
162.9
164.0

681.'8

April
May
June

1,473.4

1,891.9
1,903.4
1,923.5

1,188.4
1,188.1
1,193.2

1,037.1
1,037.5
1,043.3

251.4
249.5
248.2

151.1
152.7
153.0

144.5
147.6
147.6

162.6
163.6
163.7

669.1*

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

247.3
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

1,490*6

2,011.3
2,032.7
2,051.8

1,205.8
1,209.9
1,211.9

1,049.0
1,053.6
1,055.3

242.9
241.5
241.7

152.7
152.3
152.5

146.0
145.2
144.8

164.8
165.0
165.3

673*3

2,077.2

2,086.4
2,101.0

1,216.2
1,207.4
1,199.2

1,056.5
1,050.9
1,044.0

240.6
239.2
236.3

153.0
152.8
152.1

144.8
144.4
143.5

166.0
165.8
164.3

682*. 1

1980
January
February
March

1,501*9

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

231.9
228.2
225.1

148.2
143.8
141.4

138.5
133.3
129.9

161.6
158.1
155.1

658.1

July
August
September

1,471**9

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
226.2
227.7

140.3
142.2
144.4

128.7
129.9
132.1

154.6
157.6
161.0

657." 5

October
November
December

1,485.'6

2,234.3
2,257.6
2,276.6

1,216.3
1,221.0
1,222.7

1,045.5
1,051.6
1,053.7

229.4
231.5
232.1

146.6
149.2
150.4

135.7
139.2
140.3

162.1
163.0
165.0

662.9

[H>1,516.4

2,300.7
2,318.2
2,340.4

1,227.7
1,231.1
1,233.1

1,057.8
1,062.0
1,063.5

H>234.9
232.6
232.5

151.4
151.8
152.1

141.0
140.8
142.1

165.6
166.2
165.3

688.9

1 ,510.4

2,353.8
2,367.4
2,384.3

1,234.9
1,236.2
1,238.6

1,065.7
1,067.3
1,069.0

232.2
232.2
232.1

151.9
152.7
152.9

142.5
143.5
143.2

165.9
166.4
165.8

68613

r l ,515.8

r2,419.2
r2,443.4
r2,462.6

rl,243.8
H>rl,250.5
r l ,249.4

rl,068.0
E>rl,075.6
rl,075.4

231.9
231.8
r229.7

E>153.9
153.6
r!51.7

(H>143.6
H43.4
140.9

167.1
H>rl67.3
r!66.2

E)r69i!9

r2,474.5
[H)p2,488.9

rl,247.2
pi,246.9

rl,073.9
pi,073.9

r228.5
p227.3

H49.6
p!46.5

r!38.1
p!34.0

r!64.0
pl61.5

1981
January
February
March
April
May
June
July
August
September
October
November
December

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


DECEMBER 1981


ItCII

63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

£ Q

PRODUCTION AND INCOME—Continued

U C, U

82. Rate of
capacity
utilization,
manufacturing
(FRB)

83. Rate of
capacity
utilization,
manufacturing
(BEA)

(Percent)

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Orders and Deliveries

L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L, L, L

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

25. Change in
unfilled orders,
durable goods
industries

(Bil. dol.)

L, Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L, L, L

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

1979
January
February
March

86.9

88.4

79.46
82.10
84.53

44.67
45.69
46.65

39.59
39.07
39.46

5.73
7.62
7.66

256.55
264.17
271.84

69
77
78

85.*9

87.*5

77.58
80.39
79.07

42.34
43.55
42.53

37.96
38.74
37.93

4.57
2.46
3.83

276.41
278.87
282.70

76
76
70

85.*3

87.2

77.94
77.20
79.10

41.61
41.11
41.59

36.91
36.81
36,88

1.85
0.59
3.02

284.54
285.14
288.15

60
55
51

84.4

86.' 3

77.59
78.32
78.56

40.18
40.31
40.19

36.40
35.63
35.23

0.54
2.49
2.49

288.69
291.18
293.67

50
47
49

83*.4

85*. 8

83.58
83.15
79.39

41.75
41.10
39.26

36.67
36.84
33.95

3.92
2.50
1.88

297.58
300.08
301.96

48
42
45

77.*9

78'. 8

73.38
69.00
70.33

36.16
33.89
34.21

31.22
30.26
30.04

-1.34
-3.30
-1.58

300.62
297.33
295.75

40
32
28

75.9

75.2

80.21
76.78
82.16

38.66
36.76
39.11

32.53
32.71
34.39

0)4.66
1.30
2.43

300.40
301.70
304.13

32
34
39

79.1

80.1

83.36
83.97
86.58

39.21
39.31
E>40.19

35.74
35.35
35.03

0.84
0.74
3.10

304.98
305.72
308.82

44
45
47

H>79.'9

[H>82!2

84.21
85.45
86.73

38.95
39.41
39.84

33.72
35.59
34.92

0.88
1.23
1.67

309.70
310.93
312.60

46
50
52

81.2

87.18
88.16
88.30

39.70
39.86
39.69

35.52
35.45
H)35.83

0.85
1.50
-0.48

313.45
314.95
314.48

H)56

79.8

79.*3

81 \l

H>89.70
87.35
86.28

40.10
38.91
38.28

r35.64
34.16
33.98

2.38
0.52
0.09

316.85
317.37
(0)317.46

46
48
43

r77.80
p78.65

r34.31
p34.47

r31.71
p30.51

r-4.78
p-2.23

r312.68
p310.46

38
32

*84

April
May
June

*83

July
August
September
October
November
December

*82

*81

1980
January
February
March

'80

April
May
June

#

July
August
September
October
November
December

76

*76

78

1981
January
February
March
April
May
June
July
August
September

*78

H)78

p76

October
November
December

52
48

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




64

DECEMBER

1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class . . .

Formation of Business Enterprises

Consumption and Trade

C, C, C

c, c, c

Manufacturing and trade sales
Year
and
month

FIXED CAPITAL
INVESTMENT

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

56. Current
dollars
(Mil. dol.)

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

C L,C

75. Index of industrial production, consumer
goods

(1967 = 100)

C, L, U

U, L, U

Sales of retail stores
54. Current
dollars
(Mil. dol.)

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

L, C, C

L, L, L

L, L, L

12. Index of
net business
formation

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer,
sentiment ®

(Ann. rate,
bil. dol.)

(1st Q
1966 = 100)

(1967 = 100)

L, L, L

13. Number of
new business
incorporations

(Number)

1979
January
February
March

277,843
279,296
287,792

159,861
159,114
162,480

151.3
151.8
153.4

71,402
71,702
72,590

45,421
45,152
45,312

69.2

72.1
73.9
68.4

131.3
132.1
132.5

42,410
42,302
42,761

April
May
June

283,691
293,314
292,232

158,487
162,124
160,123

149.3
152.2
152.1

72,610
73,198
73,496

44,960
44,990
44,787

62*.9

66.0
68.1
65.8

130.9
130.5
130.9

43,034
43,895
43,044

July
August
September

298,084
300,003
302,527

161,418
160,887
160,288

151.2
148.7
150.0

74,211
75,623
76,815

44,922
45,501
45,778

65.0

60.4
64.5
66.7

131.8
130.3
132.5

44,655
42,911
44,687

October
November
December

305,010
305,638
308,744

159,862
158,451
158,826

150.0
149.1
148.6

76,428
76,946
77,475

45,144
45,077
45,017

64^2

62.1
63.3
61.0

131.9
131.4
133.9

46,478
44,811
43,579

January
February
March

318,101
317,901
312,469

161,064
159,458
155,104

147.9
148.2
148.0

79,561
78,899
77,603

45,751
44,931
43,524

71.6

67.0
66.9
56.5

131.0
129.8
125.8

44,447
44,583
42,615

April
May
June

305,440
302,071
305,326

151,464
149,048
150,115

145.2
142.1
141.8

76,404
75,975
77,843

42,660
42,279
43,007

5CL7

52.7
51.7
58.7

120.5
117.8
114.8

42,461
41,974
39,746

July
August
September

315,633
317,906
327,758

152,645
150,945
154,613

142.1
142.9
144.5

79,491
79,829
80,620

43,700
43,433
43,251

58.7

62.3
67.3
73.7

115.3
117.7
120.6

44,058
43,266
46,488

October
November
December

335,873
339,049
343,752

156,734
156,772
157,566

146.3
148.1
147.1

81,552
82,764
83,443

43,518
43,907
43,917

66.1

75.0
76.7
64.5

119.6
119.2

0)121.3

47,225
46,888
48,297

January
February
March

349,018
350,334
349,898

158,527
0)159,522
158,775

146.9
147.8
148.3

85,463
86,810
87,608

44,768
45,166
0)45,182

H>75!6

71.4
66.9
66.5

118.1
117.2
117.8

45,864
47,662
47,927

April
May
June

350,923
349,245
354,442

157,941
156,601
158,501

148.9
150.7
150.3

85,855
85,501
87,384

44,164
43,892
44,721

63^3

72.4
76.3
73.1

118.2
r!15.5
H14.4

49,574
48,907
48,489

July
August
September

0)354,759
352,783
r353,717

r!57,406
r!56,178
r!56,182

0)150.7
149.6
r!48.2

87,350
88,591
0)r88,699

44,273
44,788
r44,416

r70*.2

74.1
0)77.2
73.1

113.4
ellO.5
(NA)

0)50,433
p47,483
(NA)

Octbber
November
December

p345,448
(NA)

pl51,852
(NA)

H47.5
p!44.7

r86,803
p87,465

r43,272
p43,493

1980

1981

70.3
62.5

See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.


DECEMBER 1981


ItCII

65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ g

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT-Continued

20. Constant
(1972) dollars

10. Current
dollars

(Bil. dol.)

(Bil. dol.)

L, L, L

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars

27. Constant
(1972) dollars

(Bil. dol.)

(Bil. dol.)

U, Lg, U

L, C, U

9. Construction contracts for commercial and industrial buildings'
Square feet of
floor space
(Millions)

Square meters of
floor space2
(Millions)

C Lg, Lg

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

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

(Bil. dol.)

(Bil. dol.)

1979

21,25
23.30
25.78

12.74
14.05
15.95

85.78
104.38
94.15

7.97
9.70
8.75

21*45

30.28

15.43
15.67
18.35

April
May
June

26.14
23.60
25.28

15.23
13.69
14.69

21.38
22.06
22.33

12.70
12.88
13.15

96.06
89.32
86.61

8.92
8.30
8.05

21*03

July
August
September

26.51
24.53
25.31

14.96
13.79
14.14

21.92
21.77
22.36

12.60
12.39
12.66

92.79
84.75
91.05

8.62
7.87
8.46

22.47

October
November
December

24.59
29.11
28.38

13.78
16.49
15.85

21.52
23.45
23.17

12.27
13.72
13.32

95.23
81.97
84.18

8.85
7.62
7.82

23*08

January
February
March

28.27
24.20
26.63

15.47
13.29
14.23

24.84
21.98
23.09

13.83
12.24
12.57

94.57
84.27
80.55

8.79
7.83
7.48

27*50

April
May
June

24.43
21.83
24.43

13.10
11.87
13.41

22.44
20.23
21.10

12.18
11.13
11.90

73.39
67.09
71.39

6.82
6.23
6.63

25*81

July
August
September

26.83
25.90
25.44

14.81
13.62
13.74

23.52
21.28
22.52

0)13.32
11.54
12.43

71.40
68.63
68.47

6.63
6.38
6.36

2 4 ! 12

October
November
December

24.73
r28.80
0)29.59

12.81
H5.14

11.42
12.71
13.22

72.12
86.15
0)97.45

6.70
8.00

0)15.40

21.62
23.35
24.66

0)9.05

January
February
March

27.70
24.33
28.71

14.26
12.27
14.36

0)24.82
21.18
24.46

13.00
10.90
12.51

78.70
84.41
90.00

7.31
7.84
8.36

27*75

April
May
June

27.83
26.69
28.62

13.94
13.51
14.18

24.72
23.86
23.23

12.58
12.28
11.83

77.53
82.86
84.60

7.20
7.70
7.86

0)28.44

July
August
September

r28.01
27.59
26.53

14.00
13.92
13.68

24.23
24.70
23.03

12.36
12.66
12.16

71.02
76.97
68.55

6.60
7.15
6.37

p26*84

October
November
December

r25.17
p26.92

r!2.39
p!3.51

r21.00
p23.20

rl0.59
pi 1.91

72.32
71.90

6.72
6.68

January
February
March

26.19
26.30

67*52

69*80

73 ".25

76'.47

1980

82*36

86.38

88*12

26*. 15
90*73

1981

93*34

0)96.56

p96*.26

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.




66

DECEMBER 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q | FIXED

Minor Economic
Process
Timing Class

Year
and
month

CAPITAL INVESTMENT-Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

C Lg, Lg

C Lg, U

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

76. Index of
industrial production, business
equipment

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1967 = 100)

C Lg, C

Lg, Lg, Lg

C, Lg, C

Nonresidential fixed investment in 1972 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

(Ann. rate,
bil. dol.)

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

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

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

L, L, L

89. Residential
fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

1979
January
February
March

255.55

263.23
265.09
276.90

168.2
169.3
171.0

161*4

45*8

115.6

1,672
1,444
1,817

118.0
120.5
138.9

60.8

April
May
June

265.24

271.62
277.71
276.90

168.7
171.2
171.2

161! 3

48.'6

11 3^2

1,760
1,867
1,891

129.0
136.0
132.5

59.'1

July
August
September

273.15

285.01
291.45
290.86

171.3
171.6
173.4

166.4

49*4

117*0

1,758
1,777
1,844

123.9
128.5
132.3

58*6

October
November
December

284.30

294.99
291.39
300.25

172.3
172.6
174.1

164*"

50.'7

113*5

1,697
1,502
1,563

119.6
103.1
101.3

58* 1

January
February
March

291.'89

306.87
313.92
311.56

175.2
176.5
176.2

165.0

5O!B

114*5

1,389
1,273
1,040

105.2
96.6
80.6

54*2

April
May
June

294.36

303.73
305.60
305.91

174.5
171.8
169.7

156*1

48.'7

107*4

1,044
938
1,184

66.6
69.8
88.4

43.' 1

July
August
September

296.23

307.06
299.58
317.20

169.5
171.1
170.7

155*5

46*8

108.8

1,277
1,411
1,482

99.5
109.5

H>122.6

October
November
December

299.58

317.03
320.32
322.93

171.9
173.9
177.1

157.0

47.8

109.3

1,519
1,550
1,535

109.1
110.3
100.9

50.6

January
February
March

312.24

326.16
325.22
336.68

177.7
177.5
179.3

162.0

49*. 6

112.4

E)l,660
1,215
1,297

98.1
94.1
93.1

[H>51.0

April
May
June

316.73

334.62
336,38
343.91

181.0
182.0
183.6

161 Tl

50*4

110*7

1,332
1,158
1,039

95.8
94.3
77.8

47*8

338.38
346.89

D184.8
rl84.4
H82.6

[H>rl63.9

[H>r51.5

E>rll2*4

1,047
941
r916

73.7
69.9
68.7

r42.7

r864
p871

58.3
58.4

1930

44." 7

1981

July
August
September . :
October
November
December

0)328*25

E>r347.05
a332.06
1

P333.43
(NA)

a345.46

rl81.1
p!78.2

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

First quarter 1982 (anticipated); second quarter 1982 (anticipated) is 354.83.


DECEMBER 1981


67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Q

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Inventories on Hand and on Order

Inventory Investment

Timing Class

Year
and
month

INVENTORIES ANt) INVENTORY INVESTMENT

L, L, L

L, L, L

L, L, L

L, L, L

30. Change in
business inventories in 1972
dollars

36. Change in inventories on
hand and on order, 1972 dollars

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

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

(Ann. rate,
bil. dol.)

Smoothed
data:

Monthly
data

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Bil dol.)

Lg, Lg, Lg

Lg, U5, Lg

Manufacturing and trade
inventories
71. Current
dollars

(Bil dol.)

70. Constant
(1972) dollars

(Bil dol.)

Lg Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories of
finished
goods, book
value

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

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

(Bil dol.)

(Ratio)

(Bil dol.)

L, Lg, Lg

1979
January
February
March

15^4

31.85
16.92
16.58

22.06
23.81
22.42

55.8
57.2
36.7

4.79
3.63
3.61

399.90
404.66
407.72

259.85
260.51
261.52

65.95
66.80
67.07

1.63
1.64
1.61

186.75
190.38
193.99

April
May
June

18.4

27.38
2.34
19.98

21.04
17.86
16.00

61.8
52.6
55.1

4.40
1.54
2.71

412.87
417.26
421.85

262.97
263.77
265.08

67.86
68.10
68.90

1.66
1.63
1.66

198.39
199.93
202.64

July
August
September

7.6

15.02
-0.17
-16.60

14.51
12.03
5.51

88.3
39.2
19.6

1.46
2.56
1.33

429.21
432.48
434.12

267.21
267.56
266.29

69.52
69.81
70.79

1.66
1.66
1.66

204.10
206.66
207.99

October
November
December

-0.7

-2.32
-11.54
-18.70

-3.47
-8.26
-10.50

62.1
32.7
26.5

2.30
2.29
1.16

439.29
442.02
444.22

267.02
266.63
265.44

70.89
70.86
71.38

1.67
1.68
1.67

210.29
212.58
213.73

-6'.9

-16.88
-13.13
2.39

-13.28
-15,97
-12.72

51,7
51,2
37.4

2.14
2.84
1.14

448.54
452.80
455.92

264.77
264.14
264.60

72.43
73.42
74.52

1.64
1.66
1.71

215.88
218.72
219.86

-4.62
-24.04
-23.92

-7.16
-6,94
-13.14

66.3
18.4
14.5

-0.92
-2.35
-2.24

461.44
462.98
464.19

266.02
265.24
264.73

75.99
76.67
77.10

1.76
1.78
1.76

218.94
216.59
214.35

-5.04
-7.49
-0.65

-17.60
-14.91
-8.27

31.7
25.4
30.7

2.07
-1.05
1.01

466.83
468.94
471.50

264.79
264.39
264.24

77.60
77.73
77.49

1.73
1.75
1.71

216.41
215.36
216.37

4.10
-2.64
-14.74

-2.87
-0.54
-2.08

25.4
15.2
3.8

0.96
0.29
0.62

473.62
474.88
475.20

264.33
264,10
262.97

77.25
77.44
76.56

1.69
1.68
1.67

217.33
217.62
218.24

-15.65
6.78
-4.40

-7.72
-9.44
-6.15

39.0
67.4
16.8

0.13
1.40
-0.25

478.45
484,07
485.47

262.81
262.86
262.64

76.20
77.47
79.25

1.66
1.65
1.65

218.37
219.78
219.52

3.85

7.70
0)17,58

-1.17
2.23
6.05

19.1
38.3
47.7

1.16
1.18
0.40

487.06
490,25
494.23

263.16
263.94
265.40

79.19
80.39
81.21

1.67
1.69
1.67

220.69
221.86
222.26

rl0.87
rl.45
rl0.46

rl0.88

EDrll.Ol
r8.78

46.5
52.3
[H)r68.1

1.91
-1.59
[H>2.18

498.10
502.46
508.13

r266.46
r267.05
r268.53

81.22
82.58
83.78

1.69
1.71
r l .72

224.18
222.59
0)224.77

P3.12
(NA)

p6.30
(NA)

p57.9
(NA)

p-2.60
(NA)

E>P512.95
(NA)

[H)p270.01
(NA)

0>p84.87
(NA)

H>pl.78
(NA)

p222.17
(NA)

1980
January
February
March
April
May
June

!:!

July
August
September

-5.0

October
November
December
1981
January
February
March

-K4

April
May
June
July
August
September
October
November
December

B>rl4.9

See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.

S e r i e s i s a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.




DECEMBER 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Sensitive Commodity Prices

Timing Class

L, L, L

Year
and
month

Smoothed
data2

Monthly
data

(Percent)

Stock
Prices

U, L, L

92. Change in sensitive crude
materials prices

(Percent)

PRICES, COSTS, AND PROFITS

23. Index of
spot market
prices, raw
industrials3®

L, L, L

19. Index of
stock prices,
500 common
stocks ®

(1967 = 100)

(1941-43 = 10)

Profits and Profit Marg ns

L, L, L

L, L, L

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

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

L, C, L

L, C, L

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

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

L, L, L

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

(Percent)

1979
January
February
March

0.62
3.07
2.98

1.11
1.23
1.87

258.3
273.5
288.5

99.71
98.23
100.11

164*6

101.'6

113*4

70.'1

11.*9

April
May
June

0.88
2.67
3.25

2.27
2.24
2.22

294.5
293.8
293.9

102.07
99.73
101.73

164.6

98.9

110*2

66.9

11.*5

July
August
September

1.18
0.38
3.39

2.32
1.98
1.63

297.3
298.1
297.3

102.71
107.36
108.60

173^6

101*8

111' 1

65*7

ll".4

October
November
December

2.79
1.98
2.11

1.92
2.45

104.47
103.66
107.78

168'.2

96*. 7

102^2

59.4

11 'i

2.51

307.7
304.0
309.6

January
February
March

2.99
2.43
-1.22

2.33
2.44
1.96

316.2
322.5
316.9

110.87
115.34
104.69

182'.9

102*6

10616

60.1*

11*5

April
May
June

0.26
-0.09
0.02

0.94
0.07
-0.14

301.9
278.5
267.5

102.97
107.69
114.55

146.5

80.'3

97*8

54* 1

9.*4

July
August
September

2.26
2.35
1.98

0.40
1.14
1.87

277.6
292.1
298.3

119.83
123.50
126.51

159*1

85*5

99*4

54.0

ib.'o

October
November
December

2.60
2.45
1.56

2.25
2.33
2.27

300.8
0)304.7
298.4

130.22
0)135.65
133.48

164.3

86.6

98*1

52.2

10.3

2.49
E>7.84
-0.43

2.18
3.06
0)3.63

291.6
284.2
289.8

132.97
128.40
133.19

H>169.2

0)87.8

115.3

0)60.2

0)10.3

1.34
1.96
-0.72

3.11
1.94
0.91

293.0
288.9
282.9

134.43
131.73
132.28

152!)

77.4

113.9

58.2

9.2

July
August
September

r0.69
r-0.63
0.83

rO.75
r0.21
0.04

286.6
289.5
283.0

129.13
129.63
118.27

r!56*.3

76\5

E>H17'.6

r58*9

9J

October
November
December

-0.88
-0.49

r0.04
-0.20

277.2
270.5
"264.7

1980

1981
January
February
March
April
May
June

5

119.80
122.92
124.20

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
X
2
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series is a weighted 4-term moving average (with weights
1,2,2,1) placed on the terminal month of the span.
beginning with data for June 1981, this series is based on copyrighted data used by
permission; it may not be reproduced without written permission from the Commodity Research Bureau, Inc.
^Average for December 1 through
15, excluding weekends. 5Average for December 2, 9, and 16.


DECEMBER 1981


69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

B B

Minor Economic
Process

Cash Flows

Profits and Profit Margins—Continued

Timing Class

Year
and
month

PRICES, COSTS, AND PROFITS-Continued

U, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income'
(Percent)

L, L, L

L, L, L

L, L, L

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

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

(Cents)

(1977 = 100)

(Ann. rate,
bil. dol.)

Unit Labor Costs and Labor Share

L, L, L

Net cash flow, corporate
34. Current
dollars

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

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

(1977 = 100)

(Dollars)

Lg, Lg, Lg

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

(1967 = 100)

Lg, Lg, Lg

64. Compensation of employees as a percent
of national
income

(Percent)

1979
January
February
March

7.5

5*9

97.6

247.4

147*9

115*4

1.052

170.2
171.6
171.7

74*1

April
May
June

6.9

5*6

97.0

252*0

147*4

118.5

1.079

176.4
173.9
174.6

74* 5

July
August
September

6.3

5.*8

96*6

266.' 1

1 52." 5

121*4

1 .1 04

175.7
177.3
177.7

74*3

October
November
December

5*7

5.4

96*2

262*9

148*6

124*3

1.135

178.9
180.0
181.7

74*7

January
February
March

5.5

5.6

96." 5

280.'7

155*2

127*0

1.158

182.8
184.8
186.9

74*6

April
May
June

5*.5

4*4

95.8

246J

132*2

1 31.' 3

1.193

190.3
194.7
198.7

75.8

July
August
September

5*4

4*.6

96.4

262.9

138^6

133.9

1.203

200.3
200.5
199.9

75*3

October
November
December

5.*3

4.9

96*4

272.0

141.1

137.0

1.230

199.7
200.3
200.6

75*4

6*. 4

5*6

[H>97*.3

0)282.4

[H>144'7

139.4

1.244

202.8
204.1
204.8

75 = 2

H>6*5

E>5.'i

96*9

270*5

134*6

141.'6

1.266

206.5
207.5
r208.8

75-5

r6.4

p4.8

p96*8

r279*2

rl36.*4

E>P145.1

H>1.295

r209.2
210.8
r214.0

r75.3

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

r216.1
H>P22O.5

See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
*1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.




70

DECEMBER 1981

IICII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| Q

Minor Economic
Process
Timing Class

MONEY AND CREDIT

Money

L, L, L

85. Change in
money supply
(Ml-B)

L, L, L

L, C, U

102. Change
in money
supply (M2)

Year
and
month
(Percent)

(Percent)

L, L, L

104. Change in total liquid assets
Smoothed
data 1

Monthly
data

(Percent)

Credit Flows

Velocity of Money

(Percent)

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

(Bil. dol.)

L, L, L

106. Money
supply (M2)
in 1972
dollars

(Bil. dol.)

C, C, C

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

(Ratio)

C Lg, C

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

(Ratio)

L, L, L

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

1979
January
February
March

0.16

0.30
0.82

0.53
0.62
0.84

0.86
0.88
1.06

1.09
1.04
0.94

222.4
220.8
220.6

860.7
857.4
856.8

6.386

1.308
1.312
1.316

100.76
82.08
88.07

April
May
June

1.52
0.00
1.07

0.98
0.68
0.95

1.07
1.07
1.38

0.97
1.04
1.12

221.9
219.6
219.7

857.0
853.9
853.2

6.319

1.308
1.307
1.308

74.04
91.75
94.55

July
August
September

0.98
0.60
0.49

0.85
0.85
0.77

0.83
0.85
1.15

1.13
1.06
0.98

219.3
218.3
216.8

850.7
848.9
845.5

6.358

1.318
1.321
1.319

87.29
85.08
87.31

October
November
December

0.21
0.39
0.46

0.27
0.42
0.53

0.56
0.37
0.50

0.90
0.77
0.58

215.0
213.4
211.9

838.7
833.0
827.7

6.421

1.331
1.340
1.345

103.60
77.03
51.55

January
February
March

0.56
1.07
-0.05

0.89
0.96
0.40

1.10
1.11
0.52

0.57
0.78
0.91

210.2
209.7
206.9

823.6
820.9
813.2

6.504

1.350
1.343
1.347

98.03
67.72
70.62

April
May
June

-1.44
0.08
0.92

-0.38
0.94
1.35

0.36
0.60
0.65

0.79
0.58
0.52

202.1
200.5
200.4

803.1
803.7
806.5

6.536

1.353
1.348
1.338

50.44
15.62
8.45

July
August
September

1.11
[H>1.90
1.20

E>1.55
1.20
0.70

0.79
1.19
0.77

0.61
0.78
0.90

202.5
204.8
205.1

818.4
(H) 822.0
819.2

6.496

1.339
1.334
1.341

43.60
63.96
75.91

October
November
December

1.09
0.67
-0.84

0.55
0.88
0.05

0.74
1.27
0.97

0.91
0.91
0.96

H)205.2
204.3
200.7

815.3
813.5
806.1

6.548

1.351
1.353
1.364

E)95.42
76.79
67.67

0.87
0.48
rl.O7

0.68
0.89
rl.34

H>1.27
1.03
r0.47

1.08
H>1.13
1.01

200.9
200.0
r200.9

805.7
805.1
r811.0

r6.761

1.369
1.367
1.362

58.92
64.28
43.25

rl.79
r-0.46
r-0.58

r l .12
rO.32
r0.35

r0.50
r0.92
0.92

0.80
0.65
rO.7O

r203.6
r201.3
198.8

r816.7
r813.8
810.9

r6.694

rl.355
1.358
1.363

54.54
34.99
46.48

July
August
September

0.30
0,63
-0.23

0.62
0.97
rO.54

0.66
rl.25
r0.93

r0.81
r0.89
r0.94

197.0
196.6
193.9

806.3
807.4
r802.4

E)r6.870

1.374
1.375

42.32
34.20
p26.33

October
November
December

rO.28
p0.92
2
1.31

r0.67
p i . 38

re0.47
e l . 02

re0.92
e0.84

193.8
p!94.6

r805.0
p812.0

1980

1981
January
February
March
April
May
June

0)1.378
1.376
pi.365

(NA)

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

Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Average for weeks ended December 2 and 9.

2


DECEMBER 1981


71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

WM

Minor Economic
Process

Credit Difficulties

Credit Flows-Continued

Timing Class

L, L, L

112. Net change
in bank loans
to businesses
Year
and
month
(Ann. rate,
bil. dol.)

L, L, L

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

MONEY AND CREDIT-Continued

L, L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures (u)

(Mil. dol.)

Interest Rates

Bank Reserves

L, L, L

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

(Percent)

L, U, U

L, Lg, U

L, Lg, Lg

C Lg, Lg

93. Free
reserves ©

94. Member
bank borrowing from the
Federal
Reserve (u)

119. Federal
funds rate (u)

114. Treasury
bill rate ®

(Mil. dol.)

(Mil. dol.)

(Percent)

(Percent)

1979
January
February
March

39.31
33.07
5.76

50.57
50.64
40.20

r337,884

182.22
177.09
187.76

2.12
2.31
2.33

-692
-764
-742

994
973
999

10.07
10.06
10.09

9.35
9.27
9.46

April
May
June

39.62
31.99
23.23

45.71
37.99
31.33

r372,076

242.76
200.45
273.17

2.43
2.37
2.45

-899
-1,490
-1,175

897
1,777
1,396

10.01
10.24
10.29

9.49
9.58
9.05

July
August
September

40.55
30.54
43.36

33.79
32.77
48.10

r392,408

212.20
287.44
186.20

2.45
2.47
2.59

-989
-904
-1,339

1,179
1,097
1,344

10.47
10.94
11.43

9.26
9.45
10.18

October
November
December

3.72
-21.10
4.55

36.40
32.33
24.40

r296,l'08

395.75
184.31
138.02

2.45
2.50
2.64

-1,750
-1,751
-1,079

2,022
1,906
1,473

13.77
13.18
13.78

11.47
11.87
12.07

55.48
35.83
-1.52

32.72
28.84
7.85

r351,964

243.15
190.79
274.24

2.37
2.32
2.53

-999
-1,465
-2,638

1,241
1,655
2,824

13.82
14.13
17.19

12.04
12.81
15.53

2.47
-38.96
2.14

-20.05
-32.12
-24.54

r!92,976

428.15
381.15
436.68

2.53
2.64
2.74

-2,261
-835
-169

2,455
1,018
380

17.61
10.98
9.47

14.00
9.15
7.00

July
August
September

13.06
30.23
29.86

-14.39
5.87
12.66

r284J48

445.69
345.41
1,002.94

2.77
2.94
2.70

-111
-357
-1,055

395
659
1,311

9.03
9.61
10.87

8.13
9.26
10.32

October
November
December

29.81
35.66
41.15

8.42
10.07
19.43

r341,912

359.24
[H)239.34
288.30

2.53
2.66
2.57

p-1,018
p-1,201
p-1,587

pi,335
E)p2,156
pi,617

12.81
15.85
18.90

11.58
13.89
15.66

0.66
-13.32
-23.04

10.43
23.95

0)37.30

341 .36
789.20
485.34

2.42
2.51
2.53

p-916
p-1,076
p-624

pi,405
pi,278
pi,004

19.08
15.93
14.70

14.72
14.90
13.48

29.32
0)49.61
19.72

27.97
16.15
23.16

H>r349,240

536.88
428.20
(NA)

2.40
2.40
2.30

p-1,261
E>p-2,023
p-1,488

pi,343
p2,154
p2,038

15.72
18.52
[H>19.10

13.63
H>16.30
14.56

July
August
September

45.16
30.36
r31.99

23.45
34.31
33.83

p317,692

1)2.22
2.35
2.28

p-1,369
p-1,137
p-1,073

pi,751
pi,408
pi ,473

19.04
17.82
15.87

14.70
15.61
14.95

October
November
December

r20.30
pll.86

12.17
(NA)

(NA)

p-1,032
p-380
2
-231

pi,149
p695
2
444

15.08
13.31
2
12.26

13.87
11.27
3
10.74

1980
January
February
March
April
May
June

1981
January
February
March
April
May
June

r306 s 492

^e.57

See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
l

Average for weeks ended December 2 and 9.
Average for weeks ended December 2, 9, and 16.
" weeks
' ended
' ' December
~
•
- 10,
- - 17,
- -and 24.
Average for
3,

2

3
3
Average




72

DECEMBER 1981

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H Q I MONEY AND CREDIT—Continued

Minor Economic
Process
Timing Class

Interest Rates-Continued

Lg, Lg, Lg

116. Corporate
bond yields ©

C Lg, Lg

U, Lg, Lg

115. Treasury
bond yields ©

117. Municipal
bond yields ©

Year
and
month
(Percent)

(Percent)

(Percent)

Outstanding Debt

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
on FHA
mortgages ©

67. Bank rates
on short-term
business loans

(Percent)

(Percent)

®

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ®

66. Consumer
installment
credit

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

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

95. Ratio,
consumer installment credit
to personal
income

(Percent)

1979
January
February
March

9.47
9.52
9.65

8.43
8.43
8.45

6.47
6.31
6.33

10.24
10.24
10.26

12.27

11.75
11.75
11.75

269,107
273,327
276,677

134,984
137,740
138,220

14.58
14.67
14.68

April
May
June

9.69
9.82

6.29
6.25
6.13

(NA)
10.61
10.49

12^34

9.51

8.44
8.55
8.32

11.75
11.75
11.65

280,486
283,652
286,263

141,522
144,188
146,124

14.83
14.90
14.88

July
August
September

9.47
9.57
9.87

8.35
8.42
8.68

6.13
6.20
6.52

10.46
10.58
11.37

12.#31

11.54
11.91
12.90

289,079
291,810
295,818

149,503
152,048
155,661

14.79
14.78
14,88

October
November
December

11.17
11.52
11.30

9.44
9.80
9.58

7.08
7.30
7.22

(NA)
12.41
12.24

15!81

14.39
15.55
15.30

298,851
301,545
303,578

155,971
154,213
154,592

14.86
14.83
14.80

January
February
March

11.65
13.23
14.08

10.03
11.55
11.87

7.35
8.16
9.17

12.60
(NA)
14.63

15.67

15.25
15.63
18.31

306,305
308,708
309,362

159,215
162,201
162,074

14.75
14.80
14.72

April
May
June

13.36
11.61
11.12

10.83
9.82
9.40

8.63
7.59
7.63

13.45
11.99
11.85

u'j's

19.77
16.57
12.63

307,691
305,014
302,969

162,280
159,033
159,211

14.64
14.43
14.24

July
August
September

11.48
12.31
12.74

9.83
10.53
10.94

8.13
8.67
8.94

12.39
13.54
14.26

1K56

11.48
11.12
12.23

301,770
302,259
303,314

160,299
162,818
165,306

13.96
13.87
13.75

October
November
December

13.17
14.10
14.38

11.20
11.83
11.89

9.11
9.56
10.20

14.38
14.47
14.08

15^71

13.79
16,06
20.35

304,016
304,855
306,474

167,790
170,762
174,191

13.61
13.50
13.46

January
February
March

14.01
14.60
14.49

11.65
12.23
12.15

9.68
10.10
10.16

14.23
14.79
15.04

19.91

20.16
19.43
18.05

307,343
309,339
312,447

174,246
173,136
171,216

13.36
13.34
13.35

April
May
June

15.00
15.68
14.97

12.62
12.96
12.39

10.62
10.78
10.67

15.91
16.33
16.31

19.99

17.15
19.61
20.03

314,778
316,124
318,054

173,659
177,793
179,436

13.37
13.35
13.34

13.05
13.61

11.14
12.26
0)12.92

16.76
17.96
H>18.55

H>2i.'ii

20.39
H)20.50
20.08

320,008
322,867
325,686

183,199
185,729
r!88,395

13.23
13.21
13.23

12.83
11.89
12.69

17.43
15.98

18.45
16.84
15.34

0)326,700
(NA)

rl90,087
E>pl91,075
"192,456

p!3.20
(NA)

1980

1981

15.67
16.34

July
August
September

H>16.97

October
November
December

16.96
15.53
M5.44

E>14.14

1

14.13
12.68
12.67

2

p!6!25

3

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average for weeks ended December 4, 11, and 18.
Average for weeks ended December 2 and 9.

2

Average for weeks ended December 3, 10, and 17.

3

Average for December 1 through 23.

4


DECEMBER 1981


73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Q |

Year
and
month

950. Twelve leading
indicator components
(series 1, 3, 8, 12, 19,
20, 29, 32, 36, 92, 104,
106)

1-month
span

6-month
span

January
February
March

58.3
41.7
66.7

33.3
41.7
41.7

April
May
June

25.0
45.8
41.7

July
August
September
October
November
December

DIFFUSION INDEXES

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)

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

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

6-month
span

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

25.0
75.0
100.0

75.0
87.5
50.0

83.3
75.0
75.0

100.0
100.0
100.0

30.0
57.5
72.5

22.5
17.5
20.0

11.8
72.5
68.6

46.1
27.5
25.5

65.1
66.0
64.2

72.1
71.8
70.1

41.7
33.3
29.2

12.5
75.0
75.0

75.0
50.0
25.0

91.7
75.0
83.3

83.3
100.0
100.0

2.5
90.0
47.5

12.5
35.0
27.5

7.8
66.7
66.7

56.9
49.0
31.4

54.1
60.5
62.5

64.8
59.6
54.4

45.8
29.2
54.2

37.5
33.3
45.8

100.0
50.0
50.0

100.0
50.0
75.0

66.7
83.3
75.0

100.0
83.3
75.0

62.5
37.5
52.5

45.0
20.0
70.0

37.3
54.9
86.3

21.6
25.5
47.1

57.0
53.2
49.1

56.7
51.5
52.0

16.7
20.8
41.7

41,7
45.8
16.7

62.5
50.0
100.0

75.0
75.0
25.0

83.3
41.7
50.0

50,0
66.7
50.0

32.5
52.5
45.0

27.5
12.5
17.5

9.8
53.9
68.6

35,3
33.3
5.9

61.6
49.4
49.7

50.6
51.2
47.7

January
February
March

41.7
29.2
33.3

0.0
16.7
8.3

100.0
25.0
0.0

25.0
0.0
0.0

41.7
66.7
50.0

50.0
58.3
33.3

65.0
32.5
5.0

15.0
2.5
0.0

23.5
60.8
46.1

2.0
2.0
9.8

52.6
53.2
49.4

40.4
33.4
30.8

April
May
June

12.5
33.3
50.0

16.7
45.8
41.7

0.0
0.0
25.0

0.0
0.0
0.0

66.7
33.3
33.3

41 .7
50.0
33.3

70.0
22.5
25.0

15.0
7.5
20.0

3.9
33.3
70.6

19.6
3.9
7.8

34.6
32.8
31.4

24.7
26.2
28.2

July
August
September

83.3
83.3
91.7

75.0
100.0
91.7

25.0
75.0
100.0

50.0
100.0
100.0

41.7
33.3
33.3

33.3
33.3
50.0

25.0
92.5
62.5

32.5
72.5
75.0

62.7
84.3
13.7

58.8
21.6
96.1

36.9
64.8
64.0

35.2
45.1
61.0

October
November
December

62.5
70.8
50.0

75.0
66.7
75.0

100.0
87.5
100.0

100.0
100.0
100.0

50.0
50.0
66.7

50.0
50.0
50.0

62.5
80.0
67.5

85.0
92.5
95.0

76.5
96.1
5.9

96.1
90.2
88.2

61.3
63.4
56.7

73.5
72.7
65.4

January
February
March

16.7
41.7
70.8

66.7
45.8
41.7

100.0
100.0
75.0

100.0
75.0
100.0

33.3
33.3
50.0

50.0
66.7
50.0

77.5
17.5
60.0

100.0
97.5
82.5

86.3
39.2
31.4

76.5
81.4
70.6

59.6
55.8
52.3

68.6
68.6
67.2

April
May
June

75.0
16.7
45.8

37.5
41.7
2
9.1

50.0
75.0
100.0

75.0
75.0
50.0

83.3
83.3
66.7

83.3
66.7
83.3

75.0
72.5
15.0

67.5
r25.0
rl2.5

64.7
76.5
17.6

19.6
19.6
p5.9

69.8
62.5
51.5

70.3
67.7
r71.8

July
August
September

25.0
45.8
2
9.1

18.2
15.0

50.0
37.5
50.0

50.0
"50.0

83.3
66.7
83.3

75.0
62.5

40.0
55.0
15.0

p!7.5

68.6
58.8
9.8

(NA)

67.2
49.7
r59.3

53.2
p37.2

1-month
span

1979

1980

1981

October
November
December

2

31.8
40.0

3

2
3

0.0
*16.7

5

58.3
75.0

5

r62.5
p32.5

P61.8
(NA)

r30.8
p31.4

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by(u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources'are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
x
Figures are the percent of components declining.
2
Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
"Excludes series 57 for which data are not yet available.
5
Excludes series 70 and 95 for which data are not yet available.




74

DECEMBER 1981

CYCLICAL INDICATORS
C

I DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |
964. Value of manufacturers' new orders,
durable goods industries (35 industries) 1

Year
and
month

965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)

DIFFUSION NDEXES-Continued

966. Index of industrial
production (24
industries)

967. Index of spot
market prices, raw
industrials (§)
(13 industrial materials)

968. Index of stock
prices, 500 common
stocks 2 ©

960. Net profits,
manufacturing3 @
(about 700 companies)

1-month
span

9-month
span

96.2
96.2
88.5

94.8
35.5
85.5

18.2
32.7
57.4

*71

69.2
42.3
53.8

80.8
84.6
"91.7

80.0
16.4
90.0

90.7
88.9
75.0

*74

66.7
50.0
54.2

46.2
30.8
53.8

"66.7
"66.7
"58.3

64.8
92.6
53.7

63.0
68.5
68.5

*63

66.7
62.5
41.7

"62.5
61.5
76.9

"66.7
"58.3
"58.3

3.7
38.0
95.4

69.8
37.7
39.6

54

*46

64.6
52.1
58.3

25.0
16.7
12.5

50.0
73.1
61.5

"58.3
*50.0
53.8

74.1
52.8
3.8

39.6
47.2
77.4

*56

'41

70.8
20.8
41.7

16.7
12.5
16.7

11.5
15.4
0.0

50.0
46.2
46.2

26.4
92.5
89.6

90.6
94.3
86.8

*56

*41

16.7
16.7
14.6

37.5
70.8
87.5

53.8
76.9
57.7

46.2
42.3
38.5

92.5
88.7
76.4

84.9
96.2
94.3

'60

'37

39.6
70.8
66.7

95.8
95.8
95.8

65.4
53.8
46.2

61.5
65.4
65.4

43.4
55.7
15.1

90.6
88.7
86.8

*64

*49

79.2
91.7
66.7

79.2
70.8
58.3

30.8
30.8
65.4

38.5
38.5
46.2

66.0
42.5
85.8

79.2
67.3
59.6

*60

p52

83.3
62.5
45.8

65

56.2
62.5
45.8

54.2
58.3
50.0

69.2
26.9
38.5

46.2
46.2
53.8

81.1
30.2
67.3

59.6
44.2
42.3

p39

87.5
r52.1
12.5

r29.2
p20.8

61.5
61.5
42.3

61.5
42.3

19.2
40.4
0.0

46.2

1-month
span

9-month
span

1-quarter
span

51.4
57.1
67.1

80.0
77.1
67.1

50

April
May
June

31.4
71.4
31.4

68.6
60.0
57.1

42

July
August
September

42.9
45.7
65.7

60.0
42.9
74.3

48

October
November
December

42.9
54.3
54.3

61.4
57.1
37.1

53

January
February
March

68.6
48.6
37.1

22.9
22.9
42.9

65

April
May
June

17.1
37.1
45.7

45.7
62.9
37.1

18

July
August
September

77.1
42.9
82.9

45.7
62.9
82.9

27

October
November
December

71.4
57.1
58.6

85.7
88.6
82.9

53

January
February
March

45.7
42.9
52.9

85.3
70.6
73.5

50

April
May
June

65.7
50.0
50.0

52.9
44.1
r29.4

July
August
September

41.2
35.3
44.1

p29.4

October
November
December

r38.2
p58.8

1-month
span

6-month
span

48

62.5
54.2
70.8

62.5
66.7
50.0

61.5
76.9
76.9

*48

16.7
62.5
56.2

56.2
54.2
45.8

'52

52.1
39.6
45.8

4-Q moving
average

1-month
span

9-month
span

(4-quarter span)

1979
January
February
March

•. .

1980

1981

r25.0
p!2.5
5

38.5
26.9
30.8

5

58.7
65.4

See note on page 74.
Graphs of these series are shown on page 37.
x
Based on 35 industries through April 1981 and on 34 industries thereafter.
2
Based on 58 industries for January 1979, on 55 industries through June 1979, on 54 industries through January 1980, on 53 industries
through May 1981, and on 52 industries thereafter. Data for component industries are not shown in table C2 but are available from the source.
3
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun £ Bradstreet, Inc.
^Based on 12 components (excluding rosin).
5
Based on average for December 1, 8, and 15.


DECEMBER 1981


75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

0 1

Year
and
quarter

(1-Q span)

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(1-Q span)

(1-Q span)

Actual

Anticipated

Actual

Anticipated

Actual

c. Early
anticipations

b. Later
anticipations

973. Net sales, manufacturing
and t r a d e 1 ®

972. Net profits, manufacturing
and rade' (u)

971. New orders, manufacturing * (\i)

970. Business t xpenditures for new plant and
equipment (18 ndustries)
a. Actual
expenditures

DIFFUSION INDEXES-Continued

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

86.4
68.2
68.2
88.6

52.
63.
63.
47.

3
6
6
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

54.
45.
36.
40.

5
5
4
9

81 . 8
59 . 1
81 . 8
77 . 3

74
63
60
60

66
75
57
62

62
54
57
56

66
73
59
61

73
62
68
66

72
80
63
67

72.7
63.6
72.7

72. 7
40. 9
54. 5
59.

70 . 5
68 . 2
77 . 3
68 .2

68
70
62

74
74
76
76

60
66
60

70
69
74
72

70
74
71

78
76
80
80

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
60

59 .1

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

1flj DIFFUSION
Year
and
quarter

974. Number of employees,
manufacturing and trade 1 @
Anticipated

Actual

975. Level of inventories,
manufacturing and trade 1 (u)
Anticipated

Actual

54

NDEXES-Continued

976. Selling prices, manu
facturing1 (g)
Anticipated

Actua

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

62
60
60
58

60
60
58
56

80
76
73
75

70
74
71
68

92
93
92
94

58
54
53
51

54
56
48
50

67
61
64
60

62
70
53
56

51
53
52

56
54
56
55

62
64
62

63
61
66
64

65

977. Selling prices, wholesale
trade l <§)

978. Selling prices, retail
trade ' ©

Actual

Actual

Anticipated

Anticipated

(4-Q span)

(4-Q span)

86
88
88
86

96
95
95
96

8£
9C
92
9C

94
95
94
96

90
92
92
90

90
88
90
90

87
90
83
86

92
90
92
90

9C
92
87
88

92
91
94
90

90
93
84
90

88
86
84

88
90
89
84

90
88
84

90
89
89
84

94
90
86

90
90
92
87

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

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 . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

50

54

80

82

82

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




76

DECEMBER 1 9 8 1

Dun $

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

m

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions o f Change

Diffusion index components

1981

April

May

August

July

June

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

All manufacturing industries

+

40.2

Percent rising of 20 components

+

(75)

_

40.0

September

40.0

39.3

(55)

(15)

40.1

(72)

(15)

39.8
39.0

39.0
38.9

-

38.8
38.5

I

38.6
38.6

-

r37.3
r37.5

41.0
41.0

40.8
40.8

+

40.9
40.5

+

40.8
40.7

-

40.3
r40.6

(40)

November^

1

40.3

0

0ctoberr

+

39.5

39.3

(62)

(32)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+
+

39.6
38.8

Stone, clay, and glass products
Primary metal industries

+
+

41.2
41.2

Fabricated metal products
Machinery, except electrical

+
+

40.9
41.3

o
+

40.9
41.4

40.7
41.1

Electric and electronic equipment
Transportation equipment

+
+

40.2
42.0

+

40.4
41.8

40.2
41.4

Instruments and related products
Miscellaneous manufacturing

+

40.1
38.9

+
+

40.4
39.2

+
o

40.1
37.2

+

40.0
38.6

39.8
35.5

+
+

40.5
36.0

+
+

o

40.4
39 1

0

+

40.5
41.1

0

40.5
41.2

I

40.5
39.2

+

+
+

37.5
38.3

+

37.7
37.7

40.1
39.8

+

40.4
39.6

40.5
41.2

-

r39.5
r40.3

+
+

40.0
40.7

40.4
41.3

-

r39.6
r39.9

+
+

40.0
40.1

+

39.2
40.4

40.5
r38.4

+

40.2
38.9

+

40.0
39.0

40.8
39.1

39.6
40.5

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing

+
+

42.6
37.3

+
+

42.8
37.6

Chemicals and allied products
Petroleum and coal products

o
+

41.5
44.1

+

41.7
43.8

Rubber and miscellaneous plastics products
Leather and leather products

+

40.7
36.6

+
+

41.3
37.1

39.8
38.5

+

+

0

42.7
37.3
41.8
43.1

41.7
43.4
41.0
37.4

39.4
38.6
40.4
35.9

40.2
36.1
42.7
37.4

o

+

-

0

+

39.4
40.7

-

40.3
36.1

39.2
r40.2

+

39.5
39.6

r38.9
35.2

+
+

39.4
35.8

39.0
35.7

o

42.5
37.1

42.2
36.8

0

42.7
37.3

+
-

r43.1
r37.1

_

41.7
42.8

+
+

r42.3
r43.3

40.6
36.9

-

39.6
r36.1

+
+

40.1
36.8

-

86,278

-

77,804

0

40.5
36.5

41.4
42.8

o

+
+

39.5
38.9

41.6
43.1
39.4
36.7

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ' 2
(Millions of dollars)
All durable goods industries

+

87,180
3

Percent rising of 34 components

+

(66)

88,164

+

(50)

88,303

+

(50)

Primary metals
Fabricated metal products

+
-

11,831
10,291

+

11,809
10,607

+

11,324
10,979

Machinery, except electrical
Electrical machinery

+
+

17,504
11,960

-

17,082
11,721

+
+

17,303
12,600

Transportation equipment
Other durable goods industries

+

18,698
16,896

+
-

20,093
16,852

+

19,057
17,040

89,696

-

(41)

+

12,466
10,804

-

16,376
12,055

•

20,909
17,086

-

87,350

+

78,652

(35)

(44)

11,602
9,901

- 11,422
+ 10,054

-

10,170
9,282

+

10,056
9,478

17,658
11,920

- 17,498
+ 12,487

-

15,984
10,370

+
+

16,606
12,079

20,375
15,894

- 18,627
+ 16,190

+

15,780
16,218

-

14,618
15,815

(38)

(59)

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 diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.
3
Based on 35 components.


DECEMBER 1981


77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

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

Diffusion index components

1981

April

June

May

August r

July

September r

0ctoberr

November P

-

-

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

All industrial production
Percent rising of 24 components

2

151.9

+

152.7

+

(62)

(56)

152.9

+

(46)

153.9

-

153.6

-

(52)

(88)

151.7
(12)

149.6

146.5

(25)

(12)

Durable manufactures:
Lumber and products
Furniture and fixtures

+
+

126.3
158.7

+

126.2
158.9

+

122.5
162.4

+
+

122.9
164.9

-

119.1
163.3

-

113.2
159.9

-

107.1
157.0

(NA)
(NA)

Clay, glass, and stone products
Primary metals

-

154.3
110.6

+

151.7
111.9

-

148.1
107.4

+
+

148.7
109.4

+

148.2
113.1

-

146.1
108.5

-

143.6
102.6

(NA)
96.8

Fabricated metal products
Nonelectrical machinery

+
+

139.5
169.7

+

138.4
172.1

+
+

139.3
174.1

+
+

140.1
176.7

-

140.0
176.4

-

137.1
173.9

-

133.5
171.5

-

128.5
168.0

Electrical machinery
Transportation equipment

+
+

178.8
121.3

+
+

179.9
123.7

+
-

180.1
123.4

+
-

180.9
119.8

+

182.6
115.4

-

180.0
114.1

-

179.0
111.0

-

173.2
106.3

Instruments
Miscellaneous manufactures

o
+

170.0
157.3

+
-

170.6
157.0

+
+

171.3
158.8

+
+

172.1
159.4

+
-

172.3
158.6

-

169.7
156.0

-

168.7
153.4

-

165.5
153.1

Foods
Tobacco products

-

151.9
122.2

+
+

152.2
122.3

-

151.3
120.9

+
+

151.6
121.3

+
+

151.9
123.8

-

151.1
122.4

+

151.2
(NA)

(NA)
(NA)

Textile mill products
Apparel products

+
+

138.9
121.6

+

138.8
122.6

-

138.3
121.1

+
+

139.4
122.6

+
o

140.7
122.6

-

136.3
122.5

-

133.6
(NA)

(NA)
(NA)

Paper and products
Printing and publishing

-

157.0
141.6

155.9
141.3

+

153.4
143.1

+
+

154.9
144.4

+
+

156.7
146.1

+
-

158.6
145.9

+

153.5
146.0

+

151.0
146.1

Chemicals and products
Petroleum products

+
-

219.8
130.0

+
-

220.6
129.8

-

218.4
129.3

+
-

221.5
128.7

+

219.2
130.4

-

217.9
129.3

-

213.8
127.2

-

(NA)
126.1

Rubber and plastics products
Leather and products

+
+

275.2
68.9

+
+

280.3
69.8

+

285.1
68.4

+
+

285.3
70.1

+

286.7
69.6

+

279.6
69.7

+

271.9
70.6

Metal mining
Coal

-

123.1
75.9

+
+

125.0
77.0

+

123.5
122.9

+
+

123.6
170.0

+
-

124.1
167.4

-

120.9
161.9

+

118.3
165.3

Oil and gas extraction
Stone and earth minerals

+

146.1
133.7

+
-

146.2
132.2

+
+

148.2
132.7

+

147.7
133.3

+
-

148.2
128.2

+
-

149.2
124.5

+
-

149.4
119.7

Nondurable manufactures:

(NA)
(NA)

Mining:

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

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

+

(NA)
161.9
149.7
(NA)

The "r" indicates revised; " p "

x

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

2




78

DECEMBER 1 9 8 1

ItO

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

M l

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

Diffusion index components

1981

April

May

967. INDEX OF SPOTMARKET

Raw industrials pric i index (1967 = 100)

....

+

293.0

-

(69)

Percent rising of 13 components

288.9

July

June

-

(27)

PRICES

282.9

August

RAW INDUSTRIALS

+

286.6

(38)

+

(62)

September

October

November

December 1

2

289.5

-

(62)

283.0

-

277.2

(42)

(38)

0.609
1.343

-

270.5

-

(27)

264.7
(31)

Dollars

Copper scrap

(pound)..
(kilogram)..

+

0.682
1.504

-

0.664
1.464

-

0.646
1.424

-

0.635
1.400

+

0.650
1.433

-

0.620
1.367

Lead scrap

(pound)..
(kilogram)..

+

0.249
0.549

0

0.249
0.549

+

0.250
0.551

+

0.269
0.593

+

0.292
0.644

-

0.271
0.597

-

0.247
0.545

+ 109.000
120.151

-

99.000
109.128

-

93.800
103.396

+

95.750
105.545

+ 102.000
112.435

-

98.000
108.025

-

88.500
97.554

-

80.000
88.184

-

79.333
87.449

Steel scrap

(U.S. t o n ) . ,
(metric t o n ) . .

-

0.591
1.303

-

0.221
0.487

0.582
1.283
0.180
0.397

Tin

(pound)..
(kilogram)..

-

6.248
13.774

-

5.945
13.106

-

5.796
12.778

+

6.030
13.294

+

6.528
14.392

+

6.746
14.872

+

6.820
15.035

+

7.040
15.520

+

7.160
15.785

Zinc

(pound)..
(kilogram)..

+

0.436
0.961

+

0.463
1.021

0

0.463
1.021

+

0.466
1.027

+

0.495
1.091

+

0.499
1.100

-

0.479
1.056

o

0.479
1.056

-

0.460
1.014

Burlap

(yard).,
(meter)..

+

0.280
0.306

-

0.267
0.292

-

0.251
0.274

-

0.246
0.269

-

0.243
0.266

+

0.246
0.269

-

0.242
0.265

-

0.238
0.260

Cotton

(pound)..
(kilogram)..

-

0.814
1.795

-

0.782
1.724

+

0.790
1.742

-

0.751
1.656

-

0.669
1.475

-

0.609
1.343

0.608
1.340

-

0.574
1.265

-

0.544
1.199

(yard).,
(meter)..

+

0.784
0.857

+

0.841
0.920

-

0.820
0.897

+

0.822
0.899

+

0.845
0.924

o

0.845
0.924

-

0.820
0.897

-

0.780
0.853

-

0.750
0.820

Wool tops

(pound)..
(kilogram)..

o

3.600
7.937

0

3.600
7.937

0

3.600
7.937

0

3.600
7.937

o

3.600
7.937

+

3.630
8.003

-

3.600
7.937

o

3.600
7.937

o

3.600
7.937

Hides

(pound)..
(kilogram)..

+

0.549
1.210

-

0.522
1.151

-

0.458
1.010

+

0.472
1.041

+

0.474
1.045

+

0.486
1.071

+

0.525
1.157

+

0.558
1.230

+

0.580
1.279

(100 p o u n d s ) . .

o

45.000
99.207

0

45.000
99.207

46.500
102.514

0

46.500
102.514

o

46.500
102.514

-

46.100
101.632

+

47.000
103.616

o

47.000
103.616

o

47.000
103.616

-

0.603
1.329

-

0.590
1.301

0.584
1.287

-

0.554
1.221

-

0.538
1.186

-

0.450
0.992

+

0.464
1.023

-

0.462
1.019

+

0.486
1.071

+

0.176
0.388

-

0.175
0.386

0.178
0.392

+

0.192
0.423

-

0.190
0.419

0.187
0.412

+

0.190
0.419

0.179
0.395

-

0.176
0.388

Print cloth

Rosin

(100 k i l o g r a m s ) . .
Rubber

(pound)..

(kilogram)..
Tallow

(pound)..
(kilogram)..

+

-

+

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

( f ) = rising, (o) = unchanged, and ( —) = falling.

0.229
0.250

The "r" indicates revised: "p"

1

Average for December 1, 8, and 15.
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis. Beginning with data for
June 1981, these series are based on copyrighted data used by permission; they may not be reproduced without written permission from the
Commodity Research Bureau, Inc.
2


DECEMBER 1981


ItO

79

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT

i
a. Total

c. Percent
change at
annual rate

b. Difference

(Ann rate,
bil. dol.)

(Ann. rate,
bil. dol.)

GNP AND f'ERSONAL INCOME

b. Difference

a. Total
(Ann. rate
bil. dol.)

c. Percent
change at
annual rate

(Ann rate,
bil. dol.)

213. Final sales
in 1972 dollars

217. Per capita
GNP in 1972
dollars

50. Gross national p roduct in 1972 dollars

200. Gross national product in current dollars

Year
and
quarter

|

(Ann . rate,
bil. dol.)

(Ann. rate,
dollars)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

2, 0 3 2 . 4
2, 129.6
2, 1 9 0 . 5
2, 2 7 1 . 9

43.8
97.2
60.9
81.4

9. 1
20. 5
11. 9
15. 7

1,402
1,432
1,446
1,465

.3
.8
.7
.8

10
30
13
19

8
5
9
1

3.2
9.0
3.9
5.4

6,32E
6,446
6,48c i
6,556

1,384.6
1,416.8
1 ,435.2
1 ,455.3

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

68.7
34.0
69.5
52.2

12. 7
5. 9
12. 2
8. 8

1,479
1,473
1,488
1,490

.9
.4
.2
.6

14
-6
14
2

1
5
8
4

3.9
_ .7
4.1
3.6

6,602
6,556
6,602
6,592

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

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

75.4
-6.9
72.5
93.3

12. 6
-1. 1
11. 8
14. 9

,501 .9
,463 .3
1,471 .9
1,485 .6

11
-38
8
13

3
6
6
7

3.1
-9.9
2.4
3.8

6,624
6,437
6,456
6,499

1,502.8
1 ,462.0
1 ,476.9
1,492.7

2, 8 5 3 . 0
2, 885.8
r2, 965.0

122.4
32.8
r79.2

19. 2
4.7
rll. 4

1,516 .4
1,510 .4
r l , 5 1 5 .8

30. 8
-6. 0

I3.6
-' 1.6
r 1.4

6,62C
6,58C
r6,586

1 ,517.8
1 ,499.6
r l ,500.9

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

....

r5.4

....

D

ia

GNP AND PERSONAL INCOME-Continued
Disposable personal incom

Year
and
quarter

224. Current dollars
(Ann. rate,
bi . dol.)

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

PERSONAL CONSUMPTION EXPENDITURES

230. Total in current
dollars

231. Total in 1972
dollars

232. Durable goods
in current dollars

(Ann rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

233. Durable goods
in 1972 dollars

227. Per capta in
1972 dollars
(Ann. rate
dollars)

(Ann. rate,
bil. dol.)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1,398
1,440
1,482
1,531

.0
.7
.0

966 .8
975 .5
985 .9
998 .0

4 , 361
4 , 389
4 , 422
4 , 464

1 ,278 .3
1 ,330 .1
1 ,369 .9
1 ,416 .6

884 .1
900 .6
911 2
923 4

185,0
200,1
202.0
210.2

139.5
148.1
147.0
150.7

1,580 2
1,612 .8
1,663 8
1,710.1

1,005 .7
1,006 .9
1,015 .7
1,017 .7

4 , 487
4 , 480
4 , 506
4 , 501

1 ,454
1 ,478
1 ,529
1 ,582

.1
.0
1
3

925
922
933
941

5
8
4
6

212.5
207.4
213.3
216.1

149.6
144.2
146.7
146.0

1
1

4 , 503
4 , 435
4 , 468
4, 488

1,631

0

6
0

1,021 .0
1,008 .2
1,018 .5
1,025.8

1 ,626 8
1 ,682 2
1 ,751 0

943
919
930
946

4
3
8
8

220.9
194.4
208.8
223.3

145.4
126.2
132.'6
139.1

1,947.8
1,985. 6
r2,042. 0

1,033 3
1,036. 8
1,043 6

4, 511
4 , 517
r 4 , 535

1 ,810 1
1,829. 1
r l ,883 9

960. 2
955. 1
r962. 8

238,3
227.3
r236.2

146.8
137.4
H40.3

.1

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 . . . .

1,765
1,784
1,840
1,897

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




DECEMBER

1981

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

H H
236. Nondurable
goods in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

i

PERSONAL CONSUMPTION EXPENDITURES-Continued
238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

M L GROSS PRIVATE DOMESTIC INVESTMENT

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

(Ann. rate,
bil. dol.)

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

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
664.0
674.2
703.5

361.5
356.6
354.9
360.4

749.0
768.4
799.2
824.2

436.5
436.5
443.3
447.3

415.6
390.9
377.1
397.7

218.3
200.5
195.3
200.5

413.1
383.5
393.2
415.1

219.2
199.2
200.2
207.6

726.0
735.3
r751.3

364.5
367.0
r368.8

845.8
866.5
r896.4

448.9
450.7
r453.7

437.1
458.6
r463.0

211.6
219.7
r221.5

432.7
435.3
r435.6

213.1
208.9
r206.5

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 . . . .

• •
GROSS PRIVATE
| j i l DOMESTIC INVEST.—Con.
245. Change in
business inventories in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)

^ M
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

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

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

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

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
-17.4

-0.9
1.3
-5.0
-7.2

516.8
530.0
533.5
558.6

290.1
291.9
288.2
289.8

190.0
198.7
194.9
212.0

107.6
110.7
106.9
107.4

326.8
331.3
338.6
346.6

182.5
181.2
181.3
182.4

4.5
23.3
r27.5

-1.4
10.8
r!4.9

576.5
577.4
r588.9

293.6
289.5
r288.3

221.6
219.5
r226.4

111.2
108.7
rlO9.6

354.9
357.9
r362.5

182.5
180.7
H78.8

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

....
....

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


DECEMBER 1981


81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q

255. Constant
(1972) dollars

250. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services

Year
and
quarter

• •
Hi|

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

-12,3
-3.3
1.9
11.4

18.7
23.0
26.1
30.5

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

19.9
8.2
17.9
7.6

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

1,903.6
1,932.0
1,986.2
2,031.3

1,409.9
1,439.0
1,476.7
1,518.1

8.2
17.1
44.5
23.3

50.1
51.7
57.6
48.5

337.3
333.3
342.4
346.1

165.9
160.5
160.5
157.4

329.1
316.2
297.9
322.7

115.8
108.9
102.8
108.9

2,088.5
2,070.0
2,122.4
2,204.8

1,558.0
1,569.0
1,597.4
1,661.8

29.2
20.8
r29.3

50.9
46.2
r43.2

367.4
368.2
r368.0

162.5
161.5
H60.1

338.2
347.5
r338.7

111.6
115.4
rl!6.9

2,291.1
2,320.9
r2,377.6

1,722.4
1,752.0
rl,790.7

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

....
....

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

Year
and
quarter

(Ann. rate,
bil. dol.)

I

Q

NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil. dol.)

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

288. Net interest

(Ann. rate,
bil. dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil. dol.)

SAVING

295. Business
saving

292. Personal
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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
134.0

31.2
31.5
32.0
32.4

200.2
169.3
177.9
183.3

165.4
175.3
185.3
193.3

404.5
394.5
402.0
406.7

326.7
325.8
334.6
339.3

86.4
110.0
111.4
97.6

132.1
134.1
r!37.1

32.7
33.3
33.9

203.0
190.3
r!95.7

200.8
211.0
r220.2

442.6
465.3
r469.4

362.2
368.7
r379.3

88.9
106.6
H06.9

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

....
....

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




82

DECEMBER

1981

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q

Year
and
quarter

^m

SAVING-Continued

298. Government
surplus or deficit,

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

Percent of gross national product

fntol

loiai

(percent of disposable personal
income)
(Ann. rate,
bil. dol.)

235. Personal consumption expenditures, total
(Percent)

(Percent)

248. Nonresidential
fixed investment

247. Change in
business inventories

249. Residential
fixed investment

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

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

-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
0.5
0.0

0.9
0.3
0.7
0.3

-9.6
-42.5
-45.6
-30.8

4.9
6.2
6.1
5.1

63.4
63.4
63.8
64.1

11.6
11.3
11.1
11.1

4.5

0.1

0.3

3.6
3.8
4.1

0.3
-0.6

0.7
1.7

-0.6

0.9

-9.7
-11.2
r-17.9

4.6
5.4
r5.2

63.4
63.4

11.1
11.2
11.3

4.1
3.8
3.4

0.2
0.8

1.0
0.7
rl.O

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

1.4

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r63.5

j M

Year
and
quarter

SHARES 0 F GNP AND NATIONAL INCOME-Continued

F
'ercent of national income

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

r0.9

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

(Percent)

283. Proprietors'
income with IVA
and CCAdj'

285. Rental income
of persons with
CCAdj'
(Percent)

(Percent)

287. Corporate
profits with IVA
and CCAdjl

289. Net interest

(Percent)

(Percent)

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

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

6.5

10.8
10.8
11.0

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
7,8

12.7
12.9
12.8
12.7

74.6
75.8
75.3
75.4

6.4
6.0
6.1
6.1

1.5
1.5
1.5
1.5

9.6
8.2
8.4
8.3

7.9
8.5
8.7
8.8

7.8
7.6
7.6

12.4
12.4
rl2.2

75.2
75.5
r75.3

5.8
5.8
5.8

1.4
1.4
1.4

8.9
8.2
r8.2

8.8
9.1
9.3

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 . . . .

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.


DECEMBER 1 9 8 1


HOI

83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

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

310. Index

(1972-100)

310c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

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

(1972 = 100)

311c. Change
over 1-quarter
spans '

(Ann. rate,
percent)

MOVEMENTS
Consumer prices, food

Consumer prices, all i :ems
320. Index ®

320c. Change
over 1-month
spans '

320c. Change
over 6-month
spans '

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

322. Index

322c. Change
over 1-month
spans'

322c. Change
over 6-month
spans l

(Percent)

(Ann. rate,
percent)

1979
8.4

January
February
March

158*.2

April
May
June

16K2

July
August
September

164^2

October
November
December

167.5

9.7

204.7
207.1
209.1

0.8
1.0
0.9

10.6
11.4
12.2

225.2
228.2
230.1

1.3
1.3
0.8

12.0
12.0
10.6

9.7

211.5
214.1
216.6

1.0
1.0
1.0

12.9
13.0
13.6

231.5
233.2
233.9

0.6
0.7
0.3

9.0
6.3
7.0

9.5

218.9
221.1
223.4

1.2
1.1
1.2

13.9
14.0
14.4

235.1
235.3
238.0

0.5
0.1
1.1

7.6
7.7
9.7

10.0

225.4
227.5
229.9

1.1
1.1
1.2

14.9
15.4
15.8

240.1
242.0
245.0

0.9
0.8
1.2

8.9
8.3
7.7

10.1

233.2
236.4
239.8

1.4
1.3
1.3

15.3
14.8
14.3

245.3
244.9
247.0

0.1
-0.2
0.9

6.9
6.1
4.5

9.8

242.5
244.9
247.6

0.9
0.9
1.0

11.4
10.3
9.6

248.3
249.3
250.5

0.5
0.4
0.5

6.3
10.6
12.5

9.6

247.8
249.4
251.7

0.1
0.8
1.0

10.0
10.5
10.5

252.9
257.6
262.0

1.0
1.9
1.7

13.4
15.2
16.3

9.3

253.9
256.2
258.4

1.0
1.1
1.0

11.9
12.3
11.4

264.4
267.6
270.2

0.9
1.2
1.0

13.8
10.3
7.5

10.5

260,5
263.2
265.1

0.7
1.0
0.6

10.0
9.1
8.5

269.8
270.6
271.6

-0.1
0.3
0.4

5.5
2.6
1.0

8.2

266.8
269.0
271.3

0.4
0.7
0.7

9.5
9.2
10.4

271.6
271.0
271.5

0.0
-0.2
0.2

3.0
4.0
5.2

r9.9

274.4
276.5
279.3

1.2
0.8
1.2

10.3
9.9

273.8
275.9
278.6

0.8
0.8
1.0

5.8
6.8

279.9
280.7

0.4
0.5

279.4
280.0

0.3
0.2

162.3
7.8
166.1
7.8
169^9
8.1

174.6

1980
January
February
March

171.2

April
May
June

175.3

July
August
September

179^2

October
November
December

133.8

9.3

178.2
9.8

182! 4
9.2

18^7
10.7
19CK9

1981
January
February
March

188J

April
May
June

1 91'. 1

July
August
September
October
November
December

9.8
195.7
6.4
199*.5
r9.9
r!95*.6

r204'.3

See note on page 80.
Graphs of these series are shown on pages 48 and 49.
x
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,
and 1-quarter changes are placed on the 1st month of the 2d quarter.




DECEMBER 1981

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

0 1
Producer prices, all commodities
Year
and
month

330. Index (u)

(1967-100)

330c. Change
over 1-month
spans l @

(Percent)

PRICE MOVEMENTS-Continued
Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spansl ©

(Ann. rate,
percent)

335. Index ©

335c. Change
over 1-month
spans' ®

(1967 = 100)

(Percent)

335c. Change
over 6-month
spansl ©

(Ann. rate,
percent)

331. Index

(1967 = 100)

331c. Change
over 1-month
spans'

(Percent)

331c. Change
over 6-month
spans!

(Ann. rate,
percent)

1979
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

255.3
261.4
266.5

2.2
2.4
2.0

21.1
20.2
20.7

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

271.2
271.4
274.6

1.8
0.1
1.2

18.1
8.6
11.3

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

277.4
272.4
281.1

1.0
-1.8
3.2

9.4
12.0
12.2

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

20.4
22.1
21.0

283.7
287.2
290.9

0.9
1.2
1.3

8.4
17.4
5.3

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

3.0
2.0
1.0

18.7
17.7
16.8

288.8
295.1
288.4

-0.7
2.2
-2.3

-0.4
-0.8
-1.8

April
May
June

262.8
264.2
265.6

0.3
0.5
0.5

12.5
10.7
9.9

271.3
271.9
273.5

1.0
0.2
0.6

12.3
9.5
7.7

283.1
286.1
288.3

-1.8
1.1
0.8

10.5
15.8
24.5

July
August
September

270.4
273.8
274.6

1.8
1.3
0.3

11.7
11.6
11.8

276.2
278.2
278.8

1.0
0.7
0.2

8.0
8.6
9.8

303.6
317.5
321.8

5.3
4.6
1.4

33.6
33.6
29.5

October
November
December

277.8
279.1
280.8

1.2
0.5
0.6

10.9
10.3
11.8

282.0
283.4
286.6

1.1
0.5
1.1

11.4
13.0
15.5

327.2
330.7
328.1

1.7
1.1

-0.8

17.3
9.6
4.0

January
February
March

284.8
287.6
290.3

1.4
1.0
0.9

11.5
11.0
10.2

291.5
295.7
299.6

1.7
1.4
1.3

15.8
15.6
13.3

328.8
332.4
328.1

0.2
1.1
-1.3

3.5
0.4
4.4

April
May
June

293.4
294.1
294.8

1.1
0.2
0.2

r8.2
6.1
3.6

303.5
304.7
305.1

1.3
0.4
0.1

rl0.3
7.8
5.1

332.8
331.3
335.2

1.4
-0.5
1.2

r5.0
0.9
1.3

July
August
September

r296.2
296.2
295.5

r0.5
rO.O
-0.2

1.8
1.0

r306.2
307.0
307.2

r0.4
0.3
0.1

3.5
2.9

r336.9
333.9
330.2

r0.5
r-0.9
-1.1

-4.9
-6.7

October
November
December

296.0
295.5

0.2
-0.2

308.8
309.1

0.5
0.1

324.6
320.0

-1.7
-1.4

1980

1981

See note on page 80.
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 1981


85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Rfl
Producer prices, intermediate materials
Year
and
month

332. Index

(1967 = 100)

332c. Change
over 1-month
spans'

(Percent)

PRICE MOVEMENTS-Continued
Producer prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans l

(Ann. rate,
percent)

333. Index

(1967 = 100)

333c. Change
over 1-month
spans i

(Percent)

333c. Change
over 6-month
spans:

(Ann. rate,
percent)

334. Index

(1967 = 100)

334c. Change
over 1-month
spansl

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1979
January
February
March

227.0
228.9
231.6

1.1
0.8
1.2

13.3
13.8
14.7

208.1
210.0
211.4

0.7
0.9
0.7

10.0
9.2
9.2

206.1
208.3
210.3

1.3
1.1
1.0

13.0
12.7
11.3

April
May
June

235.2
238.0
240.4

1.6
1.2
1.0

15.9
16.9
17.9

213.3
214.7
215.9

0.9
0.7
0.6

9.2
7.7
7.9

212.3
213.5
214.7

1.0
0.6
0.6

11.1
11.2
13.5

July
August
September

244.4
247.5
251.5

1.7
1.3
1.6

18.0
17.4
17.5

217.5
217.9
219.6

0.7
0.2
0.8

7.7
8.0
8.4

217.2
219.7
224.0

1.2
1.2
2.0

13.9
16.1
16.7

October
November
December

255.5
257.9
260.6

1.6
0.9
1.0

19.6
20.8
18.7

221.4
223.1
224.8

0.8
0.8
0.8

10.1
11.4
11.7

226.6
230.0
231.9

1.2
1.5
0.8

17.9
18.6
16.8

January
February
March

267.3
272.0
274.0

2.6
1.8
0.7

15.6
14.9
14.1

228.2
230.0
232.1

1.5
0.8
0.9

13.4
12.5
12.3

235.8
239.3
242.1

1.7
1.5
1.2

15.3
13.0
13.1

April
May
June

274.7
276.4
278.4

0.3
0.6
0.7

10.5
8.8
8.3

235.8
236.6
238.2

1.6
0.3
0.7

11.6
12.2
10.4

243.3
244.5
246.6

0.5
0.5
0.9

13.5
12.9
11.0

July
August
September

281.0
283.7
285.2

0.9
1.0
0.5

9.6
10.2
11.1

241.1
243.6
243.9

1.2
1.0
0.1

10.7
11.4
10.9

251.2
254.3
255.1

1.9
1.2
0.3

11.7
12.1
10.9

October
November
December

287.6
290.2
293.5

0.8
0.9
1.1

12.0
10.7
11.8

248.1
249.7
250.8

1.7
0.6
0.4

10.7
10.5
11.9

257.1
258.9
259.7

0.8
0.7
0.3

9.4
8.3
10.5

January
February
March

297.4
298.5
301.6

1.3
0.4
1.0

12.2
11.3
9.3

253.7
256.1
258.0

1.2
0.9
0.7

10.2
10.3
10.9

262.7
264.6
268.1

1.2
0.7
1.3

10.4
9.5
9.8

April
May
June

304.6
306.1
306.8

1.0
0.5
0.2

r7.1
7.3
5.2

260.4
262.3
264.1

0.9
0.7
0.7

r9.8
9.3
7.7

270,2
270.9
272.1

0.8
0.3
0.4

r8.0
6.4
4.1

July
August
September

r307.8
309.2
309.4

r0.3
rO.5
0.1

3.1
2.7

r265.9
267.7
267.8

rO.7
rO.7
0.0

7.7
7.8

r273.0
272.9
273.5

r0.3
rO.O
0.2

3.4
3.8

October
November
December

309.3
310.2

0.0
0.3

270.2
272.4

0.9
0.8

274.7
276.0

0.4
0.5

1980

1981

See note on page 80.
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 1981

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND PRODUCTIVITY

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

Real earnings

Current-dollar earnings
340. Index

(1977 = 100)

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

Average hourly compensation, all employees,
nonfarm business sector

1

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

341. Index

(1977 = 100)

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

Current-dollar compensation

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

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1979
January
February
March

112.8
113.5
114.1

0.7
0.6
0.5

7.8
7.6
7.4

99.7
99.2
98.8

-0.2
-0.5
-0.4

-2.8
-3.8
-4.7

114.7

April
May
June

114.9
115.3
116.1

0.7
0.3
0.7

7.4
7.5
8.4

98.5
97.8
97.5

-0.3
-0.7
-0.3

-5.2
-5.0
-4.8

117.6

July
August
September

116.9
117.7
118.8

0.7
0.7
0.9

7.5
8.7
9.2

97.0
96.7
96.4

-0.5
-0.3
-0.3

-5.6
-4.5
-4.4

i2o!6

October
November
December

119.1
120.2
121.3

0.3
0.9
0.9

8.3
8.8
9.2

95.7
95.6
95.3

-0.7
-0.1
-0.3

-5.5
-5.7
-5.5

122^7

January
February
March

121.7
122.8
124.1

0.3
0.9
1.1

9.6
9.4
9.5

94.3
93.9
93.7

-1.0
-0.4
-0.2

-5.0
-4.6
-3.9

125.*7

April
May
June

124.7
125.8
127.0

0.5
0.9
1.0

10.0
9.9
8.7

93.3
93.4
93.4

-0.4
0.1
0.0

-1.0
-0.1
-0.9

129.1

July
August
September

127.6
128.7
129.4

0.5
0.9
0.5

9.8
10.4
9.1

93.8
93.9
93.3

0.4
0.1
-0.6

-0.2
-0.3
-1.6

132.6

October
November
December

130.6
132.1
132.6

0.9
1.1
0.4

9.9
9.9
10.2

93.2
93.2
92.7

-0.1
0.0
-0.5

-2.2
-2.5
-1.1

135*. 1

January
February
March

133.8
135.0
135.8

0.9
0.9
0.6

9.5
8.6
8.9

92.8
92.7
92.8

0.1
-0.1
0.1

-0.4
-0.4
0.6

138.8

April
May
June

136.7
137.7
138.4

0.7
0.7
0.5

7.9
8.7
r8.5

93.0
93.1
92.9

0.2
0.1
-0.2

-1.2
0.0
r-1.5

14216

July
August
September

139.0
140.7
rl41.5

0.4
1.2

r7.7
p8.0

r0.6

92.2
92.7
r92.1

-0.8
0.5
r-0.6

r-2.3
p-1.7

October
November
December

r!41.8
p!43.1

0.2
p0.9

r92.0
p92.3

r-0.1
p0.3

10.8
9.8

10.4
9^8

8.6
9.6

9.3
9*.8

1980

10.0
9*.9

11.5

io!i

9.1
10*4
9.7
9*. 9

1981

11.5

pib'.i

9.5

P9.7

pl45.3

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

'•Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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 1981


87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q

Negotiated wa£,e and benefit
decisions, all ndustries (u)

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

348. First year
average changes

Real compensation
346. Index

(1977 = 100)

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

WAGES AND PRODUCTIVITY—Continued

346c. Change
over 4-quarter
spans1
(Ann. rate,
percent)

(Ann. rate,
percent)

349. Average
changes over
life of
contract

(Ann. rate,
percent)

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

(1977 = 100)

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

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spansl

(Ann. rate,
percent)

(Ann. rate,
percent)

(1977 = 100)

-6'.6

99^5

-6*. 7

99.1

-6!i

98.9

-0.6

9^8

1979
2.8

-0.4

January
February
March

100.3

April
May
June

99^9

July
August
September

98^7

October
November
December

97^6

5.3

-1.7
-1.8

10.5

7.8

-2*.6
-4.7

0.1
9^7

9.0

6.1

-i'.l
-4.3

-0.8
9^7

-1.2
99.*4

8.5

-4*.6

6.0

-1.0
99.1

1980
January
February
March

96\2

April
May
June

95*.8

July
August
September

96 J

October
November
December

95*.4

8.8

-5.6

6.7

-2.*6
10.2

-1.5

7.4

-2*.2
1.2

-1.8
99.1

11.4

7.2

-O.*8
-2.8

1.6
9^5

1.3
99^4

8.5

6.1

CL2

6!o

98*.9

o!o

98.*2

6!7

99^6

2.1

99!i)

pl'.5

ioo!6

-1.1
99.'l

1981
January
February
March

95.5

April
May
June

96.0

July
August
September

0.1

2.3

7.8
TOO!

11.9

3

9.7

4.6

3.5
100.4

101.1
p-2.0

p95.5

9.2
p-0.6

p!2.1

p9.4

p-1.0
pl00.9

p99*.9

October
November
December
See note on page 80.
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 1981

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

D

1 CIVILIAN LABOR FORCE ANDMAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

(Thous.)

442. Employed

(Thous.)

Labor force participatio i rates
451. Males
20 years
and over

448. Number em-

Number unemployed

452. Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Percent)

(Percent)

(Percent)

(Thous.)

37. Total

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

447. Fulltime
workers

(Thous.)

(Thous.)

(Thous.)

(Thous.)

ployed
part-time
for economic
reasons

(Thous.)

1979
January
February
March

102,014
102,393
102,578

96,056
96,400
96,622

80.0
80.1
79.9

50.1
50.3
50.5

58.8
58.9
58.7

5,958
5,993
5,956

2,201
2,188
2,188

2,205
2,251
2,246

1,552
1,554
1,522

4,573
4,692
4,602

3,234
3,209
3,248

April
May
June

102,213
102,366
102,556

96,295
96,590
96,838

79.8
79.7
79.7

50.2
50.3
50.4

58.4
57.9
57.8

5,918
5,776
5,718

2,165
2,083
2,097

2,178
2,147
2,177

1,575
1,546
1,444

4,621
4,450
4,422

3,279
3,252
3,267

July
August
September

103,015
103,105
103,492

97,277
97,048
97,521

79.9
79.8
79.9

50.7
51.0
50.9

57.6
56.6
58.1

5,738
6,057
5,971

2,177
2,235
2,232

2,122
2,303
2,180

1,439
1,519
1,559

4,484
4,661
4,670

3,243
3,286
3,155

October
November
December

103,566
103,605
104,053

97,434
97,501
97,781

79.7
79.5
79.5

50.9
50.9
51.2

57.7
57.9
58.5

6,132
6,104
6,272

2,333
2,385
2,435

2,240
2,214
2,276

1,559
1,505
1,561

4,785
4,814
4,911

3,289
3,405
3,541

104,208

1980
January
February
March

104,271
104,171

97,708
97,817
97,628

79.5
79.6
79.4

51.3
51.3
51.2

58.0
57.5
57.4

6,500
6,454
6,543

2,629
2,581
2,736

2,314
2,311
2,295

1,557
1,562
1,512

5,130
5,114
5,265

3,549
3,454
3,470

April
May
June

104,427
105,060
104,591

97,225
97,116
96,780

79.5
79.9
79.4

51.4
51.5
51.4

56.5
57.9
56.7

7,202
7,944

7,811

3,192
3,569
3,558

2,501
2,593
2,569

1,509
1,782
1,684

5,825
6,586
6,430

3,803
4,276
3,969

July
August
September

105,020
104,945
104,980

96,999
97,003
97,180

79.4
79.4
79.4

51.5
51.6
51.3

57.1
55.5
56.7

8,021
7,942
7,800

3,630
3,612
3,652

2,655
2,633
2,513

1,736
1,697
1,635

6,631
6,553
6,516

4,086
4,143
4,183

October
November
December

105,167
105,285
105,067

97,206
97,339
97,282

79.3
79.2
79.0

51.4
51.5
51.4

56.8
56.5
56.0

7,961
7,946
7,785

3,532
3,532
3,425

2,732
2,720
2,750

1,697
1,694
1,610

6,559
6,632
6,549

4,220
4,176
4,218

January
February
March

105,543
105,681
106,177

97,696
97,927
98,412

78.8
78.7
79.2

51.8
51.9
52.1

57.0
57.0
56.6

7,847
7,754
7,764

3,352
3,312
3,305

2,750
2,680
2,725

1,744
1,762
1,734

6,460
6,396
6,407

4,474
4,145
4,227

April
May
June

106,722
107,406
106,176

98,976
99,235
98,392

79.4
79.8
78.9

52.3
52.6
52.4

57.7
57.4
53.7

7,746
8,171
7,784

3,262
3,546
3,425

2,721
2,838
2,731

1,763
1,787
1,628

6,293
6,690
6,322

4,044
4,143
3,798

July
August
September

106,464
106,602
106,236

98,962
98,944
98,270

78.9
79.0
78.9

52.5
52.4
51.8

54.2
54.8
55.4

7,502
7,657
7,966

3,147
3,321
3,455

2,797
2,701
2,819

1,559
1,635
1,692

6,101
6,102
6,506

4,225
4,187
4,537

October
November
December

106,736
107,029

98,217
98,025

78.8
78.8

52.3
52.5

55.2
55.4

8,520
9,004

3,773
4,043

2,953
3,062

1,793
1,899

7,029
7,403

5,026
4,988

•

1981

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


DECEMBER 1981


OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

m

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

DEFENSE INDICATORS

1\dvance measures of defense activity

State and local governments'

Federal Government
Year
and
month

fflj

RECEIPTS AND EXPENDITURES

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. do!.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract
awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1979
January
February
March

-11.' 5

477*0

488.'4

29.5

340*9

311.'4

10,770
10,226
10,935

5,706
4,773
5,763

65,120
48,267
67,128

2,917
4,256
3,191

-8.1

485.'9

494.'6

21*9

342.7

320*8

9,784
10,683
10,615

4,936
4,720
5,117

68,883
68,468
68,976

2,843
3,341
2,986

500' 6

515.8

26*5

355*4

328.'9

11,792
11,022
12,278

6,135
5,282
6,364

70,252
81,542
71,886

3,793
3,437
4,023

-24*5

514.0

538.6

28.9

365^6

336^7

12,081
11,505
11,997

4,318
5,670
5,489

64,325
68,634
68,525

2,959
3,422
3,326

January
February
March

-36*3

528'.4

564'.7

26.6

372! 1

345*4

12,578
12,399
13,806

5,515
7,152
5,781

70,088
68,497
72,961

3,773
4,224
5,152

April
May
June

-66.5

520*9

587*3

23.9

373.*9

350*6

13,722
13,718
12,809

7,572
7,483
7,184

73,766
74,848
75,204

4,474
4,044
4,546

July
August
September

-74*2

540*8

615.0

28*6

386*8

358*2

12,677
13,728
13,552

6,768
7,633
7,410

76,366
76,506
79,260

6,815
4,915
5,669

October
November
December

-67.9

573.*2

641.'l*

37 ,'i

403.4

366.*3

13,014
12,876
15,825

4,572
6,794
9,663

77,930
76,530
79,312

3,986
3,357
4,991

January
February
March

-46.6

617*4

664.0

36*9

411*.' 7

374*8

14,808
15,741
15,560

7,430
7,598
7,866

80,829
85,032
83,966

4,530
6,251
4,848

April
May
June

-47*2

621.0

668*2

36." 1

413.6

377.5

15,210
15,699
15,156

8,916
7,975
6,269

83,672
85,589
86,301

3,976
5,383
4,956

r-55.7

r638.3

r694.0

r37.*8

r419.6

r381.8

16,836
17,374
16,584

9,771
10,142
9,907

88,424
90,913
93,228

5,482
5,759
6,554

p!2,892
(NA)

(NA)

91,535
(NA)

r3,830
p4,237

April
May
June
July
August
September
October
November
December
1980

1981

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.




90

DECEMBER 1981

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Q

DEFENSE INDICATORS-Continued

National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of
defense and
space equipment

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

(1967 = 100)

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil.dol.)

(Thous.)

Defense Department
personnel
577. Military,
active duty @

578. Civilian,
direct hire
employment ©

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

(Ann. rate,
bil. dol.)

565. Federal
purchases as
a percent of
GNP

(Percent)

1979
January
February
March

92.3
92.4
93.0

6,658
6,745
6,832

47,686
49,264
49,470

9,645
9,452
9,525

2,666
2,677
2,985

1,242
1,262
1,278

2,040
2,030
2,026

972
971
968

106L0

4^5

April
May
June

92.1
92.4
92.2

6,834
7,061
7,234

49,579
50,189
50,293

9,299
9,781
9,425

2,734
2,732
2,882

1,282
1,287
1,296

2,022
2,018
2,024

968
972
979

108J

4.*6

July
August
September

92.9
91.9
93.8

7,301
7,455
7,802

51,344
51,864
53,059

10,499
10,103
9,982

2,742
2,917
2,828

1,305
1,306
1,317

2,027
2,024
2,027

982
974
960

11216

4.*6

October
November
December

95.4
96.4
96.7

8,066
8,426
8,606

53,057
53,390
53,532

9,982
10,206
11,182

2,961
3,089
3,184

1,328
1,340
1,346

2,030
2,029
2,020

964
967
967

118*7

4.*8

January
February
March

97.2
97.6
97.4

8,762
8,819
9,246

54,323
55,318
57,151

11,341
10,632
11,235

2,983
3,229
3,319

1,348
1,353
1,363

2,029
2,032
2,033

964
965
966

125!6

4.*9

April
May
June

97.6
97.4
97.7

9,415
9,576
9,749

58,345
59,024
60,207

11,356
11,061
11,480

3,280
3,366
3,363

1,359
1,361
1,354

2,028
2,031
2,034

969
975
988

128^7

5^0

July
August
September

97.9
97.7
98.1

10,034
10,337
10,447

63,573
65,097
67,113

11,303
11,135
11,648

3,450
3,391
3,653

1,357
1,364
1,369

2,044
2,049
2,051

990
973
971

131.4

5'.6

October
November
December

99.2
100.3
101.0

10,698
10,815
11,021

67,445
67,046
68,355

12,371
11,209
13,055

3,653
3,757
3,683

1,380
1,382
1,386

2,053
2,056
2,051

971
972
973

141.6

5*.2

January
February
March

100.9
100.5
100.7

11,418
11,628
11,984

69,321
71,711
72,398

12,769
12,959
12,631

3,564
3,861
4,161

1,384
1,379
1,383

2,056
2,061
2,062

973
972
974

145^2

5.'i

April
May
June

101.5
102.0
101.7

12,165
12,273
12,700

72,410
73,852
74,696

12,609
13,541
13,277

3,964
3,941
4,112

1,383
1,382
1,381

2,060
2,064
2,070

980
990
1,008

148^2

5.1

102.6

r!02.8
r!03.5

12,681
12,689
13,019

75,952
77,294
79,632

14,135
13,723
13,886

4,229
4,419
4,214

1,382
1,385

2,082
2,084
2,083

1,023
1,017
984

r!54J

5^2

rl,387

r!04.0
p!04.6

p!3,068
(NA)

r79,127
p78,854

r!4,206
p!4,410

r4,337
p4,510

pi,383
(NA)

2,090
p2,098

P998
(NA)

1980

1981

July
August
September
October
November
December

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


DECEMBER 1981


91

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

Q |

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil. dol.)

604. Exports of agricultural products

(Mil. dol.)

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

(Mil. dol.)

612. General imports,
total

(Mil. dol.)

616. Imports of
automobiles and parts

614. Imports of
petroleum and
petroleum products

(Mil. dol.)

(Mil. dol.)

1979
January
February
March

13,265
13,616
14,298

2,531
2,444
2,609

2,682
2,832
2,917

16,528
14,607
15,358

3,580
3,634
3,667

1,963
1,706
1,589

April
May
June

13,979
14,084
14,819

2,540
2,597
2,828

2,706
2,859
3,034

15,841
16,436
16,829

3,832
4,000
4,199

1,956
1,851
1,730

July
August
September

15,692
15,717
15,825

2,954
3,019
3,032

3,022
3,241
3,153

16,804
18,277
18,409

4,692
4,949
5,662

1,815
2,113
1,849

October
November
December

16,682
16,929
16,742

3,309
3,459
3,311

3,251
3,172
3,240

19,027
18,546
19,612

6,050
5,351
6,502

1,805
1,984
1,871

January
February
March

17,419
16,984
18,265

3,442
3,484
3,325

3,297
3,454
3,423

21,142
21,779
20,947

5,614
7,741
6,991

1,899
2,035
1,960

April
May
June

18,567
17,647
18,440

3,329
3,326
3,085

3,571
3,620
3,943

19,766
20,587
20,353

5,185
7,191
6,611

1,710
1,999
1,843

July
August
September

18,267
19,086
18,828

3,286
3,557
3,596

3,985
4,230
4,027

19,139
19,713
19,940

5,153
6,018
4,982

2,103
2,139
2,270

October
November
December

19,214
18,715
19,251

3,485
3,464
3,838

4,117
3,968
3,819

20,347
19,860
21,436

5,876
6,051
6,254

2,189
2,314
1,897

January
February
March

18,825
19,764
21,434

4,295
3,977
4,201

4,058
4,155
4,352

23,194
21,922
20,949

7,359
8,018
5,992

2,264
1,742
2,125

April
May
June

19,818
18,869
19,870

3,604
3,708
3,256

4,311
4,160
4,388

22,289
21 ,310
21,975

6,919
6,329
6,521

2,042
2,299
2,257

July
August
September

19,264
19,050
19,655

3,089
3,202
3,563

4,567
6,207
4,559

19,807
23,528
21,229

5,400
6,335
5,709

2,108
2,635
1,943

October
November
December

19,044
(NA)

3,735
(NA)

4,338
(NA)

23,234
(NA)

6,123
(NA)

2,464
(NA)

1980

1981

See note on page 80.
Graphs of these series are shown on page 56.




92

DECEMBER 1981

ItCII

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

Q |

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Year
and
month

668. Exports

667. Balance

(Mil.dol.)

(Mil. doi.)

Income on nvestments

Merchandise, adjusted *

Goods and services

669. Imports

(Mil.dol.)

622. Balance

618. Exports

620. Imports

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the United
States

(Mil.dol.)

1979
January
February
March

2,539

65,424

62,885

-4,730

42,036

46,766

14,111

7,352

702

68,890

68,188

-7,283

43,834

51,117

15,582

7,949

July
August
September

2,453

74,718

72,265

-6,974

47,236

54,210

18,055

8,734

October
November
December

1,312

79,894

78,582

-8,359

51,367

59,726

18,952

9,203

-217

85,764

85,981

-10,126

54,898

65,024

20,465

10,629

787

83,617

82,830

-6,744

55,667

62,411

16,860

10,342

July
August
September

6,478

86,655

80,177

-2,902

56,252

59,154

18,850

10,697

October
November
December

3,734

88,636

84,902

-5,570

57,1*49

62,719

19,764

11,507

4,790

94,431

89,641

-4,677

61,098

65,775

21,566

12,513

April
May
June

r2,660

r95,083

r92,423

r-6,910

60,477

r67,387

r22,399

rl3,666

July
August
September

p3,994

p94,250

p90,256

r-7,042

r58,037

r65,079

p23,610

pl4,120

April
May
June

1980
January
February
March
April
May
June

1981
January
February
March

October
November
December

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


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

E H
47. United States,
index of industrial production
Year
and
month

(1967 = 100)

INDUSTRIAL PRODUCTION

721. OECD1
European countries, index of
industrial
production

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

723. Canada,
index of industrial production

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

1979
January
February
March

152.0
152.5
153.5

154
155
156

210.7
213.4
213.1

154
154
157

rl59
160
163

122
132
133

152.8
160.0
156.0

162.3
162.6
163.1

April
May
June

151.1
152.7
153.0

156
159
158

214.4
218.2
218.5

157
161
163

160
164
164

132
134
136

156.7
151.9
145.1

161.9
165.5
163.6

July
August
September

153.0
152.1
152.7

162
159
159

221.2
221.8
220.5

164
163
161

170
170
167

134
130
129

150.4
150.1
159.4

165.5
165.6
166.6

October
November
December

152.7
152.3
152.5

161
162
162

225.0
228.1
228.4

163
164
164

164
164
166

130
132
131

166.8
167.3
164.7

165.7
165.1
163.0

January
February
March

153.0
152.8
152.1

163
163
163

230.7
241.0
235.0

164
167
164

166
167
166

130
128
125

168.9
176.1
174.6

162.9
161.9
164.8

April
May
June

148.2
143.8
141.4

163
158
159

238.2
235.7
234.4

164
161
160

167
160
160

124
124
124

176.1
162.3
167.4

160.8
158.4
158.1

July
August
September

140.3
142.2
144.4

161
154
155

234.5
225.3
233.4

161
157
157

166
166
157

123
120
117

165.2
141.5
160.8

157.5
158.8
160.9

October
November
December

146.6
149.2
150.4

158
156
155

235.7
232.6
236.4

160
157
154

160
153
163

118
117
116

163.2
169.5
159.4

162.0
162.7
163.1

January
February
March

151.4
151.8
152.1

152
158
156

238.3
239.8
237.9

156
164
160

150
149
156

116
117

rll7

158.2
170.1
168.9

161.7
164.1
167.1

April
May
June

151.9
152.7
152.9

156
155
154

239.0
234.5
240.3

161
163
156

152
149
153

116
r!16
117

167.5
157.6
158.0

166.7
169.1
170.0

July
August
September

153.9
153.6
H51.7

156
151
pl55

243.1
236.0
p242.3

160
r!57
p!56

156
156
pi 56

117
117
pi 18

162.8
137.2
pl62.2

H66.1
r!63.5
161.4

October
November
December

H49.6
pl46.5

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

pl59.6
(NA)

1980

1981

See note on page 80.
Graphs of these series are shown on page 58.

Organization for Economic Cooperation and Development.




94

DECEMBER 1981

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q

Year
and
month

320. Index (u)

(1967 = 100)

West Germany

Japan

United States
320c. Change
over 6-month
spans *

(Ann. rate,
percent)

738. Index ®

(1967 = 100)

CONSUMER PRICES

738c. Change
over 6-month
spans'

(Ann. rate,
percent)

735. Index (u)

(1967 = 100)

United kingdom

France

735c. Change
over 6-month
spans '

(Ann. rate,
percent)

736. Index ©

(1967 = 100)

736c. Change
over 6-month
spansl

(Ann. rate,
percent)

732. Index ®

(1967 = 100)

732c. Change
over 6-month
spansl

(Ann. rate,
percent)

1979
January
February
March

204.7
207.1
209.1

10.6
11.4
12.2

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

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

12.9
13.0
13.6

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

13.9
14.0
14.4

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

October
November
December

225.4
227.5
229.9

14.9
15.4
15.8

267.7
266.7
268.3

6.4
8.9
10.4

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

January
February
March

233.2
236.4
239.8

15.3
14.8
14.3

271.3
273.3
275.0

9.9
9.4
10.3

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

11.4
10.3
9.6

280.1
282.6
284.0

8.9
7.8
7.8

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

10.0
10.5
10.5

284.0
283.2
288.3

5.9
7.6
4.7

176.8
177.0
177.0

4.6
5.0
5.2

295.5
298.4
301.0

11.8
12.2
13.2

430.4
431.3
434.1

10.6
10.4
9.9

October
November
December

253.9
256.2
258.4

11.9
12.3
11.4

288.8
289.4
288.3

6.1
5.4
4.8

177.3
178.3
179.4

4.9
5.4
6.3

304.3
306.4
309.1

12.7
12.7
13.0

436.8
440.3
442.7

8.2
9.7
11.1

January
February
March

260.5
263.2
265.1

10.0
9.1
8.5

291.1
290.8
292.2

4.4
2.4
4.3

180.9
182.3
183.5

6.6
6.3
6.0

312.7
315.6
318.8

13.6
13.2
13.0

445.5
449.5
456.2

13.4
13.0
12.7

April
May
June

266.8
269.0
271.3

9.5
9.2
10.4

294.5
297.0
297.3

2.2
2.3
3.0

184.7
185.4
186.3

6.5
6.7
6.9

323.1
326.0
329.2

13.8
14.0
15.1

469.4
472.4
475.2

13.0
12.8
11.2

July
August
September

274.4
276.5
279.3

10.3
9.9

296.4
294.7
299.5

4.1
(NA)

187.1
187.7
188.6

6.9
(NA)

334.9
339.0
342.9

14.9
(NA)

477.3
480.8
483.5

9.8
10.9

October
November
December

279.9
280.7

9.8

16.8
17.4

1980

1981

300.7
(NA)

189.2
(NA)

347.1
(NA)

487.9
492.4

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


http://fraser.stlouisfed.org/
DECEMBER 1981
Federal Reserve Bank of St. Louis

95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

I
Year
and
month

Q

CONSUMER PRICES—Continued

Italy

Canada

737. Index © 737c. Change
over 6-month
spansl

(1967 = 100)

(Ann. rate,
percent)

733.

Q |

748. Japan,
index of
stock
prices ©

745. West
Germany,
index of
stock
prices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

over 6-month
spans'

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

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

Index ® 733c. Change

(1967 = 100)

STOCK PRICES

1979
January
February
March

305.1
309.7
313.8

14.5
15.6
15.6

211.2
213.2
215.7

10.9
10.1
9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131.2

160.9
149.9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

138.4
141.1
150.7

April
May
June

317.8
321.3
323.9

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

July
August
September

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

October
November
December

345.5
350.3
356.6

25.8
26.1
23.1

226.5
228.7
230,1

10.0
10.4
9.9

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

January
February
March

367.9
374.3
378.2

23.0
22.6
20.4

231.3
233.3
235.8

10.3
9.9
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

18.4
18.1
19.6

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

398.7
403.5
411.6

19.1
21.6
22.9

244.5
246.8
249.0

11.7
12.7
12.0

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

418.5
427.3
432.5

21.2
21.7
20.7

251.2
254.3
255.8

14.1
13.3
13.2

141.7
147.6
145.2

447.5
447.8
443.5

120.6
117.2
116.3

218.0
215.2
206.6

267.4
277.5
267.6

93.5
99.2
96.0

223.3
235.2
219.9

January
February
March

440.7
449.1
455.4

20.8
20.1
19.3

259.1
261.7
265.2

13.6
12.0
13.7

144.6
139.7
144.9

457.9
458.2
467.3

115.3
114.0
116.3

191.1
201.1
209.4

259.0
269.0
273.2

110.0
122.1
125.9

223.7
218.6
233.9

April
May
June

461.3
468.7
473.9

18.4
17.0
16.1

267.2
269.6
273.8

11.9
12.3

146.2
143.3
143.9

494.6
502.8
515.2

122.7
122.1
126.1

197.7
162.5
152.3

293.2
295.6
289.0

132.4
135.9
123.5

232.3
245.7
242.9

July
August
September

477.7
481.0
487.7

17.7
(NA)

276.2
278.2
280.2

12.0
12.2

140.5
141.0
128.7

534.4
540.7
511.3

127.5
122.5
122.5

168.9
177.4
176.5

284.8
298.6
278.9

99.1
112.0
99.1

232.3
231.6
192.3

October
November
December

497.5
(NA)

130.3
133.7
p!35.1

493.8
505.6
p512.2

118.8
118.0
pl!9.0

rp!67.3
rp!61.7
p!69.1

P261.7
rp277.2
p283.9

91.2
93.8
p97.1

190.4
rp!92.4
pi 95.7

1980

1981

11.9

283.0
285.4

See note on page 80.
Graphs of these series are shown on page 59.

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




96

DECEMBER 1981

APPENDIXES
B.

Current Adjustment Factors
Series
5. Average weekly initial claims, State
unemployment insurance

13. New business incorporations

1

Jan.

Feb.

Mar.

Apr.

May

1981
June July

Aug.

Sept.

Oct.

Nov.

146.9

110.6

89.1

89.6

81.1

90.1

116.2

88.1

76.7

85.7

98.3 127.4

102.4

90.1

107.0

105.0

98.4

106.7

104.2

96.4

99.0

102.4

15. Profits (after 2 taxes) per dollar of sales
manufacturing
33. Net change in mortgage debt

1 3

72. Commercial and industrial loans
outstanding
517. Defense Department gross obligations
incurred1
525. Defense Department military prime
contract awards

108.8

94.9

87.2

Dec.

101.3

98.0

98.3

-1893

-2405

-581

-69

812

1640

194

943

712

356

-468

728

100.0

99.5

100.1

100.3

99.9

100.0

100.0

99.5

99.5

100.0

100.3

100.8

110.5

87.0

96.1

98.2

87.7

90.4

92.9

81.9

124.9

139.2

101.4

90.2

88.4

71.9

107.1

86.9

95.6

93.0

76.4

74.4

177.7

134.8

99.9

97.1

104.4

99.8

101.8

102.9

100.3

98.2

96.4

93.6

96.6

101.4

102.1

102.5

100.2

100.2

100.0

99.9

99.9

100.3

100.0

99.6

99.8

99.8

100.1

100.1

97.3

96.8 105.0 103.1

99.7

101.4

101.8

96.5

98.1

101.0

96.3

103.9

94.7

96.2

111.1

104.1

96.2

98.0

92.0

91.4

89.9

105.1

92.7

95.2

113.6

103.7

105.9

104.0

95.0

93.8

94.1

102.1

100.4

91.6

100.0

106.5

89.3 105.1

97.5

101.6

102.1

97.0

109.4

114.1

104.8

99.5

79.3

543. Defense Department gross unpaid
obligations outstanding
570. Employment in defense products industries
580. Defense Department net outlays1
604. Exports of agricultural products
606. Exports of nonelectrical machinery. . . .
614. Imports of petroleum and products1. . . .
616. Imports of automobiles and parts1 . . . .

100.0

107.8 100.5
90.2

96.2

109.7 111.7
97.2

102.7

94.3 104.7
102.3

106.1

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, I n c . ,
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 w i l l 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.

f a c t o r s 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 d o l l a r s , are subtracted from the month-to-month net change in the unadjusted monthly totals to
y i e l d the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method I I seasonal adjustment program.




97

C. Historical Data for Selected Series
Year

Jan.

Feb.

Apr.

Mar.

12.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

INDEX OF NET BUSINESS FORMATION
(1967=100)

III Q | IV Q

Annual

AVERAGE FOR PERIOD

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956. ..
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

116.7
92.8
87.0
89.4
92.2
96.4
88.5
97.5
96.8
92.5
87.9
97.8
99.0
88.0
92.2
93.5
96.5

111.2
89.7
89.9
90.2
93.1
95.2
87.9
98.6
97.6
92.4
87.4
98.0
97.4
90.0
93.1
94.1
97.1

108.4
87.0
91.0
91.1
94.4
94.8
87.5
98.7
96.4
92.5
87.1
99.6
96.5
90.3
93.6
94.7
96.6

108.6
85.7
93.5
89.4
92.1
94.3
88.7
98.0
97.3
92.5
86.6
99.3
96.3
91.5
92.9
93.8
97.4

108.1
84.4
91.6
89.0
93.9
93.4
89.3
98.5
97.1
91.5
89.3
99.4
95.1
91.3
92.6
94.0
99.0

106.9
83.9
93.3
89.1
95.0
92.3
89.9
99.4
95.6
92.8
90.5
97.6
95.1
91.6
92.3
94.5
97.3

103.5
82.5
92.7
89.4
93.5
92.0
90.7
98.7
95.0
92.5
91.0
97.5
94.9
92.2
92.7
94.5
97.4

101.2
83.6
91.2
89.3
96.1
92.4
91.1
98.2
94.1
91.6
93.1
97.9
93.5
90.4
92.8
95.6
97.3

100.0
85.2
89.2
90.1
96.6
89.8
92.1
98.4
93.7
90.6
94.8
97.0
92.8
90.5
93.6
95.6
99.4

99.7
85.6
89.8
90.9
96.0
90.0
94.3
97.5
94.9
90.4
94.3
96.7
92.7
92.0
93.1
95.7
100.0

95.9
86.8
90.4
92.2
95.4
88.5
95.3
97.8
93.1
89.3
95.2
98.1
90.7
92.9
92.4
95.0
98.8

96.9
89.0
89.6
91.4
95.5
89.3
94.9
97.5
93.0
88.1
96.3
98.0
89.7
92.8
92.6
95.8
99.7

112.1
89.8
89.3
90.2
93.2
95.5
88.0
98.3
96.9
92.5
87.5
98.5
97.6
89.4
93.0
94.1
96.7

107.9
84.7
92.8
89.2
93.7
93.3
89.3
98.6
96.7
92.3
88.8
98.8
95.5
91.5
92.6
94.1
97.9

101.6
83.8
91.0
89.6
95.4
91.4
91.3
98.4
94.3
91.6
93.0
97.5
93.7
91.0
93.0
95.2
98.0

97.5
87.1
89.9
91.5
95.6
89.3
94.8
97.6
93.7
89.3
95.3
97.6
91.0
92.6
92.7
95.5
99.5

104.8
86.4
90.8
90.1
94.5
92.4
90.8
98.2
95.4
91.4
91.1
98.1
94.5
91.1
92.8
94.7
98.0

1965. ..
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973. ..
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...

99.6
101.2
96.5
104.6
114.1
112.0
105.3
113.8
116.5
111.5
103.5
115.0
121.8
13 3.5
131.3
131.0

99.9
102.4
96.2
105.8
114.2
111.7
104.4
112.9
117.2
111.8
102.5
114.6
121.9
133.1
132.1
129.8

99.5
102.4
97.1
105.7
113.4
109.3
107.2
113.8
117.9
111.3
103.5
115.9
123.3
130.5
132.5
125.8

98.5
100.2
97.0
104.0
114.5
108.7
107.4
115.2
116.9
114.6
104.0
116.6
123.2
131.9
130.9
120.5

98.5
99.7
98.2
103.2
114.1
107.0
108.8
114.8
116.6
114.0
105.2
115.1
123.7
132.1
130.5
117.8

99.7
99.5
100.0
104.8
113.7
106.1
110.4
115,3
115.9
113.5
110.3
117.6
124.4
132.7
130.9
114.8

99.8
98.6
100.3
107.0
113.9
105.0
111.0
116.1
115.7
115.2
113.4
117.3
126.0
133.3
131.8
115.3

99.4
97.6
102.8
108.8
113.5
104.5
111.0
115.4
115.0
114.1
112.0
116.4
128.9
132.5
130.3
117.7

99.3
96.7
102.0
110.3
112.4
104.9
110.1
116.6
113.2
110.9
112.4
117.5
128.3
133.3
132.5
120.6

99.0
97.4
101.9
112.7
114.1
105.0
112.3
117.6
113.5
105.5
111.7
118.7
129.7
134.8
131.9
119.6

100.2
95.1
104.0
111.1
112.0
105.8
112.6
116.7
115.0
105.3
112.2
120.9
132.6
133.4
131.4
119.2

100.1
95.7
104.0
113.5
112.5
105.3
113.2
117.3
112.3
106.3
115.3
120.6
134.2
133.8
133.9
121.3

99.7
102.0
96.6
105.4
113.9
111.0
105.6
113.5
117.2
111.5
103.2
115.2
122.3
132.4
132.0
128.9

98.9
99.8
98.4
104.0
114.1
107.3
108.9
115.1
116.5
114.0
106.5
116.4
123.8
132.2
130.8
117.7

99.5
97.6
101.7
108.7
113.3
104.8
110.7
116.0
114.6
113.4
112.6
117.1
127.7
133.0
131.5
117.9

99.8
96.1
103.3
112.4
112.9
105.4
112.7
117.2
113.6
105.7
113.1
120.1
132.2
134.0
132.4
120.0

99.5
98.9
100.0
107.6
113.5
107.1
109.5
115.5
115.5
111.2
108.8
117.2
126.5
132.9
131.7
121.1

13.

NUMBER OF NEW BUSINESS INCORPORATIONS
(NUMBER)

TOTAL FOR PERIOD

1948...
1949. ..
1950...
1951. ..
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

9,380
7,012
7,830
7,214
7,080
8,304
8,638
11,902
11,620
11,250
11,042
16,346
16,561
13,607
15,599
14,924
15,993

8,329
6,826
8,275
7,016
7,214
8,351
8,937
11,843
12,449
11,359
11,049
16,255
15,274
14,570
15,758
15,390
16,326

8,349
6,791
8,078
6,937
7,348
8,634
9,155
11,679
11,591
11,367
11,042
16,548
15,233
14,658
15,670
15,563
15,917

8,396
6,879
8,132
7,082
7,499
8,534
9,276
11,215
11,888
11,507
10,636
16,604
15,280
15,327
15,372
15,305
16,132

8,064
7,006
8,403
6,848
7,441
8,785
9,158
11,521
12,245
11,109
11,752
16,296
15,176
15,298
15,245
15,682
16,473

8,210
6,879
8,394
6,759
7,700
8,605
9,436
12,072
11,999
11,739
12,032
15,204
15,630
15,431
14,947
15,536
16,282

8,168
7,057
7,898
6,796
7,683
8,757
9,772
11,655
11,851
11,686
12,504
15,658
15,828
15,492
15,171
15,431
16,550

7,439
7,330
7,684
6,880
8,065
8,515
9,882
11,572
11,707
11,593
13,644
15,813
15,114
15,277
15,056
16,093
15,692

7,483
7,403
7,092
6,952
8,259
8,185
10,085
11,968
11,193
11,318
13,933
15,728
15,112
15,402
15,249
15,689
16,948

7,349
7,532
7,176
6,995
8,341
8,698
10,730
11,668
11,925
11,251
13,669
15,383
15,035
16,035
14,892
16,275
16,728

7,241
7,659
7,059
7,119
8,265
8,556
11,212
11,761
11,186
10,788
14,599
15,695
14,264
16,149
14,951
15,759
16,804

7,054
7,788
7,007
7,181
8,096
8,696
11,604
11,560
11,139
10,791
15,577
15,959
14,097
15,881
14,985
15,867
17,021

26,058
20,629
24,183
21,167
21,642
25,289
26,730
35,424
35,660
33,976
3 3,133
49,149
47,068
42,835
47,027
45,877
48,236

24,670
20,764
24,929
20,689
22,640
25,924
27,870
34,808
36,132
34,355
34,420
48,104
46,086
46,056
45,564
46,523
48,887

23,090
21,790
22,674
20,628
24,007
25,457
29,739
35,195
34,751
34,597
40,081
47,199
46,054
46,171
45,476
47,213
49,190

21,644
22,979
21,242
21,295
24,702
25,950
33,546
34,989
34,250
32,830
43,845
47,037
43,396
48,065
44,828
47,901
50,553

95,462
86,162
93,028
83,779
92,991
102,620
117,885
140,416
140,793
135,758
151,479
191,489
182,604
183,127
182,895
187,514
196,866

1965. . .
1966...
1967...
1968...
1969. ..
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...

16,784
18,087
16,703
18,061
21,364
22,196
22,563
25,270
27,796
26,511
24,809
29,613
34,311
36,414
42,410
44,447

16,854
17,451
15,987
18,041
22,105
22,968
21,034
25,084
28,752
27,056
24,931
29,772
33,844
39,434
42,302
44,583

17,131
17,266
16,244
18,538
22,083
21,346
22,883
26,231
28,964
26,458
25,076
31,000
35,018
37,847
42,761
42,615

16,664
17,057
16,760
18,663
23,262
21,829
22,814
26,630
28,522
29,071
26,708
30,808
34,529
39,585
43,034
42,461

16,580
16,644
17,627
18,723
23,118
21,874
23,960
26,270
28,286
27,562
26,632
28,784
35,256
39,059
43,895
41,974

17,017
16,577
17,799
18,839
23,439
21,796
24,481
26,175
27,999
25,785
26,307
31,420
36,694
39,860
43 ,044
39,746

16,844
16,074
16,300
19,407
23,366
21,614
24,677
26,789
27,477
27,790
28,655
31,037
36,874
40,152
44,655
44,058

16,901
16,343
17,674
19,947
22,871
21,796
25,012
26,365
26,689
26,495
27,810
31,301
38,180
41,007
42,911
43,266

17,136
15,764
17,818
20,582
22,594
22,181
23,623
27,168
26,240
26,313
28,359
31,921
37,271
41,553
44,687
46,488

16,994
16,233
17,654
21,093
24,263
21,712
25,356
27,529
26,809
25,404
29,079
32,160
38,213
41,437
46,478
47,225

17,606
16,206
17,958
20,890
23,125
22,217
25,510
26,234
26,718
25,555
28,634
33,183
38,308
41,423
44,811
46,888

17,625
16,583
18,238
20,619
22,404
22,272
25,634
27,699
24,881
25,003
29,282
33,124
38,900
42,179
43,579
48,297

50,769
52,804
48,934
54,640
65,552
66,510
66,480
76,585
85,512
80,025
74,816
90,385
103,173
113,695
127,473
131,645

50,261
50,278
52,186
56,225
69,819
65,499
71,255
79,075
84 ,807
82,418
79,647
91,012
106,479
118,504
129,973
124,181

50,881
48,181
51,792
59,936
68,831
65,591
73,312
80,322
80,406
80,598
84,824
94,259
112,325
122,712
132,253
133,812

52,225
49,022
53,850
62,602
69,792
66,201
76,500
81,462
78,408
75,962
86,995
98,467
115,421
125,039
134,868
142,410

204,136
200,285
206,762
233,403
273,994
263,801
287,547
317,444
329,133
319,003
326,282
374,123
437,398
479,950
524,567
532,048

14.

CURRENT LIABILITIES OF BUSINESS FAILURES
MILLIONS OF DOLLARS)

S)
TOTAL FOR PERIOD

1948...
1949...
1950...
1951.
..
1952.
..
1953. ..
1954. ..
1955. ..
1956. ..
1957...
1958...
1959...
1960.
..
1961.. .
1962. ..
1963...
1964.
..

12.96
19.16
26.44
21.68
26.21
23.31
29.59
37.87
42.89
54.06
64.44
73.56
53.67
81.52
106.61
160.96
96.73

25.62
27.57
22.16
16.01
19.47
27.27
47 .77
42.06
49.19
65.41
65.30
58.59
60.94
88.08
90.50
94.72
123.94

17.48
37.19
27.90
17.65
29.23
31.08
57.28
41.21
42.62
55.83
71.56
65.05
70.19
126.62
80.88
97.70
111.00

15.30
31.93
21.25
17.06
29.53
27.52
42.51
35.97
41.87
57.10
83.98
71.91
69.19
86.11
121.83
100.76
112.88

13.81
24.58
22.67
23.50
21.19
32.79
38.49
34.71
59.90
52.55
56.25
50.92
73.31
80.47
91.51
118.27
93.42

12.16
28.16
18.07
22.77
21.22
32.38
41.61
36.67
43.01
51.45
61.44
49.20
126.45
83.83
88.49
86.15
144.50

13.88
21.80
19.54
21.09
22.79
39.83
32.23
32.54
48.69
44.30
65.38
51.20
61.73
69.17
91.57
120.51
125.64

21.44
31.18
18.45
26.42
16.32
28.53
32.58
36.03
55.04
43.51
50.76
54.50
97.59
102.69
146.83
65.23
95.18

20.70
20.60
15.25
26.64
20.14
33.82
36.38
33.12
39.31
45.42
48.10
54.74
80.60
116.66
96.16
85.92
114.56

25.11
23.89
16.65
29.74
35.05
37.08
29.00
34.78
50.00
47.43
47.27
50.38
81.51
70.26
119.09
91.83
93.77

24.42
22.80
18.86
17.57
18.76
36.80
35.07
42.78
39.89
52.90
56.72
53.21
84.46
119.21
98.84
262.11
119.32

31.73
19.25
21.04
19.40
23.40
43.75
40.10
41.64
50.28
45.32
57.07
59.56
78.97
65.49
81.28
68.43
98.28

56.06
83.92
76.50
55.34
74.91
81.66
134.64
121.14
134.70
175.30
201.30
197.20
184.80
296.22
277.99
353.38
331.67

41.27
84.67
61.99
63.33
71.94
92.69
122.61
107.35
144.78
161.10
201.67
172.03
268.95
250.41
301.83
305.18
350.80

56.02
73.58
53.24
74.15
59.25
102.18
101.19
101.69
143.04
133.23
164.24
160.44
239.92
288.52
334.56
271.66
335.38

81.26
65.94
56.55
66.71
77.21
117.63
104.17
119.20
140.17
145.65
161.06
163.15
244.94
254.96
299.21
422.37
311.37

234.61
308.11
248.28
259.53
283.31
394.16
462.61
449.38
562.69
615.28
728.27
692.82
938.61
1090.11
1213.59
1352.59
1329.22

1965. ..
1966...
1967...
1968.
..
1969...
1970...
1971.
..
1972...
1973...
1974...
1975. ..
1976...
1977...
1978...
1979...
1980.
..
1981...

89.27
103.18
108.17
104.49
75.03
137.28
168.80
101.62
205.84
337.28
391.14
257.07
168.54
168.31
182.22
243.15

111.98
95.54
113.45
79.60
89.99
139.39
150.90
191.33
137.16
213.13
384.76
211.76
194.20
205.01
177.09
190.79

146.58
103.47
119.32
88.59
84.12
120.02
224.65
220.66
252.35
204.59
343.35
247.65
248.20
324.41
187.76
274.24

83.25
110.14
103.82
80.11
118.76
131.90
153.80
148.47
119.34
209.76
372.08
206.42
207.27
202.99
242.76
428.15

133.11
96.38
93.37
91.41
92.60
147.89
249.49
190.14
167.95
375.69
357.79
233.28
473.89
160.40
200.45
381.15

144.61
123.58
104.64
74.66
91.92
170.50
165.84
127.90
180.21
215.50
175.92
373.64
305.86
178.84
273.17
436.68

121.48
69.88
72.55
90.27
112.73
251.92
147.03
204.62
206.19
153.40
242.03
305.55
577.82
231.82
212.20
445.69

104.98
135.04
129.16
178.09
93.94
108.90
65.77
58.65
73.70
62.83
232.94
169.59
115.85
155.56
113.54
253.62
189.47
190.15
217.01
232.68
222.44
205.53
250.32
263.96
96.99
338.25
127.02
206.40
186.20
287.44
345.41 1002.94

82.07
108.05
81.63
65.38
116.44
144.77
144.70
152.97
185.66
306.83
1295.39
183.57
115.69
475.34
395.75
359.24

71.72
106.73
69.98
58.65
127.14
119.84
129.00
208.58
218.67
344.66
252.87
277.60
200.29
178.93
184.31
239.34

97.58
161.48
195.45
83.41
96.85
121.72
111.32
86.79
245.62
242.59
136.88
200.44
168.32
196.54
138.02
288.30

347.83
302.19
340.94
272.68
249.14
396.69
544.35
513.61
595.35
755.00
1119.25
716.48
610.94
697.73
547.07
708.18

360.97
330.10
301.83
246.18
303.28
450.29
569.13
466.51
467.50
800.95
905.79
813.34
987.02
542.23
716.38
1245.98

361.50
377.13
275.39
214.69
249.26
654.45
418.44
571.78
585.81
603.09
670.00
819.83
1013.06
565.24
685.84
1794.04

251.37
376.26
347.06
207.44
340.43
386.33
385.02
448.34
649.95
894.08
1685.14
661.61
484.30
850.81
718.08
886.88

1321.67
1385.68
1265.22
940.99
1142.11
1887 .76
1916.94
2000.24
2298.61
3053.12
4380.18
3011.26
3095.32
2656.01
2667.37
4635.08

NOTE:

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




(DECEMBER 1981)

C. Historical Data for Selected Series—Continued
Year

IQ

NQ

III Q

IV Q

26. RATIO, PRICE TO UNIT LABOR COST,
NONFARM BUSINESS SECTOR
(1977=100)

Annual
AVERAGE

Year

IQ

II Q

III Q

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

100.8
101.3
101.6
103.9
102.4
100.9
98.5
102.0
100.4
100.2
97.8
101.2
100.2
97.7
100.2
100.4
101.9

101.6
101.0
102.6
102.4
102.1
100.5
99.3
102.5
99.8
99.6
98.8
102.0
98.9
99.0
99.4
101.3
101.9

101.3
102.3
104.7
103.1
101.4
100.4
99.8
102.4
99.4
99.6
99.0
100.2
98.5
99.6
100.4
101.7
102.1

102.1
101.0
104.6
103.6
101.4
98.2
100.9
101.7
99.6
99.0
100.4
100.0
97.9
100.2
101.0
101.3
101.5

101.4
101.4
103.4
103.2
101.8
100.0
99.6
102.2
99.8
99.6
99.0
100.8
98.9
99.1
100.2
101.2
101.8

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

38.6
39.7
39.2
42.5
43.3
44.3
44.8
45.6
47.0
49.0
49.5
50.5
51.6
51.7
52.5
53.2
53.8

38.7
39.4
39.5
42.8
43.3
44.4
45.1
45.8
47.2
49.2
49.6
50.9
51.6
52.0
52.7
53.3
53.9

39.6
39.5
40.5
42.8
43.5
44.7
45.0
46.2
47.8
49.5
49.8
51.1
51.8
52.1
52.8
53.4
54.2

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

103.0
103.0
101.8
102.1
101.1
97.8
99.3
99.4
99.7
96.9
97.6
100.5
100.0
97.8
97.6
96.5

102.8
102.4
101.8
102.4
100.5
98.5
99.1
99.6
98.7
96.9
99.2
99.9
100.1
98.7
97.0
95.8

103.0
101.8
102.1
102.0
99.7
98.5
99.9
99.7
97.8
96.4
100.7
99.5
100.5
98.6
96.6
96.4

103.6
102.5
102.6
101.3
98.8
98.1
99.9
100.1
97.9
96.8
100.1
99.1
99.5
98.5
96.2
96.4

103.1
102.4
102.1
102.0
100.0
98.2
99.6
99.7
98.5
96.8
99.4
99.8
100.0
98.4
96.8
96.3

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

54.7
55.5
57.7
59.6
62.2
65.2
68.3
70.9
72.6
77.6
88.2
93.0
97.7
103.3
112.6
122.9

54.7
56.3
57.8
60.3
63.0
66.2
69.2
71.2
73.4
80.5
89.1
93.6
99.4
105.9
115.1
126.3

55.0
56.5
58.3
60.6
63.8
66.5
69.8
71.4
74.3
82.8
90.4
94.9
100.9
108.0
117.4
128.8

UNIT LABOR COST, ALL PERSONS, NONFARM BUSINESS SECTOR1
(INDEX: 1977=100)

AVERAGE

IV Q

IMPLICIT PRICE DEFLATOR, GROSS NONFARM BUSINESS PRODUCT1
(INDEX: 1977=100)
39.7
39.4
41.3
43.2
44.2
44.3
45.4
46.6
48.3
49.5
50.0
51.3
51.8
52.1
53.0
53.7
54.2
55.1
57.3
58.9
61.4
64.5
67.7
70.2
72.2 .
76.0
85.5
92.0
96.5
101.9
110.5
119.7
131.9

370. OUTPUT PER HOUR, ALL PERSONS, PRIVATE BUSINESS SECTOR
(INDEX: 1977=100)

Annual
AVERAGE
39.2
39.5
40.1
42.8
43.6
44.4
45.1
46.0
47.6
49.3
49.7
51.0
51.7
52.0
52.8
53.4
54.0
54.9
56.4
58.2
60.5
63.4
66.4
69.4
71.4
74.1
81.6
89.9
94.5
100.0
106.9
116.2
127.5

AVERAGE

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

38.3
39.2
38.6
40.9
42.3
43.9
45.5
44.7
46.8
48.9
50.6
49.9
51.5
52.9
52.4
53.0
52.8

38.1
39.0
38.5
41.8
42.4
44.2
45.4
44.7
47.3
49.4
50.2
49.9
52.2
52.5
53.0
52.6
52.9

39.1
38.6
38.7
41.5
42.9
44.5
45.1
45.1
48.1
49.7
50.3
51.0
52.6
52.3
52.6
52.5
53.1

38.9
39.0
39.5
41.7
43.6
45.1
45.0
45.8
48.5
50.0
49.8
51.3
52.9
52.0
52.5
53.0
53.4

38.6
39.0
38.8
41.5
42.8
44.4
45.2
45.1
47.7
49.5
50.2
50.5
52.3
52.4
52.6
52.8
53.0

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

45.0
46.2
49.2
50.8
52.5
54.5
54.9
57.9
58.5
60.0
61.0
64.2
65.9
65.4
69.0
71.3
74.8

46.4
46.1
50.1
51.1
53.5
55.2
55.4
58.5
58.6
60.3
61.6
64.3
65.0
67.3
69.2
72.1
75.1

45.8
47.1
50.9
52.5
53.7
55.4
56.4
58.4
58.7
60.2
62.5
63.8
64.7
67.7
70.2
73.0
76.0

46.7
47.2
51.2
52.6
53.9
55.4
57.2
58.2
59.6
60.7
63.7
64.3
64.8
68.8
71.1
73.4
76.3

46.0
46.7
50.3
51.7
53.4
55.1
56.0
58.2
58.8
60.3
62.2
63.1
65.1
67.2
69.8
72.4
75.5

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

53.1
53.9
56.7
58.4
61.5
66.7
68.8
71.3
72.8
80.1
90.4
92.5
97.7
105.6
115.4
127.4

53.2
55.0
56.8
58.9
62.7
67.2
69.8
71.5
74.4
83.1
89.8
93.7
99.3
107.3
118.7
131.8

53.4
55.5
57.1
59.4
64.0
67.5
69.9
71.6
76.0
85.9
89.8
95.4
100.4
109.5
121.5
133.6

53.2
55.9
57.4
60.6
65.3
69.0
70.3
72.1
77.6
88.3
91.9
97.4
102.4
112.2
124.4
136.8

53.2
55.1
57.0
59.3
63.4
67.6
69.7
71.6
75.2
84.4
90.5
94.8
100.0
108.6
120.0
132.4

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

77.2
80.4
81.2
84.3
85.1
84.9
88.6
90.9
95.5
93.0
92.3
97.3
99.5
99.6
99.7
99.5

77.5
80.2
82.5
84.9
85.3
85.8
88.5
91.9
94.7
93.1
94.7
97.7
99.4
99.9
99.7
99.1

78.6
80.7
82.7
85.6
85.2
87.3
89.9
92.4
94.3
92.5
96.1
98.0
100.7
100.0
99.4
99.4

79.5
81.1
83.5
85.6
85.2
86.7
89.8
93.8
94.6
92.3
95.7
98.1
100.2
99.9
99.1
99.1

78.2
80.6
82.4
85.2
85.4
86.1
89.2
92.4
94.8
92.7
94.8
97.9
100.0
99.8
99.5
99.3

370-C. CHANGE FROM PRECEDING PERIOD IN OUTPUT PER HOUR,
PRIVATE BUSINESS SECTOR
(ANNUAL RATE, PERCENT)

PERCENT
CHANGE2

370-C. 4-QUARTER PERCENT CHANGES IN OUTPUT PER HOUR,
PRIVATE BUSINESS SECTOR3
(ANNUAL RATE, PERCENT)

AVERAGE

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

12.0
-3.8
18.3
-3.6
-0.7
4.7
-3.7
4.9
2.4
2.8
1.7
3.4
9.9
3.5
0.9
1.2
8.2

13.1
-1.0
6.8
2.5
7.3
5.4
3.8
4.3
0.3
1.6
4.1
0.9
-5.0
12.0
1.0
4.8
1.4

-4.6
9.6
6.5
11.5
2.0
1.2
7.7
-0.4
0.5
-0.2
6.0
-3.3
-1.7
2.4
6.1
5.2
4.7

7.3
0.6
2.9
1.2
0.9
0.3
5.4
-1.5
6.7
3.4
7.6
3.2
0.6
7.0
5.1
1.9
1.9

5.3
1.5
7.9
2.8
3.2
3.2
1.6
4.0
1.0
2.5
3.1
1.6
3.1
3.3
3.8
3.7
4.3

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

5.2
2.8
7.9
3.2
2.4
3.0
1.9
3.5
0.4
2.7
3.8
2.1
1.5
4.5
3.7
4.1
4.0

6.7
1.2
8.5
2.8
2.3
2.9
3.2
1.8
2.4
1.9
4.8
1.0
0.8
6.2
3.3
3.3
4.0

2.7
6.6
3.1
3.5
3.7
0.7
5.4
1.2
2.5
1.6
5.3
2.6
-0.7
5.5
3.3
5.0
3.2

-0.6
8.6
2.0
4.7
3.3
0.4
5.5
0.2
2.9
2.2
4.4
1.0
3.5
2.8
4.3
4.1
3.2

3.5
4.8
5.4
3.6
2.9
1.8
4.0
1.7
2.0
2.1
4.6
1.7
1.3
4.8
3.6
4.1
3.6

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

4.8
4.5
0.6
4.0
-2.5
-1.4
8.9
4.6
7.5
-6.6
-0.1
6.7
5.8
-2.3
-0.8
1.6

1.3
-0.8
6.4
2.8
0.9
4.4
-0.4
4.9
-3.5
0.3
11.1
1.8
-0.3
0.9
0.1
-1.8

5.8
2.4
1.4
3.3
-0.3
7.2
6.6
2.0
-1.7
-2.3
5.8
1.4
5.1
0.5
-1.2
1.3

4.9
1.8
3.5
0.3
-0.3
-2.5
-0.4
6.2
1.5
-0.9
-1.5
0.3
-1.7
-0.4
-1.0
-1.1

3.5
3.1
2.2
3.3
0.2
0.9
3.6
3.5
2.7
-2.3
2.3
3.3
2.1
-0.2
-0.3
-0.2

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

3.4
2.7
2.5
3.4
-0.4
2.4
3.0
2.7
2.0
-1.9
3.8
2.0
2.7
-0.7
-0.6
0.

4.2
1.9
2.9
2.6
-0.6
1.8
3.6
4.4
0.9
-2.4
3.7
2.5
2.2
-0.4
-0.7
0.

4.1
1.0
3.8
1.0
-0.3
4.4
2.5
5.1
-2.6
-0.8
5.4
2.3
0.2
0.
-0.1
0.7

3.6
2.8
2.9
0.5
0.6
3.2
3.9
3.0
-1.7
1.8
3.1
1.8
0.4
-0.2
-0.6
2.1

3.8
2.1
3.0
1.9
-0.2
3.0
3.2
3.8
-0.3
-0.8
4.0
2.2
1.4
-0.3
-0.5
0.7

NOTE: Unless otherwise noted, these series contain revisions beginning with 1948.
Uhis series is shown here for the first time. Current data are shown on page 105.
3Year-to-year percent changes are computed from annual data.
Percent changes are centered on the third quarter of the span. Annual figures are averager, of the centered changes.




(DECEMBER 1981)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

MILITARY PRIME CONTRACT AWARDS FOR WORK PERFORMED IN THE U
(MILLIONS OF DOLLARS)

525.

Nov.

Oct.

Dec.

IIQ

1Q

III Q

IV Q

Annual

s.
TOTAL FOR PERIOD

1949...
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. ..
1981. ..

3 ,001
2 ,959
2 ,381

1,049
1,474
1,756
2,103
1,625
1,850
1,989
3,271
2,429
2,372

3,493
5,479
2,295
564
1,306
1,388
1,927
1,232
1,898
1,754
2,186
2,180
2,611
2,958

2,097
2,952
3,364
2,887
3,398
2,855
2,508
3,520
2,824
3,218
3,731
3,536
3,354
4,853
5,706
5,515

1,846
2,906
3,930
3,445
3,441
2,623
2,704
2,982
2,899
3,144
4,061
3,101
4,369
4,741
4,773
7,152

2 ,451
2 ,956
3 ,034
3 ,124
2 ,904
2 ,904
3 ,104
3 ,025
2 ,947
2 ,990
3 ,168
6 ,713
4 ,819
4 ,909
5 ,763
5 ,781

3,976
2,528
3,682
616

826

1 ,028
1 ,502
1 ,563
2 ,243
1 ,966
1 ,904
1 ,987
2 ,552
2 ,463
1 ,966

2 ,892
2 ,088
2 ,462
1 ,068
1 ,468
1 ,404
2 ,312
2 ,142
2 ,204
1 ,726
2 ,274
2 ,295
2 ,023
2 ,502

3 ,760
3 ,059
2 ,038
1 ,326
841
1 ,782
808
3 ,043
1 ,893
2 ,252
1 ,855
2 ,140
2 ,413
2 ,640

2 ,759
4 ,292
2 ,042
1 ,116
1 ,287
2 ,024
1 ,093
2 ,228
2 ,222
1 ,963
2 ,229
2 ,127
2 ,366
1 ,910

2 ,843
3 ,461
3 ,026
3 ,488
2 ,825
2 ,591
2 ,928
2 ,985
2 ,568

2 ,150
2 ,978
4 ,040
4 ,203
3 ,070
2 ,545
2 ,231
2 ,786
3 ,171
3 ,211
3 ,814
3 ,543

2 ,390
3 ,693
3 ,566
3 ,067
2 ,744
2 ,896
2 ,324
3 ,154
2 ,897
3 ,402
3 ,680
3 ,854

4 ,654
6 ,204
4 ,720
7 ,483

4 ,300
7 ,081
5 ,117
7 ,184

4 ,372
4 ,023
3 ,489
4 ,303
4 ,970
4 ,936
7 ,572

543. DEFENSE

4,097
1, 158
2,035
886
971

1, 196
1,619
1, 511
2 , 192
2, 151
1, 993
1, 888
2, 216
2, 580
2, 313
3, 940
3, 545
3, 937
2, 896
2, 717
2, 916
3, 074
2, 024
3, 295
3 ,635
2 , 535
4, 624
3, 928
6, 135
6, 768

4 ,241
1 ,002
1 ,089

2 ,333
2 ,116
1 ,004
2 ,454

2 ,823
2 ,143

3 ,462
3 ,295

959

265
481

1 ,964
2 ,200
2 ,143
2 ,167
2 ,722
1 ,963

2 ,091
1 ,297
2 ,308
1 ,793
2 ,250
2 ,033
2 ,032
2 ,635
2 ,163

2 ,271
1 ,136
1 ,972
1 ,594
1 ,880
1 ,937
1 ,327
2 ,494
2 ,814
2 ,119
1 ,967

1 ,310
1 ,934
1 ,819
1 ,704
2 ,102
1 ,938
2 ,308
2 ,946
1 ,814
2 ,075

2 ,775
3 ,165
3 ,690
3 ,173
3 ,001
2 ,782
3 ,093
2 ,638
2 ,962
3 ,553
4 ,419
3 ,652
4 ,623
4 ,924
5 ,282
7 ,633

2 ,419
3 ,541
3 ,720
3 ,836
2 ,680
2 ,113
2 ,982
2 ,725
3 ,235
3 ,504
3 ,102
4 ,985
4 ,255
4 ,855
6 ,364
7 ,410

2 ,790
3 ,383
3 ,626
3 ,903
2 ,987
3 ,464
2 ,606
2 ,946
2 ,992
3 ,863
2 ,866
4 ,897
5 ,279
4 ,343
4 ,318
4 ,572

2 ,995
3 ,225
3 ,308
3 ,378
2 ,734
2 ,746
3 ,092
3 ,589
3 ,347
3 ,667
3 ,062
4 ,114
4 ,247
6 ,509
5 ,670
6 ,794

767

1 ,231
2 ,108
1 ,310
1 ,692

597

3 ,399
3 ,148
390
913
2 ,194
1 ,891
1 ,671
2 ,328
1 ,298
1 ,922
2 ,491
2 ,044
2 ,149
1 ,997

10 ,470
10 ,966
8 ,358
2 ,006
3 ,383
4 ,364
5 ,246
5 ,578
5 ,489
5 ,508
6 ,162
8 ,003
7 ,503
7 ,296

9 ,411
9 ,439
6 ,542
3 ,510
3 ,596
5 ,210
4 ,213
7 ,413
6 ,319
5 ,941
6 ,358
6 ,562
6 ,802
7 ,052

1 0 , 671
4, 276
4, 128
4, 107
2, 799
5, 395
4, 226
5, 511
5, 949
6, 601
6, 169
6, 087
7, 573
6, 706

9 ,684
8 ,586
1 ,614
3 ,665
4 ,640
5 ,797
5 ,084
5 ,912
5 ,337
5 ,187
7 ,293
7 ,804
6 ,082
6 ,039

40 ,236
33 ,267
20 ,642
13 ,288
14 ,418
20 ,766
18 ,769
24 ,414
23 ,094
23 ,237
25 ,982
28 ,456
27 ,960
27 ,093

2 ,988
3 ,513
3 ,479
3 ,613
2 ,765
3 ,181
3 ,066
2 ,532
3 ,292
3 ,051
3 ,413

6 ,394
8 ,814
10 ,328
9 ,456
9 ,743
8 ,382
8 ,316
9 ,527
8 ,670
9 ,352
10 ,960
13 ,350
12 ,542

7 ,383
10 ,132
10 ,632
10 ,758
8 ,639
8 ,032
7 ,483
8 ,925
8 ,636
10 ,985
11 ,517
10 ,886
13 ,257
18 ,255
14 ,773
22 ,239

7 ,507
10, 646
10, 955
1 0 , 946
8, 577
7, 612
8, 991
8, 437
8, 221
10, 352
11, 156
11, 172
13, 502
13, 707
17, 781
21, 811

8 ,773
10 ,121
10 ,413
10 ,894
8 ,486
9 ,391
8 ,764
9 ,067
9 ,631
10 ,581
9 ,341
13 ,740
14 ,858
15 ,420
15 ,477
21 ,029

30 ,057
39 ,713
42 ,328
42 ,054
35 ,445
33 ,417
33 ,554
35 ,956
35 ,158
41 ,270
42 ,974
49 ,148
54 ,159
61 ,885
64 ,273
83 ,527

4 ,729
5 ,332
4 ,568
5 ,489
9 ,663

14 ,503
16 ,242
18 ,448

DEPARTMENT GROSS UNPAID OBLIGATIONS OUTSTANDING
(MILLIONS OF DOLLARS)

END OF PERIOD

1949 . . .

1953. . .
1954. ..
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963. . .
1964. ..
1965...
1966...
1967...
1968. ..
1969...
1970...
1971...
1972...
1973...
1974...
1975. ..
1976...
1977...
1978. ..
1979. ..
1980...
1981...

,118
,567
,919
,440
,762
,666
,007
,955
,707
,242
,824
,043

38,361
32,254
23,715
26,293
22,051
23,663
21,509
22,795
24,633
24 ,531
23,003

38,587
31,293
23,685
26,581
21,957
23,641
21,314
23,041
24,506
24 , 304
23,777

35 ,974
30 ,030
24 ,526
26 ,129
22 ,369
23 ,682
21 ,203
22 ,931
24 ,659
24 , 036
23 ,595

34
29
24
25
22
23
21
22
24
23
23

,907
,435
,536
,857
,768
,532
,042
,718
,939
,602
,557

34 ,769
28 ,405
24 ,475
25 ,287
23 ,330
23 ,656
21 ,148
22 ,539
24 ,515
23 ,126
23 ,914

51
33
26
25
24
24
24
22
22
24
22
23

23,434
27,275
35,350
36,616
39,531
32,561
30,181
32,879
34,280
37,446
40,052
41,358
49,258
57,304
65,120
70,088

23,466
27,621
35,719
37,236
39,147
32,041
30,851
32,832
34,426
37,673
39,875
41,459
50,229
58,401
48,267
68,497

23 ,698
28 ,355
35 ,668
3 7 ,490
38 ,472
31 ,494
30 ,541
32 ,742
34 ,976
37 ,817
40 ,198
41 ,866
50 ,761
58 ,986
67 ,128
72 ,961

23 ,762
29 ,597
35 ,296
36 ,914
37 ,656
30 ,979
30 ,737
32 ,976
35 ,140
38 ,456
39 ,918
42 ,494
51 ,236
59 ,348
68 ,883
73 ,766

24 ,261
30 ,322
36 ,683
37 ,622
36 ,855
30 ,279
31 ,098
32 ,772
35 ,693
38 ,389
40 ,086
42 ,970
52 ,170
60 ,723
68 ,468
74 ,848

24 ,651
32 ,030
37 ,417
38 ,421
35 ,445
30 ,787
29 ,077
32 ,417
35 ,877
38 ,909
40 ,959
43 ,612
52 ,625
60 ,549
68 ,976
75 ,204

50 ,051
33, 695
25, 793

49 ,349
33 ,287
24 ,076

47
33
23
26

,419
,442
,911
,463

,910
,846
,225
,210
,463

23
22
23
23
24

,555
,558
,257
,945
,179

23

,365

23
22
23
23
24

33, 109
36, 188
39, 741
41, 437
43, 251
53, 383
61, 833
70, 252
76 366

36 ,249
39 ,104
34 ,414
30 ,221
31 ,069
33 ,350
36 ,666
39 ,621
42 ,140
42 ,558
54 ,262
62 ,028
81 ,542
76 ,506

34 ,154
36 ,625
39 ,960
33 ,613
29 ,938
30 ,671
33 ,985
36 ,285
39 ,894
41 ,805
43 ,663
52 ,697
62 ,730
71 ,886
79 ,260

45
33
23
26
22
23
22
23
24
24

,535
,673
,512
,168
,107
,684
,452
,022
,241
,547

23

,008

26 ,105
34 ,583
36 ,993
40 ,178
33 ,234
29 ,703
31 ,546
34 ,026
36 ,682
39 ,429
41 ,845
47 ,366
54 ,775
63 ,006
64 ,325
77 ,930

44 ,707
33 ,716
23 ,034
26 ,344
22 ,140
23 ,755
22 ,323
23 ,220
23 ,955
24 ,831
23

,042

26 ,496
34 ,942
36 ,831
40 ,127
32 ,912
30 ,085
31 ,450
34 ,255
36 ,869
39 ,772
41 ,468
47 ,385
55 ,479
63 ,440
68 ,634
76 ,530

40
33
23
26
22
23
21
22
24
24
23
23

,050
,186
,374
,518
,062
,755
,599
,866
,522
,430
,050
,275

26 ,746
35 ,064
37 ,033
39 ,587
32 ,781
30 ,077
31 ,046
34 ,225
36 ,839
40 ,137
41 ,309
48 ,497
55 ,771
64 ,470
68 ,525
79 ,312

35 ,974
30 ,030
24 ,526
26 ,129
22 ,369
23 ,682
21 ,203
22 ,931
24 ,659
24 ,036
23 ,595
23 ,698
28 ,355
35 ,668
37 ,490
38 ,472
31 ,494
30 ,541
32 ,742
34 ,976
37 ,817
40 ,198
41 ,866
50 ,761
58 ,986
67 ,128

72 ,961

721. ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT, EUROPEAN C O U N T R I E S —
(1967 = 100
INDEX OF INDUSTRIAL PRODUCTION1

51 ,118
33 ,567
26 ,919
25 ,440
24 ,762
24 ,666
24 ,007
22 ,955
22 ,707
24 ,242
22 ,824
23 ,043
24 ,651
32 ,030
37 ,417
38 ,421
35 ,445
30 ,787
29 ,077
32 ,417
35 ,877
38 ,909
40 ,959
43 ,612
52 ,625
60 ,549
68 ,976
75 ,204

47, 419

23, 365

40 ,050
33 ,186
23 ,374
26 ,518
22 ,062
23 ,755
21 ,599
22 ,866
24 ,522
24 ,430
23 ,050
23 ,275

40 ,050
33 ,186
23 ,374
26 ,518
22 ,062
23 ,755
21 ,599
22 ,866
24 ,522
24 ,430
23 ,050
23 ,275

34, 154
36, 625
39, 960
33, 613
29, 938
30, 671
33, 985
36, 285
39, 894
41, 805
43, 663
52, 697
6 2 , 730
71, 886
7 9 , 260

26 ,746
35 ,064
37 ,033
39 ,587
32 ,781
30 ,077
31 ,046
34 ,225
36 ,839
40 ,137
41 ,309
48 ,497
55 ,771
64 ,470
68 ,525
79 ,312

26 ,746
35 ,064
37 ,033
39 ,587
32 ,781
30 ,077
31 ,046
34 ,225
36 ,839
40 ,137
41 ,309
48 ,497
55 ,771
64 ,470
68 ,525
79 ,312

33, 442
23, 911
26, 463
23,
22,
23,
23,
24,

555
558
257
945
179

AVERAGE FOR PERIOD

1948.. .

1952
1953...
1954. ..
1955...
1956.. .
1957. ..
1958. ..
1959. ..
1960. ..
1961. ..
1962. ..
1963. ..
1964. ..
1965. ..
1966. ..
1967. ..
1968...
1969...
1970. ..
1971. ..
1972.. .
1973...
1974. ..
1975. ..
1976. ..
1977. ..
1978...
1979. ..
1980...
1981. ..

39
43
47
59
63
64
65
73
75
79
82
90

39
43
47
57
63
64

94
97
98
102
114
121
127
129
140
147
137
139

94
98
98
103
114
124
127
128

151
150
154
163

65
73
76
80
82
90

141
147
137
141
150
148
155
163

41
45
51
62
64
65
69
76
78
82
87
90

42
46
52
62
64
64
69
76
78
83
87
91

42
46
51
62
64
64
72
78
79
82
87
93

43
46
52
62
64
65
72
78
79
83
88
93

43
47
52
62
64
65
72
78
80
83
87
93

39
43
47
58
63
64
65
73
76
80
81
90

40

91

41
45
50
62
64
64
68
76
78
82
87
91

95
99
99
103
118
124
127
133
144
148
135
146
148
150
158
159

95
99
101
107
120
125
128
132
143
148
135
146
148
151
162
161

95
99
99
110
120
124
127
135
147
147
135
146
150
151
159
154

97
99
101
110
118
125
128
135
146
146
135
148
150
154
159
155

97
99
102
110
118
125
128
137
147
144
137
148
147
154
161
158

97
98

102
112
120
125
128
137
147
141
139
150
148
155
162
156

97
99
105
113
120
125
127
141
147
137
140
150
148
155
162
155

94
98
98
103
114
123
126
129
141
147
137

95
99
99
103
117
124
126
132
143
149
134
145

40
43
48
59
63
65
65
73
78
80
80
90

40
44
48
60
63
64
67
75
78
80
83
90

40
44
48
60
63
64
68
75
76
80
84
90

40
45
51
60
64
64
68
75
78
80
84

93
99
98
103

94
98
99
105

114
124
125
131
141
147
136
143
151
148
156
163

117
124
127
132
141
148
135
144
148
151
156
163

95
99
98
101
117

124
125
132
144
150
133
146
148
150
159
158

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
r
This series contains revisions beginning with 1960.




100

141
151
149
155
163

44
49
60
63
64
68
75
77
80
84
90

148
150
158
160

41
45
51
62
64
64
69
76
78
82
87
91

43
46
52
62
64
65
72
78
79
83
87
93

*41
45
50
61
64
64
68
76
78
81
85
91

96
99
100
109
119
125
128
134
145
147
135
147
149
152
160
157

97
99
103
112

95
99
100
107
118
124
127
134
144
146
136

119
125
128
138
147
141
139
149
148
155
162
156

146
149
151
159
159
(DECEMBER 1981)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

June

May

Aug.

July

Sept.

Oct.

Nov.

Dec.

II Q

IQ

III Q

IV Q

Annual

1

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

AVERAGE FOR PERIOD

1948...
1949. ..
1950...
1951...
1952.
..
1953...
1954...
1955...
1956...
1957...
1958. ..
1959...
1960...
1961...
1962.
..
1963...
1964...

52
55
60
63
63
63
69
73
73
73
74
75
83
84
83
82
92

52
55
60
64
63
63
68
73
73
75
75
75
83
84
84
84
93

54
56
60
65
64
64
69
75
73
73
76
74
84
84
84
85
93

53
56
61
64
61
64
69
74
73
73
73
77
83
84
84
87
95

52
57
61
64
61
65
70
75
72
75
74
77
84
83
85
88
95

52
58
60
65
61
62
70
73
73
75
74
77
83
84
85
88
96

53
62
61
64
59
64
70
73
73
75
73
77
83
85
85
90
95

53
58
61
64
59
64
70
72
72
75
73
77
84
84
85
89
95

54
57
62
64
60
65
71
74
73
75
73
80
84
83
87
88
96

53
57
63
63
62
68
72
76
73
74
73
81
84
84
84
91
97

54
59
63
63
63
67
72
75
73
75
74
82
84
83
84
92
97

56
60
63
63
63
67
72
76
73
73
75
82
84
84
84
92
98

53
55
60
64
63
63
69
74
73
74
75
75
83
84
84
84
93

52
57
61
64
61
64
70
74
73
74
74
77
83
84
85
88
95

53
59
61
64
59
64
70
73
73
75
73
78
84
84
86
89
95

54
59
63
63
63
67
72
76
73
74
74
82
84
84
84
92
97

53
58
61
64
62
65
70
74
73
74
74
78
84
84
84
88
95

1965. ..
1966...
1967...
1968...
1969. ..
1970...
1971...
1972...
1973...
1974...
1975...
1976. ..
1977.
..
1978. ..
1979. ..
1980...
1981.
..

98
100
98
104
108
108
112
108
122
114
118
113
123
125
122
130

98
100
99
105
109
110
109
99
121
114
117
114
123
124
132
128

96
100
99
106
109
112
108
109
122
117
115
115
123
123
133
125

98
100
100
106
110
110
110
112
122
122
114
116
122
128
132
124

100
100
99
107
110
109
112
114
122
123
113
118
125
126
134
124

97
99
100
107
112
110
110
114
124
123
113
116
120
128
136
124

97
100
100
107
112
110
110
113
123
123
112
116
122
128
134
123

98
100
99
107
109
110
110
114
123
123
110
116
123
129
130
120

99
100
100
107
109
110
109
116
123
121
113
117
123
128
129
117

100
99
100
106
108
112
109
117
124
120
114
120
122
125
130
118

99
97
101
107
110
110
109
118
123
120
114
121
122
126
132
117

100
98
104
108
112
112
110
120
122
117
113
121
123
129
131
116

97
100
99
105
109
110
110
105
122
115
117
114
123
124
129
128

98
100
100
107
111
110
111
113
123
123
113
117
122
127
134
124

98
100
100
107
110
110
110
114
123
122
112
116
123
128
131
120

100
98
102
107
110
111
109
118
123
119
114
121
122
127
131
117

98
99
100
106
110
110
110
113
123
120
114
117
123
127
131
122

723.

CANADA—INDEX OF INDUSTRIAL PRODUCTION 2
(1967=100)

AVERAGE FOR PERIOD

1948. ..
1949. ..
1950...
1951.
..
1952...
1953...
1954.
. .
1955...
1956. ..
1957.
..
1958...
1959. ..
1960.
..
1961...
1962...
1963...
1964...

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
73.0
80.8

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
73.6
82.2

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
74.5
81.5

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
74.5
82.0

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
75.6
82.1

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
76.0
82.6

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
82.2

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
82.8

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
84.7

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
84.5

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
85.9

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
86.7

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
81.5

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
82.2

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
83.2

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
85.7

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
83.2

1965. ..
1966. ..
1967...
1968.
..
1969. . .
1970. ..
1971.. .
1972...
1973. ..
1974.
..
1975. ..
1976. ..
1977.
..
1978. ..
1979. ..
1980.
..
1981.
..

87.7
96.0
99.4
101.6
109.9
114.7
115.3
125.1
137.3
149.5
138.8
141.9
151.3
150.6
162.3
162.9

87.0
96.8
98.2
101.2
111.7
116.1
116.2
123.4
141.2
149.9
139.4
142.9
149.3
152.8
162.6
161.9

88.9
96.8
98.1
102.3
113.8
114.4
116.7
124.9
142.8
150.5
137.5
145.4
150.0
152.5
163.1
164.8

88.5
97.0
99.0
104.3
113.2
113.1
116.9
128.1
141.5
147.8
138.8
146.9
148.6
155,0
161.9
160 .8

88.7
97.0
99.0
106.1
112.5
113.8
118.6
127.0
141.9
150.0
136.1
149.2
150.4
153.2
165.5
158.4

89.3
97.2
99.3
106.7
112.1
112.4
119.6
128.6
142.8
148.3
137.7
147.4
151.9
156.0
163.6
158.1

90.9
96.8
100.2
106.9
113.6
113.1
119.8
128.6
145.8
147.8
139.7
147.4
150.8
155.3
165.5
157.5

89.5
95.3
101.8
107.6
112.0
113.6
123.1
128.7
141.8
147.8
138.6
148.7
151.1
155.0
165.6
158.8

91.5
97.5
101.3
108.3
112.7
112.7
123.7
131.7
143.3
146.0
138.9
148.9
150.4
159.1
166.6
160.9

93.1
98.6
100.4
109.1
112.0
112.9
124.2
134.1
145.2
146.2
137.4
145.3
150.7
158.7
165.7
162.0

94.0
98.1
101.8
109.9
113.3
114.2
123.2
135.6
147.2
144.0
140.5
148.8
151.3
160.2
165.1
162.7

95.7
98.4
102.2
109.0
115.1
114.4
124.5
136.3
147.0
143.8
143.0
149.5
151.9
163.0
163.0
163.1

87.9
96.5
98.6
101.7
111.8
115.1
116.1
124.5
140.4
150.0
138.6
143.4
150.2
152.0
162.7
163.2

88.8
97.1
99.1
105.7
112.6
113.1
118.4
127.9
142.1
148.7
137.5
147.8
150.3
154.7
163.7
159.1

90.6
96.5
101.1
107.6
112.8
113.1
122.2
129.7
143.6
147.2
139.1
148.3
150.8
156.5
165.9
159.1

94.3
98.4
101.5
109.3
113.5
113.8
124.0
135.3
146.5
144.7
140.3
147.9
151.3
160.6
164.6
162.6

90.4
97.1
100.1
106.1
112.7
113.8
120.2
129.3
143.2
147.6
138.9
146.9
150.6
156.0
164.2
161.0

725.

WEST GERMANY —INDEX OF INDUSTRIAL PRODUCTION3
(1967=100)

AVERAGE FOR PERIOD

1948.
..
1949. ..
1950.
..
1951.
..
1952...
1953. ..
1954. ..
1955. ..
1956. ..
1957...
1958. ..
1959. ..
1960. ..
1961.
..
1962.
..
1963. ..
1964.
..

13
22
26
34
37
38
43
52
59
62
65
66
74
83
87
87
94

14
23
26
35
36
39
44
52
58
63
65
66
74
83
86
86
97

14
23
27
35
37
40
44
54
58
62
66
68
76
84
86
88
97

14
23
28
36
37
41
45
52
59
63
63
68
77
84
86
90
97

15
23
29
36
36
40
46
54
61
63
65
70
76
81
87
90
94

14
24
29
35
37
41
46
55
59
63
66
69
77
81
87
90
98

16
24
30
36
37
42
47
57
61
63
65
69
80
84
87
91
99

17
25
31
35
38
42
47
57
62
63
68
72
77
83
90
92
98

18
25
32
35
38
43
48
58
61
65
65
72
79
84
90
91
99

19
25
33
36
39
43
48
58
61
65
65
74
81
83
88
92
101

19
25
33
36
40
43
48
58
62
65
66
73
80
83
90
92
101

20
26
34
36
39
44
50
59
61
65
66
73
81
86
88
91
102

14
23
26
35
37
39
44
53
58
62
65
67
75
83
86
87
96

14
23
29
36
37
41
46
54
60
63
65
69
77
82
87
90
96

17
25
31
35
38
42
47
57
61
64
66
71
79
84
89
91
99

19
25
33
36
39
43
49
58
61
65
66
73
81
84
89
92
101

16
24
30
35
38
41
46
56
60
64
65
70
78
83
88
90
98

1965. . .
1966...
1967. ..
1968. ..
1969...
1970. ..
1971...
1972.
..
1973...
1974...
1975.. .
1976. . .
1977...
1978.
..
1979...
1980.
..
1981.. .

103
105
99
102
120
130
138
135
146
148
135
142
150
154
154
164

103
105
98
103
121
132
135
135
149
148
135
146
150
149
154
167

102
108
98
105
123
132
135
139
146
146
135
143
152
148
157
164

103
105
99
106
123
134
135
139
148
148
135
146
149
150
157
164

102
105
97
108
124
134
134
139
149
149
134
146
149
149
161
161

102
106
99
109
126
132
135
139
148
146
134
148
150
152
163
160

102
105
102
109
126
134
135
138
142
148
132
146
148
153
164
161

103
103
101
114
128
132
132
139
150
143
135
148
150
154
163
157

105
103
102
113
127
132
135
139
149
143
135
149
152
156
161
157

103
103
103
114
130
134
135
141
148
142
138
148
149
154
163
160

103
102
105
119
131
132
132
143
149
142
139
149
150
156
164
157

105
102
110
119
130
134
130
145
149
135
141
149
153
156
164
154

103
106
98
103
121
131
136
136
147
147
135
144
151
150
155
165

102
105
98
108
124
133
135
139
148
148
134
147
149
150
160
162

103
104
102
112
127
133
134
139
147
145
134
148
150
154
163
158

104
102
106
117
130
133
132
143
149
140
139
149
151
155
164
157

103
104
101
110
126
133
134
139
148
145
136
147
150
153
160
160

This series contains revisions beginning with,1957.
beginning with 1955.




2

This series contains revisions beginning with 1971.

This series contains revisions

(DECEMBER 1981)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.
726.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

FRANCE—INDEX OF INDUSTRIAL PRODUCTION i
(1967=100)

II Q

III Q

IV Q

Annual

AVERAGE FOR PERIOD

1951. ..
1952.. .
1953. ..
1954. ..
1955. ..
1956. ..
1957. ..
1958. ..
1959. ..
1960...
1961. ..
1962...
1963...
1964. ..

40
44
40
46
49
55
61
66
63
70
74
80
83
91

42
44
40
45
49
54
62
68
63
70
76
80
81
91

40
44
42
46
50
57
62
66
65
70
76
80
73
91

42
43
42
47
50
57
62
66
66
72
76
80
83
92

42
40
44
48
50
58
62
66
66
72
76
81
87
91

42
42
44
48
51
58
62
66
66
72
76
80
87
91

44
42
43
48
51
58
63
66
66
73
77
81
88
90

43
43
40
47
52
59
63
66
66
73
77
81
88
90

44
42
44
49
51
59
65
65
68
74
77
83
88
91

44
43
44
48
52
61
63
65
69
74
77
83
88
91

43
43
45
49
54
61
65
65
69
74
77
83
88
91

43
40
47
49
53
61
66
63
69
74
80
83
90
90

41
44
41
46
49
55
62
67
64
70
75
80
79
91

42
42
43
48
50
58
62
66
66
72
76
80
86
91

44
42
42
48
51
59
64
66
67
73
77
82
88
90

43
42
45
49
53
61
65
64
69
74
78
83
89
91

*42
42
43
48
51
58
63
66
66
72
77
81
85
91

1965...
1966...
1967...
1968. ..
1969...
1970...
1971. ..
1972. ..
1973. ..
1974...
1975...
1976...
1977. ..
1978. ..
1979. ..
1980. ..
1981. ..

90
94
99
103
113
120
124
134
143
153
139
145
157
153
159
166

90
97
98
103
112
121
126
132
145
153
139
146
156
153
160
167

90
97
99
106
112
121
127
134
146
150
137
148
157
156
163
166

91
95
98
105
116
123
127
135
143
153
138
149
153
160
160
167

91
98
98
72
119
121
124
137
150
156
134
149
152
157
164
160

92
99
101
91
117
121
127
135
148
153
137
149
157
153
164
160

92
99
99
110
117
121
127
138
150
157
135
152
153
156
170
166

92
99
99
110
117
121
127
138
150
157
135
152
153
156
170
166

94
99
102
106
116
123
131
139
148
149
137
157
154
157
167
157

95
98
101
112
120
124
131
141
150
149
139
152
150
159
164
160

95
99
102
114
117
123
132
142
150
143
138
156
154
160
164
153

95
99
103
113
117
124
132
145
146
142
145
154
150
161
166
163

90
96
99
104
112
121
126
133
145
152
138
146
157
154
161
166

91
97
99
89
117
122
126
136
147
154
136
149
154
157
163
162

93
99
100
109
117
122
128
138
149
154
136
154
153
156
169
163

95
99
102
113
118
124
132
143
149
145
141
154
151
160
165
159

92
98
100
104
116
122
128
138
147
151
138
151
154
157
164
163

727.

ITALY—INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

AVERAGE FOR PERIOD

1948. ..
1949. ..
1950...
1951...
1952...
1953...
1954...
1955...
1956. ..
1957...
1958. ..
1959...
1960...
1961. ..
1962...
1963. . .
1964. ..

19.6
23.2
24.2
28.7
29.3
31.3
34.7
37.3
40.0
43.7
46.2
48.1
55.8
61.9
71.2
75.9
82.6

20.6
23.2
24.7
29.3
29.3
31.3
34.9
37.7
38.7
44.5
45.3
49.7
57.4
63.3
71.4
74.1
79.9

20.8
22.1
25.1
30.0
29.3
31.9
34.9
38.2
40.4
44.5
45.2
49.9
58.2
63.2
70.8
76.1
81.6

20.8
22.4
25.8
30.0
29.7
31.9
35.3
37.9
41.5
45.2
45.1
50.0
58.4
63.8
71.3
78.0
80.6

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
79.7

21.3
25.1
26.4
29.7
30.0
31.9
34.3
39.3
42.0
45.2
46.3
49.7
60.4
65.6
70.3
79.3
78.3

21.3
24.2
25.8
30.0
30.0
32.7
35.6
39.3
42.6
45.6
46.7
50.1
60.3
66.6
72.8
78.7
79.8

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
74.9

23.6
24.2
27.1
29.7
30.9
32.7
36.5
39.3
43.1
46.3
47.3
53.0
61.3
67.4
71.7
81.3
79.1

23.2
24.2
27.3
28.7
30.9
33.6
36.5
39.3
43.3
44.5
47.6
54.1
60.5
68.7
72.7
81.5
79.1

23.8
24.2
28.0
28.4
31.3
34.9
36.5
39.7
42.6
45.1
48.0
55.3
60.8
69.5
74.2
81.1
79.4

23.2
23.8
29.0
29.0
30.9
34.9
36.9
39.6
43.5
45.6
48.0
56.0
60.9
70.1
75.9
80.5
79.7

20.3
22.8
24.7
29.3
29.3
31.5
34.8
37.7
39.7
44.2
45.6
49.2
57.1
62.8
71.1
75.4
81.4

21.5
23.9
26.0
29.9
30.0
31.6
34.8
38.5
41.8
45.0
45.5
49.9
59.3
64.7
71.3
78.4
79.5

23.0
24.4
26.7
29.8
30.5
32.8
36.0
39.2
42.6
45.9
46.9
51.7
60.7
66.9
72.5
79.9
77.9

23.4
24.1
28.1
28.7
31.0
34.5
36.6
39.5
43.1
45.1
47.9
55.1
60.7
69.4
74.3
81.0
79.4

22.1
23.8
26.4
29.4
30.2
32.6
35.6
38.8
41.8
45.1
46.5
51.5
59.5
66.0
72.3
78.7
79.6

1965...
1966...
1967. ..
1968. . .
1969. . .
1970...
1971...
1972. ..
1973. . .
1974. ..
1975. ..
1976.. .
1977. ..
1978. ..
1979. ..
1980...
1981...

79.4
88.8
97.8
102.4
112.8
116.9
115.9
121.3
122.7
145.7
128.3
130.7
151.3
143.8
152.8
168.9

80.3
88.5
99.4
102.5
109.5
118.3
116.1
119.5
121.7
140.6
130.2
137.2
149.7
146.1
160.0
176.1

79.3
90.7
97.8
102.5
112.8
117.8
117.4
119.7
122.7
142.8
124.9
138.2
151.0
145.9
156.0
174.6

80.5
88.8
99.7
104.3
113.5
116.8
114.0
118.3
130.8
146.6
126.8
139.1
142.5
143.5
156.7
176.1

83.2
92.1
100.5
105.7
111.4
115.0
114.6
120.4
132.5
142.6
118.8
143.8
147.1
143.8
151.9
162.3

84.0
92.5
100.0
105.5
114.5
115.1
114.3
119.9
135.2
144.4
125.1
141.4
139.8
145.3
145.1
167.4

84.6
93.4
100.1
106.3
115.0
118.3
113.8
117.5
138.8
142.1
127.5
143.7
141.1
144.4
150.4
165.2

83.5
95.8
100.5
106.0
113.2
115.2
117.5
123.6
139.2
139.8
126.3
141.1
142.8
143.7
150.1
141.5

84.6
96.1
100.0
109.1
107.0
118.8
118.1
117.3
137.3
142.3
126.1
146.7
144.5
146.2
159.4
160.8

85.0
94.9
101.1
109.9
102.2
116.0
116.2
128.3
141.5
135.5
129.2
145.1
140.9
154.3
166.8
163.2

87.2
95.4
101.8
106.0
99.9
117.5
119.7
127.3
141.1
128.2
130.6
150.4
142.0
154.7
167.3
169.5

86.8
97.5
101.6
110.7
104.2
117.9
124.0
129.9
141.8
126.3
129.1
155.1
137.9
151.9
164.7
159.4

79.7
89.3
98.3
102.5
111.7
117.7
116.5
120.2
122.4
143.0
127.8
135.4
150.7
145.3
156.3
173.2

82.6
91.1
100.1
105.2
113.1
115.6
114.3
119.5
132.8
144.5
123.6
141.4
143.1
144.2
151.2
168.6

84.2
95.1
100.2
107.1
111.7
117.4
116.5
119.5
138.4
141.4
126.6
143.8
142.8
144.8
153.3
155.8

86.3
95.9
101.5
108.9
102.1
117.1
120.0
128.5
141.5
130.0
129.6
150.2
140.3
153.6
166.3
164.0

83.2
92.9
100.0
105.9
109.7
117.0
116.8
121.9
133.8
139.7
126.9
142.7
144.2
147.0
156.8
165.4

6.8
8.0
ll!4
13.1
14.7
18.1
18.2
21.3
27.1
29.3
29.6
37.0
45.0
53.7
54.7
65.6
73.9

6.8
8.2
11'.8
13.8
14.3
18.2
18.4
21.7
27.4
29.3
29.4
37.7
46.0
54.4
55.0
66.6
73.1

7.1
8.6
11 ".8
14.0
14.3
18.5
18.7
22.1
27.6
28.9
30.2
39.0
46.4
54.9
54.7
67.1
74.9

5.3

5.9

6.6

6.9

6.2

8.4
12.1
13.8
15.3
18.6
19.5
23.0
27.9
28.8
31.4
40.4
48.2
55.6
57.2
68.7

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
70.5

10." 3
13.6
14.9
17.4
17.9
20.8
26.0
29.9
28.8
35.5
43.7
52.4
55.2
63.2
72.6

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
74.0

9.9
13.2
14.3
16.9
18.3
20.4
25.2
29.2
28.8
34.6
43.0
51.3
55.4
61.8
71.4

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
206.9
225.0
235.7

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
207.6
228.1
232.6

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
228.4
236.4

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
197.6
212.4
235.6

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
236.1

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
204.0
221.2
231.1

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
208.2
227.2
234.9

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
202.8
219.4
234.4

728.

JAPAN—INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

AVERAGE FOR PERIOD

1948. ..

5.0

5.3

5.5

5.6

5.9

6.1

6.4

6.5

1949. . .
1950. ..
1951...
1952. . .
1953. ..
1954. ..
1955. ..
1956...
1957. ..
1958...
1959.. ,
1960. ..
1961...
1962. ..
1963. ..
1964. ..

8.3
12.1
14.1
14.6
18.5
19.2
23.0
27.4
28.8
30.6
39.0
47.4
55.9
55.9
67.8

8.5
11.7
14.0
15.0
18.2
19.5
23.3
28.1
28.8
31.6
40.8
47.9
55.5
57.4
69.3

8.3
12.6
13.4
16.2
19.0
19.7
22.8
28.1
28.8
32.1
41.3
49.4
55.4
58.2
68.9

9.0
13.1
13.8
16.4
18.7
19.7
23.6
29.1
28.6
32.4
41.8
49.1
55.9
59.8
69.4

9.3
13.4
14.0
16.5
18.2
19.7
24.3
30.6
27.9
33.6
42.0
50.4
56.4
60.5
70.4

9.6
13.5
14.0
16.8
18.2
19.7
25.0
30.4
27.8
34.4
42.5
51.1
55.5
60.2
71.6

9'.9
13.7
14.6
17.0
18.1
20.3
25.5
30.6
28.6
34.9
43.0
51.9
54.7
62.3
71.9

KK3
13.5
14.7
17.5
17.6
20.8
26.0
29.6
28.8
35.4
43.6
52.7
55.9
63.6
71.9

6.8
7.9
10 .8
13.5
15.5
17.6
18.1
21.2
26.4
29.6
28.9
36.2
44.5
52.6
55.0
63.8
73.9

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
196.2
210.7
230.7

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
197.2
213.4
241.0

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
235.0

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
200.5
214.4
238.2

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
235.7

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
234.4

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
234.5

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
225.3

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
206.0
220.5
233.4

1965...
1966. ..
1967. ..
1968...
1969...
1970. . .
1971...
1972. ..
1973. ..
1974...
1975. ..
1976. ..
1977...
1978. ..
1979. ..
1980...
1981. ..

NOTE: Unless otherwise noted, these series contain revisions beginning with 1955.
'This series contains revisions beginning with 1956.




102

(DECEMBER 1981)

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.
602.

1948. ..
1949...
1950.. .
1951...
1952...
1953. ..
1954. ..
1955. ..
1956. ..
1957. ..
1958...
1959. ..
1960...
1961...
1962...
1963...
1964...

1,110
1,190
795
970
1,250
1,041
962
1,168
1,289
1,653
1,423
1,314
1,534
1,622
1,667
987
2,052

1965.. .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975. ..
1976. ..
1977...
1978. ..
1979...
1980...
1981. ..

1,228
2,298
2,639
2,814
2,161
3,406
3,601
4,074
4,955
7,150
9,497
9,108
9,666
9,863
13,265
17,419

! f102

Apr.

T f 023

554
1 r708
1, 819
2, 143
2, 076

786
1 f 256
1 ,138
If 024
1 f 196
1 ,113
If 394
1 f 739
1 ,364
If 305
1 f 627
If 637
1,804
1 f 927
2, 081

623
2, 353
2, 582
2, 775
2, 266
3, 546
3, 694
3, 824
5, 070
7, 549
8, 804
fi,932
9, 898
9, 938
13, 616
16, 984

2,739
2,530
2,524
2,439
3,188
3,375
3,790
3,868
5,311
7,625
8,715
9,026
10,164
11,143
14,298
18,265

2, 406
2, 316
2, 608
2, 855
3, 318
3, 410
3 ,631
3, 820
5, 494
8, 108
8, 713
9, 377
9, 940
11 , 628
13, 979
18, 567

077.
792
If 022
1 ,236
971
1 f 047
1 , 198
290
1 f 577
If 3 7.2
If 256
1 f

If

June

July

1 f 085

062
i, 046
772
1 1 133
i, 129
if 008
if 087
i, 13?
i f 413
if 560
i 379
i, 320
if 644
1 1 578
i f 764
i, 899
2, 076

989
078
831
132
063
998
091
170
442
674
337
357
643
621
877
837
080

1,069
976
821
1,234
970
1,011
1,076
1,223
1,412
1,617
1,361
1,397
1,711
1,698
1,750
1,839
2,118

2 235
2 484
2 582
2 870
3/17 9
3 727
3 672
3 971
5 728
8 317
8 754
9 734
10 091
12 264
14 819
18 440

2,300
2,469
2,601
2,858
3,182
3,704
3,573
4,074
5,865
8,307
8,884
9,989
10,372
11,656
15,692
18,267

if

2
2,
2
2
3
3
3
3
5
7
8
9
10
11
14
17

299
416
549
740
268
661
746
882
561
652
241
570
529
776
084
647

1
If

1
1
1
1
1
1
1
1
1
1
1
2

Sept.

Aug.

977
813
233
1 012
1 026
067
1 215
454
1 617
365
1 432
1 660
695
1 709
1 912
2 095

x

x
x
x,
x

15
19

Dec.

1Q

IIQ

055
906
893
i 101
i, 004
951
i 111
260
509
1 546
If 349
1 328
1 685
809
1 542
1 943
2 150

x 188

3
3
2
3
3
3
2
3
3
5
4
3

3, 074
3, 209
2, 389
3, 521
3 ,330
3, 030
3, 374
3, 415
4, 249
4, 973
4, 080
3, 982
4, 914
4, 836
5, 445
5 663
6, 237

III Q

IV Q

329
460
566
950
366
591
666
196
042
379
038
826
683
286
717
086

950
908
889
,233
1 ,028
1 ,154
1,056
1,235
,586
1 ,605
,354
1 ,528
1 ,661
1 ,669
1 ,898
1 ,964
2 ,237

x
x
x

2 ,291
2 ,502
2 ,597
3 ,211
3 ,341
3 ,553
4 ,487
4 ,176
6 ,420
8 ,399
9 ,116
9 ,839
11 ,039
13 ,275
15 ,825
18 ,828

if

x,
x
x

2
2
2
2
3
3
2
4
6
8
9
9
9
12
16
19

349
616
415
631
342
688
669
316
585
673
241
770
357
901
682
214

855
868
940
i, 273
if 026
if 035
if 147
if 215
360
1 534
401
1, 376
1, 673
1,738
1,717
1, 946
2, 183

x,
x,

2
2
2
2
3
3
3
4
6
8
9
9
9
13
16

18

378
491
671
972
398
499
196
473
879
973
421
602
478
448
929
715

858
915
1 309
1,016
1 073
1 130
If 226

1 8 3^6
1 493
339

x 493
1,
1 631
1
1
2
2

700
811
059
394

2
2
2
2
3
3
3
4
6
8
g
10
10
13
16
19

362
467
677
977
280
569
881
558
949
862
272
448
999
282
742
251

4
5
5
5
6

261
357
359
072
767
013
871
525
927
111
130
896
629
085
150
084
195

5 590
7 181
7 745
8 028
7 615
10 327
11 ,085
11 766
15 ,336
22 ,324
27 ,016
27 ,066
29 ,728
30 ,944
41 ,179
52 ,668

604 . EXPORTS OF AGRICULTURAL PRODUCTS
(MILLIONS OF DOLLARS)

6
7
7
8
9
10
11
11
16
24
25
28
30
35
42
54

940
216
739
465
765
798
049
673
783
077
708
681
560
668
882
654

3,144
2,861
2,523
3,700
3,010
3,191
3,199
3,673
4,452
4,839
4,080
4,357
5,032
5,062
5,357
5,715
6,450

3,098
2,632
2,748
3,683
3 ,046
3,059
3,388
3,701
4,705
4,573
4,089
4,197
4,989
5,247
5,070
5,948
6,727

12,653
12,051
9,993
13,968
13,203
12,262
12,854
14,291
17,333
19,495
16,367
16,407
19,626
20,190
20,973
22,427
25,690

6,920
7,431
7,764
9,019
9,889
10,848
11,726
12,446
18,327
25,085
27,038
29,654
31,094
37,217
47,234
56,181

7,089
7,574
7,763
8,580
10,020
10,756
9,746
13,347
20,413
26,508
27,934
29,820
29,834
39,631
50,353
57,180

26,691
29,379
30,934
34,063
37,332
42,659
43,549
49,199
70,823
97,908
107,589
115,150
121,150
143,578
181,651
220,626

TOTAL FOR PERIOD
3 ,473
3 578
2 873
4 ,040
3 431
2,848
3 ,054
3,198
4 ,170
4,506
3,855
3,955
4 ,832
5,024
5,034
5,584
6 ,348

1948. . .
1950. . .
1951. . .
1953. . .
1955...
1956
1957...
1958...
1959. . .
1960...
1961. . .
1962. . .
1964. . .
1965...
1966. ..
1967...
1968...
1969...
1970...
1971...
1972...
1973. ..
1974. ..
1975. ..
1976. ..
1977. ..
1978. ..
1979. ..
1980. ..
1981. ..

Annual

TOTAL FOR PERIOD

x 125

2
2
2
2
3
3
3
4
6
8
9
9
9
12

Oct. jNov.

TOTAL

EXPORTS, EXCLUDING MILITARY AID SHIPMENTS
(MILLIONS OF DOLLARS)

1,049
1,095
772
1,080
1,281
1,001
862
1,159
1,348
1,881
1,385
1,326
1,541
1,755
1,664
1,954
2,067

If

May

228
547
569
579
186
541
680
766
1,111
1,774
2,369
1,917
1,762
1,818
2,531
3,442

349
554
542
573
246
569
633
703
1, 142
1, 829
If 830
If 630
2, 004
2 058
2, 444
3, 484

662
594
526
518
490
533
658
606
1,268
1,869
1,703
1,668
2,112
2,363
2,609
3,325

1
1
1
1
2
2
2
3

550
550
526
528
609
565
636
628
251
978
723
892
142
428
540
329

1
1
1
1
2
2
2
3

538
552
542
491
576
566
623
722
412
882
575
950
360
861
597
326

550
572
539
475
526
612
624
771
1 ,442
1 ,806
1 480
1 948
2 ,077
2 ,904
2 ,828
3 ,085

595
531
512
503
541
614
632
754
1,370
1,842
1,735
2,039
1,976
2,392
2,954
3,286

500
624
513
544
494
610
636
796
1 ,731
1 ,698
1 ,872
2 ,058
1 ,801
2 ,774
3 ,019
3 ,557

606 . EXPORTS OF NONELECTRICAL MACHINER
MILLIONS OF DOLLARS)

515
601
523
509
518
639
866
837
1 ,726
1 ,654
1 ,932
2 ,160
2 ,064
2 ,512
3 ,032
3 ,596

562
595
507
441
612
694
447
882
1 ,706
1 ,691
2 ,060
2 ,231
1 ,654
2 ,596
3 ,309
3 ,485

541
580
560
516
565
628
546
927
1 769
1 978
1 821
1 750
1 ,755
2 ,533
3 459
3 464

591
580
522
569
551
689
768
1 007
1 ,785
1 ,922
1 776
1 860
2 ,111
2 ,555
3 ,311
3 ,838

1 ,239
1 ,695
1 ,637
1 ,670
922
1 ,643
1 ,971
2 ,075
3 ,521
5 ,472
5 ,902
5 ,215
5 ,878
6 ,239
7 ,584
10 ,251

1 638
1 674
1 607
1 494
1 711
1 743
1 883
2 121
4 105
5 666
4 778
5 790
6 ,579
8 193
7 965
9 740

1,610
1,756
1,548
1,556
1,553
1,863
2,134
2,387
4,827
5,194
5,539
6,257
5,841
7,678
9,005
10,439

1,694
1,755
1,589
1,526
1,728
2,011
1,761
2,816
5,260
5,591
5,657
5,841
5,520
7,684
10,079
10,787

6,229
6,874
6,380
6,227
5,936
7,247
7,698
9,407
17,681
21,999
21,886
22,998
23,671
29,384
34,755
41,256

.1

TOTAL FOR PERIOD

1950
1952. . .
1953...
1954...
1955...
1956...
1957...
1958. . .
1959...
1960. . .
1961
1962...
1963. . .
1964 . .
1965...
1966...
1967...
1968. ..
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976. ..
1977...
1978. ..
1979...
1980...
1981...

230
435
521
523
408
628
732
775
880
1,155
1,672
1,780
1,831
2,084
2,682
3,297

1

I
1

1
2
2
3

322
439
502
530
437
678
691
780
911
197
632
817
892
187
832
454

480
470
490
438
622
647
724
773
925
1,270
1,626
1,806
1,859
2,450
2,917
3,423

1
1
1
1
2
2
3

456
433
494
539
647
651
720
757
926
288
760
818
808
415
706
571

432
448
508
519
622
680
680
767
975
1 ,338
1 ,770
1 ,836
1 ,835
2 ,472
2 ,859
3 ,620

435
468
498
515
594
718
700
783
997
1 ,339
1 ,772
1 ,871
1 ,868
2 ,427
3 ,034
3 ,943

426
484
485
526
608
755
686
776
1,028
1,398
1,770
1,952
1,862
2,451
3,022
3,985

433
457
476
557
652
706
663
814
1 ,041
1 ,509
1 ,752
1 ,675
1 ,732
2 ,528
3 ,241
4 ,230

NOTE: Unless otherwise noted, these series contain revisions beginning with 1979.
This series contains no revisions but is reprinted for the convenience of the user.

]




414
473
497
573
616
718
871
818
1 ,090
1 ,481
1 ,750
1 ,883
2 ,133
2 ,815
3 ,153
4 ,027

472
491
458
512
678
785
582
781
1 ,115
1 ,552
1 ,814
1 ,821
1 ,556
2 ,625
3 ,251
4 ,117

450
475
510
586
657
701
672
862
1 ,107
1 ,624
1 ,770
1 ,814
1 ,791
2 ,718
3 ,172
3 ,968

463
486
520
518
630
720
783
860
1 ,111
1 ,523
1 ,843
1 ,983
2 ,056
2 ,824
3 ,240
3 ,819

1 ,032
1 ,344
1 ,513
1 ,491
1 ,467
1 ,953
2 ,147
2 ,328
2 ,716
3 ,622
4 ,930
5 ,403
5 ,582
6 ,721
8 ,431
10 ,174

1 ,323
1 ,349
1 ,500
1 ,573
1 ,863
2 ,049
2 ,100
2 ,307
2 ,898
3 ,965
5 ,252
5 r 525
5 ,511
7 ,314
8 ,599
11 ,134

1,273
1,414
1,458
1,656
1,876
2,179
2,220
2,408
3,159
4,388
5,272
5,510
5,727
7,794
9,416
12,242

1,385
1,452
1,488
1,616
1,965
2,206
2,037
2,503
3,333
4,699
5,427
5,618
5,403
8,167
9,663
11,904

5,013
5,559
5,959
6,336
7,171
8,387
8,504
9,546
12,106
16,674
20,881
22,056
22,223
29,996
36,109
45,454

(DECEMBER 1981)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

612 . GENERAL IMPORTS, TOTAL
(MILLIONS OF DOLLARS)
1948. ..
1949...
1 9 5 0 . ..
1951...
1952...
1953...
1954...
1955. ..
1956...
1957. ..
1958...
1959...
1960...
1961.. .
1962. ..
1 9 6 3 . ..
1964...

526
587
592
939
856
904
855
886
1,045
1,057
1,053
i/ 166
1,247
1,154
1,320
1,089
1,421

589
567
606
927
881
902
852
897
1,063
1,056
1,022
1,202
1,353
1,154
1,325
1,510
1,462

582
548
577
997
904
923
762
907
1,034
1,118
1,051
1,220
1,291
1,164
1,339
1,485
1,518

510
534
606
1,005
870
998
945
902
1,019
1,100
1,051
1,218
1,353
1,158
1,368
1,412
1,525

590
548
636
986
839
931
848
939
1,040
1 , 060
1,066
If 330
1,278
lr 162
1 396
1 409
1 535

1965...
1 9 6 6 . ..
1967...
1968. ..
1969...
1970...
1971. ..
1972...
1973...
1974...
1975...
1976. ..
1977. ..
1978...
1979...
1 9 8 0 . ..
1981...

1,199

1,606
2,013
2,216
2,592
2,672
3,279
3,564
4,473
5,483
7,318
7,947
9,054
12,613
14,221
14,607
21,779

1,861
2,050
2,166
2,588
2,982
3,219
3,629
4,515
5,414
7,742
7,470
9,487
12,424
14,005
15,358
20,947

1,811
2,090

1
2
2
2
3
3
3

966
2, 317
2, 687
2 , 002
3, 222
3, 599
4, 436
5, 244
6,498
9,848
9,019
10, 444
13, 103
16, 528
21, 142
if

2, 198
2, 604
3, 183
3, 262
3, 774
4, 417
5, 360
8, 025
7, 986
9, 666
11, 798
14, 491
1 5 , 841
1 9 , 766

4
5
8
7

9
11
14
16
20

797
060
118
755
256
337
908
486
703
264
280
226
170
012
436
587

1
1
1
1
1
1
1
1
1

620
523
684
967
882
913
935
928
069
058
037
301
276
180
355
432
525

^ 848
2 102
2 184
2 792
3 152
3 265
4 037
4 468
775
8 577
7 120
10 190
13 334
13 970
16 829
20 353

610
515
787
940
846
899
847
953
1,063
1 111
1 023
1 227
1 268
1, 359
1 341
1 447
1 576
1
2
2
2
2
3
3
4
5
8
7
10
12
14
16
19

742
216
245
725
074
254
832
565
829
922
850
742
483
543
804
139

Sept.

Oct.

Nov.

Dec.

1Q

IIQ

626
487
821
885
897
910
851
952
1,065
i,099
1,046
1,289
1,245
if 243
if 347
1,507
1,585

596
565
955
838
915
968
818
992
I,132
1,074
1,083
1,411
1,210
1,266
if 479
lr 455
If 559

620
572
912
800
899
818
805
1,045
1 , 055
1 r 086
1 f 091
1 , 184
1, 197
1, 298
1, 316
1, 459
1, 550

555
603
876
845
904
873
821
1,045
969
lr 065
1,156
1,292
If 162
1,305
1,419
If 459
If 688

677
594
891
812
978
837
874
971
1,050
1,080
1,139
1,353
1,142
1,326
1, 380
i r 488
1, 655

697
1,702
1, 775
2, 863
2, 641
2, 729
2, 469
2 690
3, 142
3, 231
3, 126
3, 588
3, 891
3, 472
3, 984
4 084
4 401

1,720
1,605
926
2, 958
2, 591
2, 84?
2, 7?8
2, 769
3, 128
3, ?1R
3, 154
3, 849
3, 907
3, 500
4, 119
4, 253
4, 585

1,832
1,567
2,563
2,663
2,658
2,777
2,516
2,897
3,260
3,284
3,152
3,927
3,723
3,868
4,167
4,409
4,720

1,852
2 ,769
2,679
2,457
2,781
2,528
2,500
3,061
3,074
3,231
3,386
3,829
3,501
3,929
4,115
4,406
4,893

7, 124
6, 622
8, 852
10, 967
10, 717
10^ 873
10, 215
11, 384
12, 615
12, 982
12, 792
15, 207
15, 018
14, 714
16, 390
17, 138
18, 684

1, 858
2 288
2, 198
2, 951
3, 078
3, 423
4 179
4 612
5 644
8, 696
8 241
10 692
12 942
14 821
18 409
19 940

1, 885
2, 303
2, 254
2, 736
3, 192
3, 498
3, 469
4, 738
5, 996
8, 773
8, 191
10 584
12 587
14 852
19, 027
20, 347

If 941
2, 195
2 396
2 883
3, 180
3 428
3 456
5,148
6, 684
8 973
8, 227
10 645
12 407
14 818
18 546
19 860

1, 911
2, 196
2, 493
2, 908
3, 078
3, 402
4, 169
5, 002
6, 291
9, 257
8, 547
1 1 f 053
13, 474
1 5 , 028
19 612
21 436

4 666
6 029
6 699
7 867
7 656
9 720
10 792
13 424
16 141
21 558
25, 265
27 560
35 481
41 329
46 493
63 868

5, 456
6, ?5?
6, 500
8, 151
9, 591
9, 864
11, 719
1 3 , 371
1 6 , 838
24, 866
22, 386
29, 082
36, 302
42, 473
49,106
60, 706

5,425
6,641
6,588
8,548
9,315
10,023
11,924
13,903
17,483
26,885
23,981
31,934
37,526
43,494
53,490
58,792

5,737
6,694
7,143
8,527
9,450
10,328
11,094
14,888
18,971
27,003
24,965
32,282
38,468
44,698
57,185
61,643

21, 364
25, 542
26, 812
33, 226
36, 043
39, 952
45, 563
55, 583
69, 476
100, 251
96, 570
121, 009
147, 685
171, 978
206, 256
244, 871

III Q

Annual

TOTAL FOR PERIOD

1
2
2
2
3
3
3
4
6
9
7
10
12
14
18
19

825
137
145
872
163
346
913
726
010
267
890
500
101
130
277
713

If

If

[MPORTS OF PETROLEUM AND PETROLEUM PRODUCTS
(MILLIONS OF DOLLARS)

614.

IV Q

Aug.
1

TOTAL FOR PERIOD

1948. . .
1949. . .

1955
1956...
1957. . .
1958. . .
1960. .
1961.

1965...
1966...
1 9 6 7 . ..
1968. ..
1969. ..
1970.. .
1971. . .
1972. ..
1973...
1974...
1975...
1976...
1977. ..
1 9 7 8 . ..
1979...
1 9 8 0 . ..
1981...

162
162
185
192
208
226
219
332
462
1, 167
3, 080
2, 475
3, 217
3, 000
3, 580
5, 614

165
174
172
187
206
252
220
334
456
1,512
1,781
2,338
3,370
3,626
3,634
7,741

171
183
172
179
182
237
249
342
492
1,560
1,211
2,361
4,191
3,094
3,667
6,991

188
162
183
182
235
237
250
324
487
2 299
2, 387
2, 494
3, 611
3 162
3 832
5 185

166
179
206
180
215
203
270
331
550
2 117
1 746
2 118
3 192
3 038
4 ,000
7 ,191

209
187
167
194
203
229
276
346
588
2 ,063
1 , 354
2 ,563
3 ,734
3 ,229
4 ,199
6 ,611

150
191
162
?28
215
200
288
350
520
2 ,306
1 ,990
2 ,887
3 ,41.5
3 ,194
4 ,692
5 ,153

170
201
155
182
211
234
293
352
703
2 274
2 008
2 860
3 266
3 257
4 949
6 ,018

176
178
160
213
218
221
314
387
700
2 200
2 515
2 716
3 436
3 307
5 ,662
4 982

2
2
2
3
3
6
5

173
173
173
210
223
231
286
390
787
281
320
834
386
347
050
876

170
191
172
199
207
233
335
406
942
2 308
2 140
2 968
3 ,410
3 489
5 ,351
6 ,051

2
2
3
3
3
6
6

192
154
179
198
238
256
335
416
972
335
360
051
233
588
502
254

498
519
529
558
596
715
688
1 ,008
1 ,410
4 ,239
6 ,072
7 ,174
10 ,778
9 ,720
10 ,881
20 ,346

563
528
556
556
653
669
796
1 001
1 625
6 479
5 487
7 175
10 537
9 429
12 031
18 ,987

616. ]MPORTS DF AUTOMOBILES AND PARTS
(MILLIONS OF DOLLARS)

496
570
477
623
644
655
895
1,089
1,923
6,780
6,513
8,463
10,117
9,758
15,303
16,153

535
518
524
607
668
720
956
1,212
2,701
6,924
6,820
8,853
10,029
10,424
17,903
18,181

2 ,092
2 127
2 ,086
2 343
2 560
2 764
3 323
4 300
7 ,614
24 ,270
24 ,814
31 ,798
41 ,526
39 ,104
56 ,036
73 ,771

TOTAL FOR PERIOD

1955
1956
1957

1965...
1966...
1967...
1 9 6 8 . ..
1969...
1 9 7 0 . ..
1971...
1972...
1973...
1974. ..
1 9 7 5 . ..
1976...
1977...
1978...
1979...
1 9 8 0 . ..
1981...

31
106
176
299
293
417
482
589
780
862
742
1 085
1 083
1 529
963
1 899

a

54
114
161
273
315
404
541
662
731
877
654
1,041
1,248
1,661
1,706
2,035

61
125
169
229
325
404
561
680
753
797
823
1,117
1,299
1,581
1,589
1,960

89
108
159
260
399
457
533
647
725
898
776
1 ,221
1 ,266
1 ,715
1 ,956
1 ,710

54
113
184
329
392
388
529
680
814
901
731
976
1 ,183
1 ,659
1 ,851
1 ,999

59
123
197
292
383
428
576
636
821
841
782
1,169
I ,360
1,684
1,730
I ,843

64
.130
201
314
391
419
525
602
806
928
879
1 ,025
1 ,315
1 ,812
1 ,815
2 ,103

49
146
183
294
401
332
660
699
749
859
938
1 ,055
1 ,328
1 ,666
2 ,113
2 ,139

74
157
176
334
438
498
672
622
722
912
861
1 ,238
1.,428
1 ,822
1 ,849
2 ,270

84
139
206
346
443
446
549
681
858
809
888
871
1 ,426
1 ,87?
1 ,805
2 ,189

93
144
211
371
42.1
438
579
768
840
812
R73
1 ,128
1 ,465
1 ,87 5
1 ,984
2 ,314

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 1979.




104

95
213
231
365

4?R
426
642
694
631
814
1,013
1 ,221
1,479
1,822
1 ,871
1 ,897

146
345
506
801
933
1 ,225
1 ,584
1 ,931
2 ,264
2 ,536
2 ,219
3 ,243
3 ,630
4 ,771
5 ,258
5 ,894

202
344
540
881

1
1 ,273
1 ,638
1 ,963
2 ,360
2 ,640
2 ,289
3 ,366
3 ,809
5 ,058
5 ,537
5 ,552

187
433
560
942
1,230
1,249
1,857
1,923
2,277
2,699
2,678
3,318
4,071
5,300

5,in
6,512

272
496
648
1,082
1,292
1,310
1,770
2,143
2,329
2,435
2,774
3,220
4,370
5,569
5,660
6,400

807
1 ,618
2 ,254
3 ,706
4 ,629
5 ,057
6 ,849
7 ,960
9 ,230
10 ,310
9 ,960
13 ,147
15 ,880
20 ,698
22 ,232
24 ,358

(DECEMBER 1981)

G. Experimental Data and Analyses

(D«c.) (Nov.)
P
T

Year

and
quarter

Impl i c i t priced e f l a t o r , gross
nonfarm business
product 1
(Index: 1977=100)

Unit labor c o s t ,
a l l persons, nonfarm
business s e c t o r 1

NT I I I

(Nov.)
P

(M«r.)
T

(Jan.) (July)
P T

p ^ ; | ; i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 nTTTT
Components of BCD series 26—

TTT Ratio scale

y
GD

(Index: 1977=100)

1979

150
140
130
120
110

115.4
118.7
121.5
124.4

112.6
115.1
117.4
119.7

I Q....
I I Q...
I l l Q..
IV Q . . .

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977 = 100)

100

90
150

1980

140

1981
139.1
141.9
p!45.7

135.3
137.5
pi 41.1

I Q....
I I Q...
I l l Q..
IV Q . . .

130

127.4
131.8
133.6
136.8

122.9
126.3
128.8
131.9

I Q....
I I Q...
I l l Q..
IV Q . . .

120
110

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977 = 100)

100

90
80
70

Inventory-sales r a t i o s i n 1972 d o l l a r s
Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Retail

2

trade

Inventory-sales ratios in 1972 dollars (ratio)Manufacturmg

Arithmetic
scale
2.2

(Ratio)
2.1

1980
Jan
Feb..
Mar..
Apr..
May..
June.

1.91
1.92
1.99
2.07
2.11
2.10

1.36
1.37
1.39
1.42
1.44
1.42

1.37
1.39
1.43
1.47
1.48
1.46

July.
Aug..
Sept.
Oct..
Nov..
Dec..

2.06
2.07
1.98
1.94
1.95
1.95

1.41
1.45
1.41
1.39
1.40
1.36

1.44
1.43
1.43
1.45
1.42
1.41

2.0

1.9

1.8
1.7
1.5
1.4

1981
Jan
Feb..
Mar..
Apr..
May..
June.

1.97
1.96
1.96
1.96
1.98
1.93

July.
Aug..
Sept.
Oct..
Nov..
Dec..

1.97
1.99

1.38
.43

1.45
1.42

r2.01
p2.09
(NA)

rl.42
pi.47

rl.42
Dl.49

(NA)

(NA)

.33

1.32
1.35
1.36
1.38
1.41

1.38
1.36
1.36
1.39
1.40
1.41

1.3
1.2
1.5
1.4

1.3

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981
NOTE: The "r" indicates revised; " p " , preliminary; and "NA", not available.
'Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s .
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed2 (arm. rate, bil. dol.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars) . ,
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(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)
Ratio, consumer installment credit to
personal income (percent)
Composite index of 6 lagging indicators 3
(index: 1967=100)

95.
930.

Aug.
1981

Sept.
1981

Net contribution to index
Oct.
1981

Nov.
1981

Aug.
to
Sept.
1981

Sept.
to
Oct.
1981

Oct.
to
Nov.
1981

40.0

39.3

r39.5

p39.3

-0.64

0.19

-0.20

1.4

1.7

r2.2

P2.3

-0.33

-0.54

-0.12

34.16

33.98

r31.71

P30.51

-0.03

-0.39

-0.24

48

43

38

32

-0.19

-0.19

-0.25

ell0.5

NA

NA

NA

NA

NA

NA

13.92

13.68

rl2.39

pl3.51

-0.04

-0.25

0.24

69.9

68.7

58.3

58.4

-0.06

-0.52

0.01

rll.01

r8.78

p6.30

-0.15

-0.17

r0.21

0.04

r0.04

-0.20

-0.08

0.0

129.63

118.27

119.80

122.92

-0.61

0.09

r0.89

r0.94

re0.92

e0.84

0.17

-0.07

-0.31

807.4

r802.4

r805.0

p812.0

-0.26

0.14

0.40

rl33.1

rl30.3

rl28.2

p.127.8

-2.10

-1.61

-0.31

91,901

r92,033

r91,798

p91,561

0.11

-0.20

-0.26

rl/075.6

rl,075.4

rl,073.9

pi,073.9

-0.01

-0.07

0.0

153.6

rl51.7

rl49.6

p.146.5

-0.34

-0.38

-0.74

r l 5 6 ,178

rl56,182

pl51,852

NA

0.00

-0.61

142.6

142.0

rl40.0

pl38.4

-0.42

-1.41

-1.14

14.5

13.7

13.7

13.2

0.35

0.0

0.35

r267.05

r268.53

P270.01

NA

0.26

0.26

210.8

r214.0

r216.1

P220.5

0.47

0.31

0.95

20.50

20.08

18.45

16.84

-0.82

-3.17

-4.70

185,729

rl88,395

rl90,087

pl91,075

0.31

0.20

0.17

13.21

13.23

pl3.20

0.07

-0.10

193.5

rl94.4

rl89.3

0.47

-2.62

NA

NA
pl83.0

NA
-0.12
0.19

NA

NA

NA
-3.33

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change 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 series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
3
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; f o r the lagging index, -0.170.
2




106

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
TTTTT p ^ F I I | TT T II I I || II II IIII II | I I M I | II I I I | I

Actual
data

MONTHS
FROM
REF.
TROUGH

21. Average weekly overtime hours,
production workers, manufacturing

CURRENT MONTH
AND
ACTUAL
DATA YEAR

.MM|..M.

Devi-

21. Average weekly overtime hours,

from

Actual
data
for

specific
troughs

current
cycle

production workers, manufacturing
SERIES 21
HOURS

4-0

1975
3-5

5
6
7
8

3.0
3.0
2.8
2.8

12/80
1/81
2/81
3/81

9
10
11
12

2.9
3.2
3.0
3.0

4/81
5/81
6/81
7/81

13
14
15
16

3.0
2.7
2.7
2.5

8/81
9/81
10/81
11/81

MONTHS D E V I FROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
TROUGH
7/80
DATA YEAR
SERIES
21
IIOURS

3-0

2.5

2.0

1.5

4

0.5

3.0

11/80

5
6
7
8

0.5
0.5
0.3
0.3

3.0
3.0
2.8
2.8

12/80
1/81
2/81
3/81

9
10
11
12

0.4
0.7
0.5
0.5

2.9
3.2
3.0
3.0

4/81
5/81
6/81
7/81

13
14
15
16

0.5
0.2
0.2
0.

3.0
2.7
2.7
2.5

8/81
9/81
10/81
11/81

MONTHS
FROM
REF.
TROUGH

91. Average duration of unemployment
(inverted)

CURRENT MONTH
AND
ACTUAL
DATA YEAR
SERIES 91
WEEKS

Actual

8

10

5
6
7
8

13.5
14.4
14.4
14.0

12/80
1/81
2/81
3/81

9
10
11
12

13.7
13.2
14.2
13.9

4/81
5/81
6/81
7/81

13
14
15
16

14.5
13.7
13.7
13.2

8/81
9/81
10/81
11/81

MONTHS D E V I FROM ATIONS CURRENT MONTH
AND
SPEC.
FROM ACTUAL
TROUGH
2/81
DATA YEAR
SERIES 9 1
WEEKS
0. T
-0.
-1.
-0.2

16

. M M I M M ,

-12

-6

, , , , , 1 , , , , , ! , , , , , I , n

0

+6

+12

Actual
-

4/

H

3/81
4/81
5/81
6/81

5
6
7
8

-0.5
0.1
-0.7
-0.7

13.9 7/81
14.5 8/81
13.7 9/81
13.7 10/81

9

-1.2

13.2

11/81

+18 +24

I A

v

A V*

5/75

V

h\

14
• 3.8

-

1.2
• 3.6

1-0

-

• 3.4

AWfw

m
WI
Ml
tl
tl

• 3.2

0.6

-

• 3.0

1:

1 1 1

I

7 80

Median

• 2.8

0-2

-

• 2.6

1

T
w

0-4

-

/

1/

h " •i

\Jm

nn

•

1

91. Average duration of unemployment
(inverted)

n
A
\

0-8

-

1

| Lg,Lg,Lg|

Actual

m
-6

• 9
10/58

-5

\

f\. ,

• 10
-4

• 11

\ l

Mii«'J||L

J?

ll
\ \

J
N

T n

•12

1

fJ
i/i

Median V ^ i

-3

N IT

B

2/81
14. 0
13.7
13.2
14.2

Months from reference troughs

NOTE:

IB

-2

• 13
-

ifiOWr mi

-1

• 14
0

(J
I.MMLII!
-6

0

+6

1
+12

I.....I..
+18 +24

Months from specific troughs

For an explanation of these charts, see "How to Read Charts on p. 106 of the July 1981 issue.




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued

T

T

T

Deviations
from

51. Personal income, less transfer payments,
in 1972 dollars

reference
peaks

Actual
data
for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
1/80
DATA YEAR

b
6
7
8
Percent

+10
• 1150

• 1125

+5

ii 1111 |niri|Tiiri|Tiiii|Tiiii|iiiii|i
iTuriiTiiri

51. Personal income, less transfer
payments, in 1972 dollars

SERIES 5 1
ANN. RATE
B I L . DOL.
-0.3 1053.7 12/80
0.1 1057.8
1/81
0.5 1062.0
2/81
O.7 1063.5
3/81

9
10
11
12

0.9
1.0
1.2
1.1

10b5.7
1U67.3
1069.0
1068.0

4/81
5/81
6/81
7/81

13
14
15
16

1.8
1.8
1.6
1.6

1075.6
1075.4
1073.9
1073.9

8/81
9/81
10/81
11/81

Deviations
from
specific
troughs

0

for
current
cycle

Percent

+ 12

• 1150

+ 10

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
7/80
DATA YEAR

M1OO

Actual
data

• 1125

SERIES 5 1
ANN. RATE
B I L . DOL.
0. T 1033.8
7/80

+8
• 1100

• 1075

1
2
3
4

0.2
0.3
1.1
1.7

1036.2
1036.9
1045.5
1051.6

8/80
9/80
10/80
11/80

5
6
7
8

1.9
2.3
2.7
2.9

1053.7
1057.8
1062.0
1063.5

12/80
1/81
2/81
3/81

9
10
11
12

3.1
3.2
3.4
3. 3

1065.7
10b7.3
10b9.0
1068.U

4/81
5/81
b/al
7/81

13
14
15
16

4.0
4.0
3.9
3.9

1075.6
1075.4
1073.9
1073.9

8/81
9/81
10/81
11/81

+6

• 1050

M025

• 1000

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

Actual
data

MONTHS
FROM
REF.
TROUGH

SERIES 77
RATIO

180
4

1. 68

11/80

1-75

5
6
7
8

1.67
1.66
1.65
1.65

12/80
1/81
2/81
3/81

1-70

9
10
11
12

1.67
I.b9
1.67
I.b9

4/bl
5/81
b/81
7/81

13
14
15

1.71
1.72
1.78

8/81
9/81
10/81

1.65

1.60

1-55

1.50

11111

-12

- 6

1111111111111111111111111

0 +6

+12

+18

+24

CURRENT MONTH
ACTUAL
AND
DATA YEAR

2
1

77
SERIES
F ATIO
1. 66
0.01
1. 65
0.

108

+2
1050

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

0

0. T

1. 65

3/81

1
2
3
4

0.02
0. 04
0.02
0.U4

1. 67
1. 69
1. 67
1. 69

4/81
5/81
6/81
7/81

5
6
7

0.0b
0.07
0.13

1. 71
1. 72
1. 78

a/81
9/81
10/81

1/81
2/81

For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1981 issue.




*1075

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
3/81

Months from reference troughs

NOTE:

+ 4

- I

-12

-6

0

+6

+12

+18

Months from specific troughs

+24

-0

©1.65

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
,M|.M..|...,.MMM|..M.|..M.|M...|M

930.

Composite index of 6 lagging indicators
Lg.Lg.Lg I

Deviations
from
reference
peaks

Actual
data
for
current
cycle

Percent

+ 10
• 190

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
1/80
DATA YEAR

T
930.

Composite index of 6 lagging
indicators

SERIES 930
1967=100
4

-1.6

175.6

11/80

5
6
7
8

7.1
6.0
4.3
1.5

191.0
189.1
18 6.1
181.0

12/80
1/81
2/81
3/81

9
10
11
12

0.4
6.2
7.0
8.1

17 9.1
189.4
190.9
192.8

4/81
5/81
6/81
7/81

13
14
15
16

8.5
9.0
6.1
2.6

19 3.5
194.4
189.3
18 3.0

8/81
9/81
10/81
11/81

Deviations
from
specific
troughs

Actual
data

for
current
cycle

Percent

+25
H95

+5
M80

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
DATA YEAR
8/80

+ 20

• 185

SERIES 9 3 0

1967=100
175.6
191.0

6
7
8

16.9
15.1
11.9
10.8

189.1
186.1
181.0
179.1

1/81
2/81
3/81
4/81

9
10
11
12

17.1
18.1
19.2
19.7

189.4
190.9
192.8
193.5

5/81
6/81
7/81
8/81

13
14
15

20.2
17.1
13.2

194.4
189.3
183.0

5

940.

160

8.6

I

+10

4/76

• 175

+5
M65

9/81
10/81
11/81

DEVIMONTHS
FROM ATIONS CURRENT MONTH
ACTUAL
AND
FROM
REF.
YEAR
DATA
TROUGH
1/80

Ratio, coincident index to lagging
index

11/80
12/80

18.1

3
4

• 170

1975

+ 15

940.

Ratio, coincident index to lagging
index

SERIES 940

1967=100

- I +10

+5
• 85

4

-2.1

80.2

11/8 0

5
6
7
8

-9.6
-8.3

-6.5
-3.9

74.0
7 5.1
76.6
78.7

12/80
1/81
2/81
3/81

9
10
11
12

-3.1
-8.3
-8.9
-9.6

79.4
7 5.1
74.6
74.0

4/81
5/81
6/81
7/81

+ 25

13
14
15
16

-10.0
-10.9
-9.6

8/81
9/81
10/81
11/81

+ 20

»80

-5

-20

I . M . . I . . M . . . . . . I . . .1.1. . . . . I . . . . . I .
-12
- 6
0 + 6 +12 +18 +24

+ 30
• 90

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
SPEC.
ACTUAL
AND
TROUGH
DATA
4/80
YEAR

-10

-15

— 7 .7

73.7
73.0
74.0
75.6

Percent

• 85

+ 15

SERIES 940
1967=100

• 70
7
8

12.0
3.4

80.2
74.0

11/80
12/80

9
10
11
12

4.9
7.0
9.9
10.9

75.1
76.6
78.7
79.4

1/81
2/81
3/81
4/81

13
14
15
16

4.9
4.2
3.4
2.9

75.1
74.6
74.0
73.7

5/81
6/81
7/81
8/81

17
18
19

2.0
3.4
5.6

73.0
74.0
75.6

9/81
10/81
11/81

Months from reference troughs

+ 10
•75

+5

.....1
-6

I
0

I.,M.1M...1M...I.
+ 6 +U +18 +24

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1981 issue.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

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

Current issue
(page numbers)

Series
number

2
604

16
56

61
92

Historical
Series
data
descriptions
issue date)
(*)

8/81
12/81

18
64

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

3/81
3/81
8/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80

34
34
31
48
48
48
43
49
48
48
48

55
616

22

65
92

4/81
12/81'

50
64

56

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, DI
Business failures, current liabilities
Business formation
Business incorporations
Business inventories—See Inventories.
Business loans-See Bank loans.
Business saving

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 hourly, 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

72
112

15,35
32

73
72

33
33

12/80
12/80

43
43

9/80

45
45

29
76
61
970
14
12
13

13 ,25
24
24
38
33
12 ,23
23

67
67
67
76
72
65
65

7/81
7/81
3/31
3/81
12/81
12/81
12/81

295

46

82

5/81

35
24
34
34
44
32
32

83
82
84

20
20
20

64
64
64

8/81
8/81
8/81

25
25
25

97
11
965

24
24
37

66
66
75

10/81
10/81
10/81

33
33
33

914
35
34

11
29
29

60
70
70

11/81
4/81
4/81

15
37
37

442
90
441
37

51
18
51
18,51

62
89
62,8

2/81
2/81
2/81
2/81

20
20
20
20

920
920c
951

72
112

10
39
36
11
23
15,35
32

74*'
60
66
73
72

11/81
11/81
12/80
11/81
3/81
12/80
12/80

15
15
32
43
43

87

11/80

56

345c
280

50
45

87
82

11/80
5/81

56
56

64

30,47

70,83

4/81

56

11/80

56

346

60

49

15

346c

50

11/80

56

340

49

87

11/81

15

340c

50

87

11/81

15

341

49

87

11/81

15

341c
348
349

50
50
50

87
88
88

11/81
8/81
8/81

15
62
62

53

19

63

6/81

22

Series titles
(See complete titles in "Tities and Sources of
Series," following this index)

Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. .
Expenditures, plus machinery and equipment sales . . .
Gross private domestic 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 dot.
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.

Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment . .
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices, components
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components .
New orders, manufacturing
Prices, 500 common stocks
Prices, selling, manufacturing
Prices, selling, retail trade
Prices, selling, wholesale trade
Profits, manufacturing
Profits, net, manufacturing and trade
Sales, net, manufacturing and trade
Workweek, mfg. production workers
Workweek, mfg. production workers, components .
Disposable personal income-See Income.

Current issue
(page numbers)

Series
number

Charts

920
920c
940

10
39
11

11/81
11/81
11/81

930
930c

10
39

11/81
11/81

15

914
915
913
917
916
910
910c

11
11
11
11
11
10
39

11/81
11/81
11/81
11/81
11/81
11/81
11/81

15
15
15
15
15
15

29

13,25
23
24

67
66
67

7/81
3/81
9/81

35
32
28

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

4/81
4/81
4/81
4/81
4/81
3/81

51
51
51
51
51
35

12,21
22

64
65

9/81
7/81

26
24

66
113
95
39

35
32
15,35
33

73
72
73
72

3/81
4/81
6/81
10/80

43
43
43
45

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95

3/81
3/81
3/81
3/81
8/80

59
59
59
59
31

20
10
116

12,23
23
34

9/81
9/81
11/80

32
32
46

112
110
72

32
32
15,35

12/80
10/81
12/80

43
44
43

66
113
95
39
33

35
32
15,35
33
32

3/81
4/81
6/81
10/80
7/81

43
43
43
45
42

12/81
5/81
10/81
3/81

64
53
26

10/80
10/80
3/81
10/81
12/80
10/80
9/81
5/80

45
28

966

12/80

24

962
975
952
950
964

1 i /80
10/80
12/80
12/80
9/81

18
48
15
15
26

971
968
976
978
977
960
972
973
961

10/80
12/80
10/80
10/80
10/80
8/81
10/80
10/80
9/81

48
36
48
49
48

525
564
548
517

39
32

33
12,21

970
965
951
974
963
967

38
37
36
38
36
37

NOTE: CI, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).

110




Tables

Ser-ies
Historical
data
descriptions
(issue date)
(*)

65

15
15*

34
33
15
48
15
36

48
48
1R

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
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, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 15 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 transactioi

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 dol., NIPA . . . .
Exports of goods and services, current dol., 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 dol., NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves

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

Current issue
(page numbers)

Series
number

Charts

2
441

16
51

61
89

17
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
36"

62
76
62
74
62
89
61
61
61
74
61
60
61

62
62
62
62
62,:
61
77
74

Historical
Series
data
lescriptions
(issue date)
(*)

8/81
2/81

18
20

8/81

15

3/81
8/81
10/80
8/81
9/81
2/81
2/81
11/80
3/81
7/80
11/80
8/81
11/81
8/81
2/81
2/81
2/81
2/81
2/81
8/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
8/81
9/81

15
48
15
15
20
20
19
19
18
18
18
15
15
20
?0

20
20
20
18
20
20
20
20
20
?.O
18
20
20
15
15*'

72

11/80

46

72
80
60

9/80
5/81
11/81

45
49
15

5/81
5/81

58
59

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83

8/81
8/81
8/81
12/81
12/81
5/81
4/81
8/81
12/81
8/81
12/81
12/81
5/81
5/81
8/81
12/81
5/81
4/81
4/81

65
65
65
64
64
54
54
65
64
65
64
64
54
54
65
64
54
54
54

33

72

9/80

45

94
213
917

33
40
11

311
311c

48
48

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

20

63

4/81

25

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

5/81
5/81
5/81
5/81
5/81
5/81
5/81

62
62
62
62
62
62
58

263
262
265
564
267
266
268
261
260

43
43
47
55
43
43
47
43
43

81
81
83
91
81
81
83
81
81

5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81

53
53
53
53
53
53
53
53
53

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
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest.-See Investment, capital.

Current issue
(page numbers)

Series
number

Tables

311
311c
68
50
50b
50c
200
200b
200c
107
49
310
310c
217

Series
Historical
esc ript ions
data
(issue date)
(*)

48
48
30

84
84
70

5/81
5/81
4/81

58
59
39

19

63,80

5/81
5/81
5/81
5/81
5/81
5/81
8/81
4/81
5/81
5/81
8/81

49
49
49
49
49
49
40
25
49
49

39
40
31
20
48
48
40

80
80
80
71
63
84
84

49

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 authorized by local bldg. permits ,
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

21
1

17
17

61
61

11/80
3/81

19
19

16
12,16

8/81
8/81

15
15

961

36*'

61
61
77
74

9/81

15*

28
29
89
249

25
13,25
25
47

67
67
67
83

3/81
7/81
4/81
4/81

35
35
51
51

310
310c

48
48

84
84

5/81
5/81

49
49

49

87

11/80

56

87
82
70,83

11/80
5/81
4/81

56
56
56

I
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,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income ..
Corporate profits with IVA 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,
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 .
Income on foreign investment in the U.S
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, percent
of national income
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, mfg., and construction
Incorporations, new businesses
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate

345c
280
64

50
45
30,47

346

49

11/80

56

346c
95
286
287
225
224

50
15,35
45
47
40
40

11/80
6/81
5/81
5/81
4/81
4/81

227

56
43
37
37
22
22
22

40

340

87
49
87

340c

50

341

49

341c
652
651
288
289
220
52
223
51
51c
108
282
283
284
285
348
349
53
13
23

73
82
83
80
80
80

87
50
57
57
45
47
45
19
40
14,19
39
31
45
47
45
47
50
50
19
23
28
37
24
22
20
20
14,20,58

966
47 c

37
39

5
962
45

16
36
18

87
93
93
82
83
82
63
63
63

71*
82
83
82
83
63
65
69
79
75
67
65
63
63
63,94
78
75

61
74
62

8/81
11/81
11/81
11/81
11/81
8/81
8/81
5/81
5/81
4/81
6/81 |
6/81
10/81
10/81
8/81
5/81
5/81
5/81 I
5/81
8/81
8/81
6/81
12/81
5/80

15
65
65
57
57
55
22
22
22
40*
56
57
57
62
62
22
32
36

5/80

36'

7/81
7/81
7/81
7/81
7/81

24
24
24
24
24

12/80
7/81

24*

7/80
11/80
2/81

18
18
18

NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).




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
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions—See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, total
Imports of petroleum and products
Income on foreign investments in U.S
Income on U.S. investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) . . . .
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol.
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Current issue
(page numbers)

Series
number

Historical
Series
data
descriptions
(issue date)
(*)

288
289

5/81
5/81

57
57

67
116
119
118
117
109
114
115

8/81
11/80
11/80
11/80
11/80
11/80
11/80
11/80

46
46
46
46
46
46
46
46

11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
3/81
3/81
11/80
11/80

68
68
68
68
69
69
69
69
68
68
59
59
68
68

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.

Series
number
Tables

61
970
20
10

24
38
12,23
23

3/81
3/81
9/81
9/81

34
34
32
32

652
651

57
57

8/81
8/81

65
65

30
15,30
30
29

4/81
6/81
7/80
12/81

39
39
39

930
930c
952
3

10
39
36
12,16

11/81
11/81
12/80
8/81

910
910c
950
14
104

10
39
36
33
13,31

11/81
15
11/81
12/80 I 15
12/81 , 44
10/81
40

Japan-See International comparisons.

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

12/81
12/81
12/81
12/81
12/81
12/81
7/81
12/81

66
66
66
66
66
66
24
66

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

7/81
7/81
7/81
7/81
7/81
6/79
7/81

70
70
70
70
70
36
70

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

8/81
8/81
8/81
12/81
12/81
8/81
12/81
8/81
12/81
12/81
8/81
12/81
8/81
8/81

65
65
65
64
64
65
64
65
64
64
65
64
65
65

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

4/81
4/81
4/81
9/81
9/81
10/81
11/81
10/81
10/81
9/81
10/80
9/81

51
51
51
28
28
28
15
28
28
28
48
28

26

68

9/81

28

24
24
37
11
23

66
66
75
60
66

10/81
10/81
10/81
11/81
3/81

33
33
33
15
32

24

67

9/81

28

243
242

42
42

81
81

4/81
4/81

51
51

86
248
88
89
249
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81

51
51
51
51
51
51
51
51

23

66

9/81

26

23

66

9/81

26

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59
59"
59"
59"
59
49
49,59

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.

112

15
18

M
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
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
Money supply
Liquid assets, change in total
Money supply Ml
Money supply Ml, percent changes
Money supply M2
„
Money supply M2, percent changes
Ratio, GNP to money supply M1
Ratio personal income to money supply M2
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields

913
78

26

68

12,21
20

11/81
9/81

15
28

9/81

28

9/81
8/81

26
25

11

11/81

104
105
85
106
102
107
108
33
118
117

73,31
31
31
13,31
31
31
31
32
34
34

10/81
8/81
8/81
8/81
8/81
8/81
8/81
7/81
11/80
11/80

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

40
40
40
40
40
40
40
42
46
46

N

97
11
965
914
9

National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant d o l . . .
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars . . . .
Contracts and orders, plant and equip., constant dol.
Contracts and orders, plant and equip., current dol. .
Defense products
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

Obligations incurred. Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
Per hour, private business sector
Per hour, private business sector, percent changes . . .
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing . .

9/81
9/81
9/81
9/81
9/81
10/81
9/81
9/81

26
26
26
32
32
26
26
26

964
971

9/81
10/80

26
48

88
87
86
248

4/81
4/81
4/81
4/81

51
51
51
51

517
721

3/81
12/81

66

4/81
6/81
10/81
12/81
12/81
8/81
8/81
8/81
8/81

25
39
61
61
61
25
25
25
15

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).




Series
Historical
data
descriptions
(issue date!
(*)

63
70
88
88
88
64
64
64
61

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

Series
Historical
data
escriptions
(issue date)
(*)

P
-'articipation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
3
ersonal consumption expenditures
Automobiles
Durable goods constant dollars
Durable goods, current dollars
Nondurable goods constant dollars
Nondurable goods, current dollars
Services constant dollars
. .
Services current dollars
Total, constant dollars
Total, current dollars
Total percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and 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
M3nuf3ctunnci 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 IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA 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 IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc..

453
452
451

51
51
51

89
89
89

2/81
2/81
2/81

20
20
20

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

4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81

50
50
50
50
50
50
50
50
50
50

292
293
614

46
46
56

82
83
92

5/81
5/81
8/80

58
58
64

61
970
20
10
90

24
38

67
76
66
66
62

3/81
3/81
9/81
9/81
2/81

34
34
32
32
20

3/81
3/81
3/81
3/81

59
59
59
59

12,23

23
18

320

49

320c

49,59

84,95
84,95

322

49
49

84
84

322c

311

84
84
84
84
69
79
75
70
69

5/81
5/81
5/81
5/81
5/80

58
59
49
49
36

5/80
12/81
4/81

36
60

37

69
75

3/81
12/80

36
36

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
12/81

59
59
50
60
60
60
60
60
60
60

525
109

38
38
38
53
35

76
76
76
90
73

10/80
10/80
10/80
12/81
11/80

48
49
48
64
46

88

25

67

4/81

51

358
370
370c
916

50
50
50
11

88
88
88
60

10/81
12/81
12/81
11/81

61
61
61
15

18
16

28
28

69
69

4/81
4/81

37
37

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

4/81
4/81
5/81
5/81
10/80
8/81
7/80
11/81
4/81

37
37
37
37
48

81
282
283

29
45
47

70
82
83

4/81
5/81
5/81

37
56
56

4

16

61

8/81

18

311c

310
310c

23
967
26
92
19
968
330
330c

334
334c

331
331c

332
332c

333
333c

26
976
978
977

48
48
48
48
28
37*
29

13,28
13,28

38*
15
37

Q
Quit rate, manufacturing
R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

284

45

82

5/81

57

285

47

83

5/81

57

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

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

Current issue
(page numbers)

Series
number

Charts

....

Tables

Series
Historical
descriptions
data
ssue date)
(*)

93
89
249

33
25
47

72
67
83

9/80
4/81
4/81

45
51
51

59
54

22
22

65
65

10/81
10/81

31
31

213

40

80

5/81

49

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

9/81
10/81
10/81
10/80
10/81
10/81
10/81

28
28
28
48
28
31
31

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

5/81
5/81
5/81
5/81
5/81

37
58
58
58
58

92

13,28

69

4/81

60

19
968
78

13,28
37
27

69
75
68

3/81
12/80
9/81

36
36
28

38

26

68

9/81

28

114
115

34
34

72
73

11/80
11/80

46
46

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

2/81
3/81
7/80
11/80
8/81

20
19
18
18
18

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
62,89
61

2/81
2/81
2/81
2/81
2/81
8/81

20
20
20
20
20
18

44
45
43

18
18
18

62
62
62

2/81
2/81
2/81

20
18
20

96
25

21
21

64
64

10/81
9/81

26
26

107
108
32

31
31
12,21

71
71
64

8/81
8/81
10/80

40
40
28

330
330c
334
334c
331
331c
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

6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
4/81
8/81

59
59
60
60
60
60
60
60
60
60
60
15

961

36"

11
74

9/81

15"

S
Salaries-See Compensation.
Sales
Final sales constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, 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, D1
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

T
Treasury bill rate
Treasury bond yields

U
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
Quit rate, manufacturing
Unemployment rates
15 weeks and over
Insured, average weekly
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.

V
Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance

W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
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
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl . . . .

NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).




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 sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)

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
(1160)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

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)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)

23. Index of spot market prices, raw industrial materials
(M).—Source 3 and Commodity Research Bureau, Inc.
(Used by permission. Beginning with June 1981, this
series may not be reproduced without written permission
from Commodity Research Bureau, Inc.)
(28,69,79)

48. Employee-hours
(M).-Source 3

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. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3
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)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)

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)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).—Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)

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 receiving
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

114




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)
52. Personal income, total, in 1972 dollars (M).-Source

1

(19,63)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles (Q).Source 1
(22,65)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars ( M ) . Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (QfM).—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
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources 1, 2, 3, and The Conference
Board
(17,61)

84. Rate of capacity utilization, materials (Q).-Source
4
(20,64)

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)

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)

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 credit (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

950.

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

95. Ratio, consumer installment credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)
96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board (24,66)
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)

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)

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
(28,69)
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)




952.

Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

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 spot market prices, raw industrials—
13 industrial materials (M).—Sources 1, 3, and
Commodity Research Bureau, Inc.
(35,75,79)
968.

Diffusion index of stock prices, 500 common stocks—
53-82 industries (M).-Standard & Poor'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 without written permission from the
source.)
(38,76)

973.

Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)

974.

Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)

975.

Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)

976.

Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

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 credit (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)

Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)

92. Chanie in sensitive crude materials prices (PPI of crude
materials less ajricultural products) (smoothed) ( M ) . Sources 1 and 3
(13,28,69)

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)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)

(34,72)

1-C. Diffusion Indexes

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)

Federal funds rate (M).-Source 4

85. Change in money supply Ml-B (M).-Source 4(31,71)

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

119.

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)

Il-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)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
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)

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)

Il-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)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).-Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment (M).—
Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities (M).—
Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

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)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)

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 (Q).-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)

116




(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)

370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

Il-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)

Il-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

Il-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)

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

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
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)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).-lnstituto 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)

743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
(59,96)

667. Balance on goods and services (Q).-Source 1(57,93)

669. Imports of goods and services, total (Q).—Source
1
(57,93)




726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)

(54,91)

564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)

725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)

742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(59,96)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)
561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)

723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(58,94)

651. Income on U.S. investments abroad (Q).—Source
1
(57,93)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

4

722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)

727. Italy, index of industrial production (M).—Instituto
Centrale di Statistica (Rome)
(58,94)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Instituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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