Full text of Business Conditions Digest : February 1979
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BUSINESS
CONDITIONS
DIGEST
FEBRUARY 1979
U.S. DEPARTMENT
OF COMMERCE
BUREAU OF
ECONOMIC ANALYSIS
U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division, Bureau of Economic Analysis.
Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. TunstaN—Collection and compilation of basic data.
Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series and sources at the
back of this report.
This publication is prepared under the general guidance of a technical committee under
the auspices of the Office of Federal Statistical Policy and Standards. The committee
consists of the following persons:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Board of Governors of the Federal Reserve System
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address
follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue .
;
i> ) OF j'M-.x
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
HowTo Locate a Series
Summary of Recent Data and Current Changes
1
1
1
1
4
5
5
6
FEBRUARY 1979
Data Through January
Volume 19, Number 2
l
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Chart
Table
A1
A2
A3
A4
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
10
12
14
15
60
—
—
—
B1
B2
B3
B4
B5
B6
B7
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit
16
19
21
23
26
28
31
61
63
64
65
68
69
71
36
—
39
74
77
_
•
C1
C2
C3
; j ' f - r - U S i O M INDEXES
;WO ,}ATE:$ OF CHAtVCiE
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has
been approved
by the Director of the Office of Management and Budget through September 1, 1980.
KCII
II.
IMPORTANT
MEASURES
NATIONAL INCOME
AND
j A2
L_A7_
;
A8
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
Table
40
41
42
43
44
45
46
47
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
PRICES WAGES,
AND PRODUCTIVITY
L ^B1
!
I B2 :
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
|ij|
D1 ]
[ J)2 i
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
E1 J
E2 \
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
JF2
F3
-I
Industrial Production
Consumer Prices
Stock Prices
58
59
59
III. APPENDIXES
A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 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: 1854 to 1975 (June 1978 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (October 1978 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
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
Changes in this issue are as follows:
revisions made by
1. New seasonal adjustment factors have been computed
for 16 series using the X-ll variant of the Census Method II
seasonal adjustment program. The new factors are shown in
appendix B for all of these series except series 9, 10, and
112. The table below shows the beginning month (or quarter)
for application of the new seasonal factors to each series:
Series
number
Beginning date for
new factors
Series
number
Beginning date for
new factors
January 1979
January 1979
December 1978
IVQ 1978
December 1978
January 1979
January 1979
December 1978
525
543
570
580
604
606
614
616
October 1978
December 1978
December 1978
January 1979
November 1978
November 1978
November 1978
November 1978
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,
9
10
13
15
33
72
112
517
A new seasonal adjustment of data for series 12 is
expected to be completed in time for the March issue.
2. The series on employment and unemployment in the
civilian labor force (series 37, 42-44, 60, 90, 91, 441,
442, 444-448, and 451-453) have been revised by the source
agency for the period 1974 to date. These revisions
reflect the annual updating of seasonal adjustment factors
for these series.
Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of
Labor Statistics, Office of Current Employment Analysis,
Division of Employment Analysis.
(continued on page iv.)
The March issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on April 3.
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.
3. Data for the seasonally adjusted Wholesale price indexes (series 92 and 331-334) and for the seasonally adjusted percent changes in WPI, all commodities (series 330c) and industrial commodities (series 335c) have been revised for the period
1974 to date. These revisions reflect the source agency's new seasonal adjustment of the basic data for these series.
Further information concerning these revisions may be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and Living Conditions, Division of Industrial Prices and Price Indexes.
4. Series 7 (Value of manufacturers' new orders for durable goods, 1972 dollars), series 8 (Value of manufacturers' new
orders for consumer goods and materials, 1972 dollars), and series 36 (Change in inventories on hand and on order, 1972 dollars)
have been revised for the period 1974 to date. These revisions reflect the new seasonal adjustment of various wholesale price
indexes used to deflate individual components of these series. (See item 3, above.)
5. Data on New private housing units started (series 28) have been revised for the period 1976 to date to reflect new
seasonal adjustment factors computed by the source agency.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of the Census,
Construction Statistics Division.
6. The Consumer price index (W) for food (series 322) and the seasonally adjusted percent changes for CPI-W, all items
(series 320c) have been revised for the period 1974 to date. These revisions reflect the source agency's new seasonal adjustment of the basic data for these series.
Further information concerning these revisions may be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and Living Conditions, Division of Consumer Prices and Price Indexes.
7. Series 53 (Wages and salaries in mining, manufacturing, and construction, in 1972 dollars) has been revised for the
period 1974 to date. This revision reflects the new seasonal adjustment of the Consumer price index data used for deflating
this series. (See item 6, above.)
8. Series 736c (Percent change in consumer price index, France) has been revised for the period 1976 to date. This
revision reflects a new seasonal adjustment of the basic data for this series.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic
Analysis, Statistical Indicators Division.
9. The diffusion index for Profits, manufacturing (series 969), has been discontinued by the source agency as of data for
the third quarter 1978.
Further information concerning this series may be obtained from Citibank, 399 Park Avenue, New York, New York 10043.
10. The series on Commercial and industrial bank loans outstanding (series 72 and 112) are being revised by the source
agency on the basis of (1) changes in the panel of reporting banks, (2) changes in consolidation basis, and (3) changes in
content of several of the asset and liability items. To date, data on the new basis are available for January 1979 only.
Revised data for the period prior to January 1979 will be shown in BCD as soon as they become available.
Further information concerning these revisions may be obtained from the Board of Governors of the Federal Reserve System,
Division of Research and Statistics, Banking Section.
11. Data on money stock measures have been revised by the source agency for the periods 1959 to date (series 85, 102, and
105-108) and 1970 to date (series 104). These revisions reflect the incorporation of June 1978 benchmark adjustments for nonmember banks and revised seasonal factors.
Further information concerning these revisions may be obtained from the Board of Governors of the Federal Reserve System,
Division of Research and Statistics, Banking Section.
NOTE:
In addition to the above revisions, the constant-dollar series on money supply (series 105 and 106) have been revised
to reflect the new seasonal adjustment of CPI-W, all items, which is used to deflate these series. (See item 6, above.)
12. Appendix C contains historical data for series 14, 39, 61, 107, 110, 721-723, 725-728, 965, and 970-978.
13. Appendix G contains recovery comparisons for series 19, 41, 43, 57, 62, 80, 82, and 90.
METHOD OF PRESENTATION
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs),
lication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. The turning dates for of duplication, composite indexes give more
the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the
Annual Report.
individual indicators. Furthermore, much of the
1
A. Timing at Business Cycle Peaks
Economic
Process
Cyclical
Timing
LEADING (L)
INDICATORS
(62 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(18 series)
TIMING
UNCLASSIFIED
(U)
(8 series)
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)
Capacity
utilization
(2 series)
New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)
Inventory
investment
(4 series)
1 nventories on
hand and on
order
(1 series)
Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(4 series)
Consumption
and trade
(4 series)
Backlog of
investment
commitments
(1 series)
Business
investment
expenditures
(5 series)
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
PRODUCTION
AND
INCOME
(10 series)
Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Comprehensive
employment
(1 series)
Duration of
unemployment
(2 series)
Business
investment
expenditures
(1 series)
Comprehensive
employment
(3 series)
VII.
MONEY
AND CREDIT
(26 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)
Unit labor costs
and labor share
(4 series)
Interest rates
(4 series)
Outstanding
debt
(3 series)
Commodity
prices
(1 series)
Profit share
(1 series)
Inventories on
hand and on
order
(4 series)
Interest rates
(1 series)
Trade
(1 series)
Business
investment
commitments
(1 series)
III.
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
New and unfilled
orders and
deliveries
(5 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)
Inventory
investment
(4 series)
Stock prices
(1 series)
Commodity
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)
Profits
(2 series)
Money flow
(1 series)
Velocity of
money
(1 series)
Unfilled orders
(1 series)
Business
investment
commitments
(2 series)
Business
investment
expenditures
(6 series)
Unit labor costs
and labor share
(4 series)
Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)
B. Timing at Business Cycle Troughs
Economic
Process
Cyclical
Timing
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(40 series)
TIMING
UNCLASSIFIED
(U)
FRASER
(1 series)
Digitized for
1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
II.
PRODUCTION
AND
INCOME
(10 series)
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
Consumption
and trade
(4 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
of
unemployment
(5 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
(17 series)
(2 series)
Profits and
profit margins
(6 series)
Cash flows
(2 series)
1 nventories on
hand and on
order
(5 series)
VII.
MONEY
AND CREDIT
(26 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
w e l l - e s t a b l i s h e d d i f f e r e n c e s in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through -hi at peaks and from -1 through
+3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.}
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags (+) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. "L" denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.
Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
in the physical volume of inventories held by
This part is divided into six sections which cover
labor force and its major components: Total
a wide range of quarterly and monthly time series private business. The former include all private numbers of employed and unemployed persons.
measuring various aspects of economic activity. purchases of dwellings, whether purchased for The number of unemployed is subdivided into
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used selected categories defined by sex, age, and class
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services of worker. Also included are data on participation
have to do with particular sectors or markets, and
rates for a few principal segments of the labor
still others relate to U.S. international transactions (A4) is the compensation of government employees force.
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 Section D. Government Activities
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
Receipts, expenditures, and their balance (surlabor r e s o u r c e s ; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
their current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels:
expenditures, and defense-related activities; exports and imports; and selected indicators for a few used goods and excludes sales and purchases of (1) Federal Government and (2) State and local
land and financial assets.
government. Also shown is a selection of series
key foreign countries.
Net exports of goods and services (A5) is exports from the discontinued Defense Indicators.
less imports of goods and services. Exports are part These series measure defense activities which
Section A. National Income and Product
of the national production; imports are not, but are influence short-term changes in the national
The national income and product accounts,
included in the components of GNP and are economy. Included are series relating to
compiled by BEA, summarize both receipts and t h e r e f o r e deducted. More detail on U.S.
obligations, contracts, orders, production,
final expenditures for the personal, business,
international transactions is provided in section E. shipments, inventories, outlays, and employment.
foreign, and government sectors of the economy.
National income (A6) is the incomes that These series are grouped according to the time at
Section Al shows the gross national product, originate in the production of goods and services
which the activities they measure occur in the
final sales, and personal and disposable personal attributable to labor and property supplied by
defense order-production-delivery process. Series
income. The four major components of the gross residents of the United States. Thus, it measures
measuring activities which usually precede pron a t i o n a l p r o d u c t — p e r s o n a l c o n s u m p t i o n the factor costs of the goods and services production, such as contract awards and new orders,
expenditures, gross private domestic investment, duced. It consists of the compensation of
are classified as "advance measures of defense
government purchases of goods and services, and employees, proprietors' income, rental income of
activity." Series measuring activities which tend to
net exports of goods and services—are presented in persons, corporate profits, and net interest.
coincide with production, such as employment, and
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income activities which usually follow production, such as
section A are presented in current as well as and expenditures during an accounting period.
shipments, are classified as "intermediate and final
constant dollars. There are also a few per capita Total gross saving includes personal saving,
measures of defense activity."
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 Section E. U.S. International Transactions
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market m a j o r e x p e n d i t u r e c o m p o n e n t s o f G N P (excluding military aid) and general imports, plus a
value of final goods and services produced by the (consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
labor and property supplied by residents of the percentages of GNP, and the major income shown are the balances between receipts and
United States, before deduction of allowances for components of national income (compensation of expenditures for goods and services, merchandise,
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as and investment income.
most comprehensive measure of aggregate percentages of national income.
Section F. International Comparisons
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
This section is designed to facilitate a quick
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
review of basic economic conditions in six of the
businesses, nonprofit institutions, private trust
nations with which we have important trade
funds, and private noninsured welfare funds) from
The important data on price movements include relationships. The U.S. business cycle shading has
all sources. It is the sum of wage and salary the monthly consumer and wholesale price indexes been omitted from these charts. Data on industrial
disbursements, other labor income, proprietors' and their major components. Based largely on production, consumer prices, and stock prices for
income, rental income of persons, dividends, these series are the quarterly price indexes from Canada, the United Kingdom, France, West Gerpersonal interest income, and transfer payments, the national income and product accounts, notably many, Japan, and Italy are compared with the corless personal contributions for social insurance.
the GNP implicit price deflator (with weights responding U.S. series. Also included is an inDisposable personal income is the personal reflecting the changing proportions of different dustrial production index for the European
income available for spending or saving. It consists expenditure categories in GNP) and the fixed- countries in the Organization for Economic
of personal income less personal taxes and nontax weighted price index for the gross business prod- Cooperation and Development (OECD). The inpayments to government.
uct. Data on both levels and percent changes are dustrial production series provide cyclically sensitive output measures for large parts of the
Personal consumption expenditures (A2) is presented for the period since 1968.
The group of series on wages and productivity economies covered. Changes in consumer price ingoods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and dexes (plotted for the period since 1968) provide
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings important measures of the rates of inflation in the
and financial services received in kind by in- and other benefits) in current and constant dollars, major industrialized countries. Stock prices (also
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and shown beginning in 1968) tend to be significant as
rates of change for most of these measures.
leading indicators.
cluded.
Part !!, OTHfcR I M P O R T A N T ..\.,+.irf
MEASURES
HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Basic Data
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
Solid line indicates monthly
data. (Djata may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman
number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)
Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates quarterly
data over 1-quarter spans.
Roman
number
indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Solid line indicates percent
changes over 3- or 6-month
spans.
Arabic number indicates latest
month used in computing
the changes.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.
Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.
Roman
number indicates
latest quarter used in computing the changes.
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Bask data1
Series title
Timing
classification3
Percent change
Average
of
1977
1978
3d Q
4th Q
1978
1978
1978
Nov.
1978
Jan.
1979
136.5
143.6
160.4
-0.1
-1.2
-0.1
-0.1
-0.6
3d Q
to
4th Q
1978
Dec
to
Jan.
1979
Dec.
1978
2d Q
to
3d Q
to
Dec.
1978
Nov.
2d Q
measure
J
1978
I. CYCLICAL INDICATORS
A. Composite Indexes
910 Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments ..
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows
L,L,L
c,c,c
Lg,Lg,Lg
L,L,L
L,L,L
L,L,L
L,L,L.
L,L,L
1967-100 ..
do. ...
do. ...
130.9
130.2
126.9
do.
do.
do.
do.
do.
96.9
97.6
97.7
97.2
98.5
98.7
98.6
98.3
111.7
102.9
107.8
112.2
114.0
105.5
107.2
114.4
113.5
106.3
107.4
114.6
114.1
104.9
109.4
114.7
114.6
105.8
108.4
113.8
114.5
105.7
107.7
114.1
113.8
106.3
108.0
112.7
112.0
106.5
109.4
109.0
40.3
40.4
40.6
40.4
40.6
40.7
40.7
40.6
...
...
. ..
...
...
137.0
138.6
145.3
137.2
138.2
141.8
137.4
139.6
146.8
138.4
142.7
155.0
138.2
142.8
155.9
138.1
143.7
158.6
0.6
1.7
0.6
0.3
-1.2
1.1
-0.3
-1.6
0.2
1.3
-3.3
0.1
1.0
3.5
-0.5
0.5
-1.3
1.9
0.1
0.7
2.2
5.6
91
92
93
1.3
0.4
0.9
91
91
91
91
91
-0.9
-0.8
B. Cyclical Indicators by Economic Process
81. Employment and Unemployment
Marginal Employment Adjustments:
*1 . Average workweek, prod, workers, mfg
21 . Avg. weekly overtime, prod, workers, mfg.2 . .
2. Accession rate, per 100 employees, mfg.2 . . . .
5. Avg. weekly initial claims (inverted 4 )
*3. Layoff rate, per 100 employ., mfg. (inv.4)2 . .
4 Quit rate, per 100 employees, mfg 2
UL,L
UC,L
Hours
L,L,L
L,C,L
L,L,L
L,Lg,U
Percent
Thousands. .
Percent
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46 Help-wanted advertising
Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age2
do. . . .
0.0
0.1
do. ...
3.4
4.0
371
1.1
1.8
3.6
4.1
339
0.9
2.1
3.6
4.0
335
1.0
2.1
3.5
3.9
355
0.9
2.0
3.7
4.4
328
0.9
2.2
3.7
4.5
334
0.8
2.2
3.8
4.4
325
0.9
2.2
3.8
4.4
344
0.8
2.3
L,Lg,U
ULg,U
Ratio
1967=100...
0.518
118
0.738
0.720
0.743
149
146
150
0.818
162
0.816
161
0.817
165
0.815
161
u,c,c
u,c,c
c,c,c
Thousands. .
156.53
87,302
82,256
24,288
162.54
91,031
85,760
25,3dl
162.99
90,785
85,677
25,37G
163.10
91,348
86,115
25,478
164.80
92,270
86,952
25,855
165.19
92,476
87,036
25,872
165.53
92,468
87,248
26,023
165.68
93,068
87,573
26,112
0.2
0.0
0.2
0.6
57.10
58.60
58.55
58.71
59.01
59.09
59.08
59.28
-0.01
6,855
6,047
6,02«
6,027
5,908
5,877
6.0
3.2
6.0
3.1
6.0
3.3
5.8
3.0
5.8
3.0
6,012
5.9
3.1
5,883
7.0
3.9
-2.3
-0.1
-0.1
10.7
11.2
L,C,U
U,Lg,U
A.r., bil. hrs. .
do. . . .
do. . . .
Percent
Comprehensive Unemployment:
37 Total unemployed (inverted4)
ULg.U Thousands . .
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U Percent
4 2
45. Avg. weekly insured unemploy-rate (inv. ) .. L,Lg,U
do. ...
*91. Avg. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg Weeks
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 .. Lg,Lg,Lg Percent
14.3
11.9
12.2
11.2
5.8
3.0
-0.1
2.7
-0.1
0.0
-0.2
0.0
0.0
-5.8
0.1
0.1
0.001 -0.002
2.5
-2.4
0.1
0.6
0.4
0.3
0.20
2.1
0.1
0.1
-0.5
-0.1
-0.1
-6.0
0.1
-0.1
0.5
0.2
0.5
7.6
0.0
0.2
2
0.023
0.075
2.7
8.0
6
4
0.1
0.6
0.5
0.4
1.0
1.0
1.0
1.5
4
4
4
4
0.16
0.0
0.0
0.30
9
4.9
0.1
2.0
0.2
0.3
3.4
0.1
3
4
4
9
4
-0.2
2.7
0.0
-4.7
1.2
1 3 3 2 . 7 1385.1 1 3 8 2 . 6 1391.4 1413.0
1086.8 1136.1 1127.4 1142.0 1160.3 1159.6 1168.5 1162.2
938.4
985.7
979.5
9 9 0 . 0 1 0 0 8 . 5 1 0 0 7 . 9 1016.3 1010.8
0.8
0.8
-0.5
-0.5
0.6
1.3
1.1
1.6
1.6
1.9
5
5
5
0.3
1.5
5
2.1
3.0
1.2
0.4
1.8
2.2
1.5
2.7
4
7
7
4
1.0
-1
1.5
0.8
NA
1.5
8
8
8
2.0
1.4
1.4
11.6
1.3
1.2
11.0
1.2
1.2
0.0
B2. Production and Income
Comprehensive Output and Income:
50. GNP in 1972 dollars
52 Personal income in 1972 dollars
*51. Pers. income le"s transfer pay., 1972 dollars ..
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47 Industrial production total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . . .
c,c,c
c,c,c
c,c,c
A.r., bil. dol.
do
do. ...
C,C,C
do
232.3
245.2
246.0
246.7
250.3
250.7
252.5
252.2
0.7
-0.1
c,c,c
c,c,c
1967=100...
137.1
129.5
148.1
608.4
145.1
139.3
154.7
629.1
144.0
137.8
154.0
627.7
147.0
142.0
155.9
630.2
149.6
145.1
158.2
647.0
149.5
144.9
158.4
150.5
146.4
158.9
150.7
146.2
159.7
0.7
1.0
0.3
-0.1
34.0
85.0
C.L.L
c,c,c
do. . . .
do. ...
A.r., bil.dol.
L,C,U
Percent
L,C,U
do. . . .
do. ...
82.4
83
84.2
NA
84
83
0.1
0.5
85.8
NA
81.9
84.9
84.5
86.0
87.5
59.78
3b.48
35.30
70.76
41.83
37.64
69.64
41.65
37.83
69.80
40.81
37.19
77.26
44.22
38.74
76.65
43.83
38.35
1.53
3.77
3.57
2.20
5.48
5.02
83. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8 New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32 Vendor performance 2 (u) . .
L,L,L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L
Consumption and Trade:
C,C,C
56 Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars . . c,c,c
C,L,C
75. Industrial production, consumer goods
C,L,U
54. Sales of retail stores
U,L,U
59. Sales of retail stores, 1972 dollars
L,C,C
55. Personal consumption expend., autos
L,L,L
58. Index of consumer sentiment (u)
Bil.dol
do. ...
do
do. . . .
Bil.dol., EOP
Percent
Bil.dol
do. ...
1967=100...
Mil. dol
do. . . .
A.r.f bil.dol.
101966=100
1 8 4 . 8 3 230.11 2 0 7 . 0 7
55
64
65
213.65 230.11 2 2 5 . 3 6
62
67
66
78.16
44.41
39.32
81.34
45.67
40.02
4.74
7.03
230.11 237.14
68
69
2 2 3 . 6 0 2 5 3 . 2 0 251.70 2 5 5 . 8 2 2 6 8 . 2 3 2 6 8 . 3 1 271.09
146.15 1 5 4 . 0 8 154.21 1 5 4 . 7 6 1 5 8 . 4 4 1 5 8 . 5 2 1 5 9 . 0 0
NA
NA
143.4
147.4
147.2
148.4
149.9
149.8
150.7
150.8
59,029 6 4 , 9 7 2 6 4 , 2 5 8 65,517 6 8 , 4 6 8 6 8 , 5 7 2 6 9 , 4 4 3 69,694
4 1 , 7 3 5 4 3 , 1 8 3 43,011 4 3 , 2 4 4 4 4 , 4 3 9 4 4 , 5 2 7 4 4 , 8 3 1 4 4 , 5 0 4
61. d
67.7
70.5
67.9
69.7
86.8
79.4
81.5
80.4
73.5
75.0
66.1
72.1
2.0
1.3
2.5
-0.28
2.1
2
1.0
0.3
0.6
1.3
0.7
-11.9
4.1
2.8
1.8
2.29
3.1
1
NA
NA
0.1
0.4
-0.7
9.1
0.2
-2.0
-1.7
-1.37
3.2
-3
1.6
0.4
0.8
2.0
0.5
-3.7
-1.3
10.7
8.4
4.2
3.28
7.7
5
4.9
2.4
1.0
4.5
2.8
2.7
-8.6
2
9
3
5
5
7
5
5
5
5
84. Fixed Capital Investment
Formation of Business Enterprises:
*12 Net business formation
13. New business incorporations
L,L,L
L,L,L
1967=100...
Number. . . .
127.4
36,509
NA
132.3
134.2
NA 3 8 , 8 7 1 4 1 , 2 7 8
NA
132.6
NA 4 1 , 5 6 8
NA
NA
NA
NA
NA
NA
NA
NA
1.1
6.2
NA
NA
1
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data1
Timing
classification3
Percent change
2
Avenge
1977
1978
2d Q
1978
3d Q
1978
4th Q
1978
;
Nov.
1978
Dec,
1978
Nov.
to
Dec.
1978
Jan.
1979
Dec.
to
Jan.
1979
2d Q
to
3d Q
1978
3d Q
to
4th Q
1978
11.6
Series numt
Series title
Unit
of
measure
1. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment— Con.
Business Investment Commitments:
1 0. Contracts and orders, plant and equipment . . . L,L,L
*20. Contr. and orders, plant and equip.,
1972dol
L,L,L
24. New orders, cap. goods Indus., nondefense . . .
L,L,L
27. New orders, capital goods industries, nondefense, 1972 dollars
L,L,L
9. Construction contracts, commercial and industrial buildings, floor space
L,C,U
1 1 . New capital appropriations, mfg
U,Lg,U
97. Backlog of capital appropriations, mfg.5 . . . . . C,Lg,Lg
Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76 Industrial production business equip
86. Nonresid. fixed investment, total, 1972 dol. ..
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol
Bil.dol
16.16
22.42
20.32
22.68
25.04
24.40
24.09
26.60
-1.3
10.4
10.4
1
do. . . .
do. .. .
12.13
15.20
13.86
18.78
12.80
17.90
13.87
18.85
15.00
21.06
14.66
20.58
14.35
20.38
15.75
22.99
-2.1
-1.0
9.8
12.8
8.4
5.3
8.1
11.7
2
2
do. . . .
10.20
11.72
11.34
11.67
12.79
12.53
12.30
13.75
-1.8
11.8
2.9
9.6
2
62.96
15.99
56.50
00.73
16.98
63.70
82.80
14.76
60.19
80.14
16.43
61.26
85.70
19.23
63.70
91.08
81.48
88.51
-10.5
-3.2
11.3
1.8
6.9
17.0
4.0
3.1
3.8
6
Mil. sq.ft. ..
Bil.dol
Bil.dol., EOP
C,Lg,Lg A.r., bil. dol.
1 3 5 . 8 0 1 5 3 . 0 9 1 5 0 . 7 6 155.41 161.24
do. . . .
C,Lg,Lg
C,Lg,U 1967-100...
C,Lg,C A.r., bil. dol.
196.20 233.51 2 2 6 . 6 4 242.12 2 5 3 . 4 1 2 5 2 . 2 3 260.18
149.2
161.9
160.4
167.2
167.5
168.4
165.0
129.8
139.9
140.5
143.7
141.7
8.6
L,L,L
L,L,L
L,L,L
A.r.,thous. .
1967=100...
A.r., bil. dol.
2,U18
142.9
59.7
2,102
14b.l
59.9
2,074
2,044
1 4.1 . 5 1 4 6 . 9
60.2
59.7
NA
168.5
1
9
3.2
0.7
NA
0.1
6.8
2.9
0.9
4.7
1.5
1.4
6
7
8
-2.1
-3.5
-19.7
-20.4
-2.8
-4.5
-0.3
1.5
3.8
0.8
2
2
8
-3.7
2,107
148.6
2,062
143.4
-2.0
3
13.23
49.1
2.68
14.39
28.5
2.41
NA
NA
NA
1.16
-20.6
-0.27
NA
NA
NA
-13.39
-13.0
-0.57
1.54
5.1
0.90
3
3
3
3 3 4 . 7 8 373.85 3 5 6 . 9 2 3 6 4 . 7 5 373.85 371.48 373.85
233.75 244.02 240.32 242.31 244.02 243.92 244.02
58.91
63.72
63.72
61.62
63.72
63.50
62.96
NA
HA
NA
0.6
0.0
0.3
NA
NA
NA
2.2
0.8
2.2
2.5
0.7
1.2
7
7
6
1.53
NA
-0.01
NA
0.01
-0.02
7
1 4 2 . 9 0 167. Ob 1 5 4 . 7 0 1 5 9 . 5 4 1 6 7 . 0 8 1 6 4 . 6 7 1 6 7 . 0 8
NA
1.5
NA
3.1
4.7
7
0.11
-1.2
-0.06
2.6
0.31
5.5
0.12
8.6
9
2
3.7
6.0
-4.5
1
0.8
-1.1
-2.9
0.8
-0.8
-0.1
1.7
NA
NA
NA
NA
NA
0.3
1
1
7
8
1
I
1,987
145.3
57.7
1,656
114.1
B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
j
31. Chg. in book value, mfg. and trade invent.2 ..
38. Chg. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65 Mf rs ' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order 5
.
....
L,L,L
L,L,L
L,L,L
8.9
do. . . .
L,L,L
do. . . .
do. . . .
Bil.dol
1
Lg,Lg,Lg Bil.dol., EOP
do. . . .
Lg,Lg,Lg
do. . . .
Lg,Lg,Lg
Lg,Lg,Lg Ratio
10.4
12.7
9.0
7.0
9.76
25.6
0.88
16.22
39.1
2.02
24.90
44.3
2.18
11.51
31.3
1.61
13.05
36.4
2.51
1.57
L,Lg,Lg Bil.dol., EOP
1.56
1.55
1.56
1.54
1.54
B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23 Industrial materials prices(u)
L,L,L
U,L,L
Percent
1967=100...
Stock Prices:
*19 Stock prices 500 common stocks (u)
L,L,L
Profits and Profit Margins:
1 6. Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars . . . . . . .
79. Corp. profits after taxes, with 1 VA and CCA . .
80
do
in 1972 dol. ...
15. Profits (after taxes) per dol. of sales, mfg.2 . . .
17. Ratio, price to unit labor cost, mfg
Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62 Labor cost per unit of output, mfg .
64. Compensation of employees as percent of
national income 2
;
1.42
252.0
1.45
254.8
1.56
251.8
1.50
258.3
97.13
94.71
96.11
99.71
0.69
210.4
1.23
231.0
0.99
220.1
1.30
232.1
1941-43=10.
98.20
96.02
95.93
101.66
L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L
A.r., bil. dol.
. . . . . d o . ...
do. . . .
do. . . .
Cents
1967=100...
102.1
70.9
72.3
50.5
5.3
122.2
lib. 3
WA
NA
NA
NA
122.7
120.5
78.4
78.4
51.5
5.5
122.3
119.2
76.1
79.0
51.1
5.4
124.4
NA
NA
NA
NA
NA
124.8
L,L,L
L,L,L
A.r., bil. dol.
do. . . .
164.4
110.4
NA
NA
185.7
117.5
184.5
113.5
NA
NA
-0.6
-3.4
NA
NA
3
3
Lg,Lg,Lg
1967=100...
180.2
196.2
194.6
197.8
200.8
1.6
1.5
6
0.952
155.6
1.029
166.4
1.017
165.6
1.038
165.5
NA
168.9
2.1
-0.1
NA
2.1
6
6
76.3
76.2
NA
-0.1
NA
6
Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100...
124.5
169.2
124.4
170.4
125.4
171.4
1.5
-0.1
0.7
0.6
Percent
76.1
IJA
L,L,L
Percent. . . .
0.64
0.54
0.89
0.81
0.04
0.31
-0.58
-0.08
-0.77
8
L,C,U
L,L,L
L,L,L
L,L,L
do. . . .
do. . . .
Bil. doi
do. . . .
0.74
0.91
225.9
536.0
0.67
0.89
226.4
543.0
0.81
0.89
227.0
542.0
0.93
0.85
226.9
544.0
0.39
0.90
224.3
542.4
0.39
0.93
224.2
542.9
0.23
0.90
222.9
540.4
-0.09
0.78
219.8
534.6
-0.16
-0.03
-0.6
-0.5
-0.32
-0.12
-1.4
-1.1
0.12
-0.04
0.0
0.4
-0.54
0.05
-1.1
-0.3
10
10
10
10
C,C,C
C,Lg,C
Ratio
5.764
1.961
5.967
2.016
5.957
2.011
5.975
2.020
6.121
2.046
2.043
2.063
2.074
0.020
0.011
0.018
0.009
0.146
0.026
10
10
81.64
90.96
94.92
9 3 . 4 4 103.21
93.78
6.68
15.39
5.96
26.93
9.28
11.00
34.96
44.53
50.37
43.11
47.15
49.19
283.76 335.75 330.23 349.65 354.54
77.54
-5.77
51.76
NA - 2 5 . 6 7
3 8 . 5 0 -16.77
NA
2.57
NA
44.27
NA
-1.14
-17.65
-7.26
5.9
-0.34
-3.32
4.04
1.4
3
11
11
11
Lg,Lg,Lg
B7. Money and Credit
Money:
85. Change in money supply (M1 ) 2
102. Change in money supply plus time deposits at
commercial hanks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
*105. Money supply (Ml), 1972 dollars
106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (Ml) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit Flows:
33. Change in mortgage debt2
1 1 2. Change in business loans2
113. Change in consumer installment debt2
1 10. Total private borrowing
L,L L
L,L,L
L,L,L
L,L,L
do. . . .
A.r,., bil. dol.
do. . . .
do. . . .
do. . . .
-0.17
0.14
-0.44
Basic data1
Timing
classification3
Series title
Unit
of
measure
Percent change
Average
1977
1978
2d Q
1978
3d Q
1978
4th Q
1978
Nov.
1978
Dec.
1978
Jan.
1979
Nov.
to
Dec.
1978
Dec.
to
Jan.
1979
2d Q
to
3d Q
1978
3d Q
to
4th Q
1978
Series number
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv.4)©
39. Delinquency rate, instal. loans (inv. 4 ) 2 5
L,L,L
L,L,L
Mil.dol
Percent, EOP
257.94
2.36
Bank Reserves:
93. Free reserves (inverted4)2®
94. Borrowing from the Federal Reserve 2 ©
L,U,U
L,Lg,U
Mil.dol
do. . . .
-253
462
Interest Rates:
119. Federal funds rate 2 ®
114. Treasury bill rate 2 ®
1 1 5. Treasury bond yields 2 ®
116. Corporate bond yields 2 ®
117. Municipal bond yields 2 ®
118 Mortgage yields residential 2 ®
67. Bank rates on short-term bus. loans2®
*109. Average prime rate charged by banks2®
L,Lg,Lg
C,Lg,Lg
C,Lg,Lg
Lg,Lg,Lg
U,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg
Percent
do.
do.
do.
do.
do.
do.
do.
5.54
5.26
7.06
8.20
5.68
8.68
7.97
6.82
Lg,Lg,Lg
Bil.doL, EOP
Outstanding Debt:
66. Consumer installment debt 5
*72. Commercial and industrial loans outstanding,
weekly reporting large comm banks
*95. Ratio, consumer install, debt to pers. income 2 .
...
...
...
...
. ..
...
...
NA 1 8 0 . 7 4
2.45
2.44
NA
2.42
NA
2.45
NA
2.34
NA
2.45
NA
NA
NA
-0.11
NA
NA
NA
0.02
NA
-0.03
1
3
-679
872
-808 -1,008
?59
1,167
-738
952
-417
722
-749
874
-646
994
332
152
-103
120
200
208
-270
-215
9
9
7.93
7.22
7.89
8.98
6.02
9.70
9.85
9.06
7.28
6.48
7.85
9.01
6.02
NA
9.13
8.30
9.58
8.68
8.20
9.25
6.27
10.03
11.43
10.81
9.76
8.79
8.16
9.30
6.19
9.99
11.43
10.94
10.03
9.12
8.36
9.30
6.50
10.16
12.22
11.55
10.07
9.35
8.43
9.47
6.46
10.17
NA
11.75
0.27
0.33
0.20
0.0
0.31
0.17
0.79
0.61
0.04
0.23
0.07
0.17
-0.04
0.01
NA
0.20
0.82
0.84
0.08
-0.05
0.14
NA
0.82
0.84
1.48
1.36
0.27
0.29
0.11
0.20
1.48
1.67
11
1
1
11
11
11
11
6
10
2 2 4 . 5 6 269.10 2 4 6 . 5 3 2 5 7 . 3 1 269.10 2 6 4 . 7 8 269.10
NA
1.6
NA
4.4
4.6
6
-0.3
0.06
NA
NA
2.7
0.25
1.8
0.17
7
9
8.10
7.32
7.93
8.96
6.16
9.83
9.95
9.14
121.66 1 3 5 . 6 3 1 3 4 . 7 3 1 3 8 . 3 9 1 4 0 . 8 9
13.56
14.50
14.40
14.82
14.65
Lg,Lg,Lg Bil. dol
Lg,Lg,Lg Percent
141.36 1 4 0 . 8 8 1 3 4 . 2 8
14.83
14.89
NA
II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1 . Price Movements
310.
320.
320c
322.
330.
331
332.
333.
334.
1972=100...
1967=100...
Percent
1967=100...
Wholesale prices (WPI), all commodities® . . .
WPI crude materials
WPI, intermediate materials
WPI, producer finished goods
WPI, consumer finished goods
141.6
181.5
0.5
192.2
152.1
195.3
0.7
211.2
151.0
193.3
O.d
210.5
153.5
197.8
0.7
214.6
156.6
201.8
0.7
219.3
201.8
0.6
219.0
202.9
0.7
221.1
204.7
1.0
224.5
0.5
0.1
1.0
0.9
0.3
1.5
1.7
2.3
-0.1
1.9
2.0
2.0
0.0
2.2
31
32
32
32
do.
do.
do.
do.
do.
Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI all items S/A 2
CPI, food
194.2
214.3
201.7
184.5
178.9
209.3
240.2
215.5
199.1
192.6
208.0
236.9
213.2
197.2
190.9
211.2
242.9
216.8
201.1
194.5
216.0
255.6
222.4
204.8
199.2
215.7
256.0
222.4
204.9
199.1
217.4
257.3
224.0
206.4
200.9
220.7
263.4
226.6
208.4
203.7
0.8
0.5
0.7
0.7
0.9
1.5
2.4
1.2
1.0
1.4
1.5
2.5
1.7
2.0
1.9
2.3
5.2
2.6
1.8
2.4
33
33
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 bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector
do. . . .
196.8
213.0
211.1
214.9
219.1
219.0
220.3
222.2
do.
do.
do.
do.
108.4
209.0
115.1
118.2
109.1
228.0
116.7
118.6
109.1
225.3
116.4
118.0
108.8
230.4
116.6
119.0
108.5
235.4
116.7
119.6
108.5
108.4
108.3
...
...
...
. ..
0.6
0.9
1.8
2.0
34
-0.1
-0.3
2.3
0.2
0.8
-0.3
2.2
0.1
0.5
34
34
34
37
0.2
0.1
2.3
3.9
0.9
2.2
0.3
0.5
-2.1
0.2
-2.7
-4.6
0.6
0.7
0.0
-1.7
0.7
1.4
0.8
0.9
-2.0
-1.3
-4.4
0.8
44
44
3
44
44
44
0.0
0.1
0.2
0.3
-0.1
0.3
-0.2
0.4
0.8
0.2
0.3
-0.2
45
45
45
4.0
3.6
0.8
0.5
2.7
-6.4
NA
4.1
NA
NA
1.9
NA
50
50
50
51
51
51
-0.1
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
Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age2
;
Millions . . . .
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .
9 7 . 3 7 1 0 0 . 4 2 100.13 1 0 0 . 7 5 101.53 101.63 101.87 102.18
90.54
94.38
94.10
94.73
95.61
95.75
95.85
96.30
6,855
6,047
6,028
6,027
5,908
5,877
6,012
5,883
2,727
2,252
2,218
2,180
2,151
2,113
2,195
2,200
2,486
2,236
2,291
2,190
2,276
2,208
2,227
2,166
1,642
1,559
1,534
1,555
1,568
1,556
1,590
1,517
Percent
do. . . .
do. . . .
79.7
48.1
56.2
79.8
49.6
58.0
79. b
49.4
57.9
79.6
49.8
58.7
79.8
50.1
58.5
A.r.,bil.dol.
do. . . .
do. . . .
do. . . .
do. . . .
do. . . .
374.5
422.6
-48.1
296.2
266.6
29.6
431.6
461.0
-29.4
327.7
299.8
27.8
424.7
448.3
-23.6
327.4
297.7
29.8
441.7
464.5
-22.8
329.2
305.8
23.4
NA
483.5
NA
NA
311.6
NA
Mil.dol
do. . . .
do. . . .
A.r.,bil. dol.
9 , 8 7 9 1 0 , 3 7 2 1 0 , 3 0 4 1 0 , 2 6 4 1 0 , 3 7 0 10,619
4,580
NA
6,131
4,339
NA
NA
2,868
3,572
3,849
3,052
4,048
4,659
94.3
99.5
102.1
98.6
99.6
79.9
50.1
58.4
79.9
50.2
58.6
80.2
50.1
58.9
D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
511.
512.
51 0.
Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt. surplus or deficit 2
517
525.
548.
564.
Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases
D2. Defense Indicators
9,759
NA
4,250
NA
NA
2,829
-8.1
NA
-8.8
NA
NA
-33.4
-0.4
-29.2
-20.7
1.0
1.0
NA
32.6
2.5
51
52
54
56
10,101 11,956 11,838 1 2 , 5 6 3 13,140 1 3 , 2 6 2 13,148 1 3 , 3 0 3
1,985
2,483
2,731
2,559
2,561
2,533
2,555
NA
1,852
2,500
2,722
2,438
2,598
2,718
2,824
NA
12,315 1 4 , 3 5 4 1 4 , 0 7 0 1 4 , 6 6 3 15,178 1 5 , 2 0 7 15,189 15,178
3,462
3,264
3,129
3,274
3,470
3,539
3,417
NA
1,323
1,725
1,686
1,767
1,856
1,875
1,822
NA
-0.9
0.9
3.9
-0.1
-3.4
-2.8
1.2
NA
NA
-0.1
NA
NA
6.1
-6.3
6.6
4.2
4.6
4.8
4.6
0.1
4.8
3.5
6.0
5.0
60
60
60
61
61
61
E. U.S. International Transactions
E1. Merchandise Trade
602
604.
606.
612.
614.
616.
Exports total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts
Mil.dol.
do.
do.
do.
do.
do.
...
...
...
...
. ..
. ..
Table 1. Summary of Recent Data and Current Changes for Principal Indicators- Continued
Basic data 1
Unit
of
Series title
Percent change
Average
1976
1977
4th Q
1 9 77
1978
19/8
1978
4th 0
1978
1978
2d Q
to
3d Q
1978
3d Q
1977
measure
1st Q
to
2d Q
1978
3d Q
to
4th Q
1978
E
3
&
II. OTHER IMPORTANT ECONOMIC
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
61R
620.
622
651.
652.
668.
669.
667.
Merchandise exports
Merchandise imports
Merchandise trade balance 2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
Imports of goods and services
Balance on goods and services 2
Mil. dol
do
do
do
do
do
do
do
2b , 6 7 4 3 0 , 1 4 4 3 5 , 4 5 5 3 1 , 0 0 9
31,012 3 7 , 9 2 6 4 4 , 0 0 2 3 8 , 2 7 7
- 2 , 3 3 8 - 7 , 7 8 2 -d, 547 - 7 , 2 6 8
7, jll
o ,025
b,220
NA
3,328
3,648
3,610
NA
42,819 4 5 , 8 0 2
^A 4 7 , 1 3 1
40,478 48,448
NA 4 b , 7 4 0
NA - 1 , 6 0 9
2,340 -2,645
29,461 30,689
3 9 , 6 6 4 41,808
- 1 0 , 2 0 3 -11 ,119
7,997
9,381
4,185
4,503
45,050 48,221
50,953 53,797
-5,903 -5,576
35,092 36,955
42,812 44,918
39 ,083
3,791
4.9
-243
-0.6
-0.4
2.9
4.2
-772
5 .8
3.5
576
NA
NA
NA
NA
NA
618
620
622
651
652
668
669
667
14 . 3
46,470
2.4
-7, 720 - 7 , 9 6 3 - 7 , 3 8 7
10,003
9,946
NA
5,420
5,396
NA
53,976 55,559
NA
5 5 , 7 6 1 58,116
NA
-1,785 - 2 , 5 5 7
NA
3,399
6.6
20.4
11.9
3.7
5. 3
A. National Income and Product
A1. GNPand Personal Income
50.
200.
213.
224.
225.
217.
227.
G N P i n 1972 dollars
G N P m niirenl dollar,
Fmai sales, 1972 dollar,
Disposable person-il income nirrent d jllars
Disp MOli f U r s i r i d 1 intone 1972 dollars
Per ca[ 't. GNP m 1 9 7 2 a o l h r s
Pe r M[ ' ) r!ispi,ible per. niumi 1972 dol
Ar
bil d o l
Ji
Ju
du
du
A i dolors
d)
1^71.0 1 3 3 2 . 7 13 b 5 . 1 3 4 3 . 9
1
1 7 0 0 . 1 1 8 8 7 . 2 2 1 0 6 . 6 1916.8
1 2 6 4 . 4 1 3 2 3 . 8 1 3 7 4 . 7 1331.7
1184 .4 1 3 0 J . O 1 4 5 1 . 2 1319.1
b90 . 1 9 2 6 . 3
965.5
931.9
5,906
6,145
6,191
b , 338
4,136
4,271
4,418
4,293
1354.5
1958.1
1347.1
1359.6
949.6
6,226
4,365
1354.2 1382.6
1992.0 2087.5
1341.8 1369.9
1391.6 1 4 3 3 . 3
952.1
960.3
6,215
6,334
4,370
4,399
1391.4
2136.1
13a2.4
1468.4
96b.7
6,360
4,428
1413.0
2212.1
1406.0
1512.3
982.2
6,445
4,480
2.1
4.8
2.1
3.0
0.9
1.9
0.7
0.6
2.3
0.9
2.4
0.9
0.4
0.7
1.6
3.6
1.7
3.0
1.4
1.3
1.2
50
200
213
224
225
217
227
886 .3
145.8
895.1
144.8
912.6
150.1
336.3
404.2
1322.9
340.4
348.6
410.0
413.8
1356.9
197.8
519.3
199.5
531.7
605.8
625.8
1405.1
209.2
553.5
642.5
1.5
5.8
0.9
0.4
3.6
7.8
3.6
2.4
1.0
-0. 7
1.2
1.4
2.6
0.9
2.4
3.3
2.0
3.7
2.4
0 .9
3.6
4.9
4.1
2.7
231
233
238
239
230
232
236
237
210.4
201.4
9.0
350.1
3.6
3.6
0.4
7.0
6.3
3.4
-1.3
0.5
-3.7
1.4
3.4
-6.5
0.2
1.2
-2.0
2.9
3.6
-2.0
241
243
30
240
242
245
1.8
3.4
0.9
3.6
4.6
3.0
1.0
2.0
0.5
3.4
5.4
2.3
261
263
267
260
262
266
0.6
2.7
-2.1
2.3
4.7
-5.2
2.5
1.9
0.9
5.7
4.0
2.9
256
257
255
252
253
250
2 .4
2.3
4.0
1.1
9.5
2.7
NA
3.2
6.6
NA
0.4
3.4
220
280
282
286
284
2bb
0.0
2.5
-0.4
-5.6
-0.1
NA
NA
-7.6
NA
-0.6
290
295
292
298
293
A2. Persona! Consumption Expenditures
231.
233.
238.
239.
230.
232.
236.
237.
Total, 1972 d o l l a r s
Durable goods, 1972 dollars
Nondurable goods, 1972 dollars
Services, 1972 dollars
Total, current d o l l a r s
Durable goods, current dollars
Nondurable goods, current dollars
Services, current dollars
A.r., bil. dol
do
. . . . ...do. . . . . . .
do
do
do,
do
do
819.4
125.9
857. 7
137.8
320.2
373.2
1090.2
330.4
389.5
1206.5
407.4
1339.7
1214.5
156.6
442 . 6
491.0
178.4
197.6
177.4
479.0
549.2
5z5.8
479.7
6 1 6 . 3 557.5
173.4
166 .8
6.7
243. U
232. a
10.2
196.3
187.4
d.9
210 .1
199.6
10.4
297.8
282.3
344.5
32b.8
891.2
144.7
339.1
858.0
876.6
873.5
136.9
143.0
338.1
137.8
329.2
391.8
395.6
1255.2
333.3
402.4
1276. 7
183. 5
496.9
501 .4
591.8
571.1
187.2
A3. Gross Private Domestic Investment
241.
243.
30.
240.
242.
245,
do
Total, 1972 dollars
Total f i x e d investment, 1972 dollars
Change in business inventories, 1972 dol. 2 . . . .
Total, current dollars
Total f i x e d investment, current dollars
Chg. in bus. inventories, current dol.:
do. . . . . . .
do
do
do
do
ID . 6
15.7
201.7
189.5
2 00 . 3
192.8
7.5
313.5
205.7
213.1
193.4
12.3
200.4
300.5
322.7
306.0
345.4
325.3
13.1
16.7
274.5
146 .8
103.6
170.9
412.5
152.2
252.7
100.8
88 .2
12.2
309.7
287.8
21.9
12.7
210.9
203.9
7.0
360.1
336.5
348.5
20.1
13.6
11.6
272.1
101.2
170.8
416.7
151.5
271.9
97.1
174.8
276.7
279.5
-0.1
100.4
176.3
102.4
177.1
-4.1
424.7
439.8
454.6
147.2
154.0
162.3
2o0.3
265.2
277.6
285.8
292.3
4.7
96.0
92.9
3.1
172.1
195.2
-23.2
99.1
96.2
2.9
131.7
2 05 . b
-24.1
108.4
97.1
11.3
111.7
9 .4
101.6
0.9
8.4
205.4
109. 0
99.7
9.2
210.1
210.9
-5.5
-10.7
A4. Government Purchases
of Goods and Services
i
i
i
?P I
9/ ] i i
>P3
H I I win in
1972 io j s
7
t
^ a t e Hid loul (]( e r me its 1 j / 2 doll r
2bP T ) i iiront Jjila s
(
"-i 1 1 ra Gc v'prn nc nt u n i t * nl us
ef
i1 ,
n n s u ( n d I1 r
262.b
96.6
166 . 2
269.2
275.2
101 .6
167.6
35b».i
394.0
i
i
129.9
145.1
229.6
248.9
100.5
174.7
4 3 4 .2
154.0
2 o 0 .2
d
d
i1
j
d
95. 9
80.5
15.4
163.2
155.7
7.4
98 . 2
86.7
9. lj
175.5
1ti6 . 6
-11.1
107.3
98.7
b.6
2 0 5 .2
217.0
-11.8
271.7
102.9
168.8
399.5
2.3
1.9
-2.8
A5. Foreign Trade
'5t
?o7
2ab
752
25j
2ou
t v ( J ir ii ] i md (r ice
i p rts t j , jtis ^ n d ' f r v i t A S
V * ' A[
t j ods Hid r
E x p o r t s of goods jnd service 0
I n, orts of gi ods r d ^eryicc.
Nf t e x p o r * c ' gi ods inri f r
iy/2 Jillais
1972 j I 1 r
1°72 d I lurn-nt i j
„ urt it j ;l
r jrrpnt d i 2
-]
12.5
lbO.8
187.8
-7.0
220.8
10.1
222.0
229.7
-7.8
13.0
2.5
18.6
A6. National Income and Its Components
iA
2^0
2l 2
°8h
;84
lr
]r
}
1 3 5 ^ . 2 1515.3
i
j
••-.
i
Nati i il i uu it
i i ipens^i in
nmpl lyei-s
f r o letors m r ime v th IVA md CCA
L i tor ti pr i f i t s i/uth I V A 11 d CCA
H mi K TU ( u r s j n s v v i t n CCA
* ,t t •
1U 3 6 . o 1 1 5 3 . 4
88. 6
99.8
127.0
144.2
22.5
22.5
84.3
95. 4
1703.6 1537.6
1301.2 1165.8
112 . 9
97.2
160 .0
23.4
106.1
154 .8
318.8
NA
76.7
-1.5
5. 3
285. 5
236.5
74.3
22.4
97.3
1576.9
1199.7
1003.1 1688.1 172b.4
NA
1 2 4 1 . 0 1 2 8 7 . 8 1317.1 1 3 5 9 . 6
107.3
148.2
22.7
99.0
105.0
132.6
22.8
101.7
110.1
163.4
22.2
104.6
114.5
165.2
24.3
107.4
122.1
274.7
230.6
284.2
222.9
326.1
326.2
249.8
NA
NA
73.7
-29.6
5.4
82.4
-21 .1
5.9
76.3
6.2
5.3
NA
24 . 4
111.1
5.3
3.8
4.9
23.2
-2.6
2.9
A7. Saving
290.
295.
292.
298.
293.
Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving r a t e 2
do
do
00
do
Percent
237.5
272.2
2 0 2 .6
6b . 0
-33.2
5.7
2 2 3 .9
66 . 9
-18.6
5.1
-25.2
5.6
243.6
76 . 0
0 .6
5. 2
70.2
NA
4.6
14.7
9.3
-7.4
27.3
-0.6
NOTE/ Series are seasonally adjusted except tor those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. NA = not available, a - anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
' F o r a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
4
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at ail turns, L = leading; C = roughly coincident; Lg = lagging, U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-penod series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4 term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
-5
920. Index of four roughly coincident indicators (series 41, 47, 51, 57)
930. Index of six lagging indicators (series 62, 70, 72, 91, 95, 109)
+9
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from refei
for these series are shown on page 60
Current data
http://fraser.stlouisfed.org/
m
Federal Reserve Bank of St. Louis
FFRRMARY 1 Q7Q
Kill
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart Al. Composite Indexes—Con.
913. Marginal employment adjustments (series 1, 2, 3, 5)
-9
-21
-9
-12
m
914. Capital investment commitments (series 12, 20, 29)
915. Inventory investment and purchasing (series 8, 32, 36, 92)
-4
-23
-4
916. Profitability (series 17, 19, 80)
917. Money and financial flows (series 104, 105, 110)
^
940. Ratio, coincident index to lagging index
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.
FEBRUARY 1979
IUII
11
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components
1. Average workweek, production workers,
manufacturing (hours)
I L,L,LJ
3. Layoff rate, manufacturing (per 100 employees—inverted scale)
8. New orders for consumer goods and materials, 1972 dollars (bil. dol.)
32. Vendor performance, percent of companies reporting slower deliveries (percent)
12. Net business formation (index: 1967=100)
20. Contracts and orders for plant and equipment,
1972 dollars (bil. dol.)
Current data for these series are shown on pages 61, 64, 65, and 66.
http://fraser.stlouisfed.org/
19
Federal Reserve Bank of St. Louis
FEBRUARY 1979
BCD
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components—Con.
29. New building permits, private housing units (index: 1967=100)
36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. do!.)
92. Change in sensitive prices, smoothed1 (percent)
19. Stock prices, 500 common stocks
(index: 194143=10)
104. Change in total liquid assets, smoothed1 (percent)
105. Money supply-Ml-in 1972 dollars (bil. dol.)
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, and 71.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
13
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A3. Coincident Index Components
41. Employees on nonagricultural payrolls (millions)
lc,c,cl
51. Personal income less transfer payments,
1972 dollars (ann. rate, bil. dol.)
47. Industrial production, total (index: 1967=100)
57. Manufacturing and trade sales, 1972 dollars (bil. dol.)
Current data for these series are shown on pages 62, 63, and 65.
14
FEBRUARY 1979
BCII
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A4. Lagging Index Components
91. Average duration of unemployment (weeks—inverted scale)
70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)
62. Labor cost per unit of output, manufacturing (index: 1967=100)
Lg,Lg,Lg
109. Average prime rate charged by banks (percent)
Lg,Lg,Lg
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bil. dol.)
95. Ratio, consumer installment debt to personal income (percent)
I Lg,Lg,Lg |
Current data for these series are shown on pages 62, 68. 70, and 73.
FEBRUARY 1979
ItCII
15
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
| Marginal Employment Adjustments]
1. Average workweek, production workers, manufacturing (hours)
21. Average weekly overtime hours, production workers, manufacturing (hours)
2. Accession rate, manufacturing (per 100 employees)
5. Average weekly initial claims, State unemployment insurance (thousands—inverted scale)
3. Layoff rate, manufacturing (per 100 employees—inverted scale)
4. Quit rate, manufacturing (per 100 employees)
i93 J i
56
&?
i=8
^
. ••
Current data for these series are shown on page 61.
16
FEBRUARY 1979
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
| Job Vacancies |
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)
46. Help-wanted advertising (index: 1967=100)
I Comprehensive Employment |
48. Employee-hours in nonagricultural establishments
(ann. rate, bil. hours)
42. Persons engaged in nonagricultural activities (millions)
41. Employees on nonagricultural payrolls (millions)
40. Employees in goods-producing industries-mining,
manufacturing, construction (millions) h
Current data for these series are shown on pages 61 and 62.
FEBRUARY 1979
!!€!»
17
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
I Comprehensive Employment—Con. [
90. Ratio, civilian employment to total population of working age (percent)
I Comprehensive Unemployment |
37. Number unemployed, total (millions—inverted scale)
E5S
43. Unemployment rate, total (percent—inverted scale)
45. Average weekly insured unemployment rate (percent—inverted scale)
91. Average duration of unemployment (weeks—inverted scale)
_44. Unemplpjment rat^ J3ersons u|[LenipJ<$§^^
Current data for these series are shown on page 62.
18
FEBRUARY 1979
ItCII
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income
| Comprehensive Output and Income]
50. GNP in 1972 dollars, Q (ann. rate, fail.'dot)*
52. Personal incomein1972 dollars (ann. rate, bil. dol.)
51. Personal income less transfer payments in 1972 dollars
(ann. rate, bil. dol.)
c,c,c
53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann: rate, bil. dol.)
ic,c,c|
Current data for these series are shown on page 63.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
KOI
19
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income—Con.
| Industrial Production [
47. Industrial production, total (index: 1967=100)
74. Industrial production, nondurable manufactures
(index: 1967=100)
73. Industrial production, durable manufactures
49. Value of goods output in 1972 dollars, Q
(ami. rate, bil. dol.)
Capacity Utilization
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)
82. Rate of capacity utilization, manufacturing (FRB), Q (percent)
|L,C,U|
84. Rate of capacity utilization, materials, Q (percent) lL,C,U|
Current data for these series are shown on pages 63 and 64.
20
FEBRUARY 1979
ltd*
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries
7. New orders, durable goods industries, 1972 dollars
(biLdol.)
6. New orders, durable goods industries,
current dollars (bil. dol.)
8. New orders for consumer goods and materials
25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg.-4-term)
96. Manufacturers' unfilled orders, durable goods industries
(bil. dol.)
32. Vendor performance, percent of companies
reporting slower deliveries (percent)
Current data for these series are shown on page 64.
http://fraser.stlouisfed.org/
Federal Reserve Bank FEBRUARY 1979
of St. Louis
IICII
?1
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
[Consumption and Trade
56. Manufacturing and trade sales in current dollars —*(bil. dol.)
57. Manufacturing andjra^jates
~~™"inT572 dote (bil. doL)'~
75. Industrial production, consumer goods
(index: 1967=100)
54. Sales of retail stores in current dollars (bil. dol.)
59. Sales of retail stores in 1972 dollars (bil. dol.)
OiPFl
Y
55. Personal consumption expenditures, automobiles, Q
(ann. rate, bil. dol.)
L,C,C
58. Index of consumer sentiment (1st Q 1966=100)
Current data for these series are shown on page 65.
FEBRUARY 1979
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment
Formation of Business Enterprises
12. Net business formation (index: 1967=100)
13. New business incorporations (thousands)
Business Investment Commitments
20. Contracts and orders for plant and equipment
in 1972 dollars (Ml. dol.)
10. Contracts and orders for plant and equipment
in current dollars
27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.)
tn
24. Manufacturers' new orders, capital goods industries
nondefense, in current dollars (bil. dol.)
9. Construction contracts, commercial and industrial buildings
(mil. sq. ft. of floor area; MCD moving avg— 5-term)1
'This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division,
and 66.
Current data
for these series are shown on pages 65
http://fraser.stlouisfed.org/
FEBRUARY
Federal Reserve Bank of St. Louis 1979
KC
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
[Business Investment Commitments-Con.|
11. New capital appropriations, manufacturing, Q (bil. dol.)
97. Backlog of capital appropriations, manufacturing, Q
(bil. dol.)
61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dol.)
Business Investment Expenditures
69. Machinery and equipment sales and business
construction expenditures (ann. rate, bil. dol.)
76. Industrial production, business equipment
(index: 1967=100)
Current data for these series are shown on pages 66 and 67.
FEBRUARY 1979
ItCIt
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
[Business Investment Expenditures—Con.
Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)
86. Total, Q
[C,Lg,C|
88. Producers' durable equipment, Q
[Residential Construction Commitments and Investment]
28. New private housing units started, total (ann. rate, millions)
29. New building permits, private housing units (index: 1967=100)
89. Residential fixed investment, total, in 1972 dollars, Q
(ann. rate, bil. dol.)
http://fraser.stlouisfed.org/
Federal Reserve Bank of C C QLouis V
St. D M A D
itru
1 QTQ
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment
Inventory Investment|
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dol.)
36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving avg.—4-term1)
|LLL|
31. Change in book value, manufacturing and trade jnventories
(ann. rate, bil. dol.; MCD moving avg— 5-ferrn)"*""
—.
38. Change in stocks of materials and supplies on hand and onjjrder,
manufacturing (bil. dol.; MCD moving avg.—4-term)
|Ttt] "
1955
56
r
^7
^
^-
-:
(::
•••• •
' •
This series is a weighted 4-term moving average (with weights 1,2,2,1)
Current data
http://fraser.stlouisfed.org/for these series are shown on page 68.
Federal Reserve Bank of St. Louis
1
.
-
-
>•
placed on the terminal month of the span.
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment—Con.
»', -i
[Inventories on Hand and on Order]
Current data
for these series are shown on page
70. Book value, manufacturing and trade inventories,
1972 dote (bil. dol.) |lg>Lg>Lg| \^
-,,-„„ ,.,„,,.,, ^^, ... ,, _„ \-~
71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.) | i « i f f i g |
, i>i
i L~*i
11- i
65. Book value of manufacturers' inventories
of finished goods (bil. dol.)
•4
—j
, -,
.i •
77. Ratio, deflated inventories to sales, manufacturing and trade
Lg,Lg,Lg
78. Stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.)
68.
Q~7
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits
| Sensitive Commodity Prices
92. Change in sensitive prices (percent; moving avg—4-term1)
23. Industrial materials prices (index: 1967=100)
0
19. Stock prices, 500 common stocks (index: 1941-43=10)
Profits and Profit Margins
18. Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. dol.) v
16. Corporate profits after taxes, current dollars, Q
(ann. rate, bil. dol.) |"["jf[
Corporate profits after taxes with M and CCA,
1972 dollars, Q (ann. rate, bil. dol.)
is a weighted 4-term
'This series
79. Corporate profits after taxes with IVA and CCA,
current dollars, Q (ann. rate, bil. dol.)
moving average (with weights 1,2,2,1} placed on the terminal month of the span.
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
Profits and Profit Margins—Con.J
22. Ratio, corporate profits (after taxes) to total corporate domestic
income, Q (percent)
81. Ratio, corporate profits (after taxes) with inventory valuation and
capital consumption adjustments to total corporate domestic income,
Q (percent)
m
15. Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents)
17. Ratio, price to unit labor cost, manufacturing (index: 1967=100)
furl
I Cash Flows |
35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)
||_LLl
Ml
Iml
34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.)
17771
Current data for these series are shown on pages 69 and 70.
http://fraser.stlouisfed.org/
FEBRUARY
Federal Reserve Bank of St. Louis 1979
ItCII
29
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
I Unit Labor Costs and Labor Share]
!
|
63. Unit labor cost, private business sector, Q (indac 1967=100)
,
i
i
68. Labor cost (current dollars) per unit of gr^dojri^jcps^ctr
(1972 dollars), nonfinancial corporations, Q (dollars)
62. Labor cost per unit of output, manufacturing (index: 1967=100)
64. Compensation of employees as a percent of national income, Q (percent)
1955
58
5V
^\
59
£•/
t
Current data for these series are shown on page 70.
http://fraser.stlouisfed.org/
3(1
Federal Reserve Bank of St. Louis
FEBRUARY 1979
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit
85. Change in money supply—demand degosit^ jjlus^
(percent; MCD moving avg.—6-term) ^ i
102. Change in money supply plus time deposits at commercial banks (M2) y
(percent; MCD moving avg—6-term) „
[Ut3
104. Change in total "liquid assets (percent; moving avg.—4-term1)
105. Money supply-Ml-in 1972 dollars (bil. dol.)
Jl
106. Money supply-M2-in 1972 dollars (bil. dol.)
108. Ratio, personal income to money supply M2 (ratio)
1Jhis series is a weighted 4-term moving average (with weights 1,2,2,1} placed on the terminal month of the span.
Current data
for these series are shown on page 71.
http://fraser.stlouisfed.org/
FEBRUARY
Federal Reserve Bank of St. Louis 1979
ItCII
31
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
[Credit Flows
33. Change In mortgage debt (ann. rate, bil. dol.)
fuul
112. Change in bank loans to businesses (ann. rate, bil. dol.;
MCD moving avg—6-term)
[MI I
113. Change in consumer installment debt (ann. rate, bil. dol.)
110. Total private borrowing, Q (ann. rate, bil. dol.)
Current data for these series are shown on pages 71 and 72.
32
FEBRUARY 1979
ltd*
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
[Credit Difficulties]
14. Liabilities of business failures (mil. dot—inverted scale;
MCD moving avg.—6-term)
39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale) | L L L |
93. Free reserves (bil. dol.—inverted scale)
94. Member bank borrowing from the Federal Reserve (bil. dol.)
Current data for these series are shown on page 72.
http://fraser.stlouisfed.org/
Federal Reserve Bank of FEBRUARY 1979
St. Louis
!!€!»
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B7. Money and Credit—Con.
Interest Rates
119. Federal funds rate (percent)
114.' Treasury biff Tat? (percent)
116. Corporate bond yields (percent)
115. Treasury bond yields (percent)
117. Municipal bond yields (percent)
118. Secondary market yields on FHA mortgages
J
(percent)
........
f*
\
\
Current data for these series are shown on pages 72 and 73,
34
FEBRUARY 1979
KCII
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
Interest Rates—Con.
67. Bank rates on short-term business loans (percent)
I Lg,Lg,Lg |
109. Average prime rate charged by banks (percent)
Outstanding Debt
66. Consumer installment debt (bil. dol.)
72. Commercial and industrial loans outstanding,
weekly reporting large commercial
banks (bil. dol.)
Lg,Lg,Lg
95. Ratio, consumer installment debt to personal income (percent)
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
KCII
DIFFUSION INDEXES AND RATES OF CHANGE
Chart Ci. Diffusion Indexes
950. Twelve leading indicator components (6-mo. span—, 1-mo. span—)
951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—)
pjjiiiJijjg'W'(MMpi J[ !
952. Six lagging indicator components (6-mo. span—, 1-mo. span—)
961. Average workweek, production workers, manufacturing—20 industries (9-mo. span—, 1-mo. span—)
962. Initial claims, State unemployment insurance—51 areas (9-mo. span—, 1-mo. span—)
963. Employees on private nonagricurtural payrolls—172 industries (6-mo. span—, 1-mo. span—)
C C D D I I A D V 1 Q7Q
Itrit
DIFFUSION INDEXES AND RATES OF CHANGE
Con.
Chart CL Diffusion indexes—Con,
964. New orders, durable goods industries-35 industries (9-mo. span
, 1-mo. span—)
965. Newly approved capital appropriations, deflated—17 industries (4-Q moving avg. «-*•*, 1-Q span—-)
966. Industrial production—24 industries (6-mo. span-—, 1-mo. span—)
967. Industrial materials prices—13 industrial materials (9-mo. span—, 1-mo. span—)
968. Stock prices, 500 common stocks—58-82 industries
(9-mo. span—, 1-mo. span—)
969. Profits, manufacturing—about 1000 corporations (4-Q span•-«•••, 1-Q span—-)
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
KCII
37
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.
970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
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
(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 (4-Q span)1
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
business executives.
page 76.
these series are shown on
Current data for
FEBRUARY 1979
KUI
DIFFUSION INDEXES AND RATES OF CHANGE—Con,
Chart C3. Rates of Change
Percent changes at annual rate
910c. Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 20,29, 32, 36, 92, 104, 105)
920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, §7).
-
930c. Composite index of six lagging indicators
(series 62, 70 72, 91, 95, 109)
50c. GNP in constant (1972) dollars (1-Q span)
..J
47c. Index of industrial production
48c. Employee-hours in nonagricultural establishments
I
r!
*••
,\
fli
JU^k:;;ii fit /^^h :Lk>
51c. Personal income less transfer payment? in 1972 dollars j
http://fraser.stlouisfed.org/
Federal Reserve Bank of FEBRUARY 1979
St. Louis
KCII
A
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
200. GNP in current dollars, Q (ann. rate, bil. dol.)
223. Personal income in current dollars
(ann. rate, bil. dol.)
224. Disposable personal income in current
dollars^ Q(ann. rate
213. Final sales in 1972 dollars, Q (ann. ratejil. M)_
225. Disposable personal income in 1972
dollars, Q (ann. rate, bil. dol.)
217. Per capita GNP in 1972 dollars (ann. rate, thous. dol.)
227. Per capita disposable personal income in
1972 dollars, Q (ann. rate thous. dol.)
Current data for these series are shown on pages 63 and 80.
40
FEBRUARY
1979
!!€!»
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A2. Personal Consumption Expenditures
Annual rate, billion dollars (current)
Personal consumption expenditures-
Annual rate, billion dollars (1972)
Current data for these series are shown on pages 80 and 81.
http://fraser.stlouisfed.org/
ltd)
FEBRUARY 1979
Federal Reserve Bank of St. Louis
41
A
NATIONAL INCOME AND PRODUCT-Con.
Chart A3. Gross Private Domestic Investment
Annual rate, billion dollars (current)
Gross private domestic investment-
245. Change in business inventories, Q
Annual rate, billion dollars (1972)
260-j
240-j
220-1
2QO-|
180160140-
^243. Total fixed investment, Q
30. Change in business inventories, Q
75
76
77
Current data for these series are shown on page 81.
http://fraser.stlouisfed.org/
4?
Federal Reserve Bank of St. Louis
FEBRUARY 1979
KC1I
OTHf K i;v-'.'-:.-• ' , .<
A|
NATIONAL INCOME AND PRODUCT—Con.
Chart A4. Government Purchases of Goods and Services
Annual rate, billion dollars (current)
Government purchases of goods and services—
266. State and local
governments, Q
Annual rate, billion dollars (1972)
267. State and .local governments, 0
Current data tor these series are shown on page 81.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
KCII
43
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade
I Annual rate, billion dollars (current)
—.
252. Exports of goods and services, Q
\
253. Imports of goods and services, Q
250. Net exports of goods and services, Q
Annual rate, billion dollars (1972)
256. Exports of goods and services, Q
257. Imports of goods and services, Q
255. Net exports of goods and services, Q
Current data for these series are shown on page 82.
FERRUARY 1979
IUII
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A6. National Income and Its Components
Annual rate, billion dollars (current)
. Compensation of employees, Q
286. Corporate profits with inventory valuation and capital consumption adjustments, Q
282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
288. Net interest, Q
284. Rental income of persons with capital
consumption adjustment, Q
Current data for these series are shown on page 82.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
KCII
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A7. Saving
Current data
for these series are shown on pages 82 and
http://fraser.stlouisfed.org/
/IC
Federal Reserve Bank of St. Louis
Annual rate, billion dollars (current)
298. Government surplus or deficit, Q
T
293. Personal saving rate, Q
-j
Percent
83.
1Q7Q
Kill
ifVfr'CV" *
A I
NATIONAL INCOME AND PRODUCT—Con.
Chart A8. Shares of GNP and National Income
Percent of GNP
235. Personal consumption expenditures, Q
265. Federal Government purchases of goods and services, Q
\
268. State and local government purchases
of goods and services, Q
\
248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q
247. Change in business inventories, Q
251. Net exports of goods and services, Q
[Percent of National Income|
64. Compensation of employees, Q
283. Proprietors' income with inventory valuation
rjtol consun^fon adggbnents, Q
287. Corporate profits with inyertprjr
capital consumption adjustments, Q
285. Rental income of persons with capital consumption adjustment, Q
Current data for these series are shown on page 83.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
47
B
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
[Index: 1972= IQfl]
I Percent changes at annual rate]
310c. Implicit price deflator,'
310, Implicit price deflator,
311c. Fixed weighted pricEk
product (1-Q span)
311. Fixed weighted price index,
Wholesale prices—
16-month spans
33Qc. Ali comraoditiei
Wholesale prices—
330. Ail commodities
333c. Producer finished goods
334. Consumer .finished gsods
333. Producer finished
goods
334c. Consumer finished goods^
Current data for these series are shown on pages 84, 85, and 86.
FEBRUARY 1979
B
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart Bl. Price Movements—Con.
Consumer prices-
Percent changes at annual rate
320c. All items (6-month span)
Chart B2. Wages and Productivity
Index: 1967=100
345. Average hourly compensation, all employees,.
nonfarm business sector, Qj^fj^
340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
346. Real average hourly compensation^!! wemj3Jo|ees
nonfarm business sector, Q ~ ~ "
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.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
IICII
49
B
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart B2. Wages and Productivity—Con.
| Wages-Con~|
Change in average hourly earnings of production
workers, private nonfarm economy1 —
6-month spans (ann. rate)
•
340c. Current-dollar earnings /YvT<
341c. Real earnings
6-month spans (ann. rate) I '
Change in average hourly compensation, all employees,
'
nonfarm business sector, Q—
345c. Current-dollar compensation
1-quarter spans (ann. rate)
~
XA
?l
A
v
v
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 of.
contract, Q (ann. rate)
^
| Productivity
370. Output per hour, all persons,
private business sector, Q
358. Output per hour, all persons, nonfarm business sector, Q
,
370c. Change in output per hour, private business sector, Q
1-quarter spans (ann. rate) ^^ ;
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) so that they may be shown
against the background of the annualized changes over 6-month spans.
See the current data table for actual 1-month percent changes.
and 88.
for these series are shown on pages 87
Current data
50
FEBRUARY 1979
BCII
C
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
441. Civilian labor force, total (millions)
Labor force participation rates (percent)—
453. Both sexes 16-19 years of
452. Females 20 years and over
Number unemployed (millions)—
37. Total unemployed
444. Males 20 years and over
445. Females 20 years
and over
446. Both sexes 16-19 years of
448. Number employed part-time for economic
reasons (millions)
Current data for these series are shown on page 89.
http://fraser.stlouisfed.org/
FEBRUARY
Federal Reserve Bank of St. Louis
KCII
1979
447. Number unemployed, full-time
workers (mflonsf
"
D
GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures
Current data
for these series are shown on page
http://fraser.stlouisfed.org/
CO
Federal Reserve Bank of St. Louis
Annual rate, billion dollars (current)
502. Federal Government expenditures, Q
500. Federal Government surplus or deficit, Q
3 ,,J
511. State and local government
,-
512. State and local government
expenditures, Q
510. State and local government surplus or deficit, Q
90.
C P R R I I A R V 1Q7Q
Kill
D
GOVERNMENT ACTIVITIES-Con.
Chart D2. Defense Indicators
[Advance Measures of Defense Activity|
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)
525. Defense Department military prime contract awards
(bil. dol.; MCD moving avg.—6-term)
543. Defense Department gross unpaid obligations outstanding (bil. dol.)
548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.-6-term)
Current data for these series are shown on page 90.
http://fraser.stlouisfed.org/ FEBRUARY
Federal Reserve Bank of St. Louis
BCII
1979
53
D
GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators—Con.
jIntermediate and Final Measures of Defense Activity)
557. Output of defense and space equipment (index: 1967=100)
559. Manufacturers' inventories, defense products (bil. dot.)
561. Manufacturers' unfilled orders, defense products (bil. dol.)
580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg.—4-term)
•
V-
588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.—4-term)
Current data for these series are shown on page 91.
54
FEBRUARY
1979
KCII
D
GOVERNMENT ACTIVITIES-Con.
Chart D2. Defense Indicators—Con.
| Intermediate and Final Measures of Defense Activity—Con. [
570. Employment in defense products industries (millions)
Defense Department personnel (millions)—
577. Military, active duty
578. Civilian, direct hire employment
[National Defense Purchases!
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bil. dol.)
565. National defense purchases as a percent of GNP, Q (percent)
Current data for these series are shown on page 91.
http://fraser.stlouisfed.org/ FEBRUARY 1979
Federal Reserve Bank of St. Louis
ItCII
55
E
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
602. Exports, excluding military aid shipments
(bil. dol.; MCD moving avg.—5-term)
604. Exports of agricultural products,
total (bil. dol.)
606. Exports of nonelectrical machinery (bil. dol.)
612. General imports (bil. dol.; moving avg.—4-term)
614. Imports of petroleum and petroleum
product (
616. Imports of automobiles and parts (bil. dol.)
Current data for these series are shown on page 92.
56
FEBRUARY
1979
ItCII
E
U.S. INTERNATIONAL TRANSACTIONS—Con.
Chart E2. Goods and Services Movements
Annual rate, billion dollars
Excess of receipts
I
I Excess of payments
Goods and services—
667. Balance on goods and services, Q
Merchandise, adjusted—
622. Merchandise trade balance
Investment income—
651. income on U.S. investments abroad, Q
\
652. Income on foreign investments in the U.S., Q
NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.
http://fraser.stlouisfed.org/
FEBRUARY 1979
Federal Reserve Bank of St. Louis
57
F
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
Index: 1967=100
Industrial production—
721. OECD European countries \
Current data for these series are shown on page 94.
58
FEBRUARY 1979
ItCII
F
INTERNATIONAL COMPARISONS—Con.
Chart F3. Stock Prices
Chart F2. Consumer Prices
Percent changes at annual rate
Consumer prices—
6-month spans
Index: 1967=100
Stock prices—
19. United States
320c. United States
748. Japan
735c. West Germany
736c. France
746. France
742. United Kingdom
732c. United Kingdom
737c. Italy
733c. Canada
743., Canada
Current data for these series are shown on pages 95 and 96.
http://fraser.stlouisfed.org/
FEBRUARY
Federal Reserve Bank of St. Louis 1979
ItCII
59
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS
Q COMPOSITE INDEXES
|
910. Index of
12 leading indicators (series
1,3,8, 12, 19,
20, 29, 32, 36,
92, 104, 105)
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)
Leading Indicator Subgroups
913. Marginal
employment
adjustments
(series 1,2,3,
5)
914. Capital
investment
commitments
(series 12,20,
29)
915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)
(1967=100)
(1967=100)
(1967=100)
(1967=100)
916. Profitability (series
17, 19,80)
917. Money
and financial
flows (series
940. Ratio,
coincident
index to
lagging index
104, 105, 110)
(1967=100)
(1967=100)
(1967=100)
1977
January
February
March
126.3
127.3
130.0
125.2
126.5
128.8
121.6
122.3
122.8
95.6
96.6
97.9
108.8
109.6
110.6
101.0
101.6
103.4
106.8
106.2
107.0
110.3
109.9
110.6
April
May
June
130.4
129.9
129.7
129.1
129.5
130.2
123.3
124.3
126.5
97.1
97.1
97.0
110.0
110.7
111.5
104.1
103.4
102.7
107.7
108.4
108.7
111.3
110.3
110.0
104.7
104.2
102.9
129.4
131.4
132.5
130.6
130.7
131.3
126.9
128.2
129.5
96.1
96.1
96.4
110.7
113.1
113.0
102.3
102.6
103.0
109.4
109.6
108.8
111.4
112.8
114.1
102.9
102.0
101.4
133.8
134.2
135.4
132.4
133.2
134.3
131.1
132.7
133.4
96.9
97.4
98.1
113.3
114.0
114.9
103.5
103.1
103.8
107.7
107.1
106.0
115.2
114.9
115.2
101.0
100.4
100.7
July
August
September
.
.
October
November
December
103.0
103.4
H>104.9
1978
January
February
March
134.4
135.3
H35.3
132.6
133.6
135.4
135.8
H37.6
r!39.0
97.1
96.7
97.7
113.6
rl!4.1
rl!3.2
104.4
r!05.3
H05.6
103.9
H02.7
r!03.6
E>115.2
H14.4
H13.7
r97.1
r97.4
April
May
June
r!36.7
r!37.1
r!37.9
137.9
138.0
138.6
H39.5
r!41.8
H44.1
98.4
97.5
97.2
rllS.l
rl!3.2
H14.3
r!06.2
H06.5
r!06.3
rl06.0
H07.9
108.3
r!14.4
rl!4.6
rl!4.8
r98.9
r97.3
r96.2
July
August
September
H36.6
H37.2
H38.3
138.8
140.1
140.0
145.6
H46.5
148.3
96.9
96.8
97.9
H13.8
r!13.9
rl!4.7
r!04.7
H05.0
r!04.9
108.3
H09.8
DrllO.2
r!14.7
rl!4.4
H15.0
r95.6
October
November
December
H)rl38.8
r!38.2
MSS.l
141.6
r!42.8
^0)143,7
150.5
H55.9
158.6
98.3
D98.7
r98.6
!E>rll5.4
H14.5
rl!3.8
H05.5
H05.7
H06.3
H09.6
r!07.7
r!08.0
rl!4.6
rl!4.1
rl!2.7
r91.6
r90.6
[H> 4 160.4
p98.3
pl!2.0
.[H)pl06.5
p!09.4
p!09.0
p89.5
97.6
95.3
94.4
94.1
1979
2
January
February
March
136.5
3
143.6
April
May
June
July
August
September
October
November
December
. ..
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byjj}; for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.
i i A n\/ i t\-rr\
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
B EMPLOYMENT AND UNEMPLOYMENT
B
Minor Economic
Process
Timing Class
Year
and
month
L, L, L
1 . Average
workweek of
production
workers,
manufacturing
(Hours)
2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
(Per 100 employees)
(Hours)
L, Lg, U
L,C, L
L, L, L
L, C, L
L, L, L
5. Average
weekly initial
claims, State
unemployment
insurance 1
3. Layoff rate,
manufacturing
4. Quit rate,
manufacturing
(Per 100 employees)
(Per 100 employees)
(Thous.)
Comprehensive
Employment
Job Vacancies
Marginal Employment Adjustments
L, Lg, U
U, C , C
L, Lg, U
60. Ratio, helpwanted advertising to persons
unemployed
46. Index of
help-wanted
advertising
in newspapers
(Ratio)
(1967=100)
48. Employeehours in nonagricultural
establishments
(Ann, rate,
bil. hours)
Revised2
1977
January
February
March . .
39.7
40.3
40.4
3.3
3.3
3.4
4.0
4.4
4.1
386
431
329
1.3
1.4
1.1
1.9
1.9
1.8
0.439
0.434
0.450
105
106
108
152.26
154.86
155.35
April
May
June
40.4
40.4
40.5
3.5
3.9
358
1.1
1.8
3.9
3.9
378
363
1.1
1.2
1.9
1.8
0.467
0.484
0.484
109
3.4
3.5
112
114
155.81
156.50
156.62
July
August
September
40.3
40 3
40.3
3.5
3.9
3.7
3 9
382
391
377
1.2
1.3
1.1
1.8
1.8
1.9
0 537
0 535
0 539
121
122
120
157.11
156.99
157.14
October
November
December . . .
40 5
40 5
40.5
3 5
3 6
3 6
4 0
4 1
4 4
372
349
331
1 l
1 0
1 0
1 .9
2.0
2.0
0 573
0 597
0 674
128
133
140
158.69
158.10
158.94
39 8
40 1
40 6
3 5
3 7
3 7
4 2
4 0
3 9
331
370
|H)320
0 9
0 9
1 0
2 0
2 0
2 0
n fi^R
n A7Q
O AP9
138
139
141
157.64
158.96
161 20
(H) 40 8
40 4
An R
3 8
3 5
4 2
4 0
330
328
-3
f.
? Q
'Mfi
0 9
1 0
l n
2 2
2 1
2 1
0 717
0 696
n 7/ifi
146
144
147
162 93
162 53
163 50
July
August
September
40.5
40 3
40.4
3 6
3 4
3 6
3 8
3 8
4 1
375
361
328
0.9
2.0
0 718
0 9
0 8
1 9
n yco
2.0
n 7RQ
149
150
152
163.47
162 91
162.93
October
November
December
40.5
40 7
r40 7
3.6
r3 7
3 8
4.4
EH) 4 5
r4 4
325
334
2.3
2 2
2 2
E> 0.821
325
0.9
0 8
0 9
163.68
r!65 19
r!65 53
p40.6
0>p3.8
p4.4
p344
[H> pO 8
ffl)p2 3
(H) p!65 68
3 4
3 4
1978
January
February
March
April
May
June
f|
01 C
O
p! 7
161
161
[H>165
pO 81 5
p!61
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by@. Current high values are indicated by H); for
series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "IMA", not available.
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.
2
See "New Features and Changes for This Issue," page iii.
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
^H EMPLOYMENT AND UNEMPLOYMENT-Con.
Minor Economic
Process
Comprehensive Unemployment
Comprehensive Employment-Con.
u,c,c
U, Lg, U
L, Lg, U
L, Lg, U
L, Lg, U
Lg, Lg, Lg
Lg, Lg, Lg
41 . Employees
on nonagricultural payrolls,
establishment
survey
40. Employees
in goodsproducing industries (mining, mfg., construction)
90. Ratio,
civilian employment to total
population of
working age
37. Number of
persons unemployed, civilian
labor force
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate
State programs 1
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.)
(Thous.)
(Percent)
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
Revised2
(2)
Revised2
1977
January
February
March
L, C, U
(Thous.)
Year
and
month
C, C , C
42. Persons
engaged in nonagricultural
activities, labor
force survey
Timing Class
Revised 2
7 11R
Revised2
7 A
(2)
85 529
85 860
86 312
80 483
80 796
81 264
23 635
23 804
24 032
56 33
56 51
56 73
7 268
7 151
rl
April
May
June
86 544
86 817
87 209
81 654
81 934
82 277
24 205
24 304
?A AH?
56 84
56 98
6 944
fi RQfi
rl 9
C7
1 1
7 DOR
v-7 9
July
August
September
87 407
op d e c
0/1
C7 i o
D7 f.QA
op £no
C7 p-i
07 qqq
Op
OA
C7
6
6 7qc
6 £9ZL
6 q
9 A. ?7fi
88 136
88 839
89,257
83 199
83 549
83 719
24 507
24 617
24 626
57 35
57 80
57 95
6 654
6 635
6 187
6 8
6 7
r6 3
January
February
March
89 560
89,767
89 948
83 871
84,188
84 726
24 648
24,724
24 927
58 10
58.11
58 19
6 292
6,092
6 153
fi ?
6.1
c p
3.6
O A
19
April
May
June
90 430
90 710
91 216
85 418
85 618
85 996
25 31 3
58 38
6 063
rfi 1
0 1
19 A
pc 041
CO
AC
c i cc
c. -\
o n
25 473
CO
01
C
IP P
IPO
July
August
September
91 069
91 ,372
91 ,604
86 033
86,149
86,163
25 501
25 463
25 471
58 61
58 71
58 80
6 1 76
5 940
5 964
r6 1
5 9
r5 9
3 3
3 5
3 2
October
November
December
91 ,867
92,476
92,468
86,573
r87 036
r87 248
25 670
r25 872
r26 023
58 85
59 09
59 08
H) 5 836
5 877
6 012
5 8
5 8
5 9
3 0
3 0
3 1
fu\ P^o» 11?
[H/ n?fi 1 1 <-
fu\ cq po
.
.
...
...
October
November
December
Q7Q
£ 0/1
AA~\
01
A
1
1r
p
R
A
1
7 4
0
0
U
U
p
c
7 1
7p|£
7 r»
6
0
o 7
o 7
o 7
U c
icn
1/1 ?
O
1A 1
0
14.1
9 Q
L .0
p
y,P
P
1
y,p n
yp
,
y,T
fl
Q
1.y
n.y
H .o
0
Q
4 .n
U
4n
T O Q
1 J. 0
1 O. Q
A 0
1? 7
3 8
3 7
1? R
rl ft
1 R
13 7
rl 7
0
ion
1 7
12.6
1.6
i R
i j.y
vl Q
1978
rc
QC.A
o
0
C
T
n
ZL
o
11 4
11 5
11 8
n
n
n
p
Iff) in 7
ri R
i /i
H o
i ?
1 2
1 ?
rl ?
1 9
1 9
1979
[jLj\QQ nfift
January
February
March
[Tj\ n O7
C7Q
C
000
[US
C
Q
[U\ n? 0
[Mypo.u
IU\ 1 -9
In/ i ^
April
May
June
July
August
September
.
...
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by [H);for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 15, 17, and 18.
z
Data exclude Puerto Rico which is included in figures published by the source agency.
^See "New Features and Changes for This Issue," page
iii.
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
Qj PRODUCTION AND INCOME
Minor Economic
Process
Industrial Production
Comprehensive Output and Income
C,C,C
TirninQ Closs
50. Gross national product
in 1972 dollars
Year
and
month
Personal income
223. Current
dollars
(Ann. rate,
bil.dol.)
C, C , C
C,C,C
(Ann. rate,
bil.dol.)
52. Constant
(1972) dollars
(Ann. rate,
bil.doJl
51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil.dol.)
C,C,C
C,C,C
53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
(Ann. rate,
bil.dol.)
Revised
47. Index of
industrial
production,
total
(1967=100)
C,C, C
C, L, L
73. Index of
industrial
production,
durable manufactures
74. Index of
industrial
production,
nondurable
manufactures
(1967=100)
(1967=100)
C,C, C
49. Value of
goods output
in 1972 dollars
(Ann. rate,
bil.dol.)
1
1977
January
February
March
1,306*. 7
1,451.3
1,470.2
1,490.7
1,057.8
1,065.4
1,075.5
910.5
918.0
927.8
222.4
226.1
231.4
132.3
133.2
135.3
123.4
124.0
126.8
143.4
145.3
147.0
596 '.0
April
May
June
1,325'.5
1,500.0
1,508.3
1,517.4
1,076.8
1,078.1
1,079.2
928.9
932.5
935.3
231.1
232.4
233.8
136.1
137.0
137.8
128.0
129.3
130.5
147.0
148.5
148.4
604.4
July
August
September
1,343.'9
1,533.5
1,540.7
1,556.9
1,087.6
1,088.8
1,095.6
938.4
938.9
945.5
234.4
232.7
234.2
138.7
138.1
138.5
131.6
131.3
131.7
148.6
149.4
149.5
613'.3
October
November
December
1,354^5
1,577.0
1,592.7
1,609.2
1,105.9
1,112.2
1,119.1
955.7
961.0
968.0
236.3
237.3
236.1
138.9
139.3
139.7
132.4
132.7
133.4
149.6
150.1
150.9
62CL1
January
February
March
1,354!2
1,615.5
1,625.0
1,646.3
1,112.6
1,111.5
1,119.9
962.4
961.7
970.1
235.0
237.1
241.8
138.8
139.2
140.9
131.1
131.5
134.4
149.8
150.6
151.4
611.8
April
May
June
1,382*.6
1,669.4
1,682.1
1,695.7
1,127.2
1,126.7
1,128.2
978.9
978.4
981.3
246.0
245.5
246.4
143.2
143.9
144.9
136.9
137.6
139.0
153.2
154.0
154.9
627.7
July
August
September
1,391 '.4
1,719.2
1,731.1
1,744.7
1,138.5
1,142.6
1,144.8
986.9
990.3
992.9
247.7
246.5
246.0
146.1
147.1
147.8
141.1
142.2
142.8
155.0
155.6
157.1
630.2
October
November
December
[H)rl,413*.b
1,152.8
1,768.4
rl,785.8
rl,159.6
rl,807.6 (H)rl,168.5
1,001.4
rl,007.9
i>n,oi6.3
247.7
250.7
0)252.5
H48.7
149.5
rl 50 . 5
r!44.0
H44.9
[R> r!46.4
r!57.4
r!58.4
158.9
[H}r647.'6
el, 162. 2
el, 010. 8
p252.2
H)pl50.7
p!46.2
H)pl59.7
.. .
1978
. .
1979
January
February
March
[H)pl,815.4
April
May
June
July
August
September
.
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by [H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 19, 20, and 40.
See "New Features
x
Kill
and Changes for This Issue," page iii.
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
H
Minor Economic
Process
Qj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Capacity Utilization
L, C, U
Timing Class
Year
and
month
PRODUCTION AND
INCOME-Con.
83. Rate of
capacity
utilization,
manufacturing
(BEA)
(Percent)
82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)
Orders and Deliveries
L, C, U
84. Rate of
capacity
utilization,
materials
(Percent)
L, L, L
L, L, L
Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)
7. Constant
(1972) dollars
(Bil.dol.)
Revised1
1977
L, L, L
8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)
L, L, L
L, Lg, U
25. Change in
unfilled orders,
durable goods
industries
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil.dol.)
(Bil.dol.)
L, L, L
32. Vendor
performance,
companies reporting slower
deliveries®
(Percent
reporting)
Revised1
80 .'4
56.36
56.43
59.29
37.45
37.32
38.96
34.50
34.82
36.37
1.83
0.81
0.87
168.27
169.07
169.94
44
55
56
82^6
58.80
58.84
59.11
38.46
38.30
38.33
35.12
34.99
35.07
1.80
1.56
1.06
171.74
173.30
174.36
58
56
58
83^6
82^3
56.37
59.27
60.36
36.20
37.85
38.23
34.44
35.58
35.20
-1.10
0.62
1.08
173.27
173.89
174.97
59
58
56
82^9
82.2
63.56
62.82
66.16
40.02
39.36
41.25
35.74
35.81
35.91
3.24
2.59
4.04
178.21
180.80
184.83
56
50
56
82 J
8l! 7
63.34
66.68
69.02
39.07
40.81
41.98
35.82
37.01
37.57
3.36
3.60
4.56
188.19
191.80
196.36
55
64
67
84*.6
April
May
June
81.2
82^7
January
February
March
84.5
70.03
70.04
68.84
42.16
41.92
40.88
38.67
37.82
37.01
3.54
4.62
2.55
199.90
204.52
207.07
64
64
66
85.'6
86.0
65.19
71.58
72.64
38.41
41.81
42.21
36.54
37.70
37.34
-0.04
2.90
3.73
207.03
209.92
213.65
56
65
66
E>r85.8
[H>r87.5
76.98
76.65
r78.16
44.42
43.83
44.41
38.54
38.35
39.32
6.69
5.02
r4.74
220.34
225.36
r230.ll
68
66
68
E>p81.34
E>p45.67
[H}p40.02
H>p7.03
(H>p237.14
S>69
'83
*84
July
August
September
October
November
December
"82
"QZ
1978
January
February
March
April
May
June
*84
0)84
July
August
September
October
November
December
p83
(NA)
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by(H); for
series that move counter to movements in general business activity, current low values are indicated by ffi). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 20, and 21.
x
See "New Features and Changes for This Issue," page iii.
urn
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class
C,C,C
C,C,C
56. Current
dollars
(Mil. dot.)
57. Constant
(1972) dollars
(Mil.dol.)
C, L, C
C,L,U
U, L, U
75. Index of inSales of retail stores
dustrial production consumer
54. Current
goods
59. Constant
dollars
(1972) dollars
(1967=100)
(Mil.dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and trade
Manufacturing and trade sales
Year
and
month
H
M9| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.
(Mil.dol.)
L,C,C
L, L, L
55. Personal
consumption
expenditures,
automobiles
58. Index of
consumer
sentiment ®
(Ann. rate,
bil.dol.)
(IstQ
1966-100)
L, L, L
12. Index of
net business
formation
(1967=100)
L, L, L
13. Number of
new business
incorporations
(Number)
C1)
1977
January
February
March
211,652
216,210
221,612
141,980
143,811
146,326
139.9
140.5
142.9
55,671
57,169
57,850
40,371
41,218
41,499
6K5
April
May
June .
220,835
221,559
222,589
144,930
144,850
145,444
142.9
143.1
143.8
57,929
58,052
57,851
41,348
41,289
41,029
6K9
July
August . .
September
221,991
224,404
225,305
145,219
146,730
146,528
145.4
144.7
144.9
58,669
59,177
59,412
41,550
41,792
41,869
eo.'i
October
November
December
228,450
231,550
237,017
147,875
148,787
151,341
144.9
145.2
145.8
60,720
61,650
61,813
42,670
43,142
43,045
January
February
March
230,294
238,165
242,627
145,652
149,567
151,514
141.8
143.8
145.9
59,987
61,548
62,649
April
May
June
250,606
251,869
252,639
154,645
154,347
153,638
147.5
147.0
147.0
July
August
September
250,853
258,306
258,311
152,305
156,639
155,349
October
November
December
265,295
r268,311
[H)p271,090
157,788
r!58,520
[H}pl59,001
123.3
123.0
124.3
34,519
33,173
35,300
122.4
123.2
125.8
33,394
34,442
37,229
87.'e
126.6
130.6
129.6
35,749
39,525
37,812
63.*2
83.' 1
132.0
133.5
134.8
38,943
38,344
39,674
41,342
42,127
42,647
63.'i
83.7
84.3
78.8
E> 135.1
135.0
131.8
36,547
39,253
37,602
63,917
64,292
64,565
43,100
43,005
42,929
@}70.*5
81.6
82.9
80.0
131.9
132.2
134.2
147.7
148.4
149.0
64,343
65,862
66,347
42,639
43,531
43,563
67.*9
82.4
78.4
80.4
134.7
134.0
134.0
39,403
B) 42, 605
41,827
H49.2
149.8
H50.7
67,389
68,572
r69,443
43,959
r44,527
E)r44,831
r69.7
79.3
75.0
66.1
133.9
re!32.6
41 ,945
p41,568
[H)pl50.8
E>p69,694
p44,504
87.'5
M) 89 . 1
1978
(NA)
38,498
38,320
39,796
(NA)
1979
January
February
March . . .
(NA)
(NA)
72.1
April
May
June
July
August
September
October .
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by(H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12. 14, 22, and 23.
x
See "New Features and Changes for This Issue," page ill.
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.
MAJOR E C O N O M I C
PROCESS
R FIXED CAPITAL INVESTMENT-Con.
l
Minor Economic
Process
Business Investment Commitments
L, L, L
Timing Class
L, L,L
Contracts and orders for plant
and equipment
Year
and
month
20. Constant
(1972) dollars
10. Current
dollars
(Bil.dol.)
3
1977
( )
(Bil.dol.)
L, L, L
Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.)
L, C, U
U, Lg, U
C, Lg, Lg
9. Construction contracts for commercial and industrial buildings, floor
space 1
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
97. Backlog of
capital appropriations, manufacturing
(Bil.dol.)
(Bil.dol.)
L, L, L
27. Constant
(1972) dollars
(Bil.dol.)
Square feet
(Millions)
3
3
( )
( )
January
February
March
17.15
17.13
16.65
11.79
11.72
11.38
14.67
14.32
14.61
10.12
April
May
June
17.58
19.20
18.46
12.00
12.99
12.36
July
August
September
16.02
18.28
20.21
October
November
December
Square meters 2
(Millions)
3
( )
4.98
4.76
6.27
14^58
10.01
53.56
51.27
67.45
14.69
14.89
15.49
10.08
10.16
10.42
55.88
63.20
61.12
5.19
5.87
5.68
15.00
10.68
12.19
13.22
13.94
14.53
16.12
9.32
9.76
58.48
71.07
67.79
5.43
6.60
6.30
17^46
10.59
17.94
18.49
20.78
11.81
12.00
13.37
16.10
16.09
16.99
10.63
10.48
10.99
63.06
70.62
72.04
5.86
6.56
6.69
16^92
r21.24
22.76
20.86
H3.54
14.46
13.31
16.51
17.88
17.51
10.58
11.41
11.22
83.03
67.86
71.94
7.71
6.30
6.68
17'.52
14.*76
9.83
49.28
50.' 68
53.*94
56^50
1978
January
February
March
April
May
June
19.16
21.60
20.21
12.16
13.58
12.66
17.41
18.12
18.16
11.09
11.48
11.44
76.71
88.41
83.27
7.13
8.21
7.74
July
August
September
21.05
23.51
23.47
12.99
14.35
14.27
17.07
19.34
20.15
10.66
11.96
12.38
74.82
79.21
86.38
6.95
7.36
8.02
October
November
December
0)26.64
24.40
r24.09
D 16.00
14.66
r!4.35
22.22
20.58
r20.38
13.53
12.53
H2.30
84.55
E>91.08
81.48
p26.60
p!5.75
0>p22.99
i)p!3.75
88.51
60. '46
60.19
r!6.'43
r61.*26
7.85
H)8.46
7.57
[H)pl9.23
0}p63.70
1979
January
February
March
8.22
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by H); for
series that move counter to movements in general business activity,current low values are indicated by[R>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 23, and 24.
^his is a copyrighted series used by permission; it may not be reproduced
without
Converted to metric units
written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
3
by the Bureau of Economic Analysis.
See "New Features and Changes for This Issue," page iii.
itrit
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
HI
Minor Economic
Process
Residential Construction
Commitments and Investment
Business Investment Expenditures
C, Lg, Lg
Timing Class
Year
and
month
FIXED CAPITAL INVESTMENT-Con.
C, Lg, Lg
69. Machinery
61. Business
and equipment
expenditures
for new plant
sales and business
and equipment, construction
total
expenditures
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
C, Lg, U
C, Lg,C
Lg, Lg, Lg
C, Lg, C
76. Index of
Nonresidential fixed investment n 1972 dollars
industrial production, business
88. Producers'
86. Total
87. Structures
equipment
durable equip.
(1967=100)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
L, L,L
28. New
private housing
units started,
total
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits
(1967=100)
L, L, L
89. Residential
fixed investment, total, in
1972 dollars
(Ann. rate,
bil.dol.)
Revised 1
1977
January
February
March
130.16
182.32
184.25
190.37
142.3
143.5
144.8
126!8
38^3
88*. 5
1,519
1,856
2,064
125.3
132.5
143.3
53.5
April
May
June
134^24
190.50
192.57
190.28
147.1
148.9
150.1
129/1
40."6
89!6
1,883
1,985
1,907
142.6
142.7
149.9
58'.6
July
August
September
140.38
196.50
201.66
203.89
151.2
151.1
152.1
130.' 8
40.8
90.'(D
2,062
2,023
1,982
144.6
152.5
146.1
58.' 8
October
November
December
138J1
206.68
206.37
209.06
152.6
153.5
154.0
132J5
4l!6
9K5
2,078
2,041
2,151
153.5
H) 157.0
153.2
M)6Q.3
January
February
March
144'.25
205.95
211.11
218.57
152.6
154.2
157.4
133.' 8
4i!6
92.9
1,744
1,659
2,011
131.5
132.2
141.9
59^5
April
May
June
150^76
225.60
222.36
231.96
159.3
160.2
161.8
14CK5
44.' 6
95.'9
2,037
2,093
149.9
137.6
156.9
59^9
July
August
September
D 155.' 41
232.46
242.06
251.84
163.8
165.4
165.8
14K7
45.6
96J
2,104
2,004
2,024
140.6
134.7
149.2
59 '.7
October
November
December
a!6K24
247.82
r252.23
B p260.18
166.9
H67.2
H68.4
JH>H43'.7
D r46!i
[R> r97.2
2,054
2,107
2,062
r!48.8
148.6
143.4
r60.2
January
February
March
al6l!34
(NA)
g) P 168.5
pi, 656
114.1
April
May
June
al67!82
1978
E> 2 > 176
1979
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by [H/; for
series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 24, and 25.
x
See "New Features
and Changes for This Issue," page iii.
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR E C O N O M I C
PROCESS
Mj INVENTORIES AND INVENTORY
Minor Economic
Process
INVESTMENT
Inventory Investment
L, L, L
Timing Class
L, L, L
L, L, L
36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data 1
Year
and
month
(Ann. rate,
bil.dol.)
Inventories on Hand and on Order
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
Revised3
31. Change
in book value
of mfg. and
trade inventories, total
L, L, L
38. Change
in stocks of
supplies on
hand and on
order, mfg.
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories, book value
71. Current
dollars
Lg, Lg, Lg
70. Constant
(1972) dollars
65. Mfrs.'
inventories of
finished
goods, book
value
(Bil.dol.)
(Bil.dol.)
Lg, Lg, Lg
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade 2
L, Lg, Lg
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
Revised3
(Ann. rate,
bil.dol.)
(Bil.dol.)
(Bil.dol.)
(Ratio)
(Bil.dol.)
1977
5!8
12.14
9.71
15.64
4.50
6.88
10.26
24.0
27.0
41.9
1.77
0.86
1.55
311.24
313.49
316.98
225.53
226.01
227.04
54.38
54.59
54.79
1.59
1.57
1.55
134.17
135.03
136.58
April
May
June
lo'.b
11.63
9.04
4.72
12.41
12.21
10.28
39.6
23.7
21.6
0.86
1.38
0.15
320.27
322.25
324.05
228.03
228.56
229.32
55.21
56.31
56.89
1.57
1.58
1.58
137.44
138.81
138.96
July
August
September
12'.2
3.83
21.38
13.39
7.16
7.92
11.42
11.3
31.8
32.5
-0.78
0.92
1.10
324.99
327.64
330.34
229.81
23V. 30
232.36
57.49
57.57
57.97
1.58
1.58
1.59
138.18
139.10
140.21
October
November
December
7!5
1.43
17.77
9.14
12.47
11.46
10.15
5.8
28.2
19.2
0.60
0.62
1.48
330.83
333.19
334.78
232.31
233.33
233.75
58.50
59.07
58.91
1.57
1.57
1.54
140.80
141.42
142.90
12'.3
20.87
12.38
0)35.36
12.69
15.03
18.50
34.7
32.6
0)65.3
1.33
1.60
2.34
337.68
340.40
345.84
234.55
235.01
237.28
59.68
59.57
59.88
1.61
1.57
1.57
144.23
145.83
148.17
0)12^7
28.38
22.06
5.39
24.12
0)26.99
23.60
56.5
44.2
32.3
1.82
2.54
2.17
350.54
354.23
356.92
238.87
239.97
240.32
60.50
61.06
61.62
1.54
1.55
1.56
149.99
152.53
154.70
July
August
September
g!6
6.10
14.92
10.37
14.90
9.99
9.63
28.6
42.2
23.2
0.89
1.52
2.43
359.30
362.82
364.75
240.83
242.10
242.31
62.18
62.87
62.96
1.58
1.55
1.56
155.59
157.11
159.54
October
November
December
r7*6
12.46
18.78
p!3.51
11.52
13.23
p!4.39
31.6
r49.1
p28.5
242.67
367.38
2.45
371.48
r243.92
0)2.68
2 . 4 1 0)p373.85 0)p244.02
62.68
63.50
0)63.72
1.54
1.54
pi .53
161.99
164.67
0)167.08
(NA)
(NA)
(NA)
January
February
March
1978
January
February
March
.
....
April
May
June
1979
January
February
March
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by0); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available
Graphs of these series are shown on pages 13, 15, 26, and 27.
1
2
Series
Series 77
for FRASER is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
3
reached its high value (l.63) in October 1976.
See "New Features and Changes for This Issue," page iii.
Digitized
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
H PRICES, COSTS, AND PROFITS
9
Minor Economic
Process
U, L, L
L, L, L
Timing Class
92. Change in sensitive prices
Year
and
month
Stock
Prices
Sensitive Commodity Prices
Monthly
data
Smoothed
data 2 3
(Percent)
Revised'*
(Percent)
23. Index of
industrial
materials
prices@
(1967=100)
L, L, L
19. Index of
stock prices,
500 common
stocks 3 @
(1941-43=10)
Profits and Profit Margins
L, L, L
L, L , L
Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bii, dol.)
18. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
L, C, L
L, C, L
Corporate profits after taxes
with I V A a n d CCA 1
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)
Revised
1977
-1.76
D4.40
1.57
0.71
-0.14
0.69
210.2
216.4
222.8
103.81
100.96
100.57
0.43
1.04
-1.35
1.77
1.58
0.53
221.9
218.1
206.4
99.05
98.76
99.29
July
August
September
0.22
1.44
0.67
0.01
0.04
0.44
204.1
202.7
202.9
October
November . . . .
December
0.21
1.51
2.52
0.77
0.79
1.11
January
February
March
0.67
0.03
1.27
April
May
June
January
February
March
68.' 7
6i!e
44.2
l6.'6
102.8
7\'.9
71.4
5CK3
io!i
100.18
97.75
96.23
104.8
12.2
E)Q2.Q
E>5o!7
io!6
204.7
203.8
210.9
93.74
94.28
93.82
104^4
7o!s
74.*3
BO.'s
lo'i
1.49
1.32
0.87
219.7
219.9
219.8
90.25
88.98
88.82
102,'i
68.0
62.*6
42.*2
9.5
1.39
0.62
1.85
0.78
1.00
1.19
220.3
217.8
222.1
92.71
97.41
97.66
E>120.5
[H>78!4
78.*4
5K5
Dio.'s
July
August
September
1.59
0.44
1.62
1.32
1.32
1.26
224.7
232.6
239.1
97.19
103.92
103.86
76.1
79.0
51.1
10.3
October
November
December
1.72
1.57
1.13
1.24
1.45
1.56
249.4
254.8
251.8
100.58
94.71
96.11
(NA)
(NA)
(NA)
(NA)
1.91
1.50
[R>258.3
5
272.3
April
May
June
96*.5
1978
119.2
(NA)
1979
January
February
March . . .
6
99.71
98.37
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by(H}; for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "D", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
2
Graphsof these series are shown on pages 13, 28. and 29.
^VA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series
weighted 4-term moving average (with weights l,2,2,l) placed at the terminal month of the span. 3Series 92 (smoothed)
is a
reached
http://fraser.stlouisfed.org/its high value (2.1l) in Dec. 1976; series 19 reached its high value (105.45) in Sept. 1976. 4See "New Features and
5
6
1^
Changes," page iii.
Average for Feb. 6, 13, and 20.
Average for Feb. 1, 8, 15, and 22.
Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
Minor Economic
Process
BJ PRICES, COSTS, AND PROFITS-Con.
Profits and Profit Margins-Con.
U, L, L
15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations 2
(Percent)
Year
and
month
L, L, L
81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income 1
Timing Class
(Cents)
Unit Labor Costs and Labor Share
Cash Flows
L, L, L
L, L, L
L, L, L
17. Ratio, price
Net cash flow, corporate
to unit labor
cost index,
manufacturing
35. Constant
34. Current
dollars
(1972) dollars
(1967-100)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
Lg, Lg, Lg
Lg, Lg, Lg
68. Labor cost
63. Index of
unit labor cost, per unit of real
private business gross domestic
sector
product, nonfinancial
corporations
(1967=100)
(Dollars)
Lg, Lg, Lg
62. Index of
labor cost per
unit of output,
manufacturing
(1967=100)
Lg, Lg, Lg
64. Compensation of employees as a percent
of national
income
(Percent)
3
C )
1977
January
February
March
elo
5.3
121.6
120.9
121.5
15716
losli
176*.6
0.932
151.5
153.4
153.8
76*.5
April
May
June
6*. 7
5*. 5
122.8
123.3
122.8
16sll
nils
179l3
0.946
153.8
154.2
155.0
76*. 1
July
August .
September
E)7l6
5l6
122.8
123.0
122.7
16812
nils
181.1
0.955
155.4
155.4
156.4
75'.8
October
November
December
6l9
5li
122.2
121.7
121.1
167ls
109ls
isslg
0.973
158.0
159.2
160.7
76*. 1
January
February
March
5l5
s'.o
H19.6
rll9.1
119.2
166'.S
107l2
19l'.4
1.008
164.1
166.1
166.8
E>77'.4
April
May
June
6\4
5.'5
rl21.5
r!22.3
rl23.1
[H}185l7
Diwls
igile
1.017
165.5
165.6
165.6
76*.3
July
August
September
6.6
5.4
H23.4
124.6
r!25.3
184 '.5
nsls
1971s
D 1-038
166.1
165.1
r!65.4
76l2
125.4
124.5
r!24.4
(NA)
(NA)
167.2
169.2
r!70.4
(NA)
1978
....
October
November
December
(NA)
(NA)
[H}r200.8
(NA)
1979
January .
February
March
April
May
June
..
[H)pl25.4
Dpi 71. 4
....
July
August .
September
October
November
December
....
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated byD; for
series that move counter to movements in general business activity,current low values are indicated by D- Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 29, and 30.
1
IVA,
inventory valuation adjustment; CCA, capital consumption adjustment. 2Series 15 reached its high value (5.6) in 2d
3
quarter 1976.
See "New Features and Changes for This Issue," page iii.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR E C O N O M I C
PROCESS
Q MONEY A N D C R E D I T
|
Minor Economic
Process
L, L, L
Timing Class
(Ml)
(Percent)
1977
Revised
L, L, L
L, C , U
85. Change in
money supply
Year
and
month
Velocity of Money
Money
3
102. Change
in money
supply plus
time deposits
at commercial
banks ( M 2 ) 1
(Percent)
Revised
Monthly
data
Smoothed
data 2
Revised
3
(Percent)
Revised
L, L, L
3
105. Money
supply (M1)
in 1972
dollars
106. Money
supply (M2)
in 1972
dollars
(Bil.dol.)
104. Change in total liquid assets
(Percent)
3
L, L,L
(Bil.dol.)
Revised 3
Revised 3
Credit Flows
C,C,C
C, Lg, C
L, L, L
107. Ratio,
gross national
product to
money supply
(M1)
108. Ratio,
personal income
to money supply
(M2)
(Ratio)
(Ratio)
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies
(Ann. rate,
bil.dol.)
Revised
3
Revised 3
January
February
March
0.73
0.57
0.57
0.93
0.78
0.78
1.13
1.11
0.74
0.82
0.90
0.98
225.3
224.5
224.5
532.8
532.1
533.2
5.684
1.942
1.952
1.964
59.32
58.36
71.80
April
May
June
0.88
0.34
0.53
0.84
0.56
0.73
0.85
0.64
0.79
0.95
0.82
0.75
224.7
224.5
224.5
533.5
534.2
535.1
5.766
1.959
1.959
1.957
81.52
83.98
97.07
July
August
September
1.05
0.58
0.76
1.08
0.73
0.75
1.11
0.97
0.94
0.80
0.90
0.98
226.1
226.4
227.2
539.1
540.6
542.6
5.794
1.956
1.951
1.957
76.76
85.98
94.20
October
November
December
0.69
0.33
0.65
0.72
0.50
0.52
1.15
0.96
0.75
228.0
227.4
227.8
544.7
544.2
544.4
5.812
1.968
1.978
1.988
88.38
88.28
94.02
0.94
0.15
0.23
0.82
0.42
0.39
0)1.18
0.79
0.70
0.96
0.94
0.90
E)228.4
227.2
226.1
545.0
543.8
541.9
5.816
1.980
1.983
2.001
75.01
77.53
92.63
|H>1.37
0.80
0.51
0.94
0.77
0.71
1.05
0.98
0.80
0.87
0.88
0.93
227.3
227.2
226.5
542.4
542.1
541.4
5.957
2.011
2.010
2.012
July
August
September
0.57
0.71
1.15
0.72
0.97
[0)1.09
0.76
0.75
1.14
0.90
0.81
0.83
226.4
226.7
227.5
542.0
544.2
G>545.7
5.975
2.026
2.020
2.014
r83.32
H02.07
95.96
October
November
December
0.14
-0.17
0.14
0.54
0.39
0.23
0.74
1.05
0.70
0.88
0.93
0.90
225.9
224.2
222.9
544.0
542.9
540.4
[0)6.121
2.031
2.043
2.063
99.56
10)^103.21
P77.54
p-0.44
"-0.41
p-0.09
"0.15
pO.46
pO.78
p219.8
p534.6
H)p2.074
(NA)
1.01
D.I. 02
0.98
1978
January
February
March
April
May
June
86.69
98.44
r99.62
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by [0); for
series that move counter to movements in general business activity, current low values are indicated by [0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
2
Graphs of these series are shown on pages 13, 31. and 32.
'Series 102 reached its high value (l.25) in February 1976.
Series is a
3
weighted 4-term moving average (with weights l,2,2,l) placed at the terminal month of the span.
See "New Features and Changes
4
for This
Average for weeks ended February 7 and 14.
http://fraser.stlouisfed.org/ Issue," page iii.
Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
^H MONEY AND CREDIT-Con.
Minor Economic
Process
Credit Flows-Con.
U L, L
Timing Class
Year
and
month
112. Net change
in bank loans
to businesses
(Ann. rate,
bil.dol.)
L, L, L
113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)
Credit Difficulties
U L, L
110. Total
private
borrowing
(Ann. rate,
mil. dol.)
L, L, L
14. Current
liabilities
of business
failures®
(Mil. dol.)
Bank Reserves
L, L,L
L, Lg, U
L, U, U
39. Delinquency 93. Free
rate, 30 days
reserves®
and over, consumer installment loans x
(Percent)
Interest Rates
94. Member
bank borrowing from the
Federal
Reserve®
(Mil. dol.)
(Mil. dol.)
U Lg, Lg
C, Lg, Lg
119. Federal
funds rate®
(Percent)
1 14. Treasury
bill rate®
(Percent)
1977
January
February
March
7.88
15.76
9.48
25.28
28.33
40.42
256,468
168.54
194.20
248.20
2.37
2.37
2.37
433
-114
155
61
79
110
4.61
4.68
4.69
4.60
4.66
4.61
April
May
June
2.53
8.18
13.91
37.07
34.80
30.77
262,804
207.27
473.89
305.86
2.40
2.43
2.38
-62
72
-149
73
200
262
4.73
5.35
5.39
4.54
4.94
5.00
-0.65
13.04
5.93
28.88
35.22
34.14
310,520
577.82
338.25
K> 96.99
2.41
2.34
2.36
12
-872
-443
336
1,071
634
5.42
5.90
6.14
5.15
5.50
5.77
11 70
14 05
2.35
38 48
43 15
42.95
305 232
115.69
200 29
168.32
2.41
2 24
2.36
-980
-705
-384
0)1,319
840
558
6.47
6.51
6.56
6.19
6.16
6.06
January
February
March
11 .93
26.50
19.73
29.24
34.34
48.91
r308,584
168.31
205.01
324.41
2.42
2.48
2.51
-176
-272
-38
481
405
344
6.70
6.78
6.79
6.45
6.46
6.32
April
May
June
22.19
32.98
25.63
49.27
51.36
50.48
r330 228
202. 99
160.40
178.84
2.44
2.28
2.44
-475
-975
-974
539
1,227
1,111
6.89
7.36
7.60
6.31
6.43
6.71
July
August
September
3.94
12.00
11.90
41 59
43.58
44.16
r349 648
231 82
(NA)
2 42
2 37
2 42
JH}-1 145
885
-993
1 286
1 147
1 068
7 81
8 04
8 45
7 07
7 04
7 84
October
November
December
12 65
rll.OO
r-5 77
2.35
2.34
2.45
-1 049
-417
r-749
1 261
722
874
8 96
9.76
10 03
8.79
July
August
September
. .
October
November
December
1978
40.49
49.19
0>p354,540
[H) 51 76
Q
Q
1 -2
19
1979
January
February
March
(H) 2 p38 50
2 322 82
(NA 1 )
/ M A N
(Nt\)
n
£/l £
4 cn7
rvQQ/l
yob
4QO£
fu\ -i n
n7
** i0n Ub
1 . n£
ION y . 7R
[My Q OD
y . £b
5 Q 9r
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[H); for
series that move counter to movements in general business activity,current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA". not available.
1
Graphs of these series are shown on pages 32. 33. and 34.
Series 39 reached its high value (2.19) in November 1976. 2See "New
Features
and Changes for This Issue," page iii. 3Average for weeks ended February 7 and 14. AAverage for weeks ended
5
February 7,
http://fraser.stlouisfed.org/ 14, and 21. Average for weeks ended February 1, 8, 15, and 22.
Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.
MAJOR E C O N O M I C
PROCESS
H l MONEY AND C R E D I T - C o n .
r
Minor Eco no in ic
Process
Timing Class
Interest Rates-Con.
Lg, Lg, Eg
C, Lg, Lg
U, Lg, Lg
Lg, Lg, Lg
1 16. Corporate
bond yields®
115. Treasury
bond yields©
1 1 7. Municipal
bond yields©
1 18. Secondary
market yields
on FHA
mortgages©
Outstanding Debt
Year
and
month
(Percent)
(Percent)
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
67. Bank rates
on short-term
business loans
109. Average
prime rate
charged by
banks©
©
(Percent)
Lg, Lg, Lg
66. Consumer
installment
debt
(Mil. dol.)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
72. Commercial 95. Ratio,
and industrial
consumer inloans outstallment debt
standing, weekly to personal
reporting large
income
commercial
banks
(Mil. do!.)
(Percent)
1977
January
February
March „
6.68
7.16
7.20
7.96
8.18
8.33
5.87
5.89
5.89
8.40
8.50
8.58
7 . 48
7.50
6.25
6.25
6.25
191,713
194,074
197,442
117,463
118,776
119,566
13.21
13.20
13.24
5.73
5.75
5.62
8.57
(NA)
8.74
7.52
7.37
7.93
6.25
6.41
6.75
200,531
203,431
205,995
119,777
120,459
121,618
13.37
13.49
13.58
April
May
June
8.30
8.08
7.13
7.17
6.99
July
August
September
8. 12
8.06
8.11
6.98
7.01
6.94
5.63
5.62
5.51
8.74
8.74
8.72
7.96
7.87
8.22
6.75
6.83
7.13
208,402
211,337
214,182
121 ,564
122,651
123,145
13.59
13.72
13.76
October
November
December
8.21
8.26
8.39
7.08
7.16
7.24
5.64
5.49
5.57
8.78
8.78
8.91
8.35
8.66
8.77
7.52
7.75
7.75
217,389
220,985
224,564
124,120
125,291
125,487
13.78
13.87
13.96
January
February
March
8.70
8.70
8 70
7.51
7.60
5.71
5.62
9.11
(NA)
8.70
8.95
7.93
8.00
227,001
229,863
126,481
128,689
14.05
14.15
7.OJ
/ fi°,
C . C]1
D D
Q . c. y
r» 9Q
p no
o . yo
Q
o . Pi Pi
UU
<-) "•> o
L o o ,y jy
"|Qn
April
May
June
8.88
9.00
7.74
5.80
6.03
7 . QA
/ r/H
9.37
9.67
[\\i\\
VINAJ
8.92
9.01
9 . /1 C
HO
8.00
8.27
Q . 1j
j l
c . C.C.
99
D
238,045
242,325
c
co
8 . o3
9 A C~. C "39
£4b ,b3<:
132,182
134,930
1 37 ,066
14.26
14.41
1/1 . R/I
1 1 UH
July
August
September
9.27
8.83
8.78
8.10
7.88
7.82
6.28
6.12
6.09
9.92
9.78
9.78
9.00
9.01
9.41
249,998
253,630
257,310
137,394
138,394
139,386
14.54
14.65
14.75
October
November
December
9.14
9.30
9.30
8.07
8.16
8.36
6.13
6.19
[H) 6 . 50
9.93
9.99
10. 16
9.94
10.94
1 1 .55
260,684
264,783
H> 2 6 9 , 0 9 6
140,440
[H)rl41 , 3 5 7
r!40,876
14.74
14.83
J?) pi 4 . 8 9
jg> 9 . 4 7
fiT> R , zn
Ll.V O H- J
6 46
6.31
ilO/ in . 17/
LJ|\ 1 U 1
[H) 1 1 . 7 5
M l . 75
(NA)
8.38
1978
7.86
9.70
9.97
10.19
10.65
11.43
W12.22
Q on
Q QO
1 3D , 3 3 3
U . 91
c. 1
1979
^anuary
February
March
2
9.52
2
8.40
3
/ f, j A \
tJMAj
x
_
pl 34 ,275
136,177
/ M A \
(NA)
1 5
April
May
June
July
August
September
October
November
December
N O T E : Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p". preliminary, "o", estimated; "a", anticipated, and "NA", not available.
Granhs of these series are shown on pages 15, 34. and 35
1
See "New Features and Changes for This Issue," page iii. 2Average for weeks ended February 2, 9, 16, and 23. 3Average for
weeks ended February 1, 8, 15, and 22. ''Average for February 1 through 23. 5Average for weeks ending February 7 and 14.
http://fraser.stlouisfed.org/
II FEBRUARY 1979
Federal Reserve Bank of St. Louis
7q
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
Kfl D I F F U S I O N I N D E X E S
950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
20,29,32,36,92, 104,
Year
and
month
951. Four roughly
coincident indicator
components (series
41,47,51,57)
952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)
961 . Average workweek
of production workers,
manufacturing (20
industries)
105}
962. Initial claims for
State unemployment
insurance, week including the 12th
(51 areas)
1-month
span
6-month
span
74.5
70.6
68.6
76.2
66.6
74.7
88.1
87.8
85.2
68.6
23.5
37.3
57.8
53.9
74.5
68.0
64.8
71.2
79.4
75.9
72.1
80.4
24.5
82.4
65.7
82.4
68.6
59.3
51.7
60.8
69.8
74.1
72.1
27.5
70.0
92.5
76.5
41.2
90.2
70.6
78.4
86.3
60.5
73.8
72.1
77.9
82.0
83.1
82.5
72.5
60.0
33.3
47.1
54.9
76.5
56.9
47.1
69.8
70.3
70.1
85.5
79.9
77.9
82.4
11.8
58.8
52.9
60.8
62.8
56.4
67.2
68.9
67.7
59.6
90.0
49.0
42.2
94.1
54.9
51.7
57.6
r74.4
r74.7
p78.2
6-month
span
1-month
span
9-month
span
1-month
span
83.3
83.3
100.0
12.5
97.5
40.0
87.5
90.0
82.5
39.2
25.5
49.0
100.0
100.0
100.0
100.0
50.0
47.5
80.0
77.5
77.5
90.0
100.0
100.0
100.0
75.0
91.7
83.3
100.0
100.0
100.0
17.5
55.0
50.0
50.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
83.3
100.0
100.0
100.0
100.0
77.5
52.5
40.0
58.3
54.2
25.0
75.0
100.0
91.7
100.0
100.0
100.0
0.0
r58.3
100.0
100.0
100.0
67.5
95.0
100.0
72.5
6-month
span
1-month
span
6-month
span
1-month
span
January
February
March
29.2
50.0
83.3
83.3
75.0
62.5
100.0
100.0
100.0
100.0
100.0
66.7
75.0
91.7
April
May
June
54.2
37.5
66.7
50.0
79.2
54.2
75.0
75.0
100.0
100.0
83.3
83.3
100.0
75.0
July
August
September
50.0
79.2
50.0
62.5
58.3
79.2
75.0
75.0
75.0
October
November
December
75.0
70.8
58.3
66.7
75.0
66.7
41.7
54.2
41.7
1-month
span
963. Number of employees on private
nonagricultural payrolls
(172 industres)
9-month
span
1977
25.0
75.0
7.5
1978
January
February
March
April
May
June
66.7
54.2
r54.2
r50.0
r58.3
50.0
75.0
July
August
September
r50.0
54.2
75.0
100.0
54.2
*54.5
62.5
50.0
2
62.5
37.5
October
November
December
^0.0
2
3
70.0
100.0
100.0
100.0
3
66.7
100.0
100.0
91.7
83.3
83.3
60.0
35.0
52.5
92.5
100.0
100.0
100.0
75.0
100.0
100.0
100.0
r41.7
100.0
100.0
91.7
83.3
83.3
100.0
100.0
100.0
37.5
32.5
57.5
r40.0
p40.0
66.7
"100.0
100.0
7.5
r60.8
51.0
p74.5
52.5
r25.5
70.6
31.4
r80.2
83.3
r87.5
r60.0
p84.3
75.6
"75.0
p60.0
61.3
100.0
1979
January
February
March
April
May
June
50.0
66.7
p71.8
. ..
July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as r i s i n g ) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950, 951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 36.
Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
"Excludes series 70 and 95 for which data are not yet available.
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
FBf DIFFUSION INDEXES-Con.
964. Value of manufacturers' new orders,
durable goods industries (35 industries)
Year
and
month
1 -month
span
9-month
span
966. Index of industrial
production (24
industries)
965. Newly approved
capital appropriations,
deflated, The
Conference Board
(17 industries)
967. Index of industrial
materials prices ©
(13 industrial materials)
9-month
span
968. Index of stock
prices, 500 common
stocks® (58-65
industries)!
1-month
span
9-month
span
969. Profits, manufacturing, C tibank
(about 1,000 corporations)
1-quarter
span
4-Q moving
avg.
1-month
span
37.5
75.0
58.3
81.2
91.7
85.4
69.2
73.1
80.8
57.7
50.0
50.0
46.0
27.4
43.5
33.0
43.5
54.8
83.3
75.0
83.3
34.6
34.6
15.4
50.0
46.2
46.2
49.2
37.0
46.0
54.8
29.0
17.7
60
57
60.4
72.9
58.3
87.5
79.2
66.7
34.6
50.0
50.0
45.8
29.2
2
41.7
56.5
23.4
15.3
26.6
27.4
22.6
53
'ei
62.5
43.8
62.5
70.8
70.8
70.8
2
45.8
62.5
2
75.0
11.3
66.9
46.8
19.4
16.1
23.7
61
48
66.7
58.3
70.8
83.3
83.3
91.7
69.2
34.6
46.2
2
66.7
66.7
2
58.3
8.1
30.6
50.0
3
49.1
62.1
69.8
52
fsi
45.8
50.0
75.0
89.6
91.7
91.7
50.0
61.5
80.8
69.2
80.8
84.6
90.7
90.7
59.3
3
82.8
86.2
87.7
63
p51
83.3
54.2
87.5
58.3
58.3
79.2
83.3
83.3
r79.2
65.4
69.2
76.9
88.5
92.3
88.5
28.8
98.3
37.3
3
70.2
67.5
68.4
52
r58.3
r70.8
r/0.8
p79.2
88.5
80.8
42.3
"88.5
8.6
0.0
69.0
4-quarter
span®
55
'eo
1 -quarter
span
6-month
span
1 -month
span
1977
January
February
March
60.0
48.6
77.1
91.4
88.6
77.1
48
April
May
June
31.4
60.0
45.7
82.9
82.9
82.9
77
July
August
September
37.1
68.6
65.7
85.7
85.7
80.0
56
October
November
December
62.9
65.7
65.7
88.6
88.6
94.3
48
January
February
March
40.0
71.4
54.3
88.6
91.4
71.4
62
April
May
June
62.9
42.9
45.7
80.0
77.1
91.4
24
July
August
September
31.4
81.4
51.4
88.6
80.0
p91.4
r71
October .
November
December
77.1
45.7
r60.0
2
50.0
37.5
57.7
2
2
2
'72
73
*73
*79
1978
p48
2
3
3
3
3
3
3
80
(NA)
(NA)
1979
January
February
March . . . .
p57.1
p64.6
61.5
^80.8
94.8
April
May
June
July
August
September .
October
November
December . .
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as risina.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated b y ® . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
Based on 62
Component data
Based on 12
3
Based on 58
Average for
components through March 1978, on 59 components through September 1978, and on 58 components thereafter.
are not shown in table C2 but are available from the source agency.
components (excluding print cloth).
components for January 1978 through May 1978 and on 57 components thereafter.
February 6, 13, and 20.
leru
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
D I F F U S I O N INDEXES-Con.
Year
and
quarter
a. Actual
expenditures
(1-Qspan)
b. Later
anticipations
(4-Qspan)
(1-Qspan)
(4-Qspan)
(4-Q span)
(4-Qspan)
(4-Qspan)
Anticipated
Actual
Anticipated
Anticipated
Actual
c. Early
anticipations
(1-Qspan)
973. Net sales, manufacturing
and trade 1 ®
971. New orders, manufacturing 1 ©
970. Business expenditures for new plant and
equipment (18 industries)
1976
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
76
66.7
80.6
72.2
47.2
61.1
77.8
72.2
63.9
75.0
61.1
66.7
83.3
66.7
75.0
88.9
44.4
61.1
72.2
69.4
58.3
66.7
66.7
66.7
72.2
80
83
82
61.1
88.9
61.1
(NA)
77.8
69.4
63.9
72.2
61.1
66.7
61.1
83
86
86
82
81
74
72
74
78
78
82
84
90
87
1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
71
74
74
76
86
88
82
86
90
86
81
84
85
1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
69.4
82
83
88
86
(NA)
73
76
78
79
82
84
83
(NA)
86
87
92
90
88
(NA)
1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter
80
55.6
78
85
D I F F U S I O N INDEXES-Con.
Year
and
quarter
974. Number of employees,
manufacturing and trade 1 ®
975. Level of inventories,
manufacturing and trade 1 ®
Actual
Actual
Actual
977. Seiiing prices, wholesale
trade 1 ®
976. Selling prices, manufacturing 1 ®
Anticipated
Anticipated
(4-Qspan)
(4-Qspan)
Anticipated
Actual
Anticipated
Anticipated
Actual
(4-Qspan)
(4-Qspan)
978. Selling prices, retail
trade 1 ®
(4-Qspan)
(4-Qspan)
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
57
58
58
58
56
60
62
60
62
65
68
69
60
59
61
62
59
60
61
59
74
72
74
75
62
64
64
(NA)
59
60
62
62
76
76
76
(NA)
82
82
82
84
81
82
92
86
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
65
68
72
70
87
87
87
78
81
86
82
87
88
90
(NA)
82
84
87
87
89
92
93
(NA)
80
86
86
90
90
86
92
92
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
90
87
90
91
94
94
(NA)
90
88
92
92
1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter
60
86
90
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
http://fraser.stlouisfed.org/
7R
II
C C R D I I A D V 1Q7Q
Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
1979
June
July
All m a r u f a c t u n n y industries
August
40.3
Percent rising of 20 components .
September
October
November
December
40.4
(58)
41 /
41 P
39.
39.9
36.7
Q
42.7
37.4
41 Q
41 .9
44.3
43 4
41
1
41.9
41.9
43.7
43.9
41 .0
41.7
37.6
Percent rising of 35 components
10,095
7,524
11,669
11,806 +
9,527 -
11 ,722
8,524
13,139
9,209
13,234
8,988
7,902
15,226
12,771
18,536
13,053
20,553
13,963
20,916
13,783
20,116 + 2 1 , 5 5 2
14,565 - 13,974
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.
^9 S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Basic Data and Directions of Change-Con.
1978
Diffusion index components
June
July
August
1979
September
October
November
r
December r
January13
966. INDEX OF INDUSTRIAL P R O D U C T I O N '
(1967-100)
All industrial production
+
Percent rising of 24 components^
144.9
+
(88)
146.1 +
(58)
147.1 +
(58)
147.8
+
H48.7 +
(58)
(79)
149.5
+
(71)
150.5 +
(71)
150.7
(65)
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products
+
+
117.5 +
142.3 +
123.0 +
144.0 +
126.0 +
145.8 +
127.9
146.3
+
-
r!28.6 +
r!46.0 +
128.9
146.9
+
+
131.8
148.1 +
128.9
148.7
Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments
+
+
+
+
154.6
154.1
130.4
170.9
+
+
+
+
156.1 +
157.9
132.1 +
172.2 +
157.3 +
+
156.9
133.4
175.4
158.7
158.3
132.8
174.6
+
+
+
H60.3
157.9
H37.0
175.3
+
+
+
+
160.6
159.1
139.3
176.2
+
+
o
+
161.4 +
161.8 +
139.3
178.9 +
162.5
162.9
137.1
180.3
Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products
+
+
159.8
138.7
158.8 +
138.1
159.5 +
136.9 +
160.9
139.2
+
+
162.1 +
H41.2 +
166.3
142.5
+
+
168.0
145.3
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
+
+
156.2 +
153.5
158.1 +
153.2 +
159.0 +
153.8 +
160.7
154.1
+
H60.9
153.9
157.6
152.1
+
156.6
153.2 +
+
+
140.4 +
126.8
75.1
141.0
124.5 +
74.5
+
139.5
127.2 +
74.0 +
142.2
130.9
74.1
+
+
148.0
128.7 +
140.5
+
130.3
141.9 +
129.5
+
142.3
131.0
+
+
191.1 +
142.8 +
255.5 +
192.3
144.3
259.1 +
192.2
+
144.1 +
261.1 +
+
141.8 +
122.7
142.9 +
120.8
144.0 +
118.6 +
+
+
136.4
127.1
+
+
121.1
130.7 +
Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products
Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
131.7
126.8
117.0 +
131.3 +
(NA)
155.3
+
142.1 +
130.6
73.8 +
144.1
(NA)
74.0
+
144.7
(NA)
73.5
+
_
145.8
H30.5 +
145.3
132.1
+
+
147.1
133.3 +
194.2
147.1
263.1
+
+
+
H95.9 +
r!47.9 +
264.1
197.8
148.2
262.2
+
196.9
149.7
261.6
(NA)
148.5
(NA)
144.4
120.6
-
r!43.2 +
119.0 +
144.2
121.5
+
145.1
(NA)
(NA)
(NA)
114.7
124.9
124.9
126.2
117.9
131.6
(NA)
(NA)
+
-
144.0 +
H24.5
145.1
123.8
+
146.8
123.2
117.2
123.0
115.6
133.8
+
+
122.1 +
134.0
12^.3
13.. 9
123.9
133.6
(NA)
(NA)
+
(NA)
(NA)
(NA)
146.0
134.2
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: H = rising, (o) = unchanged, and (-} - falling. The "r " indicates revised:
"p", preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE-Con.
R SELECTED D I F F U S I O N INDEX C O M P O N E N T S : Basic Data and Directions of Change-Con.
l
1978
Diffusion index components
June
July
August
1979
September
October
November
December
January
February 1
+
-
+
+
967. INDEX OF INDUSTRIAL MATERIALS P R I C E S 2
Industrial materials price index (1967=100) . . . .
+
Percent rising of 13 components
222.1
+
224.7
+
(65)
(81)
232.6
+
(69)
239.1
+
249.4
(88)
(77)
2 5 4 .8
251.8
(42)
(81)
258.3
(62)
272.3
(81)
Dollars
Copper scrap
(pound). .
(kilogram). .
+
0.501
1.105
-
0.498
1.098
+
0.524
1.155
+
0.529
1.166
+
0.552
1.217
-
0.538
1.186
+
0.549
1.210
+
0.594
1.309
+
0.702
1.548
Lead scrap
(pound). .
(kilogram). .
o
0.108
0.238
o
0.108
0.238
+
0.128
0.282
+
0.144
0.317
f
0.174
0.384
-
0.171
0.377
-
0.159
0.351
+
0.178
0.392
+
0.195
0.430
Steel scrap
(U.S. ton). .
(metric ton). .
+ 73.250
80.743
+ 77.750
85.704
- 74.800
82.452
- 70.000
77.161
+
72.000
79.366
+ 80.000
88.184
+ 87.000
95.900
+ 94.000
103.616
+104.000
114.639
Tin
(pound). .
(kilogram). .
+
5.525
12.180
+
5.624
12.399
+
5.850
12.897
+
6.252
13.783
+
6.934
15.287
+
7.018
15.472
-
6.512
14.356
-
6.429
14.173
+
6.810
15.013
Zinc
(pound). .
(kilogram). .
+
0.298
0.657
+
0.300
0.661
+
0.320
0.705
+
0.328
0.723
+
0.339
0.747
+
0.348
0.767
o
0.348
0.767
+
0.350
0.772
+
0.368
0.811
(yard). .
(meter). .
+
0.185
0.202
- 0.18";
-
0.180
0.197
-
0.176
0.192
0.174
0.190
+
0.180
0.197
o
0.180
0.197
4-
0.181
0.198
o
0.181
0.198
(pound). .
(Kilogram). .
-
0.572
1.261
-
0.568
1.252
+
0.597
1.316
+
0.602
1.327
+
0.642
1.415
+
0.655
1.444
-
0.640
1.411
-
0.618
1.352
-
0.606
1.336
(yard). .
(meter). .
+
0.575
0.629
+
0.580
0.634
+
0.582
0.636
+
0.590
0.645
+
0.594
0.650
+
0.610
0.667
o
0.610
0.667
-
0.604
0.661
+
0.605
0.662
Wool tops
(pound). .
(kilogram). .
o
2.580
5.688
o
2.580
5.688
o
2.580
5.688
o
2.580
5.688
+
2.596
5.723
+
2.600
5.732
o
2.600
5.732
o
2.600
5.732
o
2.600
5.732
Hides
(pound). .
(kilogram). .
+
0.482
1.063
+
0.510
1.124
+
0.552
1.217
+
0.618
1 .362
+
0.630
1.389
+
0.686 +
1 .512
0.689
1.519
+
0.754
1.662
+
0.887
1 .955
Burlap
Cotton, 12 market average
Print cloth, average
Rosin
(100 pounds). . o 28.500
(100 kilograms). .
62.831
0.198
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o
28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
Rubber
(pound). .
(kilogram). .
+
0.493
1.087
+
0.497
1.096
+
0.520
1 .146
+
0.549
1.210
+
0.578
1.274
+
0.582
1.283
_
0.556
1.226
_
0.546
1.204
+ 0.571
1 .259
Tallow
(pound). .
(kilogram). .
4-
0.185
0.408
+
0.190
0.419
_
0.189
0.417
+
0.195
0.430
+
0.199
0.439
+
0.202
0.445
_
0.191
0.421
+
0.199
0.439
+
http://fraser.stlouisfed.org/
Federal Reserve Bank of St.D D I I A D V
r C Louis
urn
10-70
0.203
0.448
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Year
and
quarter
217. Per capita
GNP in 1972
dollars
a. Total
213. Final sales
in 1972 dollars
1975
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1,454.7
1,498.6
1,564.0
1,598.0
2.3
43.9
65.4
34.0
1,649.7
1,685.4
1,715.6
1,749.8
51.7
35.7
30.2
34.2
13.6
1,806.8
1,867.0
1,916.8
1,958.1
57.0
60.2
49.8
41.3
13.7
14.0
11.1
1,992.0
2,087.5
2,136.1
r2,212.1
33.9
95.5
7.1
20.6
48.6
9.6
r!5.0
0.6
1,171.6
1,189.9
1,220.0
1,227.9
-9.1
7.9
27.6
12.5
1,306.7
1,325.5
1,343.9
1,354.5
9.0
-28.1
18.3
30.1
1,255.5
1,268.0
1,276.5
1,284.0
12.6
18.6
22.7
18.8
18.4
10.6
2.6
5,503
5,579
5,706
5,731
1,191.0
1,206,5
1,217.9
1,233.1
9.3
4.0
2.7
2.3
5,850
5,899
5,927
5,949
1,248.0
1,258.0
1,267.3
1,284.2
7.3
5.9
5.7
3.2
6,044
6,119
6,191
6,226
1,300.9
1,315.5
1,331.7
1,347.1
-0.1
8.7
6,215
6,334
6,360
r6,445
1,341.8
1,369.9
1,382.4
r1,406.0
6.4
10.5
1976
First quarter ..
Second quarter
Third q u a r t e r . ,
Fourth quarter
9.0
7.3
8.2
8.5
7.5
1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
8.9
1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
r/6.0
1 ,354.2
1,382.6
1,391.4
rl.413.0
2.6
r6.4
Year
and
quarter
u
1975
First quarter ..
Second quarter
Third quarter. ,
Fourth quarter
1,025.4
1,095.1
1,100.3
1,125.8
829.8
874.1
863.1
871.7
3,898
4,098
4,037
4,069
1,152.5
1,170.6
1,192.8
1,221.5
886.3
891.5
900.9
1,248.0
1,285.3
1,319.1
1,359.6
935.7
964.9
994.0
1,021.6
757.2
770.2
779.7
791.1
122.7
128.1
136.3
143.5
106.4
109.4
115.2
119.7
4,109
4,124
4,139
4,174
1,053.8
1,075.1
1,098.4
1,133.7
806.3
814.0
820.9
836.2
152.2
154.7
156.7
162.8
124.8
125,2
125.3
128.5
904.8
918.6
931.9
949.6
4,185
4,241
4,293
4,365
1,167.7
1,188.6
1,214.5
1,255.2
846.6
849.5
858.0
876.6
173.2
175.6
177.4
187.2
134.9
136.2
136.9
143.0
952.1
4,370
4,399
1,276.7
1,322.9
1,356.9
rl ,405.1
873.
886.
895.
r912.6
1976
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1,391.6
1,433.3
1,458.4
rl,512.3
960.3
968.7
r982.2
4.428
r4,480
183.5
197.8
199.5
r209.2
137.8
145.8
144.8
H50.1
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 40 and 41.
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT—Con.
R GROSS P R I V A T E D O M E S T I C INVESTMENT
|
^H P E R S O N A L C O N S U M P T I O N E X P E N D I T U R E S Con,
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil. dol.)
238. Nondurable
goods in 1972
dollars
(Ann. rate,
bil. do I.)
239. Services in
1972 dollars
237. Services in
current dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
241. Total in
1972 dollars
240. Total in
current dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil.dul.!
242. Fixed investment, total, in
current dollars
243. Fixed investment, total, in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. doi.)
1975
393.7
405.5
415.0
421.4
302.0
307.5
307.5
309.5
419.3
431.3
442.7
456.7
348.8
353.4
357.0
361.9
177.7
175.2
206.8
203.9
134.6
133.3
153.7
148.9
198.0
197.5
202.3
208.8
154.0
149.9
151.5
154.1
430.3
437.4
444.5
458.3
314.6
318.2
320.5
327.7
471.3
483.0
497.2
512.6
366.9
370.6
375.1
380.0
231.5
243.5
249.9
247.1
168.5
174.7
177.1
173.4
220.1
228.1
235.3
247.6
161.0
164.6
167.8
173.6
465.9
473^6
327.1
327^2
528.6
539.'4
A7Q 7
H / :) , 1
Q9Q 9
•J L J . L.
nc7 c
496.9
First quarter
Second quarter
Third quarter
Fourth quarter
338.1
571.1
384 . 6
386.0
391 8
395.6
272.5
295.6
309 7
313*5
186.1
197.1
201 . 7
200^3
262.2
278.6
287.8
300.5
180.3
187.1
189. 5
192^8
336.3
340.4
r348.6
605.8
625.8
r642.5
21 3 J
210.4
r210.9
306. 0
325*3
336.5
r348.5
193.4
200.4
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
JJ/ . D
1978
First quarter
Second quarter
Third quarter . . . . . . .
Fourth quarter
crn A
B
Year
and
quarter
CQ 1
OU 1 . f
519.3
531.7
r553.5
O
GROSS P R I V A T E
DOMESTIC INVEST, -Con.
245. Change in
business invent o r i e s in current
dollars
(Ann. rate,
bil. dol.)
/in? .A
H U L. H
404.2
410.0
r413.8
099
7
O L. L . /
345.4
350.1
r360.1
201.4
r203.9
^M G O V E R N M E N T PURCHASES OF G O O D S AND S E R V I C E S
30. Change in
business inventories in 1972
dollars
260. Total in
current dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
261. Total in
1972 dollars
( A n n . rate,
bil.dul,)
262. Federal
Government in
current dollars
263. Federal
Government in
1972 dollars
(Ann. rate,
bil. do!.)
(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.)
1975
First quarter
Second quarter
Third quarter
Fourth quarter
-20.2
-22.3
4.6
-4.9
-19.4
-16.7
2. 1
-5.2
325.8
334.2
342.2
351.5
259.3
261.6
263.8
265.7
119.4
121.4
123.6
127.9
95.9
96.2
96.7
97.3
206.4
212.8
218.7
223.6
163.4
165.4
167.2
168^4
11.4
15.4
14.5
-0.6
7.5
10.1
9.3
-0.2
354.0
357.2
360.4
366.3
264.3
263.2
262.5
261.3
127.1
127.8
129.9
134.6
96.2
95.9
96.8
97.5
226.9
229.4
230.5
231.7
168.1
167.3
165.7
163.8
10.3
17.0
21.9
13.1
5.8
10.0
12.2
7.5
375.0
388.8
399.5
412.5
262.8
267.9
271.7
274.5
138.3
142.9
146.8
152.2
98.7
101.3
102.9
103.6
236.7
245.9
252.7
260.3
164.1
166.6
168.8
170.9
16.7
20.1
13.6
rll.6
12.3
12.7
9.0
r7.0
416.7
424.7
439.8
r454.6
272.1
271.9
276.7
r279.5
151.5
147.2
154.0
H62.3
101.2
97. 1
100 4
r!02'.4
265.2
277.6
285.8
r292.3
170.8
174.8
176.3
r!77.1
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and
"IMA", not available.
Graphs of these series are shown on pages 41, 42, and 43.
D V
rCQDMA
ItUI
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT—Con.
I
FOREIGN TRADE
Year
and
quarter
252. Current
dollars
255. Constant
(1972) dollars
250. Current
dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
Imports of goods
and services
Exports of goods
and services
Net exports of
goods and services
256. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
253. Current
dollars
(Ann. rate,
bii.dol.)
NATIONAL INCOME
AND ITS COMPONENTS
280. Compensation of
employees
220. National income in current
dollars
257. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil. dol.)
1975
15.5
24.3
20.9
20.9
20.5
24.7
22.8
22.2
147.4
142.6
147.0
152.2
89.6
87.4
90.1
93.0
131.9
118.3
126.1
131.2
69.1
62.7
67.3
70.8
1,156.5
1,188.6
1,243.2
1,271.8
903.2
914.3
939.0
967.8
10.4
9.7
6.9
2.8
16.5
16.1
16.1
13.1
154.4
160.7
168.2
169.4
93.2
95.2
98.0
97.3
144.1
150.9
161.3
166.6
76.7
79.2
81.9
84.2
1,319.8
1,347.9
1,372.1
1,397.0
1,001.7
1,026.0
1,046.1
1,073.3
-8.5
-5.9
-7.0
-23.2
First quarter ..
Second quarter
Third quarter..
Fourth quarter
11.2
11.0
12.5
3.1
170.9
178.1
180.8
172.1
97.1
179.4
184.0
187.8
195.2
85.9
87.9
88.2
92.9
1,447.5
1,499.3
1,537.6
1,576.9
1,107.9
1,140.5
1,165.8
1,199.7
2.9
181.7
99.1
108.4
109.0
rill. 7
205.8
210.9
220.8
r229.7
96.2
205.4
1,603.1
1,688.1
1,728.4
(NA)
1,241.0
1,287.8
1,317.1
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
98.9
100.8
96.0
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
-24.1
-5.5
-10.7
r-7.8
11.3
9.2
210.1
r222.0
rlO.l
97.1
99.7
101.6
NATIONAL INCOME AND ITS COMPONENTS-Con.
Year
and
quarter
282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann. rate,
bil. dol.)
284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil. dol.)
286. Corporate
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)
rl,359.6
SAVING
288. Net interest
290. Gross saving
(private and government)
292. Personal
saving
295. Business
saving
(Ann. rate,
bil. dol.)
(Ann. rate,
b i t . dol.)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
177.0
183.7
210.9
210.1
155.6
171.5
187.2
190.3
66.0
106.6
110.1
110.3
76.0
78.4
79.9
80.0
22.5
22.4
22.4
22.8
126.8
128.6
130.0
122.5
80.1
82.0
86.2
88.9
230.1
240.9
243.5
235.6
201.4
200.9
206.1
202.1
73.6
69.9
68.1
60.7
22.5
22.4
22.4
22.7
129.9
143.7
154.8
148.2
91.7
93.7
97.3
99.0
251.8
276.8
285.5
274.7
207.4
221.1
236.5
230.6
52.2
67.5
74.3
73.7
22.8
22.2
24.3
24.4
132.6
163.4
165.2
(NA)
101.7
104.6
107.4
284.2
326.1
326.2
222.9
243.6
249.8
rlll.l
(NA)
(NA)
82.4
76.3
76.0
r70.2
79.9
85.0
91.8
91.2
22.3
22.6
22.4
22.5
88.6
88.8
87.4
89.5
95.6
98.9
97.2
75.0
88.2
82.2
79.8
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
107.3
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
105.0
110.1
114.5
r!22.1
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 44, 45, and 46.
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Con.
W| SHARES OF GNP AND NATIONAL INCOME
EM SAVING-Con.
Year
and
quarter
298. Government
surplus or deficit,
total
293. Personal
saving rate
(percent of disposable personal
income)
(Ann. rate,
bil. do!.)
Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)
(Percent)
249. Residential
fixed investment
248. Nonresidential
fixed investment
247. Change in
business inventories
(Percent)
(Percent)
(Percent)
(Percent)
251. Net exports of
goods and services
1975
First quarter
Second quarter
Third quarter
Fourth quarter
-44.5
-94.4
-58.5
-60.0
6.4
9.7
7.5
7.1
64.3
64.4
63.6
63.9
10.4
9.9
9.6
9.5
3.2
3.2
3.4
3.6
-1.4
-1.5
0.3
-0.3
1.1
1.6
1.3
1.3
-44.9
-29.9
-30.6
-27.1
6.4
6.0
5.7
5.0
63.9
63.8
64.0
64.8
9.6
9.6
9.8
9.7
3.8
3.9
3.9
4.4
0.7
0.9
0.8
0.0
0.6
0.6
0.4
0.2
-7.8
-11.8
-25.2
-29.6
4.2
5.3
5.6
5.4
64.6
63.7
63.4
64.1
10.0
10.0
10.1
10.2
4.5
4.9
4.9
5.1
0.6
0.9
1.1
0.7
-0.5
-0.3
-0.4
-1.2
-21.1
6.2
0.6
(NA)
5.9
5.3
5.2
r4.6
64.1
63.4
63.5
r63.5
10.3
10.5
10.6
10.6
5.0
5.0
5.1
5.1
0.8
1.0
0.6
rO.5
-1.2
-0.3
-0.5
r-0.4
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
^J SHARES OF GNP AND NATIONAL INCOME-Con.
Year
and
quarter
Percent of GNP-Con.
265. Federal Govt.
purchases of goods
and services
(Percent)
Percent of National Income
268. State and
local govt. purchases of goods
and services
(Percent)
64. Compensation of
employees
(Percent)
283. Proprietors'
income with IVA
and CCA 1
285. Rental income
of persons with
CCA1
(Percent)
289. Net interest
287. Corporate
profitswith IVA
and CCA 1
(Percent)
(Percent)
(Percent)
1975
First quarter
Second quarter
Third quarter
Fourth quarter
8.2
8.1
7.9
8.0
14.2
14.2
14.0
14.0
78.1
76.9
75.5
76.1
6.9
7.2
7.4
7.2
1.9
1.9
1.8
1.8
6.5
7.4
8.9
8.7
6.6
6.6
6.4
6.3
7.7
7.6
7.6
7.7
13.8
13.6
13.4
13.2
75.9
76.1
76.2
76.8
6.7
6.6
6.4
6.4
1.7
1.7
1.6
1.6
9.6
9.5
9.5
8.8
6.1
6.1
6.3
6.4
7.7
7.7
7.7
7.8
13.1
13.2
13.2
13.3
76.5
76.1
75.8
76.1
6.6
6.6
6.3
6.8
1.6
1.5
1.5
1.4
9.0
9.6
10.1
9.4
6.3
6.2
6.3
6.3
7.6
7.1
7.2
r7.3
13.3
13.3
13.4
13.2
77.4
76.3
76.2
(NA)
6.5
6.5
6.6
(NA)
1.4
1.3
1.4
(NA)
8.3
9.7
9.6
(NA)
6.3
6.2
6.2
(NA)
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter .
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 46 and 47.
1
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
http://fraser.stlouisfed.org/
Federal Reserve Bank of E T ELouisD V
St. R D I I A
IUU
1 OTO
OTHER IMPORTANT ECONOMIC MEASURES
B !
PRICES, WAGES, AND PRODUCTIVITY
mm
Implicit pr ce deflator,
gross national product
Year
and
month
310. Index
310c. Change
over 1-quarter
spans 1
Fixed weighted price index,
gross business product
311. Index
31 1c. Change
over 1-quarter
spans 1
PRICE MOVEMENTS
Consumer prices, all terns
320. Index ® 320c. Change
over 1 -month
spans 1
Consumer prices, food
320c. Change
over 6-month
spans 1
(Ann. rate,
percent)
(1972=100)
(Ann. rate,
percent)
(1967=100)
1977
January
February
March
138.3
April
May
June
140.9
July
August
September
142*.6
October
November
December
144.'6
6.0
(Percent)
(Ann. rate,
percent)
Revised 2
(1972=100)
Revised 2
322. Index
(1967=100)
Revised 2
322c. Change
over 1-month
spans 1
322c. Change
over 6-month
spans 1
(Percent)
(Ann. rate,
percent)
Revised 2
Revised 2
6.7
175.3
177.1
178.2
0.7
0.9
0.6
7.9
8.1
8.3
184.0
187.7
188.6
0.7
2.0
0.5
10.1
11.1
11.6
7.9
179.6
180.6
181.8
0.8
0.4
0.6
7.4
6.4
6.0
191.2
191.8
193.1
1.4
0.3
0.7
10.0
6.9
6.6
4.7
182.6
183.3
184.0
0.3
0.4
0.4
5.1
5.4
5.2
193.0
194.1
194.7
-0.1
0.6
0.3
4.1
5.1
4.8
6.3
184.5
185.4
186.1
0.3
0.6
0.5
6.0
6.4
7.2
195.1
196.6
197.7
0.2
0.8
0.6
7.2
8.4
10.2
6.7
187.1
188.4
189.7
0.7
0.6
0.7
8.3
8.8
9.6
199.8
202.1
204.4
1.1
1.2
1.1
13.4
14.5
16.4
12.1
191.4
193.3
195.3
0.8
0.8
0.8
9.4
9.2
9.4
207.8
210.4
213.3
1.7
1.3
1.4
14.2
12.6
11.5
8.0
196.7
197.7
199.1
0.6
0.6
0.8
9.4
8.9
8.6
213.5
214.5
215.8
0.1
0.5
0.6
9.8
8.3
7.4
200.7
201.8
202.9
0.9
0.6
0.7
9.4
217.7
219.0
221.1
0.9
0.6
1.0
10.6
204.7
1.0
224.5
1.5
139^4
7.7
142^0
5.1
143.7
5.5
145^9
1978
January
February
March
147J
April
May
June
15l!6
July
August
September
153^5
October
November
December
rl56."6
7.2
14S\3
11.0
152.6
6.9
155.' 6
8.1
r8.0
rl58.6
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 48 and 49.
''Percent changes are centered within the spans.' 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month,
2
See "New Features and Changes for This Issue," page iii.
rr-r»r»i i A ow 1 r
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.
Wholesale prices, all commodities
330,, Index®
335. Index®
(Percent)
(Percent)
Revised
1977
188.
190.
192.
rO.4
rl.O
rl.O
194.
195.
194.
Revised
1.0
0.4
r-0.4
Revised
Revised
.4
193.3
194.2
194.7
194.
194!
195.
s |!
Q
1.2
1.9
1 .2
2.0
0.9
2.1
210.7
210.6
241.5
241.5
r212.4
215.0
215.7
217.4
rO.6
245.7
9.E
rl.3
0.7
253.4
256.0
257.3
1979
220.7
263.4
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonai movement. Unadjusted series are indicated by (u). Series numbers are for i d e n t i f i c a t i o n only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Tne "r" indicates revised, "p", preliminary; V, e s t i m a t e d , "a", anticipated., and
"NA", not available.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
the 4th month.
"See
"New Features
and Changes
1-month changes are placed on the
for This Issue," page iii.
2d month and 6-month changes are placed on
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
HI
332. Index
(1967=100)
Revised2
1977
332c. Change
over 1 -month
spans 1
(Percent)
332c. Change
over 6-month
spans 1
(Ann. rate,
percent)
Revised2
Revised
Wholesale prices, consumer finished goods
Wholesale prices, producer finished goods
Wholesale prices, intermediate materials
Year
and
month
PRICE MOVEMENTS-Con.
333. Index
(1967=100)
R.e vised
333c. Change
over 1-month
spans 1
333c. Change
over 6-month
spans 1
(Percent)
(Ann. rate,
percent)
Revised2
Revised2
334. Index
(1967=100)
Revised2
334c. Change
over 1-month
spans 1
334c. Change
over 6-month
spans 1
(Percent)
(Ann. rate,
percent)
Revised2
Revised2
January
February
March
195.9
197.3
198.9
0.5
0.7
0.8
8.6
8.3
6.8
178.9
179.9
180.7
0.3
0.6
0.4
6.0
6.5
5.8
173.2
174.9
176.7
0.5
1.0
1.0
April
May
June
200.7
201.5
201.4
0.9
0.4
0.0
6.4
5.7
5.0
181.7
182.7
183.5
0.6
0.6
0.4
6.4
6.6
6.4
177.6
179.0
178.9
0.5
0.8
July
August
September
202.1
202.8
203.8
0.3
0.3
0.5
3.6
3.9
5.0
184.5
185.7
186.4
0.5
0.7
0.4
8.1
8.0
8.5
179.3
180.0
180.6
0.2
0.4
0.3
4.2
4.1
5.0
October
November
December
204.3
205.4
206.4
0.2
0.5
0.5
5.9
6.8
7.1
188.9
189.9
191.1
1.3
0.5
0.6
8.6
8.5
8.8
181.3
182.6
183.3
0.4
0.7
0.4
6.0
7.0
7.8
January
February
March
208.0
209.6
210.9
0.8
0.8
0.6
7.7
7.8
7.9
192.3
193.4
194.4
0.6
0.6
0.5
7.3
7.8
8.1
184.6
186.2
187.5
0.7
0.9
0.7
9.5
9.2
April
May
June
212.0
213.3
214.4
0.5
0.6
0.5
7.2
7.0
7.0
195.7
197.2
198.7
0.7
0.8
0.8
8.3
8.0
8.1
189.7
190.8
192.3
1.2
0.6
0.8
July
August
September
215.4
216.8
218.2
0.5
0.6
0.6
8.4
8.7
9.2
200.1
201.0
202.1
0.7
0.4
0.5
7.7
8.0
7.9
193.7
194.0
195.8
0.7
0.2
0.9
October
November
December
220.7
222.4
224.0
1.1
0.8
0.7
203.1
204.9
206.4
0.5
0.9
0.7
8.5
197.7
199.1
200.9
1.0
0.7
0.9
226.6
1.2
208.4
1.0
203.7
1.4
-0.1
9.5
10.1
7.8
7.2
5.9
4.5
1978
10.7
10.1
10.1
8.6
9.0
8.6
8.9
9.1
10.6
1979
January
February
March
April
May
June
July
August
September
October
November
December . .
. .
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.
2
See "New Features and Changes for This Issue," page iii.
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Con.
B WAGES AND P R O D U C T I V I T Y
l
Average hourly compensation, all employees,
nonfarm business sector
Average hourly earnings, production workers, private nonfarm economy, adjusted 1
Year
and
month
Current dollar earnings
340. Index
(1967=100)
340c. Change
over 1 -month
spans 2
(Percent)
Current dollar compensation
Real earnings
340c. Change
over 6-month
spans 2
(Ann. rate,
percent)
341. Index
(1967=100)
34 1c. Change
over 1 -month
spans 2
(Percent)
341c. Change
over 6-month
spans 2
(Ann. rate,
percent)
345. Index
(1967=100)
345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)
345c. Change
over 4-quarter
spans 2
(Ann. rate,
percent)
1977
8.7
191.1
191.9
193.0
0.8
0.4
0.6
7.9
7.6
7.4
108.8
108.2
108.2
0.0
-0.6
0.0
-0.1
-1.0
-1.4
203.6
April
May
June
194.4
195.5
196.4
0.7
0.6
0.5
7.1
6.7
6.9
108.1
108.1
108.0
-0.1
0.0
-0.1
-0.7
0.1
0.8
206*9
July
August
September
197.8
198.2
199.6
0.7
0.2
0.7
7.4
7.2
7.4
108.4
108.3
108.6
0.4
-0.1
0.3
2.2
2.3
2.6
210.8
October
November
December
201.4
202.4
203.5
0.9
0.5
0.5
8.5
8.6
8.9
109.2
109.3
109.4
0.6
0.1
0.1
2.7
2.2
1.7
214.6
January
February
March
206.0
206,6
208.3
1.2
0.3
0.8
8.9
8.7
8.8
109.9
109.5
109.5
0.5
-0.4
0.0
0.7
-0.5
-1.3
220.9
April
May
June
210.2
211.0
212.2
0.9
0.4
0.6
7.9
7.9
7 7
109.6
109.0
108.7
0.1
-0.5
-0.3
-1.5
-1.4
-1.4
225'.3
July
August
September
214.0
214.6
216.2
0.8
0.3
0.7
7.5
r7.7
r7.7
109.0
108.7
108.7
0.3
-0.3
0.0
-1.5
r-1.1
r-0.8
230.'4
October
November
December
218.0
219.0
r220.3
0.8
0.5
rO.6
p7.8
108.8
H08.5
r!08.4
0.1
r-0.3
-0.1
p-1.5
p222.2
pO.9
pl08.3
p-0.1
January
February
March
. ,
7\9
6.7
i'.'e
7.8
8.5
7.4
8.9
1978
12.2
9-3
8.3
9.7
9.4
r8.8
235^4
1979
January
February
March
April
May
June
. .
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4~quarter changes are placed on the middle month
of the 3d quarter.
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
R9 WAGES AND P R O D U C T I V I T Y - C o n .
Year
and
month
Negotiated wage and benefit
decisions, all ndustries©
Average hourly compensation, a I employees,
nonfarm business sectot -Con.
Rea! compensation
346. Index
(1967=100)
346c. Change
over 1 -quarter
spans 1
(Ann. rate,
percent)
346c. Change
over 4-quarter
spans 1
(Ann. rate,
percent)
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)
(Ann. rate,
percent)
Output per hour, all persons, private
business sector
370. Index
(1967=100)
370c. Change
over 1 -quarter
spans 1
(Ann. rate,
percent)
370c. Change
over 4-quarter
spans 1
(Ann. rate,
percent)
358. Index of
output per hour,
all persons,
nonfarm
business sector
(1967=100)
1977
January
February
March
115.0
April
May
June
114.4
0.3
9.0
July
August
September
October
November
December . . . . . . . . .
6.0
115i9
2.7
2.6
i!s
\'.i
-1.7
117.4
0.9
115.'l
2.5
117.'9
8.9
-2.0
. . .
7.5
1.2
10.2
6.2
6.3
1 1 5 '. 6
i!5
115*2
5.1
118'.9
9.5
i!s
119:5
-0.2
116.2
0.4
6'.5
11614
OJ
115.5
pO.5
116.0
1978
January
February
March
n?!o
April
May
June
116.4
July
August
September
ne'.e
October
November
December
116^7
13.2
4.1
117.6
6.8
-2.3
1.2
6.0
118.0
CK7
0 .7
-4.5
8.2
1.2
7.3
3.5
5.9
119.0
rO.4
p6.0
116.6
p2.1
P5.7
pl!9'.6
pl!7.3
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
"Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.
OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND U N E M P L O Y M E N T
Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month
441. Total
442. Employed
Labor force participation rates
451. Males
20 years
and over
452. Females 453. Both
20 years
sexes, 16-19
and over
years of age
Number unemployed
37. Total
444. Males
20 years and
over
445. Females 446. Both
20 years and sexes, 16-19
years of age
over
447. Fulltime
workers
448. Number employed
part-time
for economic
reasons
(Thous.)
(Thous.)
(Percent)
(Percent)
(Percent)
(Thous.)
(Thous.)
(Thous.)
(Thous.)
(Thous.)
Revised1
Revised 1
C1)
C1)
Revised 1
Revised 1
Revised 1
Revised 1
Revised 1
Revised 1
January
February
March
95,774
96,316
96,654
88,659
89,048
89,503
79.7
79.9
79.8
47.3
47.6
47.8
54.4
55.3
55.7
7,115
7,268
7,151
2,983
3,059
2,877
2,453
2,539
2,582
1,679
1,670
1,692
5,663
5,731
5,605
3,312
3,451
3,288
April
May
June
96,749
97,062
97,508
89,805
90,166
90,500
79.6
79.6
r79.8
r47.9
r48.2
r48.0
55.7
55.4
57.4
6,944
6,896
7,008
2,776
2,802
2,686
2,515
2,441
2,541
1,653
1,653
1,781
5,545
5,477
5,466
3,177
3,273
3,369
July
August
September
97,311
97,698
97,811
90,605
90,903
91,187
r79.6
r79.6
r79.4
48.0
r48.1
r48.6
56.3
57.2
56.0
6,706
6,795
6,624
2,660
2,667
2,488
2,443
2,489
2,476
1,603
1,639
1,660
5,385
5,448
5,256
3,445
3,256
3,283
October
November
December
98,028
98,838
98,748
91,374
92,203
92,561
79.7
79.9
r79.9
r48.2
48.8
48.7
56.7
57.4
56.6
6,654
6,635
6,187
2,605
2,489
2,387
2,440
2,524
2,362
1,609
1,622
1,438
5,304
5,179
4,869
3,226
3,257
3,208
99,215
99,139
99,435
92,923
93,047
93,282
80.0
r79.9
79.9
48.9
48.9
49.1
57.1
56.7
56.9
6,292
6,092
6,153
2,464
2,376
2,394
2,288
2,112
2,169
1,540
1,604
1,590
4,949
4,836
4,778
3,045
3,203
3,184
April
May
June
99,767
100,109
100,504
93,704
93,953
94,640
79.8
79.9
r79,8
r49.3
r49.4
49.6
57.2
57.9
58.7
6,063
6,156
5,864
2,279
2,264
2,112
2,211
2,322
2,294
1,573
1,570
1,458
4,676
4,782
4,529
3,310
3,247
3,433
July
August
September
100,622
100,663
100,974
94,446
94,723
95,010
r79.7
r79.5
r79.5
49.7
r49.6
50.1
58.6
59.1
58.3
6,176
5,940
5,964
2,187
2,181
2,172
2,413
2,231
2,230
1,576
1,528
1,562
4,890
4,641
4,652
3,316
3,298
3,203
October
November
December
101,077
101 ,628
101,867
95,241
95,751
95,855
79.5
r79.9
79.9
49.9
50.1
50.2
58.6
58.4
58.6
5,836
5,877
6,012
2,145
2,113
2,195
2,134
2,208
2,227
1,557
1,556
1,590
4,505
4,491
4,597
3,164
3,131
3,058
102,183
96,300
80.2
50.1
58.9
5,883
2,200
2,166
1,517
4,500
3,159
1977
(Thous.)
Revised
1978
January
February
March
1979
January
February
March
April
May
June
July
August . . .
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 51.
See "New Features and Changes for This Issue, " page iii.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. C D D I I A D X /
C Louis
Ill It
i r\-rf\
OTHER IMPORTANT ECONOMIC MEASURES
Dl
GOVERNMENT ACTIVITIES
Qj RECEIPTS AND EXPENDITURES
Federal Government'
Year
and
month
Q DEFENSE INDICATORS
|
State and local governments'
Advance measures of defense activity
500. Surplus
or deficit
501. Receipts
502. Expenditures
510. Surplus
or deficit
511. Receipts
512. Expenditures
(Ann. rate,
bil. dot.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Mil. dol.)
(2)
1977
January
February
March
517. Defense
Department
gross obligations incurred
525. Defense
Department
military prime
contract awards
(2)
548. Value of
manufacturers'
new orders,
defense products
(Mil. dol.)
(Mil. dol.)
543. Defense
Department
gross unpaid
obligations
outstanding
(Mil. dol.)
(2)
-37.*3
366. * 6
403. * 9
29^5
283^6
253!5
9,804
9,763
9,873
3,354
4,369
4,819
49,258
50,229
50,761
2,104
2,055
2,538
April
May
June
-40'.3
371^4
411 ! 7
ZQ.b
292.6
263.'5
9,671
9,919
9,835
4,303
4,654
4,300
51,236
52,170
52,625
3,279
2,888
2,590
July
August
September
-56\4
374*3
430 '.7
31.2
301 '.8
27CK7
9,498
10,486
9,143
4,624
4,623
4,255
53,383
54,262
52,697
2,064
2,508
2,110
October
November
December
-58^6
385.5
444 !i
29^0
307^9
278.9
10,697
10,208
9,652
6,028
4,100
5,530
54,775
55,479
55,771
4,459
3,421
4,396
January
February
March
-52^6
396\2
448!8
3K5
315.'7
284 ".2
10,959
10,410
10,272
4,552
4,071
5,878
57,304
58,401
58,986
2,871
2,656
4,485
April
May
June
-23^6
424!7
448!3
29^8
327.'4
297.*7
10,107
10,988
9,818
4,501
6,614
7,278
59,348
60,723
60,549
4,031
4,078
3,437
July
August
September
-22^8
441^7
464.5
23.'i
329^2
305^8
10,188
10,169
10,436
3,862
4,500
4,655
61,833
62,028
62,730
2,281
3,357
3,518
(NA)
r483.'5
(NA)
(NA)
3ii!e
10,733
10,619
9,759
(NA)
(NA)
63,006
63,440
64,470
3,236
4,659
r4,250
(NA)
p2,829
..
1978
October . .
November
December .
....
1979
January
February
March
(NA)
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 52 and 53.
1
2
Based on national income and product accounts.
See "New Features and Changes for This Issue," page iii.
r c D O H A D V 1Q7Q
Itllt
OTHER IMPORTANT ECONOMIC MEASURES
D|
GOVERNMENT ACTIVITIES—Con.
[Q DEFENSE INDICATORS— Con.
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Output of 559. Manufacdefense and
turers' invenspace equipment tories, defense
products
(1967-100)
(Mil. dol.)
561. Manufacturers' unfilled
orders, defense
products
580. Defense
Department
net outlays
588. Manufacturers' shipments, defense
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Thous.)
(Thous.)
(Thous.)
564. Federal
purchases of
goods and
services
565. Federal
purchases as
a percent of
GNP
(Ann. rate,
bil. dol.)
(Percent)
C1)
(x)
1977
570. EmployDefense Department
ment in defense
personnel
products
industries
577. Military, 578. Civilian,
active duty ® direct hire
employment (u)
January
February
March
78.0
78.5
78.5
6,458
6,423
6,248
31,556
30,988
30,875
7,476
8,017
7,961
2,650
2,623
2,651
1,069
1,074
1,069
2,077
2,078
2,075
994
995
995
91 '.9
5*.l
April
May
June
79.9
80.0
80.3
6,227
6,242
6,311
31,659
31,936
31,873
8,069
8,404
8,023
2,495
2,611
2,653
1,084
1,086
1,095
2,071
2,070
2,075
995
997
1,009
93^7
5.0
July
August
September
8'0.4
80.8
80.9
6,310
6,351
6,318
31,292
31,259
30,707
8,040
8,119
8,046
2,645
2,541
2,662
1,105
1,098
1,098
2,079
2,073
2,075
1,008
998
982
94.4
i'g
October
November
December
78.9
79.3
79.5
6,149
6,263
6,403
32,558
33,293
35,006
8,563
8,652
8,782
2,608
2,686
2,683
1,060
1,061
1,085
2,072
2,069
2,060
983
985
983
97.'l
5.6
January
February
March
79.7
79.2
81.9
6,454
6,636
6,621
35,200
35,087
36,690
8,209
8,061
8,433
2,678
2,769
2,883
1,110
1,116
1,127
2,065
2,062
2,058
982
982
982
97^9
4.9
April
May
June
82.9
83.6
84.6
6,738
6,863
6,816
37,782
39,058
39,625
9,338
8,303
9,113
2,938
2,801
2,871
1,131
1,150
1,160
2,054
2,046
2,057
982
988
1,000
98.'6
4^7
July
August
September
85.9
87.1
87.1
6,885
6,877
6,761
39,151
39,697
40,281
8,426
9,810
7,934
2,755
2,811
2,933
1,171
1,180
1,181
2,062
2,062
2,062
1,002
994
980
99l6
4.'?
October
November
December
86.7
r87.2
87.6
6,932
6,968
7,171
40,755
42,508
43,812
9,428
8,645
r9,658
2,762
2,907
r2,944
1,193
1,203
pi ,220
2,058
2,050
2,041
981
981
978
102J
4*.6
P88.4
(NA)
p43,522
p9,604
p3,120
p2,040
(NA)
1978
. .
1979
January
February
March
(NA)
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 54 and 55.
1
See "New Features and Changes for This Issue," page iii.
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS
Q MERCHANDISE TRADE
Year
and
month
602. Exports, excluding
military aid shipments,
total
(Mil.dol.)
604. Exports of agricultural products
(Mil.dol.)
(Mil.dol.)
1
612. General imports,
total
(Mil.dol.)
614. Imports of
petroleum and
petroleum products
616. Imports of
automobiles and parts
(Mil.dol.)
(Mil.dol.)
C1)
O
C )
1977
606. Exports of nonelectrical machinery
C)
January
February
March
9,666
9,898
10,164
1,762
2,004
2,112
1,831
1,892
1,859
10,444
12,613
12,424
4,171
1,083
1,248
1,299
April
May
June
9,940
10,529
10,091
2,142
2,360
2,077
1,808
1,835
1,868
11,798
11,170
13,334
3,803
2,885
3,933
1,266
1,183
1,360
July
August
September
10,372
9,683
11,039
1,976
1,801
2,064
1,862
1,732
2,133
12,483
12,101
12,942
3,212
3,318
1,315
1,328
1,428
9,357
9,478
10,999
1,654
1,755
2,111
1,556
1,791
2,056
12,587
12,407
13,474
3,325
3,627
3,157
1,426
1,465
1,479
January
February
March
10,014
9,922
10,912
1,818
2,058
2,363
2,084
2,187
2,450
12,381
14,440
13,699
2,968
3,586
2,996
1,529
1,661
1,581
April
May
June
11,635
11,754
12,126
2,428
2,861
2,904
2,415
2,472
2,427
14,496
13,992
13,723
3,051
1,715
1,659
1,684
July
August
September
11,792
12,469
13,429
2,392
2,774
2,512
2,451
2,528
2,815
14,779
14,090
15,120
October
November
December
13,010
13,262
13,148
2,596
2,533
2,555
2,625
2,718
2,824
15,138
15,207
15,189
3,454
3,539
3,417
1,872
1,875
1,822
13,303
(NA)
(NA)
15,178
(NA)
(NA)
.
October
November
December
3,075
3,247
3,789
1978
3,084
3,252
3,082
3,291
3,448
1,812
1,666
1,822
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.
1
See "New Features and Changes for This Issue," page iii.
CCDDIIADV 1Q7Q
IUII
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Con.
Qj GOODS A N D S E R V I C E S MOVEMENTS ( E X C L U D I N G T R A N S F E R S UNDER M I L I T A R Y GRANTS)
Merchandise, adjusted 1
Goods and services
Year
and
month
667. Balance
(Mil. dol.)
668. Exports
(Mil. dol.)
669. Imports
(Mil. dol.)
622. Balance
(Mil. dol.)
618. Exports
(Mil. dol.)
Income on investments
620. Imports
(Mil. dol.)
651. U.S. investments abroad
(Mil. dol.)
652. Foreign
investments in
the U.S.
(Mil. dol.)
1977
January
February
March
-1,630
44,751
46,381
-7,025
29,477
36,502
7,796
3,197
-1 ,440
46,276
47,716
-6,634
30,629
37,263
8,088
3,60'i
July
August
September
-1,609
47,131
48,740
-7,268
31,009
38,277
8,220
3,610
October
November
December
-5,903
45,050
50,953
-10,203
29,461
39,664
7,997
4,185
January
February
March
-5,576
48,221
53,797
r-11,119
r30,689
r41 ,808
9,381
4,503
April
May
June
-1,785
53,976
55,761
r~7,720
r35.092
r42,812
10,003
5,420
July
August
September
p-2,557
p55,559
p58,116
r-7,963
r36,955
r44,918
p9,946
p5,396
October
November
December
(NA)
p-7,387
p39,083
p46,470
(NA)
April
May
June
.
...
1978
(NA)
(NA)
(NA)
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
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/
Federal Reserve Bank of St.C C D D I I A D V
Louis
urn
10-70
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS
B INDUSTRIAL PRODUCTION
l
Year
and
month
47. United States, 7 2 1 . 0 E C D 1
index of indusEuropean countrial production tries, index of
industrial
production
(1967-100)
(1967-100)
728. Japan,
index of industrial production
(1967=100)
725. West
Germany, index
of industrial
production
(1967=100)
726. France,
index of industrial production
(1967=100)
722. United
Kingdom, index
of industrial
production
(1967=100)
727. Italy, index
of industrial
production
(1967=100)
723. Canada,
index of industrial production
(1967=100)
1977
January
February
March
132.3
133.2
135.3
152
152
153
191.4
188.8
191.4
153
152
154
157
155
157
122
123
123
153.6
153.4
153.8
149.6
149.4
150.2
April
May
June
136.1
137.0
137.8
149
150
149
190.4
189.8
191.1
152
152
153
152
151
157
122
124
121
144.0
147.1
137.3
149.2
149.5
151.3
July .
August
September
138.7
138.1
138.5
149
149
150
187.9
191.6
191.2
152
152
153
152
152
152
123
124
123
139.7
140.9
144.5
150.5
151.1
151.6
October
November
December
138.9
139.3
139.7
149
149
150
190.1
193.4
194.9
152
152
156
150
152
148
122
122
123
140.9
142.0
137.9
152.6
153.0
153.7
January
February
March .
138.8
139.2
140.9
153
152
150
196.9
197.0
201.2
157
152
152
152
152
155
123
124
124
143.7
145.9
145.9
r!52.6
rl55.8
r!56.7
April
May
June
143.2
143.9
144.9
153
152
153
201.3
202.0
202.1
152
152
154
161
157
154
129
126
129
142.6
142.8
144.7
r!57.2
H55.9
H57.9
July
August
September
146.1
147.1
147.8
153
152
156
200.3
203.5
205.1
157
156
159
155
155
157
129
129
126
144.0
143.9
145.6
r!58.7
H57.7
r!63.3
October
November
December
r!48.7
149.5
r!50.5
p!51.5
r!62.7
r!63.2
p!66.5
1978
p!56
(NA)
p204.8
(NA)
p!57
(NA)
p!57
(NA)
p!26
(NA)
(NA)
1979
January
February
March
p!50.7
(NA)
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS—Con.
Q CONSUMER PRICES
United States
Year
and
month
Japan
320. Index© 320c. Change
over 6-month
spans'
(1967=100)
(Ann. rate,
percent)
738. Index©
(1967=100)
738c. Change
over 6-month
spans 1
(Ann. rate,
percent)
735. Index®
(1967=100)
United Kingdom
France
West Germany
735c. Change
over 6-month
spans 1
(Ann. rate,
percent)
736. Index©
(1967=100)
736c. Change
over 6- mo nth
spans1
(Ann. rate,
percent)
732. Index® 732c. Change
over 6-month
spans1
(1967=100)
(Ann. rate,
percent)
Revised 2
Revised 2
1977
January
February
March
175.3
177.1
178.2
7.9
8.1
8.3
236.0
237.2
238.7
8.2
8.8
6.1
154.0
154.9
155.5
4.7
5.3
5.2
204.1
205.5
207.3
9.5
9.3
9.7
276.9
279.7
282.4
18.9
16.0
14.7
April
May
June
179.6
180.6
181.8
7.4
6.4
6.0
242.6
244.9
243.6
5.6
7.1
7.2
156.2
156.9
157.6
4.5
4.2
3.2
210.0
212.0
213.6
11.3
10.8
10.4
289.6
291.9
294.9
11.2
11.9
11.6
July
August . . .
September
182.6
183.3
184.0
5.1
5.4
5.2
243.0
243.0
247.3
6.9
3.7
2.8
157.4
157.3
157.1
3.1
2.2
1.8
215.5
216.7
218.6
9.7
8.8
8.1
295.3
296.7
298.3
9.4
10.2
9.5
October
November . .
December
184.5
185.4
186.1
6.0
6.4
7.2
248.6
245.7
245.1
2.2
1.1
2.0
157.3
157.5
157.9
2.2
2.0
2.9
220.3
221.1
221.7
7.1
7.6
8.1
299.6
301.0
302.6
8.4
6.5
6.0
January . . .
February
March
187.1
188.4
189.7
8.3
8.8
9.6
246.1
247.1
249.4
1.4
3.5
4.6
158.9
159.7
160.3
2.5
2.9
2.8
222.8
224.4
226.4
8.4
9.3
9.9
304.4
306.2
308.1
6.3
5.5
5.6
April
May
June
. .
191.4
193.3
195.3
9.4
9.2
9.4
252.1
253.5
252.1
7.0
7.7
4.9
160.7
161.1
161.5
2.9
2.7
1.5
228.9
231.1
232.8
11.7
11.2
10.1
312.6
314.4
316.8
7.5
9.7
9.2
July
August
September
196.7
197.7
199.1
9.4
8.9
8.6
253.1
253.3
256.4
5.0
2.9
2.5
161.5
161.0
160.6
1.6
1.8
2.4
235.7
237.1
238.6
10.2
318.2
320.3
321.6
10.1
11.0
10.7
October
November
December . .
200.7
201.8
202.9
9.4
256.8
254.1
253.7
160.6
161.1
161.8
3.0
240.8
242.1
243.2
323.1
325.3
328.0
11.2
(NA)
332.9
1978
(NA)
9.8
9.6
1979
January
February
March
204.7
(NA)
163.4
April
May
June
July
August
September . . .
October . . . .
November . . . .
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasona! movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and
"NA", not available.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.
See "New Features and Changes for This Issue," page iii.
2
http://fraser.stlouisfed.org/
FEBRUARY 1Q7Q
Federal Reserve Bank of St. Louis
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.
R STOCK PRICES
l
Qj CONSUMER PRICES-Con.
19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans1
pans1
Canada
Italy
Year
and
month
(1967=100)
(Ann. rate,
percent)
(1967=100)
(Ann. rate,
percent)
(1967=100)
748. Japan,
index of
stock
prices®
745. West
Germany,
index of
stock
prices®
746. France, 742. United
Kingdom,
ndex of
stock
index of
stock
prices®
prices®
747. Italy,
index of
stock
prices®
743. Canada,
ndex of
stock
prices®
(1967=100)
(1967=100)
(1967=100)
(1967=100)
(1967=100)
(1967=100)
1977
January
February
March
238.8
243.4
246.5
17.0
14.8
12.7
178.0
179.7
181.5
9.3
9.5
10.0
112.9
109.8
109.4
343.8
344.7
341.3
119.5
118.3
118.1
116.0
109.7
101.6
149.6
157.0
164.2
52.9
50.0
48.7
107.1
108.1
110.2
April
May
June
249.5
252.6
254.3
14.7
13.4
12.3
182.5
184.0
185.3
9.8
7.8
7.3
107.7
107.4
108.0
339.3
343.3
340.7
124.0
128.4
125.2
93.9
97.2
104.0
164.9
180.3
178.6
46.2
44.4
43.4
108.3
105.5
104.6
July
August
September
255.8
258.2
261.5
13.0
12.5
12.7
187.1
187.9
188.9
8.2
8.6
9.1
109.0
106.3
104.7
339.6
345.0
351.2
124.3
126.0
124.9
99.8
105.3
109.7
178.4
191.6
208.7
43.9
45.3
50.3
106.7
104.4
100.0
October
November
December
265.0
267.6
268.9
12.8
11.6
12.5
190.8
192.0
193.3
8.4
9.5
10.0
102.0
102.6
102.1
345.0
332.5
328.6
126.4
128.5
125.4
111.9
111.3
105.3
210.4
197.7
198.8
46.2
43.6
40.0
97.4
96.3
100.4
January
February
March
271.1
273.9
277.4
10.3
10.9
11.5
194.0
195.3
197.5
8.5
9.3
9.6
98.2
96.8
96.6
339.0
348.3
359.7
126.5
127.9
126.1
98.0
100.3
120.0
198.2
187.7
187.5
40.7
43.5
42.8
98.5
97.1
99.1
April
May
June
280.0
282.7
285.1
12.1
12.6
12.0
197.9
200.7
202.4
11.0
9.6
7.3
100.8
106.0
106.2
371.8
371.0
373.2
124.9
124.0
127.1
130.6
133.3
135.7
191.9
202.9
201.2
41.4
43.2
44.0
105.1
107.1
108.8
July
. . . .
August
September
286.8
288.3
292.9
12.7
11.4
11.6
205.4
205.5
205.2
8.6
8.2
7.7
105.7
113.0
113.0
382.8
380.3
387.6
129.1
132.3
136.4
149.8
150.6
165.1
204.4
220.3
223.3
44.8
48.4
57.3
110.3
118.0
122.3
October
November
December
295.5
298.1
300.3
13.5
207.3
209.0
209.6
6.8
109.4
103.3
104.5
395.0
398.9
404.9
138.7
134.8
133.9
158.7
p!59.0
p!58.1
217.4
r208.1
213.3
57.5
51.6
51.2
126.8
123.0
128.4
108.5
p!07.0
416.1
p414.6
135.0
p!30.7
rp210.3
p210.9
rp52.0
p53.7
rp!35.2
p!36.6
1978
. ..
1979
January
February
March
April
May
June
306.1
211.2
rp!65.1
p!57.6
. .
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
FEBRUARY 1979
ItO
APPENDIXES
B . Current Adjustment Factors
July
13 New business incorporations
1
19"78
Aug. Sept.
Oct.
Nov.
Dec.
99 6
Series
99 5
92 6
90 6
93 5 104 6
15. Profits (after taxes) 2 per dollar of
sales, manufacturing . .
33 Net change in mortgage debt
1 3
97 8
100.3
......
707
744
146
-432
99 3
99 3
99 9
-717
352 -1535
100 7 101 6 100 4
517. Defense Department gross obligations
i ncurred1
87 9
84 0 124 2 130 0 108 8
94 9
525. Defense Department military prime
contract awards
80.7
81 .4 172.8
144 7 107.0
102.9
543. Defense Department gross unpaid
obligations outstanding
95 3
92 4
570. Employment in defense products industries
99.5
99.3
100.4
94.7
103.2
105.3
604 Exports of agricultural products
89 2
86 2
90 3 102 7 1 1 0 8 107 4 104 0
606. Exports of nonelectrical machinery . . . .
96.4
93.0
91.9
104.0
99.1
103.3
101.9
104.8
100.7
94.4
93.3
84.9
97.1
580. Defense Department net outlays
1
614. Imports of petroleum and products
....
616. Imports of automobiles and parts
969. Profits, manufacturing (Citibank)"4 . . . .
92.5
-8
81 .7
Feb.
19 79
Mar.
Apr.
89.8 110.9
102.0
-1709
May
June
107.6
105.0
109.4
92.8
98 7
100 0
72. Commercial and industrial loans
outs tandi ng
Jan.
-20
131
922
1308
99 2 100 0 100 3 100.2 100.2
107 0
89 0
91 3 100 5
85 8
94.6
94.5
77.4
93.8
89.4
91 .0
99 0
97 1
89.8
103 5
104 0 105 4 104 1
100.3
100.8
100.4
100.7
100.0
99.6
99.7
99.8
100.1
95.7
102.6
93.6
94.8
98.0
106.3
96.3
101.2
104.0
97 2 107 3
104 1
102 4
94 9
95.1
94.7
110.5
106.3
107.3
103.0
101 .4 104.3
92.8
104.8
105.8
91.9
103.3
101.7
96.1
117.8
110.6
105.0
111.0
95 3 101 5
-2
100.3 103.8
(NA)
101 2 101 7
(NA)
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc.,
rather than by the source agency. Seasonal adjustments are kept current by the Bureau of Economic Analysis. Seasonally adjusted
data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description of the
method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-II VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.
^One-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed
and these factors, computed by the additive version of the X - l l variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
C. Historical Data for Selected Series
Quarterly
Monthly
Year
Annual
Jan.
Feb.
Mar.
Apr.
May
June
July
Oct.
Nov.
Dec.
1 Q
14.90
21.44
31.18
18.45
10.03
21.32
25.11
16.34
25.50
24.42
22.80
31.73
19.25
21.04
19.40
43.42
56.06
41.27
83. 92
84.67
76.50
55.34
61.99
14. CURRENT LIABILITIES OF BUSINESS FAILURES
(MILLIONS OF DOLLARS)
1947. . .
1948. . .
1949. .
.
1950.. .
1951. . .
1952. . .
1953.. .
1954. . .
1955...
1956.. .
1957. . .
1958.. .
1959...
1960. . .
1961. . .
1962. . .
1963.. .
1964. . .
1965. . .
1966. . .
1967.. .
1968. . .
1969.. .
1970. . .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977...
1978...
15.19
12.96
19.16
12.98
25.62
27.57
26.44
22.16
16.01
19.47
21.68
26.21
23.31
15.25
17.48
37.19
27.90
17.65
18.98
12.16
28.16
18.07
16.08
15.30
31.93
21.25
17.06
17.33
13.81
21.19
21.22
32.38
24.58
22.67
23.50
22.77
20.70
13.88
21.80
19.54
21.09
27.27
47.77
42.06
64.44
73.56
53.67
57.28
42.51
32.79
38.49
41.21
35.97
34.71
36.67
49.19
65.41
29.59
37.87
42.89
54.06
31.08
42.62
55.83
41.87
57.10
59.90
52.55
43.01
51.45
22.79
39.83
32.23
32.54
- 48.69
44.30
71.56
83.98
61.44
65.38
65.05
71.91
69.19
86.11
56.25
50.92
106.61
160.96
96.73
89.27
103.18
108.17
104.49
65.30
58.59
60.94
88.08
90.50.
94.72
123.94
111.98
95.54
113.45
79.60
75.03
137.28
168.80
101.62
205.84
337.28
391.14
257.07
168.54
89.99
139.39
150.90
191.33
137.16
213.13
384.76
211.76
194.20
81.52
70.19
126.62
80.88
97.70
111.00
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
73.31
80.47
91.51
121.83
100.76
112.88
83.25
110.14
103.82
118.27
93.42
133.11
96.38
93.37
80.11
91.41
118.76
131.90
153.80
148.47
119.34
209.76
372.08
206.42
207.27
92.60
147.89
249.49
190.14
167.95
375.69
357.79
233.28
473.89
41.61
49.20
126.45
83.83
88.49
51.20
61.73
69.17
91.57
86.15
120.51
125.64
121.48
69.88
72.55
90.27
144.50
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
112.73
251.92
147.03
204.62
206.19
153.40
242.03
305.55
577.82
II Q
TOTAL FOR PERIOD
20.70
20.60
23.89
15.25
16.65
26.64
16.32
20.14
28.53
32.58
36.03
55.04
33.82
36.38
29.74
35.05
37.08
29.00
34.78
50.00
47.43
43.51
33.12
39.31
45.42
50.76
54.50
97.59
102.69
146.83
65.23
48.10
47.27
50.38
54.74
80.60
116.66
81.51
70.26
119.09
96.16
135.04
178.09
108.90
65.77
62.83
169.59
155.56
253.62
190.15
232.68
222.44
263.96
338.25
73.70
232.94
115.85
113.54
189.47
217.01
205.53
250.32
96.99
91.83
85.92
114.56
104.98
129.16
93.94
58.65
95.18
93.77
82.07
108.05
81.63
65.38
116.44
144.77
144.70
152.97
185.66
306.83
1295.39
183.57
lib. 69
18.86
17.57
18.76
23.40
43.75
36.80
35.07
42.78
39.89
52.90
40.10
41.64
50.28
45.32
57.07
59.56
78.97
65.49
56.72
53.21
84.46
119.21
98.84
262.11
119.32
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
81.28
68.43
98.28
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
74.91
81.66
134.o4
121.14
134.70
175.30
201.30
197.20
Id4.80
296.22
277.99
353.38
331.67
347. d3
302.19
340.94
272.68
249.14
396.69
544.35
513.61
5*5.35
755.00
1119.25
716.48
610.94
52.39
1958. . .
1959. . .
1960. . .
1961.. .
1962...
1963. . .
1964. . .
1965. . .
1966. . .
1967. . .
196d...
1969. . .
1970. . .
1971. . .
1972. . .
1973...
1974. . .
1975. . .
1977!!!
1978. . .
2.31
2.22
2.70
2.20
2.03
1.87
2.05
1.61
1.52
1.50
2.11
2.81
2.73
2.08
1.91
1.83
2.07
1.62
1.46
1.50
2.49
2.85
2.38
2.10
2.05
1.90
1.98
1.53
1.53
1.57
2.34
2.70
2.45
2.31
1.98
1.75
1.99
1.57
1.56
1.71
1.81
1.69
1.59
1.69
1.63
1.55
1.60
1.84
1.69
1.60
1.68
1.79
1.75
1.86
1.57
1.76
1.52
1.60
1.81
1.69
1.64
1.66
1.70
1.50
1.64
1.85
1.67
1.59
1.59
1.69
1.75
1.87
1.59
2J59
1.57
1.83
1.81
1.72
2.01
2.54
2.71
2!37
2.37
1.5D
1.54
1.47
2^94
1.63
1.80
1.72
1.76
2.01
2.56
2.74
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
360.97
330.10
301.83
246. 16
303.28
2.37
2.40
2.29
2.91
2.22
2.06
2.25
1.82
1.91
1.50
1.51
1.52
2.17
2.91
2.17
2.17
2.19
1.83
1.86
1.49
1.51
1.50
2.22
2.55
2.26
2.11
2.14
2.01
1.83
1.44
1.53
1.48
2.20
2.69
2.30
2.09
1.99
1.97
1.81
1.47
1.54
1.54
2.23
2.70
2.23
2.05
1.99
1.97
1.84
1.47
1.48
1.51
1.74
1.49
1.64
1.83
1.64
1.57
1.68
1.75
1.43
1.68
1.79
1.65
1.68
1.63
1.76
1.76
1.72
1.56
1.71
1.36
1.73
1.83
1.61
1.68
1.63
1.75
1.52
1.70
1.80
1.61
1.67
1.71
1.82
1.76
1.64
1.55
1.63
1.56
1.71
1.76
1.63
1.73
1.65
1.60
1.67
1.79
1.70
1.61
1.65
1.71
1.81
1.77
1.67
1.48
2 ".65
2.43
2.38
2!eo
1.68
1.87
1.75
1.93
2.02
2.63
2.65
2.41
2.34
164.24
160.44
239.92
288 . 52
334.56
271.66
335.38
361.50
377.13
275.39
214.69
249.26
654.45
418.44
571.78
585.81
6U3.09
670.00
819.83
1013.06
450 .29
569.13
466.51
467.50
800.95
9U5.79
813.34
987.02
63.16
81.26
204.60
234.61
308.11
24d.28
259.53
283.31
394.16
462.61
449.38
562.69
615.28
65.94
56.55
66.71
77.21
117.63
104.17
119.20
140.17
145.65
728.27
692.82
938.61
1090.11
1213.59
1352.59
1329.22
1321.67
1385.68
1265.22
940.99
161.06
163.15
244.94
254 .96
299 .21
422.37
311.37
251.37
376.26
347.06
207.44
1142.11
1887.76
1916.94
2000.24
2298.61
3053.12
43d0.18
3011.26
3095.32
340.43
386.33
385.02
448.34
649.95
894 .08
1685.14
661.61
484.30
END OF PERIOD
2.21
2.80
2.43
2.09
2.08
1.88
1.94
1.55
1.49
1.46
1.64
1.79
1.78
1.85
1.99
2.61
2.63
45.63
56.02
73.58
53.24
74.15
59.25
102.18
101.19
101.69
143.04
133.23
63.33
39. PERCENT OF CONSUMER INSTALLMENT LOANS DELINQUENT 30 DAYS AND OVER
(PERCENT)
1947. . .
1948. . .
1949. . .
1950...
1951...
1952. . .
1953. .
.
1954...
1955...
1956...
1957...
IVQ
®
26.42
29.53
27.52
29.23
III Q
Sept.
Aug.
2!59
1.68
1.85
1.90
2.00
2.11
2.65
2.48
2.36
2.41
2.40
2.37
2.69
1.97
2.23
1.85
2.02
1.79
1.44
1.49
1.55
2.40
2.02
2.67
2.09
2.15
1.92
1.98
1.65
1.50
1.52
1.57
1.60
1.75
1.78
1.67
1.63
1.79
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.74
1.69
1.63
-
2.49
2.85
2.38
2.10
2.05
1.90
1.98
1.53
1.53
1.57
2.29
2.91
2.22
2.06
2.25
1.82
1.91
1.50
1.51
1.52
2.20
2.69
2.30
2.09
1.99
1.97
1.81
1.47
1.54
1.54
1.76
1.52
1.60
1.81
1.69
1.64
1.66
1.75
1.43
1.68
1.79
1.65
1.68
1.63
1.76
1.76
1.72
1.56
1.63
1.56
1.71
1.76
1.63
1.73
1.65
2!29
1.76
1.90
1.72
1.96
2.27
2.80
2.47
2.94
2.24
2.36
2.37
721. ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT, EUROPEAN COUNTRIES —
INDEX OF INDUSTRIAL PRODUCTION1
(1967=100)
1.64
1.79
1.78
1.85
1.99
2.61
2.63
2.40
2.38
2^59
2 . 36
2.36
2.40
2.02
2.67
2.09
2.15
1.92
1.9d
1.65
1.50
1.52
1.57
2 . 40
2.02
2.67
2.09
2.15
1.92
1.98
1.65
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.74
1.69
1.63
1.55
1.65
1.76
1.6d
1.64
1.76
1.70
1.65
1.74
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80
2.47
2 . 40
2.36
1.76
1.90
1.72
1.96
2.27
2.80
2.47
2.40
2.36
AVERAGE FOR PERIOD
1947. . .
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954...
1955...
1956...
1957. . .
39
43
47
59
63
39
43
47
57
63
40
43
48
59
63
40
44
48
60
63
40
44
48
60
63
40
45
51
60
64
41
45
50
62
64
41
45
51
62
64
42
46
52
62
64
42
46
51
62
64
43
46
52
62
64
43
47
52
62
64
39
43
47
58
63
40
44
49
60
63
41
45
51
62
64
43
46
52
62
64
41
45
50
61
64
1958. . .
1959. . .
1960. . .
1961.. .
1962. . .
1963. . .
1964. . .
1965. . .
1966. . .
1967...
1968. . .
64
65
72
74
79
81
89
93
97
98
102
64
65
72
75
81
81
90
94
97
98
102
65
65
72
75
79
82
90
93
100
98
104
64
67
74
77
79
83
90
94
98
98
102
64
68
74
75
81
85
90
96
98
98
104
64
68
74
75
81
85
90
94
100
100
104
64
68
75
77
81
86
92
94
100
100
108
65
69
75
77
82
87
90
94
100
100
109
64
69
77
77
82
86
92
96
100
101
109
64
72
77
77
81
87
92
96
98
101
111
65
72
77
78
82
87
92
96
98
102
112
65
72
77
79
82
87
93
97
98
105
113
64
65
72
75
80
81
90
93
98
98
103
64
68
74
76
80
84
90
95
99
99
103
64
69
76
77
82
86
91
95
100
100
109
65
72
77
78
82
87
92
96
98
103
112
64
68
75
76
81
85
91
95
99
100
107
1969.. .
1970...
1971...
1972. . .
1973...
1974. . .
1975. . .
1976. . .
1977.. .
1978. . .
113
120
127
130
139
148
138
141
152
113
123
126
128
141
146
138
142
152
115
123
126
131
141
148
137
143
153
116
124
126
131
142
149
135
145
149
117
123
126
133
143
149
134
146
150
117
123
127
133
143
149
135
145
149
119
126
128
133
143
149
135
146
149
119
123
127
134
145
145
133
146
149
117
124
128
134
146
146
137
149
150
117
124
128
137
146
143
139
149
149
119
124
128
138
146
141
139
150
149
119
126
127
139
146
138
139
150
150
114
122
126
130
140
147
138
142
152
117
123
126
132
143
149
135
145
149
118
124
128
134
145
147
135
147
149
118
125
128
138
146
141
139
150
149
117
124
127
133
143
146
137
146
150
NOTE: Unless otherwise noted these series contain no revisions but are reprinted for the convenience of the user. 'This series contains revisions
beginning with 1953.
Qfl
(FEBRUARY 1979)
C. Historical Data for Selected Series—Continued
Quarterly
Monthly
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
1 Q
722. UNITED KINGDOM — INDEX OF INDUSTRIAL PRODUCTION1
(1967=100)
Annual
II Q
IIIQ
IV Q
AVERAGE FOR PERIOD
1948. . .
1949. . .
1950. . .
1951...
J.952. . .
1953...
1954. . .
1955...
1956...
1957...
52
55
60
63
63
63
69
73
73
73
52
55
60
64
63
63
68
73
73
76
54
56
60
65
64
64
69
75
73
73
53
56
61
64
61
64
69
74
73
73
52
57
61
64
61
65
70
75
72
76
52
58
60
65
61
62
70
73
73
76
53
62
61
64
59
64
70
73
73
76
53
58
61
64
59
64
70
72
72
76
54
57
62
64
60
65
71
74
73
76
53
57
63
63
62
68
72
76
73
75
54
59
63
63
63
67
72
75
73
76
56
60
63
63
63
67
72
76
73
73
53
55
60
64
63
63
69
74
73
74
52
57
61
64
61
64
70
74
73
75
53
59
61
64
59
64
70
73
73
76
54
59
63
63
63
67
72
76
73
75
53
58
61
64
62
65
70
74
73
75
1958.. .
1959. . .
1960. . .
1961. . .
1962.. .
1963. . .
1964. . .
1965. . .
1966...
1967. . .
1968. . .
75
75
83
84
83
82
92
98
100
98
104
76
75
83
84
84
84
93
98
100
99
105
77
75
84
84
84
85
93
96
100
99
106
73
77
83
84
84
87
95
98
100
100
106
75
77
84
83
85
88
95
100
100
99
107
75
77
83
84
85
88
96
97
99
100
107
73
78
83
85
85
90
95
97
100
100
107
73
78
84
84
85
89
95
98
100
99
107
73
79
84
83
87
88
96
99
100
100
107
73
81
84
84
84
91
97
100
99
100
106
75
81
84
83
84
92
97
99
97
101
107
75
82
84
84
84
92
98
100
98
104
108
76
75
83
84
84
84
93
97
100
99
105
74
77
83
84
85
88
95
98
100
100
107
73
78
84
84
86
89
95
98
100
100
107
74
81
84
84
84
92
97
100
98
102
107
74
78
84
84
84
88
95
98
99
100
106
1969. . .
1970. . .
1971...
1972. . .
1973...
1974. . .
1975. . .
1976.. .
1977. . .
1978. . .
108
108
112
lOb
121
113
118
113
122
109
110
109
99
121
114
118
114
123
109
112
108
109
122
118
116
115
123
110
110
110
112
122
122
114
116
122
110
109
112
114
122
123
113
118
124
112
110
110
114
124
123
113
116
121
112
110
110
113
124
123
113
117
123
109
110
110
114
124
123
110
116
124
109
110
109
116
123
121
113
118
123
108
112
109
117
124
120
114
120
122
110
110
109
118
123
120
114
121
122
112
112
110
120
121
117
113
121
123
109
110
110
105
121
115
117
114
123
111
110
111
113
123
123
113
117
122
110
110
110
114
124
122
112
117
123
110
111
109
118
123
119
114
121
122
110
110
110
113
123
120
114
117
123
723. CANADA — INDEX OF INDUSTRIAL PRODUCTION2
(1967=100)
AVERAGE FOR PERIOD
1947. . .
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953...
1954. . .
1955. . .
1956. . .
1957. . .
31.7
33.7
35.5
35.9
41.8
41.9
46.4
46.6
49.0
54.8
58.3
31.9
33.7
35.2
36.5
41.8
41.8
46.8
47.2
49.2
54.8
59.3
32.2
33.8
35.5
36.5
42.1
42.5
47.2
46.5
50.1
55.8
59.7
32.2
34.5
35.3
36.7
42.5
42.5
47.2
46.2
50.1
57.1
58.7
32.5
34.3
35.7
37.0
42.5
43.3
47.2
46.0
51.3
56.5
58.7
32.8
34.0
35.5
38.1
42.4
43.3
46.9
46.3
51.8
57.6
58.5
33.4
34.1
35.5
38.9
41.7
43.1
47.2
46.0
51.9
58.2
58.5
33.5
34.6
36.2
38.2
42.3
44.4
46.9
46.9
53.1
57.8
58.8
32.9
34.9
35.8
39.8
41.6
44 .7
47.1
46.4
53.2
58.3
57.6
33.2
35.1
35.9
40.3
41.5
45.4
46.6
47.0
53.7
58.8
57.0
33.7
35.2
35.8
40.7
41.3
45.7
45.8
47.1
54.0
59.1
57.1
33.3
35.2
36.4
41.2
41.1
45.9
46.6
48.2
54.7
59.3
57.2
31.9
33.7
35.4
36.3
41.9
42.1
46.8
46.8
49.4
55.1
59.1
32.5
34.3
35.5
37.3
42.5
43.0
47.1
46.2
51.1
57.1
58.6
33.3
34.5
35.8
39.0
41.9
44.1
47.1
46.4
52.7
58.1
58.3
33.4
35.2
36.0
40.7
41.3
45.7
46.3
47.4
54.1
59.1
57.1
32.8
34.4
35.7
38.3
41.9
43.7
46.8
46.7
51.8
57.3
58.3
1958. . .
1959. . .
1960...
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1966. . .
1967. . .
1968. . .
56.7
60.2
65.9
64.8
69.5
73.0
80.8
87.7
96.0
99.4
101.6
57.3
61.4
65.3
64.7
69.8
73.6
82.2
87.0
96.8
98.2
101.2
57.2
61.4
65.9
64.3
70.8
74.5
81.5
88.9
96.8
98.1
102.3
57.8
62.7
63.8
65.5
71.2
74.5
82.0
88.5
97.0
99.0
104.3
58.3
62.4
64.3
65.9
72.0
75.6
82.1
88.7
97.0
99.0
106.1
57.8
62.6
63.9
66.8
72.6
76.0
82.6
89.3
97.2
99.3
106.7
58.3
62.9
63.0
67.7
73.7
75.5
82.2
90.9
96.8
100.2
106.9
58.2
62.9
63.5
67.3
72.6
75.5
82.8
89.5
95.3
101.8
107.6
57.9
64.2
64.1
68.4
73.9
78.2
84.7
91.5
97.5
101.3
108.3
58.2
65.5
64.3
68.7
73.3
78.4
84.5
93.1
98.6
100.4
109.1
59.4
63.9
63.9
69.1
73.2
79.3
85.9
94.0
98.1
101.8
109.9
59.7
64.3
63.7
69.4
73.2
80.3
86.7
95.7
98.4
102.2
109.0
57.1
61.0
65.7
64.6
70.0
73.7
81.5
87.9
96.5
98.6
101.7
58.0
62.6
64.0
66.1
71.9
75.4
82.2
88.8
97.1
99.1
105.7
58.1
63.3
63.5
67.8
73.4
76.4
83.2
90.6
96.5
101.1
107.6
59.1
64.6
64.0
69.1
73.2
79.3
85.7
94.3
98.4
101.5
109.3
58.1
62.9
64.3
66.9
72.2
76.2
83.2
90.4
97.1
100.1
106.1
1969. . .
1970. . .
1971...
1972.. .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
109.9
114.7
114.2
125.7
136.5
148.0
136.9
141.0
149.6
111.7
116.1
115.6
123.4
139.8
148.4
137.9
142.7
149.4
113.8
114.4
115.9
125.5
140.9
148.7
136.7
144.8
150.2
113.2
113.1
116.7
128.4
141.1
146.9
137.5
145.4
149.2
112.5
113.8
118.5
127.3
140.1
148.2
135.7
147.7
149.5
112.1
112.4
119.5
128.6
141.9
146.9
137.3
145.2
151.3
113.6
113.1
120.6
128.4
143.5
146.3
139.2
144.1
150.5
112.0
113.6
124.0
128.7
138.8
145.4
138.5
146.3
151.1
112.7
112.7
124.2
131.9
140.7
144.6
138.3
145.8
151.6
112.0
112.9
124.5
133.5
143.5
144.5
136.9
144.4
152.6
113.3
114.2
123.3
134.7
145.2
142.2
140.4
146.9
153.0
115.1
114.4
124.9
136.3
145.8
141.0
141.3
147.2
153.7
111.8
115.1
115.2
124.9
139.1
148.4
137.2
142.8
149.7
112.6
113.1
118.2
128.1
141.0
147.3
136.8
146.1
150.0
112.8
113.1
122.9
129.7
141.0
145.4
138.7
145.4
151.1
113.5
113.8
124.2
134.8
144.8
142.6
139.5
146.2
153.1
112.7
113.8
120.2
129.4
141.5
145.9
138.0
145.1
151.0
725. WEST GERMANY — INDEX OF INDUSTRIAL PRODUCTION1
(1967=100)
1947
1948. . .
1949. . .
1950. . .
1951. . .
1*52. . .
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
13
22
26
34
37
38
43
50
56
faO
AVERAGE FOR PERIOD
14
23
26
35
36
39
44
51
55
62
14
23
27
35
37
40
44
51
56
59
14
23
28
36
37
41
45
51
58
60
15
23
29
36
36
40
46
52
58
60
14
24
29
35
37
41
46
54
58
62
16
24
30
36
37
42
47
54
59
60
17
25
31
35
38
42
47
55
59
62
18
25
32
35
38
43
48
55
59
62
19
25
33
36
39
43
48
56
59
62
19
25
33
36
40
43
48
56
59
62
20
26
34
36
39
44
50
56
59
62
14
23
26
35
37
39
44
51
56
60
14
23
29
36
37
41
46
52
58
61
17
25
31
35
38
42
47
55
59
61
19
25
33
36
39
43
49
56
59
62
16
24
30
35
38
41
46
53
58
61
.
.
.
.
.
.
.
.
.
.
.
62
63
72
79
86
87
94
101
103
98
99
63
64
72
80
87
86
97
102
103
98
102
63
64
73
80
84
88
95
99
106
98
103
62
64
74
80
84
88
95
101
103
98
105
62
67
73
79
87
90
95
102
103
97
108
63
67
73
79
87
88
97
101
105
98
108
62
66
76
80
87
91
98
101
103
101
108
64
70
74
80
90
92
97
101
102
98
114
63
68
76
80
88
91
98
102
102
101
113
63
71
77
80
87
92
98
102
101
102
113
64
71
77
80
88
92
98
101
99
102
117
64
71
79
81
88
91
99
103
99
110
117
63
64
72
80
86
87
95
101
104
98
101
62
66
73
79
86
89
96
101
104
98
107
63
68
75
80
88
91
98
101
102
100
112
64
71
78
80
88
92
98
102
100
105
116
63
67
75
80
87
90
97
101
102
100
109
1969. . .
1970. . .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978...
119
128
135
135
146
149
137
145
153
120
130
134
137
149
149
137
148
152
121
131
134
138
148
148
138
146
154
123
132
135
138
148
149
137
148
152
124
132
134
138
150
150
135
149
152
124
132
135
139
149
148
135
149
153
126
134
137
139
145
152
135
149
152
127
131
131
139
152
145
138
150
152
126
131
135
139
150
145
138
152
153
127
132
135
141
149
143
141
152
152
130
131
132
143
150
142
142
152
152
128
132
128
146
150
137
143
152
156
120
130
134
137
148
149
137
146
153
124
132
135
138
149
149
136
149
152
126
132
134
139
149
147
137
150
152
128
132
132
143
150
141
142
152
153
125
131
134
139
149
146
138
149
153
1958. .
1959. .
1960. .
1961. .
1962. .
1963. .
1964. .
1965. .
1966. .
1967. .
1968. .
series contains revisions beginning with 1960. 2This series contains revisions beginning with 1947.
(FEBRUARY 1979)
QQ
C. Historical Data for Selected Series—Continued
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
726. FRANCE — INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
1947. . .
1948. . .
1949. . .
1950. . .
1951...
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
II Q
III Q
IV Q
AVERAGE FOR PERIOD
55
62
42
44
40
45
49
53
62
40
44
42
46
50
56
62
42
43
42
47
50
56
62
42
40
44
48
50
58
63
42
42
44
48
51
58
63
44
42
43
48
51
59
64
43
43
40
47
52
59
64
44
42
44
49
51
59
64
44
43
44
48
52
61
64
43
43
45
49
54
61
66
43
40
47
49
53
61
66
41
44
41
46
49
55
62
42
42
43
48
50
57
63
44
42
42
48
51
59
64
43
42
45
49
53
61
65
42
42
43
48
51
58
64
1958. . .
1959. . .
1960. . .
1961...
1962. . .
1963...
1964...
1965...
1966. . .
1967...
1968. . .
67
63
70
76
80
82
91
89
93
99
103
67
64
70
76
80
81
91
91
96
99
104
67
64
70
76
81
73
91
91
96
99
106
66
66
71
76
80
82
92
91
96
98
106
66
66
71
76
81
87
92
91
98
98
73
66
67
71
77
80
87
91
92
99
100
91
66
66
73
77
81
89
89
92
99
100
110
66
66
73
77
81
89
89
92
99
100
110
66
67
74
77
82
88
91
93
99
102
106
66
68
74
77
82
88
91
95
98
100
111
64
69
74
77
82
88
91
95
99
102
114
64
69
74
80
82
89
89
95
99
103
114
67
64
70
76
80
79
91
90
95
99
104
66
66
71
76
aO
85
92
91
98
99
90
66
66
73
77
81
89
90
92
99
101
109
65
69
74
78
82
88
90
95
99
102
113
66
66
72
77
81
85
91
92
98
100
104
1969. .
1970. .
1971. .
1972. .
1973. .
1974. .
1975. .
1976. .
1977. .
1978. .
113
120
124
133
143
152
139
146
157
111
121
126
132
144
154
139
147
155
111
121
126
133
146
151
137
148
157
115
124
126
135
143
152
137
150
152
118
121
124
136
150
154
132
148
151
117
117
121
128
137
150
157
135
151
152
117
121
128
137
150
157
135
151
152
115
122
132
139
147
150
136
158
152
120
124
130
140
150
148
139
150
150
117
122
132
141
151
143
139
157
152
117
124
132
143
146
140
144
154
148
112
121
125
133
144
152
138
147
156
117
122
125
136
147
153
135
149
153
116
121
129
138
149
155
135
153
152
118
123
131
141
149
144
141
154
150
116
122
128
137
147
151
137
151
153
.
.
.
.
.
.
.
.
.
.
40
44
40
46
4y
122
126
136
148
152
137
150
157
727. ITALY—INDEX OF INDUSTRIAL
(1967=100)
1947. . .
1948. . .
1949. . .
1950. . .
1951. . .
1952...
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
19.6
23.2
24.2
28.7
29.3
31.3
34.7
37.2
39.8
43.7
20.6
23.2
24.7
29.3
29.3
31.3
34.9
37.6
38.6
44.5
1958...
1959. . .
1960. . .
1961. . .
1962...
1963. . .
1964. . .
1965. . .
1966. . .
1967. . .
1968. . .
46.2
48.1
55.8
61.9
71.2
75.9
82.6
79.4
88.8
97.8
102.4
45.3
49.6
57.4
63.3
71.3
74.1
79.9
80.3
88.5
99.2
102.5
1969. . .
1970. . .
1971. . .
1972...
1973...
112.8
116.9
116.5
121.6
123.2
1975. . .
1976. . .
1977...
1978. . .
128.7
130.8
153.6
PRODUCTION
AVERAGE FOR PERIOD
20.8
22.4
25.8
30.0
29.7
31.9
35.3
37.9
41.6
45.2
22.4
24.2
25.8
30.0
30.4
30.9
34.9
38.3
42.0
44.7
21.3
25.1
26.4
29.7
30.0
31.9
34.3
39.2
42.0
45.1
21.3
24.2
25.8
30.0
30.0
32.7
35.6
39.3
42.7
45.5
24.2
24.7
27.1
29.7
30.6
33.0
35.8
39.1
42.1
45.8
23.6
24.2
27.1
29.7
30.9
32.7
36.5
39.2
43.2
46.2
23.2
24.2
27.3
28.7
30.9
33.6
36.5
39.3
43.2
44.5
23.8
24.2
28.0
28.4
31.3
34.9
36.5
39.7
42.7
45.1
23.2
23.8
29.0
29.0
30.9
34.9
36.9
39.6
43.4
45.5
20.3
22.8
24.7
29.3
29.3
31.5
34.8
37.7
45.2
49.9
58.2
63.2
70.8
76.1
81.6
79.3
90. 7
97.8
102.5
45.1
50.0
58.4
63.8
71.3
78.0
80.6
80.5
88.8
99.7
104.3
45.2
50.0
59.1
64.6
72.2
77.9
79.7
83.1
92.1
100.5
105.7
46.2
49.7
60.4
65.5
70.2
79.3
78.3
84.0
92.5
100.0
105.5
46.7
50.1
60.3
66.6
72.8
78.7
79.8
84.6
93.3
100.1
106.3
46.6
51.9
60.5
66.8
73.0
79.8
74.9
83.5
95.8
100.5
106.0
47.4
53.1
61.3
67.4
71.7
81.3
79.1
84.6
96.1
100.0
109.1
47.6
54.1
60.5
68.7
72.7
81.5
78.8
85.0
94.9
101.1
109.9
47.9
55.3
60.8
69.5
74.2
81.1
79.4
87.2
95.4
101.8
106.0
47.9
56.0
60.9
70.1
75.9
80.5
79.6
86.8
97.5
101.6
110.7
109.5
lib. 3
117.3
120.2
122.7
112.8
117.8
117.3
119.8
122.7
113.5
116.8
113.7
118.7
130.7
132.1
139.0
153.4
126.0
139.2
153.8
127.8
138.7
144.0
111.4
115.0
114.6
120.9
132.6
143.9
120.4
145.2
147.1
114.5
115.1
114.7
121.1
136.0
146.4
127.2
139.7
137.3
115.0
118.3
114.5
119.0
140.1
143.5
129.2
143.5
139.7
113.2
115.2
115.4
122.0
136.2
130.6
114.3
139.1
140.9
107.0
118.7
119.5
116.1
138.2
144.2
128.2
147.8
144.5
102.2
116.0
117.0
128.2
142.0
136.9
130.7
143.7
140.9
99.9
117.5
120.1
127.8
141.5
129.7
132.1
150.4
142.0
104.2
117.9
121.3
127.8
139.0
123.4
125.9
154.7
137.9
20.8
22.1
25.1
30.0
29.3
31.9
34.9
38.2
40.3
44.5
44.2
21.5
23.9
26.0
29.9
30.0
31.6
34.8
38.5
41.9
45.0
23.0
24.4
26.7
29.8
30.5
32.8
36.0
39.2
42.7
45.8
23.4
24.1
28.1
28.7
31.0
34.5
36.6
39.5
43.1
45.0
22.1
23.8
26.4
29.4
30.2
32.6
35.6
38.7
41.8
45.0
45.6
49.2
57.1
62.8
71.1
75.4
81.4
79.7
89.3
98.3
102.5
45.5
49.9
59.3
64.6
71.2
78.4
79.5
82.5
91.1
100.1
105.2
46.9
51.7
60.7
66.9
72.5
79.9
77.9
84.2
95.1
100.2
107.1
47.8
55.1
60.7
69.4
74.3
81.0
79.3
86.3
95.9
101.5
108.9
46.4
51.5
59.5
66.0
72.3
78.7
79.5
83.2
92.9
100.0
105.9
111.7
117.7
117.0
120.5
122.9
143.6
128.9
136.3
153.6
113.1
115.6
114.3
120.2
133.1
145.8
125.1
141.2
142.8
111.7
117.4
116.5
119.0
138.2
139.4
123.9
143.5
141.7
102.1
117.1
119.5
127.9
140.8
130.0
129.6
149.6
140.3
109.7
117.0
116.8
121.9
133.7
139.7
126.9
142.6
144.6
3y.6
728. JAPAN — INDEX OF INDUSTRIAL PRODUCTION1
(1967=100)
1947 .
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956...
1957...
5.0
7.1
8.3
12.1
14.1
14.6
18.5
19.1
22.9
27.5
5.3
7.4
8.5
11.7
14.0
15.0
18.2
19.4
23.4
28.1
1958. . .
1959. . .
1960...
1961. . .
1962...
1963...
1964. . .
1965. . .
1966. . .
1967...
1968. . .
28.7
30.7
39.0
47.4
55.9
55.9
67.8
74.0
76.9
92.9
108.3
1969. . .
1970. . .
1971...
1972. . .
1973. . .
1974...
1975...
1976...
1977.". .
1978...
123.8
145.6
155.7
158.0
184.8
198.3
163.3
172.6
191.4
AVERAGE FOR PERIOD
12.6
13.4
16.2
19.0
19.7
22.8
28.1
5.6
7.7
9.0
13.1
13.8
16.4
18.7
19.7
23.7
29.1
5.9
7.4
9.3
13.4
14.0
16.5
18.2
19.7
24.3
30.7
6.1
7.9
9.6
13.5
14.0
16.8
18.2
19.7
24.9
30.3
6.4
7.9
9.9
13.7
14.6
17.0
18.1
20.3
25.5
30.5
6.5
8.0
10.3
13.5
14.7
17.5
17.6
20.8
25.9
29.6
6.8
7.9
10.8
13.5
15.5
17.6
18.1
21.1
26.4
29.6
6.8
8.0
11.4
13.1
14.7
18.1
18.2
21.2
27.2
29.3
6.8
8.2
11.8
13.8
14.3
18.2
18.4
21.7
27.5
29.3
7.1
8.6
11.8
14.0
14.3
18.5
18.7
22.2
27.6
29.0
5.3
7.4
8.4
12.1
13.8
15.3
18.6
19.4
23.0
27.9
5.9
7.7
9.3
13.3
13.9
16.6
18.4
19.7
24.3
30.0
6.6
7.9
10.3
13.6
14.9
17.4
17.9
20.7
25.9
29.9
6.9
8.3
11.7
13.6
14.4
18.3
18.4
21.7
27.4
29.2
7.8
9.9
13.2
14.3
16.9
18.3
20.4
25.2
29.3
28.8
31.6
40.8
47.9
55.5
57.4
69.3
73.4
77.0
91.9
110.1
28.7
32.0
41.3
49.4
55.4
58.2
68.9
74.4
79.3
94.9
110.6
28.5
32.5
41.8
49.1
55.9
59.8
69.4
73.4
80.5
95.2
111.2
27.9
33.5
42.0
50.4
56.4
60.5
70.4
72.6
81.7
97.2
114.7
27.8
34.4
42.5
51.1
55.5
60.2
71.6
73.9
82.8
99.0
113.1
28.5
34.9
43.0
51.9
54.7
62.3
71.9
73.9
84.3
100.0
114.2
28.8
35.4
43.6
52.7
55.9
63.6
71.9
73.9
85.8
101.8
117.4
29.0
36.3
44.5
52.6
55.0
63.8
73.9
74.4
86.9
104.6
116.7
29.6
37.0
45.0
53.7
54.7
65.6
73.9
74.5
88.3
105.3
119.7
29.4
37.6
46.0
54.4
55.0
66.6
73.1
75.7
90.4
107.9
122.8
30.2
39.0
46.4
54.9
54.7
67.1
74.9
75.7
92.2
108.8
122.3
28.7
31.4
40.4
48.2
55.6
57.2
6d.7
73.9
77.7
93.2
109.7
28.1
33.5
42.1
50.2
55.9
60.2
70.5
73.3
81.7
97.1
113.0
28.8
35.5
43.7
52.4
55.2
63.2
72.6
74.1
85.7
102.1
116.1
29.7
37.9
45.8
54.3
54.8
66.4
74.0
75.3
90.3
107.3
121.6
28.8
34.6
43.0
51.3
55.4
61.8
71.4
74.2
83.8
100.0
115.1
125.8
146.9
154.9
159.8
186.4
198.2
161.8
176.9
188.8
126.0
148.4
156.4
162.6
189.6
193.7
159.7
179.3
191.4
129.6
149.8
155.5
161.7
188.8
190.1
163.5
181.8
190.4
132.4
151.4
151.7
164.3
190.9
190.2
163.3
181.0
189.8
131.6
153.9
155.0
165.0
192.6
185.5
165.1
184.5
191.1
133.2
153.9
155.5
164.8
190.7
183.6
166.9
186.0
187.9
134.5
153.2
156.4
169.3
195.7
181.3
166.6
186.4
191.6
137.2
154.0
157.9
170.9
193.1
179.3
168.6
186.3
191.2
141.0
154.2
156.0
172.7
196.4
175.4
168.8
186.0
190.1
141.2
152.7
157.9
176.0
198.0
172.6
166.0
188.9
193.4
144.0
156.0
157.2
180.2
197.7
169.8
169.6
190.1
194.9
125.2
147.0
155.7
160.1
186.9
196.7
161.6
176.3
1*0.5
131.2
151.7
154.1
163.7
190.8
188.6
164.0
182.4
190.4
135.0
153.7
156.6
168.3
193.2
181.4
167.4
186.2
190.2
142.1
154.3
157.0
176.3
197.4
172.6
168.1
188.3
192.8
133.4
151.7
155.8
167.1
192.1
184.8
165.3
183.3
191.0
5.5
7.7
8.3
NOTE: Unless otherwise noted, these series contain revisions beginning with the first year shown. 'This series contains revisions beginning with 1955.
6\2
(FEBRUARY 1979)
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
Annual
IIQ
1 Q
Year
IIQ
1 Q
IV Q
III Q
107. RATIO, GROSS NATIONAL PRODUCT TO MONEY SUPPLY Ml 1
(RATIO)
AVERAGE
Annual
III Q
IV Q
110. TOTAL FUNDS RAISED BY PRIVATE NONFINANCIAL BORROWERS
IN CREDIT MARKETS 2
(ANNUAL RATE, MILLIONS OF DOLLARS)
AVERAGE
1947
1948
1949
..
.
1950 . .
..
1951 ....
1952
1953
1954
1955
1956
1957
2.048
2.207
2.339
2.387
2.732
2.762
2.864
2.804
2.903
3.038
3.206
2.053
2.293
2.303
2.435
2.772
2.741
2.872
2.796
2.944
3.071
3.221
2.072
2.353
2.330
2.563
2.794
2.758
2.860
2.804
2.995
3.106
3.272
2.154
2.375
2.311
2.639
2.777
2.826
2 817
2.841
3.036
3.154
3.251
2.082
2.307
2.321
2.506
2.769
2.772
2.853
2.811
2.970
3.092
3.238
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
26,152
27,044
20,536
34,128
38,912
36,088
28,908
24,160
22,524
37,244
34,248
34,968
26,340
21,388
28,064
40,768
35,188
31,740
30,032
17,496
29,904
42,564
34,248
28,632
27,858
22,522
25,257
38,676
35,649
32,857
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967 ....
1968 ....
3.202
3.338
3.543
3.502
3.706
3.822
3.957
4.045
4.234
4.388
4.425
3.197
3.407
3.547
3.549
3.752
3.835
3.982
4.096
4.262
4.375
4.472
3.260
3.367
3.518
3.589
3.798
3.879
3.978
4.147
4.332
4.367
4.476
3.314
3.437
3.499
3.646
3.805
3.903
3.953
4.184
4.397
4.385
4.456
3.243
3.387
3.527
3.572
3.765
3.860
3.968
4.118
4.306
4.379
4.457
1958 . . .
.
1959 . . .
.
I960
1961
1962
1963
1964
1965
1966
..
.
1967
1968
28,552
46,440
49,844
34,552
48,412
53,360
59,136
72,428
74,360
68,324
76,376
30,444
50,676
39,192
36,032
43,492
56,756
64,352
68,624
82,624
64,716
78,332
30,896
48,264
38,708
44,020
47,432
55,228
64,516
69,620
59,820
71,004
85,324
41,948
37,892
34,664
47,236
46,568
56,284
64,396
68,960
46,092
79,444
99,200
32,960
45,818
40,602
40,460
47,726
55,407
63,100
69,908
65,724
70,872
84,808
1969
1970
1971
1972
1973
1974
1975
1976 . .
..
1977
1978
4.469
4.578
4.643
4.737
4.900
5.007
5.129
5.527
5.684
4.510
4.585
4.637
4.778
4.927
5.069
5.209
5.557
5.766
4.570
4.602
4.630
4.779
4.974
5.126
5.340
5.599
5.794
4.568
4.553
4.679
4.824
5.047
5.147
5.415
5.607
5.812
4.529
4.580
4.647
4.780
4.962
5.087
5.273
5.572
5.764
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
102,144
86,456
117,128
158,016
214,136
186,480
104,568
182,928
256,468
101,840
88,244
123,236
143,436
190,528
199,940
93,740
189,168
262,804
92,944
87,484
147,540
156,496
192,652
183,940
135,304
208,724
310,520
92,388
92,956
126,692
185,700
184,956
137,540
157,440
233,332
305,232
97,329
88,785
128,649
160,912
195,568
176,975
122,763
203,538
283,756
965. DIFE'USION INDEX OF NEW CAPITAL APPROPRIATIONS,
DEFLATED, 17 INDUSTRIES3 (PERCENT RISING OVER 1-Q SPANS)
1947
1948
1949
1950
..
.
1951
1952
1953
1954
1955
1956 . ...
1957
36
86
59
50
77
53
62
36
42
50
39
77
33
30
36
62
42
53
53
1958
1959 . ...
I960
1961
1962. ...
1963
1964
1965
1966
1967
1968
30
53
45
56
56
42
53
74
74
48
39
45
80
33
62
42
65
71
74
48
45
48
74
59
27
74
65
65
56
65
27
48
65
1969 . .
..
1970
1971
1972
1973
1974
1 975 ....
1976
1977
1978
62
50
53
62
80
35
27
56
48
56
42
42
71
53
53
48
62
77
42
36
77
53
59
47
30
45
56
AVERAGE
965. DIFFUSION INDEX OF NEt/ CAPITAL APPROPRIATIONS,
DEFLATED, 17 INDUSTRIES3
( PCT . RISING, 4-Q MOVING AVERAGE)
48
67
45
44
41
72
42
44
48
67
45
44
50
60
60
43
39
44
62
53
45
39
53
63
44
42
62
33
62
48
71
65
39
45
45
65
48
53
56
42
60
58
59
55
64
48
52
50
1958
1959
I960
1961
1962
1963
1964 . .
.
1965
1966
1967
1968 .
50
64
34
64
53
61
62
63
48
46
54
53
56
42
60
59
59
55
64
48
51
50
59
54
45
60
55
62
60
64
42
49
56
67
42
52
55
61
64
61
58
41
50
58
57
54
43
60
57
62
60
62
45
49
54
42
33
48
62
53
29
68
59
48
50
40
55
62
61
41
43
56
57
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
52
42
51
59
64
48
34
58
60
50
40
55
62
62
41
43
56
57
48
41
57
67
50
39
50
53
61
44
41
64
62
50
38
54
57
48
48
41
57
62
56
42
45
56
56
61. BUSINESS EXPENDITURES FOR NEW PLANT AND EQUIPMENT,
TOTAL
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
970A. DIFFUSION INDEX OF BUSINESS EXPEND. FOR NEW PLANT
AND EQUIP. — ACTUAL
(PERCENT RISING OVER 1-Q SPANS)
1947
1948
1 949
1950
1951
1952
1953
1954
1955
1956
1957
18.14
21.12
20.67
17.94
23.69
27.49
27.68
27.88
26.51
33.85
38.17
19.02
21.10
19.47
18.66
25.44
26.84
28.38
27.50
28.09
35.46
38.62
19.79
21.09
18.50
20.99
26.17
25.15
28.44
26.93
30.53
36.22
38.35
20.27
21.84
17.57
22.95
26.26
26.27
28.26
26.50
32.42
36.83
36.62
19.33
21.30
18.98
20.21
25.46
26.43
28.20
27.19
29.53
35.73
37.94
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
34.53
31.92
36.38
35.03
37.46
38.10
45.33
50.70
60.25
65.23
68.09
31.43
33.05
37.93
35.39
38.16
39.58
46.26
53.31
62.96
65.60
66.29
30.82
34.61
36.39
35.89
38.99
41.82
47.12
55.08
64.31
65.48
67.77
31.11
34.44
36.12
37.12
38.58
43.04
48.81
57.69
65.90
65.66
69.05
31.89
33.55
36.75
35.91
38.39
40.77
46.97
54.42
63.51
65.47
67.76
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
72.52
78.22
79.32
86.79
96.19
107.27
114.57
114.72
130.16
73.94
80.22
81.61
87.12
97.76
111.40
112.46
118.12
134.24
77.84
81.88
80.75
87.67
100.90
113.99
112.16
122.55
140.38
77.84
78.63
83.18
91.94
103.74
116.22
111.80
125.22
138.11
75.56
79.71
81.21
88.44
99.74
112.40
112.78
120.49
135.80
AVERAGE
61.1
38.9
61.1
83.3
61.1
77.8
38.9
50.0
94.4
63.9
69.4
61.1
16.7
72.2
88.9
27.8
63.9
38.9
75.0
88.9
50.0
58.3
47.2
19.4
100.0
66.7
22.2
47.2
30.6
86.1
77.8
50.0
63.9
52.8
25.0
94.4
50.0
66.7
30.6
38.9
88.9
63.9
16.7
55.6
25.0
81.9
72.2
44.4
54.9
36.8
75.0
81.2
45.2
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
5.6
77.8
75.0
33.3
55.6
33.3
94.4
77.8
86.1
50.0
66.7
5.6
77.8
75.0
52.8
72.2
72.2
63.9
83.3
86.1
41.7
47.2
25.0
83.3
41.7
36.1
66.7
83.3
75.0
83.3
66.7
25.0
66.7
55.6
52.8
36.1
69.4
47.2
63.9
88.9
75.0
58.3
58.3
50.0
23.0
72.9
57.0
47.9
60.4
63.2
80.6
79.8
74.3
43.8
57.6
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
83.3
77.8
50.0
44.4
83.3
77.8
38.9
66.7
66.7
66.7
47.2
61.1
50.0
61.1
86.1
44.4
80.6
75.0
75.0
58.3
44.4
55.6
83.3
61.1
38.9
72.2
88.9
41.7
19.4
75.0
83.3
66.7
63.9
36.1
47.2
44.4
66.7
50.7
57.6
58.3
73.6
72.2
39.6
66.7
68.8
NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
^his series contains revisions
beginning with 1970. 2 This series contains revisions beginning with 1952. 3 This series contains revisions beginning with 1975.
AVERAGE
1947 . .
..
1948
1949
1950
1951
1952
1953
19 54
1955
1956
1957
(FEBRUARY 1979)
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
1Q
III Q
II Q
1 Q
IV Q
970B. DIFFUSION INDEX OF BUSINESS EXPEND. FOR NEW PLANT
AND EQUIP. --LATER ANTIC.
(PERCENT RISING OVER 1-Q SPANS)
1947
1948
1949
19 50
1951
1952
1953
1954
1955
1956
1957 .
1958
1959
I960
1961 . .
1 962
1963
1964
1 965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975 . .
.
1976
1977
1978
Annual
Year
Annual
AVERAGE
III Q
IIQ
IV Q
970C. DIFFUSION INDEX OF BUSINESS EXPEND. FOR NEW PLANT
AND EQUIP. — EARLY ANTIC.
(PERCENT RISING OVER 1-Q SPANS)
AVERAGE
58.3
41.7
44.4
86.1
44.4
41.7
47.2
30.6
80.6
83.3
58.3
44.4
33.3
36.1
86.1
77.8
30.6
27.8
47.2
86.1
77.8
36.1
41.6
38.9
74.3
81.2
42.4
1947
1948
1949
1 950
1951
1952
1953
1954
1955
1 956
1957
0.0
91.7
83.3
38.9
83.3
75.0
69.4
69.4
72.2
50.0
61.1
13.9
88.9
72.2
50.0
72.2
80.6
63.9
80.6
75.0
55.6
83.3
47.2
86.1
58.3
69.4
75.0
69.4
75.0
61.1
66.7
41.7
75.0
58.3
72.2
38.9
80.6
52.8
58.3
63.9
69.4
58.3
47.2
88.9
29.8
84.7
63.2
59.7
70.8
70.8
68.0
70.1
68.0
48.6
77.1
1958 . .
1959
I960
1961
1962
...
1963
1964
1965
1966
1 967
1968
16.7
72.2
83.3
58.3
61.1
50.0
55.6
66.7
72.2
50.0
55.6
27.8
63.9
86.1
55.6
50.0
69.4
88.9
72.2
77.8
50.0
61.1
33.3
77.8
55.6
72.2
52.8
66.7
80.6
50.0
63.9
52.8
66.7
50.0
69.4
55.6
52.8
55.6
66.7
80.6
75.0
69.4
63.9
55.6
32.0
70.8
70.2
59.7
54.9
63.2
76.4
66.0
70.8
54.2
59.8
94.4
69.4
33.3
77.8
77.8
72.2
36.1
61.1
61.1
83.3
61.1
58.3
63.9
77.8
77.8
41.7
77.8
72.2
61.1
25.0
47.2
88.9
72.2
61.1
50.0
72.2
69.4
55.6
44.4
72.2
75.0
75.0
55.6
61.1
63.9
58.3
73.6
50.0
52.8
76.4
75.7
66.7
47.2
68.8
65.2
1969
1970
1971
1972
1973
1974
1 975
1976
1977
1978
58.3
38.9
41.7
75.0
86.1
75.0
66.7
75.0
66.7
63.9
55.6
58.3
44.4
63.9
86.1
52.8
61.1
66.7
66.7
66.7
63.9
47.2
61.1
69.4
66.7
66.7
66.7
58.3
50.0
50.0
50.0
72.2
61.1
61.1
83.3
72.2
61.8
52.8
53.5
54.2
70.8
72.9
61.8
71.5
68.1
971. DIFFUSION INDEX OF NEW ORDERS, MANUFACTURINGACTUAL1 © (PERCENT RISING OVER 4-QUARTER SPANS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967 ..
1968
1969
1970
1971
1972
1973
1974
1975
1976 . .
1977
1 978
68
89
60
77
50
76
82
65
76
78
62
76
54
84
76
67
80
68
70
72
56
82
77
42
83
74
52
81
71
80
82
88
71
78
50
84
65
62
77
74
84
84
88
72
78
81
66
68
82
88
84
50
80
80
80
64
70
84
90
82
54
80
83
AVERAGE
58
86
68
68
74
52
75
72
74
82
86
82
72
80
56
80
63
65
76
74
82
85
86
71
79
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
76
60
70
86
88
74
64
78
82
72
55
74
84
86
59
71
78
82
77
61
70
84
88
75
60
79
82
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1954... .
1955
1956
1957 .
1958
1959
I960
1961 ....
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
62
69
45
64
52
74
70
58
73
57
48
56
52
76
69
38
74
68
48
73
64
74
78
82
65
70
42
78
58
52
72
68
78
80
82
65
73
70
61
63
74
78
74
52
76
71
74
56
64
76
79
76
53
74
74
40
81
50
'69
64
54.2
39.6
66.0
79.8
59.7
AVERAGE
63
80
76
68
52
84
72
72
72
65
85
75
71
62
80
78
73
58
82
81
67
82
76
82
86
88
82
83
61
82
76
77
82
76
84
84
88
80
82
72
82
70
76
74
78
83
85
84
81
81
82
76
72
80
75
82
85
86
81
82
85
71
78
86
90
80
59
84
86
83
74
85
88
88
85
70
88
88
80
74
81
88
87
80
73
86
84
82
74
80
86
88
83
68
85
84
71
82
72
75
83
66
58
82
80
76
80
77
67
83
69
80
84
86
82
80
82
76
76
82
88
86
72
82
80
972. DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE —
ANTICIPATED1 ©
(PERCENT RISING OVER 4-QUARTER SPANS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
54
62
78
66
46
58
54
75
69
51
76
52
62
70
70
79
80
78
64
72
60
72
50
68
68
70
79
83
76
69
- 74
48
75
57
58
71
68
78
80
80
66
72
1958
1959
I960
1961
1962
1963
1964 .
1965
1966
1967
1968
68
55
66
79
76
71
58
72
74
66
56
70
80
76
63
66
74
76
70
57
66
77
77
71
57
74
74
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
NOTE: These series contain no revisions but are reprinted for the convenience of the user,
written permission from Dun & Bradstreet, Inc.
be reproduced without
55.6
36.1
38.9
77.8
63.9
41.7
65
82
70
74
64
72
79
76
62
79
60
72
76
76
83
88
84
69
79
54
82
38
60
49
71
72
59
50.0
69.4
41.7
75.0
97.2
58.3
1947
1948
1949
1950 .
1951
1952
1953
19 54
1955
1956
1957
71
56
82
77
AVERAGE
55.6
36.1
63.9
86.1
66.7
971. DIFFUSION INDEX OF NEW ORDERS, MANUFACTURINGANTICIPATED1 © (PERCENT RISING OVER 4-QUARTER SPANS)
58
66
84
72
53
972. DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE —
ACTUAL' ©
(PERCENT RISING OVER 4-QUARTER SPANS)
1947
1948
1949
1950 . . .
1951
1952
1953
*78
76
55.6
41.7
47.2
72.2
72.2
74
80
70
AVERAGE
50
74
54
56
56
66
75
68
60
72
50
67
74
48
*58
74
72
69
58
76
71
63
36
78
58
49
64
60
78
70
64
*72
73
60
78
68
77
80
84
75
74
52
77
75
64
79
72
80
84
86
74
80
54
78
74
74
78
72
82
83
84
76
78
62
79
66
73
71
76
81
84
82
76
73
'76
72
68
76
72
80
83
84
75
76
78
70
71
76
82
80
68
76
78
79
66
74
82
85
74
58
80
80
77
70
80
84
84
79
66
84
84
76
66
78
83
80
77
67
82
82
78
68
76
81
83
78
65
80
81
''This is a copyrighted series used by permission; it may not
64
70
50
58
74
72
66
(FEBRUARY 1979)
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
IQ
IIQ
III Q
1947
1948
1949. . .
1950 .
1951
1952
1953
1954
1955
1956
1957
39
60
90
54
72
50
76
80
64
*43
69
79
60
74
50
84
78
67
40
88
67
67
71
53
82
78
1958
1959
I960
1961
1962
1963
1964
1965
1966.. ..
1967
1968
40
82
72
49
80
71
80
82
88
71
79
46
87
63
58
78
74
83
84
88
70
82
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
80
70
70
82
86
82
57
82
80
84
66
72
82
89
84
58
81
81
AVERAGE
*61
64
84
74
52
*70
54
82
78
58
82
58
70
78
76
84
87
85
72
82
68
78
52
72
76
75
84
86
82
74
84
53
82
61
62
78
74
83
85
86
72
82
1958
19 59
1960
1961
1962
196 3
1964
1965
1966
1967
78
64
74
85
86
80
66
80
84
76
62
76
86
85
70
70
80
85
80
66
73
84
86
79
63
81
82
1969
1970
1971
1972
1973
1974
1975
1
976
1977
1978
1947
1948
1949 . . .
1950
1951
1952
1953
1954
1955
1956
1957
44
50
64
55
56
48
54
58
54
44
56
62
56
58
46
56
57
53
44
64
58
58
58
49
58
58
'si
1958
1959
I960
1961
1962
1963
1964
1965
1966 . . .
1967
1968
40
56
56
47
56
54
55
60
65
58
57
44
60
54
50
55
56
58
61
66
58
60
48
59
52
54
56
55
59
64
63
58
58
49
58
50
53
55
56
60
64
62
58
60
1969
1970
1971
1972
1973
1974.
1975
1976
1977
1978
59
54
48
56
63
58
44
57
60
60
54
52
58
62
59
44
58
59
58
51
53
62
60
56
48
58
61
58
50
55
60
60
49
52
58
62
48
64
58
52
60
57
49
975. DIF. INDEX OF LEVEL OF INVENTORIES, MFG. AMD TRADE-ACTUAL <g> (PERCENT RISING OVER 4-QUARTER SPAMS)
1947
1948
1949
1950
1951
1952
1953
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
III Q
IV Q
AVERAGE
67
85
70
74
82
68
57
82
81
79
62
84
79
72
45
86
71
73
74
63
86
78
74
84
80
68
86
72
82
85
88
80
82
58
87
84
66
84
82
86
87
90
82
86
61
86
81
82
86
78
86
88
90
82
86
72
86
72
82
78
80
86
89
86
82
84
*86
79
74
84
78
85
87
88
82
84
86
74
78
83
88
86
75
82
82
88
73
80
88
90
78
62
84
86
86
78
86
90
90
86
73
90
90
83
76
84
88
88
82
74
87
86
86
75
82
87
89
83
71
86
86
58
86
68
75
65
72
82
77
974. DIFFUSION INDEX OF NO. OF EMPLOYEES, MFC. AND TRADE —
ANTICIPATED ® (PERCENT RISING OVER 4-QUARTER SPANS)
71
81
70
62
81
80
76
AVERAGE
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
50
62
54
57
53
54
57
56
52
62
56
54
62
54
46
56
56
56
50
56
56
53
46
59
57
56
54
48
58
56
54
45
58
53
51
56
55
58
62
64
58
59
1958
19 59
1960
1961
1962
1963
1964
1965
1966
1967
1968
54
56
52
56
54
55
58
62
60
60
50
56
56
52
56
55
56
58
63
60
60
50
56
56
54
57
54
57
59
63
60
58
51
57
52
54
54
55
58
59
62
60
60
56
55
53
56
54
56
58
62
60
60
59
52
52
59
61
56
47
58
60
1969
1970
60
58
55
58
60
61
53
56
59
60
56
58
60
63
56
48
60
60
60
56
58
61
62
60
54
62
61
59
54
56
60
60
58
54
60
59
60
56
57
60
61
59
52
60
60
45
58
60
56'
49
57
58
AVERAGE
1972
1973
1974
1975
1976
1977
1978
975. DIF. INDEX OF LEVEL OF INVENTORIES, MFG. AND TRADE —
ANTICIPATED (u) (PERCENT RISING OVER 4-QUARTER SPANS)
54
61
55
49
56
56
55
AVERAGE
1947
47
48
84
54
53
51
54
68
63
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1947
1948
1949
19 50
1951
1952
1953.. ..
1954
1955
1956
1957
*42
76
76
AVERAGE
II Q
973. DIFFUSION INDEX OF NET SALES, MFG. AND TRADEANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)
47
88
68
974. DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADEACTUAL (u) (PERCENT RISING OVER 4-QUARTER SPANS)
. . .
1 Q
IV Q
973. DIFFUSION INDEX OF NET SALES, MFG. AND TRADEACTUAL ©
(PERCENT RISING OVER 4-QUARTER SPANS)
Annual
Year
Annual
Year
..
44
53
80
48
60
48
62
68
59
37
68
72
50
58
47
62
68
43
62
66
50
64
60
64
68
74
68
68
46
68
60
50
62
62
66
71
74
66
68
71
66
62
64
73
78
58
62
74
70
61
62
66
76
79
52
65
72
42
62
74
52
50
65
65
53
56
49
61
67
48
64
56
56
62
62
67
72
73
65
70
50
62
54
56
61
63
65
73
74
64
70
47
64
59
53
62
62
66
71
74
66
69
1958
19 59
I960
1961
196 2
1963
1964
70
62
62
72
75
78
56
68
74
68
58
60
71
76
69
57
69
75
70
62
62
68
75
76
56
66
74
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
NOTE: These series contain no revisions but are reprinted for the convenience of the user
permission from Dun & Bradstreet, Inc.
be reproduced without written
1948
1949
1950
1951
1952
1953
1954
1955
1956 . . .
1957
39
78
58
1967
1968
38
66
54
52
50
50
60
60
48
57
61
54
32
57
56
45
54
47
62
58
56
48
57
60
57
48
62
60
53
63
60
63
64
68
66
66
48
63
58
57
62
58
63
64
69
63
67
52
62
54
56
58
60
63
66
69
62
66
61
58
54
61
58
62
64
68
64
66
68
61
62
66
72
67
54
64
68
66
64
65
66
72
72
50
70
72
66
58
65
66
70
72
54
68
70
66
61
63
65
71
70
56
66
69
42
65
47
50
69
47
46
58
61
59
57
60
52
60
56
60
64
66
65
63
66
62
60
61
69
70
64
60
65
These are copyrighted series used by permission; they may not
47
64
48
(FEBRUARY 1979)
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
III Q
IIQ
IQ
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
41
92
50
53
44,
50
70
70
52
86
46
58
44
56
68
64
82
73
52
60
47
64
72
1958
1959
I960
1961 .
1962
1963
1964
1965
1966.. ..
1967
1968
52
58
58
52
54
50
56
58
70
70
74
52
60
55
50
53
54
54
61
72
70
76
1969
1970
1971
1972
1973
1974 .
1975
1976
1977
1978
82
80
74
70
82
92
81
80
86
80
80
76
72
84
96
78
82
86
AVERAGE
32
92
63
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
67
78
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
56
46
60
71
53
60
54
54
54
55
56
64
78
72
78
56
58
52
52
53
55
56
65
76
73
80
53
59
55
52
54
54
56
62
74
71
77
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
82
78
68
72
86
94
78
80
87
82
75
70
74
90
89
78
82
87
82
78
72
72
86
93
79
81
86
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
29
94
68
AVERAGE
72
81
...
..
.
..
....
....
90
78
58
60
48
69
79
v..
50
50
70
78
66
54
47
63
74
54
62
57
51
55
52
60
63
78
74
81
54
64
56
51
52
56
56
60
76
74
82
59
65
54
54
50
60
58
68
82
80
82
62
64
52
54
54
58
60
70
78
82
85
57
64
55
52
53
56
58
65
73
78
82
85
87
85
80
90
96
80
84
87
85
85
86
81
89
96
79
80
86
86
86
73
82
92
94
81
80
88
85
84
74
80
96
91
81
88
90
85
86
80
81
92
94
80
83
88
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
38
94
44
53
44
49
65
64
' 49
82
43
52
42
55
66
64
85
76
52
56
44
66
72
1958
1959
1960
1961
196 2
1963 . .
..
1964
1965
1966
1967
1968
54
62
54
52
55
52
56
62
78
74
88
52
65
58
50
52
54
56
61
78
80
88
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
91
86
86
73
90
92
80
86
90
90
86
84
78
87
97
84
86
86
23
95
64
*67
79
50
52
64
70
58
53
46
58
68
58
62
56
57
54
58
60
67
84
84
88
59
59
54
54
54
61
58
70
80
87
92
89
86
74
81
93
92
88
86
92
1961
1962
1963
1964
1965
1966
1967
1968
50
54
70
67
46
55
66
64
58
62
56
57
53
57
58
65
74
74
55
60
62
55
56
54
58
60
68
72
76
52
60
58
56
56
56
58
61
72
68
75
54
64
56
54
52
56
57
62
68
70
76
60
60
55
55
55
58
60
68
71
75
75
79
76
68
73
86
86
75
78
79
76
76
72
80
89
76
78
81
78
78
75
72
83
92
68
80
86
80
75
75
70
82
90
74
80
82
78
77
76
70
80
89
76
78
82
1958
1959
I960
1961
1962
1963
1964
1965
1966 ....
1967 .
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
55
67
66
AVERAGE
48
84
50
50
54
70
74
45
56
68
66
22
73
60
50
56
48
64
68
70
62
66
68
55
58
55
60
62
72
73
82
54
64
60
56
59
55
59
64
76
69
78
59
69
56
56
54
54
58
60
72
74
78
65
62
56
58
54
60
62
72
73
79
80
80
82
78
86
94
74
82
86
80
82
82
80
88
92
70
82
86
80
80
82
74
84
91
76
84
84
80
80
82
76
84
91
77
82
84
49
82
56
49
56
69
70
....
1947
1948
1949
1950
1951 . . .
1952
1953
1954
1955
1956
1957
90
86
79
78
91
94
84
88
90
*48
82
55
44
90
56
30
92
68
56
53
51
71
72
978. DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADEANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)
NOTE: These series contain no revisions but are reprinted for the convenience of the user.
permission from Dun & Bradstreet, Inc.
be reproduced without written
50
66
69
28
66
70
50
58
48
60
66
62
79
77
80
70
80
88
87
80
80
I960
56
62
56
53
54
56
53
65
80
81
89
90
85
73
79
93
96
86
92
92
46
82
50
62
65
55
59
52
61
62
68
76
78
1958
1959
AVERAGE
AVERAGE
46
88
58
34
90
62
56
1947 ... .
1948 ....
1949 . . .
1950
...
1951
1952
1953
1954
1955
1956
1957
61
85
42
58
43
60
68
71
1947
1948
1949
1950
1951
19 52
1953 . .
..
1954
1955
1956
1957
IVQ
977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRADE —
ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPAMS)
44
94
48
48
46
53
71
74
978. DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADEACTUAL ®
(PERCENT RISING OVER 4-QUARTER SPANS)
III Q
976. DIFFUSION INDEX OF SELLING PRICES, MANUFACTURING —
ANTICIPATED ( ) (PERCENT RISING OVER 4-QUARTER SPANS)
U
51
48
68
74
60
977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRADE —
ACTUAL ®
(PERCENT RISING OVER 4-QUARTER SPANS)
1958
1959
I960
1961
1962
1963
1964
Annual
IIQ
IQ
IVQ
976. DIFFUSION INDEX OF SELLING PRICES, MANUFACTURINGACTUAL ®
(PERCENT RISING OVER 4-QUARTER SPANS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Year
Annual
AVERAGE
'.'.'.
"l2
24
90
63
55
50
48
66
69
35
94
52
42
88
44
48
48
67
66
44
53
66
60
65
64
45
52
42
55
66
64
46
51
66
65
58
62
55
57
52
58
58
63
76
81
55
62
60
55
57
54
60
59
70
76
84
52
62
56
55
55
54
57
60
76
72
86
52
66
57
52
55
57
57
62
75
78
87
62
59
54
56
54
58
60
71
76
84
84
80
80
67
76
87
88
81
86
84
80
80
74
85
89
75
82
84
84
81
80
74
88
92
72
84
89
86
80
80
74
83
93
79
86
88
84
80
80
72
83
90
78
83
87
These are copyrighted series used by permission; they may not
42
84
51
(FEBRUARY 1979)
G. Experimental Data and Analyses
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index
Basic data
Series title
(and unit of measure)
LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing 1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies reporting
slower deliveries (percent)
. .
12. Net business formation
(index- 1967=100)
.
.
. . .
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 dol., smoothed 2 (ann. rate, bil. dol . ) .
92. Change in sensitive prices, smoothed 2
(percent)
19. Stock prices, 500 common stocks
(index- 1941-43=10) .
. .
104. Change in total liquid assets, smoothed 2
(percent)
105. Money supply (Ml) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators 3
(index- 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion 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
indicators 3 (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)
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index- 1967=100)
Oct.
1978
40.5
40.7
Oct.
to
Nov.
1978
Jan.
1979
Dec.
1978
Nov.
1978
r40.7
Dec.
to
Jan.
1979
Nov.
to
Dec.
1978
-0.09
p40.6
0.15
0.0
pO.8
0.09
-0.10
0.11
0.9
0.8
0.9
r38.54
r38 .35
r39.32
p40.02
-0.02
0.13
0.10
6ti
66
68
69
-0.07
0.08
0.04
rel32.6
NA
NA
-0.13
p!5.75
-0.22
-0.06
114.1
-0.00
-0.12
NA
0.10
0.07
0.09
0.05
-0.03
-0.36
0.09
0.26
-0.10
-0.42
133.9
NA
NA
16.00
14.66
r!4.35
r!4b.b
148.6
143.4
rll.52
r!3.23
p!4.39
rl.24
rl.45
1.56
94.71
96.11
99.71
rO.bB
rO.93
ru.90
pO.78
0.15
r225.9
224.2
r222.9
p219.8
-0.35
-0.30
-0 . 7 6
ri38.b
r!38.2
r!3b.l
p!36.5
-0.43
-0.07
-1.16
86,573
r87,036
r87,248
p87,573
0.43
0.20
0.39
1,001.4
rl,007.9
rl,016.3
0.30
0.38
-0.32
100. 5s
rl48.7
1.50
el, 010. 8
0.29
-0.84
NA
r!50.5
p!50.7
0.15
0.18
r!58,520
pi59,001
NA
0.10
0.07
141. G
r!42.8
r!43.7
p!43.6
0.85
0.63
-0.07
11.8
rll.O
0.41
0.16
-0.39
157,780
149.5
10.7
11.2
0.05
NA
p244.02
NA
0.23
0.02
169.2
r!70.4
p!71.4
0.37
0.22
0.26
9. 94
10.94
11.55
11.75
2.25
1.37
0.66
140,440
r!41,357
r!40,876
0.14
-0.07
0.77
14. b3
p!4.89
NA
0.28
0.19
r!55.9
r!58.6
p!60.4
3.59
1.73
242.67
167.2
14.74
15U.5
r243.92
A
pl44,324
NA
NA
1.13
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the 1977 HANDBOOK OF CYCLICAL INDICATORS (pp. 74-75)
for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.170; for the coincident index, -0.158; for the lagging index, -0.153.
"•The actual January value (134,275) is adjusted (multiplied by 1.07484) to make it comparable with the earlier data. See
"New Features and Changes for This Issue," page iv (item 10).
2
This
3
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
Deviations
from
ref.
peak
19. Index of stock prices
Actual
data
for
current
cycle
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
Percent
SERIES 19
1941-43=10
b8.98
2/78
88.82
3/78
35
36
-, +100
• 200
+75
• 160
+50
• HO
-12.8
-12.9
37
38
39
40
-9.1
-4.5
-4.3
-4.7
92.71
97.41
97.66
97.19
4/78
5/78
6/78
7/78
41
42
43
44
1954
1.9
1.8
-1.4
-7.2
103.92
103.86
100.58
94.71
8/78
9/78
10/78
11/76
45
46
47
-5. a
-2.3
-3.6
96.11
99.71
98.37
12/78
1/79
2/79
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM 'ACTUAL
SPEC.
AND
TROUGH 12/74
DATA YEAR
38
39
40
SERIES 19
1941-43=10
32.7
88.98
2/78
32.4
88.82
3/78
3ti.2
92.71
4/78
41
42
43
44
45.2
45.6
44.9
54.9
97.41
97.66
97.19
103.92
5/78
6/78
7/78
8/78
45
46
47
48
54.9
50.0
41.2
43.3
103.86
100.58
94.71
96.11
9/78
10/78
11/78
12/78
49
50
48.7
46.7
99.71
98.37
1/79
2/79
+25
• 120
-25
41. Employees on nonagricultural payrolls
i
• 80
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
Percent
34
35
36
SERIES 41
THOUSANDS
7.7 83871
8.1 84188
8.8 84726
37
38
39
40
9.7
10.0
10.4
10.5
+14
• 88,000
+12
+10
• 86,000
19. Index of stock prices
I I
J
85418
85618
85996
86033
Employees on nonagricultural payrolls
Percent
+16
1/78
2/78
3/78
• 88,000
+14
4/78
5/78
6/78
7/78
+ 8 08^,000
41
42
43
44
10.6
10.7
11.2
11.8
86149
86163
86573
87036
8/78
9/78
10/78
11/78
+6
45
46
12.0
12.5
87248
87573
• 86,000
+12
12/78
1/79
• 84,000
>82,000
MONTHS DEVIFROM ATIONS CURRENT MONTh
AND
FROM ACTUAL
SPEC.
DATA YEAR
4/75
TROUGH
+4
• 80,000
+6
-4
-12
-6
0 +6
• 76,000
33
34
35
36
9.9
10.3
11.0
11.9
83871
84188
84726
85418
1/78
2/78
3/78
4/78
37
38
39
40
12.2
12.7
12.7
12.9
85618
85996
86033
86149
5/78
6/78
7/78
8/78
41
42
43
44
12.9
13.5
14.1
14.3
86163
86573
87036
87248
9/78
10/78
11/78
12/78
14.8
-2
87573
1/79
+12 +18 +24 +30 +36 +42 +48
Months from reference troughs
NOTE:
For an explanation of these charts, see "How to Read Charts" on p. 105 of the January 1979 issue.
• 82,000
SERIES 41
THOUSANDS
+2
0 • 78,000
+8
• 80,000
+4
+2
• 78,000
• 76,000
-12 -6
0 +6 +12 +18+24+30+36+42+48
Months from specific troughs
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
I I 1 1 1 1 1 1 1 1 1 1 1 I I I I I I M I I I Ml 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
43. Unemployment rate, total (inverted)
Actual
data
(percent)
MONTHS
FROM
REF.
TROUGH
UP"
CURRENT MONTH
AND
ACTUAL
DATA YEAR
34
35
36
SERIES 43
PERCENT
6.3
6.1
6.2
1/78
2/78
3/78
37
3d
39
40
6.1
6.1
5.8
6.1
4/78
5/78
6/78
7/78
41
42
43
44
5.9
5.9
5.8
5.8
8/78
9/78
10/78
11/78
45
46
5.9
5.8
43. Unemployment rate, total (inverted)
Deviations
from
spec,
trough
Actual
data
for
current
cycle
12/78
1/79
Actual
-4
-3
95
•6
-2
MONTHS DE VIFROM ATI ONS CURRENT MONTH
SPEC.
F ROM ACTUAL
AND
TROUGH
5 /75
DATA YEAR
SERIES 43
PERCENT
32
-2.8
6.3
1/78
33
34
35
36
-3.0
-2.9
-3.0
-3.0
6.1
2/78
6.2
6.1
6.1
3/78
4/78
5/78
37
38
39
40
-3.3
-3.0
-3.2
-3.2
5.8
6.1
5.9
5.9
6/78
7/78
8/78
9/78
41
42
43
44
-3.3
-3.3
-3.2
-3.3
5.8 10/78
5.8 11/78
5.9 12/78
5.8
1/79
MONTHS
FROM
REF.
TROUGH
60
59
58
57
SERIES 90
PERCENT
58.10
58.11
58.19
37
3d
39
40
58.38
58.46
58.81
58.61
41
42
43
44
45
46
0 +6
*59.5
+ 4-0
•59.0
+ 3.5
*58.5
59.08 12/78
59.28
1/79
+ 3-0
•58.0
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
SPEC.
AND
6/75
TROUGH
DATA YEAR
+2-5
• 57,5
SERIES 90
PERCENT
-1-2.0
957.0
+ 1.5
*56.5
+ 1.Q
*56.0
+ 0-5
*55.5
'•0
955.0
3.09
3.10
58.10
58.11
1/78
2/78
33
3.18
58.19
34
35
36
3.37
3.45
3.80
58.38
58.46
3/78
4/78
5/78
6/78
37
38
39
40
3.60
3.70
3.79
3.84
58.80
58.85
7/78
8/78
9/78
10/78
4.08
4.07
4.27
59.09
59.08
59.28
11/78
12/78
1/79
58.81
58.61
58.71
+12 +18 +24 +30 +36 +42 +48
Months from reference troughs
NOTE:
For an explanation of these charts, see "How to Read Charts" on p. 105 of the January 1979 issue.
Actual
4/78
5/78
6/78
7/78
41
42
43
-12 -6
90. Ratio, civilian employment to total
population, working age
58.71
8/78
58.80
9/78
58.85 10/78
59.09 11/78
1/78
2/78
3/78
31
32
54
• 10
+ 4.5
56
55
+1
CURRENT MONTH
ACTUAL
AND
DATA YEAR
34
35
36
90. Ratio, civilian employment to total
population, working age
•9
-12 -6
0
+6
+12 +18 +24 +30 +36 +42+48
Months from specific troughs
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
Deviations
from
ret.
57. Manufacturing and trade sales,
1972 dollars
Actual
data
for
current
cycle
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
Percent
4-16 •165,000
33
34
35
36
• 160,000
37
38
39
40
• 155,000
SERIES 57
MIL. DOL.
6.5 151341
12/77
2.5 145652
1/78
5.2 149567
2/78
6.6 151514
3/78
8.8
8.6
8.1
7.1
57. Manufacturing and trade sales,
1972 dollars
Deviations
• from
spec.
trough
Percent
+28
+8
154645
154347
153638
152305
4/78
5/78
6/78
7/78
+24
41
42
43
44
10.2 156639
9.3 155349
11.0 157788
11.5 158520
8/78
9/78
10/78
11/78
+20
45
+12
11.8 159001
12/78
+16
• 150,000
+4
• H5,000
• HO, 000
-4
• 135,000
• 130,000
MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
3/75
TROUofl
DATA YEAR
33
34
35
36
+12
SERIES 57
MIL. DOL.
20.3 151341
12/77
15.8 145652
1/78
18.9 149567
2/78
20.5 151514
3/78
37
38
J9
40
23.0
22.7
22.2
21.1
154645
154347
153638
152305
4/78
5/78
6/78
7/78
41
42
43
44
24.6
23.5
25.5
26.1
156639
155349
157788
158520
8/78
9/78
10/78
11/78
45
26.4 159001
12/78
+8
+4
Percent
—' -12 0125,000
62. Labor cost per unit of output,
manufacturing
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
REF.
TROUGH 11/73
DATA YEAR
Percent
+40
34
35
36
37.3
39.0
39.6
164.1
166.1
166.8
1/78
2/78
3/78
+35
37
38
39
40
38.5
38.6
38.6
39.0
165.5
165.6
165.6
166.1
4/78
5/76
6/78
7/78
41
42
43
44
3o.2
38. 4
3*. 9
41.6
165.1
165.4
167.2
169.2
b/78
9/78
10/78
11/78
45
46
42.6
43.4
170.4
171.4
12/78
1/79
• 170
• 160
+30
+25
• uo
28
SERIES 62
1967=100
17.2
164.1
+10
29
30
31
32
18.6
19.1
18.2
lo.3
166.1
166.8
165.5
165.6
+5
2/78
3/78
4/78
5/78
33
34
35
36
16.3
18.6
17.9
18.1
165.6
166.1
165.1
165.4
6/78
7/78
8/78
9/78
37
38
39
40
19.4
20.9
21.7
22.4
167.2
169.2
170.4
171.4
10/78
11/78
12/78
1/79
+5
• 130
1/78
+12 +18 +24 +30 +36 +42 +48
Months from reference troughs
For an explanation of these charts, see "How to Read Charts" on p. 105 of the January 1979 issue.
+10
0
+15
NOTE:
+15
MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
9/75
DATA YEAR
+20
0 +6
+25
+20
SERIES 62
1967=100
+45
-12 -6
62. Labor cost per unit of output,
manufacturing
-5
-10
-12 -6
0 +6
+12 +18 +24 +30 +36 +42 +48
Months from specific troughs
•14-0
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
O.RTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
TROUGH
DATA
YEAR
IV/73
0. Corporate profits after taxes with IVA
and CCAdj., 1972 dollars
!imTmi|miTmil I i'""!'1111!1"11!
80. Corporate profits after taxes with IVA
and CCAdj., 1972 dollars
SERIES
80
ANN. RATE
10 2 0 . 4
+25
11
7.9
50.8
IV/77
42.2
for
current
cycle
1/78
13
• 60
56.7 HI/77
12 -10.4
• 70
Actual
data
Percent
BIL. DOL.
+50
Deviations
from
spec.
trough
9.3
51.5
11/78
14
8.5
51.1 HI/78
• 60
+200
• 50
+150
• 50
CRTRS.
DEVIFROM ATIONS CURRENT QRTR.
FROM ACTUAL
SPEC.
AND
TROUGH HI/74
DATA YEAR
+100
SERIES 80
ANN. RATE
12
BIL. DOL.
56.7 111/71
193.8
-25
+50
13 163.2
50.8
14 118.7
42.2
1/78
15 166.8
51.5
11/78
16 164.8
• 30
• 30
IV/77
51.1
HI/78
-50
82. Rate of capacity utilization,
manufacturing (FRB)
82. Rate of capacity utilization,
manufacturing (FRB)
Actual
QRTRS .
FROM
REF.
-i 90
-I +20
CURRENT yRTR.
AND
ACTUAL
DATA
YEAR
TROUGH
• 90
SERIES
82
PERCENT
11
IV/77
82.1
1/78
13
b4.0
11/78
14
85.0 HI/78
15
85
82.9
12
85.8
+15
• 35
+10
IV/78
80
+5
WRTRS. DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM ACTUAL
AND
TROUGd
1/75
DATA
YEAR
SERIES
82
PERCENT
75
11
IV/77
82 1
1/78
13 .1
84 0
11/78
14
14 .1
85 0 HI/78
15
-12-6
82 9
11 .2
13
70
12 .0
12
14 .9
85, 8
IV/78
0 +6 +12+18+24+30+36+42+48
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 105 of the January 1979 Issue.
-5
• 65
iimmmiiii mmmiilii|iilninliniilitmlmiilnni
-12 -6
0 +6 +12 +18 +24 +30 +36 +42+48
Months from specific troughs
ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
descriptions
(issue date) issue date)
A
Accession rate, manufacturing
Agricultural products exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees manufacturing and trade Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices selling retail trade Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts
2
604
16
56
61
92
1/78
12/78
8/68
61
970
58
974
975
971
976
978
977
972
973
24
38
22
2/79
2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79
2/79
2/79
11/68
38
38
38
38
38
38
38
38
67
76
65
76
76
76
76
76
76
76
76
55
616
22
56
65
92
9/78
12/78
10/69*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
B
Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving
72
112
93
94
15,35
32
73
72
4/78
4/78
11/72
11/72
33
33
72
72
12/78
2/78
11/72
29
76
61
970
14
12
13
13,25
24
24
38
33
12,23
23
67
67
67
76
72
65
65
7/78
2/78
2/79
2/79
2/79
7/78
7/78
295
46
82
11/78
4/69
il/68
11/68*
C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
.
...
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average 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
Digitized for
83
82
84
20
20
20
64
64
64
1/78
1/78
1/78
97
11
965
24
24
37
66
66
75
1/78
1/78
2/79
914
35
34
11
29
29
60
70
70
7/78
9/78
9/78
442
90
441
37
51
18
51
18,51
89
62
89
3/78
4/78
3/78
3/78
4/72*
920
920c
951
940
9
72
112
10
39
36
11
23
15,35
32
60
11/75*
74'"
60
66
73
72
7/78
7/78
2/78
7/78
1/78
4/78
4/78
11/72
345
49
87
6/76*
10/72*
345c
280
50
45
87
82
6/76*
10/72*
11/78
10/69
64
30,47
70,83
9/78
10/69*
346
49
88
6/76*
10/72*
346c
50
88
6/76*
10/72*
340
49
87
8/78
6/72*
340c
50
87
8/78
6/72*
341
49
87
8/78
6/72*
341 c
348
349
50
50
50
87
88
88
8/78
8/78
8/78
6/72*
6/72*
6/72*
53
19
63
9/78
62,89
1/72"
1/72
4/72*
4/72*
ii/72
Series titles
(See complete titles in "Titles 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 dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing, total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
.
.
.
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
Crude materials-See Wholesale prices.
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
descriptions
(issue date) issue date)
7/78
7/78
7/78
11/75*
60
7/78
7/78
11/75*
60
60
60
60
60
60
7/78
7/78
7/78
7/78
7/78
7/78
7/78
920
920c
940
10
39
n
60
930
930c
10
39
914
915
913
917
916
910
n
11
11
11
11
60
5/75*
910c
10
39
29
9
69
13,25
23
24
67
66
67
7/78
1/78
9/78
4/69
248
87
86
249
89
28
47
25
25
47
25
25
83
67
67
83
67
67
11/78
'9/78
9/78
11/78
9/78
6/78
10/69*
8
75
12,21
22
64
65
6/78
2/78
66
113
95
39
35
32
15,35
33
73
72
73
72
12/77
12/77
9/78
2/79
10/72
10/72
320
320c
322
322c
58
49
49,59
84,95
84,95
49
49
22
84
84
65
5/78
5/78
5/78
5/78
8/78
5/69*
5/69*
5/69*
5/69*
11/68*
20
10
116
12,23
23
34
66
66
73
9/78
6/78
1/79
9/68
7/64
112
110
72
32
32
15,35
72
72
73
4/78
2/79
4/78
11/72
7/64
11/72
66
113
95
39
33
35
32
15,35
33
32
73
72
73
72
71
12/77
12/77
9/78
2/79
7/78
10/72
10/72
525
564
548
517
53
55
53
53
90
91
90
90
8/78
9/78
8/78
8/78
39
32
33
12,21
72
64
2/79
1/78
11/72
12/74
970
965
951
974
963
967
38
37
36
38
36
37
2/79
2/79
2/78
2/79
2/78
4/78
11/68*
966
37
962
975
952
950
964
36
38
36
36
37
971
968
976
978
977
969
972
973
961
38
37
38
38
38
37
38
38
36
76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77
9/68*
io/69*
6/72*
11/72
11/72
D
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.
NOTE: The
are used
index:
FRASER following abbreviations series hasin this changedCl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this
been
since the publication date shown.
10/69*
il/68*
4/69*
12/77
6/78
2/79
2/78
2/78
7/78
6/69*
11/68*
2/79
6/77
2/79
2/79
2/79
8/78
2/79
2/79
12/78
il/68*
5/69*
11/68*
11/68*
11/68*
11/68*
11/68*
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
descriptions
data
(issue date) (issue date)
E
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, Dl
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 . . . . .
nitial claims, State unemployment insurance
nitial 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 nonagriculturai activities
Quit rate, manufacturing
Unemployed, both sexes, 1 6-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.
2
441
16
51
61
89
48
17
61
48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1
39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16
961
36'"
62
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62
62,89
61
77
74
1/78
3/78
3/78
3/78
12/78
2/79
12/78
2/78
4/78
3/78
12/77
4/78
12/77
6/78
1/78
7/78
12/78
3/78
3/78
3/78
3/78
3/78
1/78
3/78
3/78
3/78
3/78
3/78
3/78
12/77
3/78
3/78
12/78
12/78
F
Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, Cl
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA ....
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
mports, merchandise, adjusted, exc. military
mports, merchandise, total
mports of automobiles and parts
mports of goods and services, constant dol., NIPA . . . .
mports of goods and services, current dol., NIPA
mports 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
119
72
1/79
33
40
11
72
80
60
2/78
10/78
7/78
311
311c
48
48
84
84
9/78
9/78
667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251
57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47
93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83
11/78
11/78
11/78
12/78
12/78
11/78
11/78
11/78
12/78
11/78
12/78
12/78
11/78
11/78
11/78
12/78
11/78
11/78
11/78
94
213
917
93
34
33
72
12/78
G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local, percent of G NP
Total constant dollars
Total, current dollars
49
20
63
9/78
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
10/78
10/78
10/78
10/78
10/78
10/78
11/78
263
262
265
564
267
266
268
261
260
43
43
47
55
43
43
47
43
43
81
81
83
91
81
81
83
81
81
11/78
11/78
11/78
9/78
11/78
11/78
11/78
11/78
11/78
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP constant dollars
4/72*
GNP, constant dollars, differences
GNP, constant dollars, percent changes
8/68*
GNP current dollars
8/68*
GNP current dollars differences
GNP, current dollars, percent changes
11/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator
Implicit price deflator percent changes
4/72*
Per capita GNP, constant dollars
12/74
Gross private domestic invest. -See Investment, capital.
6/69"
6/69*
8/68*
12/74
4/72
Charts
Tables
Series
Historical
descriptions
data
(issue date) (issue date)
311
311c
68
48
48
30
84
84
70
9/78
9/78
9/78
50
50b
50c
200
200b
200c
107
49
310
310c
217
19,40
10/78
10/78
10/78
10/78
10/78
10/78
2/79
9/78
9/78
9/78
10/78
10/69*
10/69*
10/69*
10/69
10/69
10/69
20
48
48
40
63,80
80
80
80
80
80
71
63
84
84
80
46
60
17
17
61
61
12/77
4/78
12/74
21
1
16
12,16
12/78
12/78
12/74
8/68
961
36" "
61
61
77
74
28
29
89
249
25
13,25
25
47
67
67
67
83
6/78
7/78
9/78
11/78
6/72
4/69
310
310c
48
48
84
84
9/78
9/78
10/69*
10/69*
345
49
87
6/76*
10/72*
345c
280
64
50
45
30,47
87
82
70,83
6/76*
11/78
9/78
10/72*
10/69
10/69*
346
49
88
6/76*
10/72*
88
73
82
83
80
80
80
6/76*
9/78
11/78
11/78
10/78
10/78
10/78
10/72*
39'"
40
si'"
7/68'
10/69*
10/69*
10/69
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
Average workweek, components
Average workweek Dl
Housing
Housing starts
Housing units authorized by local bldg. permits
Residential GPDI constant dollars
Residential GPDi percent of GNP
12/78
10/69*
1
4/72"
6/69
4/72
4/72*
8/68
Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
.
Compensation of employees, pet. of nat'l. income . . . .
Compensation, real average hourly, all employees,
11/73
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income . .
Corporate profits with 1 VA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable persona! income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
5/69*
private nonfarm economy, percent changes
5/69*
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
5/69"
workers, private nonfarm economy, percent changes .
5/69*
Income on foreign investment in the U S
Income on U.S. investments abroad
5/69*
Interest, net
5/69*
Interest net percent of national income
National income
Personal income, constant dollars
5/69
Personal income current dollars
5/69*
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
5/69
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
of national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions first year
Wage.and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction . . . .
Incorporations, new businesses
7/68*
Industrial materials prices
7/68*
7/68*
Industrial materials prices Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
10/69
Durable manufactures
Nondurable manufactures
11/73
Total
10/69
Total, components
10/69*
Total, Dl
10/69*
Total rate of change
11/73
Installment debt-See Credit.
10/69
Insured unemployment
10/69*
Avg. weekly initial claims, unemploy. insurance
Avg. weekly initial claims, unemploy. insurance, Dl . . .
10/69
Avq. weekly insured unemployment rate
346c
95
286
287
225
224
111
50
15,35
45
47
40
40
40
340
49
87
8/78
6/72*
340c
50
87
8/78
6/72*
341
49
87
8/78
6/72*
50
57
57
45
47
45
19
40
14,19
39
31
45
87
93
93
82
83
82
63
63
63
8/78
6/72*
5/69*
5/69*
10/69
10/69*
10/69
283
284
285
348
349
53
13
23
47
45
47
50
50
19
23
28
967
37
83
82
83
88
88
63
65
69
79
75
341 c
652
651
288
289
220
52
223
51
51c
108
282
76
75
73
74
47
24
22
20
20
14,20,58
966
47c
37'"
39
5
962
45
16
36
18
NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
date shown.
Digitized for*The identification number for this series has been changed since the publication
FRASER
Current issue
(page numbers)
Series
number
71
82
n/78
n/78
11/78
11/78
10/78
9/78
9/78
9/78
1/79
9/78
11/78
11/78
11/78
n/78
8/78
8/78
9/78
7/78
1/78
10/69
10/69*
10/69
10/69
10/69
7/68*
10/69
10/69*
10/69
10/69*
6/72*
6/72*
4/69*
4/78
4/69*
67
65
63
63
63,94
78
75
2/78
2/78
2/78
2/78
12/77
11/68
61
74
fi?
12/77
6/78
12/77
12/77
12/77
6/69
6/69*
6/69
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Interest net
.
Interest net percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada, percent changes
France index
France percent changes
Italy, index
Italy, percent changes
Japan index
Japan, percent changes
United Kingdom, index
United Kingdom percent changes
United States index
United States, percent changes
West Germany, index
West Germany, percent changes
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 petroleum and products
Income on foreign investments in U S
Income on US 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.,
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
escriptions
issue date)
issue date)
288
289
45
47
82
83
11/78
11/78
10/69
10/69*
67
116
119
118
117
109
114
115
35
34
34
34
34
35
34
34
73
73
72
73
73
73
72
73
7/78
1/79
1/79
1/79
1/79
1/79
1/79
1/79
12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64
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
Plant and equipment
Business expenditures, new
Business expenditures new Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investments in U.S
Income on U S investments abroad
Italy-See International comparisons.
Charts
Tables
Historical
Series
data
Jescriptions
issue date) issue date)
61
970
20
10
24
38
12,23
23
67
76
66
66
2/79
2/79
9/78
6/78
9/68"
652
651
57
57
93
93
11/78
11/78
5/69*
5/69*
68
62
63
17
30
15,30
30
29
70
70
70
70
9/78
9/78
1/77
9/78
7/68
930
930c
952
3
10
39
36
12,16
60
7/78
7/78
2/78
1/78
11/75*
910
910c
950
14
104
10
39
36
33
13,31
60
74
72
71
7/78
7/78
2/73
2/79
12/78
913
78
11
27
60
68
7/78
6/78
38
26
68
5/78
8
84
12,21
20
64
64
6/78
1/78
917
11
60
7/78
104
105
85
106
102
107
108
33
118
117
13,31
13,31
31
31
31
31
31
32
34
34
71
71
71
71
71
71
71
71
73
73
12/7E
12/75
12/78
12/^8
12/78
9/78
9/78
7/78
1/79
1/79
National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
27
Capital goods industries, nondefense, constant dol
24
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars
8
Contracts and orders, plant and equip., constant dol. . . 20
2/69*
Contracts and orders, plant and equip., current dol. . . . 10
2/69
548
Defense products
11/68*
7
Durable goods industries, constant dollars
6
Durable goods industries current dollars .
23
23
12,21
12,23
23
53
21
21
66
66
64
66
66
90
64
64
77
75
76
6/78
6/78
6/78
9/78
6/78
8/78
6/78
6/78
7/78
2/79
11/6S*
10/69*
11/68
11/68*
J
59'"
96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95
723
726
727
728
721
722
47
725
58
58
58
58
58
58
14,20,58
58
94
94
94
94
94
94
63,94
94
2/79
2/79
2/79
2/79
2/79
2/79
12/77
2/79
743
746
747
748
742
19
745
59
59
59
59
59
59
59
96
96
96
96
96
96
96
1/78
1/78
1/78
1/78
1/78
1/78
1/78
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
11/78
11/78
11/78
12/78
12/78
11/78
12/78
11/78
12/78
12/78
11/78
12/78
11/78
11/78
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
59*"
59'"
59
59
59
49
49,59
1/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
5/78
5/78
1/79
1/79
9/72*
L
9/72*
10/72*
10/72*
10/72*
10/72*
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 manufacturing
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.
9/72*
9/72*
9/72*
5/69*
5/69*
9/72*
10/72*
11/68
10/72*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
74""
61
n/68
10/72
11/68
8/58*
5/75*
M
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
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
4|
Money supply Ml
.
.
Money supply M1 , percent changes
Money supply M2
Money supply M2 percent changes
Ratio GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt net change
Mortage yields secondary market
Municipal bond yields
7 '6-
N
30
245
247
65
36
77
915
70
71
31
975
78
26,42
42
47
27
13,26
27
11
15,27
27
26
38
27
68,81
81
83
68
68
68
60
68
68
68
76
68
9/78
11/78
11/78
6/78
12/78
10/78
7/78
10/78
10/78
10/78
2/79
6/78
26
68
6/78
97
11
965
914
9
24
24
37
11
23
66
66
75
60
66
1/78
1/78
2/79
7/78
1/78
69
24
67
9/78
243
242
42
42
81
81
11/78
10/78
86
248
88
89
249
87
241
240
25
47
25
25
47
25
42
42
67
83
67
67
83
67
81
81
9/78
11/78
9/78
9/78
11/78
9/78
10/78
10/78
27
23
66
6/78
66
6/78
10/69
10/69*
9/68
New orders manufacturing Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures constant dollars
Total, constant dollars
Total percent of GNP
964
971
37
38
88
87
86
248
25
25
25
47
67
67
67
83
9/78
9/78
9/78
11/78
517
721
53
58
90
94
20
15,30
50
50
50
20
20
20
16
63
70
88
88
88
64
64
64
61
9/78
9/78
6/76*
6/76*
6/76*
1/78
1/78
1/78
12/78
9/6s'
9/6S
8/78
2/79
49
62
358
370
370c
83
82
84
21
9/6S
9/68*
0
24
23
Obligations incurred Defense Department
OECD European countries industrial production
Orders-See New orders and Unfilled orders.
10/69* Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
10/69*
Per hour nonfarm business sector
Per hour private business sector
10/69
Per hour, private business sector, percent changes
Ratio to capacity manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity materials
.
. . .
9/68
Overtime hours, production workers, manufacturing . . .
NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
for this series has been changed since the publication date shown.
*The
identification number
Current issue
(page numbers)
Series
number
Japan-See International comparisons.
38
Investment, capital
Capital appropriations, manufacturing, backlog
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
11/68
6/68*
10/72*
10/72*
12/74
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
1
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Cim
(pnjt f imb is)
Scries
number
Ck '<
"hbl<
hi t jr t 11
ii
dr cr pti i
(
ti
)
S
i 1
"
'
>"
St
/Tm
. "< i
Pr . f l t ' h l l l t V , Cl
Profits
Corporate, after taxes, Constant dollars
Corporate, attei taxes, current rioilais
Corporate, after taxes, with IVA and CCA,
constant dollar
Cornoiate, after taxes, with IVA and CCA, cur dol. . . .
Ci ipnumvwith IVA and CCA
C o - p o r a t e , with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manuiat tunng, Dl
Pei rlullai of sales, manufacturing
Protitabihty, Cl
Ratio, profits to corporate domestic income
Ratio, n r o f i t s with IVA and CCA to corporate domestic
mconv
Proprietors' income with IVA and CCA
Pr^priotii"/ income with IVA and CCA, pet. of nat'l. inc. .
453
452
451
51
51
51
89
89
89
C iart
55
233
232
238
236
239
237
231
230
235
22
41
41
41
41
41
41
41
41
47
65
80
80
81
81
81
81
80
80
83
9/78
292
293
614
46
46
56
82
83
92
11/78
11/78
61
970
20
10
90
24
38
320
320c
322
322c
49
12,23
23
18
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
2/79
2/79
9/78
6/78
4/78
84,95
84,95
5/78
5/78
5/78
5/78
84
84
48
48
48
48
28
4/78
9/78
3/78
9/78
9/78
9/78
9/78
1/78
11/68
^
1
]
C
72
67
83
9/78
22
22
65
65
9/78
9/78
40
80
10/78
69
57
56
973
77
59
54
24
14,22
22
38
27
22
22
67
65
65
76
58
65
65
9/78
9/78
9/78
6/72'
295
298
290
292
293
46
46
46
46
46
82
83
82
82
83
1 1 / /8
11/78
11/78
11/78
11/78
10/69
10/69
10/69
7/68*
92
13,28
69
3/78
19
968
78
13,28
37
27
69
75
68
12/77
5/69
6/77
6/78
5/69*
26
68
6/78
114
115
34
34
72
73
1/79
1/79
91
60
5
962
3
15,18
17
16
36
12,16
62
61
61
74
61
3/78
4/78
446
445
447
444
37
4
51
51
51
51
18,51
16
89
89
89
89
61
3/78
3/78
3/78
3/78
3/78
1/78
44
45
43
SL lit J
18
18
18
62
62
62
3/78
4/72
6/69
4/72
96
25
N '
1
lit S b v
u I
9/68'
M
I '
'
M
i' q
P . ' , , ,1
5/69*
5/69*
5/69*
5/69*
S f
|t| t
H
tn '
'etn t
ri j
I 1
r
iT
i
1 i ui
i
967
17
92
37
29
13,28
19
968
13,28
37
69
75
12/77
21
21
64
64
6/78
6/78
9/68
9/68
107
108
32
31
31
12,21
71
71
64
2/79
9/78
1/78
12/74
330
330c
334
334c
331
85
85
86
86
85
85
86
86
86
86
69
61
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
3/78
6/69*
332
332c
333
333c
92
1
48
48
48
48
48
48
48
48
48
48
13,28
12,16
l.?/7R
8/68
961
36'"
77
74
11/78
0/69*
6/72'
t
48
48
48
48
48
48
48
48
48
48
29
85
85
86
86
85
85
86
86
86
86
70
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
9/78
(
38
38
38
53
35
76
76
76
90
73
2/7'9
11/68*
11/68*
i
1
Li-
i
'
1
10/78
'
,
'Hid l O f
1
'
'll
i
6/69*
976
978
977
525
109
u
n r . n t - M t L ) mm.
i
M
11 i m
i
i
2/69"
11/68*
5/69*
330
330c
334
334c
331
331 c
332
332c
333
333c
17
]
2/79
9/68*
f 'ii )
i]
i
10/78
10/78
5/69
6/77
P i *
i s
i
t
84
84
84
84
69
79
75
70
69
311c
310
310c
23
1
S
10/69*
10/69*
11
I
[
i'
S
I
4/69
T
4/69*
11/68
I ' f M j M . b, i • iti'
.
T r a s i i f , bund v'inu<
7/64
7/64
U
88
25
67
2/79
2/79
8/78
1/79
50
50
50
11
88
88
88
60
6/76*
6/76*
6/76*
18
16
28
28
69
69
9/78
9/78
80
79
286
287
972
969
15
916
22
28
28
45
47
38
37
29
11
29
69
69
82
83
76
75
70
60
69
9/78
9/78
l'l/ 78
29
45
47
70
82
83
t
r
cm
jf
|
,
,t
H i
I i i
i
1
m
] vt1
I n s t i vt \
it
ji ic
Y r
J
t t
b ir
r
)
11/68
1 1 /68*
\ k
)
n n ij
1
t it r di t
Ii r I
1 \ ,
T
i
t
11/78
1 / 78
7/78
9/78
q / 70
y/ / o
11/78
1 1 / 78
tnt i n
' J
1
g
1
6/68*
10/72*
10/72*
T t
U it
i
i
i
M
Dn t 1 K
1 d
j]
r
n j
lu
' t
i
Lf n
it
12/77
6/69
6/78
1/78
6/69*
8/68*
1
I
[ K
62,89
3/78
12/77
4/72*
i
V
7/78
2/79
8/78
i(
nc np o
iiol v
r ^ 1 v
li/73
9/78
358
370
370c
916
81
282
283
i
1/72
7/68
vVtucitv of mim.v
(j'NlH'u niuiipv siif.p', Ml ia,,i
r e , HI 1 i,n m'" t t m HII-V un-lv M^ <<^'>
vr'd'ii [j.Ttnimjiiu'
10/69
W
10/69*
11/68*
3/69"
7/68
10/69
10/69*
4
1 '
ti i
1
11/68*
16
61
1/78
284
45
82
11/78
10/69
285
47
83
11/78
10/69*
R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income
11/72
33
25
47
38
R
Q
Quit rate, manufacturing
12/78
, i ! i'
213
. H a n t s 5t ( jmpbfi i m
10/69
Salts
Fi i il sal s constant d ill n10/69
M s c k n i , m + i | ii IK n eir nd b isnu
10/69
n J11 i > < r i i 11 P
10/69
" " iitLH ii di S r ] ]L lit tt f ta it d Ii ir
10/69*
M i ni Jim nl
i n s mei t dilhrs
M.n T , t H i, i J 'nit il
Dl
10/69
F m in nt
t ^
tg n 1 u i it
7/68*
)()[
311
! '
S
10/69
) > <
49
49
I IS' ,.
93
89
249
j 'Dl
P i
49,59
1 lilt
10/69*
1 9 / 7 r\
67
76
66
66
62
,7l',.H
59
54
it i i t ! dl t i v i d iiiustrrunt c ir ' it 1 M r
H i ] i t i i f i t 1 MY t n f r | t n t t 1 r ^
P t s i d u t i i st i c i u r t
>K H i i ig
Rcta i s i l f s c HI t i n t i 1 1
m i H Mits j r n n t J i hr
3/78
3/78
3/78
IKS
nueite,
'
P
Participation rates, civilian Sabot ft rce
Both sexes, 1 6-1 9 years of aye
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Autonomies
finable quods, constant dollars
Duidbie quods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Tutdl, percent of GNP
Personal income See Income.
Personal saving
fei.unal saving rate
Petroleum and piuducts, imports
Plant and equipment See also Investment, capital.
Husmess expenditures for
business expenditues foi, Dl
Contracts and orders foi, constant dollars
Cnntracts and orders f o i , current dollars
Population, civilian jmployment as percent of
Price indeAes
Consumer prices See also Inteinational comparisons.
All it! ms, index
A! 1 items, percent changes
f u n d , index
F nod, percent changes
D"tut i", NIPA
1
uen weighted, gross business product, index,
f- ixed weighted, gross business p r o d u c t , pet. cfianges
Implicit price deflator, GNi , index
implit.l price deflator, GNP, peiant changes
.
Industnal matenals
Industrial matenals, components
Industrial matt-rials, Dl
Labor tost, price per unit of
Sensitive prices, change in
Sine*, prices See also International enmpaiison .
bOAUnmmunotocks
bOO common stocks, Dl
Wholesale prices
All commodities, mdeA
All commodities, percent change
Consumer finished goods, index
lunsi iner f i n , shed goods, pertem ch< nges
Crude ni.H'M u!s, mdc-A
CnHp matenals, pen ent chanuos
Intei mediaU 1 niatcnais index
Irufj' mediate matenals, pern nt rhanijes
Pmdufrr finished goods, index
P r n d i n t i f i m s i i e i quod.-, ppuent rh i-'ijes
Price to unil idbm cost, manufaiturmg
Pmes, selling
Miriutdbt'irimj, Dl
HitJil trdclp, D!
Wholesale trjde, Dl
Prime i ontr nts, military
Prime rate i barged by banks
Pruduier tmished goods See Wholesale pnees.
Produces' durable equipment, nomesui., CPDI
Productu n- See Industnal production and GNP.
Productivity
Output pei hour, nonfarm business sector
Output per hour, private business sectoi
Output per hour, p r i v a t e business sector, pet. changes
[u(]
unit-, r i i ' s i h i i t S e e l o i, . n ad n
jt^ u nnin St e in • rn
nil
p i
vVhme ilt u u s
AA
U
1
lltll
1
n
1
Ai ujmu ii t i t
LI i i h i] s
C h n(i t is '
"* i 1 u
i JM u i i t r f u i h d , 1 ^ r t n t t h i n j t
r L 1 n ii ml
i] >
L i It m t t m
i t in j s
i t rndn
i h i f Jcv
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12/78
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series, "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis: Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
Economic Research, inc, (Used by permission. This
s e r i e s may not be r e p r o d u c e d w i t h o u t w r i t t e n
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)
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)
I-A. Composite Indexes
14. Current liabilities
Bradstreet, Inc.
910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 17, 19,
80) (M).-Source 1
(11,60)
917. Composite index of money and financial flows (includes
series 104, 105, 110) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) ( M ) . — S o u r c e
1
(10,39,60)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) ( M ) . - S o u r c e
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)
1-B. Cyclical Indicators
1. A v e r a g e w o r k w e e k of production w o r k e r s ,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M),—Source 3 (16,61)
3. Layoff rate, manufacturing (M).—Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3
(16,61)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).—Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).—Sources 1, 2, and
3
'
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
http://fraser.stlouisfed.org/
114
Federal Reserve Bank of St. Louis
of business failures (M). —Dun &
(33,72)
15. P r o f i t s ( a f t e r t a x e s ) per dollar of sales, all
manufacturing corporations ( Q ) . — F e d e r a l Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to s e a s o n a l l y adjusted index of
compensation of employees in manufacturing (sum of
wages, salaries, and supplements to wages arid salaries)
per unit of output (M).—Sources 1, 3, and 4 (29,70)
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)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51.62,89)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over (EOM). — A m e r i c a n B a n k e r s
Association
(33.72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).—Source 3
(17.62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).—Source 3
(14,17.62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).—Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
44. Unemployment rate, 15 weeks and over (M).—Sources 2
and 3
(18,62)
18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28.69)
45. Average weekly insured unemployment rate, Maie piu
grams (M).-U.S. Department of Labor. Employment
Training Administration
(18.62)
19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)
46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1. 2, 3, and McGraw-Hill
Information Systems Company
(12,23,64)
47. Index of industrial production, total (M).—Source
4
(14.20,39.58.63,78,94)
21. Average weekly overtime hours of production workers,
manufacturing ( M ) . — S o u r c e 3
(16,61)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index
3
of
industrial
materials
prices
(M).—Source
((28,69,79)
24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
27. Value of manufacturers' new orders, capita! 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)
31. Change in book value of manufacturing and trade
inventories, total (M).—Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries ( M ) . - P u r c h a s i n g M a n a g e m e n t
Association of Chicago
(12,21,64)
48. Employee-hours
(M).-Source 3
in
nonagricultural
establishments
(17.39.61)
49. Value of goods output in 1972 dollars (Q).—Source
1
'
(20,63)
50. Gross national product in 1972 dollars ( Q ) — S o u r c e
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 (Q.M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).—Sources 1
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 ) . - S o u r c e s 1. 2. 3, and The C o n f e r e n c e
Board
(17,61)
84. Rate of capacity utilization, materials ( Q ) , Source
4
(20.64)
119, Federal funds rate (M) - S o u r c e 4
85. Change in money supply Ml (demand deposits plus
currency) (M). Source 4
(31.71)
1-C. Diffusion Indexes
61. Business expenditures for new plant and equipment,
total ( Q ) . -Source 1
(24.6?)
86. G r o s s private domestic f i x e d investment, total
nonresidentiai, in 1972 dollars ( Q ) .........Source 1 ( 2 5 , 6 7 )
950. Diffusion index of twelve leading indicator components
( M ) Source 1
(36,74)
62. index of labor cost per unit of output, total
manufacturing— ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M). — Sources 1
and 4
(15,3070)
87. Gross private domestic fixed investment, nonresidentiai
structures, in 1972 dollars (Q).- Source 1
(25,67)
951. Diffusion index of four roughly coincident
components (M).........Source 1
88. Gross private domestic fixed investment, nonresidentiai
producers' durable equipment, in 1972 dollars ( Q ) .
Source 1
(25,67)
952. Diffusion index of six lagging indicator components
( M ) ......Source 1
(36,74)
63. Index of unit labor cost, private business sector ( Q i .
Source 3
(30,70)
89. Gross p r i v a t e domestic f i x e d 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). - - S o u r c e
2
'
(27.68)
91. Average (mean) duration of unemployment in weeks
( M ) . • Sources 2 and 3
(15,38,62)
66. Consumer installment debt (EOM). Source 4; FRB
seasonally adjusted rid change added to seasonally
adjusted figure for previous month to obtain current
figure
"
(35.73)
92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).
Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) ( M ) . -Source 4
(33,72)
67. Bank rates on short-term business loans ( Q . M ) . — Source
4
(35,73)
94. Member bank borrowings from the Federal Reserve
( M ) . Source 4
(33.72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations ratio
of current-dollar compensation of employees to real
gross corporate product > 0 ) Sou' IP 1
Vi.70>
Q
5 Ratio consumer installment debt to persona! income
96 Manufacturer unfilled oilers durable goods industries
^
f'lV
69. Manufacturers machinery and equipment sales and
business construction expenditures (industrial and torn
memni construction put in place) \ M > -Suii"" 0
9'
Ba« Klug
i' ,
of
'] f)4)
capita!
appropriations
innubf turm^
indicator
(36,74)
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 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 (IVh Suu f c°s
i and 2
'37/577)
965. Diffusion index of newly approved capital appro
priations. deflated......17 industries ( Q ) ......Thn C mfm PI ^
Board
j 7b>
966 Diffusion index of industrial production......24 industries
i W i. S o u r c e s 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices.........13
industrial materials ( M ) . --Sources 1 and 3 ( 3 7 , 7 5 , 7 9 )
102 Ohdppt >n money supply M2 (demand deposes and
« urrency plus time deposits at commercial hanks Ofh»r
thin hrge CD -) < ,V , > - H 1
si ,'1,
968 Diffusion index of stock prices, 500 common stocks—
5 8 ^ 8 2 industries (IVH-- Standard & Poor's Corporation
; 3 7 75)
?1 Mini hearing arid trade inventories total book value
in currpnt dollars t ° M i Sunn^ i < id ?
" W
104 Inline in 'otal li'juid asset- (smoothed) i M ^ > u r r e ^
1
ipl 1
1 .1 7 ,
f nmip' (il jnd mdustrnl loans outstanding weekly
report M}. Idig r ommPTial hanks M) St , r » 4
105 Mo'.ev supply Ml {dem m i deposits plus "mwr v 1 , in
i Q 7 , lolhrs M
'• l
* nM
! ^ 71
969. Diffusion index of profit*- manufacturing about 1 000
c r t rjjorations ' U 1 hhbink ^ a ^ n a 1 a d j u s t m e n t h v
f
> i r r i u f r n ^ ' flcjlvsi^ ml Nil ! ) n a l Pure u f
7
i i i >'<- HIT li h(
V
index v ! industrial production duiable manufactures
lOfj MO''PV supply M/ (demand deposits ,»nd c n r r e i c y plus
time deposits ^! < o m m f r c ' i l b-^nks othPt than large
C l ) % ; m 1 U 7? H t .|i v «rs :M
,.
,u !
,,,-j 4 ^ ^
70 Manuf, »turmg and trade inventories total book value
n 197? dollars (EulVh Source* 1 9 ^nd M 15 27 68)
n
970, Diffusion i id p x of nusmess e*ppnriitures for new phut
and pquipmpnt total 18 industries \ Q i ^ u u r t f
I
97]
74. i n d e x o* i n d u s t r i a l p r o d u c t i o n ,
manuf }\ tiiTs ( M ) >nrn 4
nondurable
(20.63)
75. Index of ndustml produ tmn consumer goods ( M ) . « ir r 4
(22,65)
76. index
V
»f MiuustrMl production
l
f
I
<24.67)
78. Stot k c of materials and supplies on hand and on order,
manufuturmg ( b G I V i Si ur L "*
(27.68)
79. Corporate profits after taxps with inventory valuation
anil canihl Consumption idjustments in current dollars
,!"> i
(28,69)
80. Corporate profits after taxes with inventory valuation
and capita! consumption adjustments in 1972 dollars
j
S.jr ^ 1
(28,69)
81. Ratio jt piofits (after taxes) with inventory valuation
and capita! consumption adjustments to total corporate
domestic income < Q j Sourc p 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20.64)
83. Rate of capacity utilization, manufacturing ( E O Q ) . —
Sourcp 1
(20.64)
108
Rdtio personal -ruomo *»• monev supply M
prime nip 'hrr^f
IfH
t !V i
972. D'f fusion index of net profits manufattunnj: tmd
trade jhout 1400 businessmen r eportmg t\j> f) jn ^
hv bank r
R
(35
business equipment
77. Ratio Constant dollar inventories (series 70) to sales
(series 57) nanufacturmg and trade s total (F.QM).-••
1
mJ J
(27,68)
C
107 Ratio grns*. nUional prn^Hi ! i» niuney suppiy Ml '^
S.iur ^ 1
^Mrt i,M
11
!
Td^l tuntK r?isp'l hy pr v »te non*»rncn ial hor nwprs in
s
i rpflit nnrkpfs (j
ir( ^ 1
-i° / , i
I 1 ^ NH t^dnge in b<'nk loans to busmpss t Y /
(
f ' ti
r
ii
f
11
.K '
(
> y
R u r f- u
f
c
F
A i il»
1
I '!
Net
M•
1
i i
4
}
(,^2,7Z)
115. Yield
i 't',1 if
on
! t1 I
1
(34.72)
long tprm T r » ? s u r y
)t
T
hP ' f- J O f y
bonds
h
i I HJ
h; r , p j i M S M O f l
I h S N<-F ^-S
T dv
973, Diffusion index of net sales, manufacturing and trade —
cibout 1400 businessmen reportmg ( Q ) ['ur &
B n o V r f f t IM ( t k e j i,y uprniS nn Thi c s r n f s TMV
^
114. Discount rate on new issues of 91 -day Treasury bills
SrUr,r
] I * t-f I
')* [M- i%jf Jij ^d A ^ out wriH p I p" rr nis iori fr im th f
u i f- )
^ i
, UHL
hmgf 'n s O M M n n p f m ^ t d ^ n i f M t rjeht i M
4
f
riii
i ->?
M
('38.76)
Diffusion index of new orders, manufacturing about
700 businessmen reporting i U > Dun & BradMrePt Inr
i l N f i! by pun ^' n I his >prirs rn^y not be f e p r idu nj
A t M i tit V v ' i ^ t n ^rmiSMun from the suunp ' ' j8 7fr
(M)
U.S.
( 34.73 )
116 Y|p|d on new issues of hi<jh-grade corporate bonds
(V
(itihank jnd U s Department of the
Trn^ir,
(34,73)
117, Yield on municipal bonds 20 bond average (M) The
fMini Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-- U.S.
Department of Housing and Urban Development. Federal
Housing Administration
(34,73)
974 diffusion index of nuniber of employees, manufacturing
and trade about 1400 businessmen reportmg ( Q >
i'ur i\ Rnjstie*- 1 Inr Used hv perr^^ion This spn°s
r
av n> t i > vpvdn e1 v\<th >v\ wntt°n pprTissc n f r 11
t'u ^'iiir e
^X 7 f ) i
975 Diffusion index of level of inventories, manufacturing
and trade -about 1400 businessmen reporting ( Q
Dun & Bndstr p t't ! n " uJsed f ' V pf'"TMssi(>n Tn^ ver HS
Tt
a v i '{ b1- r r p r ij'i '-r1 w ! t h ' ) ' t Britten p^r'ii ^SKM tu r
*h r S^ » r , P )
, ib /f,'
976 Diffusion index of selling prices, manufacturing........about
700 businessmen reporting ' 0 ^ Dun & B r adstrppt IIH
i ils p o by oeimissuMi Th.s spne^ m^y not tie rpp r u j j i p d
WI T " ut wr tpr p-^rni.sM'n tr n thp sour 1 e > M8 / ^ >
TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47.83)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).--Source 1
(30,47,70,83)
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)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q). —Source 1 (44,82)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)
257. Imports of goods and services in 1972 dollars; national
income and product accounts ( Q ) . — S o u r c e 1 (44,82)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
220. National
1
income
in
current
dollars
(Q).—Source
(45.82)
223. Personal income
1
in
current
dollars
(M).—Source
(40,63)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40.80)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40.80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 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)
260. Government purchases of goods and services, total in
current dollars (Q).-Source 1
(43,81)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
total
(Q).-Source
(46,83)
II-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer
3
prices, all items ( M ) . — S o u r c e
(49,59,84,95)
322. Index of consumer prices, food (M).—Source 3(49,84)
330. Index of wholesale prices, all commodities (M).—Source
3
(48,85)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of wholesale prices, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Index of wholesale prices, producer finished goods
(M).-Source 3
(48.86)
334. Index of wholesale prices, consumer finished goods
(M).-Source 3
(48,86)
335. Index of wholesale prices, industrial
(M).-Source 3
commodities
(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)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
280. Compensation of employees ( Q ) . — S o u r c e 1
348. Negotiated wage and benefit decisions, ail industriesfirst year average (mean) changes (Q).—Source
3
(50.88)
(45,82)
282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
Digitized for
or deficit,
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source
(42,81)
FRASER 1
298. Government surplus
1
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49.87)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capita! consumption adjustments (Q).—Source
1
(46.82)
267. State and local government purchases of goods and
services in 1972 dollars (Q),-Source 1
(43,81)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).-Source 1
(46.83)
266. State and local government purchases of goods and
services in current dollars ( Q ) , — S o u r c e 1
(43,81)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).—Source 1
(47,83)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
(46,82)
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)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
292. Personal saving (Q).--Source 1
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
288. Net interest (Q).-Source 1
(45,82)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)
II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
441. Total civilian labor force survey (M).—Sources 2 and
3
(51,89)
(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)
289. Net interest as a percent of national income (Q).—
Source 1
TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)
565. National defense purchases as a percent
national product (Q).—Source 1
446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)
570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)
447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and
3
(51,89)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)
of gross
(55,91)
320. United States, index of consumer
prices, all items
(M).-Source 3
(48,59,84,95)
577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
721. O r g a n i z a t i o n for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
578. Defense Department
722. United Kingdom, index of industrial production (M).—
personnel,
civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)
580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)
588. Value of manufacturers' shipments, defense products
II-D. Government Activities
47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)
(M).-Source 2
(54,91)
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Institute
500. Federal Government surplus or deficit; national income
and product accounts (Q).—Source 1
(52,90)
Centrale di Statistica (Rome)
II-E. U.S. International Transactions
501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)
602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)
502. Federal Government expenditures; national income and
604. Exports
732. United
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)
511. State and local government receipts; national income
and product accounts (Q).—Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department obligations incurred (M).—U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).—U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid
obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
seasonal
Analysis
of
agricultural
adjustment
products
by
(M).-Source
2;
B u r e a u of E c o n o m i c
(56,92)
606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
(56,92)
614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
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
737. Italy, index of consumer prices (M).—Institute Centrale
(Q).-Source 1
620. Merchandise
(57,93)
imports,
adjusted,
(Q).-Source 1
excluding
military
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income
1
on
U.S.
investments
abroad (Q).—Source
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).—Source 1(57,93)
559.
Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)
669. Imports of goods and services, total (Q).—Source
1
(57,93)
561. Value of manufacturers' unfilled orders, defense pro-
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
618. Merchandise exports, adjusted, excluding military grants
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)
(54,91)
prices (M).—
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
Output of defense and space equipment (M).— Source
4
(54,91)
ducts (EOM).-Source 2
index of consumer
616. Imports of automobiles and parts (M).—Source 2;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(56,92)
557.
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)
Kingdom,
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
735. West
612. General imports, total (M).-Source 2
(58,94)
728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices
Financial Times (London)
(M).—The
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock
Exchange (Tokyo)
prices
(M).-Tokyo
Stock
(59,96)
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