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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce

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

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides

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

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

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

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional in-

formation for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal* State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make
checks payable to the Superintendent of
Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

ItCII

iii

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

1
1
1
1
4
5
5
6

FEBRUARY 1 9 8 1
Data Through January
Volume 21, Number 2.

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

COMPOSITE INDEXES AND
THEIR COMPONENTS

Chart

Table

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B2
B3
B4
B5
B7

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

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined
that the publication of this periodicat is
necessary in the transaction of the public

business
required by law of this Department. Use


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

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
_AJL

AZ,
A5

L-A6J
AZ

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

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue)
QCD and Related Measures of Variability (January 1981 issue)
B. Current Adjustment Factors
97
C. Historical Data for Selected Series
98
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (October 1980 issue)
F. Specific Peak and Trough Dates for Selected Indicators (June 1980 issue)
G. Experimental Data and Analyses
106
Alphabetical Index—Series Finding Guide
110
Titles and Sources of Series
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
Changes in this issue are as follows:

research, newly avail-

1. New seasonal adjustment factors have been computed
for 18 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, 12,
and 112. The table below shows the beginning month or quarter
for application of the new seasonal factors to each series:

able time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark

Series
number

Beginning date for
new factors

Series
number

Beginning date for
new factors

data, etc. Changes may
result in revisions of
data, additions or

5
9
10
12
13
15
33
72
112

January 1981
January 1945
January 1981
September 1980
November 1980
IV Q 1980
December 1980
January 1981
January 1981

517
525
543
570
580
604
606
614
616

January 1979
October 1980
December 1980
January 1981
January 1981
January 1979
December 1980
December 1980
December 1980

2. The series on Producer price indexes have been revised by the source agency for the period 1976 to date. These
revisions reflect (1) the updating of industry input-output
relationships for all stage-of-processing indexes (series 92,
331, 332, and 334) on the basis of 1972 input-output tables
prepared by the Bureau of Economic Analysis and (2) recalculation of seasonal adjustment factors (series 92 and
331-334).
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.
(Continued on page iv.)
The March issue of BUSINESS CONDITIONS DIGEST is scheduled for
release on April 1.



Ill

deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

3. Series 7 and 8 (Manufacturers1 new orders for durable goods and for consumer goods and materials, respectively, in 1972 dollars) and series 36 (Change in inventories on hand and on order, 1972 dollars) have been revised for the period 1976 to date on the basis of revised producer price indexes used as deflators. (See item 2,
above.)
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau
of Economic Analysis, Statistical Indicators Division.
4. The series on New private housing units started (series 28) has been revised for the period 1978 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.
5. Seasonally adjusted Consumer price index data (series 320c and 322) have been revised by the source
agency for the period 1967 to date. These revisions reflect the recalculation of seasonal adjustment factors to
include developments through 1980.
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.
NOTE: Series 53, 105, and 106 have been revised for the period 1967 to date to reflect the new seasonal
adjustment of their CPI deflators.
6. Series 341 (Real average hourly earnings of production workers in the private nonfarm economy) has been
revised by the source agency for the period 1967 to date. This revision reflects the new seasonal adjustment of
consumer price index data used to deflate this series. (See item 5, above.) Revised data are shown in this issue
for 1979 to date. Revised data for the earlier period will be shown in a subsequent issue.
Further information concerning this revision may be obtained from the U.S. Department of Labor, Bureau of
Labor Statistics, Office of Productivity and Technology, Division of Productivity Research.
7. The constant-dollar series on manufacturing and trade sales and inventories (series 57, 70, and 77);
retail sales (series 59); and inventory-sales ratios of manufacturers, merchant wholesalers, and retailers
(appendix G) have been revised to reflect recent revisions of national income and product accounts data used as
deflators. (See item 1, page iii, of the December 1980 issue of BCD.) Revised data are shown in this issue for
the period 1976 to date. Revised data for the earlier period will be shown in a subsequent issue.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau
of Economic Analysis, Statistical Indicators Division.
8. The series on productivity and costs (series 26, 63, 345, 346, 358, 370, and the implicit price deflator
and unit labor cost series shown in appendix G) have been revised by the source agency for the period 1947 to date.
These revisions reflect (1) revised output and compensation measures in the national income and product accounts
data published by the Bureau of Economic Analysis and (2) the use of 1977 (rather than 1967) as the reference base
year.
Further information concerning these revisions may be obtained from the U.S. Department of Labor, Bureau of
Labor Statistics, Office of Productivity and Technology, Division of Productivity Research.
9. Series 33 (Net change in mortgage debt held by financial institutions and life insurance companies) has
been revised for 1979 and 1980 to reflect the annual updating of statistics on mortgages held by savings and loan
associations.
Further information concerning this revision may be obtained from the Federal Home Loan Bank Board, Office of
Policy and Economic Research, Statistical Division.
10. Appendix C contains historical data for series 37, 42-45, 85, 90, 91, 102, 104-106, 108, 441, 442, 444448, and 451-453.
11. Appendix G contains cyclical comparisons for series 1, 3, 8, 20, 90, 92, 914, and 915.




METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are aiso shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1956, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1969.
Except for section F in part I!, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977

Handbook of Cyclical

Indicators.

In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, ail series
considered as cyclical indicators are numbered in
the range 1 to 199.

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



adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See 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.
Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to periodic review by NBER and on occasion are
changed as a result of revisions in important
economic time series. The dates shown in this publication for the 1948-1970 time period are those
determined by a 1974 review. The turning dates for
the 1973-1975 period are detailed in NBER's 1976

Annual Report.

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

Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

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

\

Economic
\ Process

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

\.

Cyclical
Timing

\
\.

II.
PRODUCTION
AND
INCOME
(10 series)

III.

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 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)
Inventories on
hand and on
order
(1 series)

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

VII.
MONEY
AND CREDIT
(26 series)

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

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

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

LEADING (L.)
INDICATORS
(62 series)

| Capacity
utilization
(2 series)

|
:
i
!

(2 series)
1 n t* A ^o c t" if 9 ^ A c

1 rite re5i rales
(1 series)

'"~

"'

Comprehensive
employment
(1 series)

ROUGHLY
COINCI DENT(C)
INDICATORS
(23 series)
••

•

• • • • • -

•

•

Comprehensive
output and

real income

Consumption
and trade
(4 series)

(4 series)
Industrial
production
| (4 series)

—

Duration of
unemployment
(2 series)

LAGGING (Lg)
INDICATORS
(18 series)

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

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

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

Trade
(1 series)

Inventories on
hand and on
order
(4 series)

Business
investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

1 nterest rates
(4 series)
Outstanding
debt
(3 series)

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

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
Economic
Process

I.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Cyclicaf
Timing

LEADING (L)
I INDICATORS
\ (47 series)

; Marginal
i employment
| adjustments
(3 series)

_4
I
!
!
i

II.
PRODUCTION
AND
i INCOME
| (10 series)

ROUGHLY
COINCI DENT(C)
INDICATORS
(23 series)

Industrial
production

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

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

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

U
n
Unfilled
orders
(1 series)

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

(1 series)

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

III.
IV.
CONSUMPTION, FIXED
TRADE,
CAPITAL
ORDERS, AND
INVESTMENT
DELIVERIES
'• (18 series)
(13 series)

V.
INVENTORIES
AND
I INVENTORY
! INVESTMENT
(9 series)

Inventory
investment
(4 series)

! vi.

VII.

! PRICES, COSTS, : MONEY
| AND PROFITS
! AND CREDIT
! (17 series)
j (26 series)

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

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

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

_L

LAGGING (Lg)
INDICATORS
(40 series)

TIMING
UNCLASSIFIED

(U)
(1 series)
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

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

t

,

Inventories on
hand and on

order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in t i m i n g .
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through -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 jor four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES

Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
This part is divided into six sections which cover in the physical volume of inventories held by
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4)
is the compensation of government employees
still others relate to U.S. international transactions
and
purchases
from business and from abroad. It
or to selected foreign countries. The represented
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts, included in the components of GNP and are
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S.
final expenditures for the personal, business, international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product, originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross residents of the United States. Thus, it measures
national product—personal consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I,
government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
The important data on price movements include
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1969.
The group of series on wages and tyoductivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.




4

Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators,
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Basic Data

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

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

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

Dotted line indicates anticipated data.

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

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

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

'[§:'-•'.

;•>•

Diffusion Indexes

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, o r 


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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data'
Unit
of
measure

Percent change

Average
2dQ
1980

3d Q
1980

4th Q
1980

Nov.
1980

Dec.
1980

Jan.
1981

Nov.
to
Dec.
1980

Dec.
to
Jan.
1981

2dQ
to
3dQ
1980

3d Q
to
4th Q
1980

1979

1980

140.1
145.1
166.4

131.6
140.4
176.8

124.6
138.4
182.7

131.5
137.2
163.2

136.7
141.2
178.1

137.6
141.4
175.3

136.4
142.0
190.8

135.8
142.7
189.2

-0.9
0.4
8.8

-0.4
0.5
-0.8

96.8
113.5
105.9
91.7
145.5

93.4
107.1
101.1
NA
135.2

89.4
103.9
98.9
89.0
129.8

92.9
107.4
99.9
91.3
136.3

95.5
107.5
103.4
NA
137.4

95.5
108.4
103.5
93.0
137.9

96.0
107.0
103.1
NA
135.9

95.8
106.8
101.7
NA
135.9

0.5
-1.3
-0.4
NA
-1.5

-0.2
-0.2
-1.4
NA
0.

40.4
3.1
3.5
415
1.2
1.5

0.5
0.2
0.
1.3
0.1
0.1

0.7
0.
-0.1
-5.3
-0.1
0.

-0.3
-0.1
0.5
15.5
1.4
-0.1

1.5
0.3
0.1
19.9
0.5
0.1

0.486 - 0 . 0 0 5
128
-3.0

-0.011
-1.5

-0.006
2.6

0.043
9.2

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. . .

do.
do.
do.
do.
do.

5.5
-0.9
-10.7

3.9
3.4
1.0
2.6
5.0

4.0
2.9
9.1

2.8
0.1
3.5
NA
0.8

B. Cyclical Indicators by Economic Process
B1. 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 (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 .
4. Quit rate, per 100 employees, mfg.2

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

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

40.2
3.3
4.0
381
1.1
2.0

39.7
2.8
3.6
484
1.9
1.5

39.4
2.7
3.1
607
3.1
1.4

39.3
2.6
3.6
513
1.7
1.3

39.9
2.9
3.7
411
1.2
1.4

39.9
2.9
3.6
399
1.2
1.4

40.1
3.1
3.6
394
1.1
1.5

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

L,Lg,U
L,Lg,U

Ratio
1967=100...

0.786
158

0.520
129

0.454
116

0.448
119

0.491
130

0.502
134

0.497
130

169.72
93,648
89,886
26,504

169.96
93,960
90,652
25,857

169.20
93,758
90,489
25,763

168.17
93,769
90,131
25,317

170.40
93,925
90,929
25,784

170.22
93,999
90,961
25,811

171.21
93,888
91,116
25,904

172.87
94,294
91,490
26,051

0.6
-0.1
0.2
0.4

1.0
0.4
0.4
0.6

-0.6
0.
-0.4
-1.7

1.3
0.2
0.9
1.8

Comprehensive Employment:
48. Employee hours in nonagri. establishments . .
42. Persons engaged in nonagri. activities
* 4 1 . Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . .
90. Ratio, civilian employment to total population of working age2

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

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

U,Lg,U

Percent

59.25

58.51

58.49

58.27

58.18

58.22

58.11

58.30

-0.11

0.19

-0.22

-0.09

Comprehensive Unemployment:
37. Total unemployed (inverted4)
43. Unemployment rate, total ( i n v e r t e d 4 ) 2 . . . .
45. Avg. weekly insured unemploy-rate (inv. 4 ) 2 .
* 9 1 . Avg. duration of unemployment (inverted4) .
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 .

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

Thousands.
Percent. . . .
do. . .
Weeks
Percent. . . .

5,963
5.8
2.9
10.8
1.2

7,448
7.1
3.9
11.9
1.7

7,652
7.3
4.2
11.2
1.6

7,921
7.5
4.3
12.4
2.0

7,897
7.5
3.8
13.5
2.2

7,946
7.5
3.8
13.6
2.2

7,785
7.4
3.5
13.5
2.3

7,847
7.4
3.4
14.4
2.2

2.0
0.1
0.3
0.7
-0.1

-0.8
0.
0.1
-6.7
0.1

-3.5
-0.2
-0.1
-10.7
-0.4

0.3
0.
0.5
-8.9
-0.2

C.C.C
C.C.C
C.C.C

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

1483.0
1197.4
1043.8

1480.9
1207.5
1043.2

1463.3
1194.8
1036.2

1471.9
1207.6
1035.6

1486.5
1220.1
1050.4

1220.7
1051.3

1223.4
1054.4

1223.7
1055.1

0.2
0.3

0.
0.1

0. 6
1.1
-0.1

1. 0
1.0
1.4

247.2

231.0

228.4

226.0

231.0

231.5

232.2

234.8

0.3

1.1

-1.1

2.2

152.5
146.4
164.0
674. 5

147.1
136.6
161.1
665. 5

144.6
133.9
158.3
658.1

142.1
129.8
157.3
657.5

149.1
138.5
163.3
664. 5

149.4
139.3
163.3

150.9
140.4
164.9

151.8
141.1
165.7

1.0
0.8
1.0

0.6
0.5
0.5

-1.7
-3.1
-0.6
-0.1

4.9
6.7
3.8
I i

85.6
82
87. 4

79.0
NA
79.8

77.9
76
78.7

75.7
76
74.9

79.1
NA
80.0

-2.2
0
-3. 8

3.4
NA
5.1

9.3
6.8
9.0
2.91
1.6
2

8.4
6.1
6.9
0.30
1.9
10

6.1
3.0
3.1
3.4
0.9
12.6
6.3

NA
NA

B2. Production and Income
Comprehensive Output and Income:
50. GNPin 1972 dollars
52. Personal income in 1972 dollars
* 5 1 . Pers. income less transfer pay., 1972 dollars .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*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

do. . . .

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

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

L.C.U

'ercent.
....do. . . .
....do. . . .

L.C.U

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars . . . .
*8. New orders, cons, goods and mtls., 1972 dol.
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance2 ©

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

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

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

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

L.L.L
L.L.L

77.20
76.34
75.14
68.73
41.40
36.89
33.69
35.98
36.46
29.48
32.81
32.13
-1.50
3.26
0.99
1.41
2 6 7 . 8 8 279. 75 2 7 0 . 3 8 2 7 4 . 6 2
33
63
40
35

81.05
82.65
81.46
80.85
38.19
38.05
38.39
37.52
34.35
34.02
34.00
32.57
1.71
1.31
2.62
0.62
279.75 277.12 279.75 280.37
45
45
47
46

2.0
0.9
-0.1
1.31
0.9
2

Bil. dol. . . .
do. . .
1967=100..
Mil. d o l . . . .
do. . .
A.r.. bil. dol.
IQ 1966=100

288.22
159.46
150.8
73,837
44,762
65.3
66.0

310.58
153.37
145.5
78,538
43,108
61.8
64.4

293.89
148.15
143.3
75,200
41,793
50.7
54.4

310.16
151.21
143.0
79,048
42,953
58.7
67.8

329.01
155.82
147.5
81,699
43,341
66.1
72.1

328.98
155.68
147.9
82,125
43,568

332.21
156.28
147.9
82,362
43,440

1.0
0.4
0.
0.3
-0.3

76.7

64.5

71.4

-15.9

10.7

5.5
2.1
-0.2
5.1
2.8
15.8
24.6

1967=100...
Number. . . .

131.7
43,714

NA
NA

117.7
41,394

117.8
44,604

NA
NA

119.4
46,888

NA
NA

NA
NA

NA
NA

NA
NA

0.1
7.8

...
...
...
EOP

NA
NA
147.8
84,009
44,030

-2.2
-2.3
-4.2
-2.00
0.2
-1

NA
NA
-0.1
2.0
1.4

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




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

Series title

Timing
classification3

Unit
of
measure

Percent change

Average
1979

2dQ
1980

1980

3d Q
1980

4th Q
1980

Nov.
1980

Dec.
1980

Nov.
to
Dec.
1980

Jan.
1981

Dec.
to
Jan.
1981

2dQ
to
3d Q
1980

3d Q
to
4th Q
1980

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

25.47

24.75

22.77

24.23

25.96

27.47

26.60

26.37

-3.2

-0.9

6.4

7.1

L,L,L

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

14.65
21.64

13.29
21.30

12.36
20.57

13.06
20.61

13.55
21.38

14.45
21.85

13.85
21.67

13.72
23.49

-4.2
-0.8

-0.9
8.4

5.7
0.2

3.8
3.7

L,L,L

do. . . .

12.68

11.72

11.36

11.42

11.51

11.95

11.67

12.44

-2.3

6.6

0.5

0.8

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

90.52
22.20
76.66

77.96
NA
NA

70.62
25.86
87.94

69.50
24.93
89.84

85.24
NA
NA

86.15

97.45

78.70

13.1

-19.2

-1.6
-3. 6
2. 2

22.6
NA
NA

0 6

0 4

0.5
-1.0
-0 4

3.6
2.4
0 4

31.8
54.5
3 7

10.4
-5.6
13 6

6 3

-0 8

Bil. dol. .

CLg,Lg A.r., bil. dol.

2 7 0 . 4 6 294.30 294.36 2 9 6 . 2 3 2 9 4 . 9 5

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

2 7 1 . 9 3 2 9 7 . 9 4 2 9 2 . 5 5 294.14 3 0 4 . 6 9 3 0 4 . 5 8 305.97
171.3
173.2
172.0
170.3
174.4
176.4
174.6
163.3
158.2
156.1
156.1
155.5

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

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

L,L,L

do.

1,744
123.8
59.1

1,291
95.5
48.2

1,055
72.5
43.1

1,390
112.0
44.7

1.3

-5.0

-5.8

-9.35 -13.69
31.7
30.1
-1.84
0.25

-0.20
9.8
1.21

1,534
105.7
50.8

1,550
109.5

1,532
99.8

NA
178.2

1,585
99.2

0.5
1.0

-1.2
-8.9

NA
1.0

3.5
-0.6

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2 . . . .
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)2
31. Chg. in book value, mfg. and trade invent.2 .
38. Chg. in mtl. stocks on hand and on order2 ..
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order5

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

do.
do.
Bil. dol. .

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

10.2

-2.6

10.49
46.2
2.56

-9.42
30.2
0.42

1.00
17.4
0.85

-0.44
-11.6
1.35

NA
NA
NA

-1.44
-29.0
0.50

NA
NA
NA

-4.34
-1.6
2.09

13.49
-20.3
0.96

4 2 6 . 8 0 4 5 7 . 0 2 4 4 7 . 0 3 454.57 4 5 7 . 0 2 4 5 7 . 9 9 4 5 7 . 0 2
2 6 5 . 4 4 2 6 3 . 2 8 2 6 4 . 7 3 264.24 263.28 2 6 4 . 0 2 2 6 3 . 2 8
70.53
75.58
76.61
76.76
75.58
76.81
75.58

NA
NA
NA

-0.2
-0.3
-1.6

NA
NA
NA

1.7
-0.2
0.2

0.5
-0.4
-1.5

1.68

NA

-0.02

NA

-0.04

-0.06

204.27 199.90 2 0 0 . 6 3 204.27 2 0 2 . 9 2 2 0 4 . 2 7

NA

0.7

NA

0.4

2.1

1.66

L,Lg,Lg Bil. dol., EOP

199.20

Percent
1967=100...

1.98
293.0

1.73 *

1.79

1.75

1.69

1.70

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

U,L,L

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

L,L,L

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

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

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

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

L,L,L
L,L,L

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

1.42
298.0

0.29
282.6

1.14
289.3

2.02
301.3

2.12
304.7

1.70
298.4

0.93
291.6

1 0 3 . 0 1 1 1 8 . 7 8 108.40 123.28 1 3 3 . 1 2 1 3 5 . 6 5 1 3 3 . 4 8 1 3 2 . 9 7

-0.42
-2.1

-0.77
-2.3

0.85
2.4

0.88
4.1

-1.6

-0.4

13.7

8.0

1977=100...

167.8
99.6
109.2
65.5
5.7
96.8

161.1
NA
NA
NA
NA
96.3

146.5
80.3
97.8
54.1
4.4
95.8

159.1
85.5
99.4
54.0
4.6
96.5

NA
NA
NA
NA
NA
96.4

8. 6
6. 5
1. 6
-0.2
0.2
0. 7

NA
NA
NA
NA
NA
-0 1

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

257.1
149.1

NA
NA

246.1
132.2

262.9
138.6

NA
NA

6. 8
4.8

NA
NA

Lg,Lg,Lg 1977=100..

119.9

132.4

131.3

133.9

137.3

2.0

2.5

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

1.092
175.8

1.197
195.1

1.193
194.6

1.203
200.9

NA
200.1

0 8
3.2

NA
-0.4

74.4

NA

75.8

75.3

NA

-0. 5

NA

0.60
0.71
0.97
215.8
846.5

0.74
0.77
0.74
202.1
813.0

0.87
0.71
0.68
198.7
802.8

1.40
1.18
0.74
202.1
819.4

0.32
0.59
0.89
201.4
813.1

0.73
0.86
0.90
202.3
814.6

-0.75
0.17
0.85
198.9
808.1

1.02
0.56
0.87
199.5
806.7

-1.48
-0.69
-0.05
-1.7
-0.8

0.53
0.47
0.06
1.7
2.1

-1.08
-0.59
0.15
-0.3
-0.8

6.446
1.323

6. 594
1.348

6.612
1.349

6. 559
1.339

6.616
1.353

1.351

1.360

1.365

0.009

77.50
35.66
10.07

74.24
41.82
19.43

NA
0.70
NA

Cents

Lg,Lg,Lg Percent

200.0

200.5

202.6

0.2

i.6

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

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

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

C,C,C
CLg,C

Ratio.

Credit
33.
112.
113.
110.

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

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

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




Percent.
do.
do.

Bil. dol. .
do.

do. . .

86.08
22.88
38.69
356.98

60.95
24.97
61.72
19.66 - 1 1 . 4 5
24.38
2.90 - 2 5 . 5 7
1.38
NA 171.74 2 8 3 . 0 3

82.40
35.76
12.64
NA

1.77
0.39
0.02
0.3
-0.2

-0 053
0.005 -0.010

NA
-3.26
6.16 - 4 1 . 1 2
NA
9.36

36.75
35.83
26.95
64.8

0 0 57
0.014

20.68
11.38
11.26
NA

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

Timing
classification3

Series title

Unit
of
measure

Percent change

Average

1979

1980

2dQ
1980

3dQ
1980

4th Q
1980

Nov.
1980

Dec.
1980

Jan.
1981

Nov.
to
Dec.
1980

Dec.
to
Jan.
1981

2dQ
to
3d Q
1980

3d Q
to

4th Q
1980

|

1

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

L,L,L
L.L.L

Mil.dol
Percent, EOP

222.28
2.64

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

L,U,U
L,Lg,U

Mil.dol
do. . . .

-1,131
1,338

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

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

....

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

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

11.19
...
...
...
...
...
...
...

10.04
8.74
10.05
6.52
10.89
13.18
12.67

NA
NA

415.33 598.01
2.74
2.70

- 1 , 1 4 1 -1,088
1,420 1,284
13.36
11.61
10.81
12.77
8.60
13.42
15.17
15.27

12.69
10.05
10.02
12.03
7.95
12.43
17.75
16.32

NA
NA

NA
NA

NA
NA

NA
NA

-44.0
0.04

NA
NA

1
3

-508 - 1 , 2 6 9 - 1 , 2 0 1 -1,587
788 1,703 2,156 1,617

-913
1,405

386
-539

-674
-212

-580
-496

761
915

9
9

6.01
4.47
1.21
1.70
1.04
0.91
4.15
5.12

11
11
11
11
11
11
6
10

9.84
9.24
10.43
12.18
8.58
13.40
11.56
11.61

NA
NA

15.85
13.71
11.64
13.88
9.62
14.31
15.71
16.73

NA
NA

15.85
13.89
11.83
14.10
9.56
14.47

18.90
15.66
11.89
14.38
10.20
14.08

19.08
14.72
11.65
14.01
9.68
14.23

3.05
1.77
0.06
0.28
0.64
-0.39

0.18
-0.94
-0.24
-0.37
-0.52
0.15

16.06

20.35

20.16

4.29

-0.19

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

Bil.dol., EOP

303.58 306.47 302.97 303.31 306.47 304.86 306.47

NA

0.5

NA

0.1

1.0

6

Bil.dol
Percent

147.06 163.77 160.17 162.81 170.94 170.76 174.27
14.79 14.14 14.44 13.86 13.53 13.51 13.46

174.27
NA

2.1
-0.05

0.
NA

1.6
-0.58

5.0
-0.33

7
9

II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES
B. Prices, Wages, and Productivity
B 1 . Price Movements
310 Implicit price deflator GNP
320 Consumer prices (CPI) all i t e m s ©
320c Change in CPI all items S/A2
322 CPI, food
330.
331.
332.
333
334.

Producer prices (PPI), all commodities ©
PPI, crude materials
PPI, intermediate materials
PPI caDttal eouiDment
PPI, finished consumer goods

I
,

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

162.8
217.4
1.0
234.5

177.4
246.8
1.0
254.6

175.3
245.0
0.9
249.4

179.2
249.6
0.6
257.5

183.8
256.2
1.0
267.4

256.2
1.1
267.6

258.4
1.0
270.2

260.5
0.7
269.8

0.9
-0.1
1.0

0.8
-0.3
-0.1

2.2
1.9
-0.3
3.2

2.6
2.6
0.4
3.8

31
32
32
32

do.
do.
do.
do.
do.

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

235.6
282.2
242.8
216.7
215.7

268.6
316.1
279.6
239.5
246.7

264.2
285.8
276.5
236.9
244.8

272.9
314.3
283.3
242.9
253.5

278.6
327.1
290.0
248.7
258.1

278.4
329.2
289.8
248.4
258.4

280.3
325.3
293.3
250.6
259.4

283.5
322.1
296.8
253.0
261.5

0.7
-1.2
1.2
0.9
0.4

1.1
-1.0
1.2
1.0
0.8

3.3
10.0
2.5
2.5
3.6

2.1
4.1
2.4
2.4
1.8

33
33
33
33
33

do. . . .

229.8

250.6

248.5

253.8

260.1

260.9

261.6

264.3

0.3

1.0

2.1

2.5

34

do. . . .
1977=100...
do. . . .
do

105.6
118.6
99.1
99.4

101.7
130.1
95.7
99.0

101.6
128.7
95.5
98.8

101.8
131.6
95.9
99.2

101.2
134.7
95.3
98.7

101.5

100.8

101.1

-0.7

0.3

0.2
2.3
0.4
0 4

-0.6
2.4
-0.6
-0 5

34
34
34
37

104.72 104.69 104.98 105.17 105.28 105.07 1 0 5 . 5 4
97.27 97.04 97.06 97.28 97.34 97.28 9 7 . 7 0
7,448 7,652 7,921 7,897 7,946 7,785 7 , 8 4 7
3,261 3,440 3,631 3,496 3,532 3,425 3 , 3 5 2
2,547 2,554 2,600 2,734 2,720 2,750 2 , 7 5 0
1,640 1,658 1,689 1,667 1,694 1,610 1,744

-0.2
-0.1
-2.0
-3.0
1.1
-5.0

0.4
0.4
0.8
-2.1
0.
8.3

0.3
0.
3.5
5.6
1.8
1.9

0.2
0.2
-0.3
-3.7
5.2
-1.3

44
44
3
44
44
44

-0.2
-0.1
-0.5

-0.2
0.4
1.0

-0.2
0.1
-0.6

-0.2
-0.1
0.

45
45
45

3 8
4.7
-7.7
3.5
2.3
4. 7

NA
4.0
NA
NA
2.1
NA

50
50
50

51
51
51

-0.7
-1.9
11.4
2 1

4.4
NA
-7.5
7 8

51
52
54
56

2.0
7.2
10.0
-3.4
-14.9
17.3

1.7
3.3
-2.8
5.1
14.1
-0.2

60
60
60
61
61
61

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm b u s . . .
346. Real avg. hourly comp., nonfarm business . . . ;
370 Output per hour private business sector
C. Labor Force, Employment, and
Unemployment
441.
442
37.
444.
445.
446.
Labor
451.
452.
453.

:

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age

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

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

Percent
do. . . .
do. . . .

79.8
50.6
58.1

79.4
51.4
56.9

79.6
51.4
57.0

79.4

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

494.4
509.2

539.4
601.6
-62.3
383.7
354.8
28.8

520.9
587.3
-66.5
373.9
350.0
23.9

540.8
615.0

102.91
96.94
5,963
2,223
2,213
1,528

51.5
56.4

79.2
51.4
56.4

79.2
51.5
56.5

79.0
51.4
56.0

78.8
51.8
57.0

D. Government Activities
D1. Receipts and Expenditures
501
502.
500.
511.
512.
510

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

517.
525.
548.
564

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

....

-14.8
351.2
324.4
26.7

-74.2
386.8
358.2
28.6

NA
639.4
NA
NA
365.7
NA

D2. Defense Indicators
Mil.dol
do. . . .
do. . . .
A.r., b i l . d o l .

11,141 13,392 13,416 13,319 13,905 12,876 15,825
5,356
NA 7,413 7,270
NA
NA
NA
3,284 4,577 4,591 5,113 4,729 4,453 5,825
111.2 131.7 128.7 131.4 141.6

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

15,136 18,385 18,263 18,626 18,947 18,634 19,118
2,886 3,435 3,247 3,480 3,596 3,464 3,838
3,009 3,788 3,711 4,081 3,968 3,968 3,819
17,195 20,106 19,910 19,232 20,219 19,422 21,174
4,676 6,160 6,329 5,384 6,145 6,051 6,507
1,853 2,038 1,851 2,171 2,167 2,314 1,999

NA
NA

4,199

22.9
NA
30.8

NA
NA
NA
NA
NA
NA

10.8
-3.8
9.0
7.5
-13.6

NA
NA

-27.9

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




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

2.6

NA
NA
NA
NA
NA
NA

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

Unit
of
measure

Percent change

Average

1st Q

3d Q
1979

1978

4th Q
1979

1st Q
1980

2d Q
1980

3dQ
1980

4th Q
1980

2dQ
1980

3d Q

2dQ
to
3dQ
1980

4th Q
1980

II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651.
652.
668.
669.
667.

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

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

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

35,514
514 55,494 47,198 50,237
43,953
881 62,177 54,258 59,462
-8,440
367 -6,684 -7,060 -9,225
10,743 16, 492
NA 18,050 18,407
5,518
NA 8,731 9,524
365
55,260
NA 74,773 78,305
627
57,560 70, 408
NA 72,267 78,555
-2,301
NA 2,506
220
-250

603
452
849
846
752
647
445
798

54,606
62,108
-7,502
16,641
10,508
81,892
82,997
-1,105

56,184 56,581
59,009 62,140
-2,825 -5,559
19,113
NA
10,646
NA
86,403
NA
80,026
NA
6,377
NA

1501.9
2571.7
1502.8
1765.1
1021.0
6,767
4,600

1463
2564
1462.0
1784.1
1008.2
6,578
4,532

1471.9
2637.3
1476.9
1840.6
1018.5
6,597
4,565

0.
-5.1
3,347
-20.2
-2.3
-4.4
-4.0
-307

2.9
0.7
-5.0
5.3
4,677 -2,734
14.9
NA
1.3
NA
NA
5.5
NA
-3.6
NA
7,482

618
620
622
651
652
668
669
667

A. National Income and Product
A 1 . GNP and Personal Income
50.
200.
213.
224.
225.
217.
227.

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

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

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

1436.9
2156.1
1423.0
1462.9
981.5
6,568
4,487

1483.0
2413.9
1472.9
1641.7
1011.5
6,721
4,584

1480.9
2626.5
1483.5
1821.6
1018.4
6,646
4,571

1488.2
2444.1
1480.6
1663.8
1015.7
6,737
4,598

1490.6
2496.3
1491.3
1710.1
1017.7
6,731
4,596

1486
2732
1492
1896
1025.8
6,644
4,585

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

0.6
2.8
1.0
3.2
1.0
0.3
0.7

3.0
0.4

50
200
213
224
225
217
227

904.8
930.9 934.9 933.4 941.6 943.4 919.3 930.8 946
146.3
146.6 135
146.7
146.0 145.4 126.2 132.6 139
345.7
354.6 358.2 355.4 361.3 361.5 356.6 354.9 359.9
412.8
429.6 440
431.3
434.3 436.5 436.5 443.3 447.0
1348.7 1510.9 1672.3 1529
1582.3 1631.0 1626
1682.2 1749
199.3
212.3 211.9 213.3 216.1 220
194
208.8 223.4
529.8
602.2 675.4 611.5 639.2 661
664.0 674.2 702.
619.6
696.3
785.1 704.3 727 .0 749.0 768.4 799.2 823.

-2.6
-13.2
-1.4
0.
-0.3
-12.0
0.4
2.6

1.3
5.1
-0.5
1.6
3.4
7.4
1.5
4.0

1.6
5.0
1.4
0.8
4.0
7.0
4.2
3.1

231
233
238
239
230
232
236
237

1.0
3.6

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

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

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

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

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

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

229
215
14
375
353.2
22.2

232.6
222.5
10.2
415.8
398.3
17.5

203.8
206
-2
395.4
400
-5.3

232.6
225.0
7.6
421
408
13.3

221.5
222.2
-0.7
410.0
410.8
-0.8

218.3
219.2
-0.9
415.6
413.1
2.5

200.5
199.2
1.3
390.9
383
7.4

195.3
200.2
-5.0
377.1
393.2
-16.0

201.1
207.0
-5.8
398.1
413.3
-15.

-8.2
-9.1
2.2
-5.9
-7.2
4.9

-2.6
0.5
-6.3
-3.5
2.5
-23.4

3.0
3.4
-0.8
5.6
5.1
0.8

241
243
30
240
242
245

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

277.8
99.8
178.0
432.6
153.4
279.2

281.8
101.7
180.1
473.8
167.9
305.9

290.0
108
181
534.6
198.9
335.7

281
99.9
181.2
475.4
165.1
310.4

285,
103,
182,
496,
178.
318.3

290.1
107.6
182.5
516.8
190.0
326.8

291.9
110.
181.
530.
198.
331.3

288.2
106.9
181.3
533.5
194.9
338.6

289
107.6
182.1
558.0
212.1
346.0

0.6
2.9
-0.7
2.6
4.6
1.4

-1.3
-3.4
-1.9
2.2

0.5
0.7
0.4
4.6
8.8
2.2

261
263
267
260
262
266

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

127.5
103.0
24.6
219
220
-0.6

146.9
109.2
37.7
281.3
267.9
13.4

161.2
109.0
52.3
340
315.9
24.2

151.3
110.2
41.1
293
275.2
17.9

154.8
112.6
42.2
306.3
298.7

165.9
115
50
337.3
329

160.5
108.9
51.7
333.3
316.2
17.1

160.5
102.8
57.6
342.4
297.9
44.5

158.1
108.3
49.7
347.5
320.5
26.9

-3.3
-6.0
1.6
-1.2
-3.9
8.9

0.
-5.6
5.9
2.7
-5.8
27.4

-1.5
5.4
-7.9
1.5
7.6
-17.6

256
257
255
252
253
250

1745.4 1963.3 2119.5 1986.2 2031.3 2088
2070.0 2122.4
NA
1299.7 1460.9 1596.5 1476.7 1518.1 1558.0 1569.0 1597.4 1661.6
117.1 131.6 130.7 132.9 136.3 133.7 124.9 129.7 134.3
185.5 196.8 180.7 199.5 189.4 200
169.3
177.9
NA
27.4
30.5
31.8
30.3
31.0
31.2
31.5
32.0
32.4
143.4
115.8
179.9 146.8 156.5 165.4 175.3 185.3 193.6

-0.9
0.7
-6.6
-15.4
1.0
6.0

2.5
1.8
3.8
5.1
1.6
5.7

NA
4.0
3.5
NA
1.2
4.5

220
280
282
286
284
288

-2.5
-0.3
27.3
-32.9
1.3

1.9
2.7
1.3
-3.1
-0.1

NA
NA
-10.7
NA
-0.9

290
295
292
298
293

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

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

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

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

A5. Foreign Trade

7.6

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

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

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

A7. Saving
290.
295.
292.
298.
293.

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

..do.
..do.
do.

do.
Percent . . .

355.2
279.1
76.3
-0.2
5.2

411.9
312.7
86.2
11.9
5.2

400.7
NA
101.8
-33.4
5.6

422.
320.
89.
11.
5.4

402.0
315.7
80.7
4.4
4.7

404.5
326.7
86.4
-9.6
4.9

394.5
325.8
110.0
-42.5
6.2

402.0
334.6
111.4
-45.6
6.1

NA
NA
99.5
NA
5.

NOTE: Series are seasonally adjusted except tor those indicated b y ® , which appear to contain no seasonal movement. Series indicated by an asterisk (•) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA « inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.




CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
(Nov.)(Oct.)
P
T

(July)(May)
P T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P T

(DecKNov.)
P
T

(Nov.) (Mar.)
P
T

Index: 1967=100

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

-t
/_

-4

-23

i±
-4

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

z.

-6
-2

±
T
-H9-

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

+5
51 52 53 b4 55 56 57 58 5S 60 61 62 63 64 65 66 67 6B 69

71 72 73 74 75 76 77 78 79 80 1981

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




10

FEBRUARY 1981

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued

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

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

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

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 198.1.
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 60.


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

11

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
(Nov.) (Oct.)
P
T

(July)(May)
P T

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

workweek, production workers,

*) fuX

(per 100 employees—inverted scale)

materials, 1972 dollars (bil. dol.)

percent of companies receiving slower deliveries

PI

formation (index: 1967=100)

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
Current data for these series are shown on pages 61, 64, 65, and 66.




12

FEBRUARY 1981

BCII

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

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

(July) (May)
P
T

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

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

11

B

'

'

200180160140120100-

80-

60-1
30-i

20100102030-

•a:

ale

on hand and on order, 1972 dollars, smoothed1 (ann.

(A.

+4-

materials prices, smoothed1 (percent)

92. Change in sensitive

+2l. A

. .IpBI

l/VWiflfA-i

0-

S

CO

_2 m

smoothed1 percent) t L i

1.2-1

0.40140-

500 common stocks

120100-

80-

60-

900

-M2-in 1972 dollars (bit dot)

Lit

800700
600-

500-

400'

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, and 71.


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

BCII

13

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
(Asjg • (Apr.)

iyiyWMa;
p ' T'

p

•

(Dec )iNov.)
P
T

(Apr.)

T

p

'

(Nov.) (Mar.)
P
T

95-

Z

90 -

Z

85-

41. Employees on nonagricultural payrolls (millions)

70 —*

tu

1200-

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

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

/

57. Manufacturing and trade sales,

1948 49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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




14

FEBRUARY 1981

BCII

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

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

(July) (May)

PT

(Aug.)(Apr.)

PT

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

PT

PT

(Nov.) (Mar.)
P
T

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

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

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

109. Average prime rate charged by banks (percent)
Lg,Lg,Lg|

—
_/

7 2 Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bil. dol.)
Lg,Lg,Lg

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

i Mb' V-i

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

69 70 71 72 7 3 74 75 76 77 78 79 80 1981

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


FEBRUARY 1981


BCD

15

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

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

(Nov.)
P

(Apr.) (Feb.)
P
T

(Mar.)
T

wnrkwppk nrrvliirHnn woricm mamifartiirinc'

42-

41-

40-

39-

38-

21. Average weekly overtime hours,
4-

3-

2. Accession rate,
5-

4-

3-

5. Average weekly initial claims, State
200-

300-

400500600"
700-

3. Layoff rate, manufacturing (per
2-

3-

4-

100 employees)
2-

^
1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

1-

80 1981

Current data for these series are shown on page 61.




16

FEBRUARY 1981

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

60. Ratio, help-wanted
;#S of persons

Pit
(antt i ^ ^ »

Ml
1956 57

58

59 60

61 62 63

64

65

66

67

68

69

70

71

72

73

74

75 76

77 78

79

80 1981

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


FEBRUARY 1981


17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Dec.) (Nov.:
P
T

(Apr.) (Feb.)

T

P

I

(Nov *
P

(Mar)
I

[Comprehensive Etftfloyment—Con.l

6O-1
59-

r
Z_

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

\

585756"

J

J_

5554-

|Coffl|fehensive Uitimpioymentl
37. Number unemployed, total (minions—inverted scale)
- ^

WAv

X A

/
4-

\

56-

89-

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

3-1
45-

t^to^yr

\

678-

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

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

A^\

10™

V
\

12-

r

14-

—B

v»

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

J956

5?

58

59

60

6]

62

53

64

65

€6

79

80

198;

Current data for these series are shown on page 62.




18

FEBRUARY 1981

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

[Comprehensive Output and Income]
50. GNP in 1972 dollars, Q (ann. rale,

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

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

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

1956

57

58

59

60

61

82

83

64

65

66

67

68

69

70

73

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 63.


http://fraser.stlouisfed.org/
L I PBank
FEBRUARY
1981
Federal Reserve
of St. Louis

KCII

19

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Dec.) (Nov.)
P T

(Apr.) (Feb.)
P T

(Nov.)
P

(Mar.)
T

oz. tvaxe or capacuy uuiizauon,

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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




20

FEBRUARY 1981

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries

P

(Apr.) (Feb.)
P
T

T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T
90 -i
80-

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

lL,L,Ll

\7

7. New orders, durable goods industries. 1972 dollars

70 60-

~f

j~K

\

50-

r

40-

30 -

45-

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

401510 •

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

)M

300
260

96. Manufacturers' unfilled orders, durable goods industries
fbiL dol.^ t. . ..i
|L,Lj,U

z.

/

220
180-

/.

140 -

100-

60 J

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

100-i

75-

50-

25 J

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 64.


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

IU II

?1

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr ) (Feb.)
P T

(;vov.)
P

(. Mar.
T

340-|
320300280260240220200180160-

I Cdjpmption an(jir|de[

:

y

56. Manufacturing and trade sates in current d o f a s - ^ /
(WLdol.)
ffTjn

140120 -

57. Manufacturing and trade sales
in 1972 dollars ML dot)

100-

170-1
16015014013012085-i
80757065605550454035-

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

54. Sales of retail stores in cunent dollars M A t t - ^
C.Ld
59. Sales of retail stores in 1972 dollars (b8. idol.)

90807060504030-

20 J

58. Index of consumer sentiment (1st Q 1966=100)
100-1
90807060501956

57

58


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Federal Reserve /Bank
of St. Louis
/

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 65.

CCDDIIADV

1QO1

Kill

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

C h a r t B4. Fixed Capital Investment

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

ILL.L

13. New business incorporations (thousands)

PI

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

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

27. Manufacturers' new o n i S T ^ W ^ g o o ^
nondefense, in 1972 dollars (bil. dol.) X

24. Manufacturers' new orders, capital goods industries,

9. Construction contracts, commercial and industrial buildings
(mil. su. f t of floor are^; MOD- mpvtn^^vg—6-terrtf)

1956 57 58 59 60 61 62 63 64 65 66 67 68
1

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


69

70

71

72

73

74

75

76

77

78

79

80 1981

permission from McGraw-Hill Information Systems Company, F.W. Dodge Division,

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

HI

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

:

(Nov.)
P

(Mar.)
T

. fjj|§ '

l s s InvestmMlCornmitments-Con,

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

97. Backlog of capital appropriations, manufacturing,
(blldol)

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

Business Investment Expenditures]

69. Machinery and equipment s a p and business
construction expenditures (ann. rate, bil. dol.)

1956 57 58 59 60 61 62 63 64

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


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

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T
180160140-

iresidential fixed investment in 1972 dollars, Q

12010080-

60-

40-

20

J

2.6-1
2.42.22.01.81.61.41.21.00.8-

29. New building permits,
IXX

200180160140120100-

60

Residential fixed investment totalin 1972 dollars, Q
rate, bil. dol.)
- * ^ V

1U.L1

70-

\

60-

Jf

IIYl

V
1956 57

58

59

60

61

Current
data for these series are shown

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Federal Reserve Bank
of St. Louis1OO1
CCDDIIADV

Kill

62

63

on page 67.

64

65

66

5040"

30^

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

J

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued

Chart B5. Inventories and Inventory Investment
Aug ;;Apr

' A ; - • • h-r

!>c i 'Nov i

F

I

[inventory Investment]
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dot)
1L,L,L|

36. Net change in inventories on hand and on order. 1Q7? dollar*
(ann. rate, bil. dol.; moving avg.-44erm1) f [ J ~ [ ] *

vr'rv Wwn

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

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

1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

Current data for these series are shown on page 68.


73

74

75

76

77

78

79

80 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.;PI

(Nov.) ( M a r )
P
T
500450-

12

mm

• ' •

il

. l i f t

••

••.

400350-

'!iliit|

71. Book value, manufacturing and trade inventories,
•• current j f c t t i ^ J t dd.)
^ * »

300-

250-

Manufactunng and trade inventories, 1972 dollars (bil. dol.)

77. Ratio, deflated inventories to sates, manufacturing

78. Stocks of materials and supplies on

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 68.


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

IICII

27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

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

ILJWT i

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

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

iLLLl

180160140-

16. Corporate profits after taxes,
(ann. rate, bil. doL) fc^

[Profits and Profit Margins|

18. Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. dol.)
^ ^ ^

120-

^7

_k

100-

60 J

80. Corporate profits after taxes with IVA and CCAdj,
1Q7? rinlhR 0 ^ann nfp hil (\n\\

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

1956 57 58 59 60

61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981

1

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

Digitized for
http://fraser.stlouisfed.org/
Federal Reserve /n
Bank of St. Louis

PPRRIIARV IQfti

Kill

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
C h a r t B6. Prices, Costs, a n d P r o f i t s — C o n t i n u e d

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

81. Ratio, corporate profits (after taxes) with inventory valuation and
domestic income,
Q (percent)

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

26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1977=100)
iLLLl

[Cash Flows!

35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bit. dol.)
\

/
34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.) [ [ J J j

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


http://fraser.stlouisfed.org/
B C D Bank
FEBRUARY
1981
Federal Reserve
of St. Louis

29

B

C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d

C h a r t B6. Prices, Costs, a n d P r o f i t s — C o n t i n u e d

[Unit Labor Costs and Labor Share 1

63. Unit labor cost, private business sector, Q
(index: 1977=100)

68. Labor cost (current dollars) per unit of gross dorrii
(1972 dollars), nonfinancial corporations, Q (dollars)

6Z Labor cost per unit of output, manufacturing (index: 1967=100)

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

Current data for these series are shown on page 70.




30

FEBRUARY 1981

ItCII

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

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

102. Change in money supply M2

rr

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

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

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

HIEl

1

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

Current
data for these series are shown on page 71.

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Federal Reserve Bank
of St. Louis
FEBRUARY
1981

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

[Credit Flows!

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

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

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

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



LLL

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

HXP

F P R D I I A D V 1QQ1

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

1 Credit Difficulties 1

data for these series are shown
DigitizedCurrent
for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. Louis
CCDDIIADV
1QQ1

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

93. Free reserves (bil. dot.—inverted scale)

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

on page 72.

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

[Interest Rates|

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

http://fraser.stlouisfed.org/
Federal Reserve Bank
3/1 of St. Louis

119. Federal funds rate (percent)

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)

:!/ LiJ
118. Secondary market yields on FHA mortgages (percent)

117. Municipal bond yields (percent)

rrnni i»n\/

inm

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

C h a r t B7. M o n e y a n d C r e d i t — C o n t i n u e d

[interest Rates—Con.)

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

109. Average prime rate charged by banks (percent)

[Outstanding Debt]
66. Consumer installment credit (bil. dol.)
g,Lg,Lg

7Z Commercial and industrial loans outstanding,
weekly reporting large commercial
banks (bil. dol.)

UXtX

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

Current data for these series are shown on page 73.


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Federal Reserve Bank
Louis
F F R of
R I ISt.
ARV
1QQ1

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes

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

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

if ? if i i i j l i l i i/ijli

95Z Six lagging indicator components (6-mo. s p a n — , 1-mo. s p a n — )

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

962.

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

963.

Current data for these series are shown



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

on page 74.

itrn

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

(Apr,) (Feb.)

T

P

(Dec.) (Nov.)

T

P

T

(Nov.)

(Mar.)

P

T

Percent rising
964. New orders, durable goods industries—35 industries

(9-mo. span——, 1-mo. s p a n — )
100-

50-

0-

industries

newiy approved capital appropndtions, deflated—17

moving

i

i-Q span •—• )
90-

»

*

y
\ h
•.

A i\

i

i

V

J\

JI

)

?
f
k

V^ * »

Wi

4

V

\
966. Industrial production—24 industries

70-

(ffl)
50-

;
30-

(6-mo. s p a n — , 1-mo. s p a n — )
100-

50-

0-

967. Spot market prices, raw industrials—13 industrial materials

(9-mo. s p a n — , 1-mo. s p a n — )
100-

50-

0»

968. Stock prices, 500 common stocks—53-82 industries

(9-mo. s p a n — , 1-mo. s p a n — )
100-

50-

0-

960. Net profits, manufacturing-about 700 companies'

(4-Q span)
90-

70-

50«

30-

iSto

h?

58

59

60

6i

62

63

bl:

60

77

le,

1

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


http://fraser.stlouisfed.org/
FEBRUARY 1 9 8 1
Federal Reserve Bank of St. Louis

IICII

37

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

Actual «
Anticipated •

Percent rising

Percent rising

Actual
•
Anticipated*

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

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

x
(b) Later anticipations^ •

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

(a) Actual expenditures

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

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

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

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

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

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

-«
19B9 70

71

72

1

73

74

75

76

7?

79

79

8"

i^'

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




38

:'••

//

7C-

79

i

80

Dun & Bradstreet diffusion indexes are based on surveys of about

FEBRUARY 1981

ItCII

CYCLICAL INDICATORS
CJ

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change

p

1

P

I

Percent changes at annual rate
910c. Composite index of twelve leading indicators

(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

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

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

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

47c. Index of industrial production

48c. Employee-hours in nonagricultural establishments

51c. Personal income less transfer ]
payments in 1972 dollars I

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


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FEBRUARY 1981
Federal Reserve Bank of St. Louis

BCD

39

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income

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

223. Personal income in current dollars
(ann. rate,...ML doL)

224. Disposable personal income in current

isposable personal
dollars

991

Pur rartita rikrvKahlp nercfinal inrnmp 'm

1972 dollars, Q (ann. rate, thous. dol.)

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

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




40

FEBRUARY 1 9 8 1

BCII

O l H f c f t J M K / J T I A N ' r C v N O M K " . 5V5E;*5a.i;s!i
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)]

Personal consumption expenditures—

j ji

233. Durable, goods, Q

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

*

^_

73

74

75

76

77

78

79

80

1981

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


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

ItCII

41

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
(Aug.)(Apr )
P
T

(Apr.) .'Feb.)
PI

Annual rate, billion dollars (current)

Gross private domestic investment-

245. Change in business inventories,

Annual rate, billion dollars (1972)

"243. Total fixed investment, Q

30. Change in business inventories, Q

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




42

FEBRUARY 1981

ItCII

A

I

NATIONAL I N C O M E A N D P R O D U C T — C o n t i n u e d

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, Q
\

j«fm

V

;»8

59

60

61

62

63

64

65

86

?!J

76

77

/'»

J

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


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

IICII

43

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

400-j
360-

V IV

320280240200160 -

252. Exports of goods aid services, Q120-

Z

80-

253. Imports of goods and services, Q

250. Net exports of goods and services, Q

257. Imports of goods and services, Q

of goods and services, Q

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 82.




44

FEBRUARY 1981

KCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

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

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

Annual rate, billion dollars (current)
2400-|

20001800160014001200-

220. National income, Q

1000900800700600-

-280. Compensation of employees, Q
500400300-

200 180160-

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

140-

/

120 1009080706050-

288. Net interest, Q

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

40-

30-

20-

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

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 82.


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

ItCII

45

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

Annual rate, bfflion dollars (current)..

-*

290. Gross saving (private and government), Q

70ft fim/pmment surplus nr rlrfirit, Q

1956

57

58

59

60

61

62

63

64

65

66

67

fcH

69

70

71

72

73

_

74

75

76

77

78

79

80

1981

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




46

FEBRUARY 1981

BUI

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
A-ig ; ' . A p f . )
P

' A p r : ;f w

T

PI

Percent

[Percent of GNP|

235. Personal consumption expenditures, Q

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

248. Presidential fixed investment, Q

249. Residential fixed investment, Q
"247. Change in business inventories, Q

\
251. Net exports of goods and services, Q

Percent

[Percent of National Income!
64. Compensation of employees, Q

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

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

Current data for these series are shown on page 83.


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

IM:

47

OTK?:f* IMPORTANT ECONOMIC MEAiUJRt
B

|

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price M o v e m e n t s

1 Percent changes at annual rate
310c. Implicit price deflator,

" - - —

310. Implicit price deflator, GNP, Q

i

' (
311c. Fixed-weighted price
product (1-Q span)

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

330. All commodities

331c. Crude materials

331. Crude materials

332. Intermediate materials

332c. Intermediate

i

333. Capital equipment

Jf

333c. Capital equipment

334. Finished consumer goods
334c. Finished consumer goods
HO - I - *

1969 70

71

72

73

74

75

76

77

78

79

80 1981

1969 70

71

72

73

74

75

76

77

78

79

80 1981

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




FEBRUARY 1981

ItCIt

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart Bl. Price Movements—Continued

Index: 1967=100

Consumer prices-

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

Chart B2. Wages and Productivity

Index: ia67=100

340.

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

341.

Real average hourly earnings of production
workers, private nonfarm economy1

346.

Real average hourly compensation, all employees,
nonfarm business
5

345.

1956 57

59

60

61

62

63

Index: 1977^1001 Ify

64

65

66

67

68

69

70

Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)

71

72

73

74

75

76

77

78

79

80 1931

1

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


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

ItCII

49

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
.An.....' • A p r 'i

:Dec.; (Nov i

(Ar,- i •! - b . j

Pi

FT

Percent change

1 Wages-Con, j
in average hourly earnings of production
workers, private nonfarm economy1 —
340c. Current-dollar earnings jtj*jffi*!Wj

6-month spans (ann. rate) 5

»i

» jj£ t , ^

Tfl f^iffYff! 1 IpFf

* M»

1-month spans2
341c. Real earnings

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

A

"v t

t

346c. Heal compensation
^quarter spans (ann. rate)

Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann. rate)—
349. Average changes over
contract, Q (ann. rate)
1 Productivity]

358. Output per hour, all persons,
nonfarm business sector, Q
^ 37D. Uutput per hour, all persons,
private business sector, Q
370c Change in output per hour, private business sector, Q

Percent change

1

2
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
One-month percent changes have been multiplied by a constant (12) to make
them comparable to the annualized 6-month changes. See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.




FEBRUARY 1981

ItCII

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components

441. Civilian labor force, total (millions)

442. Total employed (millions)

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

453. Both sexes 16-19 years of age

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

444. Males 20 years and over
445. Females 20 years
and over \
16-19 years of age

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

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

Current data for these series are shown on page 89.


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B C J )Bank
FEBRUARY
1981
Federal Reserve
of St. Louis

51

OTHER IMPORTANT ECONOMIC MEASURES
G O V E R N M E N T ACTIVITIES
Chart D l . Receipts and Expenditures
(Aug.) (Apr.)
P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

700-

Annual rate, billion dollars (current)

s IV

600-

500-

400-

300-

502. Federal Government expenditures, Q

200-

100 J

500. Federal Government surplus or deficit, Q

450400-

IV

350300 -

250-

511. State and local governmentreceipts,Q
200-

\
512. State and local government expenditures, Q

150-

100-

510. State and local government surplus or deficit, Q

+30+20+100-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 90.




52

FEBRUARY 1981

BCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators

[Advance Measures of Defense Activity]
517. Defense Department gross obligations incurred
(bil. dot.; 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.)

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

Current data for these series are shown on page 90.


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»lJP
FEBRUARY
Federal Reserve
Bank
of St. Louis1981

53

. f i * <<

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued

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

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

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

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

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

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




54

FEBRUARY 1981

IU II

OTHER iMPOKTAN! *CQHOWL
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued

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

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

578. Civilian, direct hire employment

[National Defense Purchases]

Current
data for these series are shown on page 91.

http://fraser.stlouisfed.org/
Federal Reserve
Bank
of St. Louis 1001
IM
Mm
rrDnn/vnw

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)

E

I

U.S. I N T E R N A T I O N A L T R A N S A C T I O N S

Chart E l . Merchandise Trade

Current data for these series



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

604. Exports of agricultural products,
total (bil. dol.)
1

606. Exports of nonelectrical machinery (bil. dol.)
\

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

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

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

are shown on page 92.

O T H E R I M P O R T A N ! :-C**n-yr:-

h

-)< ^

->

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements

Annual rate, billion dollars

Excess of receipts
Excess of payments

Goods and services-

667. Balance on goods and services,

Merchandise, adjusted—
62Z Merchandise trade balance, Q
618. Exports, Q -

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

investments in the U.S., Q

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

data for these series are shown
Digitized Current
for FRASER
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Federal Reserve Bank
of St. Louis
FEBRUARY
1981

ItCII

Fi7

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production

Index: 1967=100
Industrial production—

721. Mi^Eurogean countries

Current data for these series are shown on page 94.




58

FEBRUARY 1981

ItCII

OTHER IMPORTANT ECONOMJC MEASIJfC:
INTERNATIONAL COMPARISONS—Continued

Chart F3. Stock Prices

Chart F2. Consumer Prices

Percent changes at annual rate

6-month spans

Index: 1967=100
Stock prices-

Consumer prices—

19. United

748. Japan

745. West Germany
735c West Germany

732c. United Kingdom

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


http://fraser.stlouisfed.org/
B Reserve
U l FEBRUARY
Federal
Bank of St.1981
Louis

59

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS

^ H

Year
and
month

910. Index of
12 leading indicators (series
1, 3, 8, 12, 19,
20, 29, 32, 36,
92, 104, 1 0 6 ) x

920. Index of
4 roughly

(1967 = 100)

(1967 = 100)

coincident indicators (series
41, 47, 51, 57)

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

940. Ratio,
coincident
index to
lagging index1

(1967 = 100)

(1967 = 100)

COMPOSITE INDEXES
Leading indicator subgroups
913. Marginal
employment
adjustments
(series 1, 2, 3,
5) 1

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

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

(1967 = 100)

(1967 = 100)

(1967 = 100)

107.4
108.3

(1967 = 100)

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

(1967 = 100)

1979

0)146.6

157.4
158.5
158.4

92.0
91.4
92.6

98.5
98.4
98.0

113.9
113.9
115.5

140.3
141.4
141.6

144.1
145.6
145.0

161.8
162.5
163.6

89.1
89.6
88.6

94.6
97.3
96.7

July
August
September

141.2
140.1
140.1

145.4
145.0
144.9

164.8
166.4
170.6

88.2
87.1
84.9

October . . .
November
December

137.8
135.6
135.2

145.1
145.0
145.2

175.9
179.1
177.9

January
February
March

134.7
H34.1
131.4

146.1
r!45.2
H43.5

April
May
June

H26.1
H23.3
r!24.3

July
August
September
October
November
December

January
February
March

142.6
142.3
143.2

April
May
June

0)108.8

93.2
92.2
92.2

148.6
145.6
144.5

113.6
113.3
113.9

107.8
107.3
106.6

92.3
91.7
91.8

146.1
146.9
148.4

96.4
96.0
96.4

113.6
112.9
114.0

106.1
105.7
104.6

91.7
92.0
91.8

148.6
148.3
146.2

82.5
81.0
81.6

96.6
96.1
96.3

112.7
112.0
112.4

103.3
102.3
102.3

90.8
90.3
90.6

143.9
140.4
138.3

178.4
180.8
190.0

81.9
r80.3
75.5

96.3
r96.4
94.5

111.6
109.9
107.6

102.7
HO2.1
rlO1.6

90.9
r91.6
r89.6

H38.7
H36.5

rl40.5
rl38.0
H36.7

0)196.2
183.5
168.5

r71.6
r75.2
81.1

90.3
88.3
89.6

r!04.2
103.0
• 104.5

rl00.3
r98.8
r97.7

88.7
r88.5
r89.7

r!31.9
H27.5
r!29.9

H28.5
H31.0
H35.1

rl36.4
r!36.9
rl38.4

163.6
161.7
164.2

r83.4
r84.7
r84.3

92.0
92.8
94.0

106.1
107.1
rlO9.1

r98.5
r99.6
rlO1.7

r90.6
r91.4
91.8

H33.7
r!36.9
r!38.2

H36.1
H37.6
2
136.4

H40.2
r!41.4
142.0

rl68.3
175.3
190.8

r83.3
r80.7
r74.4

95.0
95.5
96.0

rlO7.1
H08.4
r!07.0

rlO3.5
rlO3.5
rlO3.1

92.2
p93.0
(NA)

r!38.4
rl37.9
r!35.9

3

"142.7

5

p75.4

p95.8

p!06.8

plO1.7

144.8
144.9

1980
137.2

1981
January
February
March

135.8

189.2

p!35.9

April
May
June
July
August
September . . . . . . .
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated b y 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 10 and 11.
x
The following series reached their high values before 1979: Series 910 (143.6) in October 1978, series 940 (106.6) in March 1977, series 913 (99.1) in December 1978, series 914 (117.2) in October 1978, series 916 (97.2) in August 1977, and series 917 (151.1) in November
1978.
2
Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
"•Excludes series 57 for which data are not yet available.
5
Excludes series 70 and 95 for which data are not yet available.




60

FEBRUARY 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L, L, L

L, C, L

1. Average
workweek of
production
workers,
manufacturing1

21. Average
weekly overtime
hours, production workers,
manufacturing1

(Hours)

(Hours)

L, L, L

2. Accession
rate, manufacturing x

(Per 100 employees)

L, C, L

5. Average
weekly initial
claims, State
unemployment
insurancel 2
(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, L, L

3. Layoff rate,
manufacturing1

(Per 100 employees)

L, Lg, U

4. Quit rate,
manufacturing

(Per 100 employees)

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed1

(Ratio)

L, Lg, U

46. Index of
help-wanted
advertising
in newspapers

(1967 = 100)

U, C, C

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

(3)

1979
January
February
March

40.6
40.6
40.6

3.7
3.7
3.7

4,2
4.1
4.0

344
334
347

0.9
0.9
0.9

2.2
E>2.2
2.1

0.805
0.785
0.780

161
158
156

168.70
168.89
170.04

April
May
June

39.3
40.2
40.1

2.9
3.4
3.3

4.0
4.0
4.0

434
350
375

1.1
1.0
1.2

2.1
2.0
2.0

0.780
0.794
0.796

155
154
153

166.30
169.34
169.88

July
August
September

40.1
40.1
40.1

3.3
3.3
3.2

3.9
3.9
3.9

395
390
387

1.1
1.4
1.2

1.9
2.0
1.9

0.804
0.762
0.793

155
155
159

170.09
170.20
170.57

October
November
December

40.1
40.1
40.2

3.2
3.3
3.2

4.1
4.0
3.9

395
409
407

1.2
1.3
1.2

2.0
2.0
1.9

0.811
0.771
0.755

0)167
158
159

170.50
170.81
171.34

January
February
March

40.3
40.1
39.8

3.2
3.0
3.1

3.9
3.9
3.6

404
375
440

1.3
1.3
1.5

1.9
1.9
1.9

0.705
0.696
0.660

154
151
145

172.63
172.29
171.28

April
May
June

39.8
39.3
39.1

3.0
2.6
2.4

3.0
3.0
3.3

569
635
617

2.9
3.5
2.9

1.5
1.4
1.4

0,504
0.420
0.438

122
112
115

170.27
169.20
168.12

July
August
September

39.0
39.4
39.6

2.5
2.7
2.7

3.4
3.6
3.8

536
502
501

1.7
1.9
1.5

1.3
1.3
1.3

0.438
0.439
0.466

118
117
122

167.12
168.28
169.12

October
November
December

39.7
39.9
r40.1

2.8
2.9
3.1

3.9
3.6
3.6

439
399
394

1.4
1.2
rl.l

1.3
1.4
1.5

0.475
0.502
0.497

127
134
130

169.78
r!70.22
H71.21

p40.4

P3.1

p3.5

p415

pi.2

pi.5

pO.486

pl28

E>P172.87

1980

1981
January
r onriiorw

rcUiUdiy

March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
The following series reached their high values
in December 1978, series 5 (323) in October 1978,
2
Data exclude Puerto Rico, which is included in
3
See "New Features and Changes for This Issue,"


FEBRUARY 1981


before 1979: Series 1 (40.9) in April 1978, series 21 (3.8) in April 1978, series 2 (4.4)
series 3 (0.8) in September 1978, and series 60 (0.827) in October 1978.
figures published by the source agency.
page iii.

61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ g

Minor Economic
Process

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

U, C, C

42. Persons
engaged in nonagricultural
activities, labor
force survey

(Thous.)

C C, C

L, C, U

Comprehensive Unemployment

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, labor
force survey

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate,
State programs1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1979
January
February
March

92,781
93,088
93,318

88,858
89,109
89,455

26,363

26,377
26,537

59.13
59.27
59.31

5,958
5,993
5,956

5.8
5.9
5.8

3.0
3.0
3.0

11.2
11.3
11.7

1.2
1.2
1.3

April
May
June

93,061
93,364
93,562

89,386
89,708
89,909

26,473
26,522
26,557

59.07
59.16
59.24

5,918
5,776
K>5,718

5.8
5.6
5.6

2.9
2.8
2.8

11.0
10.9
10.5

1.2
1.2
1.1

July
August
September

93,995
93,706
94,189

90,054
90,222
90,283

26,582
26,528
26,554

59.43
59.21
0)59.43

5,738
6,057
5,971

0)5.6

E>2.8

5.9
5.8

2.9
2.9

0)10.3
10.6
10.6

0)1.0
1.1
1.1

October
November
December

94,153
94,123
94,458

90,441
90,552
90,678

26,554
26,504
26,590

59.24
59.21
59.30

6,132
6,104
6,272

5.9
5.9
6.0

3.0
3.1
3.1

10.5
10.6
10.6

1.1
1.2
1.2

94,421
H> 94,488
94,291

91,031
91,186
91,144

[0)26,715
26,623
26,476

59.18
59.18
58.99

6,500
6,454
6,543

6.2
6.2
6.3

3.2
3.2
3.4

10.6
10.7
11.0

1.3
1.2
1.3

April
May
June

93,963
93,764
93,548

90,951
90,468
90,047

26,121
25,745
25,422

58.68
58.54
58.26

7,202
7,944
7,811

6.9
7.6
7.5

3.7
4.2
4.6

11.2
10.6
11.7

1.5
1.6
1.7

July
August
September

93,732
93,793
93,781

89,867
90,142
90,384

25,163
25,312
25,476

58.30
58.23
58.27

8,021
7,942
7,800

7.6
7.6
7.4

4.4
4.3
4.3

11.8
12.5
13.0

1.8
2.0
2.2

October
November
December

93,887
93,999
93,888

90,710
r90,961
r91,116

25,636
r25,811
r25,904

58.21
58.22
58.11

7,961
7,946
7,785

7.6
7.5
7.4

4.1
3.8
3.5

13.3
13.6
13.5

2.2
2.2
2.3

94,294

l)p91,490

p26,051

58.30

7,847

7.4

p3.4

14.4

2.2

1980
January
February
March

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x

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




62

FEBRUARY 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

0

Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME

Industrial Production

Comprehensive Output and ncome
C CTC

50. Gross national product
in 1972 dollars

C, CT C

52. Constant
(1972) dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

Persona income

223. Current
dollars

(Ann. rate,
bil. dol.)

C, C, C

C, C, C

(Ann. rate,
bil. dol.)

C, C, C

47. Index of
industrial
production,
total

(1967 = 100)

C, C, C

73. Index of
industrial
production,
durable manufactures

(1967 = 100)

C, L, L

74. Index of
industrial
production,
nondurable
manufactures
(1967 = 100)

C, C, C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)

Revised1

1979

1,863.0
1,884.8

1,184.0
1,185.1
1,190.7

1,033.9
1,035.8
1,040.8

251.1
251.3
0)252.6

152.0
152.5
0)153.5

147.0
147.2
0)148.6

161.6
162.9
164.0

681*8

1,473.4

1,891.9
1,903.4
1,923.5

1,188.4
1,188.1
1,193.2

1,037.1
1,037.5
1,043.3

251.4
249.5
248.2

151.1
152.7
153.0

144.5
147.6
147.6

162.6
163.6
163.7

669.1

July
August
September

1,488.2

1,954.0
1,974.8
1,987.9

1,202.5
1,206.4
1,203.3

1,045.2
1,048.4
1,046.3

247.3
245.1
244.4

153.0
152.1
152.7

147.2
144.4
145.9

164.8
165.2
165.4

673^6

October
November
December

1,49CL6

2,011.3
2,032.7
2,051.8

1,205,8
1,209.9
1,211.9

1,049.0
1,053.6
1,055.3

242.9
241.5
241.7

152.7
152.3
152.5

146.0
145.2
144.8

164.8
165.0
165.3

673^3

0)1,501.9

2,077.2
2,086.4
2,101.0

1,216.2
1,207.4
1,199.2

0)1,056.5
1,050.9
1,044.0

240.6
239.2
236.3

152.7
152.6
152.1

144.7
144.1
143.4

0)166.0
165.9
164.7

0)682.1

April
May
June

1,463^3

2,102.1
2,114.1
2,127.1

1,194.4
1,195.1
1,195.0

1,037.6
1,036.0
1,035.1

231.9
228.2
225.1

148.3
144.0
141.5

138.4
133.3
129.9

161.6
158.0
155,3

658 J

July
August
September

1,471^9

2,161.2
2,179.4
2,205.7

1,206.7
1,207.4
1,208.6

1,033.8
1,036.2
1,036.9

224.2
226.2
227.7

140.4
141,8
144,1

128.3
129.4
131.7

154.7
156.9
160.3

657.5

October
November
December

rl,486.5

r2,234.2
r2,257.1
r2,276.8

1,216.2
rl,220.7
r l ,223.4

1,045.4
rl,051.3
rl,054.4

229.4
231.5
232.2

r!46.9
rl49.4
r!50.9

r!35.8
rl39.3
rl40.4

rl61.8
rl63.3
rl64.9

r664'.5

0)p2,298.1

H>pl,223.7

pi,055.1

p234.8

pl51.8

p!41.1

p!65.7

January
February
March

1,479'.9

April
May
June

1,845.9

1980
January
February
March

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
x

See "New Features and Changes for This Issue,' page


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

in.

63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ g

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

^ Q

PRODUCTION AND INCOME-Continued

L, C, U

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

6. Current
dollars
(Bil. dol.)

7. Constant
(1972) dollars
(Bil. dol.)
Revised 1

April
May
June

*83

July
August
September

"82

L, L, L

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

L, L, L

25. Change in
unfilled orders,
durable goods
industries

(Bil. dol.)

L, Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L, L, L

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

Revised 1

(H)88!4

78.68
80.43
81.65

44.23
44.76
H)45.06

0)39.00
38.52
38.73

5.91
[H>7.10
5.89

234.72
241.82
247.71

77
K>78

85^9

87^5

75.93
77.04
76.03

41.44
41.73
40.90

36.81
36.90
36.39

4.73
1.52
3.23

252.43
253.96
257.19

76
76
70

8^3

8^2

74.58
74.76
77.65

39.82
39.81
40.82

35.92
35.39
35.86

0.71
0.40
3.45

257.90
258.30
261.74

60
55
51

84!4

86L3

76.52
75.90
77.20

39.63
39.06
39.49

35.55
34.30
34.15

0.98
2.15
3.01

262.72
264.87
267.88

50
47
49

83^4

85.5

81.47
81.02
77.55

40.69
40.05
38.35

36.16
36.09
33.62

3.52
1.86
1.62

271.40
273.26
274.88

48
42
45

77*.9

78.'7

72.42
67.33
66.45

35.69
33.07
32.32

30.41
28.99
29.03

0,21
-2.12
-2,60

275.10
272,98
270.38

40
32
28

75^7

74^9

74.23
72,23
78.96

35.77
34.58
37.58

31.67
31.62
33.09

1.68
0.17
2.39

272.06
272.23
274.62

32
34
39

r80.0

80,69
81.05
E)r82.65

38.13
38.05
38.39

35.04
34.02
34.00

1.19
1.31
r2.62

275.81
277.12
r279.75

44
45
47

p80.85

p37.52

p32.57

p0.62

H)p280.37

46

B>*84

October
November
December

L, L, L

Value of manufacturers' new
orders, durable goods industries

1979
January
February
March

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

*81

69

1980
January
February
March

*80

April
May
June

*76

July
August
September
October
November
December

p76

79.Y
(NA)

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
x

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




64

FEBRUARY 1981

KCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q J

Minor Economic
Process
Timing Class

C, C, C

C, C, C

56. Current
dollars
(Mil. dol.)

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

C, L, C

75. Index of industrial production, consumer
goods

(1967 = 100)

C, L, U

(Mil. dol.)

Revised 2

1979
January
February
March

274,091
274,844
283,741

160,037
158,967
0)162,650

April
May
June

276,406
286,413
283,772

July
August
September
October
November
December

U, L, U

Sales of retail stores
54. Current
dollars

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

151.3
151.8

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Manufacturing and trade sales
Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

L, C, C

L, L, L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer,
sentiment1®

(Ann. rate,
bit. dol.)

(1st Q
1966 = 100)

2

L, L, L

12. Index of
net business
formation *

L, L, L

13. Number of
new business
incorporations

(1967 = 100)

(Number)

2

(2)

( )

45,352
44,878
44,972

69.2

0)153.4

71,293
71,266
72,045

72.1
73.9
68.4

131.3
132.1
132.5

42,410
42,302
42,761

157,009
160,851
158,198

149.3
152.2
152.1

71,606
72,292
72,093

44,338
44,433
43,932

62^9

66.0
68.1
65.8

130.9
130.5
130.9

43,034
43,895
43,044

289,994
293,167
296,761

159,890
160,066
160,125

151.2
148.7
150.0

73,121
74,871
76,666

44,262
45,049
45,689

65.0

60.4
64.5
66.7

131.8
130.3
132.5

44,655
42,911
44,687

298,452
298,949
302,117

159,305
157,932
158,464

150.0
149.1
148.6

75,583
76,421
77,150

44,644
44,769
44,829

64^2

62.1
63.3
61.0

131.9
131.4
133.9

46,478
44,811
43,579

January
February
March

312,458
310,181
305,165

161,386
158,817
154,642

147.9
148.4
148.6

79,464
77,993
76,534

H)45,695
44,415
42,924

E> 71'. 6

67.0
66.9
56.5

131.0
129.8
125.8

44,447
44,583
42,615

April
May
June

294,998
292,478
294,203

149,415
147,355
147,687

145.3
142.4
142.1

75,011
74,587
76,001

41 ,882
41,506
41,990

50.'7

52.7
51.7
58.7

120.5
117.8
114.8

42,461
41,974
39,746

July
August
September

304,154
308,019
318,321

150,468
149,586
153,574

142.0
142.7
144.3

78,287
78,770
80,087

43,038
42,856
42,965

58^7

62.3
67.3
73.7

115.3
117.7
r!20.4

44,058
43,266
46,488

October
November
December

325,838
r328,983
(H)p332,212

155,507
155,676
pl56,284

146.6
r!47.9
rl47.9

80,609
r82,125
r82,362

43,014
43,568
43,440

r66.1

75.0
76.7
64.5

rl!8.6
119.4
(NA)

0)47,225
46,888
(NA)

(NA)

(NA)

p!47.8

E>p84,009

p44,030

1980

1981
January
February
March

71.4

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
x
Series 58 reached its high value (89.1) in 2d quarter 1977; series 12 reached its high value (134.8) in October 1978.
2
See "New Features and Changes for This Issue," page iii.


FEBRUARY 1981


65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT-Continued

20. Constant
(1972) dollars

10. Current
dollars

(Bil. dol.)

1979
January
February
March

U L, L

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

U, Lg, U

L, C, U

9. Construction contracts for commercial and industrial buildingsi

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)
Revised

(3)

Square meters of
floor space2

(Millions)
3

Revised

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

C Lg, Lg

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

(Bil. dol.)

3

25.48
H)28.10

15.40
15.17
0)16.99

21.23
22.48
23.60

12.72
13.56
0)14.60

85.78
0)104.38
94.15

0)9.70
8.75

21'.61

25.36
22.67
24.66

14.76
13.14
14.32

20.60
21.13
21,70

12.24
12.34
12.78

96.06
89.32
86.61

8.92
8.30
8.05

21*20

8.62
7.87
8.46

22'.69

26.16

April
May
June

(Bil. dol.)

L, L, L

7.97
67*63

69*95

July
August
September

25.82
23.83
24.52

14.55
13.38
13.69

21.23
21.08
21.58

12.20
12.00
12.21

92.79
84.75
91.05

October
November
December

24.14
27.42
27.50

13.52
15.49
15.34

21.07
21.75
22.28

12.01
12.73
12.81

95.23
81.97
84.18

8.85
7.62
7.82

23.'28

r27.3O
24.56
26.27

rl4.98
13.47
14.07

0)23.86
21.48
22.59

13,34
12.02
12.35

94.57
84.27
80.55

8.79
7.83
7.48

0)29*50

April
May
June

24.20
21.18
22.92

12.97
11.52
12.60

22.16
19.59
19.95

12.02
10.79
11.26

73.39
67.09
71.39

6.82
6.23
6.63

25.86

July
August
September

24.86
23.96
23.87

13.71
12.58
12.89

21.61
19.37
20.86

12.24
10.50
11.53

71.40
68.63
68.47

6.63
6.38
6.36

p24*.93

October
November
December

23.82
27.47
r26.60

12.36
14.45
H3.85

20.62
21.85
r21.67

10.92
11.95
rlT.67

72.12
86.15
97.45

6.70
8.00
9.05

(NA)

p26.37

p!3.72

p23.49

p!2.44

78.70

7.31

73*45

76'.66

1980
January
February
March

84'.09

87*94

0)p89.84

(NA)

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.
3
See "New Features and Changes for This Issue," page iii.




66

FEBRUARY 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q | FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process
Timing Class

Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

C, Lg, U

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

76. Index of
industrial production, business
equipment

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

C, Lg, Lg

(1967 = 100)

C, Lg, C

Lg, Lg, Lg

C Lg, C

Nonresidentia fixed investment ir 1972 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

(Ann. rate,
bil. dol.)

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

L, L, L

28. New
private housing
units started,
total1
(Ann. rate,
thous.)

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits1
(1967 = 100)

L, L, L

89. Residential
fixed investment, total, in
1972 dollars1

(Ann. rate,
bil. dol.)

Revised 2

1979
January
February
March

255.55

256.93
256.86
268.78

168.2
169.3
171.0

161*4

45^8

115.6

1,672
1,444
1,817

119.1
120.4
136.7

6o!8

April
May
June

265^24

261.20
268.02
265.92

168.7
171.2
171.2

161'.3

48.'6

113.2

1,760
1,867
1,891

125.0
133.1
132.4

59J

July
August
September

273.'15

274.41
278.61
280.10

171.3
171.6
173.4

i>166*.4

49.4

H>ii7.'o

1,758
1,717
1,844

126.3
131.0
136.9

58^6

October
November
December

284.'30

285.29
279.46
287.54

172.3
172.6
174.1

164*.l

E>50.'7

113.5

1,697
1,502
1,563

119.4
104.0
100.7

58.'1

January
February
March

291.89

297.92
303.20
300.05

174.9
176.0
176.1

165.0

5CL5

114^5

1,389
1,273
1,040

102.7
94.3
78.2

54.2

April
May
June

294.36

291.99
293.49
292.17

174.2
171.9
169.8

156J

48.' 7

107^4

1,044
938
1,184

63.7
66.6
87.1

43J

July
August
September

E>296.23

293.84
285.47
303.11

170.1
170.3
170.5

155.5

46.8

108.'8

1,277
1,411
1,482

99.8
109.9
126.3

44.7

October
November
December

a294.95

303.52
r304.58
[H>p305.97

rl72.3
H74.6
rl76.4

r!56J

r47.*3

r!08.*8

1,519
1,550
1,532

107.7
109.5
99.8

r50.'8

(NA)

E>P178.2

pi ,585

99.2

1980

1981
January
February
March

a3io!59

April
May
June

a323.84

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
lr
The following series reached their high values before 1979: Series 28 (2,197) in April 1978, series 29 (160.2) in June 1978, and series
9 (63.3) in 2d quarter 1978.
2
See "New Features and Changes for This Issue," page iii.


FEBRUARY 1981


67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

B

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Inventories on Hand and on Order

Inventory Investment

Timing Class

Year
and
month

INVENTORIES ANC INVENTORY INVESTMENT

L, L, L

L, L, L

L, L, L

L, L, L

30. Change in
business inventories in 1972
dollars

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

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

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

(Ann. rate,
bil. dol.)

Monthly
data *

Smoothed
data1 2

(Ann. rate,
bil. dol.)
Revised

1979

3

(Ann. rate,
bil. dol.)
Revised

(Ann. rate,
bil. dol.)

(Bil dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

(Bil dol.)

3

70. Constant
(1972) dollars

(Bil dol.)
Revised

Lg, Lg, Lg

Lg, Lg, Lg

L, Lg, Lg

65. Manufacturers' inventories of
finished
goods, book
value

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

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

(Bil dol.)

(Ratio)

(Bil dol.)

3

Revised

3

15.4

32.51
18.43
16.04

20.32
23.34
22.92

56.8
47.2
39.8

H)5.09
3.70
2.98

385.38
389.31
392.63

259.85
260.51
261.52

64.70
65.51
65.88

1.62
1.64
1.61

173.60
177.30
180.29

E>18'.4

25.91
-3.61
17.57

21.23
16.45
13.04

68.1
43.7
57.3

4.33
0.52
2.59

398.31
401.94
406.72

262.97
263.77
265.08

67.08
67.22
68.08

1.67
1.64
1.68

184.62
185.14
187.73

July
August
September

7.6

16.84
0.37
-15.23

11.78
10.93
6.13

B>82.3
42.6
16.0

1.24
2.21
1.74

413.58
417.13
418.46

267.21
H>267.56
266.29

68.62
68.95
69.87

1.67
1.67
1.66

188.97
191.18
192.93

October
November
December

-0.7

-1.00
-13.30
-18.31

-2.31
-7.57
-10.36

51.0
38.9
10.1

2.24
2.52
1.51

422.71
425.95
426.80

267.02
266.63
265.44

69.75
69.94
70.53

1.68
1.69
1.68

195.16
197.69
199.20

-o!9

-17.33
-15.35
4.90

-13.59
-16.66
-13.13

55.5
44.8
47.5

2.48
2.54
1.21

431.42
435.16
439.11

264.77
264.14
264.60

71.78
72.76
73.94

1.64
1.66
1.71

201.67
204.22
E>205.43

-4.54
-27.35
-24.61

-7.13
-7.00
-13.92

72.7
7.6
14.8

-0.36
-2.85-2.32

445.17
445.80
447.03

266.02
265.24
264.73

75.76
76.21
76.61

1.78

0)1.80
1.79

205.07
202.22
199.90

-3.30
-6.23
-1.56

-18.63
-14.90
-7.54

29.7
29.3
31.4

1.37
-1.50
0.87

449.51
451.95
454.57

264.79
264.39
264.24

77.00
H>77.19
76.76

1.76
1.77
1.72

201.27
199.76
200.63

11.95
-8.52
p-7.94

-1.16
1.00
p-0.44

23.6
rl7.4
p-11.6

1.44
0.85
p i . 35

456.53
(H)r457.99
p457.02

264.51
264.02
p263.28

76.43
76.81
75.58

1.70
1.70
pi.68

202.07
202.92
P204.27

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

January
February
March
April
May
June

1980
January
February
March
April
May
June
July
August
September
October
November
December

-5*. 6

r-5.8

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

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

Series 36 (monthly) reached its high value (37.30) in March 1978; series 36 (smoothed) reached its high value (26.38) in May 1978.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
See "New Features and Changes for This Issue," page iii.
2




68

FEBRUARY 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| 3

Minor Economic
Process

L, L, L

U, L, L

92. Change in sensitive crude
materials prices
Year
and
month

Smoothed
data3

Monthly
data2

(Percent)

1979

Stock
Prices

Sensitive Commodity Prices

Timing Class

(Percent)

Revised4

Revised 4

0.63

PRICES, COSTS, AND PROFITS

23. Index of
spot market
prices, raw
industrials ©

L, L, L

19. Index of
stock prices,
500 common
stocks ©

(1967 = 100)

(1941-43 = 10)

Profits and Profit Margins

L, L, L

L, L, L

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

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

L, C, L

L, C, L

Corporate profits after taxes
with IVA and CCAdj1
79. Current
dollars
(Ann. rate,
bil. dol.)

80. Constant
(1972) dollars2
(Ann. rate,
bil. dol.)

L, L, L

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

(Percent)

January
February
March

3.08
2.96

1.11
1.24
1.88

258.3
273.5
288.5

99.71
98.23
100.11

164^6

ioi 16

0)113.*4

70." 1

0)11.'9

April
May
June

0.87
2.66
3.26

2.26
2.23
2.21

294.5
293.8
293.9

102.07
99.73
101.73

164.6

98! 9

11CL2

66\9

ll.*5

July
August
September

1.17
0.38
3.39

2.31
1.98
1.62

297.3
298.1
297.3

102.71
107.36
108.60

173!6

101.8

ni!i

65^7

ii!i

October
November
December

2.78
1.98"
2.12

1.92
2.45

0)2.51

307.7
304.0
309.6

104.47
103.66
107.78

16EL2

96'.7

102^2

59*.4

11.'i

January
February
March

2.99
2.45
-1.23

2.33
2.44
1.96

316.2
0)322.5
316.9

110.87
115.34
104.69

H>182*. 9

0)1O2 # .6

106.6

6o!l

11.'5

April
May
June

0.25
-0.07
0.00

0.95
0.07
-0.14

301.9
278.5
267.5

102.97
107.69
114.55

146^5

80.'3

97.*8

54] 1

9.*4

July
August
September

2.27
2.34
2.00

0.40
1.14
1.87

277.6
292.1
298.3

119.83
123.50
126.51

159J

85.*5

99^4

54*6

1616

October
November
December

2.52
1.32
0.52

2.24
2.12
1.70

300.8
304.7
298.4

130.22
0)135.65
133.48

(NA)

(NA)

(NA)

(NA)

(NA)

-0.60

0.93

1980

1981
January
February
March

5

291.6
283.2

6

132.97
128.44

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
1

2
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series 92 (monthly) reached its high value (3.72) in Feb3
ruary 1977; series 80 reached its high value (71.0) in 3d quarter 1977.
Series is a weighted 4-term moving average (with weights 1,2,2,1)
A
placed on the terminal month of the span.
See "New Features and Changes for This Issue," page iii. 5Average for February 3, 10, and 17.
6
Average for February 4, 11, and 18.


FEBRUARY 1981


69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PRQCESS

B B

Minor Economic
Process

U, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income' 2
(Percent)

L, L, L

L, L, L

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

26. Ratio, price
to unit labor
cost, nonfarm
business sector2

(Cents)

(1977 = 100)

3

( )

1979

Unit Labor Costs and Labor Share

Cash Flows

Profits and,Profit Margins—Continued

Timing Class

Year
and
month

PRICES, COSTS, AND PROFITS-Continued

Revised

L, L, L

L, L, L

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

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

3

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

(1977 = 100)

(Dollars)

Revised

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

January
February
March

7.5

H>5'.9

97^6

247.4

147^9

115.4

1.052

170.2
171.6
171.7

74-! 1

April
May
June

6\9

5*.6

97.*O

252.'(D

147.4

118.5

1.079

176.4
173.9
174.6

74.*5

July
August
September

6*.3

'5.8

96.6

266.1

152.5

121.4

1.104

175.7
177.3
177.7

74 .*3

October
November
December

5*.7

b'.k

96^2

262.9

148.6

124.*2

1.135

178.9
180.0
181.7

74^7

January
February
March

5.5

5^6

96.5

E>280.'7

H)155!2

127^0

1.158

182.9
184.9
186.8

74^6

April
May
June

5^5

4^4

95.*8

246.1

132.2

1 31*.' 3

1.193

190.5
194.8
198.6

0)75 '.8

July
August
September

5^4

p4.6

96.*5

262^9

138.6

133.9

[H>1 .203

200.6
201.4
r200.6

75.*3

October
November
December

(NA)

(NA)

p96.*4

(NA)

(NA)

[H)P137.'3

(NA)

r!99.9
r200.0
r200.5

(NA)

1980

1981
January
February
March

E>p202.6

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.

*1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series 81 reached its high value (8.8) in 3d quarter 1977; series 26 reached its high value (100.7) in 3d quarter 1975.
3
See "New Features and Changes for This Issue," page iii.

2

70




FEBRUARY 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q [

Minor Economic
Process
Timing Class

Year
and
month

Money

L, L, L

85. Change in
money supply
(Ml-B)

L, C, U

102. Change
in money
supply (M2)l

(Percent)

L, L, L

104. Change in total liquid assets
Smoothed
data2

(Percent)

Credit Flows

Velocity of Money

L, L, L

Monthly
data

(Percent)

(Percent)

1979
January
February
March

MONEY AND CREDIT

105. Money
supply (Ml-B)
in 1972
dollars1

L, L, L

106. Money
supply (M2)
in 1972
dollars1

(Bil. dol.)

(Bil. dol.)

Revised 3

Revised 3

C, C, C

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

(Ratio)

C, Lg, C

L, L, L

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

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

(Ratio)

Revised 3

0.06
0.19
0.89

0.41
0.46
0.91

0.60
0.81
1.18

1.02
0.92
0.85

219.7
217.9
217.8

858.1
853.3
853.2

6.469

1.312
1.318
1.321

100.76
82.08
88.07

1.57
-0.14
1.30

1.02
0.58
1.13

1.14
1.06
1.43

0.95
1.09

853.8
850.0
850.8

6.397

E>1.17

219.1
216.6
217.2

1.313
1.313
1.312

75.10
91.80
94.58

July
August
September

0.94
0.66
0.60

0.85
0.91
0.74

0.74
0.89

216.7
215.9
214.6

848.3
847.0
843.4

6.430

Dl.43

1.14
1.05
1.02

1.322
1.324
1.323

97.24
83.89
87.31

October
November
December

0.16
0.37
0.62

0.49
.0.44
0.59

0.44
0.27
0.69

0.97
0.82
0.59

212.7
211.1
210.0

838.5
833.0
828.1

6.487

1.332
1.340
1.345

[H)103.58
77.04
51.55

January
February
March

0.36
0.80
rO.OO

0.57
0.84
r0.45

r0.66
rl.04
rO.7O

0.51
0.67
0.80

207.8
206.8
204.1

821.4
817.8
810.6

r6.587

1.353
1.348
rl.351

87.48
67.45
69.22

April
May
June

rl.30
-0.05
1.35

r-0.27
0.86
1.53

r0.43
rO.75
0.58

0.76
0.68
rO.61

199.7
197.9
198.6

801.4
801.4
805.7

6.612

1.356
1.352
1.340

50.04
16.75
8.11

July
August
September

1.07
[H)1.82
1.32

1.57
1.24
0.73

rO.69
rl.08
rl.04

r0.63
r0.73
r0.86

200.5
202.6
203.2

817.7
821.5
818.9

6.559

1.340
1.335
1.341

43.40
65.93
75.84

October
November
December

0.98
0.73
-0.75

0.74
r0.86
r0.17

rO.53
1.19
e0.62

r0.91
0.90
e0.85

203.1
202.3
198.9

816.5
814.6
808.1

[H>r6.6i6

1.349
rl.351
rl.360

95.47
77.50
74.24

p i . 02
"-0.57

pO.56

el. 09

e0.87

p!99.5

p806.7

B> pi.365

(NA)

April
May
June

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
lr
The following series reached their high values before 1979: Series 102 (1.64) in June 1975, series 105 (224.3) in January 1978, and se2
ries 106 (868.6) in January 1978.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the
3
span.
See "New Features and Changes for This Issue," page iii.
''Average for weeks ended February 4 and 11.


FEBRUARY 1981


71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

I M

Minor Economic
Process
Timing Class

Year
and
month

Credit Difficulties

Credit Flows-Continued

L, L, L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil. dol.)

L, L, L

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

MONEY AND CREDIT-Continued

L, L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures1©

(Mil. dol.)

Bank Reserves

L, L, L

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

(Percent)

Interest Rates

L, U, U

L, Lg, U

L, Lg, Lg

C, Lg, Lg

93. Free
reserves ©

94. Member
bank borrowing from the
Federal
Reserve ®

119. Federal
funds rate ©

114. Treasury
bill rate ©

(Mil. dol.)

(Mil. dol.)

(Percent)

(Percent)

2

1979

( )

January
February
March

39.31
33.07
5.76

50.57
50.64
40.20

347,904

182.22
177.09
187.76

0)2.12
2.31
2.33

-692
-764
-742

994
973
999

10.07
10.06
10.09

9.35
9.27
9.46

April
May
June

39.62
31.99
23.23

45.71
37.99
31.33

355,864

242.76
200.45
273.17

2.43
2.37
2.45

-899
-1,490
-1,175

897
1,777
1,396

10.01
10.24
10.29

9.49
9.58
9.05

July
August
September

40.55
30.54
43.36

33.79
32.77
48.10

0)414,406

212.20
287.44
186.20

2.45
2.47
2.59

-989
-904
-1,339

1,179
1,097
1,344

10.47
10.94
11.43

9.26
9.45
10.18

October
November
December

3.72
-21.10
4.55

•36.40
32.33
24.40

309,748

395.75
184.31
138.02

2.45
2.50
2.64

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

2,022
1,906
1 ,473

13.77
13.18
13.78

11.47
11.87
12.07

[H)55.48
35.83
-1.52

32.72
28.84
7.85

352,792

243.15
190.79
274.24

2.37
2.32
2.53

-999
-1,465

0)r-2,638

1,241
1,655
0)2,824

13.82
14.13
17.19

12.04
12.81
15.53

2.47
-38.96
2.14

-20.05
-32.12
-24.54

171,740

428.15
381.15
436.68

2.53
2.64
2.74

-2,261
-835
r-169

2,455
1,018
r380

17.61
10.98
9.47

14.00
9.15
7.00

July
August
September

13.06
30.23
29.86

-14.39
5.87
12.66

p283,032

445.69
345.41
1,002.94

2.77
2.94
2.70

r-111
r-357
r-1,055

r395
r659

H.311

9.03
9.61
10.87

8.13
9.26
10.32

October
November
December

29.81
r35.66
41.82

8.42
10.07
19.43

359.24
(NA)

(NA)

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

pi,335
p2,156
pi,617

12.81
15.85
18.90

11.58
13.89
0)15.66

pO.7O
-6.60

(NA)

p-913
*-919

pi,405
"1,153

0)19.08
"16.50

1980
January
February
March
April
May
June

(NA)

1981
January
February
March

3

5

14.72
15.17

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
2
Series 113 reached its high value (51.37) in June 1978; series 14 reached its high value (96.99) in September 1977.
See "New Features
3
and Changes for This Issue," page iii.
Average for weeks ended February 4 and 11. "Average for weeks ended February 4, 11, and 18. A v erage for weeks ended February 5, 12, and 19.




72

FEBRUARY 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

WM

Minor Economic
Process
Timing Class

MONEY AND CREDIT-Continued

Outstanding Debt

Interest Rates-Continued

Lg, Lg, Lg

116. Corporate
bond yields @

C Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

115. Treasury
bond yields ®

117. Municipal
bond yields @

118. Secondary
market yields
on FHA
mortgages @

67. Bank rates
on short-term
business loans

(Percent)

(Percent)

Year
and
month
(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

®

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit

(Percent)

(Mil. dol.)

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

Lg, Lg, Lg

95. Ratio,
consumer installment credit
to personal
income

(Percent)

1

C)

1979
January
February
March

9.47
9.52
9.65

8.43
8.43
8.45

6.47
6.31
6.33

10.24
10.24
10.26

12,27

11.75
11.75
11.75

269,107
273,327
276,677

134,984
137,740
138,220

14.58
14.67
14.68

April
May
June

9.69
9.82
9.51

8.44
8.55
8.32

6.29
6.25
6.13

(NA)
10.61
10.49

12^34

11.75
11.75
11.65

280,486
283,652
286,263

141,522
144,188
146,124

14.83
|H>14.90
14.88

July
August
September

9.47
9.57
9.87

8.35
8.42
8.68

6.13
6.20
6.52

10.46
10.58
11.37

12131

11.54
11.91
12.90

289,079
291,810
295,818

149,503
152,048
155,661

14,79
14.78
14.88

October
November
December

11.17
11.52
11.30

9.44
9.80
9.58

7.08
7.30
7.22

(NA)
12.41
12.24

15^81

14.39
15.55
15.30

298,851
301,545
303,578

155,971
154,213
154,592

14.86
14.83
14.80

January
February
March

11.65
13.23
14.08

10.03
11.55
11.87

7.35
8.16
9.17

12.60
(NA)
B>14.63

15.67

15.25
15.63
18.31

306,305
308,708
0)309,362

159,215
162,201
162,074

14.75
14.80
14.72

April
May
June

13.36
11.61
11.12

10.83
9.82
9.40

8.63
7.59
7.63

13.45
11.99
11.85

0)17! 75

19.77
16.57
12.63

307,691
305,014
302,969

162,280
159,033
159,211

14.64
14.43
14.24

July
August
September

11.48
12.31
12.74

9.83
10.53
10.94

8.13
8.67
8.94

12.39
13.54
14.26

11.56

11.48
11.12
12.23

301,770
302,259
303,314

160,299
162,818
165,306

13.96
13.87
13,75

October
November
December

13.17
14.10
0)14.38

11.20
11.83
|H>11.89

9.11
9.56
K>10.20

14.38
14.47
14.08

15^71

13.79
16.06

304,016
304,855
306,474

167,790
rl70,762
174,267

r!3.61
H3.51
p!3.46

9.68
10.04

14.23

(NA)

Dpl74,273
5
173,723

1980

0)20.35

1981
January
February
March

2

14.01
14.60

2

11.65
12.22

3

20.16
"19.54

(NA)

April
May
June
July
August
September
October
November
December
See note on page 60.

Graphs of these series are shown on pages 15, 34, and 35.
1
See "New Features and Changes for This Issue," page iii.
February 5, 12, and 19.
^Average for February 1 through 23.


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

2

Average for weeks ended February 6, 13, and 20.
5
Average for weeks ended February 4 and 11.

3

Average for weeks ended

73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

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

Year
and
month

DIFFUSION INDEXES

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

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

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

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

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

1-month
span

6-month
span

1-month
span

6-month
span

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

January
February
March

58.3
41.7
66.7

33.3
41.7
41.7

25.0
75.0
100.0

75.0
87.5
50.0

83.3
75.0
75.0

100.0
100.0
100.0

52.5
37.5
67.5

15,0
10.0
15.0

11,8
72.5
68.6

46.1
27.5
25.5

66,9
66.3
62.2

74.7
71.8
64.0

April
May
June

25.0
45.8
41.7

41.7
33.3
29.2

12.5
75.0
75.0

75.0
50.0
25.0

91.7
75.0
83.3

83.3
100.0
100.0

0.0
92.5
32.5

17.5
30.0
17.5

7.8
66.7
66.7

56.9
49.0
31.4

49.7
58.1
57.8

60.5
53.8
51.5

July
August
September

45.8
29.2
54.2

37.5
33.3
45.8

100.0
50.0
50.0

100.0
50.0
75.0

66.7
83.3
75.0

100.0
83.3
75.0

75.0
45.0
72.5

32.5
25.0
90,0

37.3
54.9
86.3

21.6
23.5
49.0

57.0
54.4
52.9

58.1
55.5
55.2

October
November
December

16.7
20,8
41.7

41,7
45.8
16.7

62,5
50.0
100.0

75.0
75.0
25.0

83.3
41.7
50.0

50.0
66.7
50.0

37.5
57.5
65.0

45.0
32.5
27.5

8.8
53.9
68.6

35,3
33.3
5.9

65.1
55.2
53.5

59.3
63.1
56.4

41.7
29.2
33.3

0.0
16.7
16.7

100.0
25.0
0.0

25.0
0.0
0.0

41.7
66.7
50.0

50.0
58.3
33.3

75.0
10.0
0.0

17.5
2.5
5,0

25.5
60.8
46.1

2.0
2.0
9.8

60.2
54.9
45,9

45.3
36.9
32.3

12.5
r29.2
50.0

16.7
r41.7
45.8

0.0
0.0
25.0

0.0
0.0
rO.O

66.7
33.3
33.3

41.7
50.0
33.3

55.0
17.5
17.5

12.5
5.0
10.0

3.9
33.3
70.6

19.6
3.9
7.8

34.6
28.8
30.2

24.7
26.7
25.6

July
August
September

83.3
75.0
91.7

r75.0
100.0
HOO.O

25.0
75.0
100.0

50.0
100.0
100.0

41.7
33.3
33.3

33.3
33.3
50.0

32.5
87.5
65,0

r35.0
r70.0
p90.0

62.7
84.3
13.7

p58.8
(NA)

36.3
62.8
62.8

32.3
r46.8
r68.3

October
November
December

66.7
r66.7
X
27.3

100.0

r50.0
50.0
66.7

75.0

70.0
r72.5
r80.0

64.0
r66.9
r62.8

p76.7

1979

1980
January
February
March
April
May
June

2

80.0

100.0
rlOO.O
100.0

3

A

76.5
P96.1
(NA)

1981
2

January
February
March

20.0

3

100.0

"37.5

p85.0

p64.8

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 rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated b y ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
Excludes
Excludes
3
Excludes
"Excludes
2

series
series
series
series

12
12
57
70




74

for
and
for
and

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

FEBRUARY 1981

KCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |

Year
and
month

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

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

1-month
span

9-month
span

1-quarter
span

January
February
March

62.9
45.7
62.9

82.9
80.0
61.4

48

April
May
June

25.7
62.9
51.4

65.7
62.9
60.0

33

July
August
September

42.9
57.1
60.0

54.3
45.7
75.7

48

October
November
December

51.4
45.7
54.3

62.9
62.9
42.9

53

January
February
March

72.9
40.0
31.4

22.9
28.6
34.3

71

April
May
June

17.1
34.3
42.9

44.3
54.3
40.0

15

July
August
September

71.4
54.3
82.9

51.4
r67.1
p80.0

p50

October
November
December

71.4
48.6
r48.6

4-Q moving
average

DIFFUSION 1
NDEXES-Continued

966. Index of industrial
production (24
industries)

1-month
span

6-month
span

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

1-month
span

968. Index of stock
prices, 500 common
stocksl ®

960. Net profits,
manufacturing2 ©
(about 700 companies)

1-month
span

9-month
span

96.2
96.2
88.5

94.8
35.5
85.5

18.2
32.7
57.4

71

80.8
84.6
91.7

80.0
16.4
90.0

90.7
88.9
75.0

*74

66.7
66.7
58.3

64.8
92.6
53.7

63.0
68.5
68.5

'63

66.7
58.3
58.3

3.7
38.0
95.4

69.8
37.7
39.6

54

58.3
50.0
53.8

74.1
52.8
3.8

39.6
47.2
77.4

*56

(NA)

9-month
span

(4-quarter span)

1979

*45

62.5
54.2
70.8

62.5
66.7
50.0

61.5
76.9
76.9

*45

16.7
62.5
56.2

56.2
54.2
45.8

69.2
42.3
53.8

66.7
50.0
54.2

46.2
30.8
53.8

3

*51

52.1
39.6
45.8

58.3
58.3
45.8

62.5
61.5
76.9

3

47

64.6
52.1
58.3

16.7
16.7
12.5

50.0
73.1
61.5

3

p48

75.0
37.5
35.4

(NA)

12.5
16.7
16.7

16.7
12.5
12.5

11.5
15.4
0.0

50.0
46.2
46.2

26.4
92.5
89.6

90.6
94.3
86.8

29.2
62.5
81.3

39.6
r77.1
r91.7

53.8
76.9
57.7

46.2
42.3
38.5

92.5
88.7
76.4

84.9
96.2
94.3

87.5

plOO.O

65.4
53.8
46.2

"61.5

43.4
55.7
15.1

3

3

3
3

3
3

1980

(NA)

r97.9
r68.8

3

1981
January
February
March

p54.3

p83.3
4

30.8
26.9

66.0

April
May
June
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
^ased on 58 industries for January 1979, on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries
thereafter. Data for component industries are not shown in table C2 but are available from the source agency.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
3
Based on 12 components (excluding rosin).
"•Average for February 3, 10, and 17.


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

75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j

a. Actual
expenditures
(1-Q span)

b. Later
anticipations

c. Early
anticipations
(1-Q span)

(1-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actua

Anticipated

Actual

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

972. Net profits, manufacturing
and trade * ©

971. New orders, manufacturing' ©

970. Business e xpenditures for new plant and
equipment (18 ndustries)

Year
and
quarter

DIFFUSION INDEXES-Continued

(4-Q span)

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

72.7
90.9
72.7
86.4

81.8
81.8
77.3
75.0

70.5
59.1
86.4
72.7

83
86
86
86

82
83
88
86

73
76
78
78

79
82
84
83

84
86
88
88

86
87
92
90

86.4
68.2
68.2
88.6

52.3
63.6
63.6
47.7

63.6
50.0
68.2
77.3

85
81
73
78

80
84
80
72

78
74
70
72

78
82
80
70

87
84
82
82

85
88
84
78

77.3
59.1
50.0
(NA)

54.5
45.5
36.4
40.9

81.8
59.1
81.8
77.3

74
63
60
(NA)

66
75
57
62

62
54
57
(NA)

66
73
59
61

73
62
68
(NA)

72
80
63
67

1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

70.5

77

Q |
974. Number of employees,
manufacturing and trade' @

Year
and
quarter

Anticipated

Actual

975. Level of inventories,
manufacturing and trade l ®
Anticipated

Actual

78

70

DIFFUSION NDEXES-Continued
976. Selling prices, manu
facturing l ©

977. Selling prices, wholesale
trade ! ©

978. Selling prices, retail
trade1 ©

Actua 1

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

62
64
64
63

59
60
62
62

76
76
76
78

67
70
73
74

87
88
90
91

62
60
60
58

60
60
58
56

80
76
73
75

70
74
71
68

58
54
53
(NA)

54
56
48
50

67
61
64
(NA)

62
70
53
56

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

82
84
87
87

89
92
93
94

84
90
87
90

91
94
94
93

90
88
92
92

92
93
92
94

86
88
88
86

96
95
95
96

88
90
92
90

94
95
94
96

90
92
92
90

90
88
90
(NA)

87
90
83
86

92
90
92
(NA)

90
92
87
88

92
91
94
(NA)

90
93
84
90

(4-Q span)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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

56

63

88

90

90

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




76

FEBRUARY 1981

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1981

1980

July

June

August

October

September

November

December

January"^

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

All manufacturing industries

39.1

39,0

39.4

39.6

39.7

39.9

40.1

40.4

Percent rising of 20 components

(18)

(32)

(88)

(65)

(70)

(72)

(80)

(85)

Lumber and wood products ..
Furniture and fixtures

37.6
37.0

38.1
36.6

38.9
37.4

38.8
38.0

38.7
38.0

39.3
38.0

39.4
38.5

39.6
39.0

Stone, clay, and glass products
Primary metal industries

40.4
38.8

40.2
38.6

40.3
39.2

40.9
39.7

40.9
40.1

+
+

41.1
r40.9

41
41

41.
41.

Fabricated metal products
Machinery, except electrical

39.7
40.7

39.6
40.6

40.1
40.8

40.4
40.9

40.4
40.7

+
+

r40.6
41.0

40.7
41.0

40.
41.

Electric and electronic equipment
Transportation equipment

39.2
39.5

39.0
39.6

39.4
40.9

39.5
40.6

39.9
40.8

40.0
41.4

40.3
41.6

40.4
42.3

Instruments and related products

40.4
38.2

40.1
38.3

40.1
38.6

40.1
38.9

40.2
38.7

r40.5
r38.6

40.6
39.1

41.1
38.8

39.6
37.3

39.7
38.5

39.8
37.3

39.7
37.5

39.6
39.5

r39.8
38.9

39.8
37.5

40.3
40.1

Textile mill products
Apparel and other textile products

39.1
35.2

38.8
35.1

39.2
35.1

39.7
35.1

39.9
35.3

40.0
35.0

40.4
35.7

40.5
35.8

Paper and allied products
Printing and publishing

41.4
36.8

41.4
36.9

41.8
37.1

42.2
36.9

42.2
37.1

r42,6
36.8

42.9
37.4

43.0
37.9

Chemicals and allied products
Petroleum and coal products

41.1
42.3

40.8
42.2

41.
42

41.3
42.7

41.4
43.1

41.7
r43.2

41.7
43.0

41.5
43.4

Rubber and miscellaneous plastics products .
Leather and leather products

39.2
36.7

39.0
36.1

40.2
36.5

40.1
36.2

40.4
36.5

r40.8
r36.2

40.8
36.7

41.3
37.3

81,047

82,654

80,851

(71)

(49)

(49)

(54)

11,437
9,623

Durable goods industries:

Miscellaneous manufacturing
Nondurable goods industries:
Food and kindred products
Tobacco manufacturers

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

66,454

Percent rising of 35 components .

+

(43)

Primary metals
Fabricated metal products.

+

Machinery, except electrical . . .
Electrical machinery
Transportation equipment
Other durable goods industries.

+

78,960

74,228

72,229

(71)

(54)

(83)

+

80,693

+

8,947
8,076

+
+

10,811
8,621

11,412
8,522

12,554
8,903

+
+

13,745
10,121

13,029
9,884

+

12,899
10,514

+

13,085
9,941

+

14,177
9,677

12,931
10,790

14,817
9,977

+

14,806
11,098

14,822
11,459

+
-

15,100
10,565

+
+

16,189
11,232

+

12,672
13,733

+
+

16,362
14,580

14,175
14,399

17,487
15,222

+

15,007
15,916

15,957
15,896

+
+

17,169
16,407

+

15,940
16,430

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2

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

The "r" indicates revised; " p "

Data for most of the 35 diffusion index components are not available for publication; however, they are included in the totals
and directions of change for the six major industry groups shown here.


FEBRUARY 1 9 8 1


77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j

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

1981

1980

Diffusion index components

August

July

June

0ctoberr

September

December1"

November1"

January^*

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

Percent rising of 24 components

140.4

141.5

All industrial production
2

+

+

(62)

(29)

(17)

141.8

144.1

+

146 9

+

(88)

(81)

149 4

+

(98)

150 9

+

151 8

(69)

(83)

124.7
148.8

(NA)
(NA)
(NA)
112.7

Durable manufactures:
Lumber and products
Furniture and fixtures

+

109.7
143.1

141.1

+
+

122.6
144,8

+

122.2
147.2

+
o

124.9
147.2

+

135.7
86.0

+
+

141.4
90.1

+
+

145.2
100.6

+
+

147.8
113.5

+

151.2
113.3

+

123.8
158,5

+
+

125.8
158.8

+
+

129.0
159.1

+
+

132,8
161,1

+
+

133.9
163.4

+
+

136.3
165.2

+
+

137.6
167.8

166.6
110.0 +

165.0
110.7

+

166,7
108.3

+
+

167.5
112.9

+
+

170.0
118.8

+
+

173.3
121.7

+

175.3
120.5

+

177.3
117.5

+

167.6
144.2

167.4
142.8

+
+

169,6
145.0

+
+

169.9
147.5

+
+

172.1
149.3

+
+

175.0
150.6

+

149.7
(NA)

(NA)
(NA)

134.0
(NA)

(NA)
(NA)

Fabricated metal products
Nonelectrical machinery

126.1
158.3

169.2
143.7

+

167.5
144.7

Foods
Tobacco products

149.0
113.9

+

148.9
119.6

Textile mill products
Apparel products

133.6
127.2

Instruments
Miscellaneous manufactures

121.7

+
+

134.5
90.4

+

112.8 +
138.6 +
134.2
81.7

Clay, glass, and stone products
Primary metals

Electrical machinery
Transportation equipment

+

Nondurable manufactures:

Paper and products
Printing and publishing

+

146,2
135.4

+

148.3
117.4

+
+

148.6
119.1

+
+

149.4
123.1

+
+

149.5
124.7

132.5
121.5

+
+

132.6
123.8

+
+

133.0
126.7

+
+

133.8
127.5

+
+

135.0
129.9

143.6
138.6

+
+

147,1
140:3

+
o

152.3
140.3

+
+

153.0
141.5

+
+

154.3
142.7

+
+

156.8
144.8

+

153.8
146.2

197.8
126.7

+
+

206.8
130.5

+

209.1
130.1

+
+

212.1
132.8

+
+

217.3
136.9

+

(NA)
137.7

245.9
67.7

+

253.1
67,2

+
+

259.2
70.2

+
+

259.6
71.2

o

259.7
68.3

(NA)
(NA)

71.2
154.9

+

73.1
148.9

+

90.8
145.7

+
+

107.2
151.6

+
+

115.0
158.3

(NA)
153.8

133.6
123.5

+
+

134.7
128.2

+
+

135.4
129.0

+
+

136.8
131.5

+
+

137.5
135.5

Chemicals and products
Petroleum products

191.1
131.3

190.3
130.5

+

Rubber and plastics products
Leather and products

242.9
68.5

242.5
67.8

+

120.0
150.0

83.1
149.8

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

+

133.2
123.9

+

134.3
123.7

+

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

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

+

The "r" indicates revised; " p "

x

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

2




78

140.0
(NA)

FEBRUARY 1 9 8 1

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

j Q

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

Diffusion index components

1980

July

June

August

1981

October

September

967. INDEX OF SPOTMARKET PRICES RAW INDUSTRIALS

Raw industrials price index (1967 = 100) . . . .

-

Percent rising of 13 components

4

267.5

277.6

+

(54)

(O)

292.1

+

298.3

+

(58)

(77)

November

December

+

-

January

February 1

2

300.8
(65)

304.7
(54)

-

298.4

291.6

-

283.2
(27)

(46)

(31)

0.662
1.459

-

0.653
1.440

Dollars

Copper scrap.

(pound)..
(kilogram)..

-

0.679
1.497

4

0.760
1.675

-

0.732
1.614

-

0.716
1.578

+

0.732
1.614

Lead scrap . . .

(pound)..
(kilogram)..

-

0.216
0.476

4

0.218
0.481

+

0.256
0.564

+

0.294
0.648

+

0.302
0.666

Steel scrap ..

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

-

63.000
69.445

68.000
74.956

+

78.000
85.979

+

89.000
98.105

+

93.000
102.514

+

98.000
108.025

Tin

(pound).,
(kilogram)..

-

7.810
17.218

-

7.742
17.068

0

7.742
17.068

+

7.974
17.579

-

7,728
17.037

-

Zinc

(pound)..
(kilogram)..

-

0.368
0.811

-

0.355
0.783

+

0.383
0.844

0.337
0.369

-

0.324
0.354

Burlap

(yaro1)..
(meter)..

Cotton

(pound)..
(kilogram)..

-

0.725
1.598

+

0.783
1.726

Print cloth . . .

(yard)..
(meter)..

-

0.690
0.755

-

0.675
0.738

Wool tops . . .

(pound)..
(kilogram)..

3.200
7.055

0

3.200
7.055

Hides

(pound)..
(kilogram)..

0.380
0.838

Rosin

Rubber

Tallow

+

0.476
1.049

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

-

45.000
99.207

0

45.000
99.207

(pound)..
(kilogram)..

-

0.680
1.499

-

0.678
1.495

(pound)..
(kilogram)..

0.152
0.335

+

0.167
0.368

+

+

+

-

+

+

0

+

+

-

0.719
1.585

-

0,654
1.442

0.294
0.648

-

0.260
0.573

-

0.239
0.527

-

0.204
0.450

+ 103.800
114.419

-

96.000
105.821

o

96.000
105.821

7.405
16.325

-

6.766
14.916

-

6.668
14.700

+

0.396
0.873

+

0.416
0.917

o

0.416
0.917

0.314
0.343

-

0.286
0.313

-

0.273
0.299

+

0.280
0.306

6.400
14.109

0.359
0.791

+

0.374
0.825

0.331
0.362

-

0.325
0.355

0.857
1.889

+

0.875
1.929

-

0.861
1.898

+

0.869
1.916

+

0.875
1.929

-

0.850
1.874

-

0.819
1.806

0.668
0.731

-

0.656
0.717

+

0.665
0.727

+

0.684
0.748

+

0.702
0.768

-

0.688
0.752

+

0.720
0.787

3.400
7.496

+

3.460
7.628

+

3.500
7.716

o

3.500
7.716

o

3.500
7.716

0

3.500
7.716

+

3.567
7.864

0.522
1.151

-

0.474
1.045

4-

0.498
1.098

+

0.592
1.305

+

0.624
1.376

-

0.572
1.261

-

0.522
1.151

45.000
99.207

0

45.000
99.207

o

45.000
99.207

o

45.000
99.207

o

45.000
99.207

0

45.000
99.207

o

45.000
99.207

0.756
1.667

+

0.802
1.768

-

0.796
1.755

0.722
1.592

-

0.704
1.552

-

0.689
1.519

0.179
0.395

-

0.169
0.373

+

0.180
0.397

0.177
0.390

0

0.177
0.390

-

0.175
0.386

0.688
1.517
0.187
0.412

+

-

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

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

o

0.416
0.917
0.264
0.289

The "r" indicates revised: " p "

1

Average for February 3, 10, and 17.
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.

2


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

79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

M R

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
GNP in 1972
dollars

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

Year
and
quarter

GNP AND PERSONAL INCOME

b. Difference

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

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
dollars)

213. Final sales
in 1972 dollars

(Ann. rate,
bil. dol.)

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

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

43.8
97.2
60.9
81.4

9.1
20.5
11.9
15.7

,402.3
,432.8
,446.7
,465.8

10.8
30.5
13.9
19.1

3.2
9.0
3.9
5.4

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

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

2,340.6
2,374.6
2,444.1
2,496.3

68.7
34.0
69.5
52.2

12.7
5.9
12.2
8.8

,479.9
,473.4
,488.2
1 ,490.6

14.1
-6.5
14.8
2.4

3.9
-1.7
4.1
0.6

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

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

2,571.7
2,564.8
2,637.3
r2,732.3

75.4
-6.9
72.5
r95.0

12.6
-1.1
11.8

,501.9
,463.3
,471.9
r ,486.5

11.3
-38.6
8.6
r!4.6

3.1
-9.9
2.4

6,767
6,578
6,597
r6,644

1,502.8
1,462.0
1,476.9
rl,492.4

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

r!5.2

r4.0

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
K g

^ H

GNP AND PERSONAL INCOME-Continued
230. Total in current
dollars

Disposable personal income

Year
and
quarter

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

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

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
ifi 1972 dollars

227. Per capita in
1972 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

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

966.8
975.5
985.9
998.0

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

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

884.1
900.6
911.2
923.4

185,0
200.1
202.0
210.2

139.5
148.1
147.0
150.7

1,580.2
1,612.8
1,663.8
1,710.1

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

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

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

925.5
922.8
933.4
941.6

212.5
207.4
213.3
216.1

149.6
144.2
146.7
146.0

1,765.1
1,784.1
1,840.6
rl,896.7

1,021.0
1,008.2
1,018.5
rl,025.8

4,600
4,532
4,565
r4,585

1,631.0
1,626.8
1,682.2
rl,749.2

943.4
919.3
930.8
r946.0

220.9
194.4
208.8
r223.4

145.4
126.2
132.6
r!39.2

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

....
....

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
NOTE: Series are seasonally adjusted except for those, indicated by (3), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 41.




FEBRUARY 1 9 8 1

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

M l

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

iffl GROSS PRIVATE

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

(Ann. rate,
bil. dol.)

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

(Ann. rate,
bil. dol.)

DOMESTIC INVESTMENT
242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

504.0
520.4
536.3
558.3

339.8
342.4
347.2
353.5

589.3
609.5
631.6
648.1

404.8
410.1
417.1
419.2

350.7
377.7
380.4
392.6

224.9
232.9
229.3
231.8

325.8
350.7
361.3
374.9

207.2
216.9
217.8
221.3

571.8
586.4
611.5
639.2

351.1
350.6
355.4
361.3

669.9
684.2
704.3
727.0

424.8
428.0
431.3
434.3

408.3
423.2
421.7
410.0

237.7
238.7
232.6
221.5

384.0
390.1
408.3
410.8

222.3
220.4
225.0
222.2

661.1
664.0
674.2

361.5
356.6
354.9
r359.9

749.0
768.4
799.2
r823.7

436.5
436.5
443.3
r447.0

415.6
390.9
377.1
r398.1

218.3
200.5
195.3
r201.1

413.1
383.5
393.2

219.2
199.2
200.2
r207.0

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

r702.2

r413.3

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
GROSS PRIVATE
WSm DOMESTIC INVEST.-Con.

Year
and
quarter

245. Change in
business inventories in current
dollars
(Ann. rate,
bil. dol.)

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

0 1
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

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

24.9
27.0
19.1
17.7

17.7
16.0
11.5
10.6

415.7
425.1
438.3
451.3

274.6
276.3
280.0
280.1

149.5
149.1
154.1
160.7

99.4
98.0
100.8
101.0

266.2
276.0
284.2
290.6

175.3
178.3
179.2
179.2

24.3
33.1
13.3
-0.8

15.4
18.4
7.6
-0.7

458.2
465.1
475.4
496.4

280.6
280.3
281.1
285.3

164.8
163.6
165.1
178.1

102.9
100.8
99.9
103.1

293.4
301.6
310.4
318.3

177.7
179.4
181.2
182.2

2.5
7.4
-16.0

-0.9
1.3
-5.0
r-5.8

516.8
530.0
533.5

290.1
291.9
288.2
r289.7

190.0
198.7
194.9
r212.1

107.6
110.7
106.9
H07.6

326.8
331.3
338.6
r346.0

182.5
181.2
181.3

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

r-15.2

r558.0

r!82.1

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

It4l>


FEBRUARY 1981


81

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Q |

255. Constant
(1972) dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256 Constant
(1972) dollars

252 Current
dollars

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services

Year
and
quarter

• •
NATIONAL INCOME
1 3 1 AND ITS COMPONENTS

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

-12.3
-3.3
1.9
11.4

18. 7
23. 0
26.1
30. 5

195.9
214.8
225.3
243.5

118.3
125,4
129.8
136.6

208.2
218 .1
223.3
232 .0

99. 5
102. 4
103. 7
106. 2

1,644 .6
1,720 .7
1,771 .7
1,844 .6

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

19.9
8.2
17.9
7.6

36. 0
31. 6
41. 1
42. 2

259.1
266.8
293.1
306.3

141.1
140.5
151.3
154.8

239 .2
258 .6
275 .2
298 .7

105. 1
108. 8
no. 2
112. 6

1,903 .6
1,932 .0
1,986 ,2
2,031 .3

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

8.2
17.1
44.5
r26.9

50. 1
51. 7
57. 6
r49. 7

337.3
333.3
342.4
r347.5

165.9
160.5
160.5
H58.1

329 .1
316 .2
297 .9
r320 5

8
9
8
3

2,088 .5
2,070 .0
2,122 .4
(NA)

1,558.0
1,569.0
1,597.4
r l ,661.6

1979
First quarter
Second quarter
Third quarter
Fourth quarter
1980

....
....

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

115.
108.
102.
rlO8.

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

i

J

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

Ypar
I cdl

and
quarter

(Ann. rate,
bil. dol.)

Q

NATIONAL 1NCOME AND ITS COMPONENTS-Contmued
284. Renta income
of persons with
capital consumption adjustment
(Ann. rate,
bil. c ol.)

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

290. Gross saving
(private and government)

288. Net i nterest

(Ann. rate,
bil. dol.)

(Ann rate,
bil. dol.)

SAVING

295. Business
saving

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

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

110.2
115. E
118.2
124.6

25 .3
25 .4
28 .7
30 .0

163.6
185.2
190.5
202.7

107
112
117
125

3
3
8
7

326.9
354.0
359.4
380.4

260.1
275.5
284.9
295.8

84.6
73.6
73.4
73.8

127.£ I
129.4
132. c
136.C

30 .7
30 .1
30 .3
31 .0

201.9
196.6
199.5
189.4

133
136
146
156

4
9
8
5

407.4
416.2
422.3
402.0

304.4
310.3
320.5
315.7

83.8
90.9
89.3
80.7

133.7
124, S
129.7
r!34.3

31 .2
31 .5
32.0
r32 .4

200.2
169.3
177.9
(NA)

165
175
185
r!93

4
3
3
6

404.5
394.5
402.0
(NA)

326.7
325.8
334.6
(NA)

86.4
110.0
111.4
r99.5

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.




82

FEBRUARY 1981

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q j

Year
and
quarter

Wm

SAVING-Continued

298. Government
surplus or deficit,

293. Personal
saving rate

total

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

SHARES OF GNP AND NATIONAL INCOME

Percent of gross national product

(Percent)

235. Personal consumption expenditures, total

248. Nonresidential
fixed investment

(Percent)

(Percent)

249. Residential
fixed investment
(Percent)

247. Change in
business inventories

251. Net exports of
goods and services
(Percent)

(Percent)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

-17.7
4.9
1.1
10.8

6.0
5.1
5.0
4.8

62.9
62.5
62.5
62.4

11.0
11.2
11.3
11.4

5.1
5.2
5.2
5.1

1.2
1.3
0.9
0.8

-0.6
-0.2
0.1
0.5

18.1
13.9
11.3
4.4

5.3
5.6
5.4
4.7

62.1
62.2
62.6
63.4

11.4
11.5
11.8
11.6

5.0
4.9
4.9
4.8

1.0
0.5
0.0

0.9
0.3
0.7
0.3

-9.6
-42.5
-45.6
(MA)

4.9
6.2
6.1
r5.2

63.4
63.4
63.8
r64.0

11.6
11.3
11.1
rll.O

4.5
3.6
3.8
4.1

0.1
0.3
-0.6
r-0.6

0.3
0.7
1.7
rl.O

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1.4

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....
g j

SHARES OF GNP AND NATIONAL INCOME—Continued
F'ercent of national income

Percent of GNP-Continued

Year
and
quarter

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

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

(Percent)

283. Proprietors'
income with IVA
and CCAdj'

285. Rental income
of persons with
CCAdjl
(Percent)

(Percent)

287. Corporate
profits with IVA
and CCAdj»
(Percent)

289. Net interest

(Percent)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

7.4
7.0
7.0
7.1

13.1
13.0
13.0
12.8

75.3
74.5
74.3
73.8

6.7
6.7
6.7
6.8

1.5
1.5
1.6
1.6

9.9
10.8
10.8
11.0

6.5
6.5
6.6
6.8

7.0
6.9
6.8
7.1

12,5
12.7
12.7
12.8

74.1
74.5
74.3
74.7

6.7
6.7
6.7
6.7

1.6
1.6
1.5
1.5

10.6
10.2
10.0
9.3

7.0
7.1
7.4
7.7

7.4
7,7
7.4
7.8

12.7
12.9
12.8
r!2.7

74.6
75.8
75.3
(NA)

6.4
6.0
6.1
(NA)

1.5
1.5
1.5
(NA)

9.6
8.2
8.4
(NA)

7.9
8.5
8.7
(NA)

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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


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

83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

B
Implicit price deflator,
gross national product
Year
and

310. Index

month

(1972 = 100)

310c. Change
over 1-quarter
spans l

(Ann. rate,
percent)

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

(1972 = 100)

311c. Change
over 1-quarter
spans l

(Ann. rate,
percent)

PRICE MOVEMENTS

320. Index ®

320c. Change
over 1-month
spans l

320c. Change
over 6-month
spans'

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(2)

1979

15^2

April
May
June

161 ,*2

July
August
September

164.2

October
November
December

167^5

(1967 = 100)

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

Revised 2

Revised2

225.2
228.2
230.1

1.3
1.3
0.8

12.0

9.2

211.5
214.1
216.6

1.0
1.0
1.0

12.9
13.0
13.6

231.5
233.2
233.9

0.6
0.7
0.3

9.0
6.3
7.0

9.5

218.9
221.1
223.4

rl.2
rl.l
1.2

13.9
14.0
14.4

235.1
235.3
238.0

0.5
0.1
1.1

7.6
7.7
9.7

9.3

225.4
227.5
229.9

rl.l
rl.l
1.2

14.9
15.4
15.8

240.1
242.0
245.0

0.9
0.8
1.2

8.9
8.3
7.7

10.2

233.2
236.4
239.8

1.4
rl.3
rl.3

15.3
14.8
14.3

245.3
244.9
247.0

0.1
-0.2
0.9

6.9
6.1
4.5

9.5

242.5
244.9
247.6

0.9
0.9
1.0

11.4
10.3
9.6

248.3
249.3
250.5

0.5
0.4
0.5

6.3
10.6
12.5

9.8

247.8
249.4
251.7

rO.l
r0.8
1.0

10.0
10.5
10.5

252.9
257.6
262.0

1.0
1.9
1.7

13.4
15.2
16.3

r8.9

253.9
256.2
258.4

1.0
rl.l
rl.O

11.9

264.4
267.6
270.2

0.9
1.2
1.0

13.8

260.5

0.7

269.8

-0.1

168!8

8.1

322c. Change
over 6-month
spans '

10.6
11.4
12.2

165.0

7.8

322c. Change
over 1-month
spansl

r0.8
rl.O
r0.9

16K4

7.8

322. Index

204.7
207.1
209.1

9.5

8.4

January
February
March

Consumer prices, food

Consumer prices, all items

172^6

12.0
10.6

1980
January
February
March

171.2

April
May
june

175.3

July
August
September

179^2

October
November
December

r!83.8

9.3
176.8

9.8
18CL9

9.2

18^2
rl0.7

rl89.*2

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

See note on page 80.
Graphs of these series are shown on pages 48 and 49.
1

Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month,
and 1-quarter changes are placed on the 1st month of the 2d quarter.
2
See "New Features and Changes for This Issue," page iii.




84

FEBRUARY

1981

IM II

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

^ H

Producer prices, industrial commodities

Producer prices, all commodities
Year
and
month

330.

Index

®

(1967 = 100)

330c. Change
over 1-month
spans' ©

(Percent)

PRICE MOVEMENTS-Continued

330c. Change
over 6-month
spans1 ©

(Ann. rate,
percent)

335. Index ®

(1967 = 100)

335c. Change
over 1-month
spans' ©

(Percent)

Producer prices, crude materials

335c. Change
over 6-month
spansl ®

(Ann. rate,
percent)

331. Index

(1967 = 100)
Revised 2

1979

331c. Change
over 1-month
spans l

331c. Change
over 6-month
spansl

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

January
February
March

220.8
224.1
226.7

1.5
1.5
1.2

14.5
15.7
15.3

220.0
222.5
225.4

1.3
1.1
1.3

13.8

15.0
16.1

255.3
261.4
266.5

2.2
2.4
2.0

21.1
20.2
20.7

April
May
June

230.0
232.0
233.5

1.5
0.9
0.6

15.1
13.1
14.0

229.0
231.6
234.0

1.6
1.1
1.0

16.5
16.9
17.4

271.2
271.4
274.6

1.8
0.1
1.2

18.1
8.6
11.3

July
August
September

236.9
238.3
242.0

1.5
0.6
1.6

14.0
13.5
14.4

237.5
240.6
244.2

1.5
1.3
1.5

18.2
17.1
17.0

277.4
272.4
281.1

1.0
-1.8
3.2

9.4
12.0
12.2

October
November
December

245.6
247.2
249.7

1.5
0.7
1.0

15.8
19.2
17.1

249.0
250.6
253.1

2.0
0.6
1.0

20.4
22.1
21.0

283.7
287.2
290.9

0.9
1.2
1.3

8.4
17.4
5.3

January
February
March

254.9
260.2
261.9

2.1
2.1
0.7

14.5
14.2
13.1

260.6
265.9
268.6

3.0
2.0
1.0

18.7
17.7
16.8

288.8
295.1
288.4

-0.7
2.2
-2.3

-0.4
-0.8
-1.8

April
May
June

262.8
264.2
265.6

0.3
0.5
0.5

12.5
10.7
r9.9

271.3
271.9
273.5

1.0
0.2
0.6

12.3
9.5
r7.7

283.1
286.1
288.3

-1.8
1.1
0.8

10.5
15.8
24.5

July
August
September

270.4
273.8
r274.6

1.8
1.3

r0.3

11.1
11.0
11.4

276.2
278.2
r278.8

1.0
0.7
rO.2

7.4
8.1
9.4

303.6
317.5
321.8

5.3
4.6
1.4

33.3
32.4
27.3

October
November
December

277.0
278.4
280.3

r0.9
0.5
0.7

9.9

281.2
282.7
286.1

r0.9
0.5
1.2

10.2

326.9
329.2
325.3

1.6
0.7
-1.2

12.6

283.5

1.1

289.9

1.3

322.1

-1.0

1980

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

See note on page 80.
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.


FEBRUARY 1981


85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

Q |

Producer prices, intermediate materials
Year
and
month

1979

332.

Index

332c. Change
over 1-month
spans '

(1967 = 100)

(Percent)

Revised2

Revised 2

PRICE MOVEMENTS-Continued

Producer prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans*

(Ann. rate,
percent)
Revised 2

333. Index

333c. Change
over 1-month
spans'

333c. Change
over 6-month
spans:

334. Index

334c. Change
over 1-month
spans1

334c. Change
over 6-month
spansl

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

Revised 2

Revised 2

Revised 2

Revised 2

January
February
March

227.0
228.9
231.6

1.1
0.8
1.2

13.3
13.8
14.7

208.1
210.0
211.4

0.7
0.9
0.7

10.0
9.2
9.2

206.1
208.3
210.3

1.3
1.1
1.0

13.0
12.7
11.3

April
May
June

235.2

238.0
240.4

1.6
1.2
1.0

15.9
16.9
17.9

213.3
214.7
215.9

0.9
0.7
0.6

9.2
7.7
7.9

212.3
213.5
214.7

1.0
0.6
0.6

11.1
11.2
13.5

July
August
September

244.4
247.5
251.5

1.7
1.3
1.6

18.0
17.4
17.5

217.5
217.9
219.6

0.7
0.2
0.8

7.7
8.0
8.4

217.2
219.7
224.0

1.2
1.2
2.0

13.9
16.1
16.7

October
November
December

255.5
257.9
260.6

1.6
0.9
1.0

19.6
20.8
18.7

221.4
223.1
224.8

0.8
0.8
0.8

10.1
11.4
11.7

226.6
230.0
231.9

1.2
1.5
0.8

17.9
18.6
16.8

January
February
March

267.3
272.0
274.0

2.6
1.8
0.7

15.6
14.9
14.1

228.2
230.0
232.1

1.5
0.8
0.9

13.4
12.5
12.3

235.8
239.3
242.1

1.7
1.5
1.2

15.3
13.0
13.1

April
May
June

274.7
276.4
278.4

0.3
0.6
0.7

10.5
8.8
8.3

235.8
236.6
238.2

1.6
0.3
0.7

11.6
12.2
10.4

243.3
244.5
246.6

0.5
0.5
0.9

13.5
12.9
11.0

July
August
September

281.0
283.7
285.2

0.9
1.0
0.5

9.0
9.9
11.0

241.1
243.6
243.9

1.2
1.0
0.1

9.7
10.2
10.7

251.2
254.3
255.1

1.9
1.2
0.3

11.1
11.7
10.7

October
November
December

286.8
289.8
293.3

0.6
1.0
1.2

11.6

247.0
248.4
250.6

1.3
0.6
0.9

10.1

256.5
258.4
259.4

0.5
0.7
0.4

296.8

1.2

253.0

1.0

261.5

0.8

1980

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

See note on page 80.
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.




FEBRUARY 1981

8.4

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

B

WAGES AND PRODUCTIVITY

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

(1967 = 100)

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

Current-dollar compensation

Real earnings

Current-dollar earnings
340. Index

Average hourly compensation, all employees,
nonfarm business sector

i

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

341. Index

(1967 = 100)

Revised3

1979

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

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

345. Index

(1977 = 100)

Revised3

January
February
March

222.6
224.0
225.2

0.7
0.6
0.5

7.8
7.6
7.5

108.3
107.9
107.5

-0.2
-0.4
-0.4

-2.5
-3.4
-4.2

ni!7

April
May
June

226.7
227.6
229.2

0.7
0.4
0.7

7.5
7.6
8.2

107.2
106.5
106.2

-0.3
-0.7
-0.3

-4.9
-4.8
-4.8

117.5

July
August
September

230.8
232.3
234.3

0.7
0.6
0.9

7.5
8.8
9.1

105.7
105.2
104.9

-0.5
-0.5
-0.3

-5.6
-4.6
-4.6

119!8

October
November
December

235.0
237.3
239.4

0.3
1.0
0.9

8.4
8.9
9.6

104.1
104.0
103.7

-0.8
-0.1
-0.3

-5.7
-5.6
-5.4

122^5

January
February
March

240.3
242.4
245.2

0.4
0.9
1.2

9.8
9.4
9.8

102.6
102.2
102.1

-1.1
-0.4
-0.1

-4.8
-4.7
-4.0

125^3

April
May
June

246.2
248.3
250.9

0.4
0.9
1.0

10.0
9.8
8.4

101.6
101.5
101.6

-0.5
-0.1
0.1

-1.2
-0.5
-1.1

128.7

July
August
September

252.1
254.0
255.4

0.5
0.8
0.6

9.7
rl0.5
8.7

102.0
102.0
101.5

0.4
0.0
-0.5

-0.3
0.0
-1.6

131.6

October
November
December

257.9
r260.9
261.6

1.0
rl.2
0.3

p9.9

101.4
101.5
100.8

-0.1
0.1
-0.7

p-1.8

p264.3

pl.O

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised3

Revised3

10.8
9.6

10.0
^5

8.2
9^3

9.2
9.*6

1980
9.6
9.'9

11.4
plO.O

9.3

p9.5
p]34!7

1981
January
February
March

plOl.l

pO.3

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month,
1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter.
3
See "New Features and Changes for This Issue," page iii.


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

87

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

^ 9

Negotiated wage and benefit
decisions, all industries @

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

348. First year
average changes

Real compensation
346c. Change
over 1-quarter
spansl

346. Index

(1977 = 100)
2

1979

Revised

Revised

2

-0.4

January
February
March

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

(Ann. rate,
percent)

(Ann. rate,
percent)

10CL3

WAGES AND PRODUCTIVITY—Continued

Revised

349. Average
changes over
life of
contract

(Ann. rate,
percent)

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

370c. Change
over 1-quarter
spans1

(1977 = 100)
2

Revised

2

2.8

-V.9

5.3

(Ann. rate,
percent)
2

Revised

358. Index of
output per hour

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

all persons,
nonfarm
business sector

(1977 = 100)
2

Revised2

-CL7

99^5

-6! 9

99.'l

Revised

-0.8
* !

April
May
June

99^6

July
August .
September

9^5

October
November
December

97.'5

10.5

-2.5

7.8

-4.6

-0.2
99.*6

-2*.8

9.0

-1.5

6.1
99.2

-4 ".3

-OA
*

-3.8

8.5

6.0

-4.2

99^6

•

:

-1.1

98.6

1980
January
February
March

95^9

April
May
June

95'.5

p8.6

-6.2

-2.0

July
August
September
October
November
December

p6.4

1.3
99.3

-2.6

plO.l

p6.8

pll.6

P7.3

P-CL3

p-2.4

p8.3

p5.9

97.*9

1.5
98^8

99^2

95.'9

98^6

-1.9
98.'8

2.0

o.b

p-1.9

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are
placed on the middle month of the 3d quarter.
2
See "New Features and Changes for This Issue," page iii.




FEBRUARY 1981

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

B

1 CIVILIAN LABOR FORCE ANDVIAJOR COMPONENTS

Civilian labor force
Year
and
month

Number unemployed

Labor force participatior rates

441. Total

442. Employed

451. Males
20 years
and over

(Thous.)

(Thous.)

452. Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Percent)

(Percent)

(Percent)

(Thous.)

37. Total

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

448. Number employed
part-time
for economic
reasons

(Thous.)

1979
January
February
March

102,014
102,393
102,578

96,056
96,400
96,622

80.0
80.1
79.9

50.1
50.3
50.5

58.8
58.9
58.7

5,958
5,993
5,956

2,201
2,188
2,188

2,205
2,251
2,246

1,552
1,554
1,522

4,573
4,692
4,602

3,234
3,209
3,248

April
May
June

102,213
102,366
102,556

96,295
96,590
96,838

79.8
79.7
79.7

50.2
50.3
50.4

58.4
57.9
57.8

5,918
5,776
5,718

2,165
2,083
2,097

2,178
2,147
2,177

1,575
1,546
1,444

4,621
4,450
4,422

3,279
3,252
3,267

July
August
September

103,015
103,105
103,492

97,277
97,048
97,521

79.9
79.8
79.9

50.7
51.0
50.9

57.6
56.6
58.1

5,738
6,057
5,971

2,177
2,235
2,232

2,122
2,303
2,180

1,439
1,519
1,559

4,484
4,661
4,670

3,243
3,286
3,155

October
November
December

103,566
103,605
104,053

97,434
97,501
97,781

79.7
79.5
79.5

50.9
50.9
51.2

57.7
57.9
58.5

6,132
6,104
6,272

2,333
2,385
2,435

2,240
2,214
2,276

1,559
1,505
1,561

4,785
4,814
4,911

3,289
3,405
3,541

January
February
March

104,208
104,271

104,171

97,708
97,817
97,628

79.5
79.6
79.4

51.3
51.3
51.2

58.0
57.5
57.4

6,500
6,454
6,543

2,629
2,581
2,736

2,314
2,311
2,295

1,557
1,562
1,512

5,130
5,114
5,265

3,549
3,454
3,470

April
May
June

104,427
105,060
104,591

97,225
97,116
96,780

79.5
79.9
79.4

51.4
51.5
51.4

56.5
57.9
56.7

7,202
7,944

7,811

3,192
3,569
3,558

2,501
2,593
2,569

1,509
1,782
1,684

5,825
6,586
6,430

3,803
4,276
3,969

July
August
September

105,020
104,945
104,980

96,999
97,003
97,180

79.4
79.4
79.4

51.5
51.6
51.3

57.1
55.5
56.7

8,021
7,942
7,800

3,630
3,612
3,652

2,655
2,633
2,513

1,736
1,697
1,635

6,631
6,553
6,516

4,086
4,143
4,183

October
November
December

105,167
105,285
105,067

97,206
97,339
97,282

79.3
79.2
79.0

51.4
51.5
51.4

56.8
56.5
56.0

7,961
7,946
7,785

3,532
3,532
3,425

2,732
2,720
2,750

1,697
1,694
1,610

6,559
6,632
6,549

4,220
4,176
4,218

105,543

97,696

78.8

51.8

57.0

7,847

3,352

2,750

1,744

6,460

4,474

1980

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

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


http://fraser.stlouisfed.org/
BRUARY 1 9 8 1
Federal ReserveF EBank
of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q |

RECEIPTS AND EXPENDITURES

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract
awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

2

( )

(2)

Revised

2

1979
January
February
March

DEFENSE INDICATORS

/\dvance measures of defense activity

J
State and local governments

Federal Government'
Year
and
month

H I

-11." 5

477*6

488*4

29*5

340 ,*9

311*4

10,770
10,226
10,935

5,706
4,773
5,763

65,120
48,267
67,128

2,684
3,871
3,102

-8*i

485*9

494.'6

21*9

342*7

320.8

9,784
10,683
10,615

4,936
4,720
5,117

68,883
68,468
68,976

3,181
3,640
2,464

July
August
September

-15.2

500.'6

515*8

26*5

355.*4

328.'9

11,792
11,022
12,278

6,135
5,282
6,364

70,252
81,542
71,886

2,332
3,029
4,237

October
November
December

-24.5

514*6

538*6

28*9

365*6

336*7

12,081
11,505
11,997

4,318
5,670
5,489

64,325
68,634
68,525

3,048
4,033
3,787

January
February
March

-36*3

528'.4

564*7

26*6

372] i

345'.4

12,578
12,399
13,806

5,515
7,152
5,781

70,088
68,497
72,961

3,352
3,680
4,594

April
May
June

-66.5

520*9

587.'3

23*9

373.9

350*6

13,722
13,718
12,809

7,572
7,483
7,184

73,766
74,848
75,204

4,948
5,279
3,546

July
August
September

-74*2

540.' 8

615*6

28.6

386*8

358! 2

12,677
13,728
13,552

6,768
7,633
7,410

76,366
76,506
79,260

4,366
4,515
6,458

October
November
December

(NA)

(NA)

r639.'4

(NA)

(NA)

r365'.7

13,014
12,876
15,825

4,572
(NA)

77,930
76,530
79,312

3,908
4,453
r5,825

(NA)

p4,199

April
May
June

1980

1981
January
February
March

(NA)

April
May
June
July
August
September . . . . . . .
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.
2
See "New Features and Changes for This Issue," page iii.




90

FEBRUARY 1981

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Q |

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of
defense and
space equipment

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

(1967 = 100)

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil.dol.)

(Thous.)

577. Military,
active duty ©

578. Civilian,
direct hire
employment @

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

C1)

C1)

1979

Defense Department
personnel

January
February
March

92.3
92.4
93.0

7,397
7,485
7,586

43,409
44,515
44,588

9,645
9,452
9,525

2,838
2,765
3,029

1,242
1,262
1,278

2,040
2,030
2,026

972
971
968

106*6

4*5

April
May
June

92.1
92.4
92.2

7,573
7,806
7,953

44,854
45,670
45,138

9,299
9,781
9,425

2,915
2,824
2,996

1,283
1,289
1,299

2,022
2,018
2,024

968
972
979

108J

4*6

July
August
September

92.9
91.9
93.8

8,048
8,178
8,553

44,656
44,697
46,000

10,499
10,103
9,982

2,814
2,988
2,934

1,310
1,312
1,324

2,027
2,024
2,027

982
974
960

112*6

4*6

October
November
December

95.4
96.4
96.7

8,871
9,275
9,462

46,010
46,893
47,492

9,982
10,206
11,182

3,038
3,150
3,188

1,336
1,349
1,356

2,030
2,029
2,020

964
967
967

118*7

4*8

January
February
March

97.0
97.2
97.1

9,592
9,619
10,075

47,769
48,196
49,401

11,341
10,632
11,235

3,076
3,253
3,389

1,359
1,366
1,377

2,029
2,032
2,033

964
965
966

125*0

4*9

April
May
June

97,6
97.2
96.8

10,277
10,451
10,588

51,061
52,902
53,011

11,356
11,061
11,480

3,286
3,440
3,435

1,373
1,375
1,373

2,028
2,031
2,034

969
975
988

128*7

5*6

July
August
September

97.2
96.9
97.4

10,908
11,177
11,310

53,922
55,112
57,771

11,303
11,135
11,648

3,453
3,324
3,798

1,371
1,379
1,384

2,044
2,049
2,051

990
973
971

131*4

5*6

October
November
December

98.5
rlOO.O
rlOl.O

11,647
11,833
12,038

57,904
58,501
r60,599

12,371
11,209
r!3,055

3,776
3,858
r3,726

1,394

rl,398
pi ,401

2,053
2,056
2,051

971
972
973

r!41.*6

5*2

plOl .9

(NA)

p61,221

p!2,771

p3,577

(NA)

p2,056

(NA)

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
^ee "New Features and Changes for This Issue," page iii.


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

91

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

Q |

Year
and
month

602. Exports, excluding
military aid shipments,
total

604. Exports of agricultural products

(Mil. dol.)

(Mil. dol.)

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

612. General imports,
total

616. Imports of
automobiles and parts

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)
1

Revised 1

614. Imports of
petroleum and
petroleum products

(Mil. dol.)

C1)

t)

(l)

1979
January
February
March

13,265
13,616
14,297

2,531
2,444
2,609

2,682
2,832
2,917

16,528
14,605
15,358

3,580
3,634
3,667

1,963
1,706
1,589

April
May
June

13,979
14,083
14,817

2,540
2,597
2,828

2,706
2,859
3,034

15,841
16,438
16,835

3,832
4,000
4,199

1,956
1,851
1,730

July
August
September

15,691
15,713
15,822

2,954
3,019
3,032

3,022
3,241
3,153

16,806
18,277
18,407

4,692
4,949
5,662

1,815
2,113
1,849

October
November
December

16,680
16,928
16,742

3,309
3,459
3,311

3,251
3,172
3,240

19,037
18,548
19,665

6,050
5,351
6,502

1,805
1,984
1,871

January
February
March

17,348
17,233
18,534

3,442
3,484
3,325

3,297
3,454
3,423

20,945
21,640
20,607

5,614
7,741
6,991

1,899
2,035
1,960

April
May
June

18,468
17,678
18,642

3,329
3,326
3,085

3,571
3,620
3,943

19,308
20,528
19,893

5,185
7,191
6,611

1,710
1,999
1,843

July
August
September

18,075
19,103
18,701

3,286
3,557
3,596

3,985
4,230
4,027

18,995
19,236
19,465

5,153
6,018
4,982

2,103
2,139
2,270

October
November
December

19,088
18,634
19,118

3,485
3,464
3,838

4,117
3,968
3,819

20,060
19,422
21,174

5,876
6,051
6,507

2,189
2,314
1,999

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1980

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

See note on page 80.
Graphs of these series are shown on page 56.
1

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




92

FEBRUARY 1981

IU

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted

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.)

1

Income on nvestments
620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the United
States

(Mil. dol.)

1979
January
February
March

2,732

65,667

62,935

-5,114

41,805

46,919

14,263

7,225

-110

67,763

67,873

-8,070

42,815

50,885

15,250

7,980

July
August
September

2,506

74,773

72,267

-7,060

47,198

54,258

18,050

8,731

October
November
December

-250

78,305

78,555

-9,225

50,237

59,462

18,407

9,524

-798

85,647

86,445

r-10,849

r54,603

r65,452

20,846

10,752

April
May
June

-1,105

81,892

82,997

r-7,502

r54,606

r62,108

16,641

10,508

July
August
September

p6,377

p86,403

p80,026

r-2,825

r56,184

r59,009

p!9,113

p!0,646

October
November
December

(NA)

(NA)

(NA)

p-5,559

p56,581

p62,140

(NA)

(NA)

April
May
June

1980
January
February
March

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
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).


FEBRUARY 1 9 8 1


93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL

COMPARISONS

Q H

Year
and
month

47. United States,
index of industrial production

(1967 = 100)

721. OECD1
European countries, index of
industrial
production

(1967 = 100)

INDUSTRIAL PRODUCTION

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

(1967 = 100)

(1967 = 100)

(1967 = 100)

722. United
Kingdom, index
of industrial
production

(1967 = 100)

727. Italy, index
of industrial
production

723. Canada,
index of industrial production

(1967 = 100)

(1967 = 100)

1979
January
February
March

152.0
152.5
153.5

April
May
June

rl58

r210.7
r213.4
213.1

159
157
161

158
rl60
rl63

r!31
133

152.8
160.0
156.0

160.8
161.0
162.0

151.1
152.7
153.0

158
r!59
rl59

214.4
218.2
218.5

161
164
164

r!60
rl64
rl64

132
134
136

156.7
151.9
145.1

160.3
162.1
160.6

July
August
September

153.0
152.1
152.7

rl62
r!59
161

221.2
221.8
220.5

r!67
164
164

r!7O
rl70
r!67

134
130
129

150.4
150.1
159.4

163.1
163.3
165.4

October
November
December

152.7
152.3
152.5

rl62
rl62
r!62

225.0
228.1
228.4

166
167
167

r!64
rl64
rl66

130
132
131

166.8
167.3
164.7

164.7
163.7
160.8

January
February
March

152.7
152.6
152.1

rl63
165
165

230.9
243.3
235.0

168
170
170

r!66
rl67
rl66

130
126
125

168.5
175.8
174.2

160.9
161.2
164.2

April
May
June

148.3
144.0
141.5

rl63
158
r!59

238.8
236.4
234.0

168
164
163

rl67
rl6O
r!60

124
123
123

175.8
r!62.1
167.0

160.6
157.3
155.9

July
August
September

140.4
141.8
144.1

161
r!55
rl55

235.0
224,0
r233.2

164
161
160

rl66
rl66
r!56

rl22
118
117

164.3
141.9
160.2

155.5
157.2
160.1

October
November
December

H46.9
H49.4
r!50.9

158
pl59
(NA)

235.2
p232.1
(NA)

163
pi 64
(NA)

rl60
p!56
(NA)

117
p!17
(NA)

H62.6
p!68.9
(NA)

161.3
p!62.6
(NA)

154
156

122

1980

1981
January
February
March

p!51.8

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.




94

FEBRUARY 1981

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q j

United States
Year,
and
month

320. Index (u)

(1967 = 100)

Japan

320c. Change
over 6-month
spans '

(Ann. rate,
percent)

738. Index ®

(1967 = 100)

CONSUMER PRICES

West Germany

738c. Change
over 6-month
spans '

(Ann. rate,
percent)

735. Index (u)

(1967 = 100)

United kingdom

France

735c. Change
over 6-month
spans l

(Ann. rate,
percent)

736. Index ®

(1967 = 100)

736c. Change
over 6-month
spans '

(Ann. rate,
percent)

732. Index ®

(1967 = 100)

732c. Change
over 6-month
spans '

(Ann. rate,
percent)

Revised2

1979
January
February
March

204.7
207.1
209.1

10.6
11.4
12.2

253.9
253.1
255.1

1.8
3.1
4.6

162.9
163.6
164.4

4.4
4.3
4.7

245.5
247.1
249.4

9.8
10.4
10.9

332.9
335.6
338.3

11.4
11.4
13.2

April
May
June

211.5
214.1
216.6

12.9
13.0
13.6

258.6
261.3
261.5

7.3
7.0
5.3

165.3
165.7
166.6

6.0
5.8
5.8

251.8
254.5
256.6

11.9
12.6
11.7

344.1
346.8
352.8

21.5
21.4
22.1

July
August
September

218.9
221.1
223.4

13.9
14.0
14.4

263.8
261.1
264.4

6.7
6.9
6.9

167.7
167.8
168.3

6.0
6.4
6.1

260.0
262.7
264.9

12.7
12.4
12.8

368.0
370.9
374.6

23.2
23.7
21.5

October
November
December

225.4
227.5
229.9

14.9
15.4
15.8

267.7
266.7
268.3

6.0
8.9
10.8

168.7
169.3
170.1

4.0
5.4
5.6

268.1
269.8
272.0

14.2
14.7
15.6

378.5
381.8
384.6

15.4
16.8
17.4

January
February
March

233.2
236.4
239.8

15.3
14.8
14.3

270.8
273.3
275.5

9.9
9.5
9.9

171.0
172.8
173.8

5.6
5.6
5.7

277.2
280.2
283.4

15.0
15.0
14.1

394.1
399.7
405.1

20.4
20.5
20.5

April
May
June

242.5
244.9
247.6

11.4
10.3
9.6

280.2
282.7
283.5

9.5
8.2
7.2

174.9
175.6
176.5

6.9
5.5
4.7

286.7
289.3
291.1

12,9
12.3
11.6

419.0
422.8
426.8

18.5
15.8
14.1

July
August
September

247.8
249.4
251.7

10.0
10.5
10.5

284.2
283.7
288.1

5.6
7.3
4.3

176.8
177.0
177.0

4.6
5.0
5.2

295.5
298.4
301.0

11.8
12.2
13.2

430.4
431.3
434.1

10.6
10.4
9.9

October
November
December

253.9
256.2
258.4

11.9

288.5
289.1
287.2

(NA)

177.3
178.3
179.4

4.9

304.3
306.4
309.1

(NA)

436.8
440.3
442.7

8.2

1980

1981
January
February
March

260.5

(NA)

180.9

(NA)

445.5

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
x

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

2

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


FEBRUARY 1981


95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL

COMPARISONS—Continued

1

CONSUMER PRICES—Continued

Italy

Canada

737. Index © 737c. Change
over 6-month
spans l

733. Index © 733c. Change

Q|

Year
and
month

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

Q

STOCK PRICES

748. Japan,
index of
stock
prices @

745. West
Germany,
index of
stock
prices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

over 6-month
spans '

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

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

1979
January
February
March

305.1
309.7
313.8

14.5
15.6
15.6

211.2
213.2
215.7

10.9
10.1
9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131.2

160.9
149,9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

138.4
141.1
150.7

April
May
June

317.8
321.3
323.9

14.9
15.5
17.8

217.2
219.3
220.3

9.5
8.5
8.5

111.0
108.5
110.7

402.9
411.1
402.3

130.6
127.8
121.7

164.5
162.0
171.7

255.7
255.0
241.0

54.1
56.8
58.0

149.5
154.8
168.9

July
August
September

326.7
330.6
339.2

19.2
19.4
21.7

222.1
222.9
224.9

7.9
8.8
9.5

111.7
116.8
118.1

400.6
408.0
412.5

122.0
124.3
125.7

173.7
188.6
207.4

232.8
233.9
236.3

58.8
61.7
63.0

159.4
178.6
191.7

October
November
December

345.5
350.3
356.6

25.8
26,1
23.1

226.5
228.7
230,1

10.0
10.4
9.9

113.6
112.8
117.2

408.2
403.4
410.8

123.5
118.3
118.8

187.5
189.1
186.8

238.9
215.6
217.1

62.6
58.6
55.4

175.2
189.3
199.5

January
February
March

367.9
374.3
378.2

23.0
22.6
20.4

231.3
233.3
235.8

10.3
9.9
10.6

120.6
125.5
113.9

420.1
425.5
413.0

117.2
123.3
118.1

203.8
207.4
185.4

224.3
239.4
231.6

59.8
61.1
61.1

224.7
256.3
203.2

April
May
June

384.3
388.2
391.7

rl8.4
rl8.1
r!9.6

237.2
240.0
242.7

10.0
11.0
11.5

112.0
117.1
124.6

417.6
422.9
423.8

116.5
118.8
120.6

189.0
201.1
201.4

228.1
230.3
240.7

61.0
61.5
64.8

212.8
216.4
227.5

July
August
September

r398.7
r403.5
r411.6

r!9.1
r21.6
r23.2

244.5
246.8
249.0

11.7
12.7
12.0

130.4
134.3
137.6

424.9
429.1
437.6

121.2
121.7
120.0

198.9
199.9
203.0

255.9
256.7
262.6

66.0
74.4
82.7

240.0
232.3
233.5

October
November
December

r418.6
r427.4
r433.0

(NA)

251.2
254.3
255.8

14.1

141,7
147.6
145.2

447.5
447.8
452.6

120.6
117,2
116.3

r218.0
rp221.1
rp208.5

267.4
277.5
267.6

93.5
99.2
96.0

223.3
235.2
rp234.9

144.6
p!39.7

rp463.0
p460.9

115.3
P112.9

rpl86.3
p!87.8

rp250.1
p264.5

(NA)

rp232.2
p228.8

1980

1981
January
February
March

(NA)

259.1

April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 59.
1

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




96

FEBRUARY

1981

APPENDIXES
B,

Current Adjustment Factors
Series
July
5. Average weekly initial claims, State
unemployment insurance
1

13. New business incorporations . . . . . . .

33. Net change in mortgage debt

Jan.

1981
Feb. Mar. Apr. May June

109.9

86.3

75.8

87.6

100.8

131.1

146.9

110.6

89.1

89.6

104.8

96.8

96.6

103.8

84.7

101.3

102.4

90.1

107.0

105.0

15. Profits (after 2 taxes) per dollar of sales
manufacturing
1 3

1980
Aug. Sept. Oct. Nov. Dec

98.0

97.9

81.1

90.1

98.4 106.7
108.8

94.9

812

1640

83

640

283

-72

-364

728

-1893

-2405

-581

-69

100.1

99.3

99.4

100.0

100.5

100.5

100.0

99.5

100.1

100.3

517. Defense Department gross obligations
incurred1

93.6

83.0

125.7

136.4

101.9

90.2

110.5

87.0

96.1

98.2

87.7

90.4

525. Defense Department military prime
contract awards

77.0

74.3

172.0

134.8

99.9

97.1

88.4

71.9

107.1

86.9

95.6

93.0

95.1

93.0

94.6

101.5

104.1

102.5

104.4

99.8

101.8

102.9 100.3

98.2

100.3

99.8

100.0

99.7

100.0

100.0

100.2

100.2

100.0

99.9

99.9 100.3

101.2

102.4

97.5

102.7

103.5

92.5

97.3

96.8

105.0

103.1

99.7 101.4

91.9

91.2

90.0

105.4

109.6

111.5

94.7

96.2

111.1

104.1

96.2

94.9

91.5

93.7

100.4

97.1

102.7

92.7

95.2

113.6

103.7 105.9 104.0

72. Commercial and industrial loans
outstanding

99.9 100.0

543. Defense Department gross unpaid
obligations outstanding
570.

Employment in defense products industries

580.

Defense Department net outlays 1

604.

Exports of agricultural products

606.

Exports of nonelectrical machinery. . . .

614.

Imports of petroleum and products 1 . . . .

105.2

97.5

109.6

99.5

90.0

108.2

100.4

91.6

100.0

106.5

89.3 105.1

616.

Imports of automobiles and parts 1 . . . .

95.5

77.8

88.1

101.0

94.7

106.2

102.1

97.0

109.4

114.1

100.0 104.8

98.0

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




97

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.
37.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

I Q

II Q

III Q

IV Q

Annual

NUMBER OF PERSONS U N E M P L O Y E D , LABOR FORCE SURVEY
(THOUSANDS)

AVERAGE FOR P E R I O D

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

2,034
2,596
4,026
2,305
1,972
1,839
3,077
3,157
2 ,666
2,796
3,875
4,068
3,615
4,671
4,081
4 ,074
4,029

2,328
2,849
3,936
2,117
1,957
1,636
3,331
2,969
2,606
2,622
4,303
3,965
3,329
4,832
3,871
4,238
3,932

2,399
3,030
3,876
2,125
1,813
1,647
3,607
2,918
2,764
2,509
4,492
3,801
3,726
4,853
3,921
4,072
3,950

2,386
3,260
3,575
1,919
1,811
1,723
3,749
3,049
2,650
2,600
5,016
3,571
3,620
4,893
3,906
4,055
3,918

2,118
3,707
3,434
1,856
1,863
1,596
3,767
2,747
2,861
2,710
5,021
3,479
3,569
5,003
3,863
4,217
3 ,764

2,214
3,776
3,367
1,995
1,884
1,607
3,551
2,701
2,882
2,856
4,944
3 ,429
3,766
4 ,885
3,844
3,977
3,814

2,213
4,111
3,120
1,950
1,991
1,660
3,659
2,632
2,952
2,796
5,079
3,528
3,836
4 ,928
3,819
4,051
3,608

2,350
4,193
2,799
1,933
2,087
1,665
3,854
2,784
2,701
2,747
5,025
3,588
3,946
4,682
4,013
3,878
3,655

2,302
4,049
2,774
2,067
1,936
1,821
3,927
2,678
2,635
2,943
4 ,821
3,775
3,884
4,676
3,961
3 ,957
3,712

2,259
4,916
2,625
2,194
1,839
1,974
3,666
2,830
2,571
3,020
4,570
3,910
4,252
4,573
3,803
3,987
3,726

2,285
3,996
2,589
2,178
1,743
2,211
3,402
2,780
2,861
3,454
4,188
4,003
4, 330
4 , 295
4,024
4,151
3,551

2,429
4,063
2,639
1,960
1,667
2,818
3,196
2,761
2,790
3,476
4,191
3,653
4,617
4,177
3,907
3,975
3,651

2,254
2,825
3,946
2,182
1,914
1 ,707
3,338
3,015
2,679
2,642
4,223
3,945
3,557
4,785
3,958
4,128
3,970

2,239
3,581
3,459
1,923
1,853
1,642
3,689
2,832
2,798
2,722
4,994
3,493
3,652
4,927
3,871
4,083
3,832

2,288
4,118
2,898
1,983
2,005
1,715
3,813
2,698
2,763
2,829
4,975
3,630
3,889
4,762
3,931
3,962
3,658

2,324
4 ,325
2,618
2,111
1,750
2,334
3,421
2,790
2,741
3,317
4,316
3,855
4,400
4 ,348
3,911
4,038
3,643

2,276
3,637
3,288
2,055
1,883
1,834
3,532
2,852
2,750
2,859
4,602
3,740
3,852
4 ,714
3,911
4,070
3,786

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

3,572
2,988
2,968
2,878
2,718
3,213
4,968
4 ,966
4,265
4,564
7,397
7,421
7,152
6,349
5,958
6,500

3,730
2,820
2,915
3,001
2,692
3,448
4,877
4,876
4,406
4,661
7,424
7,219
7,321
6,168
5,993
6,454

3,510
2,887
2,889
2,877
2,712
3,628
4,956
4,981
4,335
4,559
7,870
7,116
7,178
6,203
5,956
6,543

3,595
2,828
2,895
2, 709
2,758
3,796
4,926
4,902
4,399
4,536
8,106
7,216
6,930
6,043
5,918
7 ,202

3,432
2,950
2,929
2,740
2,713
,913
1,956
,876
1,300
1,670
8,398
6,939
6,785
6,024
5,776
7 ,944

3,387
2,872
2,992
2,938
2,816
4,016
4,915
4,880
4,278
4,846
8,137
7,207
6,992
5,827
5,718
7,811

3,301
2,876
2,944
2,883
2,868
4,180
5,015
4,877
4,239
4,976
8,033
7,360
6,666
6,109
5,738
8,021

3,254
2,900
2,945
2,768
2,856
4,252
5,132
4,912
4,238
4,926
7,831
7,391
6,769
5,882
6,057
7,942

3,216
2,798
2,958
2,686
3 ,040
4,454
5,032
4,833
4,292
5,357
7,841
7,255
6,604
5,946
5,971
7,800

3,143
2,798
3,143
2,689
3,049
4,637
5,001
4,924
4,074
5,432
7,792
7,313
6,627
5 ,797
6,132
7,961

3,073
2,770
3,066
2,715
2,856
4,885
5,141
4,557
4,321
6,044
7,667
7 ,498
6,672
5,923
6,104
7,946

3,031
2,912
3,018
2,685
2,884
5,056
5,112
4 ,478
4,425
6,548
7,614
7 ,434
6,262
6,116
6,272
7,785

3 ,604
2 ,898
2,924
2,919
2,707
3,430
4,934
4,941
4,335
4,595
7,564
7,252
7,217
6,240
5,969
6,499

3,471
2,883
2,939
2,796
2,762
3,908
4,932
4,886
4,326
4,684
8,214
7,121
6,902
5,965
5,804
7,652

3,257
2,858
2,949
2,779
2,921
4 ,295
5,060
4 ,874
4,256
5,086
7,902
7,335
6,680
5,979
5,922
7,921

3,082
2,827
3,076
2,696
2,930
4,859
5,085
4,653
4,273
6,008
7,691
7,415
6,520
5,945
6,169
7,897

3,366
2,875
2,975
2,817
2,832
4,088
4,993
4,840
4,304
5,076
7,830
7,288
6,855
6,047
5,963
7,448

42.

TOTAL NUMBER OF PERSONS ENGAGED IN IvlONAGRICULTURAL ACTIVITIES, LABOR F O R C E SURVEY
(THOUSANDS

AVERAGE FOR PERIOD

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

49,984
50,385
50,570
52,808
53,312
54,958
53,951
54,640
57,163
57,842
57,389
58,387
59,889
60,354
61,014
62,190
63,724

50,500
50,186
50,694
52,923
53,442
55,421
54,073
54,873
57,061
58,132
57,244
58,255
60,177
60,116
61,249
62,372
64,188

50,338
50,035
50,612
53,543
53,440
55,590
53,791
54,722
57,190
58,441
57,170
58,590
59,714
60,444
61,336
62,655
64,397

50,734
49,836
51,319
53,167
53,384
55,082
54,043
55,152
57,154
58,211
57,029
58,875
60 ,488
60,337
61,363
62,972
64,942

50,713
49,485
51,372
53,436
53,861
55,082
53,698
55,307
57,486
57,986
57,227
58,907
60,698
60,350
61,724
62,886
65,028

51,152
49,370
51,767
53,091
53,690
55,095
53,630
55,538
57 ,485
58,194
57,220
59,137
60,752
60,773
61,727
63,007
64 ,662

51,366
49,169
51,875
53,555
53,637
55,130
53,421
56,075
57,480
58,139
57,220
59,447
60,367
60,455
61,643
63,211
64 ,808

50,894
49,793
52,549
53,204
53,616
54,832
53,766
56,222
57,692
58,061
57,339
59,402
60,375
60 ,486
62,102
63 ,304
64,890

50,648
50,287
52,583
53,155
53,984
54,708
53,829
56,131
57,704
58,393
57,728
59,323
60,512
60,520
62,325
63,524
64,959

50,761
50
,455
52,432
53,374
53,769
54,797
54,028
56,263
57,838
58,171
57,912
59,556
60,196
60,716
62,298
63,592
65,032

50,793
50,512
52,534
53,137
54,239
54,393
54,423
56,602
57,799
57,983
57,899
59,050
60,596
60,991
62,016
63,573
65,239

50,756
50 ,466
52,669
53,432
54,593
54,048
54,268
57,031
58,104
57,885
58,028
59,883
60,156
60,908
62,300
63,584
65,492

50,274
50,202
50,625
53,091
53,398
55,323
53,938
54,745
57,138
58,138
57,268
58,411
59,927
60,305
61,200
62,406
64,103

50,866
49,564
51,486
53,231
53,645
55,086
53,790
55,332
57,375
58,130
57,159
58,973
60,646
60,487
61,605
62,955
64,877

50,969
49 ,750
52,336
53,305
53,746
54,890
53,672
56,143
57,625
58,198
57,429
59,391
60,418
60,487
62,023
63,346
64,886

50,770
50,478
52, 545
53,314
54,200
54,413
54,240
56,632
57 ,914
58,013
57,946
59,496
60,316
60 ,872
62,205
63,583
65,254

50,714
49,993
51,758
53,235
53,749
54,919
53,904
55,722
57,514
58,123
57,450
59,065
60,318
60,546
61,759
63
,076
64,782

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

65,726
68 ,121
69,781
70,792
73,101
75,440
75,319
77,283
79,196
82,069
81,290
82,866
85,386
89,352
92,781
94,421

65,805
68,056
69,883
71,270
73,557
75,264
75,199
77,350
79,928
82,163
80,939
83,206
85,750
89,587
93,088
94,488

66,121
68,119
69,682
71,475
73,699
75,320
74,995
77,778
80,419
82,366
80,853
83,512
86,228
89,828
93,318
94,291

66,209
68,402
70,134
71,686
73,894
75,333
75,182
77 ,860
80,540
82,263
80 ,883
83,785
86 ,572
90,475
93,061
93,963

66,310
68 ,567
70,186
72,293
73,706
74 ,998
75,453
78,063
80,650
82,524
80,871
84,226
86,940
90,895
93,364
93,764

66,581
68,808
70,589
72,376
74,217
74,883
75,275
78,264
81,062
82,744
80,951
84,024
87,194
91,244
93,562
93,548

67,070
68,940
70,687
72,267
74,411
75,179
75,717
78,306
81,133
82,883
81,392
84,509
87,435
91,102
93,995
93,732

67,007
69,225
70,804
72,307
74,637
75,173
75,904
78 ,476
81,089
82,742
81,753
84 ,603
87,761
91,477
93,706
93,793

67,015
69,306
71,003
72,414
74,699
75 ,000
76,034
78,508
81,458
82,718
81,691
84 ,622
88 ,033
91,635
94,189
93,781

67,277
69,489
71,043
72,483
74,928
75,267
76,218
78,479
81,858
82,633
81,875
84,659
88,270
92,009
94,153
93,887

67,631
69,895
71,192
72
,736
75,064
75,169
76,543
78,938
82,001
82,304
82,015
85,050
88,837
92,417
94,123
93
,999

67,903
69,823
71,397
73 ,032
75,331
75,101
76,753
79,266
82,008
81,875
82,299
85,215
89,228
92,369
94,458
93,888

65,884
68,099
69,782
71,179
73,452
75,341
75,171
77,470
79,848
82,199
81,027
83,195
85,788
89,589
93,062
94,400

66,367
68,592
70,303
72,118
73,939
75,071
75,303
78,062
80,751
82,510
80,902
84,012
86,902
90 ,871
93,329
93,758

67,031
69,157
70,831
72,329
74,582
75,117
75,885
78,430
81,227
82,781
81,612
84 ,578
87,743
91,405
93,963
93,769

67,604
69,736
71,211
72,750
75,108
75,179
76,505
78,894
81,956
82,271
82,063
84/975
88,778
92,265
94,245
93,925

66,726
68,915
70,527
72,103
74,296
75,165
75,732
78,230
80,957
82,443
81,403
84,188
87,302
91,031
93,648
93,960

3.9
6.8
4.5
3.1
3.4
2.7
6.0
4.2
4.1
4.1
7.4
5.2
5.6
6 .6
5.7
5.4
5.0

3.8
6.6
4.4
3.3
3.1
2.9
6.1
4.1
3.9
4.4
7.1
5.5
5.5
6.7
5.6
5.5
5.1

3.7
7.9
4.2
3.5
3.0
3.1
5.7
4.3
3.9
4.5
6.7
5.7
6.1
6.5
5.4
5.5
5.1

3.8
6.4
4.2
3.5
2.8
3.5
5.3
4.2
4.3
5.1
6.2
5.8
6.1
6.1
5.7
5.7
4.8

4.0
6.6
4.3
3.1
2.7
4.5
5.0
4.2
4.2
5.2
6.2
5.3
6.6
6.0
5.5
5.5
5.0

3.7
4.7
6 .4
3.5
3.1
2.7
5.3
4.7
4.0
3.9
6.3
5.8
5.1
6.8
5.6
5.8
5.5

3 .7
5.9
5.6
3.1
3.0
2.6
5.8
4 .4
4.2
4.1
7.4
5.1
5.2
7.0
5.5
5.7
5. 2

3.8
6.7
4.6
3.2
3.2
2.7
6.0
4.1
4.1
4.2
7.3
5.3
5.5
6.8
5.6
5.5
5.0

3.8
7.0
4.2
3.4
2 .8
3.7
5. 3
4 .2
4.1
4.9
6.4
5.6
6.3
6.2
5.5
5.6
5.0

3.8
5.9
5.3
3.3
3.0
2.9
5.5
4 .4
4.1
4.3
6.8
5.5
5.5
6.7
5.5
5.7
5.2

3.8
3.8
3.5
3.5
5.1
6.1
5.6
4.8
5.4
8.4
7.8
6.9
5.8
5.9
7.6

3.7
3.8
3.4
3.7
5.4
6.0
5.6
4.8
5.9
8.4
7.6
6.8
5.9
5.8
7.4

3.7
4.0
3.4
3.7
5.6
5.9
5.7
4.6
5.9
8.4
7 .7
6.8
5.7
5.9
7.6

3.6
3.9
3.4
3.5
5.9
6.0
5.2
4.8
6.6
8.2
7.8
6.7
5.8
5.9
7.5

4.0
3.8
3.8
3.4
3.5
6.1
6.0
5.1
4.9
7.1
8.2
7.8
6.3
6.0
6.0
7.4

4 .9
3.9
3.8
3.7
3.4
4.2
5.9
5.8
4.9
5.1
8.2
7.7
7.5
6.3
5.8
6.2

4 .7
3.8
3.8
3.6
3.4
4.7
5.9
5.6
4.9
5.1
8.9
7. 5

4 .4
3.8
3.8
3.5
3.6
5.2
6.0
5.6
4.8
5.6
8.5
7. 7
6.9
5.9
5.8
7.5

4 .1

4 .5

3.7

3.8

43 . U N E M P L O Y M E N T R A T E , T O T A L
(PERCENT)
1948.
. .
1949.
. .
1950...
1951.
..
1952.
. .
1953...
1954.
. .
1955.
. .
1956.
. .
1957.
. .
1958.
. .
1959...
1960.
. .
1961.
. .
1962...
1963.
. .
1964.
. .

3.4
4.3
6.5
3.7
3.2
2.9
4 .9
4.9
4.0
4.2
5.8
6.0
5.2
6.6
5.8
5.7
5.6

3.8
4.7
6.4
3 .4
3.1
2.6
5.2
4.7
3.9
3.9
6.4
5.9
4.8
6.9
5.5
5.9
5.4

4.0
5.0
6 .3
3.4
2.9
2.6
5.7
4.6
4 .2
3.7
6.7
5.6
5.4
6.9
5.6
5.7
5.4

3.9
5.3
5.8
3.1
2.9
2.7
5.9
4.7
4 .0
3.9
7.4
5.2
5.2
7 .0
5.6
5.7
5.3

3.5
6.1
5.5
3.0
3.0
2.5
5.9
4.3
4.3
4.1
7 .4
5.1
5.1
7.1
5.5
5.9
5.1

3.6
). 2
1. 2
3.0
?, 5
). 6
1.2
1.3
1. 3
7. 3
5.0
5.4
6.9
5.5
5.6
5.2

3.6
6.7
5.0
3.1
3.2
2.6
5.8
4.0
4 .4
4.2
7.5
5.1
5.5
7.0
5.4
5.6
4.9

196 5. . .
1966.
. .
1967...
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973 . . .
1974. . .
1975. . .
1976...
1977...
1978...
1979...
1980. . .
1981...

4.9
4.0
3.9
3.7
3.4
3.9
5.9
5.8
4.9
5.1
8.0
7.9
7.5
6.4
5.8
6.2

5.1
3.8
3.8
3.8
3.4
4. 2
5.9
5.7
5.0
5.1
8.1
7.7
7.6
6.2
5.9
6.2

4 .7
3.8
3.8
3.7
3.4
4.4
5.9
5.8
4.9
5.0
8.5
7.6
7.4
6.2
5.8
6.3

4 .8
3.8
3.8
3.5
3.4
4.6
5.9
5.7
5.0
5.0
8.8
7.6
7.2
6.1
5.8
6.9

3.9
3.8
3.5
3.4
4.7
5.9
5.6
4.9
5.1
9.0
7.3
7.0
6.0
5.6
7.6

3.8
3.9
3.7
3.5
4.9
5.9
5.6
4.8
5.3
8.8
7.6
7.2
5.8
5.6
7.5

3.8
3.8
3.7
3.5
5.0
6.0
5.6
4.8
5.5
8.7
7.7
6.9
6.1
5.6
7.6

NOTE:

These

series

contain




revisions

beginning

with

1976.

1. 4

AVERAGE FOR P E R I O D

7.1
6.0
5.7
7.3

3.8
3.6
3.5
4.9
5.9
5.6
4.9
5.6
8.5
7.7
7.0
6.0
5.8
7.1

3.9
3.4
3.6
5.9
6.0
5.3
4.8
6.5
8.3
7.8
6.6
5.8
5.9
7.5

(FEBRUARY

1981)

C. Historical Data for Selected Series—Continued
Jan.

Year

Mar.

Feb.

Apr.
44.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

IQ

U N E M P L O Y M E N T R A T E , 15 W E E K S AND O V E R '
(PERCENT)

II Q

III Q

A V E R A G E FOR

IV Q

Annual

PERIOD

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

0.5
0.5
1.5
0.7
0.5
0.4
0.6
1.4
0.8
0.8
1.3
2.1
1.3
1.9
1.8
1.6
1.5

0.5
0.6
1.5
0.6
0.4
0.3
0.8
1.3
0.8
0.8
1.5
1.9
1.2
2.0
1.8
1.6
1.4

0.5
0.7
1.5
0.6
0.4
0.3
1.2
1.3
0.8
0.8
1.7
1.8
1.4
2.1
1.7
1.5
1.4

0.5
0.8
1.5
0.5
0.4
0.3
1.2
1.3
0.7
0.8
2.1
1.5
1.3
2.3
1.6
1.5
1.3

0.5
1.0
1.4
0.4
0.4
0.3
1.4
1.1
0.8
0.8
2.2
1.4
1.1
2.4
1.6
1.6
1.3

0.5
1.2
1.4
0.4
0.3
0.3
1.4
1.0
0.8
0.8
2.5
1.4
1.2
2.3
1.5
1.5
1.4

0.5
1.4
1.2
0.4
0.3
0.3
1.5
1.0
0 .8
0.8
2.6
1.3
1.3
2.6
1.5
1.5
1.4

0.5
1.5
1.0
0.4
0.3
0.3
1.6
0.8
0.8
0.8
2.8
1.3
1.3
2.3
1.5
1.6
1.3

0:5
1.6
1.0
0.4
0.4
0.3
1.6
0.9
0.9
0.8
2.6
1.3
1.4
2.2
1.5
1.5
1.3

0.5
1.6
0.9
0.4
0.4
0.3
1.6
0.9
0.8
1.0
2.5
1.3
1.7
2.1
1.4
1.5
1.2

0.5
1.7
0.8
0.5
0.3
0.4
1.5
0.9
0.9
1.0
2.3
1.4
1.7
2.0
1.5
1.5
1.3

0.5
1.6
0.8
0.4
0.4
0.5
1.3
0.9
0.9
1.1
2.2
1.3
1.6
1.9
1.5
1.4
1.2

0.5
0 .6
1.5
0.6
0.4
0.3
0.9
1.3
0.8
0.8
1.5
1.9
1.3
2.0
1.8
1.6
1.4

0.5
1.0
1.4
0.4
0.4
0.3
1.3
1.1
0.8
0.8
2.3
1.4
1.2
2.3
1.6
1.5
1.3

0.5
1.5
1.1
0.4
0.3
0.3
1.6
0.9
0.8
0.8
2.7
1.3
1.3
2.4
1.5
1.5
1.3

0.5
1.6
0.8
0.4
0.4
0.4
1.5
0.9
0.9
1.0
2.3
1.3
1.7
2.0
1.5
1.5
1.2

0.5
1.1
1.3
0.5
0.4
0.3
1.3
1.1
0.8
0.8
2.1
1.5
1.4
2.2
1.6
1.5
1.3

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

1.1
0.8
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.9
1.7
2 .9
2.3
1.6
1.2
1.3

1.2
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0
2.7
2.2
1.6
1.2
1.2

1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.4
1.0
0.9
2.2
2.6
2.1
1. 5
1.3
1.3

1.1
0.8
0.6
0.5
0. 5
0.7
1.3
1.4
0.9
1.0
2.6
2.3
2.0
1.5
1.2
1.5

1.0
0.7
0.5
0.5
0.5
0.7
1.4
1.3
0.9
1.0
2.8
2.2
1.9
1.4
1.2
1.6

1.1
0.6
0.5
0.5
0.5
0.8
1.4
1.3
0.9
1.0
3.1
2.4
1.9
1.3
1.1
1.7

0.9
0.6
0.5
0.5
0.5
0.8
1.5
1.3
0.8
1.0
3.2
2.4
1.9
1.3
1.0
1.8

1.0
0.6
0.6
0.5
0.5
0.8
1.5
1.3
0.9
1.0
3.1
2.5
1.9
1.2
1.1
2.0

1.0
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.1
3.1
2.4
1.9
1.3
1.1
2.2

0.9
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.1
2.9
2.4
1.8
1.3
1.1
2.2

0.9
0.6
0.6
0.5
0.5
1.0
1.5
1.2
0.9
1.2
3.0
2.4
1.8
1.2
1.2
2.2

0.9
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.8
1.4
3.0
2.4
1.7
1.2
1.2
2.3

1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0
2 .7
2.2
1.6
1.2
1.3

1.1
0.7
0. 5
0.5
0.5
0.7
1.4
1.3
0.9
1.0
2.8
2.3
1.9
1.4
1.2
1.6

1.0
0.6
0.6
0.5
0.5
0.8
1.5
1.3
0.9
1.0
3.1
2.4
1.9
1.3
1.1
2.0

0.9
0.6
0.6
0.5
0.5
1.1
1.5
1.2
0.9
1.2
3.0
2.4
1.8
1.2
1.2
2.2

1.0
0.7
0.6
0.5
0.5
0.8
1.4
1.3
0.9
1.0
2.7
2.5
2.0
1.4
1.2
1.7

45.

1948
1949...
1950...
1951...
1952...
1953. . .
1954...
1955. . .
1956. . .
1957. . .
1958. . .
1959. . .
1960. . .
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1966 . . .
1967. . .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
1979. . .
1980. . .
1981. . .

A V E R A G E WEEKLY INSURED U N E M P L O Y M E N T R A T E , STATE PROGRAMS 2
(PERCENT)

A V E R A G E FOR

5.8
5.0
2.8
3.0
2.4
5.4
3.4
3.3
3.3
7.0
3.7
4.3
5.6
3.9
4.2
3.8

7.0
3.8
3.2
3.2
2.7
5.4
3.3
3.5
3.6
6.5
4.0
5.1

4.1
3.4

4 .7
6.0
2.7
3.1
2. 5
4.7
4.0
3.3
3.5
6.0
4.6
4.3
6.3
4 .5
4.6
3.9

2.6
2.1
2. 3
2.0
2.2
4. 2
3.9
3.1
2.7
4.3
5.1
4.5
3.7
3.0
3.1

2.6
2. 3
2.4
2.1
2.4
4.1
3.8
3.1
2.8
5.0
4.7
4.3
3.6
3 .0
3.1
3.5

3.3
2.5
2.5
2.3
2.2
2. 7
3.9
3.6
2.8
3.2
5.9
4 .4
4 .1
3.5
3.0
3 .3

3.0
2.1
2.6
2.2
2.0
3.4
4 .0
3.5
2.6
3.2
6.7
4.4
3.9
3.2
2.8
4 .2

3.0
2.3
2.4
2.1
2.0
3.6
4.0
3.4
2.6
3.3
5.9
4.5
3.7
3.3
2.9

-0.18
0.03
0.45
0.26
0.33
0.13
0.19
0.18
0.08
0.
0.47
0.31
-0 .02
0.26
0.14
0.27
0.26

4.2
6 .2
2.9
3.2
2.6
4.4
4 .2
3.2
3.5
5.5
4.9
4.3
6.2
4.7
4 .7
4.0

4.7
6.0
2.7
3.1
2.5
4.7
4.1
3.3
3.5
6.0
4.7
4.2
6.3
4.5
4.6
3.9

5.2
5.8
2.5
3.1
2.5
5.0
3.8
3.3
3.4
6.6
4.3
4.5
6.3
4.4
4 .4
3.9

5.4
5.4
2.6
3.0
2.5
5.3
3.6
3.2
3.3
7.1
4 .0
4.3
5.9
3.9
4.2
3.8

5.8
5.0
2.8
3.0
2.4
5.5
3.4
3.3
3.3
7.0
3.6
4.2
5.6
3.8
4.2
3.8

6.2
4.7
2.9
3.0
2.4
5.5
3.3
3.4
3.4
6.9
3.5
4.4
5.3
4.0
4.1
3.7

6.4
4.3
3.0
3.6
2.5
5.3
3.3
3.5
3.5
6.7
3.7
4.7
5.3

7.2
3.7
3.2
3.3
2.7
5.4
3.3
3.5
3.5
6.7
4.1
5.1
5. 2

7.4
3.5
3 .4
2.6
2.9
5.6
3.2
3.5
3.9
6. 2
4.2
5.4
5.1

7.5
3.3
3.4
2.5
3.2
5.6
3.1
3.3
4.3
6.0
4 .8
5.7
5.0

7.3
3.4
3.3
2.4
3.8
5.0
3.1
3.4
4 .8
5.6
5. 5
6.3
5.1

6 .6
3.3
3.2
2.5
4.1
4.5
3.2
3.4
5.3
5.3
4 .8
6.3
4.8

4.2
3.6

4.2
3.5

4.1
3.4

4 .1
3.4

4.1
3.4

3.3
2.6
2.4
2.4
2.2
2.6
3.9
3.6
2.8
3.1
5.5
4 .5
4.2
3.5
3.0
3.2

3.3
2.6
2.5
2.3
2.2
2.7
3.9
3.6
2.8
3.2
5.9
4.3
4 .2
3.6
3.0
3.2

3.2
2.3
2.6
2.3
2.1
2.8
4.0
3 .6
2.7
3.2
6.4
4.3
4.0
3.5
3.0
3.4

3.1
2.1
2.7
2.2
2.0
3.2
4.0
3.5
2.6
3.2
6.7
4.3
3.9
3.2
2.9
3.7

3.0
2.1
2.6
2.2
2.0
3.5
4.0
3.5
2.6
3.2
6.8
4.4
3.9
3.1
2.8

2.9
2.2
2.5
2.1
2.0
3.5
4.0
3.5
2.6
3.2
6.5
4.5
3.8
3.2
2.8

3.0
2 .4
2.6
2.1
2.1
3.5
3.9
3.6
2.6
3.2
6.1
4.5
3.7
3.3
2.8

3.0
2.4
2.4
2.1
2.0
3.6
4.1
3.3
2.7
3.3
5.8
4.5
3.8
3.3
2.9

2.9
2.1
2. 3
2.0
2.0
3.8
4.1
3.3
2.6
3.5
5.7
4.6
3.7
3. 2
2.9

2.7
2. 0
2 .3
2.0
2.1
4.1
4.0
3.1
2.6
3.7
5.5
4.6
3.7
3 .0
3.0
4.1

85.

CHANGE IN MONEY SUPPLY Ml-E 3
(MONTHLY R A T E , P E R C E N T )

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

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

0.18
-0.27
0 .27
0 .44
0.33
-0.08
0 .16
0.54
0.23
0.
-0.30
0 .79
-0.07
0.14
0 .07
0 .27
0.39

-0.09
0.
0 .55
0.35
0.41
0.08
0.
0.69
0.
-0.07
0.53
0.29
-0.14
0.35
0.27
0.40
0.32

-0 .54
0.
0.36
0 .44
0.08
0 .48
0.08
-0.23
0.15
0.07
0.22
0.29
-0.07
0.21
0 .20
0.27
0.13

-0.27
0.09
0.63
0.17
0.25
0.24
-0.39
0.23
0.23
0.
0.37
-0.07
-0.07
0.21
0.27
0.27
0.19

-0.18
0.18
0.36
0.35
0.33
0.16
0.79
0.46
-0.15
0.07
0.37
0.78
0.07
0.42
0.34
0.53
0.45

-0.09
-0.18
0.36
0.26
0.41
0.
0.16
-0.15
0.15
-0.07
0.67
0.21
-0.07
0.14
-0.20
0.
0.13

0.18
-0.09
0.45
0.43
0.24
0 .08
0.31
0.30
0.
0.07
0.
0 .42
0.50
0.07
-0.07
0.59
0.77

0.09
-0.18
0.36
0.43
0.33
0.08
0.31
0.
-0.22
0.07
0.52
0 .14
0.78
0.28
0.
0.26
0 .70

-0.09
-0.09
0.18
0.68
0.57
-0.08
0.16
0.15
0.38
-0.22
0.29
-0 .56
-0.07
0.35
-0.07
0.13
0.50

-0.09
0.
0.44
0.51
0.24
0 .08
0.47
0.15
0.07
-0.22
0.37
-0.35
-0.07
0.21
0.27
0.39
0 .38

-0.27
0.09
0.18
0 .84
0.32
0.
0.47
-0.23
0.22
-0.15
0.58
-0.07
-0.14
0.41
0.34
0.72
0.37

-0.27
0.18
0.26
0 .5b
0 . 24
0 .08
0.15
0.23
0.22
-0 . 30
0.14
-0.21
0.
0.34
0.40
-0.26
0.19

-0.15
-0.09
0.39
0.41
0 .27
0.16
0 .08
0.33
0.13
0.
0.15
0.46
-0.09
0.23
0 .18
0.31
0.28

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

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

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

0.37
0.83
0.06
0.60
0.76
1.17
0.65
0.87
0.96
0.38
-0.07
0.52
0.91
1.11
0.06

0.06
0.24
0.52
0.27
0.30
-0.77
0.65
0.82
0.20
0.53
0.29
0.72
0.74
0.03
0.19

0.31
0.59
1.15
0.54
0.35
0.73
0.87
1.03
-0.08
0.56
0.69
0.41
0.61
0.48
0.89

0.37
0.76
-0.45
0.48
0.25
0.63
0.68
0.64
0.36
0.
-0.22
0.61
0.76
1.09
1.57

-0.18
-0.29
0.86
0.85
0.25
0.34
0.99
0.08
0.90
0.30
1.04
0.68
0.25
0.88
-0.14

0.31
0.17
0.79
0.85
0.35
0.14
0.67
0.42
0.82
0.45
1.39
0.
0.47
0.70
1.30

0.55
-0.64
0.90
0.52
-1.53
0.14
0.44
0.76
0.19
0.07
0.14
0.27
0.66
0.43
0.94

0.37
0.12
0.78
0.63
1.55
0.86
0.31
0.92
0.15
0.30
0.46
0.60
0.44
0.43
0.66

0.67
0 .64
0.28
0.41
0.10
0.61
0.22
0 .83
-0 .04
0.29
0.24
0.23
0.81
1.11
0.60

0.72
-0.35
0.66
0.67
0.39
0.38
0.26
0 .74
0.42
0.48
-0.14
1.03
0.74
0.20
0.16

0.42
0.
0.33
1.02
0.34
0.33
0.13
0.49
0.65
0.55
0.98
0.26
0 .79
0.79
0.37

0.60
0.35
0.49
0.66
0.
0.56
0 .44
1.29
0 .84
0.29
-0.07
0.95
0.64
0.73
0.62

0.25
0.55
0.58
0.47
0.47
0.38
0.72
0.91
0.36
0.49
0.30
0.55
0.75
0.54
0 .38




2

3.5

AVERAGE FOR

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

]
This series contains revisions beginning with 1975.
revisions beginning with 1977.

5.2
4.3
4.2

This series contains revisions beginning with 1976.

3

This series contains

0.17
0.21
0 .40
0.73
0.28
0.37
0.78
0.38
0.69
0 . 25
0.74

0.43
0.49
0.89
0.91

0.06
-0.12
0.33
0.51
0.38
0.03
0.26
0.15
0.05
-0.03
0.27
0.

0.40
0.23
-0.05
0.33
0.66
0.53
0.04
0.65
0.52
0.04
0.54
0.32
0.84
0.10
0.22
0.28
0.37
0.64
0.66
0.73

PERIOD
7.1
3.3
3.3
2 .5
3.7
5.0
3.1
3 .4
4.8
5.6
5.0
6.1
5.0
4.6
4.1
3.4

6.2
4.6
3.0
2.9
2.8
5.2
3.5
3.4
3.8
6.3
4.3
5.0
5.5
4.3
4.2
3.6

2.6
2.1
2.3
2.0
2.2
4.1
3.9
3.1
2.7
4.3
5.1
4.5
3.7
3.0
3.1
3 .8

3.0
2.3
2.5
2.2
2.1
3.5
4.0
3.4
2.7
3.5
5.9
4.4
3.8
3.2
2.9
3.9

PERIOD
-0.21
0.09
0.29
0.64
0.27
0.05
0.36
0.05
0.17
-0.22
0.36
-0.21
-0.07
0.32
0.34
0.28
0.31
0.58
0.

0.49
0.78
0.24
0.42
0.28
0.84
0.64
0.44
0.26
0.75
0.72
0.57
0.38

-0.12
-0.02
0.37
0 .46
0.31
0.09
0.22
0.18
0.11
-0.06
0.31
0.14
0.05
0.26
0.15
0.30
0. 38
0.38
0.20
0.53
0.62
0.26
0.43
0.53
0.74
0.45
0.35
0.39
0.52
0.65
0.66
0.60

(FEBRUARY 1981)

99

C. Historical Data for Selected Series—Continued
Jan.

Year

Feb.

Ap

Mar.

May

June

Jul\!

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

RATIO , CIVILIAN EMPLOYMENT TO TOTAL POPULATION OF WORKING AGE , LABOR FORCE SURVEY1
(PERCENT)

90.

III Q

IV Q

Annual

AVERAGE FOR PERIOD

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

55.
55.
54.
55.
55.
56.
53.
54.
56.
55.
54.
54.
54.
54.
54.
54.
54.

91
41
36
69
89
15
97
12
27
60
60
51
86
50
12
01
11

56.
55.
54.
55.
55.
56.
54.
54.
56.
56.
54.
54.
55.
54.
54.
53.
54.

00
40
43
68
85
26
51
07
02
10
28
29
04
30
43
90
37

55.
55.
54.
56.
55.
56.
54.
54.
55.
56.
54.
54.
54.
54.
54.
54.
54.

45
20
36
31
29
22
03
22
88
18
09
73
19
47
34
07
31

56.
54.
55.
55.
55.
55.
54.
54.
56.
55.
53.
55.
55.
54.
54.
54.
54.

01
88
12
80
26
68
00
67
03
81
96
09
23
02
14
23
71

55.
54.
55.
56.
55.
55.
53.
54.
56.
55.
54.
54.
55.
54.
54.
54.
54.

54
65
16
03
47
25
71
73
18
71
12
97
26
02
33
14
85

56.
54.
55.
55.
55.
55.
53.
54.
56.
55.
53.
55.
55.
54.
54.
54.
54.

35
24
49
46
44
60
57
83
11
83
95
04
29
42
29
08
45

56.
54.
55.
55.
55.
55.
53.
55.
56.
56.
53.
55.
55.
54.
54.
54.
54.

42
21
40
91
16
50
41
44
04
05
92
11
22
04
06
21
51

55.90
54.36
56.08
55.71
54.95
55.23
53.55
55.65
56.15
55.49
54.10
54.91
54.95
54 .18
54.37
54.15
54.49

55.
54.
55.
55.
55.
54.
53.
55.
56.
55.
54.
54.
55.
53.
54.
54.
54.

91
49
82
39
57
95
89
73
18
58
18
80
20
87
46
29
50

55.74
54.14
55.98
55.62
55.16
54.89
53.82
55.72
56.04
55.45
54.36
54.86
54.62
54.13
54.30
54.31
54.43

55.72
54.80
55.83
55.40
55.68
54.71
53.85
55.91
55.83
55.07
54.29
54.48
54.93
54.20
54.00
54.21
54.47

55.
54.
55.
55.
55.
53.
53.
56.
55.
55.
54.
55.
54.
54.
53.
54.
54.

99
60
54
97
82
98
59
24
89
25
29
11
57
00
99
10
46

55.79
55.34
54.38
55.89
55.68
56.21
54.17
54.14
56.06
55.96
54.32
54.51
54.70
54.42
54.30
53.99
54.26

55.97
54.59
55.26
55.76
55.39
55.51
53.76
54.74
56.11
55.78
54.01
55.03
55.26
54.15
54.25
54.15
54.67

56.08
54.35
55.77
55.67
55.23
55.23
53.62
55.61
56.12
55.71
54.07
54.94
55.12
54.03
54.30
54.22
54.50

55.82
54.51
55.78
55.66
55.55
54.53
53.75
55.96
55.92
55.26
54.31
54.82
54.71
54.11
54.10
54.21
54.45

55.91
54.70
55.30
55.75
55.46
55.37
53.82
55.11
56.05
55.68
54.18
54.82
54.95
54.18
54.24
54.14
54.47

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

54.
55.
55.
55.
56.
56.
55.
55.
56.
57.
55.
55.
56.
57.
59.
59.

53
42
69
51
14
70
63
72
16
33
61
66
26
99
13
18

54.
55.
55.
55.
56.
56.
55.
55.
56.
57.
55.
55.
56.
57.
59.
59.

57
30
57
83
47
50
39
69
57
37
28
75
44
99
27
18

54.
55.
55.
55.
56.
56.
55.
55.
56.
57.
55.
55.
56.
58.
59.
58.

74
27
37
88
41
50
22
98
85
36
15
87
66
09
31
99

54.
55.
55.
55.
56.
56.
55.
55.
56.
57.
55.
56.
56.
58.
59.
58.

82
46
64
95
45
48
43
93
81
10
07
07
87
43
07
68

55.
55.
55.
56.
56.
56.
55.
56.
56.
57.
55.
56.
57.
58.
59.
58.

07
37
53
27
28
15
45
02
78
15
15
23
09
60
16
54

54.
55.
55.
56.
56.
56.
55.
56.
57.
57.
54.
55.
57.
58.
59.
58.

98
52
78
25
54
00
16
07
07
13
99
99
11
83
24
26

55.
55.
55.
56.
56.
56.
55.
56.
57.
57.
55.
56.
57.
58.
59.
58.

28
52
88
10
52
11
44
05
06
18
23
25
12
64
43
30

55.13
55.66
55.94
55.98
56.65
55.95
55.50
56.19
56.88
57.00
55.36
56.25
57.26
58.78
59.21
58.23

54.
55.
55.
55.
56.
55.
55.
56.
56.
56.
55.
56.
57.
58.
59.
58.

99
67
92
99
57
77
48
10
99
92
29
11
31
79
43
27

55.23
55.70
55.99
55.96
56.62
55.80
55.56
56.04
57.22
56.76
55.26
56.09
57.43
58.94
59.24
58.21

55.19
55.96
55.97
56.07
56.61
55.66
55.70
56.19
57.36
56.44
55.23
56.23
57.78
59.03
59.21
58.22

55.
55.
56.
56.
56.
55.
55.
56.
57.
56.
55.
56.
57.
58.
59.
58.

38
80
15
20
68
54
74
39
32
06
29
26
91
99
30
11

54.61
55.33
55.54
55.74
56.34
56.57
55.41
55.80
56.53
57.35
55.35
55.76
56.45
58.02
59.24
59.12

54.96
55.45
55.65
56.16
56.42
56.21
55.35
56.01
56.89
57.13
55.07
56.10
57.02
58.62
59.16
58.49

55.13
55.62
55.91
56.02
56.58
55.94
55.47
56.11
56.98
57.03
55.29
56.20
57.23
58.74
59.36
58.27

55.27
55.82
56.04
56.08
56.64
55.67
55.67
56.21
57.30
56.42
55.26
56.19
57.71
58.99
59.25
58.18

54.99
55.55
55.79
56.00
56.50
56.10
55.48
56.03
56.92
56.98
55.24
56.06
57.10
58.59
59.25
58.51

91 . AVERAGE (MEAN) DURATIOK OF UNEMPLOYMENT l
(WEEKS)

AVERAGE FOR PERIOD

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

8 .9
8 .2
11 .3
10 .6
9 .3
9 .3
8 .7
13 .4
11 .7
10 .4
10 .5
16 .3
13 .5
13 .7
15 .3
13 .8
13 .5

8 .4
8 .3
11 .8
10 .8
8 .8
8 .4
9 .5
14 .2
12 .5
10 .7
11 .0
15 .5
13 .1
13 .6
16 .0
14 .1
13 .2

8 .7
8 .3
12 .4
10 .1
8 .4
8 .5
10 .6
13 .4
11 .6
10 .8
11 .2
15 .3
13 .0
14 .1
15 .0
14 .5
13 .5

8 .5
8 .8
12 .6
10 .6
9 .0
7 .8
10 .9
14 .3
11 .0
10 .6
12 .1
14 .9
12 .6
15 .5
14 .9
14 .5
12 .4

9 .1
9 .1
12 .7
9 .9
7 .8
7 .9
11 .6
14 .4
10 .4
10 .4
13 .1
14 .7
11 .9
15 .6
15 .5
14 .5
13 .6

8 .8
10 .0
13 .1
8 .7
7 .3
8 .2
12 .3
13 .4
10 .1
10 .2
14 .4
14 .9
11 .9
16 .2
15 .1
14 .0
13 .6

8 .6
10 .8
12 .5
9 .2
7 .5
7 .9
12 .5
13 .8
10 .5
10 .1
14 .6
14 .3
12 .6
17 .3
14 .6
14 .0
14 .7

8.8
11.0
12.2
9.1
7.6
8.0
12.8
12.3
12.0
10.5
15.7
13.7
12.2
17.0
14.5
13.9
13.0

8 .5
tl .7
12 .2
9 .1
8 .1
7 .1
12 .9
11 .7
11 .8
9 .8
16 .5
13 .7
12 .9
16 .1
14 .1
14 .2
12 .7

9.5
10.9
12.3
8.9
9.1
7.2
13.3
11.5
11.6
11.1
16.5
12.9
13.5
15.9
14.1
13.9
12.6

7.8
11.6
10.7
9.7
9.5
7.9
13.2
11.3
10.9
10.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0

8 .1
11 .8
10 .7
9 .3
8 .8
8 .0
13 .4
12 .0
11 .4
10 .4
15 .7
13 .1
12 .4
15 .8
13 .6
13 .3
12 .7

8.7
8.3
11.8
10.5
8.8
8.7
9.6
13.7
11.9
10.6
10.9
15.7
13.2
13.8
15.4
14.1
13.4

8.8
9.3
12.8
9.7
8.0
8.0
11.6
14.0
10.5
10.4
13.2
14.8
12.1
15.8
15.2
14.3
13.2

8.6
11.2
12.3
9.1
7.7
7.7
12.7
12.6
11.4
10.1
15.6
13.9
12.6
16.8
14.4
14.0
13.5

8.5
11.4
11.2
9.3
9.1
7.7
13.3
11.6
11.3
10.6
16.2
13.0
13.3
16.2
13.7
13.5
13.1

8.6
10.0
12.1
9.7
8.4
8.0
11.8
13.0
11.3
10.5
13.9
14.4
12.8
15.6
14.7
14.0
13.3

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

12 .2
11 .9
9 .3
9 .4

12 .6
11 .2
9 .2
8 .7

12 .0
11 .1
8 .9
8 .5

11 .4
10 .8
8 .8
8 .7

11 .1
10 .2
8 .7
8 .2

11 .6
9 .7
8 .3
7 .9

11 .6
9 .7
8 .3
8 .4

11.9
9.8
8.9
8.3

11 .9
10 .1
8 .4
8 .2

12.1
10.3
8.7
8.4

11.7
9.7
8.9
8.1

11 .4
9 .5
8 .6
8 .2

12.3
11.4
9.1
8.9

11.4
10.2
8.6
8.3

11.8
9.9
8.5
8.3

11.7
9.8
8.7
8.2

11.8
10 .4
8.7
8.4

1969...
1970...
1971...
1972.. .
1973. . .
1974...
1975...
1976...
1977.
. .
1978...
1979.. .
1980...
1981...

£. 1
7 .9
10 .5
12 .2
11 .0
9 .5
10 .7
16 .6
15 .2
13 .0
11 .2
10 .6

.9
8 .0
10 .4
12 .4
10 .5
9 .6
11 .7
16 .3
14 .8
12 .6
11 .3
10 .7

.9
8 .3
10 .6
12 .3
10 .6
9 .7
11 .8
16 .5
14 .5
12 .4
11 .7
11 .0

8 .3
10 .9
12 .4
10 .0
9 .8
13 .0
15 .9
14 .4
12 .3
11 .0
11 .2

8 .6
11 .2
12 .3
10 .1
9.6
13 .4
15 .0
14 .8
12 .0
10 .9
10 .6

8 .7
11 .6
12 .4
9 .6
9 .7
15 .3
16 .9
14 .4
12 .1
10 .5
11 .7

8 .9
11 .5
11 .8
9 .6
9 .9
15 .0
15 .7
14 .3
12 .0
10 .3
11 .8

8.8
11.5
11.8
9.8
9.8
15.6
15.6
13.9
11.4
10.6
12.5

£
8 !9
11 .9
12 .1
9 .4
9 .6
16 .1
15 .2
14 .0
11 .5
10 .6
13 .0

7 .6
8.6
12.6
11.7
10.2
9.8
15.4
15.2
13.8
11.8
10.5
13.3

9.4
12.0
11.4
9.9
9.6
16.6
15.3
13.6
11.1
10.6
13.6

9 .8
11 .5
11 .4
9 .5
10 .1
16 .5
15 .2
13 .6
10 .6
10 .6
13 .5

8.1
10.5
12.3
10.7
9.6
11.4
16.5
14.8
12.7
11.4
10.8

8.5
11.2
12.4
9.9
9.7
13.9
15.9
14.5
12.1
10.8
11.2

8.9
11.6
11.9
9.6
9.8
15.6
15.5
14.1
11.6
10.5
12.4

7.9
9.3
12.0
11.5
9.9
9.8
16.2
15.2
13.7
11.2
10.6
13.5

7 .8
8.6
11.3
12.0
10.0
9.8
14.2
15.8
14.3
11.9
10.8
11.9

102 . CHANGE IN MONEY SUPPLY M2 2
(MONTHLY RATE, PERCENT)

AVERAGE FOR PERIOD

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

0 .30
-0. 15
0. 20
0. 33
0. 36
0. 13
0. 29
0. 49
0. 12
0. 39
- 0 . 11
0. 95
0. 07
0. 45
0. 69
0. 72
0. 56

0.
0.
0. 54
0. 19
0. 50
0. 17
0. 29
0. 60
0.
0. 19
1. 21
0. 32
0.
0. 77
0. 80
0. 71
0. 61

- 0 . 39
0.
0. 29
0. 29
0. 27
0. 52
0. 29
- 0 . 08
0. 20
0. 38
0. 82
0. 52
0. 30
0. 54
0. 83
0. 74
0. 45

- 0 . 20
0. 15
0. 54
0. 24
0. 31
0. 30
- 0 . 08
0. 24
0. 28
0. 15
0. 74
0. 35
0. 34
0. 57
0. 70
0. 68
0. 53

- 0 . 15
0. 20
0. 44
0. 28
0. 36
0. 30
0. 88
0. 40
- 0 . 04
0. 31
0. 66
0. 83
0. 33
0. 75
0. 58
0. 83
0. 73

0.
- 0 . 10
0. 29
0. 33
0. 40
0. 13
0. 29
0.
0. 24
0. 11
0. 91
0. 48
0. 40
0. 59
0. 43
0. 51
0. 60

0. 15
- 0 . 05
0. 24
0. 52
0. 31
0. 21
0. 50
0. 28
0. 12
0. 30
0. 36
0. 48
0. 70
0. 46
0. 55
0. 80
0. 79

0.10
-0.15
0.19
0.47
0.44
0.26
0.49
0.
0.
0.27
0.65
0.41
0.86
0.59
0.52
0.69
0.86

- 0 . 05
-0. 05
0. 10
0. 70
0. 62
0. 13
0. 16
0. 28
0. 43
0. 04
0. 29
0. 03
0. 46
0. 55
0. 54
0. 52
0. 73

-0.05
0.
0.24
0.42
0.26
0.25
0.45
0.16
0.12
0.11
0.36
0.
0.42
0.52
0.68
0.65
0.60

-0.15
0.05
0.19
0.78
0.48
0.21
0.41
-0.08
0.27
0.11
0.53
0.24
0.45
0.67
0.79
0.85
0.72

- 0 . 20
0. 15
0. 29
0. 55
0. 30
0. 21
0. 16
0. 24
0. 19
0.
0. 21
0. 20
0. 45
0. 60
0. 75
0. 38
0. 57

-0.03
-0.05
0.34
0.27
0.38
0.27
0.29
0.34
0.11
0.32
0.64
0.60
0.12
0.59
0.77
0.72
0.54

-0.12
0.08
0.42
0.28
0.36
0.24
0.36
0.21
0.16
0.19
0.77
0.55
0.36
0.64
0.57
0.67
0.62

0.07
-0.08
0.18
0.56
0.46
0.20
0.38
0.19
0.18
0.20
0.43
0.31
0.67
0.53
0.54
0.67
0.79

-0.13
0.07
0.24
0.58
0.35
0.22
0.34
0.11
0.19
0.07
0.37
0.15
0.44
0.60
0.74
0.63
0.63

-0.05
0.
0.30
0.42
0.38
0.24
0.34
0.21
0.16
0.20
0.55
0.40
0.40
0.59
0.66
0.67
0.65

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

0. 71
0. 63
0. 42
0. 57
0. 46
0. 03
1. 04
1. 01
1. 04
0. 51
0. 47
1. 08
1. 09
0. 66
0. 41

Ou 66
0. 50
0. 62
0. 49
0. 47
- 0 . 29
1. 33
1. 16
0. 62
0. 68
0. 96
1. 44
1. 06
0. 41
0. 46

0. 58
0. 56
0. 93
0. 53
0. 33
0. 34
1. 45
1. 17
0. 22
0. 77
1. 24
0. 88
0. 95
0. 64
0. 91

0. 58
0. 52
0. 51
0. 47
0. 26
0. 27
1. 46
0. 72
0. 47
0. 19
1. 03
1. 03
0. 95
0. 66
1. 02

0. 42
0. 19
1. 04
0. 67
0. 26
0. 61
1. 31
0. 65
0. 89
0. 31
1. 43
1. 35
0. 91
0. 65
0. 58

0. 60
0. 19
0. 95
0. 67
0. 33
0. 51
0. 88
0. 90
0. 91
0. 48
1. 64
0. 45
0. 72
0. 62
1. 13

0. 71
0.
1. 00
0. 59
- 0 . 40
0. 39
0. 82
1. 21
0. 37
0. 31
1. 16
0. 78
0. 78
0. 58
0. 85

0.68
0.38
0.91
0.75
0.69
0.84
0.82
1.20
0.32
0.34
0.90
1.34
0.81
0.78
0.91

0. 70
0. 55
0. 67
0. 75
0. 28
0. 80
0. 85
1. 13
0. 04
0. 40
0. 86
1. 08
0. 84
0. 92
0. 74

0.85
0.17
0.78
0.78
0.22
0.79
0.83
1.04
0.42
0.48
0.58
1.38
0.81
0.78
0.49

0.64
0.30
0.52
0.81
0.39
0.91
1.03
0.98
0.83
0.72
1.11
1.12
0.83
0.74
0.44

0. 73
0. 57
0. 69
0. 77
0. 41
1. 03
0. 91
1. 07
0. 73
0. 27
0. 77
1. 35
0. 67
0. 56
0. 59

0.65
0.56
0.66
0.53
0.42
0.03
1.27
1.11
0.63
0.65
0.89
1.13
1.03
0.57
0.59

0.53
0.30
0.83
0.60
0.28
0.46
1.22
0.76
0.76
0.33
1.37
0.94
0.86
0.64
0.91

0.70
0.31
0.86
0.70
0.19
0.68
0.83
1.18
0.24
0.35
0.97
1.07
0.81
0.76
0.83

0.74
0.35
0.66
0.79
0.34
0.91
0.92
1.03
0.66
0.49
0.82
1.28
0.77
0.69
0.51

0.66
0.38
0.75
0.65
0.31
0.52
1.06
1.02
0.57
0.46
1.01
1.11
0.87
0.67
0.71

Whis series contains revisions beginning with 1976.




100

2

This series contains revisions beginning with 1977.

(FEBRUARY 1981)

C. Historical Data for Selected Series—Continued
Year

Jar

Feb.

Mar.
104.

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956.,.
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...

-0. 13
0. 17
0. 08
0. 95
0. 48
0. 25
0. 47
0. 38
0. 46
0. 09
0. 85
0. 21
0. 42
0. 72
0. 56

0. 04
0. 13
0. 39
0.
0. 55
0. 63
0. 28
0. 51
0. 51
0. 52
0. 41
0. 03
0. 18
0. 57
0. 65
0. 77

-0.13
0.18
0.34
0.21
0.43
0.88
0.17
0.03
0.16
0.64
0.26
0.46
0.28
0.39
0.87
0.68

0.
0. 22
0. 55
0. 25
0. 19
0. 80
0. 03
0. 60
0.
0. 27
0. 21
0. 35
0. 20
0. 56
0. 73
0. 51

0. 50
0. 63
0. 67
0. 52
0. 73
0. 42
0. 09
0. 95
0. 96
1. 10
0. 89
0. 61
0. 70
0. 73
0. 85
0. 60

0. 56
0. 55
0. 48
0. 66
0. 60
0. 50
-0. 04
0. 88
1. 08
1. 18
1. 21
0. 76
1. 05
1. 09
0. 84
0. 81

0.39
0.62
0.53
0.87
0.65
0.49
0.56
0.99
1.06
1.06
0.99
0.74
0.90
0.98
1.09
1.18

0.51
0. 66
0. 71
0. 37
0. 59
0. 47
0. 65
0. 89
0. 92
0. 86
0. 86
0. 58
0. 96
0. 94
1. 03
1. 14

104.

1948.
1949. . .
1950. . .
1951. ..
1952...
1953. . .
1954.
. .
1955.. .
1956. ..
1957.
. .
1958.
. .
1959.. .
1960. . .
1961...
1962.
. .
1963. ..
1964. . .
1965.
. .
1966. . .
1967...
1968.
. .
1969. . .
1970.
..
1971...
1972.
. .
1973. . .
1974.
..
1975.
. .
1976. . .
1977.
..
1978. . .
1979. . .
1980.
. .
1981. . .

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

CHANGE IN TOTAL LIQUID ASSETS, M O N T H L Y DATA 1
(MONTHLY IIATE, PERCENT)
-0.13
0.31
0.38
0.33
0.35
0.58
0.49
0.90
0.22
0.33
0.29
0.85
0.15
0.68
0.54
0.80
0.76
0.54
0.39
0.68
0.73
0.19
0.48
0.74
0.75
1.05
0.79
1.00
0.99
1.07
1.10
1. 06

0. 03
0. 21
0. 27
0. 71
0. 53
0. 20
0. 41
0. 43
0. 38
0. 15
0. 67
0. 07
0. 30
0. 66
0. 79

0. 01
0. 25
0. 20
0. 75
0. 53
0. 25
0. 42
0. 42
0. 44
0. 22
0. 64
0. 10
0. 37
0. 67
0. 78

0.04
0.29
0.13
0.68
0.60
0.25
0.38
0.39
0.50
0.26
0.56
0.16
0.44
0.71
0.71

0. 12
0. 36
0. 12
0. 52
0. 72
0. 20
0. 36
0. 29
0. 51
0. 27
0. 56
0. 22
0. 48
0. 75
0. 66

-0. 06
0.21
0.42
0.21
0.36
0.76
0.19
0.44
0.17
0.44
0.27
0.42
0.21
0.52
0.73
0.66

0. 61
0. 58
0. 68
0. 49
0. 72
0. 73
0. 40
0. 72
0. 86
1. 18
0. 73
0. 48
0. 84
0. 94
1. 01
1. 02

0. 55
0. 56
0. 63
0. 57
0. 71
0. 61
0. 29
0. 81
0. 94
1. 17
0. 85
0. 54
0. 81
0. 95
0. 93
0. 92

0.49
0.58
0.58
0.64
0.68
0.52
0.21
0.90
1.01
1.13
0.97
0.64
0.83
0.96
0.90
0.85

0. 48
0. 60
0. 57
0. 66
0. 64
0. 48
0. 30
0. 93
1. 03
1. 07
1. 03
0. 70
0. 93
0. 97
0. 96
0. 95

0.52
0.61
0.56
0.64
0.64
0.44
0.48
0.90
0.96
1.01
0.95
0.73
0.96
1.00
1.03
1.09

III Q

IV Q

Annual

AVERAGE FOR PERIOD

0.09
0.17
0.34
0.49
0.62
0.47
0.10
0.56
0.22
0.24
0.38
0.63
0.38
0.48
0.54
0.44

0. 13
0. 17
0. 29
0. 53
0. 54
0. 68
0. 31
0. 72
0. 03
6
.45
0. 12
0. 71
0. 61
0. 58
0. 47
0. 62

0. 18
0. 13
0. 08
0. 37
0. 57
0. 43
0. 45
0. 49
0. 28
0. 33
0. 64
0. 55
0. 43
0. 38
0. 62
0. 84

0.13
0.09
0.04
0.65
0.57
0.14
0.38
0.75
0.47
0.15
0.49
0.08
0.48
0.41
0.51
0.72

0.04
0.17
0.29
0.61
0.53
0.11
0.48
0.55
0.25
0.03
0.55
0.05
0.33
0.62
0.40
0.47

0.04
0.17
0. 21
0.68
0.60
0.14
0.44
0.42
0.40
0.06
0.77
0.18
0.27
0.68
0.99
0.93

0.09
0.30
0.42
0.68
0.49
0.28
0.31
0.41
0.40
0.33
0.54
-0.10
0.27
0.63
0.91
0.42

0*.06
0.30
0.10
0.64
0.66
0.23
0.34
0.35
0.54
0.25
0.45
0.22
0.46
0.75
0.67

0.66
0.72
0.25
0.73
0.77
0.28
0.45
0.87
1.01
1.12
0.90
1.10
0.69
0.92
0.80
1.43

0. 56
0. 79
0. 13
0. 74
0. 88
-0. 05
0. 83
1. 03
1. 00
0. 86
0. 56
0. 71
0. 7 9
0. 91
0. 79
0. 74

0. 54
0. 66
0. 28
0. 90
0. 93
0. 05
0. 84
0. 66
1. 18
1. 03
0. 63
0. 74
1. 02
1. 10
1. 02
0. 89

0.80
0.62
0.51
0.74
0.86
0.48
0.64
0.64
1.08
0.86
0.72
1. 00
0.75
1.15
1.20
1.43

0.68
0.77
0.26
0.70
0.88
0.25
0.68
0.75
1.03
0.59
0.48
0.73
0.88
1.06
0.71
0.44

0.60
0.68
0.46
0.65
0.76
0.45
0.62
0.84
1.33
0.81
0.54
1.23
0.88
1.12
1.27
0.27

0.49
0.64
0.62
0.79
0.77
0.58
0.72
0.90
1.16
0.65
0.35
0.59
1.13
0.95
1.12
0.69

0. 48
0.60
0.56
0.68
0.66
0.47
0.20
0.94
1.03
1.11
1.03
0.70
0.88
0.93
0.93
0.86

CHANGE IN TOTAL LIQUID ASSETS, S M O O T H E D DATA
(MONTHLY RATE, PERCENT)

II Q
-0.01
0.23
0.42
0.36
0.39
0.62
0.21
0.69
0.15
0.28
0.29
0.61
0.24
0.57
0.60
0.58
0. 64
0.64
0.45
0.59
0.70
0.31
0.53
0.83
0.89
1.01
0.85
0.89
0.88
0.98
0.98
1.21

0.15
0.13
0.14
0.52
0.56
0.42
0.38
0.65
0.26
0.31
0.42
0.45
0.51
0.46
0.53
0.73

0.06
0.21
0.31
0.66
0.54
0.18
0.41
0.46
0.35
0.14
0.62
0.04
0.29
0.64
0.77
0.61

0.16
0.29
0.41
0.53
0.47
0.31
0.53
0.28
0.32
0.40
0.39
0.32
0.53
0.66
0.65

0.63
0.69
0.31
0.79
0.89
0.16
0.77
0.78
1.09
0.92
0.64
0.82
0.85
1.05
1.00
1.02

0.59
0. 70
0.45
0.71
0.80
0.43
0.67
0.83
1.17
0.68
0.46
0.85
0.96
1.04
1.03
0.47

0.59
0.66
0.44
0.70
0.76
0.34
0.54
0.84
1.05
0.93
0.74
0.82
0.90
1.00
0.98
0.89

1 2
AVERAGE FOR PERIOD

-0.05
0.23
0.42
0.31
0.35
0.68
0.22
0.60
0.14
0.35
0.27
0.58
0.23
0.56
0.66
0.62

0. 01
0. 22
0. 38
0. 40
0. 44
0. 60
0. 25
0. 71
0. 15
0. 31
0. 28
0. 67
0. 31
0. 58
0. 56
0. 60

0. 08
0. 19
0. 29
0. 46
0. 54
0. 55
0. 29
0. 66
0. 17
0. 34
0. 32
0. 68
0. 43
0. 53
0. 53
•o. 63

0.14
0.14
0.19
0.49
0.57
0.47
0.33
0.62
0.22
0.32
0. 40
0.54
0.49
0.47
0.54
0.68

0.13
0.13
0.14
0.53
0.56
0.32
0.41
0.62
0.30
0.24
0.49
0.34
0.46
0.46
0.52
0.70

0.09
0.14
0.16
0.59
0.56
0.18
0.43
0.58
0.35
0.12
0.58
0.16
0.39
0.52
0.57
0.69

0. 06
0.18
0.24
0.65
0. 55
0.15
0.42
0.52
0.36
0.11
0.61
0.07
0.32
0.61
0.70
0.66

0.03
0.25
0.20
0.71
0.55
0.23
0.40
0.41
0.44
0.21
0.62
0.11
0.37
0.68
0.76

0.19
0. 40
0.21
0.41
0.72
0.20
0.47
0.20
0.43
0.27
0.52
0.22
0.52
0.71
0.65

0.08
0.18
0.29
0.45
0.52
0.54
0.29
0.66
0.18
0.32
0.33
0.63
0.41
0.53
0.54
0.64

0.09
0.15
0.18
0.59
0.56
0.22
0.42
0.57
0.34
0.16
0.56
0.19
0.39
0.53
0.60
0.68

0.14
0.28
0.36
0.55
0.51
0.29
0.53
0.28
0.34
0.34
0.49
0.28
0.49
0.63
0.68

0.60
0.62
0.50
0.62
0.68
0.35
0.54
0.85
0.90
1.00
0.86
0.83
0.92
0.99
1.03
1.17

0. 65
0. 66
0. 35
0. 65
0. 74
0. 23
0. 56
0. 86
0. 91
1. 01
0. 80
0. 92
0. 85
0. 97
0. 94
1. 14

0. 62
0. 70
0. 24
0. 75
0. 83
0. 12
0. 65
0. 87
0. 99
1. 01
0. 72
0. 89
0. 83
0. 97
0. 88
1. 05

0.61
0.71
0.26
0.79
0.88
0.13
0.74
0.82
1.08
0.96
0.67
0.83
0.84
1.02
0.94
1.02

0.65
0.69
0.33
0.79
0.89
0.21
0.75
0.73
1.09
0.87
0.62
,0.82
0.87
1.08
0.99
0.97

0.68
0.69
0.38
0.74
0.86
0.33
0.68
0.71
1. 12
0.79
0.60
0.90
0.86
1.11
1.02
0.82

0.64
0.69
0.43
0.70
G.82
0.41
0.66
0.79
1.16
0.72
0.52
0.92
0.90
1.08
1.05
0.59

0.55
0.57
0.63
0.57
0.70
0.62
0.30
0.81
0.94
1.16
0.85
0.55
0.83
0.95
0.95
0.93

0.53
0.61
0.54
0.64
0.65
0.42
0.44
0.89
0.96
1.03
0.95
0.75
0.94
0.99
1.01
1.07

0.63
0.69
0.28
0.73
0.82
0.16
0.65
0.85
0.99
0.99
0.73
0.88
0.84
0.99
0.92
1.07

0.66
0.69
0.38
0.74
0.86
0.32
0.70
0.74
1.12
0.79
0.58
0.88
0.88
1.09
1.02
0.79

0.59
0.64
0.46
0.67
0.76
0.38
0.52
0.82
1.00
0.99
0.78
0.77
0.87
1.00
0.97
0.97

105. MONEY SUPPLY (Ml-B) IN 1972 D O L L A R S 3
(BILLIONS OF DOLLARS)

AVERAGE FOR PERIOD

1948. . .
1949. . .

196 . 4
190 .1

196 .4
190 .8

196.7
190.9

193 .5
190 .9

191.6
191.4

190.3
190.9

188 .7
192 .6

188 .6
192 .2

189.0
191.6

189.3
192.4

189.9
192.2

190.4
L93.4

196.5
190.6

191.8
191.1

188.8
192.1

189.9
192.7

191.7
191.6

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

188 .7
191 .0
196 .2
196.6
204 .0
207 .2
203 .0
194 .1
201 .2
200 .2
198 .8
203 .6
205 .0

186 .0
192 .0
196 .6
196 .2
205 .0
206 .9
202 .0
194 .8
201 .8
199 .6
199 .4
203 . 6
205 .6

186.5
192.5
197.2
196.7
204.7
207.1
201.7
193.9
202.5
199.5
199.9
203.6
205.9

186 .6
192 . 4
197 .4
196 .5
205 .1
207 .2
201 .0
194 .3
202 .3
198 .4
200 .5
203 .8
206 .6

186.7
192.9
197.5
197.5
206.2
206.1
200.8
195.0
203.5
198.4
201.1
204.4
207.6

187.6
193.3
196.9
197.8
206.3
205.5
199.8
196. 4
203.4
198.1
201.5
204.3
206.9

188.6
192 .7
197 .1
198 .9
206 . 7
204 . 5
199 .4
196 .6
204 .1
199 .4
201 .0
204 .0
207 .5

189 . 7
193 .3
196 .8
199 .7
206 .9
203.9
198 .9
197 .4
204 .2
200 .6
201 .4
203 .6
207 .8

189.9
194.8
196.3
200.4
206.3
204. 4
198.2
198.0
202.5
200.4
201.9
202.6
208.2

189.7
194.9
196.0
201.9
206.7
203.3
197.8
198.8
201.2
199.4
202.3
203.4
208.8

190.3
195. 5
196.7
202.5
205.S
203.7
196.8
199.7
200.9
198.8
203.1
203. 9
210.0

190.3
195.8
196.7
202.9
206. 5
203.3
195.9
199.9
200.2
198.6
203.6
204. 9
208.9

187.1
191.8
196.7
196.5
204.6
207.1
202.2
194.3
201.8
199.8
199.4
203.6
205.5

187.0
192.9
197.3
197.3
205.9
206.3
200.5
195.2
203.1
198.3
201.0
204.2
207.0

189.4
193.6
196.7
199.7
206.6
204.3
198.8
197.3
203.6
200.1
201.4
203.4
207.8

190.1
195.4
196.5
202.4
206.4
203.4
196.8
199.5
200.8
198.9
203.0
204.1
209.2

188. 4
193.4
196.8
199.0
205.9
205.3
199.6
196.6
202.3
199.3
201.2
203.8
207.4

1964.
. .
1965. . .
1966. ..
1967.
. .
1968...
1969. . .
1970.
. .
1971. ..
1972.
. .
1973. . .
1974.
. .
1975. ..
1976.. .
1977.
. .
1978.
. .
1979.
. .
1980...
1981...

209 .3
216 .5
223 .3
219 .6
227 .4
234 .6
228 .6
227 .5
235 .0
247 .7
237 .4
220 .3
217 .6
221 .2
224 .3
219 .7

210 .2
216 .6
222 .4
220 .3
227 .1
234 .3
225 .7
228 .6
235 .8
246 .6
235 .8
219 .8
219 .0
220 .9
223 .1
217 .9

210.2
217.1
223.1
222.9
227.7
233.3
226.5
230.2
238.0
244.5
234.9
220.5
219.5
221.0
222.7
217.8

210 .5
217 .3
224 .0
221 .4
228 .1
232 .8
226 .6
231 .0
239 .1
243 .5
233 .5
219 .3
220 .5
221 .5
223 .6
219 .1

211.3
216.3
222.9
222.8
229.4
232.8
226.3
232.3
238.5
244.2
231.7
220.9
220.9
221.2
223.7
216.6

211.4
216.1
223.0
223.9
230.4
232.3
225.9
232.7
239.2
244.7
230.7
222.4
219.9
220.9
223.3
217.2

212 .9
217 .4
221 .1
225 .0
230 .5
227 .5
225 .4
233 .2
24C .2
245 .0
229 .5
22C .6
219 .2
221 .2
222 .6
216 .7

214 .3
218 .4
220 .1
225 .9
230 .9
230 .0
226 .6
233 .1
241 .8
241 .0
227 .1
220 .7
219 .2
221 .2
222 .1
215 .9

215.0
219.4
220.9
225.6
230.9
229.0
226.8
233.3
242.7
240.2
225.0
219.7
218.6
221.8
222.6
214.6

215.6
220.8
219.3
226.4
231.4
229.0
226.5
233.5
243.9
239.3
224.0
217.9
219.7
222.6
221.0
212.7

215.8
221.2
219.2
226.5
232.7
228.6
226.3
233.3
244.1
238.8
223.2
218.6
219.4
222.8
221.2
211.1

215.9
221.7
219.8
226.9
233.5
227.2
226.4
233.3
246.5
239.0
221.9
217.1
220.3
223.1
221.4
210.0

209.9
216.7
222.9
220.9
227.4
234.1
226.9
228.8
236.3
246.3
236.0
220.2
218.7
221.0
223.4
218.5

211.1
216.6
223.3
222.7
229.3
232.6
226.3
232.0
238.9
244.1
232.0
220.9
220.4
221.2
223.5
217.6

214.1
218.4
220.7
225.5
230.8
228.8
226.3
233.2
241.6
242.1
227.2
220.3
219.0
221.4
222.4
215.7

215.8
221.2
219.4
226.6
232.5
228.3
226.4
233.4
244.8
239.0
223.0
217.9
219.8
222.8
221.2
211.3

212.7
218.2
221.6
223.9
230.0
231.0
226.5
231.8
240.4
242.9
229.6
219.8
219.5
221.6
222.6
215.8

]
lhis
series contains revisions beginning with 1969. 2 This series is a weighted 4-term moving average (with weights 1,2,2,1) placed
on the terminal month of the span. 3 This series contains revisions beginning with 1967.




(FEBRUARY 1981)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Apr.

Mar.

June

May

July

Aug.

106. MONEY SUPPLY (M2) IN 1972 DOLLARS
(B ILLIONS DF DOLLARS)

Sept.

Oct.

Nov.

Dec.

IQ

II Q

III Q

IV Q

Annual

1

AVERAGE FOR PERIOD

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

360.1
351.5
360.3
346.3
349.6
362.9
369.6
388.5
395.9
392.3
386.1
411.7
422.8
438.3
468.2
499.7

360.5
352.7
360.7
340.8
351.7
363.9
370.0
390.1
395.3
391.3
390.1
413.2
422.2
441.4
470.7
502.7

361.6
352.9
361.4
341.2
353.3
365.3
371.7
389.9
395.8
392.0
390.7
415.6
423.6
443.9
473.5
505.9

356.0
353.2
363.0
341.6
353.2
365.8
372.4
390.9
396.3
391.3
392.9
416.8
422.9
446.8
476.2
509.7

352.6
354.1
362.9
341.5
354.3
366.5
374.6
392.8
394.5
391.7
395.5
419.6
424.0
449.8
478. 6
513.6

350.4
353.6
362.2
343.4
355.1
365.9
375.7
393.5
393.8
390.6
399.3
420.4
425.4
452.5
481.5
514.6

347.3
356.7
360.5
345.5
354.2
366.8
378.6
394.1
392.2
390.6
401.1
422.1
429.0
453.2
483.7
517.2

347.3
356.2
359.0
347.8
355.8
366.8
380.6
394.6
392.0
390.4
403.3
423.5
432.0
455.7
485. 3
519.9

348.2
355.2
357.4
348.1
358.6
366.6
382.0
394.0
393.2
390.1
404.5
422.4
433.8
457.6
485. 7
523.0

348.8
356.6
356.0
347.5
358.8
366.8
384.9
394.7
391.3
390.7
406.2
421.2
433.6
460.0
489.6
525.9

350.4
356.2
354.9
348.3
360.6
368.7
385.8
393.8
392.2
389.7
407.8
421.9
435.0
462.9
493.2
529.6

351.5
358.2
350.6
348.2
361.4
369.3
386.6
395.0
391.3
389.0
408.4
422.2
436. 5
465.3
497.2
530.2

360.7
352.4
360.8
• 342.8
351.5
364.0
370.4
389.5
395.7
391.9
389.0
413.5
422.9
441.2
470.8
502.8

353.0
353.6
362.7
342.2
354.2
366.1
374.2
392.4
394.9
391.2
395.9
418.9
424.1
449.7
478.8
512.6

347.6
356.0
359.0
347.1
356.2
366.7
380.4
394.2
392.5
390.4
403.0
422.7
431.6
455.5
484.9
520.0

350.2
357.0
353.8
348.0
360.3
368.3
385.8
394.5
391.6
389.8
407.5
421.8
435.0
462.7
493.3
528.6

352.9
354.8
359.1
345.0
355.6
366.3
377.7
392.7
393.6
390.8
398.8
419.2
428.4
452.3
482. 0
516.0

1964.
. .
1965...
1966...
1967...
1968. . .
1969. ..
1970. . .
1971...
1972...
1973. . .
1974...
1975...
1976...
1977.
. .
1978...
1979. . .
1980.. .
1981...

532.1
569.5
603.6
610.0
646.3
667.3
648.9
662.9
727.9
792.9
771.4
728.1
774.0
840.1
868.6
858.1

535.9
573.1
602.7
612.6
646.9
667.4
643.6
670.6
732.7
792.8
767.3
731.3
784.7
841.9
867.6
853.3

537.8
576.0
604.6
618.3
648.5
664.7
643.6
679.2
740.7
788.4
766.2
737.5
790.1
845.1
867.2
853.2

540.3
577.7
605.5
620.2
649.6
663.3
641.4
686.9
744.9
786.0
763.0
742.8
796.8
848.3
867.0
853.8

543.9
578.6
605.6
625.4
652.1
663.2
642.5
692.9
747.3
788.2
757.4
751.0
803.7
852.7
865.4
850.0

546.5
579.7
605.8
629.4
653.9
661.7
643.5
695.6
752.8
790.5
754.3
758.1
803.6
853.7
863.2
850.8

550.6
584.0
604.6
633.1
654.6
655.5
643.8
699.5
759.5
792.8
752.0
759.2
805.1
856.1
862.1
848.3

555.3
588.6
603.3
636.3
656.4
657.1
646.9
703.0
766.8
781.3
744.5
763.2
811.2
859.2
863.0
847.0

558.3
591.5
605.2
638.0
658.8
655.3
648.8
707.8
771.7
779.2
738.6
764.1
815.6
861.7
863.1
843.4

560.9
595.9
603.8
641.1
660.7
654.4
650.6
712.5
777 .9
776.1
735.3
763.5
822.6
865.3
862.0
838.5

563.6
598.3
605.3
642.5
662.9
653.5
653.8
718.1
782.5
775.7
734.0
766.8
828.5
866.5
862.4
833.0

566.0
600.4
608.2
645.1
666.1
652.2
657.2
721.7
788.4
775.8
729.3
768.0
835.4
868.1
861.7
828.1

535.3
572.9
603.6
613.6
647. 2
666.5
645.4
670.9
733.8
791.4
768.3
732.3
782.9
842.4
867.8
854.9

543.6
578.7
605.6
625.0
651.9
662.7
642.5
691.8
748.3
788.2
758.2
750.6
801.4
851.6
865.2
851.5

554.7
588.0
604.4
635. 8
656.6
656.0
646.5
703.4
766.0
784.4
745.0
762.2
810.6
859.0
862.7
846.2

563.5
598.2
605.8
642.9
663.2
653.4
653.9
717.4
782.9
775.9
732.9
766.1
828.8
866.6
862.0
833.2

549.3
584.4
604.8
629.3
654.7
659.6
647.0
695.9
757.8
785.0
751.1
752.8
805.9
854.9
864.4
846.5

108. RATIO, PERSONAL INCOME TO MONEY SUPPLY M 2 2
(RATIO)

AVERAGE FOR PERIOD

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

0.987
1.031
1.069
1.161
1.181
1.222
1.207
1.198
1.270
1.321
1.338
1.308
1.338
1.301
1.283
1.259

0.985
1.026
1.078
1.172
1.193
1.228
1.208
1.198
1.278
1.331
1.321
1.312
1.339
1.297
1.282
1.244

1.006
1.032
1.099
1.180
1.192
1.234
1.200
1.209
1.281
1.332
1.317
1.315
1.336
1.295
1.282
1.240

1.013
1.026
1.071
1.191
1.187
1.231
1.196
1.218
1.289
1.332
1.304
1.322
1.344
1.289
1.281
1.236

1.021
1.021
1.068
1.195
1.196
1.233
1.189
1.223
1.292
1.334
1.300
1.320
1.344
1.289
1.277
1.233

1.042
1.012
1.071
1.199
1.198
1.237
1.186
1.228
1.297
1.342
1.294
1.323
1.340
1.295
1.275
1.236

1.044
1.005
1.089
1.191
1.189
1.232
1.183
1.243
1.292
1.344
1.314
1.319
1.332
1.294
1.273
1.2 29

1.055
1.015
1.108
1.199
1.217
1.226
1.183
1.244
1.310
1.347
1.304
1.303
1.322
1.288
1.270
1. 226

1.056
1.032
1.117
1.193
1.222
1.224
1.188
1.250
1.314
1.342
1.308
1.306
1.318
1.284
1.269
1.228

1.061
1.014
1.129
1.201
1.224
1.229
1.191
1.254
1.326
1.341
1.306
1.308
1.317
1.288
1. 264
1.227

1.057
1.025
1.137
1.196
1.215
1.219
1.196
1.264
1.322
1.340
1.314
1.319
1.309
1.292
1.260
1. 220

1.046
1.030
1.160
1.194
1.220
1.213
1.198
1.269
1.326
1.336
1.318
1.335
1.296
1.292
1.256
1.227

0.993
1.030
1.082
1.171
1.189
1.228
1.205
1.202
1.276
1.328
1.325
1.312
1.338
1.298
1.282
1.248

1.025
1.020
1.070
1.195
1.194
1.234
1.190
1.223
1.293
1.336
1.299
1.322
1.343
1.291
1.278
1.235

1.052
1.017
1.105
1.194
1.209
1.227
1.185
1.246
1.305
1.344
1.309
1.309
1.324
1.289
1.271
1.228

1.055
1.023
1.142
1.197
1.220
1.220
1.195
1.262
1.325
1.339
1.313
1.321
1.307
1.291
1.260
1.225

1.031
1.022
1.100
1.189
1.203
1.227
1.194
1.233
1.300
1.337
1.312
1.316
1.328
1.292
1.273
1.234

1964.. .
1965...
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973. . .
1974...
1975...
1976...
1977...
1978. . .
1979. ..
1980...
1981...

1.228
1.225
1.231
1.277
1.246
1.273
1.333
1.330
1.270
1.249
1.297
1.328
1.295
1.237
1.246
1.312

1.227
1.218
1.237
1.271
1.254
1.277
1.345
1.318
1.271
1.259
1.295
1.321
1.289
1.239
1.250
1.318

1.228
1.218
1.238
1.267
1.262
1.284
1.349
1.309
1.264
1.267
1.293
1.311
1.282
1.241
1.258
1.321

1.230
1.219
1.237
1.264
1.265
1.291
1.378
1.296
1.263
1.270
1.303
1.306
1.278
1.238
1.267
1.313

1.229
1.226
1.240
1.256
1.269
1.296
1.363
1.287
1.262
1.268
1.316
1.303
1.270
1.235
1.267
1.313

1.228
1.228
1.248
1.253
1.272
1.301
1.358
1.305
1.241
1. 267
1.322
1.313
1.269
1.235
1.272
1.312

1.226
1.226
1.255
1.250
1.276
1.318
1.360
1.281
1.249
1. 274
1.333
1.295
1.272
1.242
1.283
1.322

1.225
1.222
1.261
1.247
1.276
1.319
1.357
1.280
1.247
1.281
1.334
1.300
1.265
1.242
1. 285
1.324

1.222
1.247
1.265
1.243
1.276
1.323
1.355
1.273
1.240
1.293
1.337
1.298
1.259
1.242
1. 284
1.323

1.217
1.230
1.270
1.237
1.275
1.327
1.342
1.267
1.251
1.301
1.342
1.302
1.250
1.247
1.292
1.332

1.216
1.232
1.275
1.242
1.274
1.326
1.333
1.264
1.256
1.303
1.332
1.296
1.251
1.248
1.297
1.340

1.224
1.234
1.271
1.248
1.272
1.330
1.329
1.268
1.253
1.300
1.335
1.293
1.245
1.250
1.307
1.345

1.228
1.220
1.235
1.272
1.254
1.278
1.342
1.319
1.268
1.258
1. 295
1.320
1.289
1.239
1.251
1.317

1.229
1.224
1.242
1.258
1.269
1.296
1.366
1.296
1.255
1.268
1. 314
1.307
1.272
1.236
1.269
1.313

1.224
1.232
1.260
1.247
1.276
1.320
1.357
1.278
1.245
1.283
1.335
1.298
1.265
1.242
1.284
1.323

1.219
1.232
1.272
1.242
1.274
1.328
1.335
1.266
1.253
1.301
1.336
1.297
1.249
1.248
1.299
1.339

1.225
1.227
1.252
1.255
1.268
1.305
1.350
1.290
1.256
1.278
1.320
1.306
1.269
1.241
1.276
1.323

60,646
62,185
62,428
62,204
61,971
62,867
63,936
65,821
66,546
67,066
68,045
68,821
69,884
70,492
70,917
72,281

60,702
62,005
62,286
62,014
62,491
62,949
63,759
66,037
66,657
67,123
67,658
68,533
70,439
70,376
70,871
72,418

61,169
61,908
62,068
62,457
62,621
62,795
63,312
66,445
66,700
67,398
67,740
68,994
70,395
70,077
70,854
72,188

60,230
60,967
61,651
62,082
62,191
63,539
63,629
63,829
66,239
66,740
67,173
67,884
68,770
70,523
70,337
71,277

60,535
61,071
62,220
61,822
61,960
62,948
63,651
64,476
66,563
66,798
67,739
68,265
69,713
70,532
70,448
71,718

60,934
61,508
62,355
61,938
62,099
62,867
63,739
65,451
66,713
67,035
67,954
68,505
69,912
70,429
70,812
71,958

60,839
62,033
62,261
62,225
62,361
62,870
63,669
66,101
66,634
67,196
67,814
68,783
70,239
70,315
70,881
72,296

60,621
61,286
62,208
62,017
62,138
63,015
63,643
65,023
66,552
66,929
67,639
68,369
69,628
70,459
70,614
71,833

73,286
73,465
73,308
74,797 75,093
74,838
76,610 76,641
76,199
78,194
78,491
78,191
79,463
78,913 79,209
81,494
81,624
81,397
83,536
83,422
83,250
85,085 85,227
84,626
87,027 87,000 87,331
90,075
89,337 89,899
91,765
91,473
91,731
93,148
92,983
93,036
95,777 95,864
95,250
98,767
98,848
98,128
101,171 101,576 101,831
103,566 103,605 104,053
105,167 105,285 105,067

72,584
73,792
75,072
76,496
78,021
79,874
82,226
83,442
85,784
87,617
90,544
91,936
93,744
96,174
99,156
102,328
104,217

73,234
74,369
75,477
76,940
78,746
80,367
82,531
83,681
86,335
88,486
90,666
92,502
94,470
97,125
100,177
102,378
104,693

73,138
74,626
75,946
77,663
78,880
81,074
82,875
84,324
86,840
88,902
91,287
92,951
95,218
97,619
100,753
103,204
104,982

73,353
74,909
76,483
78,292
79,195
81,505
83,403
84,979
87,119
89,770
91,656
93,056
95,630
98,581
101,526
103,741
105,173

73,091
74,455
75,770
77,347
78,737
80,734
82,715
84,113
86,542
88,714
91,011
92,613
94,773
97,401
100,420
102,908
104,719

441. TOTAL CIVILIAN LABOR FORCE, LABOR FORCE S U R V E Y 3
(THOUSANDS
1948...
1949. . .
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974.
. .
1975...
1976...
1977...
1978...
1979...
1980.
. .
1981.
. .

60,095
60,771
61,661
61,941
62,432
63,439
63,101
63,910
66,419
66,428
67,095
67,936
68,962
70,447
70,189
71,146

60,524
61,057
61,687
61,778
62,419
63,520
63,994
63,696
66,124
66,879
67,201
67,649
68,949
70,420
70,409
71,262

60,070
61,073
61,604
62,526
61,721
63,657
63,793
63,882
66,175
66,913
67,223
68,068
68,399
70,703
70,414
71,423

72,713
72,683
72,356
73,857 73,949
73,569
74,954
75,075
75,186
76,521
76,328
76,639
78,256
78,230
77,578
80,079
80,019
79,523
82,446
82,155
82,077
83,302
83,346
83,678
85,567
86,189
85,596
87,742
88,211
86,898
90,633
90,633
90,367
92,055
92,059
91,695
93,697 93,892
93,643
96,580
96,254
95,689
99,336
99,031
99,101
102,014 102,393 102,578
104,208 104,271 104,171

60,677
61,007
62,158
61,808
61,720
63,167
63,934
64,564
66,264
66,647
67,647
68,339
69,579
70,267
70,278
71,697

59,972
61,259
62,083
62,044
62,058
62,615
63,675
64,381
66,722
66,695
67,895
68,178
69,626
70,452
70,551
71,832

73,395
73,032
73,274
74,466
74,412
74,228
75,447 75,647
75,338
76,773
76,777
77,270
78,847 79,120
78,270
80,125
80,281
80,696
82,456
82,690
82,446
83,682 83,847 83,514
86,132 86,340
86,534
88,301
88,326
88,830
90,355 90,690 90,952
92,275 92,804
92,426
94,407 94,494
94,509
97,110
96,780
97,486
99,823 100,201 100,507
102,213 102,366 102,556
104,427 105,060 104,591

This series contains revisions beginning with 1967.
revisions beginning with 1976.




102

60,957
60,948
62,419
61,615
62,103
63,063
63,343
64,482
66,702
67,052
67,674
68,278
69,934
70,878
70,514
71,626

61,181
61,301
62,121
62,106
61,962
63,057
63,302
65,145
66,752
67,336
67,824
68,539
69,745
70,536
70,302
71,956

60,806
61,590
62,596
61,927
61,877
62,816
63,707
65,581
66,673
66,706
68,037
68,432
69,841
70,534
70,981
71,786

60,815
61,633
62,349
61,780
62,457
62,727
64,209
65,628
66,714
67,064
68,002
68,545
70,151
70,217
71,153
72,131

73,290
73,118
73,007
74,502
74,616
74,761
76,056
76,046
75,736
77,712 77,812
77,464
78,811
78,970
78,858
80,827
81,106
81,290
82,843
82,876
82,906
84,428
84,431
84,114
86,902
86,635 86,982
88,892
89,077
88,736
91,073
91,516
91,271
93,014
92,985
92,853
95,340
95,122
95,192
97,749
97,799
97,308
100,603 100,719 100,937
103,015 103,105 103,492
105,020 104,945 104,980

AVERAGE FOR PERIOD

This series contains revisions beginning with

This series contains

(FEBRUARY 1981)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

1 Mar.
442.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

ll Q

TOTAL C I V I L I A N E M P L O Y M E N T , LABOR FORCE SURVEY
(THOUSANDS)

III Q

IV Q

Annual

AVERAGE FOR PERIOD

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

58,061
58,175
57,635
59,636
60,460
61,600
60,024
60,753
63,753
63,632
63,220
63,868
65,347
65,776
66,108
67,072

58,
58,
57,
59,
60,
61,
60,
60,
63,
64,
62,
63,
65,
65,
66,
67,

196
208
751
661
462
884
663
727
518
257
898
684
620
588
538
024

57,
58,
57,
60,
59,
62,
60,
60,
63,
64,
62,
64,
64,
65,
66,
67,

671
043
728
401
908
010
186
964
411
404
731
267
673
850
493
351

58,
57,
58,
59,
59,
61,
60,
61,
63,
64,
62,
64,
65,
65,
66,
67,

291
747
583
889
909
444
185
515
614
047
631
768
959
374
372
642

57,
57,
58,
60,
60,
61,
59,
61,
63,
63,
62,
64,
66,
65,
66,
67,

854
552
649
188
195
019
908
634
861
985
874
699
057
449
688
615

58,
57,
59,
59,
60,
61,
59,
61,
63,
64,
62,
64,
66,
65,
66,
67,

743
172
052
620
219
456
792
781
820
196
730
849
168
993
670
649

58,968
57,190
59,001
60,156
59,971
61,397
59,643
62,513
63,800
64,540
62,745
65,011
65,909
65,608
66,483
67,905

58,456
57,397
59,797
59,994
59,790
61,151
59,853
62,797
63,972
63,959
63,012
64,844
65,895
65,852
66,968
67,908

58,
57,
59,
59,
60,
60,
60,
62,
64,
64,
63,
64,
66,
65,
67,
68,

513
584
575
713
521
906
282
950
079
121
181
770
267
541
192
174

58,
57,
59,
60,
60,
60,
60,
62,
63,
64,
63,
64,
65,
65,
67,
68,

387
269
803
010
132
893
270
991
975
046
475
911
632
919
114
294

58,417
58,009
59,697
59,836
60,748
60,738
60,357
63,257
63,796
63,669
63,470
64,530
66,109
66, 081
66,847
68,267

58,
57,
59,
60,
60,
59,
60,
63,
63,
63,
63,
65,
65,
65,
66,
68,

740
845
429
497
954
977
116
684
910
922
549
341
778
900
947
213

57,976
58,142
57,705
59,899
60,277
61,831
60,291
60,815
63,561
64,098
62,950
63,940
65,213
65,738
66,380
67,149

58,296
57,490
58,761
59,899
60,108
61,306
59,962
61,643
63,765
64,076
62,745
64,772
66,061
65,605
66,577
67,635

58,646
57,390
59,458
59,954
60,094
61,151
59,926
62,753
63,950
64,207
62,979
64,875
66,024
65,667
66,881
67,996

58,515
57,708
59,643
60,114
60,611
60,536
60,248
63,311
63,894
63,879
63,498
64,927
65,840
65,967
66,969
68,258

58,343
57,651
58,918
59,961
60,250
61,179
60,109
62,170
63,799
64,071
63,036
64,630
65,778
65,746
66,702
67,762

1964.
. .
1965.. .
1966. . .
1967.
. .
1968. . .
1969. . .
1970. . .
1971. . .
1972...
1973. . .
1974. . .
1975...
1976. . .
1977. . .
1978...
1979. . .
1980. . .
1981. . .

68,327
69,997
72,198
73,671
74,700
76,805
78,864
78,710
80,630
82,633
85,803
84,662
86,222
88,537
92,752
96,056
97,708

68,
70,
72,
73,
75,
77,
78,
78,
80,
83,
85,
84,
86,
88,
92,
96,
97,

751
127
134
606
229
327
707
469
691
336
972
271
478
933
863
400
817

68,
70,
72,
73,
75,
77,
78,
78,
81,
83,
86,
84,
86,
89,
93,
96,
97,

763
439
188
439
379
367
818
346
208
876
074
185
776
402
133
622
628

69,
70,
72,
73,
75,
77,
78,
78,
81,
83,
85,
84,
87,
89,
93,
96,
97,

356
633
510
882
561
523
894
756
230
927
819
169
191
850
780
295
225

69,
71,
72,
73,
76,
77,
78,
78,
81,
84,
86,
84,
87,
90,
94,
96,
97,

631
034
497
844
107
412
543
891
464
001
020
406
555
325
177
590
116

69,
71,
72,
74,
76,
77,
78,
78,
81,
84,
86,
84,
87,
90,
94,
96,
96,

218
025
775
278
182
880
430
599
654
552
106
289
302
494
680
838
780

69,399
71,460
72,860
74,520
76,087
77,959
78,696
79,099
81,758
84,653
86,295
84,820
87,832
90,642
94,494
97,277
96,999

69,463
71,362
73,146
74,767
76,043
78,250
78,591
79,296
82,070
84,498
86,147
85,154
87,949
90,980
94,837
97,048
97,003

69,
71,
73,
74,
76,
78,
78,
79,
82,
84,
86,
85,
87,
91,
94,
97,
97,

578
286
258
854
172
250
452
399
069
785
159
173
867
195
991
521
180

69,
71,
73,
75,
76,
78,
78,
79,
82,
85,
86,
85,
87,
91,
95,
97,
97,

582
695
401
051
224
445
613
625
103
263
041
244
937
501
374
434
206

69,735
71,724
73,840
75,125
76,494
78,541
78,537
79,944
82,443
85,578
85,687
85,316
88,279
92,176
95,653
97,501
97,339

69,
72,
73,
75,
76,
78,
78,
80,
82,
85,
85,
85,
88,
92,
95,
97,
97,

814
062
729
473
778
740
480
115
853
650
217
534
430
505
715
781
282

68,614
70,188
72,173
73,572
75,103
77,166
78,796
78,508
80,843
83,282
85,950
84,373
86,492
88,957
92,916
96,359
97,718

69,402
70,897
72,594
74,001
75,950
77,605
78,622
78,749
81,449
84,160
85,982
84,288
87,349
90,223
94,212
96,574
97,040

69,480
71,369
73,088
74,714
76,101
78,153
78,580
79,265
81,966
84,645
86,200
85,049
87,883
90,939
94,774
97,282
97,061

69,710
71,827
73,657
75,216
76,499
78,575
78,543
79,895
82,466
85,497
85,648
85,365
88,215
92,061
95,581
97,572
97,276

69,305
71,088
72,895
74,372
75,920
77,902
78,627
79,120
81,702
84,409
85,935
84,783
87,485
90,546
94,373
96,945
97,270

444.

NUMBER IJNEMPLOYED , M A L E S 20 Y E A R S AND OVER , LABOR
(THOUSANDS)

?

ORCE SURVEY
AVERAGE FOR =ERIOD

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

1,233
1,570
2,349
1,236
998
1,078
1,662
1,812
1,442
1,457
2,216
2, 284
1,926
2,544
2,042
2,087

1, 281
1, 734
2, 295
1, 096
994
901
1, 816
1, 719
1, 425
1, 391
2, 460
2, 258
1, 772
2, 579
1, 948
2, 137

1, 334
1, 874
2, 327
1, 007
947
842
1, 989
1, 712
1, 459
1, 280
2, 635
2, 062
1, 977
2, 581
2, 008
2, 053

1, 367
1, 936
2, 235
910
938
975
2, 133
1, 833
1, 376
1, 415
2, 899
1, 827
1, 923
2, 656
2, 043
2, 006

1, 296
2, 265
2, 019
898
904
933
2, 175
1, 529
1, 477
1, 420
2, 964
1, 810
1, 893
2, 787
2, 021
2, 000

1, 199
2, 333
1, 917
994
1, 001
884
2, 113
1, 482
1, 491
1, 512
2, 985
1, 811
1, 968
2, 569
2, 039
1, 913

1,191
2,522
1,817
961
1,078
917
2,121
1, 420
1,455
1,447
3,027
1,850
2,045
2,622
1,9 94
1,900

1, 340
1,309
2,553
2, 456
1, 557
1,632
1, 013
1,002
1, 064
1,168
981
905
2,280
2, 293
1, 354
1, 464
1,412
1, 404
1, 644
1,463
2, 772
2,997
1,877 " 2,093
2, 139
2, 124
2,531
2, 466
2,082
2, 009
1, 804
1,839

1, 335
3, 273
1, 459
1, 147
930
1, 044
2, 254
1, 465
1, 330
1, 710
2, 646
2, 076
2, 295
2, 371
1, 932
1, 851

1, 357
2,468
1,387
1,087
876
1,278
2,008
1,455
1,481
1,947
2,439
2,297
2,353
2,269
2,043
1,970

1, 450
2, 446
1, 427
968
872
1, 575
1, 876
1, 439
1, 532
2, 030
2, 413
1, 883
2, 508
2, 182
2, 035
1, 908

1,283
1,726
2,324
1,113
980
940
1,822
1, 748
1,442
1,376
2,437
2,201
1,892
2,568
1,999
2,092

1,287
2,178
2,057
934
948
931
2,140
1,615
1,448
1,449
2,949
1,816
1,928
2,671
2, 034
1,973

1,280
2,510
1,669
992
1,103
934
2,231
1,413
1,424
1,518
2,932
1,940
2,103
2,540
2,028
1,848

1,381
2,729
1,424
1,067
893
1,299
2,046
1,453
1,448
1,896
2,499
2,085
2,385
2,274
2,003
1,910

1,305
2,219
1,922
1,029
980
1,019
2,035
1,580
1,442
1,541
2,681
2,022
2,060
2,518
2,016
1,971

1964.
. .
1965. . .
1966. . .
1967...
1968. . .
1969. . .
1970. . .
1971. . .
1972.
. .
1973.. .
1974.
..
1975. . .
1976. . .
1977...
1978...
19 7 9 ...
1980.
. .
1981.
. .

1,887
1,600
1,203
1,057
1,065
927
1,189
2,083
2,037
1,661
1,719
3,078
3,106
2,983
2, 464
2,201
2,629

1, 805
1, 615
1, 161
1, 040
1, 105
903
1, 331
2, 052
1, 960
1, 678
1, 779
3, 174
2, 986
3, 069
2, 397
2, 188
2, 581

1, 780
1, 525
1, 174
1, 078
1, 043
900
1, 383
2, 033
1, 996
1, 667
1, 700
3, 424
2, 955
2, 874
2, 396
2, 188
2, 736

1, 748
1, 570
1, 103
1, 079
976
904
1, 490
2, 024
1, 984
1, 642
1, 758
3, 582
2, 946
2, 762
2, 259
2, 165
3, 192

1, 667
1, 517
1, 085
1, 077
947
904
1, 548
2, 069
1, 980
1, 643
1, 708
3, 731
2, 912
2, 784
2, 245
2, 083
3, 569

1, 743
1, 404
1, 105
1, 077
1, 013
923
1, 623
2, 045
1, 957
1, 597
1, 758
3, 592
3, 106
2, 696
2, 119
2, 097
3, 558

1,663
1,394
1,121
1,034
962
985
1,734
2,072
1,947
1,534
1,792
3, 567
3,077
2,627
2,139
2,177
3,630

1,633
1,386
1,125
1,067
987
957
1,753
2,166
1,892
1,537
1,906
3,410
2,987
2,648
2,141
2,235
3,612

1, 703
1, 344
1, 063
991
962
1, 072
1, 827
2, 146
1, 883
1, 510
1, 941
3, 557
3, 015
2, 460
2, 140
2, 232
3, 652

1, 740
1, 260
1, 016
1, 046
950
1, 064
1, 934
2, 098
1, 982
1, 428
2, 084
3, 438
3, 017
2, 608
2, 147
2, 333
3, 532

1, 543
1,224
1,078
1,071
933
1,003
2,014
2, 158
1,769
1,525
2, 333
3, 429
3, 180
2,512
2, 144
2,385
3, 532

1, 596
1, 204
1, 119
1, 089
887
1, 062
2, 158
2, 155
1, 702
1, 595
2, 682
3, 280
3, 182
2, 457
2, 292
2, 435
3, 425

1,824
1,580
1,179
1,058
1,071
910
1,301
2,056
1,998
1,669
1,733
3,225
3,016
2,975
2,419
2,192
2,649

1, 719
1,497
1,098
1,078
979
910
1,554
2,046
1,974
1,627
1,741
3,635
2,988
2,747
2,208
2,115
3, 440

1,666
1,375
1,103
1,031
970
1,005
1,771
2,128
1,907
1,527
1,880
3,511
3,026
2,578
2,140
2, 215
3,631

1,626
1,229
1,071
1,069
923
1,043
2,035
2,137
1,818
1,516
2,366
3, 382
3,126
2,526
2,194
2,384
3,496

1,718
1,435
1,120
1,060
993
963
1,636
2,086
1,928
1,594
1,918
3,428
3,041
2,727
2,252
2,223
3,261

445. NUMBER UNEMPLOYED, F E M A L E S 20 YEARS AND OVER, LABOR FORCE SURVEY
(THOUSANDS
1948.
. .
1949.
. .
19 5 0...
1951. . .
1952.
. .
1953. . .
1954...
1955. . .
1956. . .
1957.
. .
1958. . .
1959. . .
1960.
. .
1961.. .
1962.
. .
1963. . .
1964.
. .
1965.. .
1966. . .
1967.
. .
1968. . .
1969. . .
1970. . .
1971.
. .
1972.
. .
1973. . .
1974.
. .
1975. . .
1976. . .
1977.
. .
1978.
. .
1979. . .
1980. . .
1981...
NOTE:

AVERAGE FOR PERIOD

418
589

593
646

584
621

584
751

520
857

590
877

590
996

620
1,002

578
957

560
965

537
922

600
955

532
619

565
828

596
985

566
947

841

1,030
721
592
475
918
891
765
851
1,058
1,163
1,003
1,283
1,257
1,201

999
692
623
445
955
822
697
783
1, 225
1, 140
937
1, 408
1, 144
1, 216

9 6 2
769
537
520
1, 071
782
824
745
1, 239
1, 137
1, 017
1, 421
1, 161
1, 167

84 2
693
567
455
1, 058
792
823
713
1, 385
1, 064
1, 003
1, 447
1, 126
1, 196

8 61
683
592
411
1, 054
783
863
806
1, 349
1, 040
996
1, 456
1, 133
1, 242

9 4 5
663
534
440
1, 038
796
851
838
1, 321
1, 004
1, 060
1, 482
1, 119
1, 193

631
558
453
1,035
789
1,009
838
1,304
1,029
1,120
1,448
1,144
1,220

589
582
466
1,018
843
857
804
1,351
985
1,084
1,285
1,235
1,210

711
515
551
1, 071
848
812
828
1, 269
1, 002
1, 039
1, 327
1, 243
1, 238

733
576
553
934
893
816
844
1, 221
1, 113
1, 172
1, 371
1, 174
1, 231

706
531
594
957
807
842
927
1,065
1,017
1,254
1,224
1,190
1,257

674
485
775
852
830
844
882
1, 127
1, 050
1, 318
1, 258
1, 168
1, 226

727
584
480
981
832
762
793
1,174
1,147
986
1,371
1,187
1,195

680
564
435
1,050
790
846
786
1,352
1,036
1,020
1,462
1, 126
1,210

644
552
490
1,041
827
893
823
1,308
1,005
1,081
1,353
1, 207
1,223

704
531
641
914
843
834
884
1,138
1,060
1,248
1,284
1,177
1,238

689
559
510
997
823
832
821
1,242
1,063
1,080
1,368
1,17 5
1,216

1,272
1,069
945
1,131
1,061
993
1,048
1,632
1,610
1,527
1,566
2,590
2,579
2,481
2,324
2,205
2,314

1, 281
1, 196
879
1 029
1 052
992
1 161
1 623
1 493
1 470
1 572
2 554
2 539
2 577
2 161
2 251
2 311

1, 295
1, 107
884
1, 065
1, 006
981
1, 285
1, 681
1, 611
1, 474
1, 553
2, 701
2, 478
2, 598
2, 193
2, 246
2, 295

1, 274
1, 093
889
1, 040
963
1, 029
1, 245
1, 694
1, 604
1 456
1 550
2 794
2, 503
2, 513
2 208
2 178
2 501

1, 212
1, 055
1, 001
1, 035
968
979
1 346
1, 650
1 683
1 406
1 620
2 858
2 345
2 363
2 237
2 147
2 593

1, 171
1, 119
905
1, 067
992
1, 038
1, 288
1, 615
1, 651
1, 517
1, 639
2, 715
2, 455
2, 525
2, 263
2, 177
2, 569

1,161
1,038
890
1,051
989
979
1,379
1,603
1,689
1,509
1,702
2,641
2,626
2,435
2,397
2,122
2,655

1,123
1,040
938
985
967
1,043
1,359
1,685
1,670
1,523
1,732
2,604
2,626
2,484
2,219
2,303
2,633

1, 135
970
904
1, 134
928
1, 068
1, 428
1, 649
1, 643
1, 516
1, 888
2, 561
2, 590
2, 486
2, 248
2, 180
2, 513

1, 130
967
955
1, 199
954
1, 074
1, 464
1, 635
1, 674
1, 395
1, 814
2 618
2,' 596
2, 415
2, 102
2, 240
2, 732

1,157
1,033
900
1,102
976
1,013
1,591
1,695
1,508
1,493
2,132
2,582
2,600
2,541
2,227
2,214
2,720

1, 112
970
980
1, 088
955
977
1, 619
1, 664
1, 493
1, 544
2, 261
2, 596
2, 552
2, 367
2, 226
2, 276
2, 750

1,283
1,124
903
1,075
1, 040
989
1,165
1,645
1,571
1,490
1,564
2,615
2,532
2,552
2,226
2,234
2,307

1,219
1,089
932
1,047
974
1,015
1,293
1,653
1,646
1,460
1,603
2,789
2,434
2,467
2,236
2,167
2,554

1,140
1,016
911
1,057
961
1,030
1,389
1,646
1,667
1,516
1,774
2,602
2,614
2,468
2,288
2,202
2,600

1,133
990
945
1,130
962
1,021
1,558
1,665
1,558
1,477
2,069
2,599
2,583
2,441
2,185
2,243
2,734

1,195
1,056
921
1,078
985
1,016
1,347
1,650
1,610
1,486
1,748
2,649
2,546
2,486
2,236
2,213
2,547

These series contain r e v i s i o n s beginning w i t h 1976.




564

(FEBRUARY 1981)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.
446. NUMB ER

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1Q

IIQ

AVERAGE FOR

(THOUSANDS)
425
566
505
338
349
283
400
423
540
506
638
614
738
834
686
871
• 900

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

383
437
647
348
382
286
497
454
459
488
601
621
686
844
782
786
870

454
469
642
329
340
290
560
428
484
448
618
567
620
845
779
885
846

481
535
587
349
329
285
547
424
481
484
618
602
732
851
752
852
875

435
573
498
316
306
293
558
424
451
472
732
680
694
790
737
853
896

302
585
554
275
367
252
538
435
521
484
708
629
680
760
709
975
885

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

903
840
780
752
798
976
1,253
1,319
1,077
1,279
1,729
1,736
1,688
1,561
1,552
1,557

919
780
846
844
797
956
1,202
1,423
1,258
1,310
1,696
1,694
1,675
1,610
1,554
1,562

878
829
746
828
831
960

932
836
776
770
825
1,061
1,208
1,314
1,301
1,228
1,730
1,767
1,655
1,576
1,575
1,509

860
864
817
825
830
1,019
1,237
1,213
1,251
1,342
1,809
1,682
1,638
1,542
1,546
1,782

44~

1,242
1,374
1,194
1,306
1,745
1,683
1,706
1,614
1,522
1,512

864
862
848
933
855
1,105
1,255
1,272
1,164
1,449
1,830
1,646
1,771
1,445
1,444
1,684

432
593
464
358
355
290
503
423
488
511
748
649
671
858
681
931
784

421
638
453
342
337
294
556
477
432
480
677
726
738
866
696
829
899

869
865
859
932
904
1,067
1, 340
1,241
1,196
1,482
1,825
1,657
1,604
1,573
1,439
1,736

828
837
893
814
856
1,140
1,281
1,350
1,178
1, 288
1,817
1,778
1,637
1,522
1,519
1,697

384
636
466
343
357
289
563
476
419
471
780
680
706
883
709
915
874

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

902
831
833
796
900
1,199
1,237
1,307
1,266
1,528
1,723
1,650
1,658
1,558
1, 559
1 ,635

NOTE:

379
662
469
318
310
468
468
492
414
564
651
720
791
737
704
841
943

439
480
625
342
350
287
535
435
475
473
612
597
679
847
771
841
864

387
575
519
310
341
276
499
427
504
487
693
641
704
795
711
900
894

412
622
461
348
350
291
541
459
446
487
735
685
705
869
695
892
852

378
649
440
339
326
395
461
494
459
537
679
710
766
790
731
890
883

916
827
898
785
911
1,239
1,268
1,268
1,251
1,534
1,736
1,700
1,604
1,548
1,559
1,697

816
792
893
806
840
1,280
1,288
1,280
1,303
1,579
1,656
1,718
1,619
1,552
1,505
1,694

857
813
841
843
845
1,279
1,293
1,283
1,286
1,605
1,738
1,700
1,438
1,598
1,561
1,610

900
816
791
808
809
964
1 232
1 ,372
1 176
1 ,298
1 ,723
1 ,704
1 ,690
1 ,595
1 ,543
1 ,544

885
854
814
843
837
062
233
266
239
340
790
698
688
521
522
658

866
844
862
847
887
1, 135
1, 286
1, 299
1 213
1 433
1 788
1 695
1 633
1 551
1 506
1 689

863
811
877
811
865

]_
1
1
1
1
1
1
1
1
1
1

409
576
513
336
345
307
501
450
478
497
678 •
654
712
828
721
884
872
874
837
839
838
853
1,105
1,258
1,302
1,226
1,410
1,752
1,701
1,642
1,559
1,528
1,640

1,266
1,283
1,277
1,280
1,573
1,710
1,706
. 1,554
1,566
1,542
1,667

. NUMBER UNEMPLOYED, FULL-TIME - WORKERS, LABOR FORCE SURVEY
AVERAGE FOR

PERIOD

3,722
3,377

3,624
3,391

3,539
3,339

3,613
3,196

3,365
3,146

3,422
2,985

3,317
3,053

3 ,283
3 ,105

3,410
3,081

3,520
2,925

3,451
3,029

3 ,688
3 ,411

3 ,506
3 ,227

3 341
3 048

3,460
3,012

3,505
3,178

3,041
2,391
2 ,285
2,257
2,088
2,404
3 ,889
3,896
3,357
3,517
5,964
5,948
5,682
4,996
4,573
5,130

3,163
2,301
2,193
2,333
2 ,071
2,664
3,838
3,811
3,399
3,547
6,034
5,765
5,768
4,902
4,692
5,114

2,980
2,349
2,250
2,201
2,026
2,777
3,866
3,857
3,345
3,502
6,409
5,754
5,632
4,838
4,602
5,265

3,029
2,365
2,247
2,009
2,107
2,939
3,830
3 ,812
3,334
3,567
6,710
5,772
5,518
4 ,640
4,621
5,825

2,875
2,423
2,277
2,049
2 ,026
3,160
3,915
3,916
3,271
3,588
7,014
5,639
5,459
4 ,745
4,450
6,586

2,794
2,295
2,296
2,171
2,162
3,143
3 ,910
3 ,800
3,200
3 ,683
6,710
5,895
5,459
4,511
4,422
6,430

2,692
2,277
2,236
2,179
2,171
3,277
3 ,990
3,875
3,201
3 ,860
6,646
5,837
5,325
4,794
4,484
6,631

2,696
2,235
2,267
2,115
2,137
3,330
4,062
3 ,853
3,238
3 ,820
6,358
5 ,884
5,391
4,556
4,661
6,553

2,610
2,225
2,295
2,042
2,286
3,489
4,050
3,720
3 ,247
4,176
6,588
5,953
5,235
4,616
4,670
6,516

2,470
2,218
2,417
2,046
2,240
3 ,690

2,493
2,279
2,388
2,042
2,169
3 ,959
4,113
3,439
3,328
4,766
6,327
6,005
5,211
4,519
4,814
6,632

2,459
2,286
2,347
1,934
2,190
4,045

3 ,061
2 ,347
2 ,243
2 ,264
2 ,062
2 ,615
3
3 ,855
3 ,367
3 ,522
6 ,136
5 ,822
5 ,694
4 ,912
4 ,622
5 ,170

2 ,899
2 ,361
2 ,273
2 ,076
2 ,098
3 ,081

2
2
2
2
2
3

666
246
266
112
198
365

2,474
2,261
2,384
2,007
2,200
3,898

3 ,843
3 ,268
3 ,613
6 ,811
5 ,769
5 ,479
4 ,632
4 ,498
6 ,280

3 ,816
3 ,229
3 952
6 ,531
5 ,891
5 ,317
4 ,655
4 ,605
6 ,567

3,544
3,269
4,770
6,342
5,999
5,140
4,558
4,837
6,580

2,791
2,315
2,293
2,138
2,142
3,202
3,949
3,770
3 ,292
3,942
6,439
5,874
5 ,432
4,706
4,639
6,108

3,965
3,812
3,121
4,355
6,534
5,953
5,272
4,462
4,785
6,559

4,090
3,382
3,359
5,190
6,165
6,038
4,937
4,693
4,911
6,549

EMPLOYED, PART-TIME WORKERS FOR ECONOMIC REASONS, LABOR FORCE SURVEY
AVERAGE FOR

PERIOD

1,847
1,923
3,022
2,511
2,287
3,087
2,161
2,298
2,120

1,874
2,086
3,174
2,314
2,379
3,278
2,296
2,282
2,232

1,678
2,091
3,440
2,475
2,197
3,024
2,414
2,281
2,166

1 ,846
2,034
3,334
2,310
2,545
2,994
2,280
2,296
2,246

1,805
1,992
2,127
3,306
2,123
2,413
2,932
2,403
2,249
2,205

1,755
2,088
2,187
3,019
2,205
2,577
2,748
2,290
2,288
2,173

1, 912
2,026
2,207
2,771
2,302
2,552
2,727
2,369
2,179
2,062

1,881
2,107
2,133
2,808
2,282
2,558
2,731
2,288
2,419
2,043

1,864
2,138
2,158
2 ,756
2,205
2,755
2,647
2,390
2,381
2,114

1,836
2,036
2,249
2,646
2,423
2,737
2,563
2,398
2,330
2,119

1,872
2,018
2,378
2,414
2,469
2,864
2,549
2,485
2,277
2,025

1, 884
2,009
2,501
2,514
2,462
2,960
2,405
2,322
2,200
2,143

1 ,800
2 ,033
3 ,212
2 ,433
2 ,288
3 ,130
2 ,290
2 ,287
2 ,173

1 ,975
2 ,116
3 ,220
2 ,213
2 ,512
2 ,891
2 ,324
2 ,278
2 ,208

,886
2 ,090
2 ,166
2 ,778
2 ,263
2 ,622
2 ,702
2 ,349
2 ,326
2 ,073

1,864
2,021
2,376
2,525
2,451
2,854
2,506
2,402
2,269
2,096

1,839
1,967
2,169
2,953
2,336
2,560
2,813
2,337
2,291
2,137

2,108
1,797
2,048
1,653
1,721
1,993
2,540
2,456
2,000
2,484
3,674
3,377
3,339
3,092
3,234
3,549

1,973
1,637
2,077
1,819
1,707
1,902
2,523
2,323
2,154
2,632
3,603
3,230
3,484
3,247
3,209
3,454

1,994
1,627
2,039
1,748
1,810
1,970
2,498
2,418
2,146
2,435
3,740
3,189
3,308
3,224
3,248
3,470

1,927
1,629
2,104
1,659
1,686
2,321
2,462
2,499
2,119
2,338
3,774
3,206
3,163
3,286
3,279
3,803

1,983
1,706
1,702
1,714
1,746
2,233
2,474
2,361
2,185
2,626
3,667
3,268
3,254
3,210
3,252
4,276

1,898
1,737
1,838
1,826
1,854
2,145
2,211
2,557
2,515
2,539
3,460
3,107
3,295
3,317
3,267
3,969

1,986
1,723
1,850
1,727
1,750
2,271
2,405
2,493
2,462
2,572
3,389
3,149
3,392
3,241
3,243
4 ,086

1,963
1,563
1,765
1,705
1,875
2,192
2,415
2,526
2,416
2,707
3,341
3,184
3,227
3,249
3,286
4,143

1,776
1,616
1,875
1,659
1,907
2,111
2,341
2,408
2 ,399
2,876
3,293
3 ,354
3,300
3,237
3,155
4,183

1,859
1,592
1,840
1,658
1,897
2,368
2,484
2,295
2,391
2,926
3,328
3,416
3,261
3 ,206
3,289
4,220

1,884
1,566
2,034
1,742
1,855
2,357
2,565
2,230
2,403
3,181
3,283
3,479
3,283
3,165
3,405
4,176

1,761
1,807
1,832
1,697
1,869
2,542
2,399
2,174
2,536
3,294
3,249
3,407
3,242
3,093
3,541
4,218

2 ,025
1 ,687
2 ,055
1 ,740
1 ,746
1 ,955
2 ,520
2 ,399
2 ,100
2 ,517
3 ,672
3 ,265
3 ,377
3 ,188
3 ,230
3 ,491

1 ,936
1 ,691
1 ,881
1 ,733
1 ,762
2 ,233
2 ,382
2 ,472
2 ,273
2 ,501
3 ,634
3 ,194
3 , 237
3 ,271
3 , 266
4 ,016

1 ,908
1 ,634
1 ,830
1 ,697
1 ,844
2 ,191
2 ,387
2 ,476
2 ,426
2 ,718
3 ,341
3 ,229
3 ,306
3 ,242
3 ,228
4 ,137

1,835
1,655
1,902
1,699
1,874
2,422
2,483
2,233
2,443
3,134
3,287
3,434
3,262
3,155
3,412
4,205

1,928
1,664
1,913
1,715
1,810
2,196
2,440
2,408
2,311
2,709
3,490
3,272
3,297
3,216
3,281
3 ,965

These series contain revisions beginning with 1976.




104

PERIOD

391
606
403
385
336
339
437
518
538
580
684
689
723
802
791
924
851

(THOUSANDS

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

Annual

3,719
3,466

448 . NUMBER

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

IV Q

364
678
448
314
333
377
478
472
425
466
703
721
785
831
697
905
856

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

III Q

UNEMPLOYED, BOTH SEXES 16-19 YEARS OF AGE, LABOR FORCE SURVEY

(FEBRUARY 1981)

C. Historical Data for Selected Series—Continued
Jan.

Year

Feb.

451. CIVILIAN

Mar.

Apr.

June

May

LABOR FORCE PARTICIPATION

July

Aug.

RATE , MALES 20 YEARS AND OVEF
(PERCENT)

Sept.

Oct.

Nov.

Dec.

IQ

II Q

89.0
88.5
88.0
88.4
89.0
88.6
88.1
87.2
87.9
87.2
86.2
86.0
86.0
85.8
85.3
84.3
84.1

88.2
88.5
88.0
88.8
88.6
88.7
87.7
87.4
87.9
87.2
86.2
86.3
85.6
85.9
85.3
84 .4
84.0

88.3
88.4
88.2
88.3
88.5
88.2
88.2
87.5
87.8
87.1
86.6
86.4
86.1
85.8
84.7
84.4
84.5

88.1
88.4
88.4
88 .4
88.4
88.0
87.9
87.4
87.6
87.0
86.9
86.2
86.0
85.9
85.0
84.3
84.5

88.5
88 .4
88.3
88.4
88.4
88.0
87.8
87.2
87.6
87.3
86.8
86.1
85.9
85.8
84.8
84.3
84.0

88.7
88.2
88.1
88.2
88.3
88.1
87.7
87.6
87.5
87.1
87.0
86.6
85.9
85.6
84.4
84.5
84.3

88.8
88 .7
88.5
86.5
88.0
87.9
88.2
87.6
87.5
86.7
87.1
86.3
86.0
85.6
84.9
84.3
84.1

88.5
88.6
88.4
88 .2
88.0
87.6
88.4
87.6
87.3
86.9
-87.1
86.5
86.2
85.5
84.8
84.4
84.2

88.8
89.5
88.2
88 .6
87.6
87.6
88.0
87.6
87.2
86.6
87.0
86.4
86.1
85.5
84.6
84.2
84.2

88.7
88.7
88.2
88.4
87.6
88.0
87.6
87.7
87.3
86.5
86.5
86 .3
86.3
85.5
84.6
84.3
84.0

89.0
88.7
88.2
88.7
88.5
87.8
87.3
87.8
87.3
86.6
86.3
86.5
86.3
85.3
84.4
84.2
83.9

88.
88.
88.
88.
88.
88.
87.
87.
88.
87.
86.
86.
85.
85.
85.
84.

6
5
0
4
8
5
9
3
0

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

84.1
83.6
83.7
83.1
82.9
82.8
82.3
81.6
81.2
81.8
80.6
79.7
79.6
79.9
80.0
79.5

84.1
83.5
83.5
83.1
83.1
82.8
81.9
81.5
81.4
81.7
80.4
79.6
79.8
79.7
80.1
79.6

84.1
83.6
83.3
83.0
83.0
82.8
81.9
81.8
81.6
81.4
80.4
79.6
79.7
79.7
79.9
79.4

84.1
83.7
83.5
83.1
82.8
82.9
82.2
81.6
81.4
81.0
80.5
79.9
79.6
79.8
79.8
79.5

84.3
83.6
83.4
83.2
82.7
82.8
82.3
81.6
81.2
81.1
80.7
79.8
79.6
79.9
79.7
79.9

83.8
83.6
83.5
83.4
82.7
82.6
82.0
81.7
81.3
80.9
80.2
79.7
79.7
79.8
79.7
79.4

83 .9
83 .4
83.5
83.3
82.7
82.6
82.1
81.8
81.4
80.7
80.5
79.9
79.6
79.7
79.9
79.4

83.8
83.5
83.4
83.2
82.9
82.5
82.2
81.6
81.0
80.9
80.4
79.9
79.7
79.6
79.8
79.4

83.6
83.5
83.2
83.0
82.9
82.5
82.1
81.6
81.0
80.8
80.3
79.9
79.4
79.6
79.9
79.4

83.6
83.4
83.4
82.9
82.8
82.5
81.9
81.6
81.0
80.8
80.0
79.8
79.8
79.6
79.7
79.3

83.5
83.5
83.3
82.9
82.5
82.5
81.9
81.4
81.3
80.9
79.9
80.0
79.9
79.9
79.5
79.2

83.6
83.6
83.4
83.1
82.6
82.5
81.9
81.5
81.4
80.7
79.6
79.8
79.9
80.0
79.5
79.0

84.
83.
83.
83.
83.
82.
82.
81.
81.
81.
80.
79.
79.
79.
80.
79.

1
6
5
1
0
8
0
6

LABOR FORCE PARTICIPATION

Annual

AVERAGE FOR PERIOD

88.7
88.5
88.1
88.0
88.8
88.3
87.8
87.4
88.1
87.0
86.4
86.2
86.2
86.1
85.1
84.3
84.2

CIVILIAN

IV Q

, LABOR FORCE SURVEY

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

452.

III Q

88.3
88.4
88.3
88.4
88.4
88.1
88.0
87.4
87.7
87.1
86.8
86.2
86.0
85.8
84.8
84.3

88.7
88.5
88.3
87.6
88.1
87.9
88.1
87.6
87.4
86.9
87.1
86.5
86.0
85.6
84.7
84.4

88.8
89.0
88 .2
88.6
87.9
87.8
87.6
87.7
87.3
86.6
86.6
86.4
86.2
85.4
84.5
84.2

88.
88.
88.
88.
88.
88.
87.
87.
87.
86.
86.
86.
86.
85.
84.
84.

6
5
6
7
8
0
5

84.1
83 .6
83.5
83.2
82.7
82.8
82.2
81.6
81.3
81.0
80.5
79.8
79.6
79.8
79.7
79.6

83.8
83.5
83.4
83.2
82.8
82.5
82.1
81.7
81.1
80.8
80.4
79.9
79.6
79.6
79.9
79.4

83.6
83.5
83.4
83.0
82.6
82.5
81.9
81.5
81.2
80.8
79.8
79.9
79.9
79.8
79.6
79.2

83.
83.
83.
83.
82.
82.
82.
81.
81.
81.
80.
79.
79.
79.
79
79

9
5
4
1
8
6
1
6
3
0
3
8
7
8
8
4

1
3
2
9
9
2
3

6
6
2
2
3
1
9
5
6
9
7
3
0
7
8
3

84 . 2

4

RATE , FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(PERCENT)

AVERAGE FOR PERIOD

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

31.0
31.7
32.7
33.7
34.4
34.6
33.4
34.5
36.3
36.2
36.7
37.0
36.9
38.1
37.9
38.0
38.5

31.4
32.1
32.8
33.6
34.3
34.2
34.5
34.4
36.0
36.7
36.8
36.7
36.9
38.4
38.0
38.2
38.8

31.1
31.9
32.7
34.3
33.5
34.5
34.5
34.3
36.0
36.5
36.8
37.0
36.3
38.5
37.7
38.2
38.8

32.1
31.9
33.4
33.8
33.6
34.0
34.4
35.1
36.2
36.2
37.1
37.1
37.6
37.9
37.6
38.4
39.5

31.3
32.3
33.0
34.1
34.0
33.4
34.3
34.7
36.7
36.3
37.0
37.1
37.7
38.1
37.6
38.4
39.3

32.5
32.2
33.8
33.6
33.8
34.1
34.1
35.0
36.4
36.4
37.0
37.2
37.9
38.4
37.5
38.2
39.0

32.7
32.9
33.2
34.5
33.7
34.1
33.8
35.5
36.6
36.9
37.0
37.1
37.9
38.0
37.6
38.3
38.7

32.0
32.7
33.6
33.9
33.9
33.7
33.9
36.0
36.6
36.4
37.2
36.9
37.9
37.7
38.1
38.1
38.9

32.3'
32.5
33.1
33.8
34.9
33.7
34.5
35.9
36.8
36.5
36.8
36.9
38.1
37.5
38.3
38.4
38.6

31.7
32.7
33.6
34.2
34.2
34.0
34.4
36 .0
36.6
36.6
36.8
37.3
37.6
37.9
37.9
38.6
38.8

31.8
32.9
33.7
34.1
34.8
33.6
34.4
36.0
36.4
36.6
36.6
37.0
38.2
37.6
37.8
38.7
38.7

32.1
32.7
33.3
34.5
34.2
33.2
34.0
36.4
36.4
36.9
36.7
37.2
38.2
37.5
37.8
38.5
38.9

31
31.
32.
33.
34
34
34
34
36
36
36
36
36
38
37
38
38

2
9
7
9
1
4
1
4
1
5
8
9
7
3
9
1
7

32.0
32.1
33.4
33.8
33.8
33.8
34.3
34.9
36.4
36.3
37.0
37.1
37.7
38.1
37.6
38.3
39.3

32.3
32.7
33.3
34.1
34.2
33.8
34.1
35.8
36.7
36.6
37.0
37.0
38.0
37.7
38.0
38.3
38.7

31.9
32.8
33.5
34.3
34.4
33.6
34.3
36.1
36.5
36.7
36.7
37.2
38.0
37.7
37.8
38.6
38.8

31
32
33
34
34
33
34
35
36
36
36
37
37
38
37
38
38

8
4
2
0
1
9
2
3
4
5
9
0
6
0
8
3
9

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

39.0
39.8
40.7
40.9
42.0
43.2
43.6
43.6
43.6
44.6
45.8
46.6
47.3
48.9
50.1
51.3

39.2
39.6
40.5
41.3
42.4
43.1
43.3
43.4
44.0
44.9
45.5
46.6
47.6
48 .9
50.3
51.3

39.2
39.6
40.4
41.4
42.4
43.4
43.2
43.7

39.2
39.8
40.8
41.4
42.6
43.5
43.2
43.6

39.2
40.0
40.8
42.0
42.5
43.0
43.1
43.7

39.7
39.9
40.9
41.9
42.8
43.2
43.0
43.6

39.7
40.0
41.0
41.7
42.7
43.5
42.9
43.6

39.6
40.3
41.1
41.3
42 .8
43.3
43.2
43.8

39.3
40.6
41.4
41.6
42.8
43.0
43.4
43.7

39.4
40.6
41.7
41.6
42.9
43.4
43.5
43.7

39.6
40.8
41.8
41.9
42.9
43.4
43.8
43.7

45.1
46.0
46.8
48.0
49 .3
50.2
51.4

45.1
46.1
46.7
48.2
49.4
50.3
51.5

45.2
46.0
47.0
48.1
49.7
50.4
51.4

45.7
46.0
47.2
48.0
49.7
50.7
51.5

45.4
46.2
47.3
48.1
49.6
51.0
51.6

45.5
46.0
47.1
48.5
49.9
50.9
51.3

45.2
46.2
47.0
48.3
50.0
50.9
51.4

39
39
40
41
42
43
43
43
43
44
45
46
47
49
50
51

1
7
5
2
3
2
4
6
9

45.0
45.8
46.6
47.8
49.1
50.5
51.2

39.5
40.9
41.6
41.9
42.8
43.4
43.8
43.6
44.9
45.4
46.1
47.4
48.8
50.1
50.9
51.5

39.4
39.9
40.8
41.8
42.6
43.2
43.1
43.6
4 4.3
45.1
46.0
46.8
48.1
49.5
50.3
51.4

39.5
40.3
41.2
41.5
42.8
43.3
43.2
43.7
4 4.5
45.5
46.1
47.2
48.2
49.7
50.9
51.5

39.5
40 .8
41.7
41.8
42.9
43.4
43.7
43.7
44.7
45.4
46.2
47.3
48.6
50.1
51.0
51.4

39
40
41
41
42
43
43
43
44
45
46
47
48
49
50
51

4
2
1
6
7
3
3
6
4
2
0
0
1
6
6
4

453 . CIVILIAb LABOR FORCE PARTICIPATION RATE, BOTH SEXES, 16-19 YEARS OF
(PERCENT)

AGE,

AVERAGE FOR PERIOD

53.1
52.6

53 .5
52.4
50.2
48.2
47.3
51.1
49.7
49.3
47.9
46.6
47.3
46.4
45.3
45.8
44.1

52.5
52.9
51.1
49.2
44.6
53.4
50.3
49.3
47.1
47.4
46.5
45.6
44.8
43.9
44.3

53 .7
53 .7
51 .3
51 .9
51 .6
53 .2
51 .3
46 # 2
50 '.6
50 .0
47 .6
47 .0
47 .1
47 .2
46 .1
45 .1
44 .9

47.8
48.2
48.7
48 .0
50.9
50.2
49.6
52.0
54.8
55.6
53.6
54.5
56.7
58.5
57.7
56.8

47.1
49.1
48.3
47.7
50.9
50.1
50.5
52.4
55.2
55.2
53.3
54.5
57.4
58.3
57.9
56.5

48.1
49.3
48.3
47.8
50.4
50.0
50.6
52.9
55.2
54.6
53.9
54.2
56.5
58.4
58.5
56.0

43 .6
47 . 2
48 .0
47 .8
47 .9
50 .3
49 .5
51 .4
52 .5
55 .2
54 .5
54 .4
55 .1
56 .9
58 .8
57 .6

53.7
53.7
51.7
51.0
51.8
54.0
51.4
45.4
50.5
49.8
48.0
46.7
47.4
46.7
45.9
45.1
45.3

54.1
54.5
50.2
53.3
50.9
53.1
51.7
46.3
50.0
50.6
47.5
46.7
46.7
47.6
46.8
44.8
45.0

54.2
53.0
50.8
50.9
50.7
51.8
50.1
47.3
49.4
49.5
48.1
47.7
48.5
46.0
46.5
45.3
44.0

50.9
53.4
50.9
52.6
52.3
49.5
48.6
47.6
52.1
49.4
48.9
46.2
48.1
45.8
47 .4
46.2
44 .8

53.8
49.8
50.4
51.3
52.8
50.9
46.3
46.7
52.5
50.2
46.5
46.0
49.7
47.8
47 .8
44.6
44.4

52.6
50.3
50 .8
52.6
51.2
49.5
47.1
48.4
51.7
50.2
46.8
46.3
47.3
47.1
46.5
45.0
44 .0

51.5
51.9
52 .0
53.0
50 .0
49.6
48.0
49.6
50 .6
48.4
47.1
46 .6
46.9
48.0
46 .4
44.8
44.2

51.5
53.1

50.6

52. 5
52 .7
50.5
49.1
48.5
50.5
50.3
49.3
47.9
46.9
47.4
46.4
45.8
45.7
45.5

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

43.0
48.0
48.3
46.6
47.7
50.5
49.9
51.2
50.9
55.2
55.0
54.3
54.3
57.0
58.8
58 .0

43.7
46.7
48.2
48.5
47.8
50.3
49.7
51.3
52.9
55.3
54.2
54.4
55.4
56.8
58.9
57.5

44.1
46.9
47.5
48.2
48.3
50.2
48.9
51.8
53.6
55.1
54.2
54.5
55.7
56.8
58.7
57.4

45.3
47.4
47.6
47.9
48.7
49.8
49.5
51.8
53.7
53.9
53.7
55.3
55.9
57.4
58.4
56.5

45.6
46.9
47.2
48.2
47.5
49.7
49.3
51.6
53.2
54.3
54.7
55.3
55.8
58.3
57.9
57.9

44.0
48.5
48.8
49.3
49.6
49.0
48.0
52.0
54 .4
55.4
53.9
53.9
57.2
58.4
57.8
56.7

46.3
49.1
49.0
49.1
50.0
49.5
50.7
51.4
53.4
55.0
54.2
55.4
56.2
58.5
57.6
57.1

45.5
49.3
49.5
49.0
50.0
49.9
50.6
52.8
53.3
53.8
53.9
55.2
57.3
59.2
56.6
55.5

46.5
47.5
48.3
47.9
50.5
50.6
49.3
51.7
54.3
55.8
54.1
53.9
56.0
58.3
58.1
56.7




8
7
6
6
0
3
3

51.0
52.9
52.6
51.9
51.4
48 .9
46.3
52.7
50.4
49.4
46 .8
46.3
47.4
47.4
44.9
44.8
44.1

53.2
52.8
51.9
51.4
52.2
52.4
50.9
46.8
51.4
49.5
47.4
47.5
47.2
47.4
45.6
45.4
44 .4

These series contain r e v i s i o n s beginning w i t h 1976.

46.2
47.6
48.7
50.2
51.2
51.4

LABOR FORCE SURVEY

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

NOTE:

45^

52.5

50.7
51.6
51.9
50.7
48.3
47.2
51.3
49.7
47 .8
46.6
48.8
46.5
47.2
45.4
44.4

51.9
51.8
51.8
52.8
50.6
49.4
47.9
49.5
50.9
49.3
47.3
46.6
47.2
47.2
46.2
45.2
44.6

51.6
52.7
52.9
52.4
50.9
48.8
46.1
52.4
50.1
49.3
47.3
46.8
47.1
46.5
45.0
44.8
44.2

52 5
52 .5
51 .6
52 .2
51 .3
50 .5
48 .4
48 .8
50 .7
49 .6
47 .5
46 .7
47 .5
46 .8
46 .1
45 .1
44 .5

45.0
47.6
47.9
48.5
48.6
49.5
48.9
51.8
53.8
54.5
54.1
54.8
56.3
58.0
58.0
57.0

46.1
48.6
48.9
48.7
50.2
50.0
50.2
52.0
53.7
54.9
54.1
54.8
56.5
58.7
57.4
56.4

47.7
48.9
48.4
47.8
50.7
50.1
50.2
52.4
55.1
55.1
53.6
54.4
56.9
58.4
58.0
56.4

45 .6
48 .1
48 .4
48 .3
49 .4
49 .9
49 .7
52 .0
53 .7
54 .9
54 .1
54 .6
56 .2
58 .0
58 .1
56 .9

53.0

52.1

.

(FEBRUARY 1981)

105

G. Experimental Data and Analyses

(Nov.)
P

Year
and
quarter

I m p l i c i t price
d e f l a t o r , gross
nonfarm business
product 1
(Index: 1977=100)

(Mar.)
T

1111111111 \mm

Unit labor cost,
a l l persons, nonfarm
business sector 1

ii|iii|iiimi

Components of BCD series 26—

Ratio scale

150
140
130

(Index: 1977=100)

120
1979

Revised2

Revised2

115.4
118.7
121.5
124.4

112.6
115.1
117.4
119.7

I Q....
II Q...
I l l Q..
IV Q . . .

110

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977 = 100)

100

90
150

1980

140
120
110

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977-100)

1981
I

130

127.4
131.8
133.5
pl37.0

122.9
126.3
128.8
pl32.1

I Q....
II Q...
I l l Q..
IV Q . . .

Q....

I I Q...
I l l Q..
IV Q . . .

100

90
80
70

Inventory-sales ratios in
Inventory-sales r a t i o s in 1972 d o l l a r s 3
Year
and
month

Manufacturing

Retail trade

(Ratio)

Merchant
wholesalers
(Ratio)

Revised2

Revised2

Revised2

1.90
1.91
1.98
2.08
2.12
2.12

1.37
1.39
1.41
1.45
1.46
1.46

1.37
1.39
1.43
1.47
1.48
1.46

2.08
2.08
1.99
1.96
1.96
p i . 98

1.44
1.46
1.43
1.40
1.40
pi.35

1.44
1.43
1.43
1.45
1.41
pi.43

i

Arithmetic
scale

i i

Manufacturing

2.2

(Ratio)
2.1

1980
Jan....
Feb..
Mar..
Apr..
May..
June.

2.0

1.9

1.8
July.
Aug..
Sept.
Oct..
Nov. .
Dec.

1.7

Merchant wholesalers

1.4

1981
Jan..
Feb..
Mar..
Apr..
May..
June.

(NA)

(NA)

(NA)
1.3
1.2
1.5

July.
Aug..
Sept.
Oct..
Nov..
Dec..

1968 1969
NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
See "New Features and Changes for This Issue," page iii.
3
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




106

1.5

1.4

1.3

1972 1973 1974 1975 1976 1977 1978 1979

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent)
72. Commercial and industrial loans outstanding
(million dollars)
95. Ratio, consumer installment credit to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)

Oct.
1980

Nov.
1980

Net contribution to index
Dec.
1980

Jan.
1981

Oct.
to
Nov.
1980

Nov.
to
Dec.
1980

Dec.
to
Jan.
1981

39.7

39.9

r40.1

p40.4

0.17

0.18

0.30

1.4

1.2

rl.l

pi.2

0.20

0.11

-0.12

r35.04

r34.02

r34.00

P32.57

-0.15

-0.00

-0.27

44

45

47

46

0.04

0.08

-0.04

rll8.6

rll9.4

NA

NA

0.10

12.36

14.45

rl3.85

P13.72

0.36

-0.11

-0.03

107.7

109.5

99.8

99.2

0.05

-0.30

-0.02

r-1.16

rl.00

p-0.44

NA

0.14

-0.10

r2.24

r2.12

rl.70

0.93

-0.05

-0.19

-0.39

130.22

135.65

133.48

132.97

0.25

-0.11

-0.03

r0.91

r0.90

eo.85

e0.87

-0.03

-0.17

0.08

r816.5

r814.6

r808.1

P806.7

-0.09

-0.34

-0.08

rl36.1

rl37.6

rl36.4

P135.8

1.10

-0.87

-0.44

90,710

r90,961

r91,116

p91,490

0.22

0.13

0.42

1,045.4

rlf051.3

rl,054.4

pi,055.1

0.28

0.14

0.04

rl46.9

rl49.4

rl50.9

pl51.8

0.46

0.27

0.21

rl55,507

rl55,676

pl56,284

NA

0.02

0.08

rl40.2

rl41.4

rl42.0

P142.7

0.86

0.42

0.49

13.3

13.6

13.5

14.4

-0.14

0.05

-0.60

r264.51

r264.02

P263.28

NA

-0.09

-0.13

rl99.9

r200.0

r200.5

P202.6

0.02

0.08

0.49

13.79

16.06

20.35

20.16

4.41

8.34

-0.55

167,790

rl70,762

174,267

pl74,273

0.39

0.45

0.00

rl3.61

rl3.51

P13.46

NA

-0.34

-0.17

rl68.3

175.3

rl90.8

P189.2

4.16

8.84

NA

NA

NA

NA

NA

NA
-0.84

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
1

This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
3
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
2




107

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

1. Average workweek, production
workers, manufacturing

r
8. New orders for consumer goods and
materials, 1972 dollars, smoothed '

SERIES
1
HOURS

ixn

0

MO.5

0. P

Deviations
from
reference
peaks

Actual
data
for
current
cycle

mi

40.3

1/80

1
2
3
4

-0.5
-1.2
-1.2
-2.5

40.1
39.8
39.8
39.3

2/80
3/80
4/80
5/80

5
6
7
8

-3.0
-3.2
-2.2
-1.7

39.1
39.0
39.4
39.6

6/80
7/80
8/80
9/80

9
10
11
12

-1.5
-1.0
-0.5
0.2

39.7
39.9
40.1
40.4

10/80
11/80
12/80
1/81

Percent

+ 20
+ 15

• 40.0

+ 10

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA YEAR
PEAK
1/80

+5

0

35

SERIES
8
BIL. DOL

-2

0

-3

0. P

35.47

1/80

1
2
3
4

-0.5
-5.9
-12.6
-16.9

35.29
33.37
31.01
29.48

2/80
3/80
4/80
5/80

5
6
7
8

-15.7
-13.3
-9.4
-6.3

29.90
30.77
32.13
33.25

6/80
7/80
8/80
9/80

9
10
11

-4.0
-3.2
-5.5

34.05
34.35
33.53

10/80
11/80
12/80

-5

-10

-15
• 39.0

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

-5

#30

-20
-25
20.

Contracts and orders for plant and
equipment, 1972 dollars, smoothed 1

Percent

+ 25

0
3. Layoff rate, manufacturing (inverted)

SERIES
3
PER 100
EMPLOYEES
0. P
1.3
1/80

1
2
3
4

0.
0.2
1.6
2.2

1.3
1.5
2.9
3.5

2/80
3/80
4/80
5/80

5
6
7
8

1.6
0.4
0.6
0.2

2.9
1.7
1.9
1.5

6/80
7/80
8/80
9/80

9
10
11
12

0.1
-0.1
,-0.2
-0.1

1.4
1.2
1.1
1.2

10/80
11/80
12/80
1/81

•

18

+ 20

+ 15

+10
• 0.5

• 1.0

• 1.5

• 16

+ 5

0

-5

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

-10

SERIES 20
BIL. DOL.
0

0. P

-15

14 .82

1/80

1
-2.4
2
-6.4
3 -12.2
4 -13.7

14.47
13.87
13.01
12.79

2/80
3/80
4/80
5/80

5
6
7
8

12.70
12.60
12.95
12.89

6/80
7/80
8/80
9/80

• 2.5

• 3.0

• 3.5

-14.3
-15.0
-12.6
-13.0

-20

-25

-30
• 10

1973

-1+2.5
-6

0

+6

+12

+18

+24

+30

9 -11.8
10
-9.6
11
-8.2

13.07 10/80
13.39 11/80
13.60 12/80

+36

Months from reference peaks

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the December 1980 issue,
iThis series is an MCD moving average placed on the center month of the span.
2
Numeral indicates latest month used in computing the series.




108

ill

11111111111

-6

-35

I I I I I Illll ill IIII III M l 1 1 I I I I 1 1 I I I I
0

+6

+)2

+18

+24

Months from reference peaks

+30 +36

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns-Continued
Illllllllll
1

1

I

1

1

Actual
data
(percent)

l

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

-i

60

-

59

\

v

0

59.18

i
2
3
4

59.18
58.99
58.68
58.54

5

58.26
58.30
58.23
58.27

6
7
8
-

*"\~*

1973

A/

/H

58

—

57

-

56

\

A/ jm

rvnJi
t ]

9

55
03

VLr

92. Change in sensitive prices,
smoothed1 [JJJ-J
Actua

1

—i

+5

1973

**"

1K
1

+4

I 1

1980

+3

\J

iy 1

/

I /
\L

//I

TrU

2

/!

A
/\

/ \

1 r lfl i

investment and purchasing

1\

_

+1

1/80
2/80
3/80
4/80
5/80
6/80
7/80
8/80
9/80
10/80
11/80
12/80

102.7

1/80

-0.6
-1.1
-2.3
-3.8

102.1
101.6
100.3
98.8

2/80
3/80
4/80
5/80

5
6
7
8

-4.9
-4.1
-3.0
-1.0

97.7
98.5
99.6
101.7

9
10
11
12

0.8
0.8
0.4
-1.0

103.5
103.5
103.1
101.7

6/80
7/80
8/80
9/80
10/80
11/80

1
2
3
4

0. P

MONTHS
FROM
REF.
PEAK

1 ft U* 41 V

i

V

•n
1:/ Median
I

•

P

y

j-

in
\/

i f

o

SERIES
921
PERCENT
2.33

l
2
3
4

2.44
1.96
0.95
0.07

5

-0.14
0.40
1.14
1.87
2.24
2.12
1.70
0.93

io

j

r

1957

- 9

\f
•

1/

XI

m i l

-6

"

""
I

1

1

I M I I I I I I M I l i n n l i n n

1

liiii

0 +6 + U +18 +24 +30 +36

current
cycle

• no

+5
• 105

-5

-10

-15

12/80
1/81

914.

Composite index of capital
investment commitments

1/80
Percent

2/80
3/80
4/80
5/80
6/80
7/80
8/80
9/80
10/80
11/80
12/80
1/81

+ 10
M20
+5
• 115

11
12
MONTHS D E V I FROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
PEAK
DATA YEAR
1/80

o

0. P

-5
• 105

111.6

1/80
2/80
3/80
4/80
5/8 0
6/80
7/80
8/80
9/80
10/80
11/80
12/80
1/81

1
2
3
4

-1.5
-3.6
-6.6
-7.7

109.9
107.6
104.2
103.0

5
6
7
8

-6.4
-4.9
-4.0
-2.2

104.5.
106.1
107.1
109.1

9
10
11
12

-4.0
-2.9
-4.1
-4.3

107.1
108.4
107.0
106.8

11

T v

1 I

nu

T**

Actual
data
for

+ 10

SERIES3 9 1 4
-L967=100

V

Deviations
from
reference
peaks

CURRENT MONTH
ACTUAL
AND
DATA YEAR

9
+

1 I/I
iI l Wl 1* J\

Wk 1

58.21
58.22
58.11
58.30

6
7
8

J

rwl\ A
1 AT 1 l / \

Composite index of inventory

SERIES 915
: 967=100

/

/ 1
/
I

915.

10
11
12
1/81
MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA YEAR
1/80

0

i m Median ^'VSrf'^ Jlif /

1957

CURRENT MONTH
AND
ACTUAL
DATA YEAR
SERIES3 90
IPERCENT

1980

\

|

MONTHS
FROM
REF.
PEAK

Months from reference peaks

-10

-6

0

+6

+12

• 100

+18 +24 +30 +36

Months from reference peaks

NOTE- For an explanation of these charts, see "How to Read Charts" on p. 107 of the December 1980 issue
l
T h i s series i s a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment . . .
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
.
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, DI
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capita! 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

Current issue
(page numbers)

Series
number

Historical
Series
data
lescriptions
(issue date) issue date)

2
604

16
56

61
92

8/80
8/80

8/68

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

10/80
10/80
8/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80

11/68
11/68"
11/68*
11/68"
11/68"
11/68"
11/68"
11/68"
11/68"
11/68"
11/68"

55
616

22
56

65
92

9/79
8/80

10/69"

72
112

15,35
32
33
33

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

73
72
72
72

67
67
67
76
72
65
65

12/80
12/80
9/80
9/80

8/80
1/80
10/80
10/80
10/80
3/80
3/80

11/72
11/72
11/72

4/69
11/68
n/68*

46

11/79

83
82
84

20
20
20

64
64
64

9/79
9/79
9/79

97
11
965

24
24
37

66
66
75

10/80
10/80
10/80

914
35
34

11
29
29

60
70
70

9/80
9/79
9/79

442
90
441
37

51
18
51
18,51

89
62
89
62,89

2/81
2/81
2/81
2/81

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

1/81
1/81
12/80
9/80
12/80
12/80
12/80

11/75"

74'"
60
66
73
72

49

87

11/80

10/72"

345c
280

50
45

87
82

11/80
11/79

64

30,47

70,83

9/79

4/72*
4/72*
4/72*

11/72
11/72

10/72"

10/69'
49

88

11/80

346c

50

88

11/80

340

49

87

10/80

340c

50

87

10/80

341

49

87

10/80

341c
348
349

50
50
50

87
88
88

10/80
11/79
11/79

63

4/80

10/72"
10/72"
6/72*
6/72*

53

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.

Tables

110

Historical
Series
data
descriptions
[issue date) issue date)

920
920c
940

10
39
11

1/81
1/81
9/80

11/75*

930
930c

10
39

1/81
1/81

11/75*

914
915
913
917
916
910
910c

11
11
11
11
11
10
39

9/80
9/80
9/80
9/80
9/80
1/81
1/81

29
9
69

13,25
23
24

67
66
67

8/80
12/80
8/80

4/69

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

11/79
9/79
9/79
11/79
9/79
3/80

10/69*

8
75

12,21
22

64
65

7/80
12/79

66
113
95
39

35
32
15,35
33

73
72
73
72

11/80
11/80
8/79
10/80

10/72
10/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/80
5/80
5/80
5/80
8/80

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

7/80
7/80
11/80

9/68
7/64

112
110
72

32
32
15,35

12/80
11/79
12/80

11/72
7/64
11/72

66
113

35
32
15,35
33
32

11/80
11/80
8/79
10/80
4/80

10/72
10/72

95
39
33

6/72*
6/72*
6/72*
6/72*

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.

525
564
548
517

5/75*

9/68*

10/69*
6/72"

ii/72

11/72

5/80
10/79
8/80
5/80

10/69*

39
32

33
12,21

10/80
10/80

11/72
12/74

970
965
951
974
963
967

38
37
36
38
36
37

10/80
10/80
12/80
10/80
9/80
5/80

11/68*

37'"

12/80

36*"
38
36
36
37

11/80
10/80
12/80
12/80
9/80

962
975
952
950
964
971
968
976
978
977

960
972
973
961

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




Current issue
(page numbers)

Series
number

1/72
1/72

10/69
346

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

10/80
12/80
10/80
10/80
10/80
10/79
10/80
10/80
9/80

11/68*
4/69*

6/69*
11/68*

ii/68*
5/69*
11/68*
11/68*
11/68*

ii/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

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
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate, manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transacti

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
VPrxed weighted price index, percent changes, NIPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA . . . .
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, constant dol., NIPA
Imports of goods and services, current dol., NIPA
Imports of goods and services, total
Imports of petroleum and products
Net exports, goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves

Goods output in constant dollars . . .
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit . .
Surplus or deficit, total
Government purchases of goods and si
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
State and local, constant dollars . .
State and local, current dollars . . .
State and local, percent of GNP
Total, constant dollars
Total, current dollars

Current issue
(page numbers)

Series
number

Charts

2
441

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

Tables

Series |
Historical
data
iescriptions
issue date] issue date)

16
51

8/80
2/81

8/68
4/72*

17

9/80

8/68*

9/80
9/80
10/80
9/80
9/80
2/81
2/81
11/80
2/80
7/80
11/80
8/80
9/80
8/80
2/81
2/81
2/81
2/81
2/81
8/80
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
8/80

8/68*

39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16
36

89
89
62
62
62
62
62,i
61
77
74

4/72*
12/74
6/69'
6/69*
8/68*
12/74

4/72*

4/72*
6/69
4/72
4/72*
8/68

9/80

34

11/80

94
213
917

33
40
11

9/80
10/79
9/80

311
311c

48
48

11/79
11/79

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83

11/68
8/68

7/80
7/80
7/80
8/80
8/80
11/79
11/79
7/80
8/80
7/80
8/80
8/80
11/79
11/79
7/80
8/80
11/79
11/79
11/79

11/73

5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69
5/69*
5/69*
10/69

11/72

33

72

9/80

20

63

9/79

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/79
9/79
9/79
10/79
10/79
10/79
11/79

7/68*
7/68*
7/68*

263
262
265
564
267
266
268
261
260

43
43
47
55
43
43
47
43
43

81
81
83
91
81
81
83
81
81

11/79
11/79
11/79
10/79
11/79
11/79
11/79
11/79
11/79

11/73
10/69
10/69*
10/69*
11/73
10/69
10/69*

10/69

10/69

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
oss domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest.-See Investment, capitc

311
311c

50
50b
50c
200
200b
200c
107
49
310
310c
217

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

Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income . . . .
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income ..
Corporate profits with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Income on foreign investment in the U.S
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors'income with IVA and CCA, percent
of national income
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction
Incorporations, new businesses
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance
Avg. weekly initial claims, unemploy. insurance, Dl
Avg. weekly insured unemployment rate

Current issue
(page numbers)

Series
number

19,40

16
12,16

310
310c

Series
Historical
descriptions
data
[issue date) issue date)

84
84
70

11/79
11/79
9/79

63,1
80
80

10/69
10/69
10/69
10/69
10/69
10/69

71
63
84
84
80

10/79
10/79
10/79
10/79
10/79
10/79
7/80
9/79
11/79
11/79
10/79

61
61

11/80
2/80

12/74

36

61
61
77
74

25
13,25
25
47

67
67
67
83

48
48

7/68

10/69
10/69
10/69

12/74
8/68
9/80
3/80

6/72
4/69

9/79
11/79

10/69*

11/79
11/79

10/69*
10/69*

49

87

11/80

10/72*

345c
280
64

50
45
30,47

87
82
70,83

11/80
11/79
9/79

10/72*
10/69

346

49

346c
95
286
287
225
224

50
15,35
45
47
40
40

227

40

340

49

340c
341
341c

87
87
49

967

37
24
22
20
20
14,20,58

966
47c

37
39

5
962
45

16
36
18

11/80
8/79
11/79
11/79
10/79
10/79

10/72*
10/69
10/69*
10/69
10/69

10/79

50

50
57
57
45
47
45
19
40
14,19
39
31
45
47
45
47
50
50
19
23
28

76
75
73
74
47

10/72*
73
82
83
80
80
80
87

652
651
288
289
220
52
223
51
51c
108
282
283
284
285
348
349
53
13
23

10/69*
11/80

87
93
93
82
83
82
63
63
63
71'
82
83
82
83
63
65
69
79
75
67
65
63
63
63,94
78
75

61
74
62

10/69
10/80
6/72*
10/80
6/72*
10/80
6/72*
10/80
7/80
7/80
11/79
11/79
10/79
2/80
1/80
10/80
10/80
2/81
11/79
11/79
11/79
11/79
11/79
11/79
4/80
3/80
5/80

6/72*
5/69*
5/69*
10/69
10/69*
10/69
7/68*
10/69
10/69*
10/69
10/69*
6/72*
6/72*
4/69

5/80

4/69*

1/80
12/79
12/79
12/79
9/80

11/68

12/80
9/80
7/80
11/80
2/81

6/69
6/69*
6/69

NOTE: The following abbreviations are used in this index: Cl, composite index; D I, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada, percent changes
France, index
France, percent changes
Italy, index
Italy, percent changes
Japan,index
Japan, percent changes
United Kingdom, index
United Kingdom, percent changes
United States, index
United States, percent changes
West Germany, index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
I mports of goods and services, total
Imports of petroleum and products
Income on foreign investments in U.S
Income on U.S. investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) . . . .
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol.
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
lissue date)
;ue date]

288
289

11/79
11/79

10/69
10/69*

67
116
119
118
117
109
114
115

8/79
11/80
11/80
11/80
11/80
11/80
11/80
11/80

12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64

11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
5/80
5/80
11/80
11/80

9/72*

12/80
12/80
12/80
12/80
12/80
12/80
9/80
12/80

10/72*
10/72*
10/72*
10/72*

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars.
Contracts and orders, current dollars..
nvestment, foreign
Income on foreign investments in U.S. . .
Income on U.S. investments abroad
taly-See International comparisons.

112

Historical
Series
descriptions
data
(issue date) (issue date)

61
970
20
10

24
38
12,23
23

10/80
10/80
7/80
7/80

9/68*

652
651

57
57

7/80
7/80

5/69*
5/69*

30
15,30
30
29

9/79
12/79
7/80
7/80

7/68
11/68
10/72

930
930c
952
3

10
39
36
12,16

1/81
1/81
12/80

11/75*

910
910c
950
14
104

10
39
36
33
13,31

1/81
1/81
12/80
10/80
2/81

11/68
11/68*

ipan-See International comparisons.

723
726
727
728
721
722
47
725

96
59
96
95
59*"
95
96
59*"
96
95
59'"
95
95
59
95
49
84,95
49,59
84,95
95
59*"
95
58
94
58
94
58
94
58
94
58
94
58
94
14,20,58 63,94
94
58

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

6/79
6/79
6/79
6/79
6/79
6/79
6/79

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

7/80
7/80
7/80

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

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

7/80
8/80
7/80
8/80
8/80
7/80
8/80
7/80
7/80

9/72*
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*

Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
Labor cost per unit of output, private business sector.
Labor cost, price per unit of, nonfarm business
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Layoff rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans-See Credit.

8/68*
5/75*

M
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
change .
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml
Money supply M l , percent changes
Money supply M2
Money supply M2, percent changes
Ratio, GNP to money supply M1
Ratio personal income to money supply M2
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields

913
78

26
12,21
20

60

9/80
8/80

68

8/80
7/80
9/79

11

9/80

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13,31
31
31
31
32
34
34

2/81
2/81
2/81
2/81
2/81
7/80
2/81
4/80
11/80
11/80

27
24
8
20
10
548
7

23
23
12,21
12,23
23
53
21
21

8/80
8/80
7/80
7/80
7/80
8/80
7/80
7/80

10/72
10/72

7/64*
7/64

N

26

9/79
11/79
11/79
8/80
8/80
1/80
9/80
12/79
12/79
9/80
10/80
8/80

10/80
10/80
10/80
9/80
12/80

24

8/80

243
242

42
42

11/79
10/79

86
248

25
47
25
25
47
25
42
42

9/79
11/79
9/79
9/79
11/79
9/79
10/79

249
87
241
240

2/69
2/69
11/68*

8/80

24
24
37
11
23

97
11
965
914
9

10/69
10/69*
9/68

23

10/69*
10/69*
10/69

8/80
8/80

9/68
9/68*
9/68'

964
971

9/80'
10/80

11/68*

87
86
248

9/79
9/79
9/79
11/79

10/69*

517
721

5/30
12/80

9/68*

10/79
23

National defense-See Defense.
National Government—See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant d o l . . .
Capital goods industries, nondefense, current d o l . . . .
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol.
Contracts and orders, plant and equip., current dol. .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP

9/68

Obligations incurred, Defense Department
OECD, European countries, industrial production...
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
Per hour, private business sector
Per hour, private business sector, percent changes.
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing

49
62
358
370
370c
83
82
84
21

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




Current issue
(page numbers)

Series
number

20
15,30
50
50
50
20
20
20
16

9/79
12/79

9/79*
9/79
9/79
8/80

11/68
6/68*
10/72*
10/72*

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment—See also Investment, capital.
Business expenditures for
Business expenditues for, Dl
Contracts and orders for, constant dollars
Contracts and orders for, current dollars
Population, civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food,index
Food, percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Wholesale prices
All commodities, index
All commodities, percent change
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes . . . . . . . . . .
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, DI
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Production—See Industrial production and GNP.
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Output per hour, private business sector, pet. changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing, I >
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc..

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
descriptions
data
(issue date) (issue date)

Reserves, free
Residential fixed investment, constant dollars, GPDI
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars

453
452
451

51
51
51

2/81
2/81
2/81

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

9/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79

10/69*

292
293
614

46
46
56

11/79
11/79
8/80

10/69
7/68*

61
970
20
10
90

24
38
12,23
23
18

10/80
10/80
7/80
7/80
2/81

11/68
11/68*

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

5/80
5/80
5/80
5/80

5/69*
5/69*
5/69*
5/69*

311
311c
310
310c
23

48
48
48
48
28

11/79
11/79
11/79
11/79
5/80

10/69*
10/69*
4/69

967
26
92

37*'"
29
13,28

84
84
84
84
69
79
75
70
69

5/80'
7/80
4/80

4/69*

19
968

13,28
37

69
75

9/79
12/80

5/69
5/69*

330
330c
334
334c
331
331c
332
332c
333
333c
26

48
48
48
48

85
85
86
86
85
85
86
86

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
7/80

6/69*

10/80
10/80
10/80
5/80
11/80

11/68*
11/68*
11/68*

Current issue
(page numbers)

Series
number

Historical
Series
descriptions
data
(issue date! issue date)

93
89
249

9/80
9/79
11/79

59
54

6/80
6/80

11/72
10/69*
6/72

10/69
10/69
10/69
10/69
10/69
10/69*

9/68

Salaries-See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, mfg. and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

Treasury bill rate
Treasury bond yields .

213

40

10/79

57
56
973
77
59
54

24
14,22
22
38
27
22
22

1/80
1/80
10/80
1/80
6/80
6/80

295
298
290
292
293

46
46
46
46
46

11/79
11/79
11/79
11/79
11/79

13,28

4/80

13,28
37
27

9/79
12/80
8/80

5/69
5/69*

11/80
11/80

7/64
7/64

6/69
6/69
8/68

19
968
78

9/68*
2/69*
11/68
6/72*
10/69
10/69
10/69
7/68*

26

114
115

U

976
978
977
525
109

11/73

9/79
358
370
370c
916

50
50
50
11

9/80'

18
16

28
28

9/79
9/79

80
79
286
287
972
960
15
916
22

28
28
45
47
38
37
29
11
29

9/79
9/79
11/79
11/79
10/80
10/79
7/80
9/80
9/79

81
282
283

29
45

47

9/79
11/79
11/79

16

8/80

6/68*
10/72*
10/72*
1/72
7/68

10/69
10/69*
11/68*
3/69*
7/68*
10/69
10/69*

Q
Quit rate, manufacturing
R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

284
285

11/79

10/69

11/79

10/69*

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio . . .
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
Males, 20 years and over
Total unemployed
Quit rate, manufacturing
Unemployment rates
15 weeks and over
Insured, average weekly
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.

Velocity of money
GNP to money supply M1, ratio
Personal income to money supply M2, ratio .
Vendor performance

5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

2/81
2/80
7/80
11/80
8/80

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
62,89
61

2/81
2/81
2/81
2/81
2/81
8/80

44
45
43

18
18
18

62
62
62

2/81
2/81
2/81

4/72
6/69
4/72

96
25

21
21

64
64

8/80
8/80

9/68
9/68

107
108
32

31
31
12,21

7/80
2/81
10/80

12/74

330
330c
334
334c
331
331c
332
332c
333

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
4/80
8/80

36

77
74

9/80

4/72

W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
Cpnsumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl .

333c
92
1

6/69*

8/68

NOTE: The following abbreviations are used in this index: Cl, composite index, Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. " M " following a series title indicates monthly data;
" Q " indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).—Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)

39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers
Association
(33,72)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)

18. Corporate profits after taxes in 1972 dollars ( Q ) . Source 1
(28,69)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)

40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)

19. Index of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persons unemployed 15 weeks and
over(M).-Sources2 and 3
(18,62)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment
and Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 4 1 , 47, 5 1 , 57) (M).-Source
1
(10,39,60)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)

46. Index of help-wanted advertising in newspapers ( M ) . The Conference Board
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 9 1 , 95, 109) (M).-Source
1
(10,39,60)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of spot market prices, raw industrial materials
(M).-Source 3
(28,69,79)

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).-Source
1
(11,60)

1-B. Cyclical Indicators
1. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)

24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
(23,66)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)
48. Employee-hours in nonagricultural
(M).-Source 3

establishments
(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)

52. Personal income, total, in 1972 dollars (M).-Source
1
(19,63)

27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)

28. New private housing units started, total (M).—Source
2
(25,67)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)

29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)

55. Personal consumption expenditures, automobiles ( Q ) . Source 1
(22,65)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).—Sources 1, 2, and
3
(21,64)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)

56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)

8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)

31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by

32. Vendor performance, percent of companies receiving
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)

3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3
5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

(16,61)

unemployment
Department of
Administration;
of Economic
(16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)




114

57. Manufacturing and trade sales in 1972 dollars (M).—
Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference
Board
(17,61)

84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1 (25,67)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

63. Index of unit labor cost, private business sector ( Q ) . Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

66. Consumer installment credit (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

92. Change in sensitive crude materials prices (PPI of crude
materials less agricultural products) (smoothed) ( M ) . Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)
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), nonfinanctal corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)

95. Ratio, consumer installment credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)

70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

(Q).-Source 1

(28,69)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)



(34,72)

1-C. Diffusion Indexes
85. Change in money supply Ml-B (M).-Source 4(31,71)

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

119. Federal funds rate (M).-Source 4

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board (24,66)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).-Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).-Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).—Sources 1 and 3
(37,75,79)

105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
53-82 industries ( M ) . - S t a n d a r d & Poor's
Corporation
(37,75)

106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

107. Ratio, gross national product to money supply Ml-B
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
113. Net chance in consumer installment credit (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).-Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

Il-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).-Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars ( Q ) . Sources 1 and 2
(40,80)
220. National income in current dollars (Q).-Source
1
(45,82)
223. Personal income in current dollars (M).-Source
1
(40,63)
224. Disposable personal income in current dollars ( Q ) . Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)

292. Personal saving (Q).-Source 1

248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).-Source
1
(47,83)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44.82)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
* 1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

298. Government surplus or deficit, total (Q).-Source
1
(46,83)

Il-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).-Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment ( M ) . Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities ( M ) . Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).-Source
3
(49,87)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

280. Compensation of employees (Q).—Source 1

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source
3
(50,88)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)



116

(45,82)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).—Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

Il-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

500. Federal Government surplus or deficit; national income
and product accounts (Q).—Source 1
(52,90)

Il-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total ( M ) . Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).—Source 1
(52,90)

604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department gross obligations incurred ( M ) . U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military

(Q).-Source 1

(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).-Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
1
(57,93)

4

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Instituto
Centrale di Statistica (Rome)
(58,94)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).-lnstituto Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).—The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Instituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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