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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Sidney L Jones, Under Secretary for Economic Affairs—Designate
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
Feliks Tamm, Editor

This report is priepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are—
Barry A. Beckrtnan—Technical supervision and review /
Brian D. Kajutti—Composite indexes
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 consisting
of the following persons:
Ronald E. Kut$cher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
John H. Auten, U.S. Department of the Treasury
Charles A. Waitb, Bureau of the Census, U.S. Department of Commerce
Helmut F. Wendel, Board of Governors of the Federal Reserve System

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most i|isefuB by business analysts
and forecasters.
The original BOD, which began publication
in 1961 under the tijtle Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Bconomic .Research, Inc.
In 1968, BCD wfcs expanded to increase its
usefulness to analystfe using other approaches to
business condition;; 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,ancj at all turns. This section is
supplemented by a section containing other important economic mjeasures. The method of
presentation is explained in the introductory text
which begins on page! 1.

Annual subscription brice: $55.00 domestic,$68.75 foreign. Singlie copy price: $5.BO domestic, $6.90 foreign. Foreign airmail rates are
available on request Address correspondence

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

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

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

ltd*

iii

METHOD OF
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 1984
Data Through January
Volume 24, Number 2

PART I.
CYCLICAL
COMPOSITE B i i &»
»li
THEIR COMPONENTS

Al I
A2
A3
A4

Chart

Table

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

74
77
—

BY
Bl
B2
B3
B4
B5
B6
B7

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

AND
Cl 1
C2
C3j

i

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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



for printing this periodical has been approved
by the Director of the Office of Management
and Budget through April 1, 1985.

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT

AT]
A2

AT
A6
A7
A8

Chart

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

Table

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
HTj
B2~|

Price Movements
Wages and Productivity

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

JM
1|

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

U.S. INTERNATIONAL TRANSACTIONS
E2l

Merchandise Trade
Goods and Services Movements

INTERNATIONAL COMPARISONS
Fl i
F21
F3~|

Industrial Production
Consumed Prices
Stock Prices

PART III. APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue I
QCDand Related Measures of Variability (January 1981 issue}
B. Current Adjustment Factors
C. Historical Data for Selected Series

97
98

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

E. Business Cycle Expansions and Contractions
F. Specific Peak and Trough Dates for Selected Indicators (June 1983 issue)
G. Experimental Data and Analyses
Alphabetical Index—i-Series Finding Guide
Titles and Sources otf Series

104
105
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to in-

Changes in this issue are as follows:

corporate recent find-

1. New seasonal, adjustment factors for the 24 series
listed below have been computed using the X-ll variant of the
Census Method II seasonal adjustment program. New factors
are shown in appendix B for all of these series except series
9, 10, 12, 112, 732c, 733c, and 735c-738c.
Series
number

Beginning date for
new factors

Series
number

5
9
10
12
13
15
33

October 1983
December 1983
December 1983
October 1983
October 1983
III Q 1983
March 1983
January 1984
January 1984
November 1983
October 1983
November 1983

570
580
604
606
614
616
732c
733c
735c
736c
737c
738C

72
112
517
525
543

Beginning date for
new factors
January 1984
November 1983
January 1984
January 1984
January 1984
January 1984
December 1983
December 1983
December 1983.
December 1983
December 1983
December 1983

2. The series on new private housing units started
(series 28) has been revised for the period 1981 to date to
reflect a new seasonal adjustment 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.
3. The average weekly insured unemployment rate (series
45) has been revised for the period 1979 to date to reflect a
new seasonal adjustment by the source agency.
Further information concerning this revision may be
obtained from the U.S. Department of Labor, Employment and
Training Administration, Office of Administration Management.
(Continued on page iv.)
The March issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on April 3.



in

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

4. Revised data on U.S. money supply and liquid assets (series 85, 102, and 104108) are shown in this issue for the period October 1982 to date. These data reflect
the incorporation of benchmark revisions and updated seasonal adjustment factors.
When completed, these revisions will extend back to 1959. Revised data for the period
prior to October 1982 will be shown in a subsequent issue.
Further information concerning these revisions may be obtained from the Board of
Governors of the Federal Reserve System, Division of Research and Statistics, Banking
Section.
5. Series 72, 101, 111, and 112 have been revised by the source agency for the
period 1975 to date. These revisions reflect changes in the reporting panel and item
content for data on commercial and industrial loans. Data on the new basis are shown
in this issue for January 1984 only. Revised data for the earlier period will be
shown in a subsequent issue.
Further information concerning these revisions may be obtained from the Board of
Governors of the Federal Reserve System, Division of Research and Statistics, Banking
Section,
6. The producer price indexes (fceries 98 and 331-334) have been revised for the
period 1979 to date to reflect a new Seasonal adjustment by the source agency.
Series 99 (change in sensitive materials prices) has been revised for the period
1979 to date to reflect the revision of series 98, which is one of its components.
Further information concerning t|ese 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 $nd Price Indexes.
7. Series 7 and 8 (manufacturer^1 new orders in 1972 dollars for durable goods
and for consumer goods and materials) and series 36 (change in inventories on hand and
on order in 1972 dollars) have been revised for the period 1979 to date on the basis
of revised producer price indexes use! as deflators. (See item 6, above.)
Further information concerning t|ese revisions may be obtained from the U.S.
Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
8. Seasonally, adjusted consumer price index (CPI) data (series 320c and 322)
have been revised for the period 1979 to date to reflect a new seasonal adjustment by
the source agency.
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.
9. Series $3, 105, 106, and 341 * for which seasonally adjusted CPI data are
used as deflators, have been revised for the period 1979 to date. (See item 8,
above.)
Further information concerning tHe revision of series 341 may be obtained from
the source cited in item 8. Further Information concerning the revision of series
53, 105, and 106 may be obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis*, Statistical Indicators Division.
10. Appendix C contains historical! data for series 37, 42-44, 46, 60, 90, 91,
441, 442, 444-448, and 451-453.
11. Appendix G contains cyclical comparisons for series 20, 40, 51, 910, 920,
and 940.



iv

METHOD OF PRESENTATION
This report is organized into two major parts.
Part l t Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(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 1959, 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 1972.
Except for section F iq part II, 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, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday



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

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

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
c o n f o r m i t y to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
Reference Turning Dates
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
This information, particularly the scores relating
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
groups and combine those with similar timing
have been designated.
The historical reference turning dates are subject behavior, using their overall performance scores as
to occasional reviews by NBER and may be changed weights. Because they use series of historically
as a result of revisions in important economic tested usefulness and given timing characteristics
time series. The dates shown in this publication (for example, leading at both peaks and troughs),
for the 1948-70 time period are those determined with diversified economic coverage and a minimum
by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more
turning points for recessions in 1973-75, 1980. and reliable signals over time than do any of the
individual indicators. Furthermore, much of the
1981-82.

1

Cross-Classification of Cyclical Indicatorsl by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
1.
EMPLOYMENT
AND
UNEMPLOYMENT

M.

PRODUCTION
AND

INCOME
(10 series)

(18 series)

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS

(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

III.
CONSUJ\< PTION,
TRADiE,
ORDERS AND
DELIVE ;IES

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

(13 serie!

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

Capacity
utilization
(2 series)

New and
unfilled rders
and deli eries
(6 series
Consump ion
(2 series

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

Comprehensive
employment
(1 series)

Comprehensive
output and
real income
(4 series)
! ndustrial
production
(4 series)

Consump ion
and trad
(4 series

V.

VI,

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

PRICES, COSTS,
AND PROFITS

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

Stock prices

(17 series)

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

Duration of
unemployment
(2 series)

Business
Investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

(26 series)

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

Unit labor costs
and labor share
(4 series)

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

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

Inventories on
hand and on
order
(4 series)

Business
Investment
commitments
( 1 series)

Trade
(I series

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

VII.
MONEY
AND CREDIT

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
N^ Economic
\Process
X.

Cyclical^
Timing
N.

LEADING (L)
INDICATORS

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

LAGGING (Lg)
INDICATORS
(40 series)

ION,
ND
S

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

New and u illed
orders an<
deliveries
(5 series)
Consumpti n
and trade
(4 series)

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

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

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

Consumptic n
and trade
(3 series)

Unfilled or ers
(1 series)

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

V.

VI.

VII.

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

PRICES.COSTS,
AND PROFITS

AND CREDIT

1 n vent or y
Investment
(4 series)

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

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

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

Business
Investment
commitments
(1 series)

(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

111.
CONSUMF
TRADE,
ORDERS,
DELIVERI
(13 serie:;)

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

TIMING
UNCLASSIFIED
(i series)




Inventories on
hand and on
order
(5 series)

(17 series)

MONEY
(26 series)

Bank reserves
(1 series}

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




indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags (+) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. UL" 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, ail components of the leading index are
denoted "L,LrL," 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 period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

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

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

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sectipns which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product-persona I consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services-are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor inconle, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income i:> the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received In kind by individuals. Net purchases of used goods are also included.

4




Gross private iomejstic investment (A3) is fixed
capital goods pi rchased by private business and
nonprofit institu ions and the value of the change
in the physical volume of inventories held by
private busines The former include all private
purchases of dwellings, whether purchased for
tenant or owner iccupancy. Net purchases of used
goods are also icluded.
Government (urchases of goods and services
(A4) is the comp jnsation of government employees
and purchases f om business and from abroad. It
excludes transf
payments, interest paid by
government, ani subsidies. It includes gross
investment by government enterprises but excludes
their current ou lays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less iimports of g)ods and services. Exports are part
of the national p oduction; imports are not, but are
included in th components of GNP and are
therefore ded jctedl. More detail on U.S.
international tra sactions is provided in section E.
National incolme (A6) is the incomes that
originate in the production of goods and services
attributable to abor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It con ists of the compensation of
employees, prop ietors' income, rental income of
persons, corporate profits, and net interest,
Saving (A7)
the difference between income
and expenditures during an accounting period,
Total gross sa ing includes personal saving,
business saving (mainly undistributed corporate
profits and capi al consumption allowances), and
government surf us or deficit.
Shares of GNI and national income (A8).—The
major expenditure components of GNP
(consumption, ir vestment, etc.) are expressed as
percentages of GNP, and the major income
components of rational income (compensation of
employees, corpc rate profits, etc.) are expressed as
percentages of national income.

Section B, Pricefc, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series aire the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price iidex for the gross business product. Data on both levels and percent changes are
presented for the period since 1972.
The group of series; on wages and productivity
consists of data on average hourly earnings and
average hourly ;ompensation (including earnings
and other benefi s) in current and constant dollars,
output per hour )f work in the business sector, and
rates of change for most of these measures.

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 showr[ 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 1972) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1972) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

Solid line with plotting points
indicates quarterly data.

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.

Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.

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

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

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

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

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

Rates of Change

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

Dotted line indicates anticipated quarterly data over
various 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 F1NDING-GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or


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

Table 1.

Summary of Recent Data and Current Changes for Principal Indicators
Basic data2

Series title and timing classification

Unit
of
measure

1

Percent change

Annual average
1982

1983

2d 0
1983

3dQ
1983

4th Q
1983

Nov.
1983

Dec.
1983

Jan.
1984

Nov.
to
•Dec.
1983

Dec.
to
Jan.
1984

2dQ
to
3dQ
1983

3dQ
to
4th Q
1983

ji
E

1. CYCLICAL INDICATORS
A. Compos te Indexes
910.
920.
930.
940.

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lading index

L,L,L... 1967=100
C,C,C....
do
Lig,Lg,Lg....
do
do
. L,L,L. .

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

do
do
do
do
do

L,L,L...
L,L,L...
l,L,L...
ILL
, Lit

136. 8
156.1
1 3 6 . 3 139.7
123.0
111.8
110.9
125.0

154.8
137.8
.111.5
123.5

159.3
141.5
110.4
120.2

162.8
145.5
110.3
131.9

162.7
145.4
110.1
132.1

162.9
146.7
110.9
132.3

164.7
148.1
109.9
134.8

0.1
0.9
0.7
0.2

1.1
1.0
-0.9
1.9

2.9
2.7
-1.0
3.7

2.2
2.8
-0.1
2.9

910
920
930
940

NA
104.3
97.2
93.7
122. B

NA
108.8
103.0
NA
131.0

NA
109.2
102.3
104.3
130.5

HA
109.2
104.4
107.1
132.1

NA
110.0
105.8
NA
132.7

NA
110.2
105.6
107.6
132.6

NA
109.1
106,0
NA
134.1

NA
110.0
106.0
NA
NA

NA
-1.0
0.4
NA
1.1

NA
0.8
0.
NA
NA

NA
0.
2.1
2.7
1.2

NA
0.7
1,3
NA
0.5

913
914
915
916
917

38.9
2.3
578

40.1
3.0
426

40.1
2.8
443

40.4
3.1
392

40.6
3.3
382

40.6
3.3
381

40. 5
3.4
378

40.9
3.4
364

-0.2
0.1
0.8

1.0
0.
3.7

0.7
0.3
11.5

0.5
0.2
2.6

0.243
86

0.271
96

0.230
87

0.278
98

0.362
115

0.360
114

0.392
121

0.406
123

0.032
6.1

0.014
1.7

0.048
12.6

O.OR4
17.3

60
46

165.04
96,125
89,596
23,907

167.63
97,450
89,936
23,649}

1&6.81
9B,622
8B,452
2b,341

168.74
98,110
90,250
23,830

170.38
99,221
91,341
24,297

169.55
99,349
91, 355
24,311

171.17
99,585
91,583
24,412

173.37
99,918
91,870
24,612

1.0
0.2
0.2
0.4

1.3
0.3
0.3
0.8

1.2
1.5
0.9
2.1

1.0
1.1
1.2
2.0

40
42
41
40

57.05

57.15

156.79

57.47

57.36

57.92

58.05

58.06

0.13

0.01

0.68

0.39

90

10,678 10,717 It, 240 10,529
r
9.7
9.4
9.6
io.i
3.8
4.1
4.6
3.5
15.6
20.5
20.0
20.3
3.2
3.7
3.8
4.0

9,507
8.5
3.2
20.0
3.1

9,429
8.4
3.2
20.2
3.1

9,195
8.2
3.1
19.6
3.0

9,026
8.0
3.0
20.5
2.9

2.5
0.2
0.1
3.0
0.1

1.8
0.2
0.1
-4.6
0.1

6.3
0.7
0.6
-1.0
0.3

9.7
0.9
0.3
2.4
0.6

37
43
45
91
44

1 4B 5 . 4
1535.1 1B25.1 1553.4 1571.9
1256.1 1285.1 lb77.2 1286.6 1311.6 1312.5 1319.5 1325.7
1073.8 1096.0 1P86.4 1099.0 1122.9 1122.8 1129.1 1136.0

0.5
0.6

0.5
0.6

1.9
0.7
1.2

1.2
1.9
2.2

50
52
51

B. Cyclical Indicators sy Economic Process
Bl. Employment and Unemployment
Marginal Employment Adjustments:
•1. Average workweek, prod, wcrkers, mfg
21. Avg. weekly overtime, prod, workers, mfg.3
*5. Avg. weekly initial claims (inverted*)

L,L,L... Hours
do
L.C.L....
L,C,L... Thousands

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3.. L,Lg,U.... Ratio
46. Help-wanted advertising
, LLgU 1967-100
Comprehensive Employment:
48. Employee-hours in nonagri. jstablishments
42, Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mining, mfg., construction
90. Ratio, civilian employment t} total population
of working age3

,. U,Lg,U.... Percent

Comprehensive Unemployment:
37. Total unemployed (inverted1)
43. Unemployment rate, total (nverted') 3
45. Avg. weekly insured unemployment rate (inv/)3
*91. Avg. duration of unemployment (inverted')
44. Unemployment rate, 15 week:; and over (inv/)3

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

,.. U,C,C..., A.r.( bil. hrs
U,C,C.... Thousands
C.C.C....
do
L,C,U....
do

Thousands
Percent
do
Weeks
Percent

1
21
5

62. Production and Income
Comprehensive Output and Income:
50. GNPin 1972 dollars
52. Personal income in 1972dcilars
•51. Pers. income less transfer pay., 1972 dollars
53. Wages and salaries in minirg, mfg., and
construction, 1972 dollar:;

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

Industrial Production:
*47. Industrial production, total
73. Industrial production, duratle mfrs
74. Industrial production,.nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
•83. Capacity utilization rate, m':g., BEA3
82. Capacity utilization rate, m:g, FRBJ
84. Capacity utilization rate, materials, FRB3

do

C,C,C.... 1967 = 100
do
,... C,C,C....
C,l,L...
do
C,C,C..,. A.r.bil.dol
<
L.C.U....
L,C,U....

Percent
do
do

216.3

217.8

,215.9

220.1

222.8

222.9

223.3

225.5

0.2

1.0

1.9

1.2

53

130.6
124.7
156.2
661.6

147.6
134.5
168.3
687.4

1144.5
131.1
165.5
J681.8

151.8
139.1
172.7
699.0

155.<5
143.5
175.5
711.8

155.5
143.5
175.3

156.4
144.3
175.5

158.1
146.9
176.6

0.6
0.6
0.1

1.1
1.8
0.6

5.1
6.. I
4.4
2.5

2.5
3.2
1.6
1.8

47
73
74
49

70
71.1
70.0

NA
75.2
75.2

73
73.8
73.5

76
77.4
77.5

NA
78.9
79.8

3
3.6
4.0

NA
1.5
2.3

03
82
84

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. Change in unfilled orders, Curable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance3 ®

<

L I L Bil dol
07.96
75.03
89.74
96.15
96.01
96.51
90.16
99.22
do
L,L,L...
32.48
37.06
36.39
37.64
40.15
41.44
40.37. 40.98
L LL
do
33.36
29.45
35.41
36.47
34.18
36.35
36.93
38.70
L,L,L...
do
-1.80
2.64
2.99
2.22
3.81
3.48
4.27
2.01
L,Lg(U..,. Bil. dol., EOP ... 291.76 3 2 3 . 4 6 3(05.37 312.05 3 2 3 . 4 6 321.45 3 2 3 . 4 6 326.94
L.L.L... Percent
37
54
52
58
67
63
59
63

Consumption and Trade:
56. Manufacturing and trade stiles
C,C,C....
*57. Manufacturing and trade sjiles, 1972 dollars
C,C,C....
75. Industrial production, consumer goods
C,L,C....
54. Sales of retail stores
CLU
59. Sales of retail stores, 197J dollars
UtL,U...,
55. Personal consumption expenditures, automobiles......... L.C.C....
58. Index of consumer sentiment <g)
L,l,L....

Bil. dol
344.11 3 6 7 . 9 2 362.86 3 7 5 . 6 3 388.25 386.61 3 9 5 . 9 2
NA
do
1 5 2 . 0 7 161.15 UJG0.04 163.43 167.65 167.51 170.58
NA
1967 = 100
142.6
151.8
150.2
156.1 157.1
156.5
158.0
159.6
Bil. dol
89.64
97.82
97 . 68 98.84 101.67 102.02 102.15 104.41
do
44.68
47.61
47.80
49.14
47.95
49.30
49.32
50.15
A.r.,bil.dol
73.9
90.8
91.4
98.4
92.5
Q 1966= 100
87.5
68.0
91.6
91.5
91.5
91.1
94.2
100.1

1.7
1.5
1.3
-2.26
0,6
8

1.1
1.1
4.8
1.47
1.1
-4

4.2
3.4
6.1
-0.77
2.2
6

7.0
6.7
2.7
1.59
3.7
5

6
7
8
25
96
32

2.4
1.0
1.0
0.1
-0.1

MA
NA
1,0
2,2
1.7

3.4

6.3

3.5
2.1
3.9
1.2
0.3
1.2
0.1

3.4
2.6
0.6
2.9
2.5
6.4
-0.1

56
57
75
54
59
55
58

-1.6
MA

-1,5
NA

0.6
1.2

1.8
NA

12
13

B4. Fixed Capital Investment
Formation of Business Enterprise;.:
*12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders, plant and equipment
*20. Contracts and orders, plant and equipment,
1972 dollars
24. New orders, capital goods indus., nondefense
27, New orders, capital goods industries,
nondefense 1972 dollar




L,L,L... 1967=100
L,L,L,.. Number
,.... L,L,L... Bil. dol
,

113.2
47,153

114.4
114.8
115.1
tIA 10,035 5 0 , 6 2 5

117.2
HA

117.8
MA

115.9
NA

114.2
NA

24. QO

26.82

27.61

26.95

28.95

28.75

27.95

20.39

-2.8

-2.4

7.4

10

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

do
do

12.41
20.64

13.63
22.84

14.24
23.04

13.80
23.27

14.40
25.14

14.02
24.50

13.92
24.85

14.41
24.64

-0.7
1.1

3.5
-0.8

-3.1
1.0

4.3
0.0

20
24

L LL

do

10.62

11.93

L2.28

12.24

12.78

12.24

12.61

12.82

3.0

1.7

-0.3

4.4

27

1.6

Table 1.

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

Percent change

Unit

1

of

Series title and timing classification

Annual average
1982

ZdQ
1983

1983

3dQ
1983

Nov.
1983

4th Q
1983

Nov.
to'
Dec.
1983

Jan.
1984

Dec.
1983

Dec.
to
Jan.
1984

-9.2

16.0

2dQ
to
3dQ
1983

I

3dQ
to
4th Q
1983

1. CYCLICAL INDICATORS— Con.
B4. Fixed Capital Investment — Con.
Business Investment Commitments— Con.:
9. Construction contracts, commercial and
industrial buildings, floor space
11. Newly approved capital appropriations, mfg
97. Backlog of capital appropriations, mfg.*
Business Investment Expenditures:
61. Business expend., new plant and equipment
69. Machinery and equipment sales and business
construction expenditures
76, Industrial production, business equipment
86. Nonresid. fixed investment, total, 1972 dollars
Residential Construction Commitments and Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dollars

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

57.38
21.28
70.76

63.86
NA
NA

60.31
20.63
71.16

65.41
22.59
73.40

70.63
NA
NA

66.89

316.43

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

325.76 322.79 316.84 324.91 342.06 341.50 361.10
163.6
148.3
156.2
164.1
165.4
157.9
153.1
170.1
163.0
181.3
166.1
168.6

1,061
80.7
37.8

1,703
128.5
53.0

1,690
132.8
52.6

1,782
133.0
56.8

1,689
129.8
57.1

1,730
132.6

1,666
125.1

NA
167.3

1,915
146.8

5.7
0.8

-3.7
-5.7

NA
1.1

14.9
17.3

8.5
9.5
3.1

8.0
NA
NA

9
11
97

5.5

61

2.5
5.3
4.4

5.3
4.7
6.6

69
76
86

5.4
0.2
8.0

-5.2
-2.4
0.5

28
29
89

9.2

303.20 293.46 304.70 321.60

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

L,L,L... A.r., thousands ..
L,L,L.... 1967=100
L,L,L... A.r.r bil.dol

77.59

3.8

73.65

0.1

30

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories, 1972 dollars3
*36, Change in inventories on hand and on order,
1972 dollars (smoothed6)3
31. Change in mfg. and trade inventories3
38. Change in materials on hand and on order3
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value 5
70. Mfg. and trade inventories, 1972 dollars5
65. Mfrs.' inventories of finished goods5
•77. Ratio, constant-dollar inventories to sales, mfg.
and trade3
78. Stocks of materials and supplies on hand and on
order, mfg.5

L,L,L...

3.9

do

L,L,L...
do
L,L,L.
.do.
L,LtL. Bil. dol
Lg,lg,Lg.. Bil. dol., EOP
Lg,Lg,Lg....
do
Lg,Lg,Lg...
do.. ..
Lg,Lg,Lg.... Ratio

16.37
22.1
1.36

NA
NA
NA

-3.59
-3.4
-0.48

NA
NA
NA

14.09
24.2
1.27

7.59
-9.1
-0.60

36
31
38

511.94 519.97 505.52 513.88 519.97 518.12 519.97
261.21 261.22 257.05 259.29 261.22 260.40 261.22
82.09 80.79 82.06 80.79
85.07
80.79 81.93

NA
NA
NA

0.4
0.3
-1.5

NA
NA
NA

1.7
0.9
0.2

1.2
0.7
-1.6

71
70
65

-14.22
-14.2
-2.12

1.75

L.Lg.Lg.... Bil. dol., EOP ...

2.74
8.0
1.56

1.61

-2.47
9.2
1.15

1.61

11.62
33.4
2.42

1.58

19.21
24.3
1.82

1.55

196.07 214.73 202.02 209.27 214.73

19.96
25.5
1.84

-0.02

NA

-0.03

-0.03

77

1.53

NA

213.38 214.73

NA

0.6

NA

3.6

2.6

78

-0.97
283.6
0.77

-0.63
0.9
0.01

-1.55
0.4
-0.19

-0.94
4.5
-0.36

0.54
5.9
-0.05

98
23
99

1.2

1.7

0.1

1.55

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrials ©
*99. Change in sensitive materials prices (smoothed6)3

L,L,L... Percent
U,L,L... 1967 = 100
L,L,L... Percent

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

L,L,U,. 1941-43 = 10... 119.71 160.41 162.73 165.51 165.75 165.23 164.36 166.39

Profits and Profit Margins:
16. Corporate profits after taxes
18. Corporate profits after taxes, 1972 dollars
79. Corp. profits after taxes with IVA and CCAdj
80
do
1972 dollars
15. Profits (after taxes) per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L,L,L... A.r., bil.dol
L,L,L...
do
L,C,L...
do
do
L CL
L,L,L... Cents
LLL... 1977=100

115.1
55.6
105.6
51.1
3.4
96.2

130.2
NA
NA
NA
NA
97.5

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

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

267.3
125.2

NA
HA

Lg,Lg,Lg.... 1977 = 100

153.3

Lg,Lg,Lg.,.. Dollars

1.397

Lg,Lg,Lg,.,. 1967 = 100
Lg,Lg,Lg . Percent

228.0
101.0

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost per unit of real gross domestic
product, nonfin. corporations
62. Labor cost per unit of output, manufacturing
a) Actual data
*b) Actual data as percent of trend
64. Compensation of employees as percent of
national income3

Lg Lg Lg

do

-0.38
242.5
-0.67

76.1

1.24
258.5
1,03

1.38
251.7
1.36

0.44
263.0
1.00

0.98
278.5
0.95

1.21
279.8
0.95

0.58
282.4
0.96

-0.5

127.2
60.6
142.2
67.9
4.0
97.6

144.1
68.5
163.4
77.8
4.4
98.0

NA
NA
NA
NA
NA
98.1

13.3
13.0
14.9
14.6
0.4
0.4

NA
NA
NA
NA
NA
0.1

16
18
79
80
15
26

310.6
145.9

341.1
160.4

NA
NA

9.8
9.9

NA
NA

34
35

157.1

156.0

156.9

0.6

1.1

63

1.420

1.416

1.412

-0.3

NA

68

226.0
92.7

227.4
94.2

222.8
90.5

223.0
88.8

0.1
-1.7

62
62

NA

75.3

74.9

NA

-0.4

NA

64

158.7

NA

223.3
89.0

223.8
88.6

224.0
88.1

0.2
-0.4

0.1
-0.5

-2.0
-3.7

B7. Money and Credit
Money:
85. Change in money supply (Ml)3
102 Change in money supply (M2)3
104. Change in total liquid assets (smoothed6)3
105 Money supply (Ml) 1972 dollars
*106. Money supply (M2), 1972 dollars

do
L,L,L...
do
L,C,U, ..
do
L,L,L...
Bil. dol
L,L,L
do
L,L,L...

0.70
0.76
0.86
198.8
814.4

0.75
0.93
NA
213.8
888,8

0.97
0.79
0.85
213.3
886.8

0.52
0.48
0.83
216.1
893.0

0,41
0,74
NA
216.3
902.1

0.27
0.69
0.69
216.1
901.8

0.44
0.64
NA
216.6
905.5

0.88
0.45
NA
217.1
903.9

0.17
-0.05
NA
0.2
0.4

0.44
-0.19
NA
0.2
-0.2

-0.45
-0.31
-0.02
1.3
0.7

-0.11
0,26
NA
0.1
1.0

85
102
104
105
106

Velocity of Money:
107. Ratio, GNP to money supply (Ml)3
108. Ratio, personal income to money supply (M2)1

C.C.C... Ratio
do
C,Lg,C...

6.704
1.373

6.500
1.296

6.478
1.292

6.502
1.293

6.558
1.299

1.299

1.301

1.310

0.002

0.009

0.024
0.001

0.056
0.006

107
108

48.84 75.74
31.93
-0.06
-7.01
22.51
4.12
3.45 -25.33
16.79
64.68
37.49 42.41
13.04
42.19
10.8
0.4
6.5
1.4
4.9
262.99 374.28 386.44 362.32 477.58

71.81
19.56
56.05
10.6

89.20
49.15
79.37
14.1

NA
14.65
NA
NA

NA
17.39
29.59 -34.50
NA
23.32
NA
3.5

48.90
29.45
4.92
6.1

26.90
18.39
22.27
4.3
31.8

33
112
113
111
110

NA
NA

NA
NA

NA
NA

NA
NA

Credit
33.
112.
113.
•111.
110.

Flows:
Change in mortgage debt3
Change in business loans3
Change in consumer installment credit3
Change in credit outstanding3
Total private borrowing

Credit Difficulties:
14. Liabilities of business failures (inv.') ©
39. Delinquency rate, installment loans (inv.')3S




L,L,L... A.F., bil.dol
do
LtL,L...
do
L,L,L...
L,L,L... A.r., percent
L,L,L... A.r., bil.dol
L,L,L... Mil. dol
L,L,L... Percent, EOP ...

HA
2.18

NA
NA

NA
1.92

NA
1.88

NA
NA

, NA
NA

NA
0.04

'

NA
NA

14
39

Table 1.

Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure

Series title and timing classification1

Annua average
1982

1983

yQ
1383

3dQ
1983

4th Q
1983

..

Percent change
Nov.
1983

Dec.
1983

Jan.
1984

Nov.
to
Dec.
1983

Dec.
to
Jan.
1984

2dQ

3dQ

to
3dQ
1983

4th Q
1983

to

1

1. CYCLICAL INDICATORS— Con.
B7. Money and £redit=-Con.
Bank Reserves:
93 Free reserves (inverted')3 ®
94. Borrowing from the Federal Reserve3 ®

.... L,U,U.... Mil. dol
do
Ug,U....

-545
1,034

-735
!„ 203

-982
1,465

-300
831

-383
912

-134
745

-113
726

-199
-167

-71
-19

247
262

-682
-634

93
94

... ULg,Lg.... Percent
do
ClgLg
do
L|,Lg,Lg.,..
do.
C,Lg,Lg....
do
U,Lg,Lg....
do
Lg,LgtLg....
do
lg,Lg,Lg....
do
Lg.Lg.Lg....

Interest Rates:
119 Federal funds rate3 (g) ....
114 Treasury bill rate 3 ©
116. Corporate bond yields3 ©
115 Treasury bond yields3®.
117. Municipal bond yields3®
118. Mortgage yields, residential3 ©
67. Bank rates on short-term bus ness loans3 ®
*109. Average prime rate charged by banks3 ®

-692
1,052

12,26
10.72
14.68
12.23
11. 6G
15.30
14.69
14.86

9.09
8.62
12.25
10.84
9.51
13.11
10.64
10.79

B.30
6.42
U.57
ID, 35
9.23
12.62
10.31
10.50

9.46
9.19
12.68
11.26
9.61
13.85
11.09
10.80

9.43
8.79
12,76
11.32
9.77
13.24
10.97
11.00

9.34
8.71
12.86
11.32
9.75
13.23

9.47
3.96
12,87
11.44
9.89
13.25

9.56
8.93
12.65
11.29
9.63
13.08

0.13
0.25
0.01
0.12
0.14
0.02

0.09
-0.03
-0.22
-0.15
-0.26
-0.17

11.00

11,00

11.00

0.

0.66
0.77
1.11
0.91
0.38
1.23
0.78
0.30

-0,03
-0.40
0.08
0.06
0.16
-0.61
-Q.I 2
0.20

119
114
116
115
117
118
67
109

0.

I

Outstanding Debt:
66. Consumer installment credit*
72. Commercial and industrial tons outstanding
*101. Commercial and industrial loens outstanding,
1972 dollars
*95. Ratio, consumer install, credit ta pers. income3

NA
Lg.Lg.Lg.... Bil. dol., EOP ... 3 3 9 . 3 2 381.50 3 5 4 . 7 3 3 6 5 . 3 3 381.50 3 7 4 . 8 9 381.50
2 6 6 , 4 2 2 6 3 . 0 5 2 6 1 . 3 2 261.10 2 6 3 . 6 5 2 6 2 . 8 3 2 6 6 . 9 3 268.15
L(i,Lg,Lg.... Bil. dol

do
Lfi,Lg,Lg-..
Lg,Lg,Lg.... Percent

106.02 103.38 103.23 102.16 102.63
12.92
13.06
1,2.93
13.24
13.13

1 0 2 . 4 3 103.90 1 0 3 . 6 5
13.22
13.35
NA

1.8
1.6

MA
0.5

3.0
-0.1

4.4
1.0

66
72

1.4
0.13

-0.2
NA

-1.0
0.20

0.5
0.11

101
95

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
Bl. Price Movements
310,
320.
320c.
322
330.
335.
331
332.
333.
334.

1972 = 100..
1367-= 100..
Percent
.
1967 = 100,.
. . do ,. ..
...
.. .do. ...
do.
do ..
.. .
.do
....
.do.,

Implicit price deflator, GNP . .
. .
Consumer price index (CPI), alt items ®
3
Change in CPI, all items, S/A
CPI food
Producer price index (PPI), (ill commodities © .
PPI, industrial commodities ©
PPI crude materials
.
.,
PPI, intermediate materials
PP"I, capital equipment
. .
PPI, finished consumer good;;

206.9
289.1
0.3
285.7
299.3
312.3
319.5
310.4
279.6
280.9

215.7
298.4
0.3
291.7
303.1
315.8
323,6
312.4
287.3
284.6

314.6
396.9
0.4
291.7
301 . 5
313.8
322.0
309.4
486. 5
283.6

216.4
300.5
0.4
291.7
304.4
317.0
323.9
3.13.6
288.3
205.4

213.7
303.1
0.3
294.3
306.0
318.5
331.1
316.8
289.6
286 . 5

303.1
0.4
294.1
305.6
318.3
330.6
316.8
289.3
286.2

303.5
0.2
295.4
306.0
318.4
333.8
317.1
290.0
286.6

305.2
0.6
300.2
308.1
319.2
336.2
317.3
290.4
288.7

0.1
-0.2
0.4
0.1
0.
1.0
0.1
0.2
0.1

0.6
0.4
1.6
0.7
0.3
0.7
0.1
0.1
0.7

0. 8
1.2
0.
0.
1.0
1.0
0.6
1.4
0.6
0.6

1.1
0.9
-0.1
0.9
0.5
0.5
2.2
1.0
0.5
0.4

310
320
320
322
330
335
331
332
333
334

148.3

155,1

454.5

155.4

157.1

156.9

157.5

158.2

0.4

0.4

0.6

1.1

340

94.6
163.0
99.2
103.3
103.4

94.6
162.2
99.2
103.9
103.5

94.4
163.8
99.2
104.2
104.0

94.6
165.7
99.3
104.8
104.3

94.4

94.7

94.7

0.3

0.

-0.2
1 Q
0.
0.3
0.5

0.2
1.2
0.1
0.6
0.3

341
345
346
370
358

110.20 111.55 111. 28 112.06 112.01 112.04 112.14 112.22
. Millions
9 9 . 5 3 100.83 100.04 101.53 102.50 102.61 102.94 103.19
, , .do...
Thousands. . . 10,670 10,717 11,240 10,529 9 , 5 0 7 9 , 4 2 9 9 , 1 9 5 9 , 0 2 6
4,300
5,089
5,257
5,144
4,392
B,539
4,599
4,596
.
do .
3,613
3,545
3,215
3,181
B,788
3,254
3,182
3,632
...do...
1,977
1,840
D.,912
1,654
1,618
1,543
1,829
1,622
, . do
9,006
f>,524
7,959
7,532
9,075
8,899
7,900
7,658
. .do

0.1
0.3
-2.5
-4. 4
-1.1
0.2
-3.1

0.1
0.2
-1.8
2.1
0.
-4.9
-1.6

0.7
1.5
-6.3
-7 . 1
-6.4
-3.8
-6.6

0.
1,0
-9.7
-10.6
-8.2
-10.1
-10.6

441
442
37
444
445
446
447

-0.1
0.
0.4

0.
-0.2
-0.7

0.1
0.3
0.6

-0.2
-0.1
-0.7

451
452
453

-1.1
1.7
3.8
2.9
2.4

NA
NA
1.8
NA
NA
1.3

500
501
502
510
511
512

MA
NA
-25.6
1.5
NA

-0.2
5.2
-17.2
2.5
0.4
0.0

0.9
NA
36.9
2.9
1.2
2.4

517
525
548
557
570
564

MA
NA
NA
HA
HA
MA

4.1
9.1
4.4
7.4
22.4
-3.5

0.7
-1.1
3.7
5.2

602
604
006
612
614
616

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earning!, production
workers private nonfarm economy
>
345 Average hourly compensatio i nonfarm business
346 Real average hourly compensation nonfarm business
370 Output per hour private business sector.
358 Output per hour nonfarm business sector.

1977=100

do
do
do
do
do

, ...

93.3
154.4
96,9
101.2
100.2

C. Labor Force, Employment, and
Unemployment
441. Total civilian labor force
442. Total civilian employment
37. Number of persons unemplcyed

.
,

445. Unemployed females, 20 years and over
446. Unemployed persons, 16-19 years of age.
447. Number unemployed, full-tine workers
Labor
451
452
453

Force Participation Rates:
Males 20 years and over 3
Females 20 years and over3
Both sexes 1649 years of age3

78.7
52.7
54.1

78.6
53.3
54.0

78.4
53.2
53.3

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

-147.1 -132.8 -0.66.1 -137.3
645.2
617.4
643.6
<652.G
764.4
BIS. 7
826.4
332. 5
31.3
51.1
51.7
55.5
439.1
478.7
492.7
48 3 . 2
407.3
427.0
432.1
437.1

MA
NA
847.8
NA
HA
442.9

Mil. dol
do
do
1967 = 100
'housands
A r bil dol

13,908 2 0 , 6 3 5 30,135 20,095 2 1 , 8 8 2 2 4 , 2 4 2 2 4 , 2 0 4
10,713
NA
NA
HA do, 35:> 10,888
MA
6,246
6,600
5,464
0,068
7,478
6,673
8,840
109.4
120.8
124.0
117.9
124,3
119.9
126.0
1,371
i,36;> 1,368 1,385 1,384 1 , 3 9 2
1,368
179.4
201.2
199.4
206.0
200.2

NA
NA
6,573
127.9
NA

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

1 7 , 6 9 4 16, 729 J 6 , 2 1 6 16,882 in, 993 16,848 17,130
3,053
3,109
3,175
3,088
3,011 2 , 8 6 1
3,122
4,007
3,404
3,536
3,554
3,686
3,683
3,686
2 0 , 3 2 9 21,514 ; 0 , 7 7 0 2 2 , 3 0 2 2 3 , 4 6 3 2 3 , 1 7 9 2 2 , 4 4 8
4,964
4,24S
4,383
5,036
3,713
4,660
5,195
2,442
2,766
3,425
3,724
3,434
2,935
2 , 866

NA
MA
NA
MA
CIA
tIA

Percent
do
do

78.5
53.1
53.5

78.5
53.0
53.4

78.4
53.2
53.3

78.3
53.2
53.7

78.3
53.0
53,0

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

Federal Government surplus or deficit-'.
Federal Government receipls...
Federal Government expencitures ,
..
State and local government surplus or deficit3
State and local government receipts,
State and local government expenditures

517
525.
548.
557.
570
564

Defense Department obligations incurred ....
Defense Department prime contract awards
New orders defense products
Output of defense and space equipment
Employment in defense products industries
National defense purchases

....
,

D2. Defence Indicators
,
,
*

-0.2
NA
9.6
1.6
0.6

E. U.S. Internal onal Transactions
El. Merchandise Trade
602.
604.
606.
612.
614.
616.

Exports, excluding miCitary aid shipments, total
Exports of domestic agricultural products ..
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts .




2.0
2.1
-0.1
-3.2
-26 . 3
8.7

-in. 3

24.2

Table 1.

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

A nnual

of

Series title

irt n
1981

P ercent chang e

averag e

1982

1983

1982

4th 0
1982

1st 0
1983

"~

IstQ

fj n

3J fl

1983

1983

4th 0
1983

2dQ

3dQ

f
=

2dQ
1983

3dQ
1983

4th Q
1983

I

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

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Merchandise trade balance3
Merchandise exports
Merchandise imports
Income on U S investments abroad
Income on foreign investments in the U S

Bil.dol
....

....

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

NA
-0.80
-4 . 85 -4.19
80.84
NA
86.93
87.08
87.88
NA
91.79
85.03
-9.10 -15.15 -13.08 -11.35
52.24 43.34
52.80
50.00
59.70
61.90
65.15
65.32
21.57
19.50
21.04
NA
14.21
NA
14.75
13.49

-2.03
-7.83
-9.92
NA
NA
81.14
81.85
85.23
NA
83.17
89.68 95.14
-8.97 -14.71 -18.21 -18.80
51.47
49.35 48.76
50.43
63.47
68.64
70.27
58.22
19.03
20.62
NA
17.70
NA
12.61
13.33
13.69

WA

667
668
669
622
618
620
651
652

2.8
1.9
1.6
1.3
2.6
1.6
1.3

2.2
1.2
1.0
1.2
2.6
1.9
1.7

200
50
217
213
224
225
227

3.6
2,4
7.4
7.3
2,9
1.6
3.1
1.6

1.6
0.5
1.8
0.9
1.9
0.9
1.3
0.1

2.1
1.4
5,2
4.3
1.1
1.0
2.1
0.7

230
231
232
233
236
238
237
239

-5.80
0.9
7.8
-5.84
-1.2
9.0
7.5
5.7

-2.09
4.1
6.1
-3.50
3.4
0.1
8.4
2.7

3437.3
1571.9
6,685
1560.1
2424.0
1121.3
4,769

3.2
2.3
2.1
1.7
2.0
0.9
0.7

1 8 5 7 . 2 1991.9 2 1 5 7 . 0 2008.8 2046.9 2073.0 2147.0 2181.1 2 2 2 7 . 0
986.7 1010.6 1016.0 1030.2
956.8
9 7 0 . 2 1010.9 971.0 9 7 9 . 6
277.7
258.5
282.8 297.4
236.1
244.5
252.1
279.1 2 4 3 . 4
145.8
143,2
156.5
157.9
164.7
156.2
138.2
141.2
139.8
773.0
777.1 7 9 9 . 6 814.8 8 2 3 , 6
761.0
8 0 3 . 8 766.6
733.9
364.7
374.7
378.1
381.9
375.9
366.0 368.9
362.5
364.2
887,1
986.4 1074.2 998.9 1021.8 1037.4 1069.7 1083.5 1106.0
472.0 479.4 480.1 4 8 3 . 6
466.2 478.7 468.2 470.4
453.1

2.88
93.66
90.73
-7.02
59.25
66.27
21.56
13.19

NA
NA

NA
-0.59
2.1
2.4
NA

A. National Income and Product
Al. GNPand Personallncome
200
50
217
213
224
225
227

GNP current dollars
GNP 1972 dollars
Per capita GNP 1972 dollars
Final sales 1972 dollars
Disposable personal income current dollars
Disposable personal income 1972 dollars
Per capita disposable personal income 1972 dollars

2954.1
A.r., bil. dol
1513.8
do
6,584
A r dollars ....
1505.3
A.r., bil. dol
do
2047.6
1054.7
do
4,587
A.r., dollars

3073.0
1485.4
6,399
1494.8
2176.5
1060.2
4,567

3310.8
1535.1
6,552
1538.4
2335.6
1094.3
4,671

3090.7
1485.7
6,393
1487.0
2191.5
1059.3
4,558

3109.6
1480.7
6,355
1503.4
2227.8
1066.1
4,576

3171.5
1490.1
6,382
1505.5
2255.9
1073.8
4,599

3272.0
1525.1
6,518
1530.5
2301.0
1083.0
4,629

3362.2
1553.4
6,622
1549.7
2361.7
1100,1
4,690

A2. Personal Consumption Expenditures
230
231
232
?33
236
238
237
239

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

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

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

do
do
do
do
do
do

Total current dollars
Total 1972 dollars
Total fixed investment current dollars
Total fixed investment 1972 dollars
Change in business inventories current dollars3
Change in business inventories 1972 dollars'

474.9
227.6
456.5
219.1
18.5
13.5

414,5
194.5
439.1
203.9
-24.5
-24.5

470.9
218.3
479.6
221.6
-8.7
-8.7

425.3
198.4
430.2
199.8
-4.9
-1.3

377.4
178.4
433.8
201.1
-56.4
-22.7

404.1
190.0
443.5
205.4
-39.4
-15.4

450.1
210.2
464.6
215.6
-14.5
-5.4

501.1
230.7
492.5
227.0
8.5
3.8

528.2
242.3
517.7
238.4
10.5
3.9

11.4
10,6
4.8
5.0
24.9
10.0

11.3
9.8
6.0
5.3
23.0
9.2

5.4
5.0
5.1
5.0
2.0
0.1

240
241
242
243
245
30

.do....

595.7
286.5
229.?
110.4
366.5
176. 1

649.2
291.8
258.7
116. 6
390.5
175.2

690.0
293.3
275.2
118.0
414.8
175.3

655.7
292.2
261.7
116.9
394.0
175.3

679.7
299.7
279.2
124.4
400.5
175.2

677.4
292.9
273,5
118,4
404.0
174.5

683.4
292.1
273.7
117.6
409.7
174.5

698.3
295.2
278.1
118.9
420.2
176.3

700.9
293.2
275.6
117.1
425,3
176.1

0.9
-0.3
0.1
-0.7
1.4
0.

2.2
1.1
1.6
1.1
2.6
1.0

0.4
,-0.7
-0.9
-1.5
1.2
-0.1

260
261
262
263
266
267

26.3
43.0
368.8
159 . 7
342 5
116. 7

17.4
28.9
347,6
147.3
330. 2
118.4

-7.1
12.6
336.8
139.3
344.0
126. 7

0.9
24.0
346.0
146.4
345. 0
122 . 4

5.6
23.0
321.6
136. 5
316. 1
113.5

17.0
20.5
326.9
137.3
309.9
116.8

-8.5
12.3
327.1
136.2
335.6
123.9

-18.3
11.4
341.1
140.7
359.4
129.2

-18.7
6.3
352.3
143.2
371.0
136.9

-25.5
-8.2
0.1
-0.8
8.3
6.1

-9.8
-0.9
4.3
3.3
7.1
4.3

-0.4
-5.1
3.3
1.8
3.2
6.0

250
255
252
256
253
257

NA
2 3 7 3 .0 2450 .4 2648.4 2458. 9 2474.0 2 5 2 8 . 5 2612.8 2686.9
1769.2 1865.7 1990.2 1879.5 1889.0 1923.7 1968.7 2011.8 2056.3
139.9
127.2
126.7
120.6
116.2
128.6
103.6
120.2
109.0
53.9
56.2
52.3
54.8
54.8
50.9
54.1
49. 9
41 . 4
NA
181.8
161.9
21 a. 2 248.4
164.8
2 2 7 . 3 168.5
192.3
251.9
254.7
243.8 246.1
248.3
256.4
249. 9
261 . 1 2 4 7 . 5

3.3
2.3
5.5
1.3
20.0
-1.8

2.8
2.2
-0.4
-1,6
13.8
0.9

NA
2.2
10.4
4.3
NA
2.4

220
280
282
284
286
288

5.5
5.6
-24.8
28.5
-1.4

8,3
6.3
26.6
-17.4
0.9

HA
NA
12.2
NA
0.5

290
295
292
298
293

A4. Government Purchases
of Goods and Services
260.
261.
262
263
266.
2S7

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

250
255
252
256
2'i3
2ti7

..

Net exports of goods and services current dollars3
Net exports of goods and services 1972 dollars3
Exports of goods and services current dollars
Exports of goods and services 1972 dollars
Imports of goods and services current dollars
Imports of goods and services 1972 dollars

..do

.. ..do
do
do,
do

A5. Foreign Trade

do
do
do
do
do
do

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

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

290
295
292
298
293

Gross saving (private and government)
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3

do
do
do
.do. ..

.

.do.. .
..do. .

A7. Saving

do
do
do
do
Percent

397.9
420.6
455.4
405 . 8 438, 5
398.5
351.3
483 8
471.4
419,7
443.4
401.9 405.8
NA
396. 2
374. 4
115.8
121.7
91.5
123 . 0 120.8
114. 7
125. 4
135 3
-26. 9 -115. 8 -131.7 -127.0 -175.3 -142.9 -114.4 -131.8
4. 9
4.9
5.4
5.6
4.0
5.4
6. 6
5. 8

NOTE: Series are seasonally adjusted except for those, indicated by ® , that 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 and sources, see "Titles and Sources of
Series" at the back of this issue. 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, CCAdj, capital consumption
adjustment.
1
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.




NA
NA
129.9
NA
5.4

1
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
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 on the terminal month of
the span.

CYCLICAL INDICATORS
I A|

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
July Mi
P 1

Jan.July July
F T P

il 'II

Nov.
T
I??]' "

ij

910, Index of Steading kidicators

Index of six lagging indie
(series 62,?7,91, $

194849 50 51 52 53 54 55 56 (57 58 59 60 61 62 63 64 65 6p 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841989
NOTE: Numbers entered ott the chart indicate length of leads (-) and lags (+) in months 1'rom referance turning dates.
Current data for these serleu are shown on page 60.

10




FEBRUARY 1984

BCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart Al. Composite Indexes—Continued
Jan. July July Nov.
P T
P
T

Capital investment commitments (serie

investment and purchasing (series 8,3pf8;""'99) -'ill1

Money and Jnanciai ffovw (series 104,»» 111)

946, Ratio, coincident index to lagging

194849 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

84 1985

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.

BUI

FEBRUARY

1984




11

CYCLICAL INDICATORS
IAI

COMPOSITE INDEXES; AND THEIR COMPONENTS—Continued

Chart A2. Leading; Index Components

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 6i6 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84198i
Current data for these series tire shown on pages 6)1, 64, 65, and 66.

12




FEBRUARY 1984

KCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec, Nov.
P T

Nov.
P

Mar.
T

Jan, July July
P T
P

Nov.
T

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

in inventories on hand

on order in 1972 dollars: smoothed (arm. rate, bit. dol.)

99. Change ki sensitive materials prices, smoothed1 (percent)

19. StW< prices, 500 common stocks (index: 1941-43-10)

ii

i... .
L.

,

A

1061 Money supply M2 in 1972 dollars (b«. dol.)

L Change in credit outstanding—business and consume)
borrowing (arm. rate, percent)
fiTJ

uJLn
' ' ! /uij' - ' , --/mil N ' i ^ , ' i . , ,
' i . l/iar,'i ' ;
'Ijuutil' ' i I _ J _ i i ' lii ' i r >j
194849 50 51 52 S3 94 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 81 82 83 841985
'This 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, 71, and 72.

ltd)

FEBRUARY 1984




13

CYCLICAL INDICATORS
A |

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
Nov. Mar.

P

T

Jan. July July NOT.
F T P

T

. Employees on rionaf kutaial payrofc

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 €7 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985
Current data for these suries are shown on p0ges 62, 63, and 65.

14




FEBRUARY 1984

BCII

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Jan. July July Nov.
F T P
T

194849 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 81 82 83 841985
Current data for these series are shown on pages 62, 68, 70, and 73.

FEBRUARY 1984




15

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
Apr. Feb.

P

Dee.

Jan July
F T

Nov.

P

T

T

July
P

Nov.
T

jnal Employment .Adjustments I
1. Average workweek production wooers, manufacturing (hours)
ILL

41403938-

manufacturing (hours)

21. Average weekly overtime hours
C

5. Average weeklyMiai chirrs, State
(thousands-verted scat)
200-1

300-

400-

500600700eh-wianten ariwflrtking tft nitrnhpr

1.41.00.60.2180160140120100-

60J

LJlJiJULiLTLJUL,,
1959

60

€1

€2

63

64

\m

66

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 61.

16




FEBRUARY 1984

ItCII

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
Jan. July

July

Nov.

P T

P

T

ehensive Employment,!

I
it

ii

i

i

/-if
^^ ™

Employ-hours in nonagriculturai establishments
(aim.toe,bil.hw?)
[W]
i

|j

,

_/

——f—

ees on nonagriculturai payrolls (miliions)

in goods-producing industries—mining,
manufacturing, and construction (

90. Ratio, civilian employment to total population

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

S3

84

85 1986

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

KCII FEBRUARY

1984




17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
Apr.

Feb.

Dec.

T

P

Jan, July

Nov.

P

July

[Nov.

T

3i

7911-

45678910H

3456781012"
14161820220123451959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 62.

18



FEBRUARY 1984

IECII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Nov.

1959

BO 61

62

63

64

65

66

67

68

69

70

71

72

Jan. July July
F T P

Mar.

P

T

73

74

75

76

77

78

79

80

81

Nov.
T

82

iiLEULL
83

84

85

Current data for these series are shown on page 63.

BCD

FEBRUARY 1984



19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Apr. Feb.

P

1959

60

T

61

62

63

64

65

66

67

68

69

70

7|

72

73

74

75

76

77

78

79

80

81

82

83

84

SO

1986

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

20




FEBRUARY 1984

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Jan. July

July

Nov.

P T

P

T

110100908070-

I Orders and Deliveries |

60-

J

50-

7. New orders, durable goods industries, in 1972 dollars
, (bildol.)

40-

4540-

New orders for consumer

35-

<£
S

30'
25-

25. Change in unfilled orders, durable goods industries
(bi. do!.; MCD moving avg.-4-term)

380340300260-

96. Manufacturers'
(bil. dol.)

220-

180140-

100-

60-

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

1001

75«
50-

25J
1959

60

61

§2

®3

64

SS

67

68

69

70

71

72

73

74

7§

76

77

78

79

81

S2

83

84

85 1986

Current data for these series are shown on page 64.

KCII

FEBRUARY

1984




21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart B3. Consumption, Trade, Orders, and Deliveries-t-Continued
Apr.

Feb.

Dec.

T

P

Jan. July
F T

Wov.

P

T

July
P

Nov.
T

56. Manufacturing and trade
(bil.dd)

57. Manufacturing and trade sates
in 1Q79 Hnlhrc /hil rfnl \

75, Wustnalp^ctfori.
(index: 1917-100)

54, S^es of reta I stores in Cerent ddars (bi. M)
C,L,U| II
IX

etnroe In 1Q79 rW

consumption expenditures,
Q (ann. rate, bil. doi.)

(1$!<J 1966-100)

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 65.

22



FEBRUARY 1984

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
Apr, Feb.

P

Jan. July
P T

Dec. Nov.

P

T

T

July
P

Nov.
T

160140-

Ition .of Bu$jnes§ Enterprises [

120-

10065^
5545-

2535»
3025-

ent doUars (bti. do
pss Investment Commitments |

20-

>

20,; Contracts and orders for mim Equipment ; :
in 1972 dollars (if del.)

30«
2520-

24. Manufacturers' new
nondefense, in cufrenNoiiUbii. dol.)

' new orders, capital goods industries,
,h 1972 dofeMb* *L)

10Q.

90«
80-

70 -

6050-

and industrial
avg.— 6-

9. Construct^ contracts,
(mil. sq. ft. of floor area;

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

40-

74

75

76

77

78

79

80

81

B2

83

84

85 1986

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

FEBRUARY 1984



23

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

Jan. July
P T

Dec. Nov.
P
T

Fib.

P

T

July
P

Nov.
T
120i
1101009080-

Investment Commitments—Con.

7060-

97. Backlog of capital

m

50-

403530252015-

j

11. New capital app^aiHpamffa; ;ti
10-

4001
360*
320 •
280240-

61. Business e
<»i rate,

200160400360320280-

ess Investment Expenditures |

240200-

69. Machinery and equipment
construction expenditures

bi

160120220200180160140120100.-P.

8060-

1959

60

61

62

83

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

83

83

85 193$

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

24



FEBRUARY 1984

B€l»

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Dec. Nov.

P

Nov.

T

Jan. July

Mar.

P

F

T

T

July

Nov.

P

T
-

less investment Expenditures—Con.
Nonresidentiai fixed investment in 1972 dollars, i(an| rate.biyol.)
. Total, Q
»
C.L2.C

88, Producers' durap*fcquipment,Q *~+i**\
:
nrr^n

I

-

,

S

1 ' V ..

Construction Commitments'and Investment]!
28, New private housing units started

29. New building i emits, private housing

89. Resident^ fixed investment in

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

32

83

84

Current data for these series are shown on page 67.

FEBRUARY 1984




25

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESSt-Continued

Chart B5. Inventories and Inventory Investment
Jan. July July
F T P

Apr. Feb.

P

T

Nov.
T

(and. rate, bl. dd)

30. Change in bus*

36. Net change in inventories orBB ami on ortler in
! (ana rate, bfl. do).; moving

31. Change in book value, manufacturWHB trade inv
(ann, rate, bl do).; MCD moving
LLL

38. Change in stocks of materials and
manufacturing (bl. dol.; MCD movffig av
LL

19B9 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

'Thi« is a weighted 4-term moving average (wifh weights 1,2,2,1) placed on the terminal month Df the span.
Current data for these series are shown on pagp 68.

26




FEBRUARY 1984

ltd)

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Jan. July
F T

July
P

Nov.
T

| juniories on Hand and on Order |
71. Manufacturing and trade inventories,
book value

~ '

I Mamifacturrg and trade inventories In 1972 dollars (bi «.)

65. Book value of manufacturers' inventories
of finished goods (biL dd)

77, Ratio; constant-doRar inventories to sales, manufacturing and trade
(ratio)

78, Stocks of
manufactunk (U. doi.)

1959

60

$1

62

63

64

65

66

67

68

69

7©

71

72

73

74

75

76

77

78

Current data for these series are shown on page 68.

FEBRUARY

1984




27

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Jan. Jyly
F T

Apr. Feb.

P

T

July
P

Nov.
T

or 28 sensitive materials

I Senpve Commodity Prices |

99. Change in sensitive mterials

ustri(jn<tei: 1967=106)

23. Spot market prfces, raw

uli

19. Stock prices, 500 common stocks (index; I

U and Profit Margins!
18. Corporate
(ann.rate(bi,dbl.)

16. Corporate profits after taxes in curruni
(ann. rate, bi!. dol.)
1

:.

LfULl

1999 60

61

62

63

64

66

67

68

69

70

71

72

73

74

79

76

77

78

79

80

81

8S 1936

82

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

28




FEBRUARY 1984

BCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Jan. July
P T

July
P

Nov,
T

and Profit Margins—Con.

after taxes with IVA and CCAdi in
current dolaM^ann* rate, WL «.JV>4

Corporate profits after taxes with IVA and

81. Raw, corporate proms
to corporate domestic income
taxes per do tar of sales

26. Ratio, price to unit labor cost, nonfarm business sector, 0 (index: 1977-100)

34, Net cash flow, corporate, in current

35. Net cashew, corporate, in 1972 dollars, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

BCD

FEBRUARY 1984




29

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
I.July
F T

Apr. Feb.

P

T

July
P

Nov.
T

63. Unit labor cost, private business

Labor cost in current dolars per unit

If output, manu acturiig (index: 1967-100)

1959 60

61

62

Current data for these series are shown on page 70.

30




FEBRUARY 1984

BUI

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Jan. July
F T

July
P

Nov.
T

(percent; MCp moving avg.—6-term]|i[ 1,1,1!

102. Change in money supply M2
(percent; MCD moving avg.—6-termij
i

-TF—i

"~

~"

1

!
^'

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

105, Money supply Ml in 1972 dolars (bit. do).)
„

,
„

,.n. . U . U I . J I

1.

,

1

N'-^i

*

*»

106. Money supply M2 tn 1972 dodars (bi.
iu

107. Ratio, GHPtomoney supply Ml, ^ (ra&

lVeio;city of Money |
108, Ratio, personal income to money supply M2 (ratio)

'This 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.

ItCII FEBRUARY 1984




31

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

Chart B7. Money and Credit—Continued
Jan. July

F

T

July

Nov.

P

I

33, Change In mortgage ebt (aim. rate, fei. doi.)

112. Change in business loam (arm
MCD moving avg.4Wiwtn) n~jtn

113. Change in consumer installment cred|t (ann. rate
LIE

111. Change in credit outstamfog—business) and c
borrowing (ann. rate, percent)

110. Total private borrowing, Q (ann. rate
LLL

' - " ••"' j
• ' -v!I I t-''-v• •

1959 60

61

62

63

64

6S

66

67

68

69

70

71

72

73

74

75

76

77

78

r
•jui ' _ • • i_nJ IjthJi
79 80 81 82 83

84

85 1986

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

32




FEBRUARY 1984

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart B7. Money and Credit— Continued
Nov.

Mar.

P

T

Jan. July

F

T

July

Nov.

P

T

iCrjQiffiqulties
14. Current liabilities of business failures (mil, dol.„ |j inverted scale; MOD moving avg.—6-term)

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

93. Free reserves (m dd—inverted scale)

jank borrowing from

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

S3

84

85 1986

Current data for these series are shown on page 72.

FEBRUARY 1984



33

CYCLICAL INDICATORS BY ECONOMIC PROCESS*—Continued
Chart B7. Money and Credit—Continued
Apr. Fab,

P

Nov.

T

Mar.

Jan. July
T

July
P

Nov.
T

119. Federal ;un& rate (percert)

118, Secondary maiet yields on F

.JULlL
1959
Current data for these series are iihown on pages 72 and 73.

34



FEBRUARY 1984

BCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Jan. July
P T

July
P

Nov.
T

1 Interest Rates—Con

67. Bank rates on short-term business loans, Q
U,Lg,Lg

109. Average prime rate charged by banks (percent)
L

I Outstanding Debt I

Ctonmercial and industrial |oan$ outstanding in current

/

101. Commercial and industrial bans outstanding in 1972 dollars

consumer instalment credit to personal ijpome (percent)

1959

SO

Current data for these series are shown on page 73.

FEBRUARY 1984



35

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
Apr, Feb.

P

Jan. July
P T

Dec. Nov.

P

T

T

July
P

Nov.
T

100-

50-

I

loo50 -J

100-

§0-

961. Average workweek, production workers
1001

50-

|9-mo. span-^. 1-mo. spa|t~*-)
100-

50-

963: Employees on private nonagriculturai payrofe—1721-186 j
100-1

50-

LA./UljL/sHBi

1959 60

.

61

62

H

'

63

>

64

'

lUULA-K 1 .

,

65

66

67

68

69

70

•".''.I-

7R

72

i-I

•.:.Ju1jrJdlj

73

74

'

75

76

'

'

77

-

78

^'Lil

79

80

'

LfULfUUl

31

82

84

S3 1986

Current data for theso series are shown ors page 74.

36




FEBRUARY 1984

KCII

CYCLICAL
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued
Apr. Feb.
P
T

Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

i

I Percent fisfig]

964. New orders, durable goods industries-34-35
(9-mo. span—*j, 1-mo. span—) !

100*

50-

0-

965. Newly approved capital appr<ynati^t deflated

ipjto^^

ayg>f*. IrQ span

90-

,A '

JO-

i f/y^Vf^ ju&jttffi^LSfrw^yrsM7
\Jr ' v V f^\^Tv ™UK TOjr * ^ ^vU cTLffi
!

yy/ !

'

•/. .

.

iisT

.

. i ifv..:. .. V

SO-

IT IM/

SO-

,1

966. Industrial production—24 industries (6-mo. span—-, 1-mo. span—-)
100*1

»

50-

0-i

967. Spot market prices, raw industrials—1^ industrial materials(9-[mo. span—r.!-"». span-—)
i
i

100-

50-

0-i

968.1 Stock prices, 500 common stocks—fMH industries (9-mo. jspan^, 1-mo. span-—)
100"

50-

960, Net profits, maiiufacturing-about 600 companies1 (4-Q span)

1

JU\- L
1959 60
61

Lruui

71

72

73

JL"uUJu , '
74 75 76

77

i
78

n

79

A
80

81

82

83

84

85 1986

L

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.

BCII FEBRUARY 1984




37

C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued

Actual
-•I • •
Anticipated •• . *..«

| Percent rising I

jfctal
| Percent rishg]

970. Business expenditures for new plant and
equipment-22 industries (1-Q span)
(a) Actual expenditures

974. Number of employees, manufacturing and trade(iNJlpan)1
6050-

(b) Later anticipations
40-»

1

975. Level of inventories, manufacturing and trade (4-Q span)
£a][Actual expenditures

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

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

10090-

f

- :,,.,:•«•

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

70-

~,

977. Selling prices, wholesale trade $H sp^Bl

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

Selng prices, retai trade (4^ span)

/.}

?4

75

76

77

78

79

80

81

82

83

1984

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

38



FEBRUARY 1984

BCD

DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change

| Percent change at annual rate |

Sic, Personal income le
payments In 1972

1959

60

61

62

63

64

65

75

76

77

78

79

80

81

82

83

84

85 1986

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.

BCII FEBRUARY 1984



39

OTHER (IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal (Income
Jan. July

F

T

July

Nov.

P

T

223, Personal income in current
(aim, rate, bl. dol) X

i!

213, Final sal|H972 dollars,

Ible personal income in 1972
i Q (arm. rate, ML dol.)

217. t>er cajfta aW!972 dollars, Q

able personal income in
Q (arm, rate, thous. dol,)

"

i :uuiJLi. L. L.A..n.JiJLfL.i;..riJLfin.ji.iL/iJL.^Jij;.A/LliJiJia.i juuiJlfUU J

6D

61

62

13

64

65

166

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

40




FEBRUARY 1984

KCI»

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
Jan. July
P T

July
P

Nov.
T

I Annual rate, bitocktos(current)!

Personal consumption expenditures—

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

BCD

FEBRUARY 1984




41

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Jar. July
P T

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

7§

7®

77

78

79

80

July
P

Now.
T

81

82

S3

84

iS

Current data for these series are shown on page 81.

42



FEBRUARY 1984

BCII

OTHER IMPORTANT ECONOMIC
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services

Annual rate, bUtion doflars (current)!

purchases of goods 2nd services—

70SSQ0-

-»»

400-

300«

I Annual rate, bidndoiars (1972) I

35®-

-': 250 =

15©-

100 c

1959

60

61

62

63

64

65

66

67

6S

69

70

71

Current data for these series are shown on page 81.

FEBRUARY 1984




43

OTHER IMPORTANT ECONOMIC MEASURES
IA

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Jan. July
F T

Jyly
P

Nov.
T

Annual rate, hiafln (friars (current)

Exports of goods and

253, Imports of goods and services, Q

250. Net exports of goods and

Annual rate, bion dollars (1972)1

256, Exports of gflods and services, Q-*-,
100 -I
80-

1;

V
60 J

2J7. Imports of goods and services, Q

+ 60+ 50-

255. Net exports of goods and ^ervk^. f)

+ 40-

v:
0-

"-'.

1959

JU\\l

60

U^.f1

I

61

62

63

64

65

66

67

68

69

70

'Sjt

71

72

73

JL.Lj

74

7§

76

77

78

79

84

S3 1986

Current data for the:;e series are shown on page 82.

44




FEBRUARY 1984

not

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Jan. July
F T

July
P

Nov.
T

*JN. National incomeif

npehsation of employees, 0

286. Corporate profits with inventory valuation w c^iital consumption

Rental income of persons with capitai
consumption adjustment, Q

J
10

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

'JLAJI'LJ
82 83

84

85 1986

Current data for these series are shown on page 82.

BCII FEBRUARY

1984




45

OTHER IMPORTANT ECONOMIC MEASURES
IA

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Jan. July

F

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

73

76

77

78

79

T

80

July

Nov,

P

T

81

82

83

84

85 1986

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

46




FEBRUARY 1984

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Jan. July
F T

July
P

Nov.
T

State and idea! government purchases
of goods and services, Q
;
265, Federal Government purchases of goods and services, Q

248. (Presidential fixed investment Q
fixed investment, Q

247. Crange in business inventories, Q

BL ml exports of goods and services, Q

of National Income
€4. Compensation of etnptoyees, Q
I

7. Corporate profits
capital consumption
Proprietors' income with inventory valuation
capital consumption adjustments, Q

income of persons with capital consumption adjustment, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

81

82

83

84

85 1986

Current data for these series are shown on page 83.

ltd*

FEBRUARY 1984




47

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
Nov.

Jan. July

Mar.

July

Jan. July

Nov.

July

Nov.

P

| Percent change at annual rate]

310c. Implicit price deflator,
GNP(Hspan)

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

311. fixed-weighted price index.

330c. All commodities

Industrial commodities

i 333. CapJialequipment

334. Finished consumer goods

I
1972

73

74

75

76

77

78

79

80

81

82

83

1984

JL972 73

74

7S

76

77

78

79

80

81

82

83 1984

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




FEBRUARY 1984

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

•wm^J

Chart Bl. Price Movements—Continued
Jan. July
F T

320c, A8 item (6-month span) |

July
P

Nov.
T

\\

Chart B2. Wages and Productivity

341. Real average hourly earnings of production
workers, private nonfarm economy1
.1

1(

x^

!

*"

'

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

346. Real average hourly compensation, ail employees,
nonfarm business sector, Q
,

345. Average hourly compensation, al! employees,
nonfarm business sector, Q (current dollars)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

S3

84

85 1986

'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.

FEBRUARY 1984
Digitized ltd) FRASER
for


49

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
Apr. Feb.

P

[Wag
!

!

Jan. July
F T

Dec. Nov.

T

P

T

July
P

Nov.
T

•on. ,
l

^VSs

average hourly earnings of prpductfon
private rionfarm economy^—
„ ,

iftVn^OTP. naTTOi^T7wyyy»;S^:i.: i^mm^.. r\*
^ ' » V f V ( • • ' • - " • I ; ; ; - -, -jp^

-(fplar earning^

!-: 1-3-'

+ 5-

:

6-month stum (ann. rate)
p average hourly compensation, ai employees,
s business sector, Q—
1-quarter spans (ann, rate)

Current-ddar compensation

. R.;al compensation

wage and benefit decisions, all industriesFirst year average changes, Q (ann. rate)—
Average changes over life of
contract, Q (ann, rate)

358. Output per hour, all persons,
iness sector, Q

370, Output per hourt aH persons,
private business sector. Q
370c. Change ki output per hour, private teiness sector, Q

4-quarter spans *
1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

50



FEBRUARY 1984

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
Apr Feb.
P
T

Jan July
F T

July
P

Nov.
T

80

81

82

442. Total employed (millions)

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

16-19 years of age

452, Femate 20 years and over
Number unemployed (miens)

444. Males 20 year
and over
inmates M years
and over
446. Both sexes 16-19 years of age
. I
'
unemployed, fuH-tlme

. Number emofoveo oart-tme tor economic
reasons
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 89.

KCII FEBRUARY 1984



51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures
Jan, July July
F T P

Nov.
T

| Annual rate, biiocrdofarsCcurrent)j

local government Mpfiipts, Q

512, State anHp government expenditures, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

SI

82

83

84

S$ 1986

Current data for the se series

52



FEBRUARY 1984

BCD

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
Jan. July
P T

July
P

Nov.
T

80

81

82

Measures of'Defense Activity]

517. Defense Dif&tment gross obligations «feurre<(
(bl. dol.i «fc& moving avg.—6-term)

525. Defense Department
(bil.dol; MOD movin

543. Defense Department

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 90.

FEBRUARY 1984



53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Apr.

Feb.

P

T

Jan July
P T

Dec. Nov.

P

T

July
P

Nov.
T

nediate an! Final Meaisuresliof De
140-1
130120110"
1009080-

22-i
201816141210-

130-i
120110100908070605040-

22-|
201816141210-

76543-

2-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 91.


54


FEBRUARY 1984

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Jan. July

July

Nov.

P T

P

T

rtediate and Final Measures of Defense Activity—flm.]
s industries (millions)

570. Employment in defense

Defense Department personnel (mions)
577, Military, active duty

578. Civilian, direct hi

Defense Purchases

564. Federa Government purchases of goods and services for national
defense, Q (ann. rate, bit. dot,)

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

' j • Ju

i

'; >

JuJL ',

1959 60

61

62

' "! ' -

63

64

t!

65

~

« - . ' Irui/i1'' i

.'

66

67

68

69

70

71

r

•

72

bUtjiJu '

73

74

75

[

"

76

' i

77

,

78

'tji/i

79

80

• -. j'jiJLn nfi\

81

82

83

84

85 1986

Current data for these series are shown on page 91.

ltd)


FEBRUARY 1984


55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
Apr. Feb.

P

Jan. July
P T

Dec. Nov.

P

T

T

July
P

Nov.
T

24-

20«

16-

>H

12-

602. Exports excluding
(bi (tot.; MCD moving

6-1
543-

Exports of domestic
(bi. doi.)
606. Exports of nonetectrical
(UtdoL)

30-i
2622181410-

612, General imports (bj. dd; MOD moving avg.

9.08.07.06.05.04.03.0-

Imports of petroteunri
2.0-

1.0-

616. Imports of automobiles and

0.80.60.4-

* 0.2 J
|

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

?5

76

77

78

79

80

81

82

83

84

85 19B6

Current data for those series ;ire shown on page 9<!.

56



FEBRUARY 1984

IICII

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
Nov.

Jan July
P T

Mar.

P

T

July
P

Nov.
T

feds arid services
667. Balance on gc^ods and services, Q

!; 66& Exports, (k

;

! lrchanilise, ajustei

622. Merchandise t

h 651. Income on U.S. nvtstments abroad,

Income on foreign investments to the U.S^ Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 93.

KCII FEBRUARY 1984




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
Apr. Feb,

P

1959

60

Dec.

Nov.

P

T

T

61

62

63

64

©5

66

67

68

69

70

New,

71

72

73

Jan. July
F T

Mar.

P

T

74

75

76

77

78

79

80

July
P

Nov.
T

81

82

83

84

85 1986

Current data for these series are shown on page 94.

58



FEBRUARY 1.984

IICII

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices
Nov.

Jan. July July
F T P

Mar.

P

T

Nov.
T

Jan. July July
F T P

Nov.
T

.

I Percent change at annual rate |
1

!.

: Consumer prices—

1972 73

74

75

i

[

76

77

78

79

80

81

82

83 1984

1972 73

74

75

76

77

78

79

80

81

82

83 1984

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

BCII

FEBRUARY 1984




59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

^M COMPOSITE INDEXES

Year
and
month

910. Index of
12 leading indicators (series
1, 5,8, 12, 19,
20, 29, 32, 36,
99, 106, 111)

(1967-100)

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

(1967 = 100)

930. Index of
6 lagging indicators (series
62, 77, 91,
95, 101, 109)

(1967-100)

940. Ratio,
coincident
index to
lagging index

(1967 = 100)

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

(1967 = 100)

915. Inventory
investment
and purchasing
(series 8, 32, 36,
99)

(1967 = 100)

916. Profitability (series
19, 26, 80)

917. Money
and financial
flows (series
104, 106, 111)

(1967-100)

(1967 = 100)

1982

"135. 1
135.7
134.7

138.4
139.9
139.2

126.1
125.3
125.1

109.8
111.7
111.3

104.2
104.2
104.0

96.7
96.5
96.6

94.5
93.2
92.6

123.3
122.1
122.2

April
May
June

136.0
136.2
135.5

138.0
138.8
137.3

125.9
125.1
124.8

109,6
111.0
110.0

104.9
104.2
102.9

96.4
97.1
97.6

93.1
93.0
92.4

123.0
122.4
122.2

July
August
September

136.2
136.1
137.5

136.4
135.2
134.5

124.3
122,3
121.4

109*7
110*5
llOiS

103.9
102.9
103.4

97.8
98.1
98.3

92.6
92.4
93.9

122.5
124.5
124.2

October
November
December

138.6
139.4
140.9

132.9
132.7
132.6

120.2
118.2
116.7

110,6
112.3
113,6

104.7
105.4
107.0

98.0
97.0
96.4

95.0
95.5
96.4

122.7
122.5
122.5

January
February
March

145.2
r!47.4
r!50.2

134.3
133.5
134.6

115.7
115.8
114.4

116.1
115.3
117,7

106.3
107.0
107.2

97.7

r99.2
rl01.3

97.6
98.6

100.5

127.2
r!29.1
r!29.8

April
May
June

r!52.5
r!54.5
157.3

135.6
137.9
139.8

113.5
111.0
109.9

119.5
124,2
121 \2

107.8
r!09.4
rllO.5

101.8
r!02.4
r!02.6

102.5
104.6
105.7

r!30.0
r!29.5
r!32.0

July
August
September

r!58.3
r!59.0
r!60.5

140.8
140.6
143.0

110.1
110.8
110.2

127.9
126.9
129.8

r!09.4
108.9
109.4

r!03.2
r!04.8
r!05.2

106.6
107.0
r!07.7

r!33.2
r!32.4
r!30.7

October
November
December

rl62.8
r!62.7
162. '9

144.3
r!45.4
146.7

109.8
rllO.l
110.9

131.4
r!32.1
r!32.3

|H>rll0.7
rllO.2
rl09.1

r!05.9
r!05,6
r!06.0

Drl07.9
r!07.6

r!31.4
r!32.6
K)rl34.1

E> 2 164.7

(H>3148.1

"109.9

E)pl34.8

pllO.O

Dpioe.o

January
February
March

1983

(NA)

1984

January
February
March

(NA)

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 (H); for series that move counter to movements
in general business activity, current low valuefj are indicated by(H). 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" ind cates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
Includes a substitute value for series 1. See "New Features and Changes for This Issue" on page iii of the March 1982 issue,,
2
Excludes series 36 and 111, for which data are not available.
3
Excludes series 57, for which data are not available.
''Excludes series 77 and 95, icor which data are not available.

60




FEBRUARY 1984

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process
Timing Class .

I, C, L

L, I, L

1. Average workweek
of production workers,
manufacturing

Year
and
month

L, C, L

21, Average weekly
overtime hours,
production workers,
manufacturing

(Hours)

L, Lg, U

5. Average weekly
initial claims, State
unemployment
insurance '

60. Ratio, help-wanted
advertising to persons
unemployed

(Ratio)

(Thous.)

(Hours)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

U, C, C

L, Lg, U

46. Index of helpwanted advertising
in newspapers

48. Employee-hours
in nonagncultural
establishments

(1967 = 100)

(Ann, rate,
bil. hours)

(2)

1982

0.336
0.316
0.288

106
103
96

164.25
168.40
167.74

0.254
0.250
0.241

88

585
551

87
85

167.21
167.61
166.58

2.3
2.3
2.3

533
605
653

0.227
0.213
0.193

83
78
73

166.05
165.46
165.30

38.9
39.0
39.0

2.3
2.3
2.3

651
616
531

0.196
0.195
0.208

76
78
83

164.29
163.24
164.01

39 7
39 2

507

0 214
0 215
0.216

83

479

83

165 78
163 53
164.44

37.5
39.5
39.0

2.3
2.5
2.3

563

39.0
39.1
39.1

2.4

566

2.3
2.3

July
August
September

39 1
39.0
38.8

October
November
December

January
February
March
April
May
June

...

514
566

1983

January
February
March

39.5

2 4
2 4
2.6

April
May
June

40.1
40.0
40.1

2.9
2.7
2.9

470
453
406

0.212
0.232
0.245

81
87
92

166.10
166.94
167.40

July
August
September

40 2
40 3
40 8

3 0
3 1
3 3

380

0 281
0 272
0 282

100

408
387

97
98

168 12
167 80
170 30

October
November
December

40.6

40.5

3.3
-3 q
3.4

r386
r381
r378

0.334
0 360
0.392

111
114
121

r!70.43
r!69 55
H71.17

(H>p40.9

B>p3.4

H>364

[H>p0.406

[H>pl23

E>pl73.37

....

Af]

f.

478

83

1984

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, 16, and 17.
1
Data exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue/1 page iii.

FEBRUARY 1984




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

|
m EMPLOYMENT AND UNEMPLOYMENT-Contmued

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment-Continued

U, C , C

c,c,c

L, C, U

U, Lg, U

L, Lg, U

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

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

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

37. Number of
persons unemployed, labor
force survey

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate,
State programs-1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

Timing Class

Year
and
month

Revised 2
1982

January
February
March

96,301
96,419
96,374

90,396
90,417
90,207

24,711
24,670
24,483

57.46
57.48
57.38

9,393
9,693
9,910

8.6
8.9
9.0

4.1
4.1
4.3

13.4
14.1
14.0

2.2
2.5
2.7

April
May
June

96,223
96,726
96,314

90,024
90,016
89,775

24,307
24,226
24,001

57.23
57.51
57.15

10,303
10,363
10,480

9.4
9.4
9.5

4.5
4 6
4.6

14.4
14.8
16.0

2.8
2.9
3.1

July
August
September

96,08(6
96,183
96,046

89,450
89,264
89,235

23,843
23,672
23,530

57.01
56.99
56.84

10,896
10,910
11,267

9.9
9.9
10.2

4 6
4 7
4 9

15.4
16.1
16.6

3.3
3.4
3.5

October
November
December

95,703
95,537

88,938
88,785
88,665

23,287
23,131
23,061

56.63
56.52
56.44

11,544
11,887
11,894

10.4
10.7
10.7

5.1
5.1
4.8

17.2
17.4
18.4

3.8
4.0
4.2

January
February
March

95,734
95,757
95,930

88,885
88,746
88,814

23,186
23,049
23,030

56.48
56.45
56.48

11,523
11,516
11,419

10.4
10.4
10.3

4.5
4.5
4.4

19.4
19.1
19.2

4.2
4.2
4.1

April
May
June

96,214
96,338
97,2.64

89,090
89,421
89,844

23,159
23,347
23,518

56.60
56.63
57.14

11,369
11,188
11,162

10.2
10.1
10.0

4.4
4.1
3.9

19.2
20.2
21.4

4.0
4.1
4.0

July
August
September

97,726
98,035
98,568

90,152
89,748
90,851

23,724
23,830
23,935

57.35
57.45
57.62

10,600
10,633
10,353

9 5
9.5
9.2

3 7
3.5
3.3

21 3

3 9
3.6
3.5

October
November
December

98,730
99,349
99,585

r 9 1,084
r91,355
r9 1,583

24,168
r24,311
r24,412

57.61
57.92
58.05

9,896
9,429
9,195

8.8
8.4
8.2

3.2
3.2
3.1

20.1
20.2

[H}99,!918

E)p91,870

Dp24,612

H)58.06

[H)9,026

H>8.0

(H)p3.0

1983

19.9
20.2

3.3
3.1
3.0

E>19.6

1984

January
February
March

20,5

E>2.9

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.
Data exclude Puerto Rico, which is included in figures published by the source agency.'
2
See "New Features and Changes for This Issue/' page i.ii.
l

62




FEBRUARY

1984

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Qj PRODUCTION AND INCOME

Minor Economic
Process
Timing Class

Year
and
month

Industrial Production

Comprehensive Output and Income

C, C, C

50. Gross national product
in 1972 dollars

C, C, C

52. Constant
(1972) dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

Persona income
223. Current
dollars

(Ann. rate,
bil. dol.)

C, C, C

C, C, C

(Ann. rate,
bil. dol.)

C, C, C

47. Index of
industrial
production,
total

(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.)

Revised 1

1982

January
February
March

1,485.'8

2,518.1
2,530.2
2,535.8

1,249.1
1,255.7
1,256.0

1,074.6
1,080.0
1,078.7

223.1
223.4
222.6

140.7
142.9
141.7

127.1
129.3
128.2

155.1
157.8
157.3

668 !l

April
May
June

1,489! 3

2,549.0
2,568.0
2,572.5

1,258.1
1,263.8
1,254.3

1,079.3
1,084.3
1,076.0

221.3
220.0
217.3

140.2
139.2
138.7

126.7
126.1
125.5

156.1
155.0
155.3

664! 6

July
August
September

1,485 '.7

2,589.8
2,586.7
2,597.4

1,256.0
1,250.8
1,251.2

1,072.2
1,067.5
1,066.6

215.5
213.4
212.1

138.8
138.4
137.3

125.9
124.9
123.5

155.7
156.9
156.7

661.6

October
November
December

1,48C)!7

2,617.8
2,633.1
2,645.0

1,253.7
1,259.9
1,264.9

1,065.6
1,068.0
1,072.2

209.2
208.2
209.0

135.7
134.9
135.2

120.3
119.3
119.9

156.2
155.3
155.6

652 !l

January
February
March

l,49Cl!i

2,652.6
2,650.5
2,670.1

1,264.3
1,262.1
1,269.1

1,075.9
1,072.6
1,078.0

212.4
212.0
213.0

137.4
138.1
140.0

122.5
123.9
126.3

157.4
159.0
160.7

656! 9

April
May
June

l,525!i

2,689.0
2,719.3
2,732.6

1,267.8
1,278.5
1,285.3

1,077.9
1,087.3
1,094.0

214.5
215.6
217.5

142.6
144.4
146.4

129.1
131.0
133.2

163.3
165.4
167.8

esi.'s

July
August
September

1,553!4

2,747.6
2,756.4
2,781.6

1,286.3
1,283.8
1,289.6

1,097.4
1,096.5
1,103.2

219.1
219.8
221.5

149.7
151.8
153.8

136.8
138.8
141.6

170.6
172.9
174.6

699.' 6

[R>rl,57i!9

r2, 813.0
r2,835.0
r2, 858.0

rl,302.9
rl,312.5
rl,319.5

rl,116.7
rl,122.8
rl, 129.1

222.1
222.9
223.3

155.0
r!55.5
r!56.4

r!42.8
r!43.5
r!44.3

r!75.6
r!75.3
r!75.5

E)p2,888.7

E>pl,325.7

E>pl, 136.0

(H>p225.5

E)pl58.1

E>pl46.9

|H>pl76.6

1983

October
November . . . . . . .
December

{H>r7li."8

1984

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

FEBRUARY 1984




iii.

63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^9 PRODUCTION AND INCOME-Continued

Qj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

Orders and Deliveries

Minor Economic
Process
Timing Class

Year
and
month

I, C, U

83. Rate of
capacity
utilization,
manufacturing
(BEA)

L, C, U

82. Rate of
capacity
utilization,
manufacturing
(FRB)

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

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

7. Constant
(1972) dollars

L, U

8. New orders
for consumer
goods and
materials in
1972 dollars

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

Revised 1

(Percent)

(Percent)

L, L, L

L, U

L, Lg, U

L,L.L

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies receiving slower
deliveries ©

(Bil. dol.)

(Bil. dol.)

(Percent
reporting)

Revised1

1982

72$

73^6

76.70
77,36
78,18

33.54
33.82
34.12

29.16
29.44
30.51

-1.17
-0.55

313.57
312.40
311.85

32
36
35

7l'.6

January
February
March

76!?

76. ,74
76 ..35
76,16

33.42
33.11
32.95

29.24
30.76
30.30

-1.07
-3.33
-3.04

310.78
307.45
304.41

31
30
38

7KO

69.4

75.56
72.96
72.35

32.65
31.52
31.14

30.32
29.65
29.64

-3.29
-4.28
-4.07

301.12
296.83
292.76

37
40
40

69.'6

67ll

70.74
71.07
. 76.18

30.41
30.47
32.61

27.94
28.24
28.25

-1.74
-1.94

291.02
289.08
291.76

44
40
38

82.36
77.45
79.95

35.28
32.93
33.94

31.52
31.50
31.85

-0.32
0.36

296.37
296.05
296.41

41
42
50

'72

April
May
June

*71

July
August
September
October
November
December

*69

*68

0.23

2.68

1983

January
February
March

70.' 7

70.' 1

"70

April
May
June

4.61

73^8

73^5

83.10
84.46
90.90

35.26
35.68
38.24

31.96
33.89
34.22

2.86
1.78
4.32

299.27
301.05
305.37

52
52
52

7?!4

77^5

88.23
89.98
91.00

37.06
37.71
38.14

34.91
36.05
35.26

2.59
2.06
2.02

307.96
310.02
312.05

52
61
60

E>r78.*9

B)79.8

93.37
r96.51
r98.16

39.11
40.37
, 40.98

35.65
36.47
36.93

E>5.14
r4.27
r2.01

317.18
r321.45
r323.46

64
59
E>67

|H)p99.2!2

[H>p41.44

E>P38.70

p3.48

E)p326.94

63

*73

July
August
September
October
November
December

@>p76

(NA)

1984

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.

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

64



FEBRUARY 1984

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H

Q CONSUMPTION, TRADE, ORDERS, AND DELlVERIES-Continued
|

Minor Economic
Process

Formation of Business Enterprises

Consumption and Trade

Timing Class

C, C, C

C, C, C

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil. dol.)

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

C, L, C

75. Index of industrial production, consumer
goods

(1967 = 100)

C, L, U

U, L, U

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

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

L, C, C

L, L, L

55. Personal
consumption
expenditures,
automobiles
'\

58. Index of
consumer,
sentiment <g)

(Ann. rate,
bil. dol.)

L, LF L

12. Index of
net business
formation

L, L, L

13. Number of
new business
incorporations

(IstQ
1966 = 100)

(1967 = 100)
1

>

1982

FIXED CAPITAL
INVESTMENT

C )

(Number)

C1)

340,746
345,687
347,061

150,871
153,723
154,188

139.6
141.8
141.5

86,542
88,049
87,701

43,576
44,492
44,293

7CL4

71.0
66.5
62.0

113.2
115.6
113.5

43,330
47,234
46,899

April
May
June

344,934
353,110
349,742

152,619
155,866
153,409

142.1
143.6
144.8

88,468
90,813
88,603

44,636
45,635
44,103

l'lA

65.5
67.5
65.7

115.2
114.7
112.1

46,876
46,995
45,936

July
August
September

347,676
343,426
342,882

152,957
151,770
151,184

145.8
144.1
143.4

89,469
89,069
89,897

44,401
44,181
44,526

74.'6

65.4
65.4
69.3

112.4
112.6
110.4

44,525
46,981
45,552

October
November
December

336,905
338,722
338,391

148,456
149,877
149,959

142.2
141.3
142.0

90,905
92,492
92,459

44,847
45,720
45,749

79.'?

73.4
72.1
71.9

111.5
112.9
114.4

45,530
48,474
E>57,507

January
February
March

345,337
341,490
348,009

153,884
152,079
154,416

143.6
143'. 4
144,3

92,308
91,164
93,263

45,562
45,108
45,988

so!?

70.4
74.6
80.8

111.4
113.3
112.7

49,999
48,296
48,032

April
May
June

351,100
363,925
373,572

155,086
160,627
164,405

147.7
150.4
152.4

95,449
98,431
99,173

46,812
48,133
48,448

9L4

89.1
93.3
92.2

112.0
114.8
116.4

48,903
50,211
50,992

July
August
September

372,434
374,358
380,089

162,719
163,101
164,474

154.8
156.3
157.3

99,521
97,801
99,202

48,429
47,430
47 S 993

92.5

93.9
90.9
89.9

115.2
114.4
115.8

48,601
52,828
50,445

October
November
December

382,209
r386,610
(H>p395,925

r!64,875
r!67,510
E>pl70,578

rl56.9
r!56.5
r!58.0

100,841
r!02,024
r!02,151

48,715
r49,382
r49,324

89.3
91.1
94.2

EM18.0
rl!7.8
H15.9

50,441

H>pl59.6

[H>pl04,414

Dp50,151

January
February
March

.

..

1983

E>r98!4

(NA)

1984

January
February
March
April
May
June

(NA)

(NA)

EMoo.i

P114.2

. ...

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
1

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

FEBRUARY 1984




65

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q] FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process

Business Investment Commitments

Timing Class

L.L.L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars

20. Constant
(1972) dollars

(Bil. dol.)
1982

(Bil, dol.)

3

L, L, L

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

( )

(Bil. dol.)

9, Construction contracts for commercial and industrial buildings '

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

3

3

( )

U, Lg, U

L, C, U

L, L, L

( )

Square meters of
floor space 2

(Millions)

C, Lg, Lg

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

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

(Bil. dol.)

(3il. dol.)

3

C )

January
February
March

26.77
29.36
25.94

13.22
14.44
13.14

21.86
22.41
21.71

11.14
11.45
11.30

58.18
63.29
61.15

5.40
5.88
5.68

2S.1&

April
May
June

26.23
23.99
23.41

14.05
11.81
11.36

22.81
20.31
19.93

12.59
10.23

58.93
53.71
64.87

5.47
4.99
6.03

20! 02

July
August
September

23.42
22.83
24.28

11.32
11.24
12.13

19.93
18.74
20.22

9.84
9.47

57.80
59.78
55.95

5.37
5.55
5.20

18! 44

October
November
December

23.43
23.67
24.31

11.94
11.53
12.74

20.13
19.98
19.68

10.53

54.65
50.69
49.55

5.08
4.71
4.60

2U49

r23.28
24.21
23.80

rll.76
11.76
12.70

20.51
19.18
20.03

10.58

6.21
5.37
4.89

20.18

11.09

66.89
57.77
52.65

April
May
June

26.49
28.66
27.69

13.85
14.38
14.48

22.59
22.23
24.29

12.20
11.63
13.01

54.32
61.20
65.40

5.05
5.69
6.08

20^63

July
August
September . . ,

25.10
26.76
29.00

12.52
13.40
E>15.48

21.58
23.03
25.21

11.02
11.82
[H>13.87

61.78
65.26
69.20

5.74
6.06
6.43

E)p22]59

E>30.16
r28,75
r27.95

15.25
r!4,02
r!3.92

i>26.00
r24.58
r24.85

13.48
r!2.24
rl2.61

71.35
73.65
T66.89

6.63
6.84

r6.21

p28.39

P14.41

p24.64

P12.82

0)77.59

E>7.21

9.86

10.36
9.94

10.75

90 '.20

82 '.88

74!l5

7o!76

1983

January
February
March

October
November
December , ,

9.62

70!64

7i!ie
H>p73.*40

(NA)
(NA)

1984

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

See note on page 60.
Graphs of these series an; shown on pages 12, 23, and 24.
^his is a copyrighted series vised 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 1984

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS .

^g FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process
Timing Class

Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total
(Ann. rate,
bil. dol.)

C, Lg, Lg

C, Lg, U

69. Machinery
76. Index of
and equipment
industrial prosales and business duction, business
construction
equipment
expenditures
(Ann. rate,
bil. dol.)

(1967-100)

C, Lg, C

Lg, Lg, Lg

C, Lg, C

Nonresidentia 1 fixed investment i i 1972 dollars
87. Structures

86. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

I, L, L

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

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits

(1967 = 100)

L, L, L

89. Residential
fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

Revised 1
1982

January
February
March

326.*95

334.30
344.06
343.89

172.2
171.6
169.0

i73!e

54'.3

April
May
June

32L87

328.44
334.75
332.35

164.9
159.9
156.7

167. 'l

July . . . .
August
September

313!?6

326.06
316.23
320.13

154.9
153.9
150.5

October
November
December

303! 18

308.63
310.31
310.02

119^3

853
880
920

64,6
66.2
71.3

36.' 3

54.0

113". i
...

71.1
76.8
74.6

37.*8

...

935
1,020
913

163.*3

53".6

no'.s

1,173
1,026
1,148

86.0
75.0
83.1

3^5

147.1
146.4
148.1

160'.5

52*2

108*. 3

1,156
1,355
1,296

93.2
99.1

4o!e

107.1

...

,.,

1983

January
February
March

293." 03

307.70
300.14
314.18

146.6
142.7
143.7

159.9

50.*3

109^6

1,632
1,706
1,592

116.9
119.5
118.5

45.' 5

April
May
June

293^46

312.41
305.68
332.43

146.9
147.7
150.2

163*.0

48 '.3

nil?

1,549
1,779
1,743

124.1
132.1
142.2

52.*6

July
August
September

E>304!76

318.94
321.28
334.51

153.3
156.6
158.7

i7o!i

49^6

12CK5

1,793
1,873
1,679

143.9
133.4
121.6

56l8

October
November
December

a32l".60

323.58
T341.50
H>p361.10

r!61.3
r!64.1
r!65.4

|H>rl81.3

H>r50.9

[R>rl30 • 4
LfT/ ' •L'-IV ^

1,672
1,730
1,666

131.7
i ?? u
lot. ,fi
125.1

fu\r D/ . i
in/ r c7 i

1984
(NA)

January
February
March

a323.07

E>pl67.3

H>pl,915

B>146.8

April
May
June
July
August
September
October
November
December .
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
^ee "New Features and Changes for This Issue,11 page -111.

KCII

FEBRUARY 1984




67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q| INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventories on Hand and on Order

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,
bit, dol.)

Monthly
data

Smoothed
data 1

(Ann. rate,
bif. dol.)

(Ann. rate,
bil. dol.)

Revised2

(Ann. rate,
bil. dol.)

Lg, Lg, Lg

Lg. Lg. Lg

Manufacturing and trade
inventories
71. Book
value

70. Constant
(1972) dollars

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.)

Revised 2

(Bil dol.)

(Bil, dol.)

(Bil. dol.)

1982

523.65
521.29
520.44

267.83
266.93
266.28

89.14
89.78
89.90

1.78
1.74
1.73

219.69
216.87
214.99

-2.08
-2.03
-3.18

523.37
519.12
521.04

267.04
265.27
265.88

89.19
88.32
87.56

1.75
1.70
1.73

212.91
210.88
207.70

521.14
521.26
521.00

266.21
265.79
266.01

88.22
88.30
87.79

1.74
1.75
1.76

206.13
204.01
201.56

-l6'.2

-26.33
-23.00
-9.78

-11.91
-18.82
-21.27

-30.1
-28.3
-10.2

-1.87
-2.82
-1.88

April
May
June

-sii

-9.20
-25.40

-16.85
-14.39
-13.09

35.2

-51.0

July
August
September

-i!s

October
November
December

-22!?

January
February
March
. ,. .

0.46

23.1

;
i

-2.87
-17.08
-1.25

-10.32
-7.88
-6.78

-3.1

-1.57
-2.12
-2.45

-19.87
-39.11
-19.22

-9.90
-16.40
-23.07

-14.4
-70.9
-23.4

-1.94
-1.85
-1.69

519.80
513.89
511.94

264.90
262.12
261.21

87.61
86.40
85.07

1.78
1.75
1.74

199.62
197.77
196.07

-16.43

-25.49
-17.36
-9.39

-52.7
1.4
-53.3

0.79
1.00
0.71

507.55
507.66
503.22

259.22
259.42
257.57

83.78
83.29
82.41

1.68
1.71
1.67

196.86
197.87
198.57

18.9
10.3
-1.6

0.13
1.39
1.92

504.80
505.66
505.52

257.22
257.55
257.05

82.04
82.12
81.93

1.66
1.60
1.56

198.70
200.09
202.02

505.83
510.43
513.88

256.94
258.05
259.29

82.49
82.62
82.09

1.58
1.58
1.58

204.25
207.68
209.27

516.00
r518.12
E)p519.97

r259.53
r260.40
E>p261.22

82.12
r82.06
P80.79

1.57
1.55

211.54
r213.38
H>p214.73

1.3
1.3

1983

January
February
March

-isii

6.26

-16.80

April
May
June

-5^4

-0.53
13.68
-1.28

July
August
September

3^8

14.32
(H>!27.12
122.06

October
November
December

03>r3.'9

15.11
18.32
9.30

-6.34
-2.45
1.37
6.43

11.15
17.28
H>21.30
19.96
16.37

3.7
i>55.2
41.4

2.23

B^3.43
1.59

25.4

2.27

r25.5
p22.1

rl.84
pi. 36

(NA)

(NA)

i
;

pi. 53

1984

January
February
March

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

April .
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 19, 26, and 27.
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed W the terminal month of the span,
2
See "New Features and Changes for This Issue," page iii.




FEBRUARY 1984

ICO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H PRICES, COSTS, AND PROFITS

Minor Economic
Process
Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices

98. Change in
producer prices
for 28 sensitive
materials

1982

23. Index of
spot market
prices, raw
industrials 1

<3>

(1967 = 100)

(Percent)
Revised

L, L, L

U, L, L

I L, L

4

L, L, L

99. Change in sensitive materials
prices
Smoothed
data 2

Monthly
data

Revised

stocks (g)

(Percent)

(Percent)
4

Revised

19. Index of
stock prices,

(1941-43 = 10)

Profits and Profit Margins

L, L, L

L, L, L

Corporate profits after taxes
16, Current
dollars

18. Constant
(1972) dollars

L, C , L

L, C , L

Corporate prof ts after taxes
with IVA and CCAdj 3
79. Current
dollars

80. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil, dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

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

4

January .
February
March . .

-0.21
-1.61
-0.62

263.4
261.0
254.5

-0.22
-1.10
-1.06

-1.06
-0.82
-0.76

117.28
114.50
110.84

112.9

55\3

loi."?

49^9

6\2

April
May
June

-0.62
-0.22
-0.63

247.4
245.5
232.2

-1.16
-0.32
-1.96

-0.95
-0.98
-1.00

116.31
116.35
109.70

117.4

56.8

105.3

51.1

6!i

July
August
September

0.11

237.0
236.2
239.0

0.65

-1.48

-0.88

-0.84
-0.64
-0.32

109.38
109.65
•122.43

ii6\5

56\6

107^6

5K9

6^4

October
November
December

-0.15
-0.26

132.66
138.10
139.37

nsis

54!2

107.9

5U6

6.0

0.09

-0.10
-0.28
-0.33

1.50

-0.07

144.27
146.80
151.88

108 !2

5i.*7

i2o!s

57^5

Sis

1.34
0.91

157.71
164.10
166.39

127^2

60 •'. 6

142 '.2

67.*9

6.*7

[H>144.1 '

[H>68;5

[H>163!4

E>77'.8

E>7i3

0.26

0.90

235.5
230.4
227.4

0.51

-0.51
-0.79

1983

January
February
March

1.68

H>2.75
2.00

April
May
June

-0.18
1.76
2.55

232.1
241.3
248.8

1.93

0.83
1.70

253.2
251.5
250.5

0.44
0.70
1.22
0.86
1.62
0.21

0.86
1.08
1.06

166.96
162.42
167.16

1.17 '
1.33
0.57

0.95
0.95
0.96

[H>167.65
165.23
164.36

July . .
August
September

-0.20

256.0
265.2
267.9

October
November
-December

1.16
1.21
0.58

273.4
279.8
282.4

-0.97

D283.6
5
283.0

0.37
1.14

B>2.58

. |H>1.83

(NA)

(NA)

(NA)

(NA)

(NA)

1984

January
February
March

p- 0.3.7

pO.77
6

166.39
157.29

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
This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
2
3
4
See footnote 1 on page 68.
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
See "New Features and Changes
5
6
for This Issue," page iii.
Average for February 1 through 21.
Average for February 1, 8/15, and 22.

FEBRUARY

1984




69

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

•

'

Minor Economic
process

Cash Flows

Profits and Profit Margins-Continued

Year
and
month

L, L, L

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

..

U, L, L

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

(Percent)

Timing Class

(Cents)

L, L, L

PRICES, COSTS, AND PROFITS-Continued

L, L, L

L, L, L

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

(1977 = 100)

(Ann. rate,
bil.dol.)

Unit Labor Costs and Labor Share

j

(Ann, rate,
bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

(1977 = 100)

(Dollars)

Lg, Lg, Lg

Lg, Lg, Lg

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

(1967 = 100)

Actual data
as a percent
of trend

64. Compensation of employees as a percent
of national
incame

(Percent)

(Percent)

2

C )
1982

January .
February
March

..
..

s'.s

3*.9

9e!s

255.'i

121.1

149.' 9

1.374

226.9
224.2
224.5

104.1
102.2
101.6

75.8

April
May
June

5*.6

3.*6

96\5

266 ! 3

124 ".9

152 '.9

1.394

226.9
229.1
229.6

102,1
102.4
102,0

75*.9

July
August . .
September

5*. 8

3.*5

95^9

272 ".4

126.*9

1.403

228.6
227.7
228.2

100.9

154.'?

October
November
December

s.'e

2'.S

95.'8

275,! 5

127^9

155!e

1.419

229.3
230.4
230,7

99.3
99.1
98.6

76^4

January
February
March . , .

6*.5

3*. 3

96.1

278',9

13CL3

156.*9

Dl.428

231.8
231.1
229.6

98.4
97.5
96.3

76.' i

April
May
June

7^6

4.*0

9?!e

sio.'e

145." 9

156.'6

i.iie

228.4
227.6
226.3

95.2
94.2
93,1

75^3

July ,
August . ,
September

E>s!4

E>p4.*4

9s!6

H>160.'4

15o!9

1.412

224.0
222.6
221.8

91.6
90.4
89.5

74^9

October
November
December

(NA)

r221.8
r223.3
r223.8

r88.9
r89.0
r88.6

(NA)

p224.0

p88.1

99.8
99.4

76.'4

1983

(NA)

E>r98.1

33)341. "l

(NA)

(NA)

E>rl58.7

(NA)

1984

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 15, 29, and 30.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment
2
See "New Features and Changes for This Issue/' page iii.

Digitized70 FRASER
for


FEBRUARY 1984

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

QH MONEY AND CREDIT

Minor Economic
Process
Timing Class

Year
and
month

Money

L, L, L

85. Change in
money supply
i*i
Ml

102. Change
in money
piinnln M9
suppiy iviz

Revised

(Percent)

Revised

2

2

( )

(Percent)
2

C )

106. Money
supply M2
in 1Q79
in L3IL

dollars

Smoothed
data 1

105. Money
supply Ml

dollars

(Bil. dol.)
Revised

107. Ratio,
gross national
product to
money supply
Ml

(Bil. dol.)
2

Revised

C, Lg, C

C, C, C

L, L, L

in 1Q79
in i J I L

(Percent)
2

L, L , L

104. Change in t otal liquid assets
Monthly
data

(Percent)
1982

L, L, L

L, C, U

Credit Flows

Velocity of Money

2

108. Ratio,
personal income
to money supply
M2

(Ratio)
Revised

(Ratio)
2

January
February
March

1.63
0.04
0.13

0.85
0.31
0.72

0.85
0.90
0.92

0.85
0.82
0.84

198.1
198.1
198.4

800.9
802.8
808.9

6.743

April
May
June

0.16
0.69
0.22

0.34
0.84
0.75

0.65
1.00
1.08

0.86
0.84
0.88

198.2
197." 6
195.9

809.7
808^2
805.6

6.797

July
August
September

0.22
0.86
1.07

0.88
1.21
0.70

1.13
0.91
0.60

0.99
1.06
0.96

195.2
196.3
198.2

807.9
815.2
820.1

October
November
December

1. 19
L32

0.66

0.*88

0.86

1.01

0.90
0.58
0.49

0.84
0.75
0.68

200.6
203.2
205.6

0.96
1.24
1.08

[0)2.66

H>1.17
rO.83
rO.70

0.70

1.81
0.65

rO.79
rO.86

0.85

0.70
0.98
0.70

rO.96
rO.78
rO.99

July
. August
September

0.78
0.49
0.29

0.45
0.41
0.59

October
November
December

0.52
0.27
0.44

0.90
0.69
0.64

pO.88
3
0.91

pO.45

Revised 2

1.391
1.393
1.387

I L, I

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

C2)
22.08
16.39
3.53

1.389
1.388
1.380

-9.78

6.739

1.377
1.359
1.355

-5.95
-7.22
-10.42

822.9
830.1
841.0

6.537

1.357
l.*353
1.346

-48.32
-9.05
-47.32

207.0
209.7
211.8

860.7
876.9
882.0

.
6.461
...

1.315
1.290
1.292

20.60
34.81
r-45.83

882.2
886.9
891.3

6.478

rO.86

211.0
213.7
215.1

1.292
1.294
1.291

r4.03
r-32.04
r27.83

rO.88
rO.50
rO.73

H>r0.90
rO.84
rO.75

216.0
216.2
216.1

892.1
892.4
894.4

6.502

1.292
1.291
1.295

r66.52
r68.66
rll.34

rO.55
pi. 07

rO.65
pO.69

1.298
1.299
1.301

r66.20
r71.81

(NA)

898.9
901.8
[H)905.5

E>6.558

(NA)

216.3
216.1
216.6

DP217.1

p903.9

8.75
3.22

1983

January
February
March
April
May
June

0.30

E>1.75

rO.86
0.82

H>p89.20

1984

January
February
March

Dpi- 310

(NA)

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.
l
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
See "New Features and Changes for This Issue," page iii.
3
Average for weeks ended February 6 and 13.

FEBRUARY 1984




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^
1 MONEY AND CREDIT-Continued

Minor Economic
Process

Credit Difficulties

Credit Flows-Continued

Timing Class

L, I, L

112. Net change
in business
loans

Year
and
month

(Ann. rate,
bil. dol.)

L, I, I

113. Net
change in
consumer installment
credit

(Ann. rate,
bil. dol.)

1, U L

111. Change
in credit outstandingbusiness and
consumer
borrowing
(Ann, rate,
percent)

1 L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures ©

(Mil. dol.)

Interest Rates

Bank Reserves

L t L, L

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

(Percent)

L, U, U

L, Lg, U

93. Free
reserves ©

94. Member
bank borrowing from the
Federal
Reserve ©

(Mil. dol.)

(Mil. dol.)

C, Lg, Lg

L, Lg, Lg

119. Federal
funds rate ©

114. Treasury
bill rate ©

(Percent)

(Percent)

1

C )

1982

January
February
March .

65.16
62.47
23.77

21.42
8.66
2.62

8.4
7.9
2.8

245,804

645.14
913.46
836.01

2.48
2.39
2.24

-1,101
-1,414
-1,254

1,526
1,713
1,611

13.22
14.78
14.68

12.41
13.78
12.49

April
May
June

64.22
45.05
31.64

19.62
18.10
20.90

6.6
4.7
3.2

1,309.33
2,850.45
1,020.25

2.20
2.21
2.16

-1,307

293,064

-745
-895

1,581
1,105
1,205

14.94
14.45
14.15

12.82
12.15
12.11

July
August
September

7.98
4.73

4.70
0.80

-1.9

1,425 60
(NA).

10.04

2.19
2.21
2.19

-378
-199
-592

669
510
976

12.59
10.12
10.31

11.91

22.00

October
November
December

-63.76
-64.46

15.65
29.03

32.20
-5.70
11.00

32.70
30.98

-1.2

-32.62
-49.01

27.25
32.35
52.87

-0.1
-4.5

9.9
8.3
1.2

2.71

4.96

1.4
1.2

247,372
...

-4.1
-5.6
-8.1

265,728

9.01
8.20

2.24

-51

455

9.71

2. 23
2 . 18

-1 77 /
i/
-1 Q7
1J /

C-JQ
D/ y

9 20
8 . qc
33

2.24
2.23
2.22

46

-122
-415

500
557
852

8.68
8.51
8.77

8. 13

2.07
2.00
1.92

E)-l,234

993
902
Dl.714

8.80
8.63
8.98

8.25
8.19
8.82

9. 37

LcL
9 .1?

7.75
Q

t\l>

8 .m
Ul

1983

January
February
March
April
May
June

,

5.65

8.82

July
August
September

-0.48

58.08
40.66
28.50

October
November
December

-1.18
H9.56
EX49.15

58.62
56.05
E>79.37

4.58
8.26

5.7
1.4

r270,764

r386,436

5.7
r362,324

7.8
10 .'6 [H>p477 ; ,576
E)rl4,l

1.95
1.90

-517
-453
-R7R3
O/

-1 197

7.81
8.30

1 \71

Q . 3D
y Rfi

1 ,441

/1 C

9 . *t3

Q .Oo
y nc

r-184

837
912
r745

9.48
9.34
9.47

8.71
8.71
8.96

p-113

p726

~ 1 , 1 L. 1

[u\i1op
in/ , oo

-y4J

(NA)

-332
-383

: *J':r

1984

January
February
March

!

P14.65

(NA)

(NA)

ED9.56
2 n ci
y . DO

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are
^ee "New Features
2
Average for weeks
3
Average for weeks

72

shown on page; 13, 32, 33, and 34,
and Changes for This Issue/' page iii.
ended February 1, 8, 15, and 22.
ended February 2, 9, 16, and 23.




FEBRUARY 1084

8.93
SQ

y .no
Uo

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^H MONEY AND CREDIT-Continued

Minor Economic
Process
Timing Class

....

Year
and
month

Interest Rates— Continued

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

Outstanding Debt

Lg, Lg, Lg

116. Corporate 115. Treasury
117. Municipal 118. Secondary 67. Bank rates
bond yields © bond yields © bond yields © market yields
on short-term
on FHA
business loans
mortgages © ©

(Percent)

(Percent)

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)
1

C)

1982

Lg, Lg, Lg

Lg, Lg, Lg

101. Constant
(1972) dollars

95. Ratio,
consumer installment credit
to personal
income

(Mil. dol.)

(Percent)

1

C)

January
February
March

16.34
16.35
15.72

13.73
13.63
12.98

13.28
12.97
12.82

17.38
17.10
16.41

i?'.i3

15.75
16.56
16.50

328,059
328,781
328,999

252,112
257,318
259,299

100,644
102,640
103,637

13.03
12.99
12.97

April
May
June

15.62
15.37
15.96

12.84
12.67
13.32

12.59
11.95
12.45

16.31
16.19
16.73

i?!ii

16.50
16.50
16.50

330,634
332,142
333,884

264,651
268,405
271,042

105,776
107*062
107,856

12.97
12.93
12.98

July
August
September

15.75
14.64
13.78

12.97
12.15
11.48

12.28
11.23
10.66

16.29
14.61
14.03

13.27

16.26
14.39
13.50

334,276
334,343
335,180

271,707
272,101
273,934

107,735
107,934
109,007

12.91
12.93
12.90

October
November
December

12.63
11.89
12.15

10.51
10.18
10.33

9.69
10.06
9.96

12.99
12.82
12.80

1L26

12.52
11.85
11.50

335,593
336,897
339,316

274,160
268,847
263,475

108,923
106,643
104,347

12.82
12.79
12.83

January
February
March

12.04
12.11
11.81

10.37
10.60
10.34

9.50
9.58
9.20

12.87
12.65
12.68

lo!20

11.16
10.98
10.50

342,041
342,776
345,358

266,158
265,683
266,600

105,702
105,179
105,626

12.89
12.93
12.93

April
May
June

11.58
11.24
11.90

10.19
10.21
10.64

9.05
9.11
9.52

12.50
12.41
12.96

io!si

10.50
10.50
10.50

347,629
350,325
354,731

263,882
259,798
260,269

104,549
102,646
102,508

12.93
12.88
12.98

July
August
September

12,46
1)12. 89
12.68

11.10
11.42
11.26

9.53
9.72
9.58

[H)14.23
13.78
13.55

B>n!69

10.50
10,89
11.00

359,571
362,959
365,334

260,651
261,339
261,299

102,377
102,165
101,950

13.09
13.17
13.13

October
November
December

12.54
12.86
12.87

11.21
11.32
B>11.44

9.66
9.75
(H>9.89

13.23
13.23
13.25

10.97

11.00
11.00
11.00

370,219
374,890
[H>381,504

261,201
r262,831
r266,927

101,556
r!02,428
r!03,903

13.16
r!3.22
(H)pl3.35

12.65
12.71

11.29
Ml. 35

9.63
9.58

13.08

( N A ) [H)p268,148

p!03,652

(NA)

1983

1984
January
February
March

2

3

Ehi.oo
M l . 00

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.
'See "New Features and Changes for This Issue," page iii.
2
Average for weeks ended February 3, 10, and 17.
3
Average for weeks ended February 2, 9, and 16.
''Average for February 1 through 24.

BUI

FEBRUARY 1984



73

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE

j^P DIFFUSION INDEXES

Year
and
month

950. Twelve leading
.ndicator components
(series 1, 5, 8, 12, ,19,
20, 29, 32, 36, 99, 106,

952. Six lagging
indicator components
(series 62, 77, 91,
95, 101, 109)

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

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

111)

1-month
span

6-month
span

1-month
span

January
February
March

45.8
58.3
33.3

41.7
41.7
45.8

0.0
87. £

April
May
June

66.7
37.5
37.5

66.7
50.0
45.8

25.0
75.0

July
August
September

58.3
58.3
62.5

50.0
41.7
62.5

25.0

October
November
December

75.0
58.3
66.7

83.3
87.5
83.3

0.0

9-month
span

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

963. Number of employees on private
nonagricultunil payrolls
(186 industries)

1-month
span

6-month
span

11.8
31.4
43.1

28.5
45.4
36.0

20.2
23.7
25.3

62.7
68.6
19.6

15.7
23.5

39.0
47.6
32.8

29.8
26.1
26.1

32.5
60.0
80,0

67.6
17.6

17.6
72.5
82.4

38.4
37.1
34.1

23.4
19.1
21.2

62.5
82.5

100.0

88.2
60.8
76.5

71.6
66.7
84.3

29.3
32.0
42.2

26.1
26.6
35.8

98.0
96,1

6-month
span

1-month
span

6-montt,
span

1 -month
span

0.0

75.0
33,3
33.3

41.7
33.3
33.3

95.0
12.5

32.5
22.5

0.0
0.0

58.3
41.7
58.3

33.3
33.3
33,3

47.5
65.0
80.0

22.5
25.0
85.0

0.0
0.0
0.0

33.3
50.0
33.3

33.3
16,7
16.7

45.0
37.5
42.5
57.5
65.0
62.5

1-month
span

9-month
span

1982

50.0
50.0

37.5

25,0

0.0
0.0
12.5

0,0
8r3

5.0

5.0

96.1
24.5

5.9

9.8

9.8

50.0
50.0
75.0

16.7

16,7

100.0
100.0
100.0

33.3
50.0
25.0

16.7
16'. 7
16.7

85.0
97.5

90.0
90.0
80.0

68.6
57.8
35,3

100.0

56.5
45.7
62.4

50.5
63.2
73.4

100.0
100.0
100.0

r25.0
8.3
25.0

16.7
16!. 7
33.3

92.5
32.5
87.5

87.5
95.0
85.0

80.4
48.0
78.4

84.3
90.2
92.2

69.1
71.0
64.5

76,3
79.3
83.6

100.0
100,0
100.0

50.0
75.0

58.3
58.3
25.0

33.3
41.7
66.7

57.5
55.0
95.0

95.0

70.6

r95.0
pSO.O

r88.2
p92.2

68.5
68.0
60.8

r80.4
r82.5

41.7

"75.0

32.5
42.5
57.5

58.8

70.7

p82.3

58.3

r35.3
p58.8

r64.5
r64.2

"12.5

p62.5

(NA)

p66.7

16.7

0.0

1983

January
February
March . .
April
May
June

.,.

75,0

r70.8
66.7

r87.5
70.8
87.5

July
August
September
October . . .
November .
December .

.

25.0

100.0

100.0
100.0

87.5

100.0
100.0

91.7

70.8

91.7
83.3
66.7

r54.2
r58.3
r75.0
r50.0

100.0

100.0
100.0
100.0

2

75.0
50.0

100.0
100.0
100.0
100.0

7Q.O

50.0

3

100.0

r58.3

7.5

7.8
96.1

(NA)

82.5

1984

January
February
March

2

60.0

3

100.0

April
May
June
July
August . . .
September
October
November
December
NOTE: Figures are tie 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-m0nth 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 tliose, indicated by(g), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and source:; are listed at the bpck of this issue. The "r" indicates revised; "p", preliminary; "e", 'estimated: "a", anticipated; and "NA", not available.
Graphs of these series are shown on p)age 36.
1
Figures are the percent of components declining.
Excludes series 36 and 111, for which data are not available.
Excludes series 57, forfcfhichdata are not available.
''Excludes series 77 and 95, for which data are not available.

74




FEBRUARY 1984

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q DIFFUSION INDEXES-Continued
|

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (34 industries)

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

966. Index of industrial
production (24
industries)

1-quarter
span

January
February
March

38.2
47.1
45.6

23.5
26.5
33.8

47.1
61.8
35.3

26.5
23.5
41.2

50.0
38.2
50.0

23.5
32.4
52.9

38.2
70.6
41.2

44.1
50.0
64.7

70.6
52.9
55.9

91.2
85.3
85.3

42

April
May
June

76.5
64.7
64.7

82.4
91.2
83.8

53

July
August
September

47.1
61.8
58.8

92.6
85.3

p50

October
November
. December

52.9
57.4
55.9

41.7.

77

January
February
March

20.8
41.7
54.2

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

12.5
33.3

53

October
November
December

33,3
75.0
31.3

24

July
August
September

6-month
span '

53

April
May
June

1-month
span

*52

9-month
span

4-Q moving
average

'46

1-month
span

,

1-month
span

9-month
span

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

1-month
span

9-month
span

960. Net profits,
manufacturing 2 ©
(about 600 companies)

(4-quarter span)

1982

0.0

42,3
34.6
38.5

15.4
30.8
26.9

10.6
34.6
28.8

34.6
42.3
38.5

*50

37.5
33.3

30.8
34.6
23.1

26.9
19.2
19.2

88.5
54.8
11.5

18.0
56.0
79.6

*53

33.3
25.0
37.5

61.5
53.8
61.5

26.9
15.4
23.1

52.9
26.5

100.0

87.8
87.8
89.8

*58

*49

60.4
52.1
41.7

*56

25.0
33.3
41.7

45.8
60.4
75.0

46.2
30.8
46.2

50.0
57.7
65.4

98.0
85.7
51.0

79.2
87.5
91.7

61.5
76.9
57.7

80.8
61.5
57.7

63.3
59.2
73.5

100.0

p56

75.0
58.3
75.0
83.3
91.7
79.2

91.7
95.8
95.8

65.4
46.2
46.2

80.8
96.2
88.5

81.6
91.8
65.3

89.8
87.5
86.5

87.5
83.3
75.0

95.8

r91.7

57.7
73.1
57.7

88.5
80.8
73.1

52.0
30.6
85.4

91.5
80.9
72.3

80.8

47.9
57.4
61.7

89.8
98.0

*66

100.0

1983

(NA)

p82.4
(NA)

r62.5
r54.2
r60.4

87.5

69.2
76.9
42.3

p79.2

3

98.0
93.9

"71

(NA)

1984

January
February
March

p58.8

plOO.O

3

38.5

52.1

76.9

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 52 industries through August 1982, on 50 industries in September 1982, on 49 industries through August 1983, on 48 industries
through October 1983, and on 47 industries thereafter. Data for component industries are not shown in table C2 but are available from the
source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc.
3
Based on average for February 7, 14, and 21.


FEBRUARY 1984


75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INpEXES-Continued

Year
and
quarter

a. -Actual
expenditures
(1-Q span)

b. later
anticipations

c. Early
anticipations
(1-Q span)

(1-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

Anticipated

Actual

Anticipated

Actual

973. Net sales, manufacturing
and trade ' ®

972. Net profits, manufacturing
and trade ' (g)

971. New orders, manufacturing ' (g)

970. Business expenditures for new plant and
equ.pment (22 ndustrigs)

(4-Q span)

(4-Q span)

1981

70.5
65.9
81.8
40.9

59.1

50.0

50.0

22.7

54.5

31.8

68.2

54,5

72.7

77.3

60
66
60
60

70
69
74
72

70
74
71
68

78
76
80
80

60
68
64
60

53
52
52
54

61
66
66
60

63
58
57
60

65
70
72
65

66
74
78

84.1

74
74
76
76

52
50
52
56

59.1

56.8
68.2

68
70
62
62

59.1

36.4

50.0
29.5
22.7
25.0

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

66
77
82
85

62
66
71

64
73
80
81

66
74
74

68
78
84
86

1982

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983

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

36.4
36.4
77.3

59.1

40.9
68.2

81.8

CNA)

50.0

43.2
90.9

77.3

(NA)

(NA)

(NA)

1984

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

88

52.3

ID

Voar
Tear

and
quarter

974. Number of employees,
manufacturing and trade ' (§)
Anticipated

Actual

(4-Q span)

(4-Q span)

86

84

DIFFUSION INOEXES-Continued

975. Level of inventories,
manufacturing and trade ' (§}

976. Selling prices, manufacturing ' <u)

977. Selling prices, wholesale
trade ' <g>

978. Selling prices, retail
trade l ©

Actual

Actual

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

1981

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

51
53
52
52

56
54
56
55

62
64
62
63

63
61
66
64

88
86
84
82

88
90
89
84

90
88
84
82

90
89
89
84

94
90
86
86

90
90
92
87

48
46
46
46

50
51
51
48

58
52
52
52

54
56
56
50

72
68
63
60

80
76
68
66

72
67
68
61

82
78
72
68

78
75
74
68

82
81
76
72

48
54
58

50
56
59
60

54
59
62

52
58
62
64

61
60
65

65
66
70
69

63
62
68

68
64
68
72

68
72
69

69
67
70
71

1982

First quarter
Second quarter
Third quarter
Fourth quarter
1983

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

(NA)

(NA)

(NA)

(NA)

(NA)

1984

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

62

66

74

72

70

NOTE: Figures are the percent of series components rising. (Half of the unchanged components ;ire 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.

'This is a copyrighted series used by permission- it may not be reproduced withbut written permission from Dun § Bradstreet, Inc. Dun &
Bradstreet diffusion indexes are bas0d on surveys of about 1,400 business executives.

76




FEBRUARY 1984

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

|
Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1984

1983

July

June

September

August

November

Decemberr

40.6

40.5

(42)

October

(58)

Januaryp

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

All manufacturing industries

+

40.1

+

(88)

Percent rising of 20 components

40.2

+

(58)

40.3

+

40.6

(95)

(55)

40.8

(32)

40.3
39.8

-

r39.7
r39.7

+
+

39.9
40.2

+
+

40.9
40.5

41.7
41.6

41.6
42.0

+

+

42.1
41.7

o
+

41.4
41.4

+
+

41.6
41.9

40.9
41.9

+
+

41.4
42.8

+

41.2
38.9

o

+

40.9
(62)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+
+

40.0
39.6

+

39.9
39.7

+
o

40.2
39.7

+
+

40.5
40.0

Stone, clay, and glass products
Primary metal industries

+
o

41.6
40.3

+
+

41.7
40.8

o
+

41.7
40.9

+
+

42.1
41.2

41.7
41.7

o

+

Fabricated metal products
Machinery, except electrical

+
+

40.5
40.4

+
+

40.7
40.7

+
o

40.9
40.7

+
+

41.6
41.2

+

41.2
41.3

+
o

41.4
r41.3

Electric and electronic equipment
Transportation equipment

+
+

40.5
41.9

+
+

40.8
42.0

40.7
41.8

+
+

41.1
43.5

41.1
42.5

o
o

41.1
r42.5

Instruments and related products
Miscellaneous manufacturing

40.1
38.9

+

+

40.7
38.8

+

40.4
39.1

+
+

41.0
39.5

40.7
39.8

+

r40.6
r39.9

+
+

40.7
40.0

Food and kindred products
Tobacco manufacturers

+
+

39.8
38.5

39.4
36.8

+
+

39.6
37.7

+
+

39.9
38.4

39.7
38.3

+

r39.5
r40.2

+

39.6
37.7

Textile mill products
Apparel and other textile products

+
o

40.7
36.1

o

40.7
35.8

+
+

40.9
36.2

+
+

41.3
36.8

40.7
36.5

o

40.7
36.4

o
o

40.7
36.4

o
+

40.7
37.1

Paper and allied products
Printing and publishing

+
+

42.8
37.6

+
+

42.9
37.7

o

42.9
37.5

+
+

43.3
37.8

+

43.2
38.0

-

43.0
r37.9

42.9
37.6

+
+

43.1
37.8

Chemicals and allied products
Petroleum and coal products

+
+

41.9
43.8

41.6
43.5

+

41.7
43.2

o
+

41.7
43.5

+
+

r41.8
r43.6

+
+

41.9
44.5

+

41.8
44.7

Rubber and miscellaneous plastics products
Leather and leather products

+
o

41.3
36.8

41.2
37.2

+
+

41.9
37.7

o

41.9
37.5

+
-

42.0
r37.2

+

42.4
36.9

+ r96,513

+

98,157

o

+

Nondurable goods industries:

41.8
43.7

+

40.9
37.4

+

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

All durable goods industries

+

90,905

-

(65)

Percent rising of 34 components

88,234

+

(47)

89,978

+

(62)

90,996

+

42.0
36.2

2

93,366
(53)

(59)

39.5
36.5

(57)

+

(56)

99,218
(59)

Primary metals
Fabricated metal products

+
+

10,113
10,133

+

10,407
9,885

+
+

11,006
10,341

+
+

11,014
10,654

-

10,906
10,518

+ rll,787
+ 10,836

-

10,669
10 S 619

+
+

12,584
10,762

Machinery, except electrical
Electrical machinery

+
-

15,467
13,432

+

14,844
14,713

+
-

15,391
13,987

+
+

17,233
14,382

+
+

17,509
15,075

- r!6,207
- 14,645

+
+

16,534
15,920

-

16,277
15,333

Transportation equipment
Other durable goods industries

+
+

23,442
18,318

-

20,495
17,890

+
-

21,660
17,593

+

19,514
18,199

+
-

21,180
18,178

+
+

+
+

25,540
18,875

+

25,130
19,132

24,647
18,391

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ! • )
rising, (o) - unchanged, and (-) = falling.
The "r" indicates revised: "p",
preliminary: and "NA". not available.
1
Data are seasonally adjusted by the source agency.
2
Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.

FEBRUARY 1984



77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

_

,

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

1984

1983

Diffusion index components
August

July

June

i

Novemberr

October r

September

January13

December^

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

All industrial production

+

Percent rising of 24 components :

146.4

+

149.7

+

(83)

(79)

151.8 ' +
(83)

153.8

+

155.0

+

(62)

(75)

+

155.5

156.4

+

158.1

(60)

(54)

(100)

(NA)
(NA)

Durable manufactures:
Lumber and products
Furniture and fixtures
' Clay, glass, and stone products
Primary metals

+
+

137.4
173.1

+
+

141.3
175.2

+
+

141.6
179. O '

+
+

142.3
180.7

+

141.7
181.0

-

140.6
177.0

+
o

142.5
177.0

+

141.7

+
+

145.8

147.9
87 . 5 '

+
+

+

152.7

-

152.1

90.6

+
+

151.9

85.5

+
+

151.7

84.8

91.0

92.3

95.3

+

(NA)
93.9

Fabricated metal products
Nonelectrical machinery

+
+

118.5
149.5

+
+

122.7
154.2

+
+

126,0
157.3'

+
+

127.4
158.3

+

126.9
159.2

+
+

128.5
161.6

+

128.0
162.0

+
+

129.8
164.4

Electrical machinery
Transportation equipment

+
+

182.4
116.6

+
+

188.3
119.7

+
+

189.2
121.1'

+
+

195.8
124.7

+
+

198.4
125.5

+
+

199.9
127.3

+
+

201.7
130.3

+
+

206.4
133.4

Instruments
Miscellaneous manufactures

+
+

156.1
151.0

+
+

159.3
153.7

+
-

161.6
153.1'

+
-

163.6
151.7

-

163.0
149.1

-

162.8
148.9

+

162.4
150.3

+
+

164.6
151.0

Foods .
Tobacco products

+
+

157.7
120.0

+
-

159.9
112.9

+

117. i

-

158.2
112.7

-

157.6
109.1

+

157.5
109.5

(NA)
(NA)

(NA)
(NA)

Textile mill products
Apparel products

+

141.8

+

146.7

+

147.4
(NA) 1

+

148.7

o

148.7

-

145.9

144.4

(NA)

(NA)

(NA)
(NA)

Paper and products . ,
Printing and publishing

+
+

163.0
147.4

+
+

165.1
152.0

H+

168.6
157.4

+
+

170.4
161.7

+
+

171.5
162.7

+
-

172.4
162.0

+

171.9
163.7

+
+

172.7
165.4

Chemicals and produces
Petroleum products

+

214.7
123.0

+
+

218.3
124.3

--

220.3
123.2

+
+

224.1
125.1

+
-

228.4
123.6

+

227.3
125.4

+ . 228.0
120.2

+

121.0

Rubber and plastics products
Leather and products

+
+

293.8

+
+

296.1

+
+

306.$

+

310.9

o

310.8

-

309.1

-

80.9

78.7

124.6

+

139.9

+

141.2

140.5

+
+

142.7

+
+

144.8

+
+

145.2

+

151.8

112.6
121.7

+
-

113.9
121.2

+
+

114.7
125.0

116.3
126.5

+
+

117.3
127.4

+
+

119.4
132.2

+
+

124.0
134.2

+

124.6

Nondurable manufactures:

(NA)

60.1

(NA)

62.3

159.3.

(NA)

64.4

(NA)

64.2

64.0

(NA)

308.2

(NA)
(NA)

63.0

63.2

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

82.9

+

82.5

+
+

81.0

85.9

NOTE: To facilitate interpretation, the montW-to-month directions of change are shown along with the numbers:
rising, fo) • unchanged, and (-) = falling,
preliminary: and "NA", not available,
l
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

78




87.3

(NA)

(NA)

The "r" indicates revised: "p"

FEBRUARY 1984

IKCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1983

Diffusion index components

JuTy

June

967.

Raw industrials price index (1967^100)

-

250.5

October

September

INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS

+

256.0

+

265.2

+

(73)

(58)

(46)

Percent rising of 13 components

August

1984

267.9

+

November

February 1

^

273.4

+

279.8

+

282.4

+

283.6

-

283.0
(77)

(38)

(42)

(77)

(69)

(58)

January

December

Dollars

Copper scrap

(pound).,
(kilogram)..

-

0.591
1.303

+

0.604
1.332

-

0.592
1.305

-

0.568
1.252

-

0.510
1.124

-

0.482
1.063

+

0.532
1.173

-

0.500
1.102

+

0.502
1.107

Lead scrap

(pound).,
(kilogram)..

-

0.118
0.260

-

0.113
0.249

+

0.115
0.254

+

0.122
0.269

+

0.150
0.331

+

0.153
0.337

-

0.152
0.335

+

0.156
0.344

-

0.147
0.324

Steel scrap

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

+ 75.500
83.224

+ 80.000
88.184

+ 87.400
96.341

+ 88.750
97.829

+ 89.000
98.105

+ 92.600
102.073

+ 99.250
109.403

+104.400
115.080

+105.000
115.741
+

5.760
12.698

Tin

(pound).,
(kilogram). .

-

6.158
13.576

-

6.110
13.470

-

5.950
13.117

-

5.932
13.078

+

5.960
13.139

+

6.046
13.329

-

5.890
12.985

-

Zinc

(pound).,
(kilogram)..

+

0.405
0.893

+

0.411
0.906

+

0.440
0.970

+

0.464
1.023

+

0.471
1.038

+

0.494
1.089

o

0.494
1.089

+

0 . 508
1.120

+

0.518
1.142

Burlap

(yard). .
(meter). .

+

0.252
0.276

-

0.250
0.273

+

0.258
0.282

+

0.266
0.291

+

0.287
0.314

+

0.300
0.328

+

0.316
0.346

-

0.310
0.339

-

0.306
0.335

Cotton

(pound)
(kilogram)..

+

0.726
1.601

-

0.720
1.587

+

0.748
1.649

-

0.735
1.620

o

0.735
1.620

+

0.758
1.671

-

0.756
1.667

-

0.726
1.601

+

0.727
1.603

(yard).,
(meter)..

-

0.576
0.630

+

0.615
0.673

+

0.638
0.698

+

0.686
0.750

+

0.772
0.844

+

0.846
0.925

+

0.850
0.930

-

0.846
0.925

+

0.847
0.926

Wool tops

(pound).,
(kilogram). .

o

3.200
7.055

o

3.200
7.055

+

3.340
7.363

+

3.550
7.826

o

3.550
7.826

o

3.550
7.826

-

3.500
7.716

o

3.500
7.716

o

3.500
7.716

Hides

(pound) . .
(kilogram)..

+

0.618
1.362

+

0.692
1.526

-

0.674
1.486

-

0.632
1.393

+

0.635
1.400

+

0.666
1.468

-

0.649
1.431

-

0.646
1.424

+

0.652
1.437

Rosin

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

Print cloth

5.754
12.685

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

Rubber

(pound). .
(kilogram)..

-

0.555
1.224

+

0.581
1.281

+

0.596
1.314

+

0.599
1.321

o

0.599
1.321

-

0.584
1.287

-

0.581
1.281

-

0.578
1.274

+

0.582
1.283

Tallow

(pound). .
(kilogram). .

-

0.150
0.331

o

0.150
0.331

+

0.186
0.410

-

0.180
0.397

-

0.168
0.370

+

0.176
0.388

o

0.176
0.388

+

0.193
0.425

+

0.196
0.432

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: I • >
rising, (o)
unchanged, and { — ) - falling.
The "r" indicates revised: "p"
preliminary: and "NA", not available,
lr
The index is. the average for February 1 through 21; component prices are averages for February 7, 14, and 21,
2
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.

FEBRUARY 1984




79

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT

Ql GNP AND PERSONAL INCOME
Year
and
quarter

b, Difference

a. Total
(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

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
dollars)

213. Final sales
in 1972 dollars

(Ann. rate,
bil. dol.)

1981

2,866.6
2,912.5
3,004.9
3,032.2

130.6
45.9
92.4
27.3

-10.8

1,510.1
1,512.5
1,525.8
1,506.9

13.3

3,021.4
3,070.2
3,090.7
3,109.6

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

-1.4

20.5

6.6
3.7

6,592
6,588
6,629
6,529

1,507.0
1,503.6
1,509.7
1,500.9

6,424
6,425
6,393
6,355

1,495.9
1,492.7
1,487.0
1,503.4

6,382
6,518
6,622
r6,685

1,505.5
1,530.5
1,549.7
rl, 568.1

9.0
0.7
3.6

32.2

2.4
13.3

-18.9

-4.9

-21.1
3.5

-5.5

-3.6
-5.0

-1.0
-1.3

1982

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

48.8
20.5
18.9

1,485.8
1,489.3
1,485.7
1,480.7

6.6
2.7
2.5

1.0

1983

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

3,171.5
3,272.0
3,362.2
r3,437.3

61.9

13.3
11.5
r9.2

90.2

r75.1

9.4

1,490.1
1,525.1
1,553.4
rl,571.9

8.2

100.5

2.6
9.7
7.6

35.0
28.3

r!8.5

r4,9

1984

First quarter
Second quarter . . . .
Third quarter . . . .
Fourth quarter . . . .
^Q PERSONAL CONSUMPTION EXPENDITURES

Qg GNP AND PERSONAL INCOME-Continued
Year
and
quarter

230. Total in current
dollars

Disposable personal income
224. Current dollars
(Ann. rate,
bil. dot.)

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

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1981

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

1,967. (5
2,010.4
2,092.0
2,120.$

1,040.7
1,045.6
1,068.1
1,064.3

4,543
4,554
4,640
4,612

1,802.8
1,835.8
1,886.1
1,904.1

953.6
954.7
962.9
955.7

236.9
233.4
243.5
230.8

145.4
140.5
143.9
134.8

2,127.$
2,159.0
2,191.5
2,227.$

1,055.1
1,060.2
1,059.3
1,066.1

4,562
4,574
4,558
4,576

1,938.9
1,972.8
2,008.8
2,046.9

961.4
968.8
971.0
979.6

239.4
242.9
243.4
252.1

138.5
139.5
138.2
143.2

2,255.9
2,301.0
2,361.7
r2, 424.0

1,073.8
1,083.0
1,100.1
rl,121.3

4,599
4,629
4,690
r4,769

2,073.0
2,147.0
2,181.1
r2, 227.0

986.7
1,010.6
1,016.0
rl,030.2

258.5
277.7
282.8
r297.4

145.8
156.5
157.9
r!64.7

1982

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
i
,
NOTE: Series are seasonally adjusted except for those, indicated by © that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
;
:
Complete titles and sources ace 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 1984

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q PERSONAL CONSUMPTION EXPENDITURES-Continued

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

H
H GROSS PRIVATE DOMESTIC INVESTMENT

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

(Ann. rate,
bil. dol.)

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1981
716.3
730.6
741.1
747.7

359.8
362.7
363.6
363.8

849.6
871.8
901.5
925.6

448.3
451.5
455.5
457.1

455.5
472.1
495.8
476.2

222.7
229.5
236.3
221.7

444.7
457.1
462.2
461.8

219.7
220.7
220.2
215.7

749.7
754.7
766.6
773.0

362.6
363.5
364.7
366.0

949.7
975.2
998.9
1,021.8

460.4
465.7
468.2
470.4

422.9
432.5
425.3
377.4

199.7
201.4
198.4
178.4

448.6
443.7
430.2
433.8

209.9
204.9
199.8
201.1

777.1
799.6
814.8
r823.6

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

368.9
374.7
378.1
r381.9

1,037.4
1,069.7
1,083.5
rl.106.0

472.0
479.4
480.1
r483.6

404.1
450.1
501.1
r528.2

190.0
210.2
230.7
r242.3

443.5
464.6
492,5
r517.7

205.4
215.6
227.0
r238.4

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

1982

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984

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

H
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST.-Con.

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

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

HI
260, Total in
current dollars

(Ann. rate.
bil. dot.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

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

(Ann. rate,
bil. dol.)

263. Federal
Government i n 1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1981

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

10.9
15.0
33.6
14.3

3.0
8.9
16.1
6.0

576.3
583.5
600.3
622.8

285.6
284.1
286.8
289.6

215.7
220.4
232.4
248.5

107.3
107.9
111.8
114.5

360.5
363.2
367.9
374.3

178.3
176.2
175.0
175.1

-25.7
-11.2
-4.9
-56.4

-10.2
-3.4
-1.3
-22.7

629.8
631.6
655.7
679.7

289.4
285.8
292.2
299.7

249.7
244.1
261.7
279.2

114.5
110.3
116.9
124.4

380.0
387.5
394.0
400.5

174.9
175.4
175.3
175.2

-39.4
-14.5
8.5

-15.4
-5.4
3.8
r3.9

677.4
683.4
698.3
r700.9

292.9
292.1
295.2
293.2

273.5
273.7
278.1
275.6

118.4
117.6
118.9
rl!7.1

404.0
409.7
420.2
K25.3

174.5
174.5
176.3
rl76.1

1982

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983

Ftrst quarter
Second quarter , . . .
Third quarter
Fourth quarter . . .

no. 5

1984

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.

FEBRUARY 1984



81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

B

Q| FOREIGN TRADE

Year
and
quarter

255. Constant
(1972) dollars

250. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bii. dol.)

220. National income in current
dollars

280. Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate(l
bil. dol.)

Imports of goods and services

Exports of goods and services

Net exports of goods and services

NATIONAL INCOME
AND ITS COMPONENTS

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1981
31.9
21.1
22.8
29.2

48.3
44.1
39.8
39.9

367.3
369.2
367.5
371.0

160.6
160.7
159.0
158.7

335.4
348.1
344.7
341.7

112.4
116.6
119.1
118.8

2,295.8
2,337.2
2,423.4
2,435.6

1,718,8
1,750.9
1,791.7
1,815.6

29.9
33.3

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

35.2
33.4
24.0
23.0

358.4
364.5
346.0
321.6

151.8
154.5
146.4
136.5

328.5
331.2
345.0
316.1

116.6
121.1
122.4
113.5

2,419.7
2,448.9
2,458.9
2,474.0

1,834.2
1,859.9
1,879.5
1,889,0

20.5
12.3
11 .4
r6.*3

326.9
327.1

137.3
136.2

2,528.5
2,612.8

14fi .7/
ItU

309.9
335.6
ocn
joy .AH
r371.0

116.8
123.9

'I A]
OH1 . 1
1

1 ?Q. c.
lc.y 9

2

1,923.7
1,968.7
9 ,U i, JL . O
mi p
£.

1982

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

0.9
5.6

1983

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

17.0
-8.5
-1ft . o
ip "3

r-18.7

r!43.2

r352.3

, coc . y
OOD n
(NA)

r!36.9

r2,056.3

1984

1 First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Bjl NATIONAL INCOME AND ITS COMPONENTS-Continued
Year
quar er

282. Proprietors'
income with inventory valuation and
capital consumption adjustments
(Ann. rate,
bil. <Sol.)

284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil. dol.)

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

Q SAVING

288. Net interest

(Ann. rate,
bil. dol.)

290. Gross saving
(private and government)

(Ann, rate,
bil. dol.)

295. Business
saving

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

1981

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

121.1
118.9
123.5
117.1

37.4
39.9
42.7
45.6

194.7
185.0
197.6
192.0

223.7
242.6
268.0
265.3

461.8
475.8
507.6
490.1

356.6
365.1
381.9
393.8

112.2
120.2
149.7
159.0

111.2
104.9
103.6
116.2

47.4
49.0
50.9
52.3

162.0
166.8
168.5
161.9

265.0
268.3
256.4
254.7

434.4
439.5
397.9
351.3

383.3
393.6
401.9
405.8

130.8
127.1
123.0
120.8

120.6
127.2
126.7
r!39.9

54.1
54.8
53.9
56.2

181.8
23,8.2
2*8.4

248.3
243.8
246.1
r251.9

398.5
420.6
455.4

419.7
443.4
471.4

(NA)

(NA)

121.7
91.5
115.8
r!29.9

1982

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983

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

(NA)

1984

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 1984

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

BB SHARES OF GNP AND NATIONAL INCOME

Q SAVING-Continued

Year
and
quarter

298. Government
surplus or deficit,
total

(Ann. rate,
fail, do!.)

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

Percent of gross national product
235. Personal consumption expenditures, total

248. Nonresidential
fixed investment

(Percent)

(Percent)

(Percent)

247. Change in
business inventories

251. Net exports of
goods and services

(Percent)

249. Residential
fixed investment

(Percent)

1981

-10.6
-25.2
-63.7

5.7
6.0
7.2
7.5

62.9
63.0
62.8
62.8

11.6
11.9
12.0
12.1

3.9
3.8
3.4
3.1

-79.7
-81.2
-127.0
-175.3

6.1
5.9
5.6
5.4

64.2
64.3
65.0
65.8

12.0
11.5
11.1
10.8

2,9
3.0
2.8
3.1

-0.9
-0.4
-0.2
-1.8

-142.9
-114.4
-131.8

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

5.4
4.0
4.9

65.4
65.6
64.9

10.5
10.3
10.4

-1.2
-0.4

r64.8

rlO,9

3.5
3.9
4.2
4.1

-8.1

0.4
0.5
1.1
0.5

1.1
0.7
0.8
1.0

1982

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

1.0
1.1
0.0
0.2

1983

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

r5.4

(NA)

0.3
rO.3

0.5
-0.3
-0.5

r-0.5

1984

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
gj SHARES OF GNP AND NATIONAL INCOME^Continued
Year
and
quarter

Percent of GNP-Continued

Percent of national income

(Percent)

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

265. Federal Government purchases of
goods and services

(Percent)

283. Proprietors'
income with IVA
and CCAdj '

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

(Percent)

289. Net interest

287. Corporate
profits with IVA
and CCAdj '

(Percent)

(Percent)

1981

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

7.5
7.6
7.7
8.2

12.6
12.5
12.2
12.3

74.9
74.9
73.9
74.5

5.3
5.1
5.1
4.8

1.7
1.8
1.9

8.5
7.9
8.2
7,9

10.4
11.1
10.9

8.3
8.0
8.5
9.0

12.6
12.6
12.7
12.9

75.8
75.9
76.4
76.4

4.6
4.3
4.2
4.7

2.0
2.0
2.1
2.1

6.7
6.8
6.9
6.5

11.0
11.0
10.4
10.3

8.6
8.4
8.3
8.0

12.7
12.5
12.5
12.4

76.1
75.3
74.9
(NA)

4.8
4.9
4.7

2.1
2.1
2.0

7.2
8.4
9.2

1.6

9.7

1982

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983

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

(NA)

(NA)

(NA)

9.8
9.3
9.2

CNA)

1984

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.

FEBRUARY 1984




83

OTHER IMPORTANT ECONOMIC MEASURE!
B I

PRICES, WAGES, AND PRODUCTIVITY

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

Fixed-weighted price index,
gross business product

Consumer prices, food

Consumer prices, all items

(1972-100)

310c. Change
over 1 -quarter
spans '

(Ann. rate,
percent)

311. Index

(1972 = 100)

311c. Change
over 1-quarter
span!; '

322c. Change
over 1-month
spans '

322c. Change
over 6-month
spans '

(Ann. rate,
percent)

(Percent)

(Ann. rate,
percent)

Revised 2

Revised2

Revised2

3.5
4.4
6.0

281.8
283.4
282.7

0.9
0.6

3.7
4.8
5.8

320. Index ©

320c. Change
over 1-month
span

320c. Change
over 6-month
spans '

(1967 = 100)

(Percent)

(Ann. rate,
percent)

Revised 2

310. Index

Revised2

0.4
0.2

322. Index

(1967 = 100)

1982

January
February .
March

4.3
203 .'4

4.9

211.4
5.6

April
May
June

206 la

July
August . . . . . . . . .
September

208.Q

October
November
December

210.'6

282.5
283.4
283.1

-0.1

4.5

234.3
287.1
290.6

0.4
0.9
1.1

6.2
6.2
6.6

283.4
285.3
287.2

5.8

292.2
292.8
293.3

0.5
0.3
0.0

6.6
4.7
1.8

287.6
286.8
287.2

294.1
293.6
292.4

0.4
0.0

1.4
0.7
0.8

0.1

295.5
297.1
298.1

213.*8

3.7
216^8

3.8

3.8
218.'8

-0.2

0.2
0.7
0.7

4.2
2.4
3.2

0.1
0.1

3.0
1.8
0.6

287.6
287.9
288.0

0.1
0.1
0.0

0.9
1.6
2.2

1.4
2.3
3.3

288.9
289.1
290.3

0.3
0.1
0.4

2.7
2,9
2.4

0.7
0,4
0,2

3.4
4.3
5.0

291.5
292.1
291.5

0.4
0.2

1.6
1.8
1.4

299.3
300.3
301.8

0,4
0,4
0.4

4.4
4.2
4.3

291.2
291.7
292.3

302.6
303.1
303.5

0.4
0.4
0.2

4.8

293.5
294.1
295.4

C.4
0.2
0.4

305.2

0.6

300.2

1.6

-0.3

-0.3

1983

5.5

January
February
March , .

212!s

April
May
June

214^6

3.3

...

4.1
223. "6

3.6

July
August
September

1

3.6
220.'8

2 16,' 4

October
November
December

r218.7

4.7
225^6

r4.2

r4.0

r227.8

293.1
?93.2
293.4

0.3
-0.1

-0.2

1.4
1.4
2.7

-0.1

0.2
0.2

6.3

1984

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

See note on page 80.
Graphs of the:,e series are shown on pages 48 and 49.
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 2cl quarter.
2
See "New Features and Changes for This Issue," page iii.




FEBRUARY 1984

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q PRICE MOVEMENTS-Continued

Year
and
month

330. Index

©

(1967 = 100)

330c. Change
over 1-month
spans > ®

(Percent)

Producer prices, crude materials

Producer prices, industrial commodities

Producer prices, all commodities
330c. Change
over 6-month
spansl <g)

(Ann. rate,
percent)

335. Index

©

(1967 = 100)

335c. Change
over 1 -month
spans ' <g)

(Percent)

335c. Change
over 6-month
spans ' ©

(Ann. rate,
percent)

331. Index

(1967 = 100)
Revised2

331c. Change
over 1-month
span? '

(Percent)

331c. Change
over 6-month
spansl

(Ann. rate,
percent)

Revised2

Revised2

1.3

-2.2

1982

January
February
March

298.3
298.6
298.0

April
May
June

298,0
298.6
299.3

July
August
September

300.4
300.2
299.3
299.8
300.3
300.7

October
November
December

1.3
2.1
2.4

311.8
311.6
311.0

0.0
0.2
0.2

1.4
1.1
0.9

309.9
309.6
310.6

0.4

1.2
1.1
0.9

312.8
313.2
312.7

0.8
0.1
-0.2

-0.1
-0.3

0.2
0.2
0.1

0.5
0.9

314.3
315.0
315.2

-0,1

0.5
0.8
1.1

313.9
313.9
313.5

-0.3

0.6
-0.1
-0.2
-0.4
-0,1

0.3
0.7
0.1
-0.2

0.5
0.2
0.1

0.6
0.2
0.4

320.4
319.5
317.9

0.6
1.0
1.1

320.0
324.2
323.7

-0.2

-1.1
-1.3

2.9
3.5
3.0

320.8
317.8
315.8

-0.9
-0.9
-0.6

-2.9
-3.1
-3.7

0.7
0.4
0.5

315.4
319.1
317.7

-0.1

-2.8

-0,3
-0.5

0.7
1.3

1.2
-0.4

3.0
4.8
0.2

0.4
2.8

1983

January
February
March

299.9
300.9
300.5

April
May
June

300.6
301.5
302.4

0.0
0.3
0.3

2.2
2.5
3.2

July
August
September

303.2
304.7
305.3

0.3
0.5
0.2

October
November
December

306.3
305.6
306.0

0.3

-0.3

0.3

-0.4

0.0

-1.2
-0.9

316.2
318.5
320.2

-0.5

0.7
0.5

-0.1

0.1

312.4
313.6
315,3

-0.4

1.7
2.2

3.8
2.7
2.4

316.5
317.3
r317.1

0.4
0.3
r-0.1

4.1
3.0
2.0

317.9
325.0
328.8

3.3

0.5

1.7

-0,1

0.1

318.7
318.3
318.4

0.0

328.9
330.6
333.8

0.0
0.5
1.0

0.7

319.2

0.3

336.2

5.0
1.6
2.2

0.7

-0.2

0.4
0.5

r2.3

323.2
321,6
321.1

0.9
-0.5
-0.2
-1.0

2-2
1.2

1.1
4.1
5.4
3.6
5.7
8.1
11.8

1984

308.1

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.
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.

ICO

FEBRUARY

1984




85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q PRICE MOVEMENTS-Continued
|
Producer prices, 1 capital equipment

Producer prices, intermediate materials
Year
and
month

332. Index

$32c. Change
Over 1 -month
Spans '

332c. Change
over 6-month
spans '

333. Index

333c. Change
over 1 -month
spans '

Producer prices, finished consumer goods

333c. Change
over 6-month
spans l

334. Index

334c. Change
over 1 -month
spans '

334c. Change
over 6-month
spars '

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

Revised2

278.2
278.3
277.5

0.7
0.0

0.5

4.9
4.4
4.4

2.3
1.3
2.7

(1967-100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967-100)

Revised 2

Revised2

Revised 2

Revised 2

ReVised 2

Revised 2

0.6

1982

January
February
March

311.6
311.1
310.1

April
May
June

309.0
309.1
309.8

July
August
September

310.5
310.2
310.4

October
November
December

310.3
311.1
311.3

0.3
-0.2
-0.3
-0.4

0.0
0.2
0.2
-0.1

0.1
0.0
0.3
0.1

-0.5
-0.7
-0.6

275.2
274.5
276.0

-0.7
-0.6

276.8
277.9
279.5

0.3
0.4
0.6

3.9
5.4
4.3

277.8
277.4
280.1

-0.1

0.2

1.0

2.3
3.1
3.8

0.8
1.3
1.0

280.5
281.8
281.9

0.4
0.5
0.0

3.7
3.6
3.5

281.4
282.6
282.7

0.5
0.4
0.0

4.4
6.0
4.3

-0.5
-0.2
-0.8

281.9
282.8
284.3

0.0
0.3
0.5

2.6
2.3
2.8

283.8
285.6
286.1

0.4
0.6
0.2

1.4
0.6
0.0

-1.5
-1.3

-0.1

0.3
0.3

2.9
2.6
1.9

283.4
283.4
282.7

-0.3

-0.3

0.1

1983

January
February
March

309.8
309.9
309.1

April
May
June

307.9
309.1
311.3

July
August
September
October
November
. December

-0.3

0.0

284.1
285.0
285.8

-0.4

0.4
0.7

1.6
2.3
4.1

285.9
286.5
287.0

0.0
0.2
0.2

2.4
2.7
1.9

282.6
283.5
284.7

0.0
0,3
0.4

0.8
1.5
2.4

312.2
313.4
315.3

0.3
0.4
0.6

5.7
5.0
3.8

287.5
288.8
288.5

0,2
0.5
-0.1

2.6
2.0
2.1

284.6
285.5
286.1

0,0
0.3
0.2

3.0
1.9
1.3

316.6
316.8
317.1

0.4
0.1
0.1

3.3

289.6
289.3
290.0

0.4

2.0

0.2

2.9

0.2

286.8
286.2
286.6

317.3

0.1

0.1

288.7

-0.5

0.0

-0.1

-0.9

0.0
-0.2

-0.2

0.1

1984

January . . . . . . . . .
February
March

290.4

0.7

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.

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

2




FEBRUARY 1984

-0.8
-1.5
-1.0

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

^J WAGES AND PRODUCTIVITY
Average hourly compensation, ail employees,
nonfarm business sector

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

Current-dollar earnings
340. Index

340c. Change
over 1-month
spans 2

Real earnings
340c. Change
over 6-month
spans 2

341. Index

341c. Change
over 1-month
spans 2

Current-dollar compensation
341c. Change
over 6-month
spans 2

(Percent)

(Ann. rate,
percent)

(1977 = 100)

(Percent)

(Ann. rate,
percent)

Revised 3

(1977=100)

Revised 3

3.1
3.0
0.8

345c. Change
over 1-quarter
spans 2

345c, Change
over 4-quarter
spans 2

(Ann. rate,
percent)

(Ann, rate,
percent)

Revised 3

0.7

345. Index

(1977 = 100)

1982

January
February
March

144.9
145.1
145.5

1.1
0.1
0.3

6.5
6.4
6.6

93.1
92.9
93.4

April
May
June

146.4
147.5
148.0

0.6
0.7
0.4

5.4
6.3
6.3

93.6
93.4
92.8

July
August
September

148.8
149.6
150.0

0.5
0.5
0.3

5.9
4.9
5.4

92.8
93.0
93.2

0.0
0.3
0.2

October
November
December

150.7
151.1
151.9

0.4
0.3
0.6

5.4
5.1
4.6

93.2
93.5
94.3

0.0
0.2
0.9

4.4
4.6
3.7

15A9

January
February
March

152.7
153.4
153.4

0.5
0.4
0.0

4.5
4.7
3.9

94.8
95.1
94.9

0.5
0.4

3.2
2.7
0.5

leci.'e

April
May
June

154.0
154.6
154.8

0.4
0.4
0.2

3.3
2.1
3.2

94.7
94.7
94.5

July
August
September

155.2
155.0
155.9

0.3

3.7

-0.2

0.6

r3.1
r3.5

94.7
94.1
94.3

October
November
. December

156.8
r!56.9
r!57.5

0.6

p3.9

rO.l
rO.4

94.6
94.4
94.7

-0.2

P158.2

pO.5

p94.7

pO.O

-0.1

0.4
0.2
-0.2
-0.7

-0.7

1.7

isiio
...
153!l

10.0

7^6
5.7
Y.I

-0.4
-0.8

0.4
3.3

155!?

7.1
6\3
...
5.8
5^9

1983

-0.2
-0.2

0.0
-0.2

0.2
-0.7
-0.7

0.3

-0.1
-2.2

162^2

6.8
5^2
...
4.1
.. .

r4.9

-1.3

0.3
-0.6

. . .

4.0

163.8

0.4
r4.9

pO.O

r!65.7

0.3

1984

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.
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
^'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/1 page iii.

FEBRUARY 1984




87

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND (PRODUCTIVITY-Continued
Average hourly compensation, all employees,
nonfarm business sector-Continued
Year
and

348. First year
average changes

Real compensation
346. Index

(1977 = 100)

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

Negotiated wage and benefit
decisions, all industries ©

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

(Ann. ratu,
percent)

349. Average
changes over
life of
contract

(Ann, rate,
percent)

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

(1977 = 100)

370c. Change
over 1-quarter
spans '

370c. Change
over 4-quarter
spans '

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977 = 100)

1982

6.8

January
February
March

96^7

April
May
June

96\8

July
August
September

96\7

October
November
December

97^6

i.*7

1.9

1.2
...

0.4

...
2^5

2.6

6.2

-0.7

2.1

4.7

2.6
3.7

3.3

4.8

2.5

ioi!i
...
...
106!?
ioi!i
loi.'g

-0.4

-1.6

-i!i
...

io6!6
...

99^9

i!a

106! 4

3*.2

100.*8

aii

loii?
...

2.8

1.7

b.'?

103,' 5

3.3

1983

January
February
March

r99.2

April
May
June

r99.*2

July
August
September

r99.2

October
November
December

r99.3

r6.5

-1.6

2.5

.. .

1.4
.. .

...

...

r-0.3

r-0.1

rO.5

i!e

4.5

...
102! 5

2.0
.. .

...
5.9

3.7
103. * 9

4.9

p5.0

4.3

...

m.2

1.2
104 .'6
2.2

p3.0
104! 8

104! 3

1984

January
February
March
April
May
June
July
August
September
October
November
December
See note on page
Graphs of these series are shown on page!! 49 and 50.
L
Changes are centered within the spans:
on the middle month of the 3d quarter.




1 -quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed

F E B R U A R Y 1984

OTHER IMPORTANT ECONOMIC MEASURES
C I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

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

441. Total

442. Em-

ployed

(Thous.)

(Thous.)

Labor force participation rates

448. Num-

Number unemployed

451. Males
20 years
and over

452. Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Percent)

(Percent)

(Percent)

37. Total

(Thous.)

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

ber employed
part-time
for economic
reasons

(Thous.)

(Thous.)

1982

January
February
March

109,075
109,503
109,664

99,682
99,810
99,754

78.6
78.7
78.7

52.2
52.4
52.6

54.2
54.8
54.2

9,393
9,693
9,910

4,374
4,427
4,615

3,117
3,293
3,405

1,902
1,973
1,890

7,820
7,989
8,335

4,961
5,413
5,591

April
May
June

109,901
110,542
110,133

99,598
100,179
99,653

78.8
79.0
78.8

52.6
52.9
53.0

54.5
55.5
52.. 4

10,303
10,363
10,480

4,766
4,787
5,065

3,571
3,568
3,550

1,966
2,008
1,865

8,605
8,739
8,914

5,756
5,781
5,696

July
August
September

110,399
110,473
110,679

99,503
99,563
99,412

78.8
78.6
78.9

53.0
53.0
52.8

53.2
53.9
54.1

10,896
10,910
11,267

5,207
5,245
5,563

3,682
3,668
3,693

2,007
1,997
2,011

9,128
9,188
9,580

5,627
5,886
6,436

October
November
December

110,690
110,923
110,873

99,146
99,036
98,979

78.8
78.8
78.6

52.7
52.9
53.0

54.2
54.5
53.7

11,544
11,887
11,894

5,710
5,847
5,836

3,814
3,995
4,026

2,020
2,045
2,032

9,907
10,115
10,171

6,445
6,344
6,367

January
February
March

110,677
110,688
110,735

99,154
99,172
99,316

78.2
78.2
78.2

53.0
52.9
52.9

53.5
53.1
53.2

11,523
11,516
11,419

5,623
5,717
5,595

3,979
3,933
3,891

1,921
1,866
1,933

9,811
9,865
9,744

6,678
6,362
6,169

April
May
June

110,975
110,950
111,905

99,606
99,762
100,743

78.4
78.4
78.7

52.9
52.8
53.2

53.0
52.6
54.7

11,369
11,188
11,162

5,682
5,583
5,352

3,780
3,748
3,837

1,907
1,857
1,973

9,727
9,514
9,332

6,077
5,965
5,886

July
August
September

111,825
112,117
112,229

101,225
101,484
101,876

78.7
78.6
78.6

53.1
53.3
53.4

53.7
54.4
53.8

10,600
10,633
10,353

5,217
5,150
5,065

3,524
3,598
3,512

1,859
1,885
1,776

8,985
8,964
8,747

5,700
5,866
6,027

October
November
December

111,866
112,035
112,136

101,970
102,606
102,941

78.4
78.4
78.3

53.2
53.2
53.2

52.8
53.3
53.7

9,896
9,429
9,195

4,809
4,596
4,392

3,366
3,215
3,181

1,721
1,618
1,622

8,319
7,900
7,658

5,724
5,848
5,712

112,215

103,190

78.3

53.0

53.0

9,026

4,300

3,182

1,543

7,532

5,943

1983

1984

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.

FEBRUARY 1984



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

|
Q DEFENSE INDICATORS

Qj RECEIPTS AND EXPENDITURES
State and local governments 1

Federal Government 1
Year
and
month

Advance measures of defense activity

501. Receipts

502, Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
oil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol,)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1982

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract
awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers 1
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

C2)

500. Surplus
or deficit

(2)

C2)

January
February
March

-108.*5

619*.5

728!o

28 ! 8

425!9

39?!2

19,361
20,608
18,869

9,756
13,761
9,870

98,818
102,677
105,418

7,151
6,922
6,688

April
May
June

-113*.2

622^2

735.*4

32!o

436\8

404! 8

20,793
17,786
17,503

10,518
9,657
14,296

108,428
108,841
109,654

6,204
5,013
5,994

July
August
September

-158!3

615!2

773^5

3l!3

442! 8

4ii!i

17,669
16,448
18,387

8,610
8,928
10,296

110,885
110,787
111,857

5,195
5,656
3,638

October
November
December

-208.2

612!e

82CK9

32^9

45C)!?

417.'8

16,476
18,599
24,396

5,423
10,209
17,298

111,866
113,647
119,788

5,621
5,663
11,207

January
February
March

-issis

623^3

806.' 6

4CL4

461 ! 7

42i!3

21,340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,568
5,319
6,569

April
May
June

-166.1

652^6

818.7

si!?

478.7

427! 6

19,332
19,554
21,518

10,132
10,111
10,814

126,165
126,532
129,720

7,079
4,782
7,939

July
August
September

-187 .'3

645.2

832.5

55.5

492.7

437.1

19,409
20,489
20,388

11,017
10,727
plO,921

131,172
130,829
133,056

6,901
4,545
4,946

(NA)

(NA)

r847.8

(NA)

(NA)

r442.9

17,201
24,242
p24,204

131,130
139,062
p!41,820

5,525
8,068
r8,840

1983

October
November
December

(NA)

1984

January
February
March

(NA)

(NA)

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

90




FEBRUARY 1984

p6,573

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

^J DEFENSE INDICATORS-Contmued
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.)

C1)

1982

Defense Department
personnel
577. Military,
active duty (g)

578. Civilian,
direct hire
employment (g)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

(Ann. rate,
bil. dol.)

565. Federal
purchases as
a percent of
GNP

(Percent)

C1)

105.2
106.5
107.0

13,676
13,864
14,059

81,144
83,719
85,990

14,152
14,689
15,075

4,083
4,347
4,417

1,386
1,380
1,377

2,104
2,109
2,107

1,008
1,013
1,018

168.1

5.6

107.2
107.7
107.6

14,209
14,276
14,431

87,917
88,258
89,371

15,670
15,379
15,334

4,277
4,672
4,881

1,376
1,372
1,371

2,106
2,104
2,108

1,022
1,028
1,045

175.'2

5.*7

July
August
September

109.5
109.5
109.5

14,437
14,700
15,039

89,708
90,598
89,255

16,312
15,050
16,881

4,858
4,766
4,981

1,372
1,364
1,366

2,110
2,109
2,109

1,051
1,043
990

183!e

5*9

October
November
December

111.9
113.6
115.9

15,334
15,568
15,983

89,866
90,561
96,691

15,972
17,087
16,779

5,010
4,968
5,077

1,363
1,363
1,359

2,108
2,114
2,113

1,016
1,024
1,027

19CL8

e!i

January
February
March

116.4
116.1
117.0

16,538
16,501
16,824

101,116
101,179
102,632

17,058
16,772
16,804

5,143
5,255
5,116

1,355
1,358
1,355

2,120
2,122
2,127

1,024
1,028
1,030

194.*4

e!i

April
May
June

118.2
117.6
118.0

16,850
17,240
17,311

104,440
104,046
106,648

17,529
16,854
17,189

5,271
5,176
5,337

1,358
1,362
1,367

2,123
2,120
2,116

1,029
1,040
1,049

199!i

e!i

July
August
September

120.4
120.2
121.8

17,348
17,805
17,448

107,865
106,967
106,484

16,975
18,455
17,463

5,683
5,442
5,428

U373
1,356
1,375

2,113
2,115
2,123

1,053
1,052
1,026

2oi.*2

e!6

October
November
December

122.9
r!24.0
r!26.0

17,282
17,337
17,815

106,418
108,822
rill, 908

17,781
17,329
18,726

5,592
5,662
r5,755

1,380
rl,384
rl>392

2,120
2,126
2,124

1,034
1,040
pi, 045

r206*6

6.'6

pl!2,867

plS.425

p5,614

January
February
March
April
May
June

....
..

1983

1984

P127.9

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 54 and 55.
^ee "New Features and Changes for This Issue/' page

FEBRUARY 1984



iii.

(NA)

p2,130

(NA)

OTHER! IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

|QH MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

604. Exports of domestic agricultural
products

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

612. General imports,
total

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

(l)

(Mil.dol.)

n

C1)

1982

606. Exports of nonelectrical machinery

C1)

January
February
March

18,^84
18,614
18,462

3,258
3,590
3,225

4,346
4,054
3,997

22,573
19,570
20,018

6,810
4,396
4,290

2,389
2,135
2,596

April
May
June

18,005
18,124
18,823

3,400
3,527
3,332

3,932
3,,957
4,211

17,714
20,477
21,187

3,894
4,180
4,855

2,389
2,785
2,626

July
August
September

18,060
17,4!63
17,3120

2,789
2,763
2,648

4,305
3,856
4,197

19,849
22,930
20,581

5,624
5,731
4,903

2,455
2,795
2,370

October
November
December

16,671
15,852
16,347

2,681
2,783
2,637

3,829
3,686
3,719

21,006
18,892
19,154

5,433
4,757
4,694

2.,444
2J30
2,189

January
February
March

17,303
16,336
16,782

3,128
2,985
2,811

3,644
3,359
3,499

20,021
19,015
19,525

4,166
2,859
3,261

2,329
3,019
2,676

April
May
June

16,074
15,566
17,008

2,891
2,715
2,977

3,513
3,433
3,265

19,771
21,514
21,024

3,252
5,284
4,203

2,746
3,001
2,851

July
August
September

16,628
16,630
17,387

3,072
2,973
3,322

3,655
3,290
3,718

21,950
22,782
22,175

5,220
4,828
5,538

2,988
2,762
2,547

16,9511
16,84(3
17,180

2,979
3,109
3,175

3,689
3,686
3,683

24,763
23,179
22,448

5,232
5,036
3,713

3,154
3,425
3,724

(NA)

(NA)

(NA)

(NA)

1983

October . . . .
November
'December
1984

January
February
March

(NA)

(NA)

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
x
See "New Features and Changes for This Issue,1 page ni.

92




FEBRUARY

1984

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Qj GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted '

Goods and services
Year
and
month

667. Balance

(Mil. dot.)

668. Exports

(Mil.dol.)

669. Imports

(Mil.dol.)

622. Balance

(Mil.dol.)

618. Exports

(Mil.dol.)

Income on investments
620. Imports

(Mil.dol.)

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the United
States

(Mil.dol.)

1982

January
February
March

2,625

89,761

87,136

-6,103

55,636

61,739

20,761

13,824

April
May
June

3,236

90,790

87,554

-5,854

54,996

60,850

22,316

14,779

July
August
September

-4,854

86,932

91,786

-13,078

52,241

65,319

21,569

14,748

October
November
December

-4,190

80,840

85,030

-11,354

48,344

59,698

19,499

13,49i

January
February
March

-2,026

81,142

83J68

r-8,869

r49,352

r58,22i

17,697

12,608

April
May
June

-7,832

81,853

89,685

r-14,7li

r48,759

r63,470

19,027

13,326

p-9,915

p85,230

p95,145

rp-18,212

rp50,429

p20,622

p!3,694

p-18,804

p51,469

1983

July
August
September
October
November
December

(NA)

(NA)

(NA)

rp68,64l

p70,273

(NA)

(NA)

1984

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.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

ICO

FEBRUARY 1984




93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

1 INDUSTRIAL PRODUCTION
^

Year
and
month

47. United States,
index of industrial production

(1967 = 100)

721. OECD 1
European countries, index of
industrial
production

728. Japan,
index of industrial production

(1967 = 100)

(1967-100)

726. France,
index of industrial production

725. West
Germany, index
of industrial
production

(1967 = 100)

(1%7 = 100)

722. United
Kingdom, index
of industrial
production

(1967 = 100)

727. Italy, index
of industrial
production

(1967-100)

723 Canada,
index of industrial production

(1967-100)

1982

January . . .
February
March

140.7
142.9
141.7

156
158
158

232.6
231.2
233.2

160
161
161

157
156
156

120
120
121

161.9
169.8
165.7

155.5
153.8
152.2

April
May
June

140.2
139.2
138.7

156
156
154

230.2
228.1
231.2

160
157
154

157
157
157

121
122
121

164.7
162.7
154.9

149.4
150.2
147.0

July
August
September

138.8
138.4
137.3

152
151
152

229.9
230.9
231.7

152
153
152

154
154
154

122
122
123

159.6
146.4
154.1

142.4
148.6
144.6

October
November
December

135.7
134.9
135.2

151
152
151

225.5
230.6
228.4

150
150
149

156
157
154

122
120
122

149.7
155.5
151.8

140.5
141.1
140.3

January
February
March

137.4
138.1
140.0

154
154
154

229.4
228.3
233.4

152
152
153

157
156
156

123
124
122

152.0
155.3
152.5

147.7
147.6
148.3

April
May
June . , .

142.6
144.4
146.4

154
155
155

232.6
233.1
235.2

153
154 =
157

156
160
157

r!22
r!23

122

145.2
148.9
144.4

150.0
151.7
155.0

July
August
September

149.7
151.8
153.8

155
154
155

236.0
243.3
246.9

154
154

r!61
rl61

r!25
r!25
r!25

149.9
r!46.4
150.1

156.9
159.1
r 162.0

155.0
r!55.5
r!56,4

154
p!58
(NA)

243.5
P248.4

r!25
p!25
(NA)

r!47.7
P157.4

r!62.5
r!64.3
p!66.0

1983

October
November .
December

(NA)

p!56
(NA)

l

157
156
p!61
(NA)

(NA)

1984

January . . . . . . . . .
February
March

P158.1

(NA)

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 1984

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Continued

Q CONSUMER PRICES

United States
Year
and
month

320. Index <u)

(1967 = 100)

West Germany

Japan

320c. Change
over 6-month
spans !

{Ann : rate,
percent)

738. Index <g)

(1967 = 100)

738c. Change
over 6-month
spans '

(Ann, rate,
percent)

735. Index ®

(1967 = 100)

n

Revised 2
1982

United Kingdom

France

735c. Change
over 6-month
spans '

(Ann. rate,
percent)

736. Index (u)

(1967-100)

736c, Change
over 6-month
spans '

(Ann. rate,
percent)

732. Index (u>

(1967-100)

t2)

(2)

732c. Change
over 6-month
spans '

(Ann. rate,
percent)
(2)

January
February
March

282.5
283.4
283.1

3.5
4.4
6.0

300.7
299.8
300.4

1.9
0.5
0.1

192.3
192.8
193.1

3.0
3.5
4.9

356.0
359.6
363.8

13.0
12.0
12.0

499.0
499.1
503.5

8.4
7.3
6.0

April
May
June

284.3
287,1
290.6

6.2
6.2
6.6

302.9
303.8
303.8

-0.5
2.9
4.0

194.0
195.2
197.1

4.9
5.4
6.3

368.2
371.1
373.7

9.9
8.2
7.2

513.6
517.3
518.9

6.0
6.0
4.7

July
August
September

292.2
292.8
293.3

6.6
4.7
1.8

301.5
303.8
309.1

4.4
4.1
3.7

197.6
197.3
197.9

6.8
5.9
4.0

374.7
375.9
377.5

5.8
6.9
7.3

518.9
519.0
518.7

5.3
5.3
4.2

October
November
December

294.1
293.6
292.4

1.4
0.7
0.8

310.0
306.6
306.0

4.0
0.7
0.9

198.5
198.9
199.4

2.7
2.3
0.9

379.5
383.2
386.4

9.5
10.3
10.8

521.3
523.9
522.9

4.0
5.6
4.6

January . . . . . . . . .
February
March

293.1
293.2
293.4

1.4
2.3
3.3

306.6
305.5
307.5

-0.3
1.7
0.5

199.8
200.0
199.8

0.0
0.4
0.8

390.1
392.9
396.5

12.3
11.2
10.2

523.5
525.8
526.7

2.3
1.7
2.8

April
May
June

295.5
297.1
298.1

3.4
4.3
5.0

308.6
312.0
309.7

0.7
1.7
0.3

200.3
201.1
201.8

2.4
3.6
4.7

401.8
404.5
406.9

9.8
9.7
9.6

534.1
536.4
537.7

4.5
4.3
6.1

July
August
September

299.3
300.3
301.8

4.4
4.2
4.3

308.3
307.4
311.4

3.2
1.9
3.1

202.6
203.2
203.6

5.2
4.4
4.3

410.4
412.8
416.0

8.6
8.3
8.4

540.6
543.0
545.4

7.7
?•. 4
7.7

October
November
. December

302.6
303.1
303.5

4.8

314.2
312.2
311.4

(NA)

203.6
204.1
204.5

(NA)

419.2
420.9
422.4

547.3
549.2
550.7

(NA)

1983

(NA)

1984

January
February
March

305.2

(NA)

(NA)

(NA)

(NA)

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.
2
See "New Features and Changes for This Issue," page iii.

KOI

FEBRUARY 1984




95

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Continued

^9 STOCK PRICES

Q

Italy

Canada

737, Index (g) 737c. Change
over 6-month
spans '

Year
and
month

CONSUMER PRICES-Continued

733. Index ® 733c, Change
over 6-month
spans '

(1967 = 100)

(Ann, rate,
percent)

(1967-100)

748. Japan,
index of
stock
prices (g)

745. West
Germany,
index of
stock
prices ®

746. France,
index of
stock
prices <g)

742, United
Kingdom,
index of
stock
prices <g)

747. Italy,
index of
stock
prices (g)

743. Canada,
index of
slock
prices ®

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967-100)

(1967-100)

(1967-100)

2

2

( )

( )

1982

(Ann. rate,
percent)

19. United
States, index
of stock
prices, SOO
common
stocks (u)

517.7
524.4
529.1

13.8
13.6
13.1

• 288.7
292.1
295.8

10.5
11.4
11.4

127.6
124.6
120.6

518.9
516.9
486.2

116.8
118.4
120.1

185.7
193.1
145.9

291.1
300.1
298.8

104.2

185.3
176.7
173.1

April
May
June

533.9
539.8
545.2

15.9
19.0
18.7

297.5
301.5
304.5

11.1
10.2

9.5

126.5
126.6
119.7

484.5
503.4
489.6

120.6
117.6
114.2

184.8
183.3
166.3

303.2
315.4
314.6

96.7
91.0
83.1

171.2
168.4
153.8

July
August
September

553.4
563.4
571.3

20.6
19.8
19.1

306.1
307.6
309.2

9.4
8.2
7.2

119.0
119.3
133.2

480.8
474.3
481.6

113.5
112.3
115.6

161.1
169.3
168.4

313.2
320.1
343.5

78.4
86.1
85.8

156.8
177.4
177.3

582.7
590.3
594.4

16.7
13.7
14.4

311.2
313.3
313.4

5.7
4.7
5.0

144.3
150.2
151.6

490.4
512.7
528.2

118.2
118.8
124.3

170.7
174.5
169.9

360.7
372.0
365.0

86.4
88.8
91.2

192.6
189.7
199.5

January
February
March

602.7
610.5
616.0

12.9
13.2
13.1

312.5
313.9
317.1

3.8
2.8
3.8

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

181.8
188.5
204.7

371.9
381.6
388.3

95.5

109.1
118.7

210.0
216.6
219.5

April
May
June

622.2
628.2
632.2

14.0
13.6
13.6

317.1
317.9
321.5

5.5
6.3
4.9

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158.6
159.5

215.6
230.0
224.9

410.4
403.7
426.1

115.8
111.6
110.3

240.0
251.8
260.2

July
August
September

638.5
641.1
649.4

13.6
12.5
12.0

322.9
324.5
324.5

5.8
5.7
5.3

181.6
176.7
181.8

598.7
'606.4
619.7

169.0
166.9
164.7

235.6
251.8
257.1

418.9
431.8
422.6

112.9
120.5
118.4

264.3
267.3
272.0

October
November
December

660.4
667.0
670.3

(NA)

326.5
326.5
327.5

182.4
179.7
178.8

621.0
,621.5
638.6

173.4
178.9
181.5

257.3
273.7
283.0

411.2
rp423.5
rp432.0

111.6
112.7
112.8

251.1
273.6
268.6

181.0
p!71.1

687.6
[b681.1

rp!87.9
P186.0

rp306.7
P296.3

rp456.8
p455.4

rp!09.0
P112.6

rp270.5
p254.2

January
February
March

....
., .,

October
November
December

. .

95.0
98.8

1983

.......

(NA)

1984

January
February
March

(NA)

(NA)

April
May
June
July
August
September

..

October
November
December

See note on page 80.
Graphs of these series are shown on page 5(9.

Changes over 6-month spans ar<; centered on the 4th month.
See "New Feature;; and Changes for This Issue," page iii.

2

96




FEBRUARY 1984

APPENDIXES

B. Current Adjustment Factors
IS)83
Sept. Oct.

July
5. Average weekly initial claims, State
unemployment insurance . . . .
13 New business incorporations 1

Aug.

. . . 111.3

85.7

80.4

98.2

101.3

98.9

,.

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

Dec.

Jan .

Feb.

Mar.

Apr.

91.2

102.3

124.7

144.9

103.3

91.0

92.7

84.1

90.0

97.8

92.8

100.8

96.1

106.7

100.6

106.2

102.1

101.2

33. Net change in mortgage debt 1 3 . . .

.19 84

Nov.

95.6

97.0
652

-237

-285

1370

100.5

99.9

99.7

99.7

99.7

99.5

100.3

113.3

96.3

106.8

100.1

89.8

87.3

99.9 104.5

90.6

84.6 108.1

95.2

92.3

80.1

102.7

102.7 103.2

101.3

98.7

100.1

100.1

99.9

96.4 100.8 106.5

98.3

102.6

105.1

114.6

105.0

91.4

91.0

110.7

100.3

91.2 104.2 100.8 105.3

91.4

82.7

99.9 108.1

101.8

99.6

99.2

99.9 100.5

90.8

84.0

128.0

122.5

81.4

80.9

199.2

97.2

543. Defense Department gross unpaid
obligations outstanding

97.0

94.6

98.1 100.7

570. Employment in defense products industries .

99,8

99.4

99.9

99.9 100.2

100.3

99 8

98 3 100 3

95 3 100.5

101 1

604. Exports of domestic agricultural products .

84.5

87.9

89.5 106.6

111.9

110.2

606. Exports of nonelectrical machinery

....

98.2

98.2

96.7

103.9

95.7

1

. ..

92 0 111.0

94.6

104.8

93.2

91.2

103.1

517. Defense Department gross obligations
incurred 1
525. Defense Department prime contract awards

580 Defense Department net outlays

.

1

614 Imports of petroleum and products .
1

616. Imports of automobi les and parts . . . . .

90 0

106.2
-1408

1107

72. Commercial and industrial loans
outstanding in current dollars'*

June

-1863

485 -1775

1160

74

99.7

May

736

100.8 101.0
95.3

99.5 100.3 103.3

101.2

96.9

100.3

94.5 103.6

99.8 100.0

104.1
98.4

101.6

100.9
94.4

106.8

89.8 103.4

118.4

104.5

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency w i l l be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
l
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.
''These factors apply to only the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan.

Mar.

Feb.

Apr,,

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q

II Q

4,063
2,639
1,960
1,667
2,818
3,196
2,761
2,790
3,476
,191
,653
,617
,177
,9f17
3,975
3,651
3,031
2,912
3,018
2,685
2,884
5,076
5,154
4,543
4,489
6,636
7,744
7,545
6,386
6,228
6,325
7,737
9,297
11,894

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
3,604
2,898
2,924
2,919
2,707
3,430
4,959
4,995
4,391
4,670
7,666
7,363
7,343
6,381
6,130
6,699
8,037
9,665

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
3,471
2,883
2,939
2,796
2,762
3,929
4,968
4,935
4,384
4,750
8,288
7,235
7,035
6,112
5,956
7,794
8,019
10,382

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
67,903
69,823
71,397
73,032
75,331
75,214
77,100
79,804
82,743
82,783
83,406
86,552
90,785
94,185
96,533
96,098
96,354
95,550

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
65 ,884
68 ,099
69 ,782
71 ,179
73 ,452
75 ,327
75 ,372
77 ,826
80 ,395
82 ,941
81 ,983
84 ,357
87 ,153
91 , 184
94 ,904
96 ,489
96 ,878
96 ,365

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
66,367
68,592
70,303
72,118
73,939
75,079
75,509
78,476
81,367
83,335
81,917
85,219
88,300
92,450
95,073
95,656
97,432
96,421

37. NUMBER OF PERSONS UNEMPLOYED, LABOR FORCE SURVEY
(THOUSANDS)
1949...
1950...
1951...
1952. . .
1953...
1954, . .
1955...
1956...
1957...
1958...
1959.. .
I960...
1961...
1962. . .
1963...
1964.. .
1965.. .
1966.. .
1967.. .
1968.. .
1969.. .
1970.. .
1971...
1972. . .
1973, .
.
1974...
1975...
1976...
1977...
1978.. .
1979.. .
1980.. .
1981. . .
1982.. .
1983.. .

2,596
4,026
2,305
1,972
1,839
3,077
3,157
2,666
2,796
3,875
,068
,615
,671
,081
,074
,029
3,572
2,988
2,96ft
2,878
2,718
3,201
4,986
5,019
4,326
4,644
7,501
7,534
7,280
6,489
6,109
6,684
8,074
9,393

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
3,730
2,820
2,915
3,001
2,692
3,453
4,903
4,928
4,452
4,731
7,520
7,326
7, 443
6,318
6,173
6, 684
8,050
9,693

3,030
3,876
2,125
1,813
1,647
3,607
2,918
2,764
2,509
4,492
3,801
3,72fi
4,853
3,921
4,072
3,950
3,510
2,887
2,889
2,877
2,712
3,635
4,987
5,038
4,394
4,634
7,978
7,230
7,307
6,337
6,109
6,729
7,988
0,910

3,260
3,575
1,919
1,811
1,723
3,749
3,f)4'9
2,650
2,600
5,0116
3,571
3,62ft
4,893
3,906
4, 05'S
3,913
3,59&
2,820
2,B9S
2, 70(9
2,75«
3,797
4,95!)
4,95!)
4,459
4,61ft
8,210
7,330
7,05^
6, 180
6,069
7,365)
7,89]
10,303

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
3,432
2,950
2,929
2,740
2,713
3,919
4,996
4,922
4,329
4,705
8,433
7,053
6,911
6,127
5,840
7,938
8,111
10,363

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
3,387
2,872
2,992
2,938
2,816
4,071
4,949
4,923
4,363
4, 927
8,220
7,322
7,134
6,028
5,959
8,075
8,055
10,480

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
3,301
2,876
2,944
2,8R3
2,868
4,175
5,035
4,913
4,305
5,063
8,127
7,490
6,829
6,309
5,996
8,375
7,884
10,896

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
3,254
2,900
2,945
2,768
2,856
4,256
5,134
4,939
4,305
5,022
7,928
7,518
6,925
6,080
6,320
8,287
8,043
10,910

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
3,216
2,798
2,958
2,686
3,040
4,456
,042
,849
,350
,437
,923
,380
,751
,125
6,190
8,039
8,244
11,267

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
65,726
68,121
69,781
70,792
73,101
75,358
75,471
77,593
79,705
82,799
82,226
84,013
86,743
90,950
94,643
96,548
96,530
96,301

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
65,805
68,056
69,883
71,270
73,557
75,259
75,412
77,750
80,497
82,930
81,895
84,368
87,120
91,199
94,936
96,608
96,862
96,419

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
66,121
68,119
69,682
71,475
73,699
75,364
75,232
78,135
80,983
83,093
81,829
84,689
87,596
91,404
95,112
96,310
97,242
96,374

49,836, 49,485
51,319' 51,372
53,167 53,436
53,384 53,861
55,082 55,082
54,043 53,698
55,152 55,307
57,154 57,486
5R, 211 57, 986
57,029 57,227
58,875 58,907
60,488 fiO, 698
60,337 60,350
61, 363 61,724
62,972 62,886
64,942 65,028
66,209 66,310
6R,402 68,567
70,134 70,186
71,686 72,293
73, 894 73,706
75,362 75,017
75,413 75,690
78,273 78,475
81,152 81,272
83,087 83,362
81,874 81,891
84,978 85,427
87,958 88,322
92,045 92,444
94,812 95,059
95,907 95,598
97,538 97,720
96,223 96,726

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
66,581
6R,808
70, 589
72,376
74,217
74,858
75,423
78,681
81,676
83,555
81,987
85,253
88, 619
92,860
95,348
95,463
97,039
96,314

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
67,070
68,940
70,687
72,267
74,411
75,209
75,919
78,769
81,759
83,713
82,437
85,735
88,837
92,649
95,671
95,478
97,400
96,086

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
67,007
69,225
70,804
72, 307
74,637
75,206
76, 144
78,975
81,779
83,608
82,805
85,843
89, 181
93,030
95,402
95,564
97,273
96,183

50,287
1)2, 583
53,155
53,984
M , 708
53,829
C
i6,131
57,704
58,393
57,728
5.9,323
60,512
60,520
62,325
63,524
64,959
67,015
69,306
71 ,003
72,414
74,699
75,047
76,322
78,975
82, 146
83,591
82,771
85,895
89, 501
93,270
95,969
95,608
96,656
96,046

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
67,277
69,489
71,043
72,483
74,928
75,348
76,513
78,982
02,563
93,564
32,973
35,958
39,780
93,724
•J6,079
1)5,933
96,931
95,703

NOTE:

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
3,257
2,858
2,949
2,779
2,921
4,296
5,070
4,900
4,320
5,174
7,993
7,463
6,835
6,171
6,169
8, 234
8, 057
11,024

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
3,082
2,827
3,076
2,696
2,930
4,855
5,090
4,673
4,343
6,100
7,812
7,532
6,655
6,084
6,286
7,953
8,988
11,775

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
67,031
69,157
70,831
72,329
74,582
75,154
76,128
78,906
81,895
83,637
82,671
85,824
89,173
92,983
95,681
95,550
97,110
96,105

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
67,604
69,736
71,211
72,750
75,108
75,280
76,833
79,420
82,678
83,189
83,168
86,294
90,317
94,037
96,250
96,052
96,677
95,597

2.9
6.1

3.5
3.0
3.1
5.7

3,5
2.8
3.S
5.3

3.9

4.3

5.5

5.7

5.8

.1
.7
.5
.0

3. 1

2.6
5.7

2.7
5.9

3.2

3.1

3.1

3.3

2.5
5.6

2.6
5.8

2.7
6.0

3.4
3.1
2.6
5.2

4.0

3.9

5.8
6.0

S.9

5.6

5.2

5.1

5.0

5.1

5.8
5.7

5.5
5.9

5.7

5.7

5.9

5.6

5.6

4.9
4.0

5. I
3.8

3.4

5.9

3.1
3.0

3.2
3. 2

3.4
2.8

4.2
5.2

.2
.7
.0
.0

5.8
4.4
4.2
4.1

6.0
4.1
4.1
4.2

5.4
4.2
4.1
4.9

5.3

.8

5.1

5.3

5.6

5.5
5.0
4.0
3.8
3.8

.8
.5
.9
.9
.8

5.7
5.2
4.7
3.8
3.8

5.5
5.0
4.4
3.8
3.8

5.6
5.0
4.1
3.7
3.9

5.7

5.6

.1

5.2
8.9
7.6
7.1
6.0
5.7
7.3
7.4
9.5

5.6
8.5
7.7
6.9
6.0
5.8
7.6
7.4
9.9

3.4

5.9
.8
.9
.1

.5
.1

.8

3.4

3.7
3.2
2.9
4.9

!
9
.5
6.4
5.9
6.3
7.5
8.6

5.0
5.2
8.1
7.7
7.6
6.3
5.9
6.3
7.4
8.9

3.8

5. 1
8.8
7.7
7.2
6.1
5.8
6.9
7.2
9.4

5.1
9.0
7.4
7.0
6.0
5.6
7.4
7.4
9.4

These series contain revisions beginning with 1979.




5.2

3.8

3.7

3.7

;

3.6
3.9

6.0
5.1
fl.6
7.6
7.4
6.3
5.8
6.3
7.4
9.0

5.4
8.8
7.6
7.2
5.9
5.7
7.6
7.4
9.5

5.5
8.6
7.8
6.9
6.2
5.7
7.8
7.3
9.9

Annual
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
3,366
2,875
2,975
2,817
2,832
4,093
5,016
4,882
4,365
5,156
7,929
7,406
6,991
6,202
6,137
7,637
8,273
10,678

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
66,726
68,915
70,527
72, 103
74,296
75,215
75,972
78,669
81,594
83,279
82,438
85,421
88,734
92,661
95,477
93,938
97,030
96,125

AVEI*AGE FOR PERIOD

3.9

3.0
3.0
2.5
5.9

IV Q

AVERAGE FOR PERIOD
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
6^,573
65,239
67,631
69,895
71,192
72,736
75,064
75,278
76,887
79,473
82,727
83,221
83,125
86,371
90!,386
94,201
96,138
96,125
96,745
95,537

43. UNEMPLOYMENT RATE, TOTAL
(PERCENT)
1950.. .
1951.. .
1952...
1953, . ,
1954. . .
1955, ,.
1956...
1957. . .
1958...
1959,.,
I960.. .
1961...
1962.. .
196 . .
.
196 ...
196 . .
.
196 ...
196 ...
1968. . .
1969...
1970...
1971...
1972...
1973.. .
1974. . .
1975. - 1976. . .
1977...
1978.. .
1979...
1980...
1981. ..
1982...
1983.. .

Q

AVERAGE FOR PERIOD
3,996
4,916
2,589
2,625
2,178
2, 194
1,839
1,743
2,211
1,974
3,666
3,402
2,780
2,830
2,861
2,571
3,020
3,454
,188
4,570
3,910
,003
,330
4,252
,295
4,573
,024
3,803
,151
3,987
3,726
3,551
3,073
3,143
2,770
2,798
3,066
3,143
2,715
2,6«9
2,856
3,049
4,898
4,591
5,161
4,954
,602
4,875
,396
4 , 144
,140
5,523
,794
7,897
,620
7,430
6,815
6,763
5 ,947
16,077
6,238
6,296
8,101
8,021
,9,014
8,653
11,544 11,887

42. NUMBKR OF PERSONS ENGAQRD IN NONAGRICIJLTURAL ACTIVITIES, LABOR FORCE SURVEY
(THOUSANDS)

1949.. .
1950...
1951. . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959....
I960.. .
1961.. .
1962.. .
1963...
1964...
1965...
1966. . ,
1967...
1968...
1969. ..
1970...
1971...
1972...
1973...
1974.. .
1975.. .
1976...
1977.. .
1978. . .
1979...
1980.. .
1981. ..
1982...
1983...

ill

5.5
8.4
7.8
7.0
5.9
6.0
7.7
7.4
9.9

5.9
8.4
7.6
6.8
6.0
5.9
7.5
7.6
10.2

6.0
8.4
7.7
6.8
5.8
6.0
7.5
7.9
10.4

6.6
8.3
,7.8
6.8
5.9
5.9
7.5
8.3
10.7

7.2
8.2
7.8
6.4
6.0
6.0
7.2
8.5
10.7

[7
.5
.3
.9
.3
.4
8.8

6.0
5.3
4.8
6.6
8.3
7.8
6.6
5.9
6.0
7.5
8.3
10.6

5.3
3.3
3.0
2.9
5.5
4.4
4.1
4.3
6.8
5.5
S.S
6.7
5.5
S.7
S.2
4.5
3.8
3,8
3.6
3.5
4.9
5.9
S.6
4.9
5.6
8.5
7.7
7.1
6.1
5.8
7.1
7,6
9.7

(FEBRUARY 1984)

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

Oct.

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...

0.5
1.5
0,7
0.5
0.4
0.6

0.6
1.5
0.6
0.4
0.3
0.8

0.7
1.5
0.6
0.4
0.3
1.2

0.8
1.5
0.5
0.4
0.3
1.2

0.8
0.8
1.3
2.1
1.3
1.9
1.8
1.6
1.5
1.1
0.8
0.6
0.6
0,.4
0.5

0.8
0.8
1.5
1.9
1.2
2.0
1.8
1.6
1.4
1.2
0.8
0.6
0.6
0.4
0.6

0.8
0,8
1.7
1.8
1.4
2.1
1.7
1.5
1.4
1.1
0.8
0.6
0.6
0.4
0.6

0.7
0.8
2.1
1.5
1.3
2.3
1.6
1.5
1.3
1.1
0.8
0.6
0.5
0.5
0.7

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
1.0
0.7
0,5
0.5
0.5
0.7

1.5
1.1
0.9
1.7
2.9
2,3
1.6
1.2
1.3
2.2

1.5
1.0
0.9
2.0
2.7
2.2
1.6
1.2
1.3
2.2

1.4
1.0
0.9

1.4
0.9
1.0
2.6
2.3
2.0
1.5
1.2
1.6
2.1

0.*9
1.0
2.8
2.2
2.0
1.4
1.2
1.6
2.0

2.6
2.1
1.5
1.3
1.4
2.1

iiS

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
1.1
0.6
0.5
0.5
0.5
0.8
1.4
1.3
0.9
1.0
3.0
2.4
1.9
1.3
1.1
1.6
2.1

II Q

Nov.

Dec.
1.6
0.8
0.4
0.4
0.5
1.3
0.9
0.9
1.1

0.6
1.5
0.6
0.4
0.3
0.9
1.3
0.8
0.8

1.0
1,4
0.4
0.4
0.3
1.3
1.1
0.8
0.8

1.5
1.1
0.4
0.3
0.3
1.6

1.6
1.9
1.5
1.4
1.2
0.9
0.6
0.6
0.4
0.5
1.3

1.4
3.0

1.3
2.0
1.8
1.6
1.4
1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0

1.2
2.3
1.6
1.5
1.3
1.1
0.7
0.5
0.5
0.5
0.7
1.4
1.3
0.9
1.0
2.8

1.3
2.4
1.5
1.5
1.3
1.0
0.6
O.fi
0.5
0.5
0.9
1.5
1.3
0.9
1.0
3.1

2.0
1.4
1.2
1.6
2.1

1.3
1.1
2.0
2.1

IQ

44. UNEMPLOYMENT RATE, PERSONS UNEMPLOYED 15 WEEKS AND OVER
(PERCENT)

III

Q

Annual

IV Q

AVERAGE FOR PERIOD

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
0.9
0.6
0.5
0.5
0.5
0.8

1.5
1.0
0.4
0.3
0.3
1.6
0. 8
0.8
0.8

1.6
1.0
0.4
0,4
0.3
1.6
0. 9
0.9
0.8

1.6
0.9
0.4
0.4
0.3
1.6
0.9
0.8
1.0

1.7
0.8
0.5
0.3

1.3
2.3
1.5
1.6
1.3
1.0
0.6
0.6
0.5
0.5
0.9

1.4
2.2
1.5
1.5
1.3
1.0
0.6
0.6
0.5
0.5
0.9

1.7
2.1
1.4
1.5
1.2
0.9
0.6
0.6
0.5
0.5
0.9

U3
0.8
1.0
3.1
2.4
1.9
1.3
1.1
1.9
2.0

1.3
0.9
1.0
3.0
2.5
1.8
1.2
1.1
2.0
2.1

1.3
0.9
1.1
3.1
2.4
1.9
1.3
1.1
2.2
2.1

l!3
0.*9

1.7
2.0
1..5
1.5
1.3
0.9
0.6
0.6
0.5
0.5
1.0
1.5
1.2
0.9
1.2
3.0

1.8
1.3
1.2
2.1
2.1

1.8
1.2
1.2
2.2
2.1
4.0

1.7
1.2
1.2
2.2
2.2

2.2
1.6
1.2
1.3
2.2

29
51
65
74
46
44
71
67

42
34
64
67
74
43
49
69

37
38
64
65
73
41
56
69

119
119
81
R6
113
126
91
87
99
133

50
62
47
58
57
62
72
99
102
101
117
115
81
87
123
121
85
88
1(15
140

40
52
62
47
60
58
62
75
103
101
103
122
107
79
93
126
117
76
91
106

158
134
111
78

159
130
109
83

158
150
127
102

0.450
0.259
0.870
1.038
1.295
0.386
0.488
0.768
0.752
0.286
fl.396
0.521
0.290
0.454
0.421
0.462
0.623
1.062
1.032
1.051
1.345
0.936
0.477
0.554
0.857
0.744
0.294
0.370
0.431
0.650
0.769
0.667
0.472
0.313

2?9

0.4
1.5
0.9
0.9
1.0

i!i

• n'.s

0. 9
0.8
0.8

1.9

1.1

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
0.9
0.6
0.6
0.5
0.5
1.1
1. 5
1.2
0.9
1.3
3.0
2.4
1.8
1.2
1.2
2.2
2.1

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
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
2.1
3.2

1983!!!
46. INDEX OF HELP-WANTED ADVERTISING IN NEWSPAPERS
(1967=100)
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...
1982...
1983...

47
34
62
68
72
45
47
68
69
43
50
63
47
61
58
62
73
100
103
103
122
110
78
91
126
117
77
87
105
138
161
154
128
106

40
34
63
67
73
43
49
70
66
40
52
63
46
60
58
61
76
102
102
102
122
109
80
93
126
116
76
93
106
139
158
151
129
103

40
35
66
65
77
41
52
69
65
38
55
60
47
60
59
62
77
108
99
104
123
103
80
95
127
117
74
94
108
141
156
145
125
96

38
37
64
66
75
41
53
70
62
37
59
59
47
60
58
65
78
104
100
106
124
100
80
96
125
120
74
91
109
146
155
122
118
88

38
38
66
65
73
40
56
69
61
37
59
58
49
62
57
65
81
105
99
106
124
94
81
98
126
119
74
94
112
144
154
112
118
87

35
40
63
65
70
41
58
68
58
38
62
57
50
60
57
67
82
106
99
106
120
92
84
99
127
119
81
96
114
147
153
115
121
85

AVERAGE FOR PERIOD

34
43
64
66
67
40
60
65
60

33
49
64
67
64
40
63
67
57

32
50
63
71
61
40
67
6fi
56

31
54
65
74
56
40
65
70
52

30
53
65
74
51
43
68
69

64
55
51
60
59
69
82
106
97
109
119
89
83
101
129
118
84
98
121

62
54
53
59
58
68
85
105
100
111
117
88
84
105
126
114
83
97
122
150
155
117
119
78

63
52
54
58
58
69
88
103
99
113
124
87
83
106
125
107
83
94
120

61
50
57
57
60
69
91
103
101
119
122
81
84
111
127
99
83
96
128

fil
49
59
57
59
72
97
103

159
122
112
73

lin

155
118
123
83

167
127
76

ino

60. RATIO, HELP-WANTED ADVERTISING IN NEWSPAPERS TO NUMBER OF PERRONS UNEMPLOYED
(RATIO)

0.393
0.418
0 . 251 0 . 257 0 . 269
0.924
0.886
0.801
1.067
1.020
1.027
1.392
1.327
1.165

.
.
.
.
.

0.539

'1954. .

0.435
0.443
0.759
0.735
0.330
0.366

1949.
1950.
1951.
1952.
1953.

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. .
1982. .
1983. .

0.519
0.300
0.445
0.424
0.458
0.608
0.996

1.033
1.065
1.336
1.023
0.466
0.540
0.867
0.750
0.306
0.344
0.429
0.633
0.785
0.686
0.472
0.336

0.347
0.308
0.992

0.305
0.329

0.338

0.326

1.059
1.038
1.362
0.316

0.491

0.531

0.518

0.607

0.800
0.749
0.277
0.390
0.564
0.283
0.462
0.407
0.462
0.607

0.744

0.718

0.467
0.653

0.787
Ci;710
0.220
0.492
0.485
0.286
0.457
0.426
0.494
0.646

1.077
1.042
1.012
1.350

1.113
1.021
1.077
1.350

1.095
1.029
1.165
1.339

0.940
0.486
0.562
0.843
0.730

0.844
0,478

0.301

0.276
0.387
0.440
0.662
0.760
0.642
0.466
0.288

0.784
0.480
0.576
0.834
0.774
0.268
0.370
0.460
0.703
0.760
0.493
0.445
0.254

0.384

0.378
0.424
0.655
0.762
0.673
0.477

0.316

0.771
0.252

0.431
0.479
0.288
0.456

0.431

0.561
0.860

0.751

1.086
1.295

0.670

0.219
0.505
0.484

0.291
0.478
0.402

0.514
0.703

1.060
1.006
1.152
1.361
0.714
0.483
0.593
0.867
0.753

0.261
0.397
0.483
0.700
0.785
0.420
0.433
0.250

NOTE: These series contain revisions beginning with 1979.




0.276
0.354
0.940

1.027
1.296
0.344
0.639
0.702
0.605
0.229
0.538

0.451
0.305
0.465
0.427
0.523

0.721
1.098
0.985

1.074
1. 268
0.673
0.505
0.599
0.866

0.719
0.293
0.390
0.476
0.726
0.764
0.424
0.447

0.241

0.246

0.234

0.188

0.224

0.212

o!888
K265
0.686
0.376
0.728
0.718
0.405
0.334
0.454
0.337
0.409
0.422
0.423
0.604
0.940
1.108
0.971
1.305
1.241
0.492
0.496
0.731
O.R53
0.441
0.332
0.387
0.581
0.789
0.754
0.497
0.367
0.195

o!988
1.321
0.406
0.410
0.766
0.715
0.385
0.355
0 .505
0.303
0.413
0.434
0.464
0.587
0.972
1.043
0.996
1.297
1.187
0.475
0 .503
(1.806
0.802
0.381
0.338
0.414
0.653
0.7B9
0 .748
0.500
0.349
0.208

0,521
0.986
0.956

0.908

0.882

1.092

1.197

1.201

1.145

0.325
0.679
0.655
0.639
0.234
0.540
0.427
0.308
0.468
0.434
0.569
0.739

0.309
0.674
0.739

0.997
0.303

0.845
0.325
0.683

1.097
0.981
1.126
1.236

0.618
0.243

0.515
0.408
0.337
0.438
0.445
0.554
0.778

0.635

1.078
1.011
1.194
1.220
0.615

0.491
0.612

0.487
0.633

0.892
0.694
0.308
0.390
0.527
0.703
0.770

0.871

0.419
0.465
0.227

0.676

0.312
0.384
0.525
0.735
0.730
0.420
0.440

0.213

0. 44
0. 46
0. 66
0. 72
0. 97
0. 98
0. 44
0. 36
0. 36
0.553
0.815
1.096
(1.996
1.253
1.214
0.581
0.490
0.651
0.856
0.586
0.312
0.379
0.529
0.739
0.765
0.452
0.404
0.193

0.810
0.513
0.293
0.465
0.350

0.371
0.446
0.448

0.551
0.862

1.096
0.956

1.318
1.191
0.525
0.505
0.678

0.912
0.534

0.313
0.385
0.563
0.806
0.790
0.467
0.378

0.196

30
53
65
74
51
42
68
69
48
47
61
49
58
57
60
71
96
103
101
118
119
81
86
116
125
92
86
100
134

36
43
64
68
65
42
59
68
58
42
59
56
52
59
59
67
84
104
100
110
121
93
R2
103
126
110
80
95
118

154
116
119
87

156
119
118
78

161
130
110
79

158
129
119
86

AVERAGE FOR PERIOD

0.235

o!977
0.987

37
60
58
49
61
57
66
80
105
99
106
123
95
82
98
126
119
76
94
112

33
47
64
68
64
40
63
66
58
42
63
54
53
59
58
69
85
105
99
111
120
8ft
83
104
127
113
fi3
96
121

0.309
0 . 330
0.997
1.050
1.318
0.329
0.588
0.736
(1.662
0.223
0.512
0.473
0.294
0.467
0.418
0.510
0.690
1.084
1.007
1.130
1.323
0.724
0.489
0.589
0.856
0.749
0.274
0.386
(1.473
0.710
0.770
0.446
0.442
0.248

0.23ft

0.208

0.301
0.419

0.957

0.919
1.261
0.672
0.370
0.726
(1.748
0.434
0.327
0.475
0.330
0.398
0.434
0.445
(1.581
0.925
1.082
0.974
1.307
1.206
0.497
0.501
0.738
0,856
(1.452
0.328
0.395
0.599
0. 795
0.764
0.488
0.365
0.200

0.936

1.012
1.114
0.312
0.699

0.713
(1.608

0. 250
0.517
0.411
0.330
0.447
0.438
0.559
0.777

1.090
0.996

1.191
1.223
0.610
0.489
0.632
0.873
0.652

0.311
0.384
0.527
0.726
0.755

0. 430
0.436

0.211

1.090
1.100
0.349
0.625
PI.741

0.614
0.272
0.475
0.434
0.32ft

0.451
(1.431
0.528
0.754

1.080
1.002
1.170
1.274
0.692
0.489
0.628
0.860
(1.649
0.302

(1. 384
0.508
n.720
0.764
0.508
0.429
0.243
(FEBRUARY 1984)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Fob.
90.

1949...
1950...

55.33
54.28

1953...
1954...
1955...
1956...
195?..,
1958...
1959...
I960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968.. .
1969...
1970. . ,
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
19BO...
19fll...
1982...
1983...

55.93
53.97

mi:,.
1952,.,

55.61
55,81
54.12

56.27
55.60
54.60
54.50
54.86
54.50

54.12
54.01
54.11

54.53
55.42
55.69

55.51
56.14

56.64
55.63

55.71
56.14

57.32
55.62
55.67
56.27
58.00

59.14

59.22
58.37
57.46

Mar.

55.32
54.35
55.60
55.77
56,15
54,51
54,07
56.02
56.11
54,28
54.29
55,04
54,30
54.43
53,90
54,37
54.57
55.30
55.57
55.83
56.47
56.50
55,43
55.72
56.57
57.36
55.29
55.77
56,45
58.00
59,30
59.23
58.47
57.48

55,12
54.29
56.23
55.22
56.23
54.04
54.22
55.88
56.1fi
54.09
54.73
54,19
54.47
54.34
54.07
54.32
54.74
55.27
55.37
55,88
56.41
56.53
55.26
55.96
56.84
57.32
55.17
55.88
56.66
58.07
59.28
58.99
58.64
57.38

91.
1949. . .
1950. . .
1951.. .
1952.. .
1953.. ,
1954...
1955...
1956...
1957...
1958..,
1959...
I 9 6 0 . ..
1961...
1962...
1963.. .
1964.. .
1965
1966...
1967...
1968. . .
1969...
1970. . .
1971...
1972...
1973. ..
1975. . .
1976...
1977...
1978...
1979...
1980...
1981...
1982. ..
1983...

8.2

11.3
10.6
9.3
9.3
fi.7
13.4
11.7
10.4
10. S
16.3
13,5
13.7
15.3
13.8
13.5
12.2
11.9
9.3

9.4
8.1
7.9
10.5
12.1
11,0

10.7
16.6
15.2
12.9
11. 1
10.4
14.3
13.4

Apr.

May

June

July

Au&

Nov.

Dec.

IQ

II Q

5 4. '06
55.90
55,54
55.09
54 . 89
53.8J2
55.72
56.04
55.45
54.36
54.86
54.62
54.i:3
54.30
54.31
54.43
55.23
55.70
55.99
55.9,6
56.62
55.78
55.55
56.05
57.22
56.78
55.28
56. ip
57.42
58.90
59.20
58.20
58.00
56.63

Sept;

54.72
55.76
55.33
55.60
54.71
53.85
55.91
55.83
55.08
54,29
54.48
54,93
54.20
54.00
54.21
54.47
55.19
55.96
55.97
56,07
56.61
55.66
55.73
56.21
57,35
56.45
55.25
56.24
57.78
59.03
59.22
58.27
57.84
56.52

54.52
55.46
55.89
55.74
53.98
53.59
56.24
55.89
55.25
54,29

59.00
59,35
58.24
57.45
56.44

55.26
54.31
55.81
55.60
56.10
54.17
54.14
56.06
55.96
54.32
54.51
54.70
54.42
54.30
53.99
54.27
54.61
55.33
55.54
55.74
56.34
56.56
55,44
55.80
56.52
57.33
55.36
55.77
56.46
58.02
59.24
59.15
58.49
57.44

54.51
55.18
55.68
55.31
55.51
53.76
54.74
56.11
55.78
54,01
55.03
55.26
54.15
54.26
54.15
54.67
54.95
55.45
55.65
56.16
56.42
56.21
55.34
56.01
56.89
57.13
55.09
56.10
57.01
58.57
59.07
58.40
58.64
57,30

8.3

11.2
12.3

8,0

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

Oct.

RATIO, CIVILIAN EMPLOYMENT TO TOTAL POPULATION OF WORKINCJ AGE 1
t PERCENT)
54.80
55,05
55.72
55.18
55.68
54.00
54.67
56.03
55.81
53.96
55.09
55.23
5i4.02
54.14
54.23
54.71
54.82
55.46
55.64
55.95
5i6.45
56.50
55.45
55.95
56.82
57.12
55.09
5,6.08
56.87
58.39
59.01
58.62
58.84
57.23

54.57
55.08
55.95
55.39
55.25
53,71
54.73
56.18
55.71
54.12
54.97
55.26
54,02
54.36
54.14
54.85
55.06
55.37
55.53
56.27
56.28
56.15
55,47
56.02
56.79
57.17
55.17
56.23
57.07
58.53
59.04
58.40
58.79
57.51

54.17
55.41
55.38
55.37
55.60
53.57
54.83
56.11
55.83
53.95
55.04
55.29
54.42
54.29
54.08
54.45
54.98
55.52
55.78
56,25
56.54
55.97
55,11
56.06
57.06
57.11
55.01
55.99
57.10
58.78
59.16
58.19
58.30
57.15

54.13
55.32
55.83
55.09
55.50
53.41
55.44
56.04
56.05
53.92
55.11
55.02
54.04
54.06
54.21
54.51
55.28
55.52
55.88
56.09
56.52
56.09
55.40
56.06
57.04
57.16
55.24
56.24
57.08
58.54
59.27
58.11
58.42
57.01

10. a

8.8
12.6
10.6

9.1
12,7
9.9

10.0
13.1
8.7

12.5
9.2

8.5

7.8
10.9
14.3
11.0
10.6
12.1
14.9
12.6
15.5
14.9
14.5
12.4
11.4

7.9
11.6
14.4
10.4
10.4
13.1
14,7
11.9
IS. 6
15.5
14.5
13.6
11.1

8.2
12.3
13.4
10.1
10.2
14.4
14.9
11.9
16.2
15.1
14.0
13.6
11.6
9!7
8.3
7.9

7.9
12.5
13.8
10.5
10.1
14.6
14.3
12.6
17.3
14.6
14.0
14.7
11 6
9!?
8.3
8.4

in. 6

13.4
ll.fi
10.8
11.2
15.3
13.0
14.1
15.0
14.5
13.5
12.0
llil
8.9

in.7

11.0
15.5
13*1
13.6
lfi.0
14.1
13.2
12.6

niz

3.2
fl.7
7.9
8.0
If). 4
12,4

a. 5

10.6
12.3
10.6

in. 5

11.8
16.5
14.5
12.4
11.7
11.0
14,0
14.0

11.7
IS. 3
14.7
12.5
11.2

in.6

14.1
14.1

54.41
55.74
55.32
55. SO
54,06
53.09
55.73
56. H9
55.58
54.18
54,80
55.21
53.IJ8
54.46
54,;>9
54.!>0
54.99
55.67
55,92
55 . 99
56.157
55.74
55.49
56.09
56.1)8
56.91
55.30
56.11
57.29
58.72
59.:to
58.12

57. ag

56.84

io!s

8.8
8.7

in. 9
12.4
10.0
12.9
15.9
14.4
12. 3
11.0
11.3

13. a
14.4

in!a

8.7

a. 2

55.11

54.57
54.00
53.99
54.09
54,46
55.37
55.80

56.15
56.20
56.68
55.53
55.76
56.39

57,31

56.05
55.29
56.27

57.91

11.7
12, .2
9..1

10.9
12.3

ll.fi
10,7

11.8
10.7

11,8

9.3
12.8

8,0
12.8
12.3
12.0
10.5
15.7
13.7
12 ,2
17.0
14,5
13.9
13.0
11.9
9,! 8
8,, 9

7.1
12 ,,9
11. ,7
11.8
9.. 8
16.5
13 ,,7
12,,9
16,, 1
14. ,1
14.2
12. .7

7.i2
13.3
11.5
11.6
11.1
16,5
12,9
13. S
15. '9
14.1
13.9
12.6

7.9
13.2
11.3
10.9
10.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0

8.8
8.0
13.4
12.0
11.4
10.4
15.7
13.1
12.4
15.8
13.fi
13.3
12.7

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

a.o
11.6
14.0
10.5
10.4
13.2
14.8
12.1
15. 8
15.2
14.3
13.2

10 [l

10]3

9.5
8.6

8 ,.2
8.0
8,9
11.9
12, .1
9,,4

8.4
7.6
8.7
12.6
11.7
10.2

9.7
8.9
8.1
8.0
9.3
12.0
11.4
9.9

8.2
8.0
9.8
11.5
11.4

11.4
9.1
8.9
B.O
8.1

9.5

10.5
12.3
10.7

16 ,,1
15 ,,2
14 ,,0
11. ,4
10,5
12 ,,9
13 ,,6
16 ,,6

15.J4

16.6
15.3
13.6
11.1
10.6
13.6
13.3
17.4

16.5
15.1
13.6
10.6
10.8
13.8
13.2
18.4

11.4
16.5
14.8
12.6
11.3
10.7
14.1
13.8

13.9
15.9
14.6
12.2
10,8
11.2
13.7
15.1

11.2
12.3
10.1

11.6
12.4
9.6

11.5
11.8
9.6

8,8
11,5
11.8
9.8

13.4
15,0
14.9
12.1
11.1
10.8
13,4
14.8

15.3
16.9
14.4
12.1
10.4
11.5
13.9
16.0

15.0
15.7
14.3
12.0
10.3
11.8
13.9
15.4

15.6
15.6
13,9
11,4
10.6
12.4
14.3
16.1

a ,,4

Annual

54.27
55.69
55.59

55.15

55.23
53.62

55.61
56.13
55.71

54.07
54.94
55.06
54.03
54.30
54.22
54.50

55.13

55.62

55.91
56.02
56.58
55.92
55.46

56.12

56.97
57.02
55,30

56.19
57.19

58,64

59.21
58.09

58.21

56.95

54.43
55.71
55.59
55.48
54.53
53.75
55.96
55.92
55.26
54.31
54.82
54.71
54.11
54.10
54,20
54.45
55.26
55.82
56.04
56.08
56.64
55.66
55.68
56.22
57.29
56.43
55.27
56.20
57.70
58.98
59.26
58,24
57.76
56.53

54. S2
55.22
55.67
55.39
55.34
53.83
55.11
56.05
55.68
54,18
54.32
54.93
54.18
54.24
54.14
54.47
54.99
55.55
55.79
56.30
56.10
56.08
55.48
56.34
56.32
56.98
SS.26
56.07
57.09

sa.?5

59. 19
58.47
58.38
57.05

AVERAGE FOR PERIOD

11.0
12,2
9.1

a., 3

IV Q

AVERAGE FOR PERIOD

AVERAGE ( M R A N ) DURATION OF UNEMPLOVMENT IN WEEKS
(WEEKS)

8.3
12.4
10.1

=1.3
11.8
ID.8
3.8
3.4
9.5
14.2
12.5

54.28
56.01
55.63
54.87
55,;!3
53.55
55.155
56,15
55.49
54.10
54.91
54.95
54.18
54.37
54.15
54.49
55.13
55.66
55.94
55.98
56.155
55.')2
55.48
56.21
56.89
56,99
55,36
56.;>3
57.;!!
58.156
59.05
58.04
58.32
56.99

III Q

a. ,7

is.b
13.7
11.7
10.5
13.2
13.5
17.2

10.2
8.6

8.3
7,8
8.5
11.2
12.4
9.9

9.9
8.5

8.3
7.9
8.9
11.6
11.9
9.6

9. a
15.6
15.5
14.1
11.6
10.5
12.4
13.9
16,0

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
9.8
8.7
8.2
7.9

9.3
12.0
11.5
9.9

9. 9
16.2
15.2
13.6
11.1
10.6
13.5
13.3
17.7

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

I4an

13.,3
11 * 8
10, .4
8.7
8.4
ToS
8 ,,fi
11 ,,3
12«0

10.0
9„8
14 ,,2
IS,, 8
14..3
11.9
10 „ 8
11.9
13,, 7
15.6

'

(THOUSANDS)
1949...
1950...
1951...
1952.,.
1953.
1954. . .
1955.. .
1956,. .
1957...
1958...
1959. .,
I960...
1961...
1962...
1963...
1964...
1965. . .
1966. . ,
1967...
1968...
1969. . .
1970.. .
1971...
1972...
1973...
1974. . ,
1975, . .
1976. ..
1977. . .
1978, . .
1979...
1<*80...
1981...
1982.. .
1983.. .

AVERAGE FOR PERIOD

60,771
61,661
61,941
62,432

61,057
61 ,687
61,778
62,419

61,073
61,604
62,526
61,721

61,007
62,158
61,808
61,720

61,259
62,083
62,044
62,058

60,948
62,419
fil,615
62,103

61,301
62,121
6 2 , 106
61,962

61,590
62,596
61,927
61,877

61,633
62,349
61,700
62,4!57

62,185
62,428
62,20,4
61,97ll

62,005
62,286
62,014
62,491

61,908
62,068
62,457
62,621

60,967
61,651
62,082
62,191

61,071
62,220

61, 822
61,960

61,508
62,355
61,938
62,099

62,033
62,261
62,225
62,361

61,2»6
62,208
62,0:17
62,i:J8

63,101
63,910
66,419
66,428
67,095
67,936
68,962
70,447
70,189
71,146
72,356
73,569
75,186
76,639
77,578
79,523
81,981
83,850
85,978
87,487
91,199
93,128
94,934
97,208
100,873
104,057
106,544
108,025
109,075

63,994
63,696
66,124
66,879
67,201
67,649
68, 949
70,420
70,409
71,262
72,683
73,857
74,954
76,521
78,230
80,019
82,151
83,603
86,036
88,364
91,485
92,776
94,998
97,785
1 00,837
104,502
] 06,691
] 08,267
] 09,503

63,793
63,882
66,175
66,913
67,223
68,068
68,399
70,703
70,414
71,423
72,713
73,949
75,075
76,328
78,256
80,079
82,498
83,575
86,611
88,846
91,453
93,165
95,215
98,115
1 01,092
1 04,589
10 6 , 4 5 7
1 08,597
109,664

63:, 934
64,564
66,264
66,647
67,647
68!, 339
691,579
70,267
70,278
71,697
73,274
74,228
7S,338
761,777
781,270
80,281
82,727
83,946
86,614
89,018
91,287
931,399
99,746
98,330
101,574
104,172
106,603
108,965
1091,901

63,675
64,381
66,722
66,695
67,895
68,178
69,626
70,452
70,551
71,832
73,395
74,466
75,447
76,773
78,847
80,125
82,483
84,135
86,809
88,977
91,596
93,884
95,847
98,665
101,896
1 04,171
10 6 , 9 2 5
10 9 , 2 0 7
1 10,542

63,343
64,482
66,702
67,052
67,674
68, 278
69,934
70,878
70,514
71,626
73,032
74,412
75,647
77,270
79,120
80,696
82,484
83,706
87,006
89,548
91,868
93,575
95,885
99,093
102,371
104, 638
1 06,837
10 8 , 4 3 4
1 10,133

63,302
65,145
66,752
67,336
67,824
68,539
69,745
70,536
70,302
71,956
73,007
74,761
75,736
77,464
78,970
80,827
82,901
84,340
87,143
89,604
92,212
94,021
96,583
98,913
102,399
105,002
107,174
108,589
110,399

63,707
65,5111
66,673
66,70fi
68,037
68,432
69,841
70,534
70,981
71,71)6
73,118
74,616
76,046
77,7:12
78,811
81,106
82,8HO
84,673
87,517
89,509
92,0!>9
9 4 , 1(52
96,741
99,3(56
1 02,511
1 05,0!»6
1 07,079
1 08,681
1 10,473

64,209
65,628
66,714
67,0(54
63,002
6 a, 54 5
70,1!51
70,2117
71,l!i3

63,936
65,821
66,546
67,066
68,045
68,82.1
69,88!4
70,492
70,<U7
72,281
73,308
74,838
76,199
78,19,4
78,913
81,494
83,276
84,872
87,491
90,131
92,518
94,267
96,704
99,815
103,080
105,700
107,401
108,977
110,690

63,759
66,037
66,657
67,123
67,658
68,533
70,439
70,376
70,871
72,418
73,286
74,797
76,filO
78,191
79,209
81,397
83,548
85,458
87,592
90,716
92,766
94,250
97,254
100,576
1 03,562
105,812
10 7 , 5 4 6
1 09,169
1 10,923

63,312
66,445
66,700
67,398
67,740
68,994
70^395
70,077
70,854
72,188
73,465
75,093
76,641
78,491
79,463
81,624
83,670
85,625
87,943
90,890
92,780
94,409
97,348
10 0 , 4 9 1
1 03,809
106,258
107,327
1 08,882
110,873

63,629
63,829
66,239
66,740
67,173
67,884
68,770
70,523
70,337
71,277
72,584
73,792
75,072
76,496
78,021
79,874
82,210
83,676
86,208
88,232
91,379
93,023
95,049
97,703
00,934
04,383
06,564
08,296
09,414

63,651
64,476
66,563
66,798
67,739
68,265
69,713
70,532
70,448
71,718
73,234
74,369
75,477
76,940
78,746
80,367
82,565
83,929
86,810
89,181
91,584
93,619
95,826
98,696
01,947
L04,327
06,788
08,869
10,192

63,739
65,451
66,713
67,035
67,954
68,505
69,912
70,429
70,812
71,958
73,138
74,626
75,946
77,663
78,880
81,074
82,912
84,581
87,351
89,650
92,253
94,128
96,626
99,244
02,568
05,209
07,115
08,509
10,517

63,669
66,101
66,634
67,196
67,814
68,783
70,239
70,315
70,881
72,296
73,353
74,909
76,483
78,292
79,195
81,505
83,498
85,318
87,675
90,579
92,688
94,309
97,102
100,294
03,484
105,923
L07,42S
09,009
10,829

63,643
65,023
66,<' 3 !i2
66,929
67,639
68,309
69,f>;>8
70,4!i9
70,fil4
71,833

NOTE: Unless otherwise noted, these series contain revisions beginning with 1979.
'Revisions occur throughout this series.

100




72,i:u

73,290
74,502
76,0156
77,812
78,a:;s
8i,2<»0
82,9!>4
84, 7!U
87,392
89,8:J8
92,4»8
94,202
96,5!i3
99,4!>3
10 2 , 7 9 5
1 05,5'.SO
1 07,091
1 08,2557
1 10,679

73, tm

74,4!iS
75, 'HO
77,347
78,737
80,734
82, "HI
84,3H2
87,0:14
89,<3:!9
91,949
93,775
96,1S8
99,009
102,2!>1
104,<Hi2
106,940
108,6''Q
110,204
(FEBRUARY 1934)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

442. TOTAL CIVILIAN EMPLOYMENT, LABOR FORCE SURVEY
(THOUSANDS)
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1,956...
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. ..
1982.. .
1983...

58,043
57,728
60,401
59,908
62,010
60,186
60,964
63,411
64,404
62,731
64,267
64,673
65,850
66,493
67,351
68,763
70,439
72,188
73,439
75,379

57,747
58,583
59,889
59,909
61,444
60,185
61,515
63,614
64,047
62,631
64,768
65,959
65,374
66,372
67,642
69,356
70,633
72,510
73,882
75,561

78,780
78,698
78,863
78,588
78,864
78,700
80,959 81 , 108 81,573
83,161 83,912 84,452
86,555
86,754 86,819
85,627
85,256 85,187
87,400
87,672 87,985
89,928 90,342 90,808
94,384
94,519 94,755
97,948 98,329 98,480
99,860 100,007 99,728
99,951 100,217 ] 00,609
99,682 99,810

78,930

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
68,327
69,997
72,198
73,671
74,700

58,208
57,751
59,fi61
60,462
61,884
60,663
60,727
63,518
64,257
62,898
63,684
65,620
65,588
66,538
67,024
68,751
70,127

72, 134
73,606
75,229

1949. . .

1,570

1950...
1951...
1952...
1953...

2,349

1955.. .
1956.. .
1957.. .
1958...
1959...
I960.. .
1961...
1962...
1963...
1964...
1965.. .
1966.. .
1968...
1969..,

1970. . .
1971...
1972.. .
1973...

1974. . .
1975...
1976...
1977...
1978...

1979. . .
1980.. .

1981. ..
1982.. .
1983...

98, 103
99,234
101,074

'

444.

1954. .
.

78, 987
81,655
84,559
86,669
85,189
88,416
91,271
95,394

1,874
2, 327
1,007
947
842
1,989
1,712
1,459
1,280

2,284

2,460
2,258

2,635
2,062

1,926

1,772

2,544
2,042
2,087

2,579

1,977
2,581

99fi

1,078
1,662
1,812
1,442
1,457
2,216

1,887
1,600
1,203
1,065
927
1,188
2,100
2,071
1,688
1,755
3,127
3,161
3,046
2,535
2,277
2,729
3,483
4,374

57,172
59,052
59,620
60,219
61,456
59,792
61,781
63,820
64,196
62,730
64,849
66,168
65,993
66,670
67,649
69,218
71,025
72,775
74,278

76, 107

76, 182

77,412
77,880
78,564 78,413
79, 139 78,757
81,887
82,083
84,648 85, 185
86,891
86,941
85,451 85,355
88,794
88,563
91,754 91,959
95,769
96,343
98,331
98,679
98,987 98,762
101,096 100,379

58,142
57,705
60 ,497
59,899
60,954
60,277
61,831
59,977
60,116
60,291
60,815
63,684
63,561
63,910
63,922
64,098
62,950
63,549
63,940
65,341
65,778
65,213
65,738
65,900
66,947
66,380
67,149
68,213
69,Br4
68,614
70,188
72,062
73,729
72,173
73,572
75 ,473
76,778
75,103
77,166
78,740
78,780
78,594
78,717
80,471
81,213
83,400
83,842
86 ,401
86,709
86,144
85,357
86,665
87,686
89 ,803
90,359
94,105
94,553
97,581
98,252
99,933
99,865
99,590
100,259
99,585

''

3,273

2,468

2,446

1,726

2,178

2,235

2,019
898
904
933
2,175
1,529
1, 477
1,420

1,917

1,817

1,632

1,557

1,459

1,387

1,427

2,324

2,057

910
938
975
2,133
1,833
1,376
1,415

1,001
884
2,113
1,482
1,491
1,512

1,078
917
2,121
1,420
1,455
1,447

872
1,575
1,876
1,439
1,532

1,113
980
940
1,822
1,748
1,442
1,376

934
948
931
2,140
1,615
1,448
1,449

2,510
1,669
992
1,103
934
2,231
1,413
1,424
1,518

2,899

2,964

2,985

1,827
1,923

1,810
1,893

1,811
1,968

2,787

2,569
2,039

1,043
900
1, 382

976
904
1,494

947
904
1,553

2,0fi9

2,055
2,034

2,049

2,093
2,006

2,019
1,670
1,796
3,002
2,824
2,335
2,253
3,294
3,354

2,021
2,000

1,671
1,736
2,968
2,847
2,298

1,913
1,743
1,404
1,105

905

1,064
981

930
1,044

876
1,278

2,280

2,293

2,254

2,008

1,464
1,412
1,463

1,354
1,404
1,644

1,465
1,330
1,710

1,455
1,481
1,947

3,027

2,997

1,850

1,877
2,124
2,531

2,772
2,093

2,646
2,076
2,295

2,439
2,297
2,353
2,269
2,043

2,045
2,622

1,994
1,900
1,663
1,394
1,121
962
985
1,735

1,013
923
1,624
2,061
1,981
1,628
1,800

2,079

3,167

3,136

2,769
2,200

2,698
2,232
2,302
3,827
3,368
5,207

2,117
3,551
3,512

3,517

4,787

5,065

2,193
3,658

1,960
1, 566
1,833

2,139

2,082

2,466
2,009

,839
,633
,386
,125
,067
987
957
1,755
2,160
1,898
1,575
1,957

1,804
1,703
1,344
1,063
991
962
1,072
1,830
2,142
1,878
1,543
1,978

3,046
2,720
2,229
2,350
3,775
3,522
5,245

3,075
2,532
2,229
2,345
3,762
3,557
5,563

2,371
1,932
1 ,851
1 ,740
1,260
1,016
1,046
950
1,064
1,890
2,029

1,910
1,467
2,129

2,030

2,437

2,949

2,932

2,508

2,201
1,892

1,940
2,103

2,182

2,568

1,816
1,928
2,671

2,035

1,999

2,034

2,092

2,023

1,908
1,596
1,204
1,119
1,089
887
1,062
2,192

1,824
1,580
1,179
1,058
1,071
910
1,301

1,973
1,719
1,497
1,098
1,078
979
910
1,557

2,166
1,791
1,560

'2,178

1,742
1,628

2,075
2,033

2,068
2,002

1,692
1,766

1,656
1,777

3,272

3,677
3,046

1,970
1,543
1,224
1,078
1,071
933
1,003

2,413
1,883

3,076
2,679
2,222

3,241
2,584

2,727
3,346
3,227
2,509

2,417

2,449
3,553
4,024
5,847

2,435
3,348
4,323
5,836

922
799
706
531
594
957
807
842
927

955
743
674
485
775
852
830
844
882
1,127
1,050
1,318
1,258
1,168
1,226
1,112
970
980
1,088
955
977

3,590

3,818
5,710

2,380

3,071
3,040
2,495
2,279

1951
1952.. ,
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1965...
1966...
1967...
1968...
1969...
1970...
1971...

1972. .
.
1973...
1974...
1975.. .
1976...
1977,..
1978...
1979...
1980...
1981...
1982...
1983...

1,220
,161
,038
890
1,051
989
979

1,210
1,123
1,040
938
985
967
1 ,043

1,238
1,135
970
904
1,134
928
1,068

965
718
733
576
553
934
893
816
844
1,221
1,113
1,172
1,371
1,174
1,231
1, 130
967
955
1,199
954
1,074

1,623
1,666
1,541
1,670

l,6ltf

1,694
1,684
1,546
1,764

1,657
1,657
1,539
1,918

1 ,650
1 ,689
1,416
1,846

1,701
1,523
1,518
2,166

2,838
2,384
2,408
2,283

2,753
2,498

2,158

2,281

2,278

2,251

2,196

2,625
2,847
3,568

2,656
2,826
3,550

2,736
2,870
3,682

2,600
2,635
2,538
2,308
2,254
2,602
2,943
3,693

2,624
2,644
2,589

2,189

2,643
2,673
2,542
2,295
2,406
2,767
2,848
3,668

2,657
2,638
2,462

2,322

2,679
2,673
2,492
2,464

2,300
2,794
3,034

2,264
2,763

3,104

2,319
2,771
3,148

3,814

3,995

4,026

1,093
889
1,040
963
1 ,029

1,055
1,001
1,035
96«
979

1,119
905
1,067
992
1,038

1,700
1,619
1,480
1,579
2,831

1 ,662
1,698
1,403
1,618

1,201

,216

1, 167

1,069
945
1,131
1,061
993

,196
879
1,029
1,052
992

1, 107
884
1,065
1,006
981

1,637
1,624
1,552
1,598

1,629
1,506
1,492
1,600

1,687
1,625
1,498
1,581

2,629

2,595
2,575

2,742

2,619
2,527
2,375
2,262
2,375

2,616
2,210
2,312
2, 387

2,814
3,117

2,770
3,293

2,642
2,238
2,289
2,339
2,766
3,405

2,518

957
751
711
515
551
1,071
848
812
828
1,269
1,002
1,039
1,327

1,196

751
842
693
567
455
1,058
792
823
713
1,385
1,064
1,003
1,447

I,2fi3

1,002
714
589
582
466
1,018
843
857
804
1,351
985
1,084
1,285

877
945
663
534
440
1,038
796
851
838
1,321
1,004
1,060
1,482
1,119
1,193

621
962
769
537
520
1,071
782
824
745
1,239
1,137
1,017
1,421

2,545
2,562
2,263
2,238
2,570
2,784

3,571

NOTE: These series contain revisions beginning with 1979.




2,. 577

1,702
1,532
1,733

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
69,710
71,827
73,657
75,216
76,499
78,575
78,643
80,229
83,002
86,236
86,588
86,497
89,570
93,639
97,400
99,637
99,472
100,021
99,054

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
69,305
71,088
72,895
74,372
75,920
77,902
78,678
79,367
82,153
85,064
86,794
85,846
88,752
92,017
96,048
98,824
99,303
100,397
99,526

2,278

2,188
3,501
3,461

4,472

4,873

619
997
727
584
480
981
832
762
793
1 , 174
1,147
986
1,371
1,187
1,195
1,283
1,124
903
1,075
1,040
989
1,163
1,651
1,585
1,514
1,593

828
883
680
564
435
1,050
790
846
786
1,352
1,036
1,020
1,462
1,126
1,210
1,219
1,089
932
1,047
974
1,015
1,292
1,662
1,661
1,475
1,622

2,655

2,807
2,476

2,540
2,02R

1,848
1,666
1,375
1,103
1,031
970
1,005
1,773
2,127
1,912
1,561
1,923
3,550
3,086
2,650
2,230
2,332
3,788
3,482
5,338

2,729

1,424
1,067
893
1,299

2,219
1,922
1,029
980
1,019

2,046

2,035

1,453
1,448
1,896

1,580
1,442
1,541
2,681

2,499
2,085
2,385
2,274
2,003

1,910
1,626
1,229
1,071
1,069
923
1,043
2,035

2,124
1,814
1,552
2,412
3,444

3,181
2,591
2,256
2,434
3,497
4,055
5,798

2,022
2,060

2,518
2,016
1,971
1,718
1,435
1,120
1,060
993
963
1,638
2,097

1,948
1,624
1,957
3,476
3,098
2,794
2,328
2,308
3,353

3,615
5,089

AVERAGE FOR PERIOD

996
839
631
558
453
1,035
789
1,009
838
1,304
1,029
1,120
,44R

857
861
683
592
411
1,054
783
863
806
1,349
1,040
996
1,456
1,133
1,242

646
999
692
623
445
955
822
697
783
1,225
1,140
937
,408

589
1,030
721
592
475
918
891
765
851
1,058
. 1,163
1,003

2,813

2,761
3,471

445. NUMHER UNEMPLOYED, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(THOUSANDS)
1949...
1950...

Annual

AVERAGE FOR PERIOD

2,456

1,105
903
1,334

2,939
2,468
2,270
2,842
3,443

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
69,480
71,369
73,088
74,714
76,101
78,153
78,616
79,511
82,450
85,330
87,079
86,136
89,163
92,409
96,397
99,041
98,881
100,452
99,493

2,553

1,667
1,517
1,085

3,012

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
69,402
70,897
72,594
74,001
75,950
77,605
78,636
78,961
81,875
84,797
86,834
85,332
88,591
91,661
95,835
98,371
98,994
100,850

2,522

1,748
1,570
1,103

3,487

57,845
59,429

2,333

1,780
1,525
1,174

2,291
2,713

'"

I,lfi8

IV Q

AVERAGE FOR PERIOD
57,269
58,009
59,803 59,697
60,010 59,836
60,132 60,748
60,893 60,738
60,357
60,270
62,991 63,257
63,975 63,796
64,046
63,669
63,475
63,470
64,530
64,911
65,632 66,109
65,919 66,081
67,114 66,fi47
68,294 68,267
69,582 69,735
71,695 71,724
73,401
73,840
75,051 75,125
76,224 76,494
78,445 78,541
78,650
78,685
79,918
80,297
82,616
82,990
85,987 86,320
86,995 86,626
86,370
86,456
89,274
89,634
93,052 93,761
97,133
97,485
99,404
99,574
99,300
99,525
100,324 100,155

2,265

2,008
2,053

1,695
1,735

lit Q

1,936

1,948
2, 137
1,805
1,615
1,161

2,483

'

'

2,656
2,043
2,006

1,993
1,693
1,809
3,214
3,041
3,136

57,190
57,397
57,584
59,001
59,797
59,575
60,156
59,994 59,713
59,971 59,790 60,521
61,397 61,151 60,906
59,643
59,853 60,282
62,513 62,797 62,950
63,800
63,972
64 ,079
64,540 63,959 64,121
62,745 63,012 63,181
65,011
64,844
64,770
65,909
65,895 66,267
65,608 65,852 65,541
66,483 66,968
67,192
67,905 67,908
68,174
69, 399
69,463
69,578
71,460
71,362 71,286
72,860
73,146 73,258
74,520
74,767 74,854
76,087
76,043 76,172
77,959
78,250 78,250
78,726
78,624
78,498
79,305
79,539
79,689
82,230 82,578
82,543
85,299
85,204
85,488
87,149 87,037
87,051
85,894
86,234
86,279
89,093
89,223
89,173
92,084 92,441 92,702
96,090 96,431
96,670
99,006
98,776
99,340
98,799 98,792 99,052
100,705 100,638 100,013

NUMBER UNEMPLOYED , MALES 20 YEARS AND OVER , LABOR FORCE SURVEY
(THOUSANDS

1,734
2, 295
1 ,096
994
901
1,816
1,719
1,425
1,391

1,236

57,552
58,649
60,188
60,195
61,019
59,908
61,634
63,861
63,985
62,874
64,699
66,057
65,449
66,688
67,615
69,631
71,034
72,497
73,844

II Q

I,0fi5

1,017
1,254
1,224
1 ,190
1,257
1,157
1,033
900
1,102
976
1,013

1,674
1,512
1,573
2,295
2,638
2,597

2,416

2,571
2,595
2,274
2,288
2,367
2,783
3,272

985
768
644
552
490
1,041
827
893
823
1,308
1,005
1,081
1,353
1,207
1,223
1,140
1,016
911
1,057
961
1,030
1,393
1,654
1,681
1,539
1,805
2,641

2,617
2,819

2,660
2,524
2,356
2,285
2,702
2,887

3,563

3,681

2,516
2,289
2,226

947
753
704
531
641
914
•843

834
884
1,138
1,060
1,248
1,284
1,177
1,238
1,133
990
945
1,130
962
1,021
1,565
1,675
1,575
1,502
2,102
2,640
2,626
2,489
2,239
2,294
2,776
3,095
3,945

841
854
689
559
510
997
823
832
821
1,242
1,063
1,080
1,368
1,175
1,216
1,195
1,056
921
1,078
985
1,015
1,349
1,658
1,625
1,507
1,777
2,684
2,588
2,535
2,292
2,276

2,615
2,895

3,613
(FEBRUARY 1984)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

446. NUM 3ER

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,.,
1982...
1983...

437
647
348
382
286
497
454
459
488
601
621
686
844
782
786
870
903
840
780
752
798
967
1,249
1,324
1,086
1,291
1,745
1,754
1,707
1,579
1,570
1,580
1,777
1,902

469
642
329
340
290
560
428
484
448
618
567
620
845
779
885
846
919
780
846
844
797
959
1,205
1,429
1,267
1,322
1,711
1,710
1,691
1,625
1,570
1,584
1,793
1,973

Apr.

May

June

July

Aug.

UNEMPLOYED, BOTH SEXES 16-19 YEARS OF AGE,
(THOUSANDS)

535
587
349
329
285
547
424
481
484
618
602
732
851
752
852
875
878
829
746
828
831
969
1,245
1,379
1,201
1,318
1,760
1,700
1,726
1,631
1,550
1,548
1,779
1,890

573
498
316
306
293
S58
424
451
472
732
680
694
790
737
853
896
932
836
776
770
825

looeo

1((210
1 J( 321
1|( 309
1,243
1,747
1,783
1,673
lf5R2
1^578
1*505
1(753
1,»966

585
554
275
367
252
538
435
521
484
708
629
680
760
709
975
885
860
864
817
825
830
1,022
1,241
1,218
1,255
1,351
1,823
1,701
1,656
1,546
1,534
1,762
1,752
2,008

566
505
338
349
283
400
423
540
506
638
614
738
834
686
871
900
864
862
848
933
855
1,157
1,265
1,276
1,194
,457
,840
,657
,788
,506
,515
1,761
1,712
1,865

593
464
358
355
290
503
423
488
511
748
649
671
858
681
931
784
869
865
859
932
904
1,060
1,346
1,251
1,207
1,497
1,837
1,681
1,639
1,613
1,498
1 ,812
1,646
2,007

Sept.

Oct.

Nov.

Dec.

606
403
385
336
339
437
SIR
538
580
684
689
723
802
791
924
851
816
792
893
806
840
1,279
1,294
1,288
1,318
1,594
1,673
1,735
1,642
1,580
1,525
1,705
1,886
2,045

662
469
318
310
468
468
492
414
564
651
720
791
737
704
841
943
857
813
841
843
845
1,259
1,302
1,289
1,288
1,614
1,760
1,721
1,461
1,620
1,571
1,618
1,826
2,032

IQ

II Q

IIIQ

IV Q

Annual

LABOR FORCE SURVEY

633
453
342
337
294
5515
477
432
480
677
725
733
866
69<S
829
89!?
823
837
893
814
85S
1,137
1,280
1,357
1,184
1,301
1,832
1,799
1,663
1,556
1,564
1,745
1,673
1,997

63i;

46<>
343
357
289
563
47<>
41')
47 L
78(1
680
7013
883
709
91<5
874
9012
831
833
79S
900
1,191
1,243
1,314
1,268
1,541
1,733
1,670
1,681
1,5813
1,591
1,675
1,744
2,011

I
678
448
314
333
377
478
472
425i
466
703
721
785
831
697
905
856,
916'
827
898
785
911
1,228
1,275
1,276
1,261
1,548
1,751
1,716
1,622
1,567
1,579
1,717
1,80H
2,020

AVERAGE FOR PERIOD
480
625
342
350
287
535
435
475
473
612
597
679
847
771
841
864
900
816
791
808
809
965
1,233
1,377
1,185
1,310
1,739
1,721
1,708
1,612
1,563
1,571
1,783
1,922

447. NUMBER UNEMPLOYED, FULL-TIME WORKERS, LABOR FORCE SURVEY
(THOUSANDS)

575
519
310
341
276
499
427
504
487
693
641
704
795
711
900
894
885
854
814
843
837
1,080
1,239
1,272
1,253
1,350
1,803
1,714
1,706
1,545
1,542
1,676
1,739
1,946

622
461
348
350
291
541
459
446
487
735
685
705
869
695
892
852
866
844
862
847
887
1,129
1,290
1,307
1,220
1,446
1,802
1,717
1,661
1,586
1,551
1,744
1,688
2,005

649
440
339
326
395
461
494
459
537
679
710
766
790
731
890
883
863
811
877
811
865
1,255
1,290
1,284
1,289
1,585
1,728
1,724
1,575
1,589
1,558
1,680
1,838
2,032

a ?G
513
33S
34'i
307
SOL
450
4713
497
6711
654
712
82ft
721
8fl4
872
874
837
83'}
833
833

1,1 nr,
I,2fi3
1,303
1,23'i
1,422
1,7ft?
1,719
l,6fil
1,583
1,55'i
I,6fi9
1,763
1,977

AVERAGE FOR PERIOD

1949...
1951...

1954. . .
1955...

...

1957...
1959...
1961...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981. . .
1982..,
1983...

3,719
3,466
3,041
2,391
2,285
2,257
2,088
2,427
3,902
3,933
3,402
3,567
6,059
6,045
5,792
5,115
4,699
5,273
6,613
7,820

3,722
3,377
3,163
2,301
2,193
2,333
2,C71
2,fi63
3,668
3,643
3,441
3,607
6,124
5,854
5,867
5,C09
4,816
5,266
6,594
7,989

3,624
3,391
2,980
2,349
2,250
2,201
2,026
2,787
3,884
3,894
3,393
3,563
6,493
5,849
5,742
4,952
4,718
5,387
6,534
8,335

3 f 539
3,>339
3f029
2 f 365
2(247
2(009
2,107
2,938
3,857
3|»858
3 f 385
3^628
6(798
5(864
5(626
4(769
4,768
5P995
6,449
8t60S

3,613
3,196
2,875
2,423
2,277
2,049
2,026
3,158
3,981
3,954
3,324
3,653
7,078
5,724
5,539
4,821
4,514
6,590
6,649
8,739

3,365
3,146
2,794
2,295
2,296
2,171
2,162
3,193
3,928
3,837
3,253
3,750
6,772
5,995
5,585
4,670
4,627
6,683
6,602
8,914

3,422
2,985
2,692
2,277
2,236
2,179
2,171
3,304
4,007
3,910
3,253
3,928
6,721
5,945
5,458
4,968
4,714
6,974
6,468
9,128

3,317
3,053
2,69fi
2,235
2,267
2,115
2,137
3,356
4,060
3,871
3,280
3,889
6,420
5,998
5,534
4,738
4,893
6,874
6,459
9,188.

3,283
3,105
2,610
2,225
2,295
2,042
2,286
3,487
4,063
3,75fi
3,303
4,243
6,666
6,056
5,362
4,769
4,8SS
6,722
6,741
9 , 580

3,410
3,520
3,081
2,925
2,470
2,493
2,218,
2,279
2,417
2,388
2,046
2,042
2,240
2,169
3,656
3,911
3,971
4,102
3,fl32
3,474
3,175
3,301
4,430
4,851
6,605,
6,426
6,107
6,060
5,398
5,331
4,600
4 ,642
4,923
4,924
6,657
6,680
7,119
7,436
9,907 10,115

3,451
3,029
2,459
2,286
2,347
1,934
2,190
4,032
4,091
3,420
3,422
5,272
6,276
6,146
5,052
4,798
4,975
6,510
7,928
10,171

3,fi8R
3,411
3,061
2,347
2,243
2,264
2,062
2,626
3,885
3,890
3,412
3,579
6,225
5,916
5,800
5,025
4,744
5,309
6,580
8,048

448. MUMPER EMPLOYED, PAliT-TIME WORKERS FOR ECONOMIC REASONS, LABOR 'FORCE SURVEY
(THOUSANDS)

3,506
3,227
2,899
2,361
2,273
2,076
2,098
3,096
3,922
3,883
3,321
3,677
6,883
5,861
5,583
4,753
4,636
6,423
6,567
8,753

3,341
3,048
2,666
2, 246
2,266
2,112
2,198
3,382
4,045
3,846
3,279
4,022
6,602
6,000
5,451
4,825
4,821
6,857
6,556
9,299

3, 460
3,012
2,474
2,261
2,384
2,007
2,200
3,866
4,055
3,575
3,329
4,851
6,436
6,104
5,260
4,680
4,941
6,616
7,494
10,064

3,?ns
3,1713
2,79L
2, 3 lr>
2,293
2,13B
2,143
3,206
3,96i3
3,80h
3,344
4,0111
6,521
5,974
§,54i3
4, 83t3
4,787
6,2fi'>
6,79'i
<t,00l>

AVERAGE FOR PERIOD

1949. . .
1951...
1952...

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.
1982.
1983.
NOTE:

102

1,847
1,923
3,022
2,511
2,287
3,087
2,161
2,298
2,120
2,108
1,797
2,048
1,653
1,721
1,980
2,543
2,487
2,043
2,525
3,716
3,424
3,391
3,163
3,259
3,542
4,393
4,961

I,fl74
2,C86
3,174
2,314
2,379
3,278
2,296
2,282
2,332
1,973
1,*37
2,C77
1,R19
1,707
1,B88
2,S10
2,340
2,182
2,fi73
3,f>55
3,288
3,S47
3,312
3, 267
3,497
4,145
5,413

These




1,678
2,091
3,440
2,475
2,197
3,024
2,414
2,281
2,166
1,994
1,627
2,039
1,748
1,810
1,965
2,501
2,433
2,172
2,472
3,789
3,247
3,372
3,279
3,285
3,485
4,211
5,591

1^846
2,034
3,334
2|,310
2 f 545
2f994
2^280
2 t 296
2,246
1,927
1,629
2 f 104
I t 659
It686
2(310
2(474
2(520
2()150
2,377
3,827
3(266
3,) 234
3(370
3,373
3,913
4(1153
5,756

1,805
1,992
2,127
3,306
2,123
2,413
2,932
2,403
2,249
2,205
1,983
1,706
1,702
1,714
1,746
2,228
2,482
2,387
2,216
2,667
3,714
3,329
3,326
3,289
3,349
4,398
4,270
5,781

i beginning with 1979.

1,755
2,088
2,187
3,019
2,205
2,577
2,748
2,290
2,288
2,173
1,898
1,737
1,838
1,826
1,854
2,155
2,227
2,580
2,543
2,577
3,514
3,170
3,375
3,427
3,441
4,259
4,156
5,696

1,912
2,026
2,207
2,771
2,302
2,552
2,727
2,369
2,179
2,062
1,986
1,723
1,850
1,727
1,750
2,279
2,421
2,514
2,490
2,610
3,442
3,220
3,480
3,345
3,385
4,279
4,452

1,881
2,107
2,133
2,808
2,282
2,558
2,731
2,28B
2,419
2,043
1,963
1,563
1,765
1,705
1,875
2,214
2,443
2,543
2,444
2,745
3,400
3,259
3,318
3,364
3,455
4,395
4,481

1,864
2,133
2,153
2,75S
2,205
2,755
2,647
2,390
2,381
2,114
l,77fi
1,616
1,875
1,659
1,907
2,123
2,355
2,424
2,424
2,917
3,343
3,421
3,379
3,33'5
3,265
4,28S
4,591
6,436

1,836
2,036
2,249
2,646
2,423
2,737
2,563
2,398
2,330
2,119
1,R59
1,592
1,840
1,658
1,B97
2,377
2,500
2,316
2,424
2,975
3,376
3,473
3,324
3,269
3,339
4,222
4,<J76
6,445

1,872
2,018
2,378
2,414
2,469
2,864
2,549
2,4R5
2,277
2,025
1,884
1,566
2,034
1,742
1,855
2,373
2,583
2,253
2,437
3,229
3,333
3,541
3,350
3,236
3,469
4,201
4,972
6,344

1 ,884
2,009
2,501
2,514
2,462
2,060
2,405
2,322
2,200
2,143
1,761
1,807
1,832
1,697
1,869
2,544
2,418
2,192
2,571
3,347
3,305
3,467
3,30-3
3,151
3,568
4,190
5,279
6,367

1,800
2,033
3,212
2,433
2,288
3,130
2,290
2, 287
2,173
2,025
1,687
2,055
1,740
1,746
1,944
2,518
2,420
2,132
2,557
3,720
3, 320
3,437
3,251
3,270
3,508
4,250
5,322

1,975
2,116
3,220
2,213
2,512
2,891
2,324
2,278
2,208
1,936
1,691
1,881
1,733
1,762
2,231
2,394
2,496
2,303
2,540
3,685
3,255
3,312
3,362
3,388
4,190
4,193
5,744

1,886
2,090
2,166
2,778
2,263
2,622
2,702
2,349
2,326
2,073
1,908
1,634
1,830
1,697
1,844
2,205
2,406
2,495
2,453
2,757
,397
, 300
,392
,348
,369
,320
4,508
5,983

1,864
2,021
2,376
2,525
2,451
2,854
2,506
2,402
2,269
2,096
1,835
1,655
1,902
1,699
1,874
2,431
2,500
2,254
2,477
3,184
3,338
3,494
3,326
3,219
3,4S9
4,204
5,076
6,385

1,R3*
1,967
2,lfi-i
2,953
2,336
2,560
2,813
2,337
2,231
2,137
I,92t3
I,6fi4
1,913
1,71!>
1,8111
2,1913
2,4!JI
2,430
2,343
2,751
3,542
3,334
3,36'»
3,2913
3,373
4,064
4, 499
S.852
(FEBRUARY 1984)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
451.

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...
1982...
1983...

July

Sept.

Aug.

88.4
88.2
88.3
88.5
88.2
88.2
87.5

88.4
88.4
88.4
88.4
88.0
87.9
87.4

fi8.3
88.4
88.4
88.0
8 .8
8 .2

88.1
R8.2
R8.3
88.1
87.7
fl7.6

88.5
86.5
88.0
87.9
88.2
87.6

87.2

87.1

87.0

8

.3

86.3
85.6
8 5.. 9
85.3
84.4
84.0
84.1
83.6
83.3
83.0
83.0
R2.9
81.9
81.8

86.4
86.1
85.8
84.7
84.4
R4.5
84.1
83.7
83.5
83.1
82.8
83.0
82.2
81.7

R6. 2
86.0
85.9
85.0
84.3
84.5
84.3
83.6
83.4
83.2
82.7
82.
82.
81.

86.1
85.9
85.8
84.8
= 84.3
84.0
83. R
83.6
83.5
83.4
82.7
82.6
82.0
81.7
81.2

81.7
80.4

81.3
80.4

81.0
80.5

81.
80.

fifl!2

87.1
87.0
86.6
85.9
R5.fi
84.4
84.5
84.3
83.9
83.4
83.5
83.3
R2.7
82.6
82.1
81.7
81.3
80.7
80.4

86.
87.
86.
86.
85.
84.
84.3
84.1
83.8
83.5
83.4
83.2
82,9
82.5
82.1
81.6
81.1
80.9
80.4

88.4
88.2
88.0
87.6
88.4
R7.fi
87.3
86.9
,
fi7.1
86.5
86.2
, 85.5
84. R
84.4
• 84.2
83.6
83.5
83.2
83.0
82.9
82.5
82.0
81.6
81.0
80. R
R0.2

79.8
80.3
79.9
79.1
78.7

79. 7
79.9
79. 4
79.3
78.7

79.8
79.8
79. 5
79.4
78.8

79.8
79.5
79.6

79. R
79.7
79,3

79.7
79.8
79.4

79.fi
79.7

79.0

78. R

78.8

78.fi

C I V I L I A N LABOR FORCE P A R T I C I P A T I O N RATS,
(PERCENT)

42.6
43.5
43.2
43.6
44.3
45.1
46.0
46.8
48.0
49.4
50.2
51.4
52.2
52.fi

42.5
43.0
43.2
44.3
45.1
46.0
46.8
48.2
49.4
50.2
51.3
52.4
52.9

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
43.0
48.0
48.3
46.6
47.7
50.4
50.0
51.1
50.8
55.1
54.9
54.2
54.2
56.7
58.5
57.7
56.7
54.2

CIVILIAN

53.7
51.7
51.0
51.8
54.0
51.4
45.4
50.5
49. R
48.0
46.7
47.4
46.7
45.9
45.1
45.3
43.7
46.7
48.2
48.5
47.8
50.3
49.9
51.4
52.9
55.2
54.1
54.2
55.2
56.6
58.6
57.2
56.7
54.8

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
45.3
47.4
47.6
47.9
48.7
49.9
49.7
51.8
53.7
53.8
53.6
55.2
55.7
57.0
57.9
55.9
57.1
54.5

,

53.4
50.9
52.fi
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
45.6
46.9
47.2
48.2
47.5
49.7
49.4
51.5
53.2
54.3
54.7
55.1
55.6
57.9
57.3
57.1
56,4
55.5

-

NOTE: These series contain revisions beginning with 1979.




49.8
50.4
51.3
52.fi
50.9
46.3
46.7
52.5
50.2
46.5
46.0
49.7
47.8
47.8
44.6
44.4
44.0
48.5
48.8
49.3
49.6
49.0
47.5
51.9
54,5
55,3
53.8
53.8
57.0
58.5
58.0
57.0
54.0
52.4

Annual

78.9

78. R

78. 8

78.7
78.fi

79.2
78.7

79.2
78.9

.

88.6
88.2
88.2
88.3
88.1
87.9
87.5
87.6
86.9
86.7
86.3
86.0
85.7
84.fi
84.3
84.2
83.9
83.5
R3.4
83. 1
82.fi
82.fi
82.1
81.6
81.3
81.0
80.3
79,8
79.7
79.8
79.8
79.4
79.0
78.7

F E M A L E S 20 Y E A R S A N D OVER
AVERAGE FOR P E R I O D

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
8.6
fi.8
9.4
O.fi
1 .7

32.9
33.7
34.1
34. R
33.fi
34.4
36.0
36.4
36.fi
36.fi
37.0
38.2
37.6
37. R
38.7
3R.7
39.5
40.9
41.6

32.7
33.3
34 . 5
34.2
33,2
34.0
36.4
36.4
3fi,9

31.9
32.
33.
34.
34.
34.
34.
36.
36.

32.1
33.4
33. R
33.8
33.8
34.3
34.9
36.4
36.3

32.7
33.3
34.1
34.2
33.8
34.1
35.8
36.7
36.fi

37.2
3R.2
37.5
37.8
3R.5
3R.9
39.6
40.8
41. R

36.
36.
38.
37.
38.
38.
39.
39.
40.5

37.1
37.7
38.1
37.fi
38.3
39.3
39.4
39.9
40. R

42.8
43.0
43.4

2.9
3.4
3.5

42.8
43.4
43. R

42.9
43.4
43.8

42.3
43.2
43.4

42.6
43.2
43.1

37.0
38.0
37.7
38.0
38.3
38.7
39.5
40.3
41.2
41.5
42. R
43.3
43.2

32. R
33.5
34.3
34.4
33.fi
34.3
36.1
36.5
36.7
36.7
37.2
38.0
37.7
37.8
38.6
38.8
39.5
40.8
41.7
41.8
42.9
43.4
43.7

44.5
45.5
46.2

44.6
45.5
46.1

4.6
5.3
6.3

44.9
45.5
46.2

44.8
45.fi
46.3

43.
44.
45.

44.4
45.2
46.0

44.5
45.6
46.1

44.8
45.5
46.3

48.1
49.5
50. R
51.4
52.1
53.0

4R.5
49.9
50.8
51.2
51.7
52. R

48.8
50.1
'51.0
51.5
52.4
52.9

48.7
50.2
51.2
51.4
52.1
53.0

47.
49.
50.
51.
51.
52.

48.1
49.5
50.2
51.3
52.3
52. R

48.2
49.7
50.7
51.3
52.0
52.9

48.fi
50.1
51.0
51.4
52.3
52.9

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
43.6
47.2
48.0
47.8
47.9
50.4
49.7
51.5
52.4
55.1
54.4
54.3
55.0
56.6
58.5
57.4
56.6
54.4

52.1
50.7
51.6
51.9
50.7
48.3
47.2
51.3
49.7
47.8
46.6
4R.8
46.5
47.2
45.4
44.4
45.0
47.6
47.9
48.5
48.6
49.5
48.9
51.7
53.8
54.5
54.0
54.7
56.1
57.8
57.7
56.7
55.8
54.1

LABOR FORCE PARTICIPATION R A T E , BOTH S E X E S ,
(PERCENT)

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
44.1
46.9
47.5
48.2
48.3
50.4
49,3
51.9
53.5
55.0
54.1
54.4
55.5
56.5
58.4
57.2
56.5
54.2

79,9
79.6
79.1
78.7
78.7

79.8
79.7

48.0
49.6
50.6
51.3
52.2
53,0

42.4
43.4
43.2
43,7
44.1
45.1
45.9
46.7
47.9
49.1
50.5
51.2
52.1
52.6

79.6
79.8
79.4
78.8
78. fl

79.8
80.1

44.5
45.8
46.1

42.4
43.1
43.3
43.4
44.0
45.0
45.6
4fi,6
47.6
48.9
50.3
51.3
51.9
52.4

89.0
88.2
88.6
87.9
87.8
87.6
87. 7
R7.3
86.6
86.6
86.4
86.2
85.4
R4. 5
84.2
84.0
83.5
83.5
R3.4
R3.0
R2.fi
82.5
Rl.R
81.4
81.3
80.8
79.8
79.9

RO.O
79,5

44.5
45.3
46.0
47.0
48.1
49.6
50.3
51.3
52.3
53.0

42.0
43.1
43.6
43.6
43.6
44.7
45.9
46.6
47.4
48.9
50.1
51.3
51.8
52.2

'

88. 5
88.3
87.6
RB. 1
87.9
88.1
87.6
87.4
86.9
87.1
86.5
86.0
R5.fi
84.7
84.4
84.2
83. R
83.5
83.4
83.2
82.8
82.5
R2.1
81.fi
fll.l
80.8
80.3
79.9

RO.O
79.5

42.8
43.3
43.2

32.2
33.8
33.fi
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
39.7
39.9
40.9

IV Q

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
R4.R
84.3
84.3
84.1
83.6
83.5
83.2
82.7
R2.R
82.2
81.7
81.3
81.0
80.5
79.8

79.fi
79.7

42.7
43.5
43.0

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
39.2
40.0
40.8

HI Q

88.5
88.0
R8.4
88.8
88.5
87.9
87.3
88. 0
87.1
86. 3
86. 2
85.9
85.9
85.2
fi4.3
84.1
84.1
83.fi
83.5
83. 1
83.0
82.8
82.1
Rl ,6
fll.4
81.fi
80.5
79.6

79.5
79.8

42.8
43.2
43.0

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.fi
38.4
39.5
39.2
39.8
40.8

II Q

88 .2
8R.4
R7.fi
88. 0
87.6
87.7
87.3
R6.5
86.5
86.3
86. 3
85.5
84.6
84.3
84.0
83.5
83.5
83.3
82.9
82.5
82.5
81.9
81.4
81.3
80.9
79.9
80.0

32.5
33.1
33.8
34.9
33.7
3 4 . <5
35.9
36.8
36.5
36. R
36.9
38.1
37.5
38,3
38.4
38.6
39.3
40.6
41.4

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
39.2
39.6
40.4

IQ

88.2
88.6
87.6
87.6
88.0
R7.fi
87.2
86.6
87.0
86.4
86.1
85.5
R4.fi
84.2
R4.2
83.6
R3.4
83.4
82.9
82.8
82.4
81.7
R1.4
81.1
80.8
RO.O
79.8

32.7
33.6
33.9
33.9
33.7
33.9
36.0
36.6
3fi.4
37.2
3fi.9
37.9
37.7
3R.1
38.1
38.9
39.fi
40. 3
41.1

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
39.2
39.6
40.5

Dec.

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
R4.2
83.9
83.fi
83, fi
R3.4
83.1
82.6
82.5
81.9
81.5
81.4
80.7
79.6
79.8

32.9
33.2
34.5
33.7
34.1
33.8
35.5
36.fi
36.9
37.0
37.1
37.9
38.0
37.6
38.3
38.7
39.7
40.0
41.0

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
39.0
39.8
40.7

Nov.

AVERAGE FOR P E R I O D

88.5
88.0
88.8
88.6
88.7
87.7
87.4

86.0
86.0
85.8
85.3
84.3
84.1
84.1
83.5
83.5
83.1
R3.1
R2.8
82.0
81.5

79.9
80.1
79.7
79.2
78.6

Oct.

YEARS AND OVF1R

87.2

453.

1949.
1950.
1951 .
952.
953.
954.
955.
956.
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.
1982.
1983.

June

May

Apr.

LABOR FORCE PARTICIPATION RATE, MALES 20
(PERCENT)

88.5
88.0
88.4
89.0
88.6
88.1
87.2

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
84.1
83.6
83.7
83.1
82.9
82.8
82.3
81.6
81.2
81.8
80.6

452.

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,..
1982.. .
1983...

Mar.
CIVILIAN

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
46.3
49.1
49.0
49.1
50.0
49.4
50.5
51.6
53.3
54.9
54.1
55.3
56.1
58.4
57.7
57.4
54.6
53.2

.

51.9
52.0
53.0
50.0
49.6
48.0
49.6
50.6
48. 4
47.1
46.fi
46.9
48.0
46.4
44.8
44.2
45.5
49.3
49.5
49.0
50.0
49.7
50.5
52.9
53.2
53.8
53.8
55.1
57.2
59.3
56.8
55.8
55.1
53.9

8.3
50.0
50.9
51.4
52.3
52.7

32.4
33.2
34.0
34.1
33.9
34.2
35.3
36.4
36.5
36.9
37.0
37.6
38.0
37.8
38.3
38.9
39.4
40.2
41.1
41.6
42.7
43.3
43.3
43.7
44.4
45.3
46.0
47.0
48.1
49.fi
50.6
51.3
52.1
52.7

15-19 YEARS OF AGE
AVERAGE FOR P E R I O D

53.1
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

52.5
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

52.9
52.6
51.9
51.4
4R.9
46.3
52.7
50.4
49.4
46.8
46,3
47.4
47.4
44.9

52.fi
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

45.5
46.5
47.5
48.3
47,9
50.5
50.4
49.3
51.6
54.3
55.7
54.1
53.9
55.9
58.1
57.8
56.3
54.8
54.1

44.1
47.8
48.2
48.7
48.0
50.9
50.1
49.7,
' 51.9
54.8
55.5
53.5
54.4
56.5
5 .3
5 ,5
5 .6
5 .9
5 .2

44.1
47.1
49.1
48.3
47.7
50.9
50.1
50.5
52.4
55.1
55.1
53.2
54.4
57.2
58.2
57.7
56.3
55.1
54.5

44.3
48.1
49.3
48.3
47.8
50.4
49.8
50.6
52.8
55.1
54.4
53.8
54.1
56.3
58.2
58.3
55.9
53.7
53.7

.

51.8
51. R
52. R
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
46.1
48.fi
48.9
48.7
50.2
49.8
50.1
52.0
53.6
54.8
54.0
54. R
56.4
58.6
57.4
56.5
54.8
53.7

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
47.7
48.9
48.4
47.fi
50.7
50.0
50.3
52.4
55.0
55.0
53.5
54.3
5fi.7
5R.2
57.8
56.3
54.6
54.1

52.5
51.fi
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.fi
48.1
48.
48.
49.
49.
49.
51.
53.7
54.8
54.0
54.5
56.0
57.8
57.9
56.7
55.4
54.1

(FEBRUARY 1984)

103

E. Business Cycle Expansions and Contractions in the United States

Duration in months

Trough

Expansion'
(trough to
peak)

Peak from
previous
peak

Trough from
previous
trough

Peak

December 1854
December 1858
June 1861
December 1867
December 1870
March 1879
May 1885
April 1888
May 1891
June 1894

Cycle

Contraction
(trough from
previous
peak)

Business cycle reference dates

8
32.
18

30
22
46
18
34

"48
30
R
36

40
M
50
52

65
38
13
10
17

June 1857
October 1860
April 1865
June 1869
October 1873

36
22
27
20
18

99
74
35
37
37

101
60
40
30
35

"is

March 1882
.... M'archl887
July 1890
January 1893
.... December 1895

June 1897
December 1900
August 1904
June 1908. .
January 1912

... June 1899
September 1902
May 1907
... January 1910
... January 1913

18
18
23
13
24

24
21
33
19
12

36
42
44
46
43

42
39
56
32
36

December 1914
March 1919
July 1921
July 1924
November 1927 . .

.... August 1918
.... January 1920
May 1923
October 1926
.... Aygustl929

23
I
18
14
13

44
10
22
27
21

35
51
28
36
40

_6_Z
17
40
41
34

March 1933
June 1938
October 1945
October 1949
May 1954

May 1937
.,,. February 1945
.... November 1948
July 1953
.... August 1957

43
13
1
11
10

50
80
37
45
39

64
63

93
93
45
M
49

April 1958
February 1961
November 1970 .
March 1975
July 1980
November 1982 . . .

.... April 1960
. . December 1969
. . November 1973
January 1980
.... July 1981

8
10
1
1
16
6
16

24
106
36
58
12

47
34
11Z
52
64
28

32
H
i
47
74
18

Average, all cycles:
1854-1982 (30 cycles)
1854-1919 (16 cycles) . . ,
1919-1945 (6 cycles)
1945-1982 (8 cycles)

18
22
18
11

33
27
35
45

51
48
53
56

'51
49
53
3
55

Average, peacetime cycles:
1854-1982 (25 cycles) . .
1854-1919(14cycles) .
1919-1945 (5 cycles)
1945-1982 (6 cycles)

19
22
20
11

27
24
26
34

46
46
46
46

3

;

48
15

2

4

46
47
45
44

NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and II, Korean war, and Vietnam war), the postwar contractions, and the full cycles
that include the wartime expansions.
1

29 cycles.

2

15 cycles.

Source: National Bureau of Economic Research, Inc.

104




3

24 cycles.

4

13 cycles.

G, Experimental Data and Analyses

in 111

Components of BCD series 26 1
Year
and
quarter

Implicit price
deflator, gross
nonfarm business
product
(Index: 1977=100)

Unit labor cost,
all persons, nonfarm
business sector
(Index: 1977=100)

1982

I Q....
II Q...
Ill Q..
IV Q...

146.4
148.3
149.1
150.5

151.3
153.6
155.4
157.1

152.4
153.4
154.7
r!56.1

158.3
157.2
157,8
159.2

(Nov.)
P

(Mar.)
T

(Jin.) (July) (July)
P T
P

(Nov.)
T

in in in iiij-i&i i i ^Jf TTT TIT
i

Components of BCD series 26—

140'

1!
1
Implicit price deflator, gross nonfarm

130
120

business product, Q
(index: 1977-100)

110

170
160
150
140
130
120

1983

I Q....
II Q...
Ill Q..
IV Q...

Ratio scale
170
160
150

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977=100)

110

1984

100

I Q....

90

II Q...
Ill Q..
IV Q...

80

Inventory-sales ratios in 1972 dollars 2

v

Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Inventory-sales ratios in 1972 dollars (ratio)

m

Retail trade

Arithmetic
scale
2.2

(Ratio)
2.1

1983

Jan..
Feb..
Mar..
Apr..
May..
June.

.
.
.
.
.
.

1.97
1.97
1.91
1.89
1.85
1.79

1.47
1.51
1.50
1.52
1.41
1.37

July.
Aug..
Sept.
Oct..
Nov..
Dec..

.
.
,
.
.
.

1.82
1.79
1.78
1.79
1.75
pi. 71

1.39
1.40
1.39
1,39
1.39
pi. 36

2.0

1.38
1.41
1.38
1.38
1.35
1.33
1.33
1.36
1.36
1.35
1.34
pi. 35

1.9

1.8,
1.7
1.5
1.4

1984
Jan
Feb....
Mar
Apr
May....
June. . .

(NA)

(NA)

(NA)

1.3
1.2
1.5

July. . .
Aug
Sept...
Oct..,.
Nov....
Dec

1.4
1.3

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983

NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis,




105

G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes

Net contribution to index

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturino (hours)
5. Average weekly initial claims, State
unemployment insurance 1 (thousands)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars) . . .
32. Vendor performance, companies receiving
si ower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders for pliant 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 d o t . , smoothed 2 (ann. rate, bil. dol . ) .
99. Change in sensitive materials prices,
smoothed 2 (percent)
19. Stock prices, 500 common stocks
(index- 1941-43=10)
106,
Money supply (M2) in 1972 dollars
(billiondollars) .
. .
111.
Change in credit—business and consumer
borrowing (annual rate, percent)
910,
Composite index of 12 leading indicators 3
(index: 1967=100) . .
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagri cultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion d o l l a r s ) . . . .
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920, Composite indeix of 4 roughly coincident
indicators 3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, constant-dollar inventories to sales,
manufacturinq and trade (ratio)
62. Labor cost per unit of output, manufacturing-actual data as a percent of trend (percent) .
109.
Average prime rate charged by banks
(percent)
101.
Commercial and industrial loans outstanding
in 1972 dollars (million dollars)
95. Ratio, consumer installment credit to
personal income (percent)
930.
Composite index of 6 lagging indicators 3
(index: 1967-100)

Oct.
1983

Nov.
1983

Oct.
to
Nov.
1983

Jan.
1984

Dec.
1983

Nov.
to
Dec.
1983

Dec.
to
Jan.
1984

40.6

40.6

40.5

p40.9

0.00

-0.08

0.37

r386

r381

r378

364

0.04

0.02

0.12

r35.65

r36.47

r36.93

p3f3.70

0.11

0.06

0.20

64

59

67

63

-0.20

0.32

-0.19

rl!3,0

rl!7,8

rl!5.9

pl!4.2

-0.02

-0.23

-0.25

15.25

r!4.02

r!3.92

p!4.41

-0.18

-0.02

0.09

131.7

132.6

125.1

146.3

0.02

-0.17

0.57

r21.30

r!9.%

pl<5.37

NA

-0.07

-0.20

NA

rO.95

rO.95

rO.96

0.00

0.00

-0.09

167.65

165.23

164.36

166.39

-0.09

-0.03

0.09

r393.9

r901.3

r905.5

p903.9

0.10

0.13

-0.07

10*6

r!4.1

NA

0.15

0.18

NfA

r 162.8

r!62t7

162.9

p!64.7

-0.06

0.12

1.10

r91,084

r91,355

r91,583

p91,870

0.25

0.21

0.34

rl, 116,7

rl, 12218

rl, 129.1

pi, 136.0

0.27

0.28

0.39

155.0

r!55r5

r!56.4

p!50.1

0.09

0.16

0.39

1-164,875

r!67,510

p!7Q,578

NA

0.35

0.40

144.3

r!45.4

r!46.7

p!48.1

0.76

0.89

20.1

20.2

19.6

1.57

1.55

pi. 53

r88.9

r89.0

11.00

7.8

0.77

NA
0.95

-0.04

0.22

NA

-0.26

-0.26

HA

r88.6

p88.1

0.04

-0.15

-0.27

11.00

11.00

11.00

0.00

0.00

0.00

101,556

r!02,428

r!03,903

p!03,652

0.23

0.38

13.16

r!3.22

p!3.35

MA

0.23

0.50

NA

109.8

rllO.l

rllO.9

P 109.9

0.27

0.73

-0.90

20.5

-0.47

-0.09

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by d i v i d i n g the standardized and weighted change for the component by the sum of the weights for the a v a i l a b l e components and d i v i d i n g that result by the index standardization factor. See the February 1983 issue of BUSINESS CONDITIONS DIGEST
(pp. 108-109) for the weights arid 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 on the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the Individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.
2

3

106




G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
IM|M.I.|I..MJM"'|.MM,M.M,.M.

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed*
|L,L,L|

•I 1 ""! 1 1

Devi-

Actual
data
from
for
reference current
peaks
cycle

REF.';
TROUGH

FROM

ACTUAL
DATA

7/81

SERIES

1

AND

YEAR

20*

M I

|

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed 1

EIL. DDL.

2
3
4

-15.4
-15.7
-13.7
-11.7

11.99
11.95
12.24
12.52

12/82
1/83
2/83
3/83

5
6
7
8

-7.1
-2.3
-2.6
-3.4

13.17
13.85
13.81
13.70

4/83
5/83
6/83
7/83

9
10
11
12

-1.5
-0.1
2.6
3.5

13.97
14.16
14.54
14,67

8/83
9/83
10/83
11/83

13
• 14

I"

l.G

14.40

12/83

• 16

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
0/02
DATA YEAR
SERIES 20 *
OIL. DOL.

• 13

6
7
8

3.8
G.3
8.8

11.95
12.24
12.52

1/83
2/83
3/83

• 11

9
10
11
12

14.4
20.3
20.0
19.0

13.17
13.85
13.81
13.70

4/33
5/S3
6/83
7/83

• 10

13
14
15
16

21.4
23.0
26.3
27,5

13.97
14.16
14.54
14.67

8/33
9/83
10/83
11/83

17

25.1

14.40

12/83

• 12

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
7/81
TROUGH
SERIES 40
THOUSANDS

40. Employees in goods-producing
industries

-10.4
-10.5

23049
23030

2/83
3/83

-10.0
-9.2
-3.6
-7.8
8

23159
23347
23513
23724

4/83
5/83
6/83
7/83

-7.3
-6.9
-6.0
-5.5

23830
23935
24168
24311

8/83
9/83
10/83
11/83

-5.1
-4.3

24412
24612

12/83
1/84

3
4

Percent

5
6

+2

n
>26,000
°

7

• 25,500
)

10

• 25,OOC
C

13

9

•24,500

40. Employees in goods-producing

11
12
14

* 25,500

• 25,000

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
SPEC.
FROM ACTUAL
DATA YEAR
TROUGH
3/83

24,500

-6
SERIES 40
THOUSANDS

• 24,000

0.1

23049 2/83
• 24,000

• 23,500
0

I.M..I..M.

-12

-6

..Mil. III.

0

+6

Mill

+12

Months from reference troughs

II

1
2
3
4

0.6
1.4
2.1
3.0

23159
4/83
23347 5/83
23513 6/83
23724 7/83

5
6
7
8

• 23,000

0. T 23030 3/83

3.5
3.9
4.9
5.6

23030 8/83
23935 9/83
24160 10/83
24311 11/83

9
10

6.0

24412

12/33
1/84

-

+ 2 • 23,500

•23,000
M!

-12

1..M.I

-6

0

1.....I

+6

+12

I. M M

+18

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1984 issue.
iThis series is an MCD moving average placed on the center month of the span. Specific trough dates used, however, are those for the actual monthly series.
^Numeral indicates latest month used in computing the series.




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued

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

Devi' ations
from
reference
peaks

Actual
data

for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL i AND
TROUGH
7/01
DATA YEAR

1
2
3
4

SERIES 51
ANN. RATE
OIL. DOL..
-1.5 1072.2 12/82
-1.2 1075.9
|/83
2/83
-1.5 1072.6
-1.0
1078.0
3/83

5
6
7
8

-1.0
-0.1

• 1150

H125

0.5
0.8

1077.9
1087.3
1094.0
1097.4

0.7
1.3
2.6
3.1

1096.5
1103.2
1116.7
1122.8

3.7
4.3

i;,29.i
1L36.0

12/83
1/94

-1-10

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA ^EAR
110/82

o
• 1075
4

-5

940. Ratio, coincident index to lagging
index

5
6
7
8

1.2
1.2
2.0
2.7

1078.0
1077.9
1087.3
1094.0

3.0
2.9
3.5
4.8

1097.4
1096.5
1103.2
1116.7

71/83
8/83
9/83
10/83

5.4
6.0
6.6

1122.8 11/83
1129.1 12/83
1136.0
1/84

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA, YEAR

3
4

SERIES 940
967=100
-4.3
115.3
-2.3
117.7

5
6
7
8

-0.8
3.1
5.6
6.1

119.5
124.2
127.2
127.9

9
10
11
12

5.3
7.7
9.0
9.6

126.9
129.8
131.4
132.1

• 125

• 120

132.3
1S4.8

_

Mc

• IIS

H10

• 100

-1 -20

-12

-6

0

-1-6

-1-12

9
10
11
12

SERIES 940
1967=100
1.16.1
15.9

108

Percent

+ 35
• 145

+ 30
• 140

+25
• 135

+20
• 130

5.2
7.4
9.0

115.3
117.7
119.5

13
14
15
16
17
13
19
20

13.3
16.1
16.7
15- 8
IS.4
19.9
20. 5
20.7

134.3

1/83
2/83
3/83
4/83

124.2
127.2
127.9
126.9
1519.8
131.4
132.1
132.3

23.0

H25
+ 10

• 120

+ 5 9115

• no
1/84

+18

For an explanation o-c these charts, 5>ee "How to Read Charts" on p. 106 of the January 1984 isst/e.




940. Ratio, coincident index to lagging
index

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
4/82
DATA YEAR

Months from reference troughs

NOTE:

+2
• 1075

12/83
1/84-

21

• 105

15

770

8/83
9/83
10/83
11/83

9.8
1H. 9

11100

4/83
5/83
6/83
7/83

13
14

• 130

+4

2/83
3/83

• 140

• 135

• 1125

3/83
4J/83
5/83
6/83

13
14
15

-•

+6

SERIES 51
ANN. RATE
BIL. DOL. j
0.7 1072.6
2/83

9
10
11
12

H050

11175

01150

1

• 1100

for
current
cycle

+ 12

8/83
9/83
10/83
11/83

13
14

Actual
data

Percent

4/83
4/83
6/33
7/83

9
10
11
12

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

Deviations
from
specific
troughs

-12

-6

0

+6

+12

Months from specific troughs

+18

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued

T

r

r

T

910. Composite index of 12 leading
indicators

Deviations
from

reference
peaks

Actual
data
for
current
cycle

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
AND
ACTUAL
TROUGH
7/81
DATA
YEAR
SERIES 910
1967=100

3
4

147.4
150.2

6.7
8.1

4/33
5/83
6/83
7/83

Percent

a
H70

+ 15

10.1
10.8

152.5
154.5
157.3
158.3

9
10
11
12

11.3
12.3
13.9
13.9

159.0
160.5
162.3
162.7

8/83
9/83
10/83
11/83

13
14

Percent

910. Composite index of 12 leading
indicators

DeviActual
ations
data
from
for
specific current
troughs cycle

2/83
3/83

5
6
7

+ 20

3.1
5.1

T

14.0
15.3

162.9
164.7

12/83
1/84

+ 30

• 170

+25
H65

• 160
DEVIMONTHS
FROM ATIONS CURRENT MONTH
FROM
SPEC.
ACTUAL
AND
TROUGH
3/82
DATA
YEAR

+ 10

+5

*150

-10

-15

• 130

• 120

-20

3/83

13
14
15
16

13.2
14.7
16.8
17.5

152.5
154.5
157.3
158.3

4/83
5/83
6/33
7/83

17
13
19
20

13.0
19.2
20.9
20.8

159.0
160.5
162.8
162.7

8/83
9/83
10/83
11/83

21
22

-5

H60

SERIES 910
1967=100

150.2
• 140

+ 20

20.9
22.3

162.9
164.7

12/83
1/84

• 150

+ 10

H45
+5
• HO

DEVIMONTHS
FROM ATIONS CURRENT MONTH
ACTUAL
AND
FROM
REF.
DATA
YEAR
7/81
TROUGH
SERIES

920

.1967 = 100

3
4

+5

2/83
3/83

-8.1
-6.6
-5.3
-4.6

135.6
137.9
139.8
140.8

4/83
5/33
6/83
7/83

-4.7
-3.1
-2.2
-1.5

140.6
143.0
144.3
145.4

8/83
9/83
10/83
11/83

13
14

+ 10

133.5
134.6

9
10
11
12

Percent

-9.6
-3.8

5
6
7
8

920. Composite index of 4 coincident
indicators

-0.6

146.7
148.1

12/33
1/34

0.3

• 155

+12

134.6
135.6

5
6
7
8

4.0
5.4
6.2
6,0

137.9
139.8
140.8
140.6

+10

H45

5/83
6/83
7/83
8/83

7.8
3.8
9.7
10.6

143.0
144.3
145.4
146.7

9/83
10/83
11/83
12/83

148.1

1/84

+18

Months from reference troughs

NOTE:

• 150

3/83
4/83

11.7

+6

1.5
2.3

9
10
11
12

• 135

0

+ 15

SERIES 920
1967=100

3
4

-6

+ 20

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
12/82
DATA
YEAR

• 145

-12

Percent

*155

0

-10

920. Composite index of 4 coincident
indicators

+5

H40

j [j 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

12

-6

0

+6

+12

+18

Months from specific troughs

For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1984 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Accession rale, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant aid equipment, Dl.

Consumer sentiment, index

Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, 01
New orders, manufacturing, Dl
Prices, manufacturing, 01
Prices, retail trade, Dl
Prices, wholesale trade, 01
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
B
Balance of payments—See International transactions.
Bank loans-See Business Loans.
Bank rates—See Interest rates.
Bank reserves
free reserves
,
Member bank borrowing from the 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, 01
Business failures, current liabilities
Business formation, index
Business incorporations
,
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars.
Loans outstanding, current dollars
Loans outstanding, net change...
Business saving

Canada—See International comparisons.
Capacity utilization
Manufacturing (BEA)
,
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved .
. ,
Newly approved, 01
Capital equipment, producer price inde*.
Capital investment—See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars ,
Civilian labor force—See also Employment.
Employment
Employment as percent of population
Total labor force

Unemployed

Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index..
Ratio to lagging indicators, composite index
.. .
Commercial and industrial buildings, ccntracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensations-See also Income.
" - Compensation, average hourly, nontirm
business sector
Compensation of employees, NIPA
Compensation of employees, percen1; of
national income
Compensation, real average hourly, lonfarm
business sector
Earnings, average hourly, productior workers,
private nonfarm economy
Earnings, real average hourly, production workers,
private nonfarm economy
Wage and benefit decisions, first ye;ir
Wage and benefit decisions, life of contract,
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four comciders, index .
Four coinciders, rate of change.
Ratio to lagging indicator index
Lagging indicators
Six laggers, index .
....
Six laggers, rate of change
Leading indicators
Capital investment commitments.
Inventory investment and purchasing
Marginal employment adjustments
Money and financial f l o w s . . .
See notes at end of index.

110




Current issue
Series <page numbers)
number Charts Tables

Historical
data
(issue date)

8/81
1/83

2
604

IE
64

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

12/83
12/83
1/84
5/83
5/83
5/83
5/83
5/83
5/83
5/83
5/83

34
34
31
4E
48
48
48
49
48
48
48

616
55

56
22

92
65

1/83
8/83

64
50

93
94

33
33

72
72

6/83
6/83

45
45

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

6/83
12/82
12/83
12/83
5/83
2/83
5/83

35
24
34
34
44
32
32

101
72
112
295

15,35
35
32
46

73
73
72
82

7/83
7/83
7/83
11/83

43
43
37

83
82
84

20
20
20

64
64
64

12/83
8/83
8/83

25
25
25

97
11
965
333

24
24
37
48

66
66
75
86

12/83
12/83
12/83
4/83

33
33
33

914
35
34

11
29
29

60
70
70

2/83
8/83
8/83

15
37
37

442
90
441
37

51
17
51
18,51

89
62
89
62,89

2/84
2/84
2/84
2/84

20
20
20
20

920
920c
951
940
9

10
39
36
11
23

'74"
60
66

1/84
1/84
2/83
2/83
12/83

15
15
32

101
72
112

15,35
35
32

73
73
72

7/83
7/83
7/83

43
43

345
280

49
45

87
82

12/83
11/83

56
56

60

64

30,47

70,83

9/83

56

346

49

88

12/83

56

340

49

87

9/83

15

341
348
349

49
50
50

87
88
88

9/83
12/83
12/83

15
62
62

8/83
920
920c
940

10
39
11

930
930c

10
39

60

1/84
1/84

15

914
915
913
917

11
11

60
60

2/83
2/83
2/83
2/83

15
15
15
15

60

'e'6'

1/84
1/84
2/83

Series title

Series
description
(*)

15

'is'

(See complete titles in "Titles and
Sources of Series," following this index)
Profitability
Twelve leaders, index
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales....
Gross private domestic fixed investment
Nonresidential, percent of GNP
Nonresidendal structures, constant dollars
Nonresidential, total, constant dollars
Residential, percent of GNP
Residential, total, constant dollars
Housing start^
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items

Food

Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, [producer price index
Onbt-See Credit.
Defense and spade equipment, output
Defense Department
Gross obligations incurred.
Gross unpaid obligations.
N e t outlays . . . .
Personnel, civilian
. . .
Personnel, military.
Prime contract awards
Defense products.
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers' .
Unfilled ordersr manufacturers'
Defense products industries, employment
Defense purchases, goods and services, NIPA .
Dofense purchases, percent of GNP
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 ipriyate nonagricultural payrolls. .. .
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
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices. ...
Raw industrials, spot market prices, components.
Sales, manufacturing and trade
Selling prices, manufacturing. .
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing production workers.
Workweek, manufacturing production workers,
components
Disposable personal income—See income.

Current issue
Series (™e nijnibefs)
number Charts Tables

916
910
910c

11
10
39

60
60

Historical
data
(issue date)

2/83
1/84
1/84

Series
description

n

15
15

67

6/83

9
69

23
24

66
67

12/83
9/83

32
28

248
87
86
249
89
28
334

47
25
25
47
25
25
48
12,21
22

83
67
67
83
67
67
86
64
65

11/83
8/83
8/83
11/83
8/83
6/83
4/83
6/83
12/82

51
51
51
51
51
35
60
26
24

66
113
95
39

35
32
15,35
33

73
72
73
72

4/83
4/83
11/83
11/83

43
43
43
45

320
322
58

49
49
22

84,95

3/83
3/83
1/84

59
59
31

29

13,25

525

53

90

4/83

64

20

12,23

66

9/83

32

10
116

23
34

66
73

9/83
8/83

32
46

12/83

110

32

101
72
112

15,35
35
32

73
73
72

7/83
7/83
7/83

66
113
95
39
111
33

35
32
15,35
33
13,32
32

73
72
73
72
72
71

4/83
4/83
11/83
11/83
7/83
12/83

98
331

28
48

69
85

2/83
4/83

43
43
43
43
43
45

7/82

557

54

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

1/84
4/83
7/83
1/84
1/84
4/83

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

6/83
6/83
6/83
6/83
7/83
11/83
11/83

39
32

33
12,21

72
64

11/83
5/83

45

970
965
951
974
963
966

38
37
36
38
36
37

12/83
12/83
2/83
5/83
7/83
7/82

34
33
IS
48
15
24

962
975
952
950
964

'36'
38
36
36
37

5/83
5/83
2/83
2/83
6/83

41)
lit

9>Y
960
972
967

'38'
37
38
37

973
976
978
977
968
961

'38'
38
38
38
37
36

76
75
74
76
74
75
78
74
76
74
74
75
77
76
75
76
75
79
76
76
76
76
75
74

5/83
12/83
5/83
6/83
5/83
5/83
5/83
5/83
6/83

64

'ffi'

28

20
'«'

411
36

48
49

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(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
Defense Department personnel, civilian
Defense Department personnel, military
Employee-hours in nonagricultural establishments
Rate of change
Total
Employees in mining, manufacturing,
and construction
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl...
Employment in defense products industries
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, manufacturing 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 d u r a t i o n . . .
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly ... .
Unemployment rate, total
Unemployment, total civilian
Workweek, manufacturing production workers.
Workweek, manufacturing production workers,
components
Workweek, manufacturing production workers, Dl
Equipment—See Investment, capital.
Exports—See International transactions.
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowing from..
Final sales in constant dollars
Financial flows, Cl
fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves
Goods output in constant dollars
Government budget, N1PA
Federal expenditures . .
.
. . .
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts....
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars .
Federal, current dollars
Federal, percent of GNP
National defense
.
...
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP .
Total, constant dollars
.
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing

Current issue
Series
"""ers
number Charts Tables

2
441
578
577

51
55
55

48c

39
17

40
974
41
963
570
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

17
38
14,17
36
55
17
51
16
16
12,16
36

961

36

89
91
91

51
51
51
15,18
18
18
18
18,51
12,16

119

62
76
62
74
91
62
89
61
61
61
74

33
40
11

89
89
89
89
62
62

62,89 )
77
74

18
20

7/83
5/83
7/83
7/83
7/83
2/84
2/84
2/84
2/84
5/83
5/83
8/81
2/83
7/83
2/84
2/84
2/84
2/84
2/84
8/81
2/84
2/84
2/84
2/84
2/84
2/84
3/83
2/84
2/84
7/83

15
48
15
15
20
20
19
19
18
18
18
15
15
20
20
20
20
20
18
20
20
20
20
20
20
18
20
20
15

7/83

10/83

34

94
213
917

8/81
2/84
1/84
1/84

Series
description
(*)

10/83
10/83

16
51
51
51
51
17

'si'

Historical
data
(issue date)

72
80
60

6/83
10/83
2/83

45
49
15

8/83

311

93

6/83

33

8/83

49

20

502
501
500
512
511
510
298

52
52
52
52
52
52

90
90
90
90
90
90
83

10/83
10/83
10/83
10/83
10/83
10/83
11/83

62
62
62
62
62
62
58

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

81
81
83
91
91
81
81
83
81
81

11/83
11/83
11/83
11/83
11/83
11/83
11/83
11/83
11/83
11/83

53
53
53
53

'53'
53
53
53
53

311
68

48
30

8/83
8/83

58
39

50
50b
50c
200
200b
200c
107
49
310
217

19,40

10/83
10/83
10/83
10/83
10/83
10/83
9/83
8/83
8/83
10/83

49
49
49
49
49
49
40
25
49
49

63,80
80

'39'
40
31
20

71
63
84

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Average weekly overtime
Average workweek...
. .
Average workweek, components . . .
Average workweek, Dl
....
Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of

national income

Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, real average hourly, production workers,
private nonfarm economy
Income on foreign investments in the United States
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 transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
lnterest.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, producer price index
International comparisons
Consumer prices
Canada
France ..
Italy
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France

Italy

46
60

16
16

2/84
2/84

19
19

Japan
OECD, European countries
United Kingdom
United States
West Germany

Current issue
Series (page numbers)
number Charts Tables

16
12,16

Historical
data
(issue date)

7/83
7/83

6/83
6/83
8/83
11/83

Series
description

961

36

61
61
77
74

28
29
249

25
13,25
25
47

67
67
67
83

310

48

345
280

49
45

87
82

64

30,47

70,83

9/83

73
82

12/83
11/83
11/83

56
43
37

83
80
80

11/83
10/83
10/83

37
22
22

346
49
95 15,35
286
45
287
225
224

47
40
40

35
35
51
51

12/83
11/83

56
56

10/83

340

51c
51
108
282

7/83

8/83

227

341
652
651
288
289
220
52
223

15
15

9/83
49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

9/83
8/83
8/83
11/83
11/83
10/83
8/83
8/83

15
65
65
57
57
55
22
22

39
14,19 63
31
71
45
82

8/83
8/83
11/83
11/83

22
40
56

11/83
11/83

56
57

11/83
12/83
12/83

57
62
62

8/83
5/83
6/82

22
32

12/82
12/82
12/82
12/82
12/83

24
24
24
24
24

283
284

47
45

285
348
349

47
50
50

53
13
335

19
23
48

83
82

63
65
85

67
24
65
22
20
63
20
63
14,20,58 63,94
78
966
37
75
47c
39
76
75
73
74
47

7/82
12/83

967
23

37
28

79
75
69

6/83
6/83

36
36

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

5/83
5/83
3/83
11/83
11/83

18
18
18
57
57

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34
48

73
73
72
73
73
73
72
73
86

12/83
8/83
10/83
10/83
10/83
7/83
8/83
8/83
4/83

46
46
46
46
46
46
46
46
60

96
95
96
95
95
84,95
95

4/82
4/82
4/82
4/82
4/82
3/83
4/82

68
68
69
69
68
59
68

94
723
58
94
58
726
727
94
58
94
58
728
94
721
58
58
94
722
47 14,20,58 63,94
725
58
94

1/83
1/83
1/83
11/83
1/83
1/83
12/83
1/83

66
66
66
66
66
66
24
66

733
736
737
738
732
320
735

See notes at end of index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
(page numbers)

Historical
data
(issue date)

Series
description

96
96
96
96
96
96
96

1/84
1/84
1/84
1/84

7&
70
70
70
70
36
70

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
57
57

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
93
93

8/83

255

44

250
251

Series
number

Charts

Tables

743
746
747
748
742
19
745

59
59
59
59
59
59
59

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
652
651

n

Stock prices
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, excluding military
Exports, merchandise, total excluding military aid
Exports of domestic agricultural products
Exports of goods and services, constant dollars, NIPA
Exports of goods and services, cirrent dollars, NIPA
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, excluding military
Imports, merchandise, total „
Imports ol automobiles and parts
Imports of goods and services, constant dollars, NIPA
Imports of goods and services, current dollars, NIPA
Imports oi goods and services, total
Imports of petroleum and products
Income on foreign investments in the United States
Income on U S investments abrond
Net exports of goods and service;;,
constant dollars, NIPA
Net exports of goods and service;,
current dollars NIPA
. .,
Net exports of goods and service:;, percent of GNP
Inventories
Business inventories, change, constant dollars, NIPA
Business inventories, change, current dollars, NIPA
Business inventories, change, percent of GNP
Defense products manufacturers'
Finished goods manufacturers'
Inventories on hand and on ordei net change
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing Cl
Manufacturing and trade, book value
Manufacturing and trade, change in book value
Manufacturing and trade constant dollars
Manufacturing and trade, Dl
Materials and supplies on hand and on order,
manufacturing
Materials and supplies on hand and on order,
manufacturing, 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, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change— See Inventories,
Fixed investment current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Producers' durable equipment, nonresidential,
constant dollars
Residential constant dollars
Residential, percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars .. . .
Total, current dollars
New orders, capital goods, nondefense.
constant dollars
New orders, capital goods, nondefense,
current dollars
Plant and equipment
Business expenditures new
Business expenditures new Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investments n the United States
Income on U.S. investments abroad
Italy— See International comparisons.

<

,

1/84
1/84
1/84

1/83
8/83
8/83

65
65
65
64
64
54
54
65
64
65
(14
64
54
!i4
(15
(14
f>5
1)5

82

11/83

!>4

44
47

82
83

11/83
11/83

ti4
1)4

30
245
247
559
65
36
77
915
71
31
70
975

26,42

68,81
81
83
91
68
68
68
60
68
68
68
76

8/83

51
51
51

42
47
54
27
13,26
15,27
11
27
26
27
38

8/83
8/83
5/82
1/83

11/83
11/83
8/83
1/83
8/83
5/82
1/83

11/83
11/83
8/83

11/83
11/83
6/83
6/83
9/83
9/83
2/83
9/83
9/83
9/83

'28'

5/83

28
28
15
28
28
28
48
28

78

68

6/83

26

68

6/83

28

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

12/83
12/83
12/83
12/83

33
33
33
15
32

69

24

67

9/83

28

243
242
86
248

42
42
25
47

81
81
67
83

11/83
10/83

51
51
51
51

88
89
249
87
241
240

25
25
47
25
42
42

67
67
83
67
81
81

8/83
8/83
H/83
8/83

10/83
10/83

51
51
51
51
51
51

27

u

27

38

23

66

9/83

26

2/83

8/83

11/83

24

66

9/83

26

24
38
12,23
23

67
76
66
66

12/83
12/83
9/83
9/83

34
34
32
32

652
651

,
,..

23

61
970
20
10

57
57

93
93

8/83
8/83

65
65

J
Japan— See International comparisons.
L
Labor cost per unit of gross domestic product
Labor cost per unit of output manufacturing
Actual data
. ., .
Actual data as percent of trend
Labor cost per unit of output, private business sector
Labor cost, price per unit of, nonlarm business
Labor force— See Employment,
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
See notes at end of index,

112




,.

39

68

30

70

8/83

62
62
63
26

30
15
30
29

70
70
70
70

11/83
11/83
9/83
9/83

'39'

930

10
39
36

60

1/84

15

74

2/83
8/81

930c

952
3
910
910c

10
39

39

1/84

60

1/84
1/84

is'
18
15

Current issue
Series (page numbers)
number Charts Tables

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Diffusion index
Liabilities of business failures
Liquid assets change in total
Loans— See Credit.

Historical
data
(issue date)

Series
description
(*)

36
33
31

74
72
71

2/83
5/83
4/83

2/83

15

78

27

68

6/83

28

38
8

26
12,21

68
64

6/83
6/83

28
26

84

20

64

8/83

25

917

950
14
104

15

a
<iO

M
Man-hours- See Employment.
Mnroinal pmnlnumpnt aHiiictmenk C\

913

Materials and supplies on hand and on order,
manufacturing
. ...
Materials and supplies on hand and on order,
manufacturing change
.
. .
Materials, new orders for consumer goods and
Materials prices.— See Price indexes.
Materials, rate Of capacity utilization
Merchandise trade— See International transactions.
Military-See Defense.
Money and financial flows Cl
Money supply
Money supply Ml, constant dollars .
Money supply Ml, percent changes
Money supply M2, constant dollars
.
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage dobt.i net change. .
Mortgage yields, secondary market

P
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Femalfis 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 new
Business expenditures, new, Dl . . . .
.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Population, civilian employment as percent of

9/83
9/83
6/83

26
26
26

12,23

66

9/83

32

23
53
21
21

9/83
6/83
6/83
6/83

32
26
26
26

'37'

6/83
5/83

'26'

38

66
90
64
64
77
75
76

25
25
25
47

67
67
67
83

8/83
8/83
8/83

11/83

51
51
51
51

53
53
58

90
90
94

1/84
4/83
1/83

54

91

7/83

557
49

54
20

91
63

7/82
8/83

62
62
358
370
83
82
84
21

30
15
50
50
20
20
20
16

70
70
88
88
64
64
64
61

11/83
11/83
12/83
12/83
12/83
8/83
8/83
7/83

61
25
25
25
15

453
452
451

51
51
51

89
89
89

2/84
2/84
2/84

20
20
20

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65 ,
80
80
81
81
81
81
80
80
83

8/83

10/83
10/83
10/83
10/83
10/83
10/83
10/83
10/83
10/83

50
50
50
50
50
50
50
50
50
50

292
293
614

.

66
66
64

580

.

23
23
12,21

517
543
721

.

11/83
12/83
10/83
10/83

88
87
86
248

0
Obligations incurred Defense Department
Obligations unpaid, Defense Department
OECO, European countries, industrial production
Orders-See New orders and Unfilled orders.
Outlays Defense Department
Output— See also Gross national product and
Industrial production.
Defense and space equipment, output
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend.
. ..
Per hour, nonfarm business sector
Per hour, private business sector
Ratio to capacity, manufacturing (BEA). .
Ratio to capacity, manufacturing (FRB). . .
Ratio to capacity, materials
Overtime hours, manufacturing production workers ,

31
31
31
13,31
31
31
31
32
34
34

40
40
40
40
40
40
40
42
46
46

964
971

N
National defense— See Defense.
National Government— See Government.
National income— See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars . . .
Consumer goods and materials, constant dollars.. .
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
...
. .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
....
Diffusion index
New orders, manufacturing, Dl
Nonresiderotial fixed investment, GPDI
Producers' durable equipment, constant dollars ,
Structures, constant dollars ..
Total, constant dollars . . . .
Total percent of GNP

15

4/83
4/83
4/83
4/83
4/83
9/83

10
548
7
6

Mnnirinal hnnrl uiplrk

2/83

71
71
71
71
71
71
71
71
73
73

20

..

60

27
24
8

.

11

104
105
85
106
102
107
108
33
118
117

46
46
56

82
83
92

11/83

61
970
20
10
90

24
38
12,23
23
17

67
76
66
66
62

12/83
12/83

H/83
1/83

9/83
9/83
2/84

48

'«'

"25"

39

'ei'

58
58
64
34
34
32
32
20

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

SPM«
number

Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators, NIPA
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
. .
Crude materials
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks. Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing. Dl
Retail trade. Dl
Wholesale trade. Dl
Prime contract awards. Defense Department
Prune rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential. GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Profitability. Cl
Profits
Corporate profits after taxes
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAd|. current dollars
Corporate profits, total
With IVA and CCAdi
With IVA and CCAdj. percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar ot sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdi to corporate

(oie^Ss)
tpage numbers)
Charts Tables

(issue date)

49
49

84,95
84

3/83
3/83

59
59

311
310
26

48
48
29

84
84
70

8/83
8/83
9/83

58
49

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86

59
60
60
60

69

5/82
4/83
4/83
4/83
6/82
4/83
2/83

967
23

'37'
28

79
75
69

6/83
6/83

36
36

98
99

28
13.28

69
69

2/83
2/83

19
968
26

13.28
37
29

69
75
70

1/84
6/83
9/83

36
36

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

5/83
5/83
5/83
4/83
7/83

48
49
48
64
46

358
370
916

50
50
11

88
88
60

12/83
12/83
2/83

61
61
15

18
16
80
79

28
28
29
29

69
69
69
69

8/83
8/83
8/83
8/83

37
37
37
37

286
287
972
960
15
916
22

45
47
38
37
29
11
29

82
83
76
75
70
60
69

11/83
11/83
5/83
12/83
5/83
2/83
8/83

37
37

38
15
37

81

29
45

70
82

8/83
11/83

37
56

282
283

47

8/81

967
23
284
.

Historical
data
(issue date)

Series
description
(*)

213

40

69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

67
65
65
76
68
65
65

9/83
9/83
9/83
5/83
9/83
9/83
9/83

28
28
28
48
28
31
31

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/83
11/83
11/83
11/83
11/83

37
58
58
58
58

99
588

28
13,28
54

69
69
91

2/83
2/83
6/83

967
23

37
28

79
75
69

6/83
6/83

36
36

19
968
78

13,28
37
27

69
75
68

1/84
6/83
6/83

36
36
28

38

26

114

115

34
34

72
73

8/83
8/83

46
46

91
60
5
962
3

15,18
16
12.16
36

62
61
61
74

2/84
2/84
5/83
5/83
8/81

20
19
18
18
18

446
445
447
444
37
4

51
51
51
51
18,51

89
89
89
89
62,89

2/84
2/84
2/84
2/84
2/84
8/81

20
20
20
20
20
18

44
45
43

18
18
18

62
62
62

2/84
3/83
2/84

20
18
20

561
96
25

54
21
21

91
64

6/83
6/83
6/83

26
26

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio..
Vendor performance, slower deliveries

107
108
32

31
31
12,21

71
64

71

9/83
11/83
5/83

40
40
28

W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek ot manufacturing production workers
Average workweek
Components
Diffusion index

1

12,16
'36

61
77
74

7/83

96l'

Treasury bill rate
Treasury bond yields....

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment.
Initial claims for unemployment insurance
Initial claims for unemployment 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 unemployment

Total

11/83

Quit rate, manufacturing

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, manufacturing 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 crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
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.

Current issue
Sprbq (PaBe numbers)
number Charts Tables

Unfilled orders, manufacturers'
Defense products
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons.

8/83

domestic income

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series

Hpsrriptinn
(*)

320
322

Proprietors' income with IVA and CCAd)
Proprietors' income with IVA and CCAdj. percent ot
national income

Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdi
.
Rental income ot persons with CCAdj. percent
of national income
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

Historical
riata

37
28
45

79
75
69
82

6/83
6/83
11/83

36
36
57

285
93
89
249

47
33
25
47

83
72
67
83

11/83
6/83
8/83
11/83

57
45
51
51

59
54

22
22

65
65

9/83
9/83

31
31

10/83

6/83

7/83

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl. diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment; NIPA, national income and product accounts.
* The number shown is the page ot the Handbook of Cyclical Indicators (1977) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers aife for identification
only and do not reflect relationships of 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. Depalment 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 (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)

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.

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)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

I-A. Composite Indexes

14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1( 5, 8, 12, 19, 20, 29, 32, 36, 99,106, 111)
(M).-Source I
(10f39(60)
913. Composite index of marginal employment adjustments
(includes series 1, 2T 3, 5) (M).-SQurce 1

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).^-Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

914. Composite index (if capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
913. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)

16. Corporate profits afteir taxes in current dollars (Q).Source 1
(28,69)

917. Composite index of money and financial flows (includes
series 104, 106, 111) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 1091 (M).-Source
1
(10,39r60)
940. Ratio, coincident composite index (seHes 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.
3.
4.
5.

Accession rate, manufacturing (M).—Source 3
Layoff rate, manufacturing (M).—Source 3
Quit rate, manufacturing (M).-Source 3
Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department of
Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic
Analysis
(12,16,61)
6. Value of manufacturers' new orders, durable goods
industries, in currenl dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by

114



18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)
19. Index of stock prices, 500 common stocks (M),Standard & Poor's Corporation
(13,28,59,69,96)

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 ami on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).-American B a n k e r s
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).—Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
44. Unemployment rate, persons unemployed 15 weeks and
over(M).-Sources2 and 3
(18,62)

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)

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
(16, 61)
47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)
48. Employee-hours in nonagricultural establishments
(M).-Source 3
(17,39,61)
49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)

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 and Commodity Research Bureau, Inc.
(Used by permission. Beginning with June 1981, this
series may nol: be reproduced without written permission
from Commodity Research Bureau, Inc.)
(28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).-Source
2
(23,66)
25. Change in manufacturers' unfilled Orders, durable goods
industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).—Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
52. Personal income, total, in 1972 dollars (M).—Source
1
(19,63)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (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
(16,61)
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)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

.119. Federal funds rate (M).-Source 4

(34,72)

1-C. Diffusion Indexes
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)

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)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(17, 62)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)

94. Member bank borrowings from the Federal Reserve

66. Consumer installment credit (EOM) .-Source 4

95. Ratio, consumer installment credit to personal income
(M).-Sources 1 and 4
(15,35,73)

(35,73)

67. Bank rates on short-term business loans (Q).-Source
4
(35,73)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(27,68)
71. Manufacturing and trade inventories, total book value
(EOM).-Sources 1 and 2
(27,68)
72. Commercial and industrial loans outstanding in current
dollars (M).-Sources 1 and 4
(35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Indfix 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)

(M).-Source 4

(33,72)

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)
98. Change in producer prices for 28 sensitive crude and
intermediate materials (M).—Sources 1 and 3 (28,69)
99. Change in sensitive materials prices (smoothed) (M).—
Sources 1, 3, and Commodity Research Bureau, Inc.

(13,28,69)

(Q).-Source 1

(29,69)

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)
84. Rate of capacity utilization, materials (Q).-Source
4
(20,64)
85. Change in money supply Ml (M).—Source 4




(31,71)

965. Diffusion index of newly approved capital
appropriations, deflated-17 manufacturing industries
(Q).-The Conference Board
(37,75)

967. Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).—Sources 1, 3, and
Commodity Research Bureau, Inc.
(35,75,79)

104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(31,71)
105. Money supply Ml in 1972 dollars (M)-Sources 1,3,
and 4
(31,71)
106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)
107. Ratio, gross national product to money supply Ml
(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)

111. Change in credit outstanding (business and consumer
borrowing) (M).—Sources 1, 4, and Federal Home
Loan Bank Board
(13,32,72)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars

(36,74)

102. Change in money supply M2 (M).-Source 4 (31,71)

78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)

(29,69)

Source 3

964. Diffusion index of value of manufacturers' new orders,
durable goods industries— 34-35 industries (M).—
Sources 1 and 2
(37,75,77)

966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78).

110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)

(Q).-Source 1

963. Diffusion index of number of employees on private
nonagricultural payrolls—172-186 industries (M).--

101. Commercial and industrial loans outstanding in 1972
dollars (M).-Sources 1, 3, and 4
(15,35,73)

77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (M).—
Sources 1, 2, and 3
(15,27,68)

79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

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)

112. Net change in business loans (M).—Sources 1 and 4
(32,72)
113. Net change in consumer installment credit (M).-Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).-U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

968. Diffusion index of stock prices, 500 common stocks—
49-82 industries (M).—Standard & Poor's Corporation
(37,75)
970. Diffusion index of business expenditures for new plant
and equipment, total— 22 industries (Q).—Source
1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 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 1,400 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 1,400 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 1,400 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 1,400 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
600 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
400 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written pe'mission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 400
businessmen reporting (Q). Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dolors (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 19172 dollars (Q).~Sources 1 and 2
(40,80)
220. National
1

income in current dollars (Q).—Source
(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)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, Mai, 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)

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)

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)

116

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 seasonally (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
workers, private nonfarm economy-adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonally (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

348. Negotiated wage and benefit decisions, all industriesaverage (mean) first year changes (Q).-Source
3
(50,88)

(45,82)

282. Proprietors' income wit i inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

285. Rental income of persons with capital consumption
adjustment as; a percent of national income (Q).—
Source 1
(47,83)




330. Index of producer prices, all commodities (M).—Source
3
(48,85)

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)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)

331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)

255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q),-Source 1
(42,81)

II-B. Prices, Wages, and Productivity
310\ implicit price deflator, gross national product (Q).—
^Source 1
(48,84)

322. Index of consumer prices, food (M).-Source 3(49,84)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

298. Government surplus or deficit, total (Q).-Source
1
(46,83)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).-- Source
1
(44,82)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).—Source 1
(47,83)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate pro!its 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)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

fl-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor foirce survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force, labor force survey (M).—
Sources I 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).-S-Durce 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 Servtces(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)

It-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

II-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).—Source 1
(52,90)

604. Exports of domestic agricultural products (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).-Source 1 (52,90)
517. Defense Department gross obligations incurred (M).—
U.S. Department of Defense, OSD, Comptrofler,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
i)
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)

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)Statistisches Bundesamt (Wiesbaden)
(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).—Istituto
Centrale di Statistica (Rome)
(58,94)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Department of Employment (London); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)

612. General imports, total (M).-Source 2

735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(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)

(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 Analysts
(59,95)
737. Italy, index of consumer prices (M) .—Istituto 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)

667. Balance on goods and services (Q).-Source 1(57,93)

742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
. (59,96)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)

559. Value of manufacturers' inventories, defense products
(EOIVt).-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
i
(57,93)

746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)

II-F. International Comparisons

747. Italy, index of stock prices (M).—Banca d' Italia
(Rome)
(59,96)

548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

4

564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




652. Income on foreign investments in the United States

(Q).-Source 1

(57,93)

19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

(59,96)

748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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