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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Sidney L. Jones, Under Secretary for Economic Affairs

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 prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
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. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
Lincoln F. Anderson, Council of Economic Advisers
John H. Auten, U.S. Department of the Treasury
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, 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 useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 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 labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to 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

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

BCII

iii

1
1
1
1
4
5
5
6

FEBRUARY 1 9 8 5
Data Through January
Volume 25, Number 2

PART I.
CYCLICAL INDICATORS

Al
.A2.
A3
A4

Bl
B2
B3
B4
B5
B6
B7

COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart
10
12
14
15

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
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

Table
60
—
—
—

74
77
—

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined
that the publication of this 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.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2

A3
A5
A6
A7
A8

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

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART ill. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators}
B. Current Adjustment Factors
,
97
C. Historical Data for Selected Series
98
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (January 1985 issue)
F. Specific Peak and Trough Dates for Selected Indicators
104
G. Experimental Data and Analyses
105
Alphabetical Index—Series Finding Guide
110
Titles and Sources of Series
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

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

ings of economic
research, newly avail-

1. The titles for many series have been changed to
agree more closely with the titles used by the source agencies. In most cases, the changes are relatively minor; in
all cases, the series identification numbers are unchanged.
2. 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.

able 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

Series
number
5
9
10
12
13
15
33
72
112

517
525
543

Beginning date for
new factors
January 1985
January 1983
May 1983
September 1984
September 1984
III Q 1984
January 1983
January 1985
January 1985
November 1984
October 1984
November 1984

Series
number

Beginning date for
new factors

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

January 1985
December 1984
January 1985
January 1985
January 1983
May 1983
January 1981
January 1980
January 1972
January 1981
January 1980
January 1980

3. The series on new private housing units started
(series 28) has been revised for the period 1982 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.
(Continued on page iv f )
The March issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on April 3.



i
n

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

4. The average weekly insured unemployment rate (series 45) has been revised for the period
1980 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.
5. The producer price indexes (series 98 and 331-334) have been revised for the period 1980 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 1980 to date to
reflect the revision of series 98, which is one of its components.
Further information concerning these revisions may be obtained from the U.S. Department of Labor,
Bureau of Labor Statistics, Office of Prices and Living Conditions, Division of Industrial Prices and
Price Indexes (series 98 and 331-334); and the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division (series 99).
6. Series 7 and 8 (manufacturers' 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 1980 to date on the basis of revised producer price indexes used as deflators. (See item 5, above.)
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
7. The series on capacity utilization rates for manufacturing and for materials (series 82 and
84) are now shown on a monthly, rather than quarterly, basis. Users who wish to continue updating
these series on a quarterly basis may do so by averaging the months in each quarter.
Further information concerning this change may be obtained from the U.S. Department of Commerce,
Bureau of Economic Analysis, Statistical Indicators Division.
8. The seasonally adjusted consumer price indexes for all urban consumers (CPI-U)--series 320c
and 322--have been revised for the period 1980 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 53 (wages and salaries in 1972 dollars, mining, manufacturing, and construction), for
which CPI-U is the deflator, has been revised for the period 1980 to date. (See item 8, above.)
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
10. The series on U.S. money supply and liquid assets (series 85, 102, and 104-108) have been
revised by the source agency to incorporate benchmark revisions and updated seasonal adjustment factors. When completed, these revisions will extend back to 1959. They are shown in this issue for
the period 1984 to date. Revised data for the earlier period will be shown in a subsequent issue.
In addition to the above-mentioned revisions, the series on U.S. money supply in 1972 dollars
(series 105 and 106) have been revised for the period 1980 to date to reflect the new seasonal adjustment of their CPI-U deflator. (See item 8, above.)
Further information concerning the benchmark and seasonal factor revisions may be obtained from
the Board of Governors of the Federal Reserve System, Division of Research and Statistics, Banking
Section; and information concerning revisions due to revised deflators may be obtained from the U.S.
Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
11. The series on real average hourly earnings of production or nonsupervisory workers in the
private nonfarm economy (series 341) has been revised by the source agency for the period 1977 to
date. This revision reflects the new seasonal adjustment of the consumer price index for urban wage
earners and clerical workers (CPI-W) for that period.
Further information concerning this revision may be obtained from the U.S. Department of Labor,
Bureau of Labor Statistics, Office of Wages and Industrial Trends, Division of Employment.
12. Appendix C contains historical data for series 11, 14, 32, 37, 42-44, 46, 60, 67, 85, 90,
91, 97, 102, 104-107, and 965.
13. Appendix G contains cyclical comparisons for series 20, 40, 51, 76, 91, and 914.




IV

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators, (There are a
few exceptions: Four series which are included in
part I are 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 1973.
Except for section F in 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 1984

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.

Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.

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

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

1

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

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
<u)
(8 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 series)

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

Capacity
utitlzatlon
(2 series)

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

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

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

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

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)

Comprehensive
employment
(1 series)

Comprehensive
output and
real Income
(4 series)
Industrial
production
(4 series)

Consumption
and trade
(4 series)

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

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

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

Business
investment
commitments
(1 series)

Unit labor costs
and tabor share
(4 series)

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

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

Inventories on
hand and on
order
{4 series)

Interest rates
(1 series)

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

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

tl.
PRODUCTION
AND
INCOME
(10 series)

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

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

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

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

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

Comprehensive

Consumption
and trade
(3 series)

Unfilled orders
(1 series)

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

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 series)

Inventory
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 debt
(3 series)

Business
investment
commitments
(1 series)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

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

TIMING
UNCLASSIFIED
<U)
(1 series)




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

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in 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 1984

Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident




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

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

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61 t 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 1984

Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor 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—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services-are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in

the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
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 income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is 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.




Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. 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 imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E,
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period,
Total gross saving includes. personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.

Section B. Prices, 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 are 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 index for the gross business product. Data on both levels and percent changes are
presented for the period since 1973.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of 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 shown is a selection of series
from the discontinued Defense
Indicators,
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1973) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1973) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Basic Data

Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)

^—,
aft^ij
•
'Li

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

v-

, »<
>^
—T \ * V J ^ ;
!
* **

Dotted line indicates anticipated data.

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

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

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

Diffusion Indexes

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

Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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




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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data2
Unit
of
measure

1

Sines title and timing classification

Percent change
1:

Annual average
2dQ
1934

3dQ
1984

4th Q
1984

Nov.
1984

Dec.
1984

Jan.
1985

Nov.
to
Dec.
1984

Dec,
to
Jan,
1985

ZdQ
to

3d Q
to

3d Q
1984

4 th Q
1984

-1.8
1.2
3.4
-2.0

-0.3
1.0
1 .8

-0.9

910
920
930
940

-0.9
-0.9
NA
0.2

914
915
916
91 7

1983

1984

156.0
139.9
111.7
125.A

165.7
154.4
117.4
131.6

167.8

154.0
116.1
132.6

164.7
155.8
120.0
129.9

164.2
157.3
122.2
128.7

164.8
157.3
122.1
128.8

163,9
158.4
122.2
129.6

166.7
158.7
123.5
128.5

-0.5
0.7
0.1
0.6

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

108.8
102.8
104.7
130.7

110.2
105.3
NA
137.2

110.9
107.2
110.5
138.1

110.0
104.0
111 .4
137.8

109.0
103.1
NA
138.1

109.4
103.2
112.2
138.7

108.8
102.2
NA
138.3

109.1
103.2
NA
141 .7

-0.5
-1.0
NA
-0.3

0.3
1.0
NA

2.5

-0.8
-3.0
0.8
-0.2

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

40.1
3.0
426

40.7
3.4
366

40.8
3.4
353

40.5
3.3
364

40.5
3.4
396

40.5
3.4
397

40.7
3.4
3 86

40.6
3.3
378

0.5
0.
2.8

-0.2
-0.1
2 .1

-0.7
-0.1
-3.1

0.
0.1
-8.8

1
21
5

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3,.,,... L,Lg,U... Ratio ................
46. Help-wanted advertising in newspapers
L.,lg,U... 1961-100......

0.271
96

0.458
131

0.446
128

0.464
132

0.503
139

0.501
137

0.527
145

0.484
138

0.018
3.1

0.039
5.3

60
46

0.1
0.2
0.4
0.3

0.6
0.4
0.8
0.8

0 .3
0.6
0.9
0.4

48
42
41
40

1. CYCLICAL INDICATORS
Al, Composite Indexes
910.
920.
930.
940.

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

,„

l,L,U. 1967^ 100....
CCC... ..........do.........
.do........
igJg.Lg...
...do.........
L.L.L..

Leading Indicator Subgroups:
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
91/. Money and financial flows.......

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

1.7
0.2
1.1
-0.8

B, Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3..
*5, Average weekly initial claims (inverted')

Comprehensive Employment:
48. Employee hours in nonagricultural establishments.,..,.
42. Persons engaged in nonagrieultural activities.,.,
*41. Employees on nonagncultural payrolls
,
40, Employees in goods-producing industries
,
90. Ratio, civilian employment to population
of working age1.....
,„
Comprehensive Unemployment;
3?. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted*)3
45. Avg. weekly insured unemployment rate ( i n O 3
•91. Average duration of unemployment (inverted'"
44. Unemployment rate, 15 weeks and over (inv/)3

1 6 8 . 1 5 176.86 176.73 1 7 7 . 8 1 178.42 1 7 7 . 3 7 179.49 179.75
U,C,C... A.r., bil. hre
9 7 . 4 5 1 0 1 . 6 8 1 0 1 . 6 1 102.00 102 .66 102.60 102.89 1 0 3 . 0 7
U,C,C... Millions
94.16
93.79
94.56
95.44
95.49
96.01
95.66
C,C,C...
..do.......... 9 0 . 1 4
2 3 , 3 9 4 2 4 , 9 0 5 24,862 25,056 25,156 2 5 , 1 2 3 25,265 2 5 , 3 4 7
L,C,U.... Thousands

1 .2
0.3
0.2
0.6

57.15

58.79

58.87

58.89

59.07

59.06

59.20

59.24

0.14

0.04

0.02

0.18

90

10,717
Thousands
9.6
Percent
3.8
do
20.0
Weeks
3.8
Percent.
....

8,539
7.5
2.8
18.2
2.4

8,529
7.5
2.7
18.4
2.4

8,447
7.5
2.7
17.6
2.3

8,233
7.2
2.8
17.1
2.1

8,142
7.1
2.8
17.4
2.1

8,191
7.2
2.8
17.3
2.1

8,484
7.4
2.9
15.3
2.0

-0.6
-0.1
0.
0.6
0.

-3.6
-0.2
-0.1
11.6
0.1

1.0
0.
0.
4.3
0.1

2,5
0.3
-0.1
2.8
0.2

37
43
45
91
44

1 3 9 8 . 1 1403.0

0.6

0.4

0.4
1 .0

1 .2
1 .1

50
52

1201 .1 1 1 9 9 . 7 1210.7 1 2 0 7 . 1

U,Lg,U.... Percent
L,Lg,U....
L,Lg,U....
Ug.U....
lg,Lg,lg,,..
Lg,Lg,tg....

0.026 - 0 . 0 4 3
5.8
-4.8

B2. Production and tncomo
Comprehensive Output and Income:
50. Gross national product in 1972 dollars
52. Personal income in 1972 dollars
*51. Personal income less transfer payments
in 1972 dollars..........
53. Wages and salaries in 1972 dollars, miring, mfg.,
and construction
Industrial Production:
*47. Industrial production
.,.,.,....
73. Industrial production, durable mfrs
74, Industrial production, nondurable mfn
49. Value of goods output in 1972 dollar,

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

C,C,C...

1095.0

0.9

-0.3

1 .2

1 .2

51

do

CCC

213.5

224.8

225.0

225.4

226.3

226.3

228.2

228.6

0.8

0.2

0.2

0.4

53

147.6
134.5
168.1
688.6

163.4
154.8
179.5
764.4

163.1
153.6
180 .1
76 7.4

165.6
157.4
181 .3
76 6 . 8

165.1
158.0
180.0
778. 7

165.0
157.6
179.9

165.9
159.2
180 .7

166.6
159.8
180.8

0.5
1.0
0.4

0.4
0.4
0.1

1.5
2.5
0.7
-0.1

-0.3
0.4
-0.7
1 .6

47
73
74
49

75.2
75.2

81.7
82.0

81 .8
82.7

82.5
82.9

81.8
80.9

81.7
80.9

82 .1
80.8

82 .1
80.9

0.4
-0.1

0.
0.1

0.7
0.2

-0.7
-2.0

82
84

0 4 . 0 4 102.05
42.64
41.83

105.98
43.38

-1.9
-1.9

3.9
3.7

0.9
0.6

-0.1
-0.3

6
7

37.07
40.42
37.40
2.26
1.01
1 .73
4 6 . 6 8 344.95 345.96
50
47
45

0.9
-0.53
-0.5
-5

8.1
-0.72
0.3
2

0.
-1.01
1 .2
-12

-1.0
-1.46
-1.1
-8

25
96
32

0.6
0.6
0.4
-0.5
-0.3

NA
NA
0.7
0.7
0.6

-2.9

3 .3

0.
-0.1
0.4
-0.8
-1.3
-3.5
2 .4

0.7
0.9
0.1
2.1
1.6
0 .1
-3.9

56
57
75
54
59
55
58

1.4
NA

1 .3
NA

-2,5
NA

12
13

CCC
1967-100...
C,C,C .
do
.
C,l ,1
. . d o ...
C.(;,C.. Ar., bil dol

Capacity Utilization:
82. Capacity utilization rate, mfg3.
84. Capacity utilization rate, materials5,....

1 5 3 4 . 7 1639.9 1638.8 1645.2 1664.8
1284.6 1366.7 1361.6 1375.5 1390.3 1390.2

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

1 1 7 7 . 7 1172.2 1186.6

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mtrs.' new orders, durable goods
L.L.L.... Bil. dol
87.85 100.94
7. Mfrs.' new orders in 1972 dollars, durable goods
l,L,l... ... .do
37.01
41 .60
*8. Mfrs.' new orders in 1972 dollar?,, consumer goods
and materials..
L.L.L.... .... , do
34.13
3 7.54
25, Change in mfrs.' unfilled orders, durable goods3
L,L,L...
do.....
2.69
2.42
5
96. Mtrs.' unfilled orders, durable goods
L,Lg,U.... Bil. dol., EOP ... 3 1 9 . 3 0 3 4 4 . 9 5
•32. Vendor performance, slower deliveries3 (u)
L.L.I Percent
54
61

99.92
41.18

0 0 . 8 0 100.72
41 .43
41 .32

37.46
37.47
37.11
2.35
1 .34 - 0 . 1 2
44.76 348.78 344.95
57
69
49

Consumption and Trade;
56. Manufacturing and trade sales
„... C,C,C... Bil. dol............. 3 6 7 . 0 6 40 9.14 4 1 0 . 9 1 4 1 1 . 0 3 4 1 4 . 0 1 4 1 4 . 5 2 4 1 6 . 8 8
NA
*57. Manufacturing and trade sales in 1972 dollars
C,C,C...
do
6 1 . 7 0 175.95
76.65 176.43
78.05
78.32 179.35
NA
75. Industrial production, consumar goods..
C.L.C... 967-100.
151.7
161 .8
162.0
162.6
162.7
162.9
163.6
164.7
54. Sales of retail stores....
C.L.U.... Bil. dol
97.83 107.98
0 8 . 3 5 107.43
09.67
1 0 . 4 0 109.87 1 1 0 . 6 9
59. Sales of retail stores in 1972 dollars
U.L.U....
do
47.75
51.70
52.21
51 .53
52.36
52.52
52.70
52.83
55. Personal consumption expenditures, automobiles.
L,C,C... A.r., bil. dol
88.3
102.1
104.6
100.9
101 .0
Oft 0
58. Index of consumer sentiment @...
LL L
Q 1956= 100.
8 7.5
97 5
96 6
7 o. y
95 • 0
95.7
92 .9
96 .0
B4. Fixed Capital Investment
Formation of Business Enterpriser.:
•12. Net business formation...,
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment....
*20. Contracts and orders for plant and equipment
in 197? dollars...
24. Mfrs.' new orders, nondafense capital goods.,...
27. Mfrs.' new orders in 1972 dollars, nondetense
capital goods.....




L.L.L.... 967-100
LrL,l
Number

114.8
0,162

116.7
NA

116.7
3 ,276

118.2
NA

115.3
NA

114.2
NA

114.9
NA

116.5
NA

L,L,L...

il. dol

0.6
NA

a
0

26.68

31 . 2 1

31 .80

31 . 8 2

31 .04

31 .89

30.81

27.22

-3.4

-11.7

0.1

-2.5

10

LLL
L,L,L...

do
do

13.40
22.73

15.39
26.91

15.83
27.62

15.49
27.33

14.99
26 .36

16.02
27.13

14.00
26.56

12.83
23.51

-12.6
-2.1

-8.4
-11.5

-2.1
-1.0

-3.2
-3.5

20
24

L.L.L....

.,du

11 .72

13.62

14.11

13.65

13.08

14.07

12.27

11 .32

-12.8

-7.7

-3.3

-4.2

27

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

Series title and timing classification1

Percent change

Annual average

Nov.
to
Dec.
1934

Nov.
1984

Dec.
1984

83.75

86.73

81 .14

C,Lg,Lg.... A x , oil. dol...

269.22

C,Lg,Lg....
do
C,Lg,U.... 1967 = 100..
C,Lg,C...

3 2 0 . 5 7 3 7 6 . 7 6 373.30 382.62 400.64 397.39 417.59
181 . 1
188.9
188.4
190.9
153.3
186.5
177.0
212.7
204.6
202.9
209.5
171.0

NA
191 . 4

2d Q
1984

1984

3dQ

4th Q
1984

Jan.
1985

Dec.
to
Jan.
1985

2dQ
to
3dQ
1984

3d Q
to
4th Q
1984

I. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U.... Mil. sq. ft
11. Newly approved capital appropriations, mfg
U.Lg.U.... Bit. dol
97. Backlog of capital appropriations, mfg.s
C,Lg,Lg.... Bit. dol., EOP .
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Presidential fixed investment in 1972 dollars
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1972 dollars

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

63.56
22.00
73.50

78.07
NA
KA
307.59

1,703
129.4
53.7

1,747
133.3
60.2

-3.6

79.06
37.15
92.52
302.70

79.35
28. 72
96.31

-6.4

1,663
121 .4
60.1

1,586
123.7
59.3

0.4
-22.7
4.1

4.8
NA
NA

3.4

2.6

NA
0.3

2.5
5.4
3.3

4,7
1.3
1.5

14.9
3.4

-10.5
-14.4
- 1 .2

-4.6
1.9
-1.3

313.11 321.40

24.8

1,858
141 .9
60.8

83.17
NA
NA

1 ,600
128.5

1,595
128.1

5.1
1 .3

1,833
132.5

-0.3
-0.3

NA
NA

-7.42
3.3

NA

-15.80
-1.9

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1972 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1972 dollars (smoothed6)3
31. Change in mfg. and trade inventories, book value3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order, book value1
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5
70. Mfg. and trade inventories in 1972 dollars5
65. Mfrs.' inventories, finished goods, book value5
*77. Ratio, mfg. and trade inventories to sales in
1972 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order, book value5

do...

L.L.I

-13.8

16.8

-4.94
-30.1

1.92
8.8

21.49
52.2

32.42
56.3

16.62
54.4

11.68
24.3

11 .87
14.5

4.45
17.8

1.46

0.75

1.28

0.75

-1.71

-1.97

-0.18

1.79

NA

-0.53

Lg,LgrLg.... Bil. dol., EOP . 514.34 5 6 6 . 5 0 5 4 6 . 8 3 560.43 566.50 565.02 566 .50
259.02 2 7 8 . 9 9 2 7 0 . 0 3 2 7 6 . 1 0 2 7 8 , 9 9 2 7 8 . 3 9 2 7 8 . 9 9
do
Lg.Lg.Lg....
do
Lg.Lg.Lg....
89. 76
89.08
89.76
89.64
86.54
80.8 7 89.76

0.3
0.2
0.1

NA
NA
NA

2.5
2.2
2.9

1.1
1.0
0.8

0.03

0.01

do..,
do...

L.L.L....
L.L.L....
L,L,t

I. dol

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

1.59

1.54

1.52

1.55

208.59 2 1 7 . 5 7 2 2 0 . 4 4 2 2 2 . 7 0

1.56

1.56

0.

1.56

1.0

-0.1

217.57 217.75 217.57

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials ( u )
*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 s t o c k s ©

L.L.L.... 1941-43=10.

Profits and Profit Margins:.
16. Corporate profits after tax
18. Corporate profits after tax in 1972 dollars
79. Corporate profits after tax. with IVA and CCAdj
80
do
in 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..
do
L.L.L...
do
L,C,L...
do
L.C.L...
L.L.L.. Cents
L,L,L... 1977=100...

127.4
60
149
71.2
4.0
98.0

147.5
N
A
N
A
N
A
N
A
99.5

150.2
70.3
195.2
92.1
4.9
99.8

141 .7
65.7
199.8
93.6
4.5
99.7

Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1972 dollars

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

318.9
149.3

NA
NA

366.7
169.3

366.7
168.4

156.0

157.7

156.5

158.0

1.40 9

1.425

1 .414

1.434

NA

218.4
85.0

218.0
85.6

216.8
83.6

220.2
83.4

Unit Labor Costs and Labor Share:
Lg,Lg,Lg.. 1977 = 100
63. Unit labor cost, business sector
68. Labor cost per unit of real gross domestic product,
Lg,Lg,Lg.. Dollars
nonfinancial corporations
62. Labor cost per unit of output, mfg.
Lg.Lg.Lg.. 1967 = 100
a) Actual data
Lg,Lg,Lg.. Percent
*b) Actual data as percent of trend3
64. Compensation of employees as percent of
3
Lg.Lg.Lg..
national income

-0.36
278.9
-0.19

-0.68
288.1
0.11

160.41 160.46

155.76

1 .24
258.5
1.03

219.6
91 .9

-0.72
276.6
-0.88

-0.10
265.5
-0.48

-0.33
261 .9
-0.32

-0.81
255.8
-0.52

1 6 0 . 5 4 165.19 1 6 6 . 2 7 164.48 171.61

-0.04
-4.0
-0.99

0.62
-4.0
0.40

4.3

-0.50
-2.4
0.07

-0.48
-2.3
-0.20

3.1

2.9

-5.
-6.
2.4
1.6
-0.4
-0.1

0.17
268.3
-0.39

N
A
N
A
N
A
N
A
N
A
0.1

N
A
N
A
N
A
N
A
N
A
99.8

0.
-0.
1.0

158.5

0.3

1.4
220.5
83.5

221.1
83.2

221.1
82.7

0.3
-0.3

0.
-0.5

NA

-0.6
-2.0

1 .6
-0.2

0.1

73.4

B7. Money and Credit
Money:
85. Change in money supply M l 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply M l in 1972 dollars
•106. Money supply M2 in 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
•111.
110.

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

Ratio
....do

Flows:
Net change in mortgage debt3
Net change in business loans3
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers

L.L.L.
l,L,L.
L,LrL
L.L.L.
L,L,L.

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

Credit Difficulties:
39. Delinquency rate, installment loans (inverted 4 ) 35

L,L,L.

Percent, EOP




-0.13
-0.07
N
A
0.6
0.8

-0.08
0.10
N
A
0.6
1 .0

-0.35
-0.03
-0.11
0.2
0.8

-0.009

0.016
0.004

0.75
0.93
0.86
213.8
888.7

0.49
0.66
N
A
219.5
917.2

0.61
0.60
1 .02
219.7
912.3

0.26
0 .57
0.91
220.1
919.6

0.44
0.91
N
A
220.0
932.1

1.00
1.17
N
A
220.2
932.5

0.87
1.10
N
A
221.5
940.4

0.79
1.20
N
A
222.9
949.9

6.490
1.297

6.722
1.323

6.712
1.324

6 . 728
1.328

6.798
1.321

1 .322

1.313

1.304

NA 124.81 121.22
30.92
88.38
52.47
69.55
97.87
79.98
14.0
21.8
15.2
NA 4 9 6 . 8 0 3 8 0 . 7 2

NA
38.35
84.69
10.4
NA

70.97
43.40
95.40
12.5

NA
-1.13
83.38
5.8

NA
NA
43.56 - 4 4 . 5 3
N -12.02
A
-6.7
12.4

NA - 3 . 5 9
4 4 . 6 9 -57.46
NA - 2 8 . 3 2
-7.8
6.6
-23.4

1.97

2.09

-0.12

-0.08

37.55
3.66
39.77
5.0
3 90.99
1.94

2.02

2.10

-0.009

0.18
0.34
N
A
0.
1.4
0.070
-0.007
N
A
7.43
15.14
-3.6
N
A
0.01

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure

Series title and timing classification

Percent change
Nov.
to
Dec.
1984

Annual average
2dQ
1983

1984

1984

3dQ
1984

4th Q
1984

Nov.
1984

Dec.
1984

Jan.
1985

Dee.
to
Jan.
1985

2<JQ
to
3d Q
1984

3dQ
to
4th Q
1984

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted^) 3 ©
94. Borrowings from the Federal Reserve 3 ©

,

Interest Rates:
119, Federal funds r a t e 1 ©
114. Discount rate on new Treasury bills 3 ©
116. Yield on new high-grade corporate bonds3 ©
115. Yield on long term Treasury bonds3 ©
117. Yield on municipal b o n d s 3 ©
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business l o a n s 3 ©
•109. Average prime rate charged by banks' ©

I.U.U.. Mil. dol
do
..,. L.f.g.U..

-545 -3,046 - 1 , 8 9 2
2,507
1 ,034 3,730

Percent,.,....
gg
do....
...CLftlg..
do.,,
• Lg.Lg.Lg..
do....
...C,Lg,Lg..
do...
.. (Ug,Lg..
do....
. Lg.Lg.Lg..
do....
. lg,Lg,Lg...
. l.g,Lg.Lg..

9.09
8.62
12.25
10.84
9.51
13.11
10.64
10.79

Outstanding Debt:
66. Consumer installment credit outstanding*1
. Lg.Lg.Lg.. iil. dol., EOP,
lil. dol
72. Commercial and industrial loans outstanding
•101. Commercial and industrial loans outstanding in • Lg.Lg.Lg..
do
1972 dollars.
• Lg.Lg.Lg...
*95. Ratio, consumer installment credit to
Percent
personal income3....
,
. Lg.Lg.Lg...

- 6 , 4 1 8 - 3 , 8 8 5 -3,924 -2,333
3,186
4,607
4,617
7,061

-646 - 1 , 5 9 1
1,395 - 1 , 4 3 1

-1,687
-1,791

-0.45

0.83
0.50
-0.46
-0.35
-0.20
-0.31
0.84
0.68

2.12
1.37
-1 09
-0.9
-0.05
-1.15
-2.00
-1.19

1.5
0.

NA
1.1

4.0
4.3

4.
3.6

9.43
8.79
12.40
11 . 2 5
10.17
12.90

8.38
8.16
12.47
11 . 2 1
9.95
12.99

8.35
7.76
12.46
11 . 1 5
9.51
13.01

-1.05
-0.63
0.07
-0.04
-0.22
0.09

-0.03
-0.40
-0.01
-0.06
-0.44
0.02

11.77

11.06

10.61

-0.71

NA
3 8 8 . 7 2 4 6 8 . 6 9 430.13 4 4 7 . 5 2 46 8.6 9 461 . 7 4 46 8 . 6 9
2 6 4 . 9 4 2 9 9 . 7 9 296.24 3 0 9 . 0 5 320.15 3 2 1 . 3 9 321 . 3 0 324.92

10.22
9.57
13.37
11.99
10.10
13.82
12.02
12.04

10.56
9.84
14.18
12.69
10 . 3 7
14.57
12.45
12.31

11.39
10.34
13.72
12.34
10.17
14.26
13.29
12,99

9.27
8.97
12.63
11.37
10.12
13.11
11.29
11.80

4,526 -2,533
4,554 -2,454

123.48

124.92

0.1

1.2

4.6

3.8

14.89

15.05

NA

0.16

NA

0.41

0.36

315.5
0.3
307.2
309.9
323.0
329.3
320.6
295.8
291 . 5

316.1
0.2
307
309
323
322.2
320.4
297.0
291.1

0.1
0.1
0.4
-0.2
-0
-0
-0
0
0.2

0.2
-0.1
0.2
0
0
-2.2

290.8

315.3
0.2
305.9
310.4
323.8
329.6
320.9
295.7
290.9

1 .0
1.1
0
0
-0.3
0
-1.2
-0.1
0.4
-0.1

0.7
0.7
-0.1
0
-0
0
-0.3
0.1
0.1
0.2

161 . 0

162 .1

162.0

163.0

162.7

0.6

-0.2

94.5
168.9
98.2
107.2
106.3

94.4
170.4
98.1
107.9
106.7

94.4

94.7

94.3

0.3

-0.4

-0.6
0.9
0.1
0.2
-0.3

-0.1
0.9
-0.1
0
0.4

1 1 1 . 5 5 1 1 3 . 5 4 1 1 3 . 5 1 113.75 1 1 4 . 1 8 1 1 4 . 0 7
1 0 0 . 8 3 1 0 5 . 0 0 1 0 4 . 9 8 105.31 1 0 5 . 9 5 1 0 5 . 9 3
8,539
8,529
8,447 8 , 2 3 3 8 , 1 4 2
10,717
3,932
3,934
3,846 3 , 7 3 8 3 , 7 2 5
5,257
3,107
3,087
3,129 3 , 0 5 1 3 , 0 2 7
3,632
1 ,499 1,508
1,390
1 ,472 1 , 4 4 4
1,82 9
7,057
6 , 9 8 8 6,958
6,83 7 6 , 7 6 8
9,075

114.46
106.27
8,191
3,759
2,952
1,480
6,811

114.88
106.39
8,484
3,798
3,161
1,525
6,963

0.3
0.3
0.6
0.9
-2.5
6.5
0.6

0.4
0.1
3.6
1.0
7.1
3.0
2.2

0.2
0.3
-1.0
-2.2
1.4
-2.4
-0.4

0.4
0.6
-2.5
-2
-2.5
-1 .9
-1 .7

78.3
54.0
54.1

78.2
54.4
55.2

0.
0.1
0.6

-0.1
0.4
1.1

0.
0.
-0.4

0.
0.1
-0.1

-16.9
0.3
2.2
-6.9
0.8
2.3

NA
NA
3.4
NA
NA
1 .6

113.31 118.49 123.04 1 2 3 . 3 3

104.13

115.06

13.34

14.31

14.12

14.53

14.89

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

215.3
298.4
0.3
291.7
303.1
315.7
323.6
312.3
287.2
284.6

223.4
311.1
0.3
302.9
310.3
322.6
331 .0
320.0
294.1
290.4

222,4
309.7
0.3
301.4
311.4
323.2
332.8
320.8
294.1
290.6

224.6
313.1
0.4
303.7
310.6
323.1
328.8
320.4
295.3
290.3

226.1
315.4
0.3
306.2
309.9
323.3
327.9
320.6
295.5

1977-100..

155.3

162.8

159.9

., .

94.8
161.6
98.3
103
103.4

94.7
168.9
98.6
107.4
106.6

95.1
167.4
98.1
107.0
106.6

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

Implicit price deflator for gross national product,
Consumer price index for all urban consumers (CPI-U) © . .
Change in CPI-U (S/A) 3
,
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities ( u )
PPI, industrial commodities®
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods

-0.1

B2. Wages and Productivity
340. Average hourly earnings of production or itonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagn :u!tural payrolls .
345. Average hourly compensation, nonfarm business sector .
346. Real average hourly compensation, nonfarrr business sector.
370. Output per hour, business sector
358. Output per hour, nonfarm business sector

do .
do.. ..
do...

. . . . . d o . ..
.do

0.7

C, Labor Force, Employment, and •Jnemptoyment
441.
442.
37.
444.
445.
446.
447.

Civilian labor force,
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over . ..
Number unemployed, both sexes 16-19 years of age
Number unemployed, full-time workers

Civilian Labor force Participation Rates:
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16=19 years of age3

Millions.

..do,...
Thousands..
...do
. do .
do,,
..do....
Percent
....do....
....do....

78.5
53.1
53.5

78.3
53.7

53.9

78.3
53.8
54.3

78.3
53.8
53.9

78.3
53.9
53.8

•178,
641
819
44,
478,
434.1

-175.2
704.7
879.9
52.8
523.7
470.8

•163.7
704.3
868.0
54.5
520.6
46 6 . 1

-180.6
706.2
886 . 8
47.6
524.6
477.0

NA
NA
91 7 . 2
NA
NA

78.3
53.9
53.5

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

Federal Government surplus or deficit3..... ,
Federal Government receipts ,.,.
Federal Government expenditures
State and local government surplus or deficit3.
State and local government receipts
State and local government expenditures

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

484.6

D2. Defense Indicators
517,
525.
548.
557.
570.
564.

Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products
,
Industrial production, defense and space equipment,.
Employment, defense products industries
Federal Government purchases for national defense.

Mil. dol
....do
..do..
1967-100..,
Thousands
A.r., bil.dol..,

2 0 , 6 3 5 2 2 , 4 3 7 1 9 , 7 6 9 22 , 0 9 2 25,466 28,892 2 6,6 86
10,787
NA 1 0 , 8 3 4 11 , 3 9 6
NA 2 5 , 5 5 2
NA
6,772
7,128
7,473
6,306
7,980 10,343
8,6 81
119.9
137.4
135.6
133.3
142.5
144.1
142.3
1,355
1,436
1 ,420 1,453
1,481
1,491
1,478
200.5
220.3
221.4
220.8
231.3

Mil. dol
....do..

16,722 1 8 , 1 6 8
3,011
3,146
3,536
3,875
21,513 27,183
4,340
4,689
2,937
3,787

NA
NA
9,804
145.7
NA

-7.6
NA
-16.1
1.3
0.9

NA
NA
12.9
1 .1
NA

11 .8
5.2
13.0
3.1
2.3
-0.2

15.3
NA
12.0
3. 7
1.9
5.0

4.7
2.2
5.7
-3.2
-7.3
-2.2

NA
NA
NA
NA
NA
NA

4.8
4.7
-2.0
10.8
-18.0
7.7

0.6
-0.6
6.5
-9.5
-0.1
-7.3

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

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




...do..
..do..

I do"

17,702 18,552 18,663 1 8 , 3 73 19,230
2,997 3,137
3,118 3 , 2 4 2 3,314
3,844 3,76 9 4,013 3 , 9 0 5 4,128
2 6 , 4 3 1 2 9 , 2 9 3 2 6 , 5 0 5 2 7 , 0 3 3 26,169
5,269
4,319
4,637
4,314
4,298
3,719
4,007
3,817
3.716
3,732

Table I .

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

Unit
of
measure

Percent change

Annual average
1982

1983

1st Q
1984

3dQ
1983

4th Q
1983

1st Q
1984

2dQ
1984

3d Q
1984

4th Q
1984

to
2dQ

2dQ
to
3dQ
1984

3d Q
4th Q
1984

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 services1
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States

Bil. d o l . . .
..do.
... do
.do...
.do..,
.do..
..do.
.do.

-0.28
87.36
87.65
-9.12
52.80
61.92
20.96
14.01

NA
-8.23
-9.70
NA
83.05
84.83
NA
91.28
94.53
-15.26 - 2 6 . 9 0 -17.50
50.06
50.44
55.07
65.33
81.9 7 67.94
19.25
N
A 20.80
13.37
N
A 13.63

-14.13 -17.53 - 2 2 . 5 5 -30.08
NA
84.91
NA
90.69 88.90 91 .67
99.04 108.22 111.45 121 .75
NA
-19.41 -25.82 - 2 5 . 8 0 -33.09 -22.89
51 .83
53.92 5 4 . 5 5
55.48 56.32
71.24
79.74 8 0 . 3 5 88.57 79.21
19.61
23.30 2 0 . 8 2 22.50
NA
14.49
15.55 17.36 18.82
NA

3304.8
1534.7
6,543
1538.3
2340.1
1095.4
4,670

3431.7
1572.7
6,681
1565.4
2428.6
1124.3
4,776

-5.02
-2.0
3.0
0.02
1 .2
0.8
-10.6
11.6

-7.53
3.1
9.2
-7.29
1 .7
10.2
8.1
8.4

NA
NA
NA
10.20
1.5
-10.6
NA
NA

A. National Income and Product
Al. 6NP and Personal Income
200.
50.
217.
213.
224.
225.
227.

Gross national product
Gross national product in 1972 dollars
Per capita gross national product in 1972 dollars
Final sales in 1972 dollars
Disposable persona! income
Disposable personal income in 1972 dollars
Per capita disposable personal income in 1972 dollars

230.
231.
232.
233.
236.
238.

Total
Total in 1972 dollars
Durable goods
Durable goods in 1972 dollars
Nondurable goods
Nondurable goods in 1972 dollars.,

3553.3
1610.9
6,029
1579.3
2502.2
1147.6
4,86 5

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

3069.3
1480.0
6,370
1490.4
21 80 . 5
1058.3
4,555

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

1984.9 2155.9 2 3 4 2 . 0 2181.4 2230.2 2276,
963.3 1009.2 1062,
1015.6 1032.4 1044,
245.1
279.8
318,
284.1
299.8
310,
140.5
177,
159.6
167.2
173,
157.5
757.5
856,
811 .7
823.0
841
801.7
363.1
393,
378.5
383.2
387376.3
982.2 1074.4 1166,
1085.7 1107.5 1124,
459.8
482.0
491 .0
483
475.4

3664.2
1639.9
6,928
1615.1
2577.7
1169.3
4,940

3346.6
1550.2
6,602
1549.3
2367.4
1102.2
4,694

3644.7
1638.8
6,933
1618.5
2554.3
1165.3
4,930

3694.6
1645.2
6,943
1614.6
2606.4
1176.5
4,965

3764.2
1664.8
7,009
1648.0
2647.8
1187.7
5,000

2.6
1.7
1.5
2.5
2,1
1.5
1.3

1 .4
0.4
0.1
-0.2
2.0
1.0
0.7

1.9
1 .2
1.0
2.1
1.6
1.0
0

2332.7 2361.4 2397.4
1064.2 1065.9 1075.4
320.7
317.2 325.3
178.6
177.0 182.4
858.3
861 .4 866.0
396 .6
395.5 395.0
1153.7 1182.8 1206.1
488.9
493.5 498.1

2.5
1.9
3.2
2.8
2.0
2.5
2.6
1.1

1.2
0.2
-1.1
-0.9
0.4
-0.3
2.5
0.9

1.5
0.9
2.6
3.1
0.5
-0.1
2.0
0.9

A2. Personal Consumption Expenditures

237. Services

239. Services in 1972 dollars

do

, do
..do....

A3. Gross Private Domestic Investment

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

4U.9
194.3
441.0
204.7
-26.1
-10.4

471 .6
221.0
485.1
224.6
-13.5
-3.6

637.0
289.6
579.1
264.8
57.9
24.8

491 .9
230.6
496.2
229.8
-4.3
0.9

540.0
249.5
527.3
242.2
12.7
7.2

623.8
285.5
550.0
253.9
73.8
31.6

627.0
283 .9
576.4
263
50
20.3

662.8
300.2
591 .0
26 9.6
71.8
30.6

634.3
288.8
599.0
272.0
35.3
16.8

0
-0.6
4.8
3.9
-23.2
-11.3

5.7
5.7
2.5
2.2
21 .2
10.3

-4.3
-3.8
1 .4
0.9
-36.5
-13.8

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

650.5
292.7
258.9
117.0
391.5
175.7

6 85.5
291.9
269.7
116.2
415.8
175.7

747,
302
295
122.
452
179.6

689.8
292.0
269.2
115.6
420.6
176.4

691 .4
288.8
266.3
113.0
425.1
175.8

704.4
2 89.5
267.6
112.2
436.8
177.3

743.7
302.1
296.4
123.2
447.4
178.9

761 .0
306.1
302.0
125.0
458.9
181 .1

781 .7
310.8
316.3
129.6
46 5.4
181 .2

5.6
4.4
10.8
9.8
2.4
0.9

2.3
1.3
1.9
1 .5
2.6

2.7
1.5
4.7
3.7
1 .4
0.1

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

19.0
29.7
348.4
147.6
329.4
118.0

-8.3
12.6
336.2
139.5
344.4
126.9

-62.5
-14.2
364.8
146.3
427.3
160.5

-16.4
11.9
342.0
141.6
358.4
129.7

-29.8
2.0
346.1
141 .0
375.9
139.1

-51 .5
-8.3
358.9
144.9
410.4
153.2

-58.7
-11.4
362 .4
144.7
421.1
156.2

-90.6
-27.0
368.6
147.4
459.3
174.4

-49.2
-10 .2
369.4
148.2
418.5
158.4

-7.2
-3.1
1 .0
-0.1
2.6
2.0

-31 .9
-15.6
1 .7
1 .9
9.1
11 .7

41
16
0.2
0
-8.9
-9.2

NA
2446.8 2646.7 2961.9 2684.4 2766.5 2 8 7 3 . 5 2944.8 2984.9
1864.2 1984.9 2173.0 2000.7 2055.4 2113.4 2159.2 2191 .9 2227.5
123.3
131 .9 154.9 149.8 153.7 158.3
111.1
154.2
121.7
62.0
63.9
63.0
61.0
56.2
60.4
62.5
51.5
58.3
NA
245.0
260.0 277.4 291 .1 282.8
287.1
159.1
225
259.2
258.9 266.8 282.8 293.5 297.3
256.6
285.1
260.9

2.5
2.2
-3.3
1 .6
4.9
6.0

1.4
1 .5
2.6
1 .6
-2.9
3.8

NA
1.6
3.0
1.4
NA
1 .3

485.7 543.9
455.2
46 9.7 486 .4 498.8
128.7 152.5
119.0
-133.5 -129.3 •107.4
6.1
5.3
5.0

1.3
3.3
-5.0
-1.8
-0.4

1.0
1.9
13.3
-23.8
0.6

NA
NA
1 .0
NA
0.

241. Total in 1972 dollars

.do.
..do.

242.
243.
245.
30.

240. Total
Fixed investment
Fixed investment in 1972 dollars
Change in business inventories3
Change in business inventories in 1972 dollars 3 .
A4. Government Purchases
of Goods and Services
260. Total

261.
262.
263.
266.
267.

Total in 1972 dollars
Federal Government.
Federal Government in 1972 dollars,
State and local government
State and local government in 1972 dollars.. ..
A5. Foreign Trade

250. Net exports of goods and services3

255.
252.
256.
253.
257.

Net exports of goods and services in 1972 dollars3..
Exports of goods and services
Exports of goods and services in 1972 dollars
Imports of goods and services
Imports of goods and services in 1972 dollars
A6. National Income and Its Components

220. National income

280.
282.
284.
286.

Compensation of employees ....
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAdj . .
Corporate profits before tax with IVA and CCAdj..

288. Net interest

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

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

Gross saving
Business saving
Personal saving
Government surplus or deficit3 .
Personal saving rate1

...do..,
do..,
do...
do...
Percent

408.8
388.0
136.0
-115.3
6.2

43 7.2
554.3
453.6
NA
118.1
156.8
-134.5 - 1 2 2 . 4
5.0
6.1

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.
'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.




551 .0 556.4
515.3 525.3
144.8 164.1
-109.2 -133 .0
6.3
5.7

NA
NA
165.8
NA
6.3

!
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.
'Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
Nov. Oct.
P

T

July May
P

T

Aug. Apr,
P

T

Dee. Nov.
P T

Apr. Feb.
P

T

Nov.

Jan. July July Nov.
P T P T

Mar.

P

T

180170160150-

910. index of twelve leading indicators
(ttties 1,5,8,12,19,20,29,32,36,99, ISS, 111)

140130-

J-

120110100-

90-J

170160150140-

-2

120-

. Imtex of lour roughly coincident indicators
(series 4 l t 47,51, 57)
—

110"

Z
_

100-

9080->

140130-

S

9 3 1 Index of six lagging indicators
,.v (series 62,77,91, 9 5 , 1 0 1 , 1 U 9 K /

t-l-l

z:

-

120-

A7

110100-

+ 13

9080-

70-

60-

50-

40-

1948 49 50 51 5a 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
NOTE: Numbers entered on the chart Indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10




FEBRUARY 1985

KCII

CYCLICAL INDICATORS
!A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
Nov. Oct.
P
T

July May
P T

Aug. Apr.
P T

Apr Feb.
P T

Dee. Nov.
P T

Mm. Mar.
P
T

Jin. July July Nov.
P T P
T

I Index: 1967-1001
914. Capital investment commitments (series 12,20, 29)

120-

915. Inventory investment and purchasing (series 8, 32, 36, 99)
.. ;:
;
-24
!

;

;

H

-R

0
110-

-12

V*

V

100-

120*
916. Profitability (series 19,26,80)

110100-

-3

-2

-3

150-

-20
-9

|
!

140-

•'• C

917.

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

Av,

130*

-12

-2

120110100-

9080-

h

"2

70-

1S0*
140 •

-21

V r

940. Ratio, coincident index to lagging index

130*

-n

120110100-

90

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74

77 78 79

J

81 82 83 841985

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.

KCII FEBRUARY 1985




11

CYCLICAL INDICATORS
A
...—

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
I

Chart A2. Leading Index Components
Nov., Dot
P T

July May
P 1

Auf,. Apr.
SJ T

Dee. Nsv.

AprJe'i
P T

ffev< Mar.
P
T

Jan. July Juiy Nov.
P T
P
T

1. Averse weekly hours of production or mnsupervisory workers, manufacturing (hours)

ED

Auorajro u/B«Irlv itvttaJ rtaimc fnr nrtpmnlnum&nf iit&

State programs (thousands—inverted scale)

8. Manufacturers' new orders in 1972
and materials industries (HI. dd.)

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

^

fjjjT]

A ^ .

12. Net business formation (index: 1967=100)
120 .

J

20. Contracts amf orders for plant and equipment tn
1972 ddars f h i dol.l

1948 40 50 91 52 53 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
Current data for these series are shown on pages 61, 64, 65, and 66.

12




FEBRUARY 1985

Kill

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
Nov. Oct.
P I

July May
P T

tog. Apr.
P T

Dec. Nov.
P T

Apr. Feb.
Pi

Nov. Mar.
P
T

Jan. July July %m.
P I P
T

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

urn

^^

200*
180160 •
140120100-

36. Change in manufacturing and trade inventories on hand and on order in 1972 dollars, smoothed1 (arm. rate, bit. dol.)

so-J

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

^

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

106, Money supply M2h1972 doMars (bfl. dot.)
L,L,L

111. Change in business and consumer credit outstanding
am, rate, Pgxyrt)
I L.L.L

1948 49 SO 51 52 S3 g4 5§ SS %1 S8 i® 60 61 62 S3 64 65 66 67 61

71 72 73 74 75 76 77 78 79 80 81 82 83 841985

l

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, 7 1 , and 72.

K C I I FEBRUARY 1985




13

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

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

July May
P T

Ai g Apr.
P T

Dec. Nov.
P T

Apr. Feb.
P T

Nav.
P

Jan. July Jaly
P T P

Mar.
T

10090

41. Employees on nonagriciitural payrots (rnions)
80<
70 J
1300
1200
1100-

51. Personal income less transfer payments in
1972 dolars (am. rate, ML dol.)

1000900
800 J

170

1

/
*r~*s/~

100)
47. Industrial production, total (index: 1967| C.C.C |
^
(

\/\

j

160
ISO
140
130

srlt/
v

l?0
110100190
180
170
160
150-

57. Manufacturingj
1972 dolars (M. do).)

\ s

140130
120-

no
100-

80

70-

60

1948 49 50 51 52 53 54 95 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 /2 73 74 75 76 77 78 79 80 81 82 83 841985
Currant dit« for th«ta i«ri«i *rs shown on pagas 62, 63, and 65.

14




FEBRUARY 1985

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Now. Oct.
P

T

Aug. Apr.
P

T

P

T

Apr. Feb.
P

Dec. Nov.
P

T

Nov.

tor.

Jan. July July

Nov.

P

T

T

F T P

T

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

77. Ratio, manufacturing and trade inventoriesJo sales in
1972 dollars (ratkrt [H17~\

62. Labor cost per unit of output, manufacturing—actual data
as percent of trend (percent)

109. Average prime rate charged by banks (percent)

101. Commercial and industrial loans outstanding
in 1972 dollars (bii. dot.)

95. Ratio, consumer installment credit outstanding to personal income

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66

71 It

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.

BCII

FEBRUARY 1985



1
5

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Apr.
H T

P

P

[Marginal Employment Adjustments]
1. Average wteldy hours of production or wnsupervisory workers,
manufacturing (hours)

21. Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (hours) h C L I

5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scite)

46, Heto-wanted advertising in newspapers (index: 1967 - 1 0 0 )

S

L
1959 60

61

62

63

64

SS

OS

S?

m

\

•f
71

It

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currant data for t h « « se-ie$ ara shown on page 6 1 .

1
6




FEBRUARY 1985

ItCII

CYCLICAL INDICATORS
B

|

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

Xm.

P

T

[Comprehensive Employment|
ISO-

170-

48.
(aim. rate, bil. hours)

16C-

|u,C,C|

150-

140*

9S-

30-

42. Persons engaged in nonagricultural activities (irihns)
^
—

jr

yf
85*

75-

41. Employees on nonagricultural payrolls (mions)

fcxxi

70-

65-

28-

40. Employees on nonagricultural payrolls, goods-producing f
industries (millions)
L,C,U

2726-

^^

\

z

X

25242312'

20 J

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

56-

.^JWV
1959 60

61

62

b-5-

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

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

ItCII FEBRUARY 1985




17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Apr.

Nov.

h)b.

P

T

p T"

P

| Comprehensive Unemployment |
37, Number of persons unemployed (millions—inverted scale)

43. Unemployment rate (percent—inverted scale)

V

7W
\ j

ME.

VT.

X\r
\

45. Average weekly insured unemployment rate, State programs (percent-inverted scale)

ESS

v\/

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

-SI.

5T

5

VI

\T

*v

-±

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

*"*•'—'

^
^

1959 60

V

61

62

^x^_^—-

^

^ " *

s

^ ^

^ ^ ^

sr

63

64

65

66

67

69

70

71

72

73

74

75

76

77

78

79

80

T~
\

81

82

83

84

85 1986

Currant data for thase t t r l t s «ra shown on page 62.

18



FEBRUARY 1985

BCD

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

Hm.

P

T

1800*
17001600150014001300-

(Comprehensive Output and Income|

50. Gross national product in 1972 dollars, Q (arm. rate, bil. dot.)

120011001000-

III

150014001300-

52. Personal income in 1972 dollars (arm, rate, bil. dol.)

fcZcl

"1

1200-

'

11001000900800-

130012001100-

51. Personal income less transfer payments in 1972 doflars
(arm. rate, b i dol.)

1000900-

700600-J

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

260240220200180

160-

140"

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 63.

BCIt FEBRUARY 1985




19

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Apr,

h-ih,

P

!

Kov.

Nov.
P

|Industrial Production!
47. Industrial production (index: 1967^100)

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

ClL

73. Industrial production, durable manufactures
(index: 1967*100)
C.C.C

49. Value of goods output in
(arm. rate, bil. dot.)

|Capacity Utilization]
82. Capacity utilization rate, manufacturing (percent)

84. Capacity utilization rate, materials (percent)

v
1959 60

61

62

63

64

6U

6S

67

6S

63

71

72

73

74

75

7% 77

80

i*J«f»

Currant data for thaia sarle* ara shown on pagas 63 and 64.

20




FEBRUARY 1985

itcn

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
.pr. Fsb.

Dec.

Nov.

Nov.

T

P

Jan. July
P T

Mar.

P

T

July
P

to.
T
110-

Ordpr^ find Dpliuprip^

90-

!
:
i! . " i — —
™JL-A
6. Manufacturers' new orders in Current dollars,
r
V
durable goods industries <biL doi.)
yf

\

h^ ;

\ixx\

60-

jf

§0-

I7*\
/
Jir' i $*s

7. Manufacturers' nfliflm^dfiKSJILlt»7PriflJIar^riiira>t<*foods

JZTAk.

80-

y^V

Sf/

jy/^

^ y \

40-

industries (bil. dot.)

45-

8. Manufacturers' new orders in 1972 dollars, consumer
goods and materials industries (bil. dot.)

nxn

~^"

L
U

V

40-

25. Change in manufacturers" unfilled orders, durable poods
industries (bil. do!.; MCD moving avg.—4-term) t ;

= 4380340-

3001
260-

96. Manufacturers' united orders, durable goods industries

a***) ; rniui

^—-—
140-

32. Vendor performance, percent of companies
receiving slower delveries (percent)
1001
75-

1959

60

61

62

S3

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

Current data for these series are shown on page 64.

ItCII

FEBRUARY 1985




21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Apr. Hb.
?

Nov.
P

J)e« Kev.
P
T

1

Jan. July
P T

Mar.
T

July
P

New.
T
500450-

1 Consumption and Trade |

400350300250-

56. Manufacturing and trade sites in current doiars
(ML doL) [ C ^ C l

200-

150-

57. Manufacturing and trade sales
ki 1972 ttoters ( h i MA

100190170-

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

150130-

lexer

110170*

no100-

90-

54. Sites of retai stores in current doflars (bi. cW.)

80706050-

59 Saks of retai stores in 1972 doiars ( b l dot.)

40120-

JM.

110100-

9080-

^Vy

70-

r~L

6050-

40-

30-

bb. Personal consumption expenditures,
automobies, Q (aim. rate, b l dol.)

58. Index of consumer sentiment (1st Q 1966-100)
110*
100-

9080706050-

X959 60

61

V*Z 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currant data for t h a i * strias are shown on page 65.

22



FEBRUARY 1985

BCII

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

Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

NOT.
T

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

13. New business incorporations (thousands)

10. Contracts and orders for plant and equipment
in current dollars (bif. dol.) ALLx
[Business Investment Commitments|

20. Contracts and orders for plant and equipment
in 1972 dollars ( U . dol.)

Lit

24. Manufacturers' new Orders in current dollars, nondefense
capita! goods industries (bil. dol.)

uX
27. Manufacturers' new orders in 1972 dollars, nondefense
capital goods industries (bil. dol.) fTTT

Construction contracts awarded for commercial and industrial v?v
tmi) sfl J t , o . f J t e

1959 60

61

62

63

64

05

66

S7

68

69

70

71

72

73

74

79

76

77

78

79

81

82

S3

84

89 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.

R C I I FEBRUARY 1985



23

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Apr,

Kev.
?

FeEi

P

1'

fe
T

Jan. July

PI

1 Business Investment Commitments—Con.

97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bit. dot.)

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

61. Expenditures for new plant and equipment by U.S.
nonfarm business, Q (anjn'rtybit M

[Business Investment Expenditures 1

69. Machinery and equipment sales and business
construction expenditures (ana rate, bii. dol.)
76. Industrial production, business equipment
(index: 1967 = 100)

^

c.u.u

1959 60

61

02

63

64

6ft

66

67

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 66 and 67.

24




FEBRUARY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Apr,

Feb.

Dec.

Nov.

Nov.

Mar.

Jan. July

July

Nov.

P

T

P

T

P

T

P T

P

T

| Business Investment Expenditures—Con. [

:

220200-

Gross private nonresidential fixed investment in 1972 dollars (arm. rate, biL dot.)

180160140120100-

88. Producers' durable equipment, Q

80-

I Residential Construction Commitments and Investment];
28. New private housing units started (arm. rate, miions)

29. New private housing units authorized by local building permits
(index: 1967** 100)
„
fTT

Gross private residential fixed investment in
1972 dollars, Q (am. rate, biL dot.)

70-

\

X/

V
1959 60

61

62

63

64

65

66

67

68

69

71

72

73

74

7§

78

7B

Current data for these series are shown on page 67.

FEBRUARY 1985




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Apr.

f

hh,
1

Dos.

Mar.,
I

Nev.

Nay.

P

| Inventory InvestmenT]

P I

kly
p

80

81

Jan. Ju!y

30. Change in business inventories in 1972 dotes, Q (aim, rate, bi. dot)

full

36. Change in manufacturing and trade inventories on hand and on order
in 1972 dollars (arm. rate, bil. dol.; moving

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

38. Change in manufacturers' inventories, materials and supplies on hand,
and on order, book value (bil. dol.; MCD moving avg.—4-term)

iLLLl

1959 60

61

62

63

64

§B

66

67

68

69

70

71

72

73

74

79

76

77

78

79

82

83

14
1

85 1986

'Thii Is « weighted 4-terrn moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.

26




FEBRUARY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr.

Feb.

Dec.

Nov.

P

T

P

T

Jan. July
P

T

'July

Nov.

P

T

| Inventories on Hand and on Order |

Uii
71. Manufacturing and trade inventories,
book value (bi. doL)
: \

650600550500450400350300250-

70. Manufacturing and trade inventories in 1972 dollars (fail, dot)
200-

150 J

no i
100-

12

90807060-

65. Manufacturers' inventories, finished gondij.
book value (bil. dot.)

50-

40-

30-

77. Ratio, manufacturing and trade inventories to sales in 1972 dollars
1.8-

P

1.71.61.51.4-

78. Manufacturers' inventories, materials and supplies on hand
and on order; book value (bil. dol.)
^

280260240220200180160-

IZ.

1401201008060-

40-

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 68.

BCII

FEBRUARY 1985



27

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Apr, }:fib,:
P
!

Dee. Nov.
P
I

Nov.

Jan. Jtiiy

Mar.

P

T

P

l'

July

Nsv.

P

?

98. Change in producer prices for 28 sensitive etude and
intermediate mafuritls (percent; MCO morine avg.—6-term)

| Sensitive Commodity Prices [

+ 4+20-

99. Change h sensfflw materials prices (percent; moving
avg.-4-tefm 1 ) f p T l

0-

23. Spot market p * l m raw industrial m a t t W (index: 1967 - 1 0 0 )

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

| Profits and Profit Margins]

160-

18. Corporate profits after tax in 1972 dollars, Q
(ana rate,toil,dol.)
80-

40 J

16. Corporate profits after tax in current dollars, Q
(am. rate, bit. dol.) r r r n
3,959 SO

81

62

63

64

6S

6©

67

68

69

70

71

72

73

74 75

76

77

78 79

80

81

82

83

84

85 1986

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

28




FEBRUARY 198S

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

ftflar.
T

Jan. July
P T

My
P

Nov.
T

[Profits and Profit Margins—Con,]

200 «
160-

L

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

120-

40 J

80. Corporate profits after tax with IVA and CCAdj in
1972 dollars, Q (arm. rate, bil. dol.) W^\
14-

22. Ratio, corporate domestic profits after tax to corporate
domestic income, Q (percent)

rrrn

v^r

12-

\

A

IP-

ZL

S'"

\
81. Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, Q (percent)

6-

V
\

4J

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

75-

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

104-

102100-

V.

X

989694450"i
400350-

[Cash Flows 1

300250200-

34. Corporate net cash ftow in current dollars, Q (ann. rate, bil, dol.) I L,L,L I

150-

100-

35. Corporate net cash ftow in 1972 dollars, Q
(ann. rate, bit. dol.) |L t L t L|
50 J

1959 60

61

62

83

64

S5

66

67

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.

ItCII FEBRUARY 1985



29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Dae.

P

T

i

Mat

NOT.

Nov.

P

Apr, Hi).

Jin. July

P

P

T

July
P

I Unit Labor Costs and Labor Share]

63, Unit tabor cost, business^fittflu
(index: 1977=100) f T T T r r r

68. Labor cost in current dollars per unit of grots domestic product in
1972 dollars, ronfirm^ corporations, Q ( * * r £ J

[55311

-

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

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

V

1959 60

61

62

63

t'A

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

[m]

84

85 1986

Currant data for theie sarias ara shown on paga 70.

30




FEBRUARY 1985

IICII

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

P

Dec.

Nov.

Nov.

Mar.

P

I

p

T

I

Jan.July
P

T

July

P

Nov
T

85. Change in money supply M l
:
I
(percent; MCD moving avg.—6-term) |L,l,Ll
L.I

k

I r. .1

,\ / J L

102. Change in money supply M2
!
(percent; MCD moving avg.—6-term)

104. Change in total liquid assets (percent; MCD moving avg.—6-term)
+ 1.2-

urn

J^^

+ 0.8+ 0.40.0-

105. Money supply M l in 1972 dollars (bil. dol.)

106. Money supply M2 in 1972 dollars (bi. dol.)
—

107. Ratio, gross national product to money supply M l ,
Q (ratio)
| Velocity of Money]
108. Ratio, personal income to money supply M2 (ratio)

1959 60

61

62

63

64

65

66

§7

69

70

71

72

73

74

79

76

77

78

79

80

81

33

84

85 1986

Current data for these series are shown on page 7 1 .

Bill FEBRUARY 1985




31

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. M o n e y and C r e d i t — C o n t i n u e d
Jan. My Juty
P I P

Nsv.
T

33. Net change in mortgage ctetot held by financial irtstitubon^
and life insurance companies (arm. rate, ML do*.)

112. Net change in business toaos (arm, rate, bi
MCD moving avg.—6-term) j l L L

113. Net change in consumer installment credit
(arm. rate, bit. doi.; MCD moving avg.—6-term)

111. Change in business and consumer credit outstanding
(am. rate, percent) n T
^
'/00600400-

110. Funds raised by private nonfinanciat borrowers in credit
markets, Q (aim. rate, Ml. dd.)

300-

100 J

1059 60

61

62-

63

64

68

SS

68

69

70

71

72

7a

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for thate w r i t * are shown on pages 71 and 72.

3
2



FEBRUARY 1985

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Fit).
P

Dec.

Nov.

Nov.

Mar.

P

T

P

T

T

Jan. July
P

T

July

P

Nov
T

1 Credit Difficulties 1
14. Current liabilities of business failures (mil. doi.inverted scale; MCD moving avg.—6-term)

EL

100-1

200-

39. Percent of consumer installment loans delinquent 30 days and over
(percent—inverted scale)! i - ,

x

LtL,Lf

1800
2000

;

J

1.6 n
2.0
22'
2.4-

'S>sHW '

^

2.62.83.0-

Bank Reserves
93. Free reserves (bi. do).—inverted scale)

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

1-

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

89 1986

Current data for these series are shown on page 72.

BCII

FEBRUARY 1985



33

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr,.
P

Ncv.
P

NOV.

T

Jan. Juiy
P I

fe.

July
P

fa
I

1 Interest Rates 1

119. Federal funds rate (percent)

114. Discmint rate on new issues of 91-day
Treasury bills (percent) Ifjig.Lg

116. Yield on new issues of high-grade corporate bonds

115. Yield on long-term Treasury bonds (percent)
C,Lg,L

118. Secondary marM yields on FHA mortgafes (percent)

municipal bonck, 20-bood average (percent)

1959 60

61

62

63

64

65

66

§7

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currant data for t h e « series are shown on pages 72 and 73,

34




FEBRUARY 1985

KCII

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

July'
P

Nov.
T

81

82

I Interest Rates—Con.

67. Bank rates on Short-term business loany Q ( p t e n t )

Average prime rate charged by banks

1 Outstanding Debt)

72. Commercial and mdustrial loans outstanding in current

101. Commercial and mdustrial loans outstanding in 1972 dolars

95, Ratio, consumer installment credit outstanding to personal income
(percent) \jgx

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85 1986

Current data for these series are shown on page 73.

ItCII FEBRUARY 1985




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Doc. NQV
P
I

Apr. U$i

950. Twelve leading indicator components (6-mo. span

| Percent rising |

, 1-mo. span-—)

100 1

bO-

951. Four roughly coincident indicator components (6-mo. span

!/i[»fl|fllf iMJiiii
[
>

jUI

I:

, 1-mo. span-—)
ittti n

10
11

so-

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

961. Average weekly hours of production or nonsupervtsory workers, 20
manufacturing industries (9-mo, $pm—, 1-mo, span-..)

100-

so-

962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo. $ p n — , 1-mo. span---)

100 -I

bO-

IM

963. Employees on private nonagricuftural payrolls, 172-186 industries
(6-mo. span—, 1-mo. span - --)

100 T

0-J
19S9 60

HI

6<> 63

64

63

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

114

8ii

Currant data for these series are shown on page 74.

36




FEBRUARY 1985

ItCI)

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Apr. Fab.

Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July July
F T P

Hm.
I

| Percent rising |

964. Manufacturers' new orders, 34-35 durable goods industries
(9-mo. span—, 1-mo. span. - . )

100 T

96b. Newly approved capital appropriations in 1972 dollars, 17
manufacturing industries (4-Q moving avg*—», 1-Q span»»«)

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

50-

967. Spot market prices, 13 raw industrial materials
(9-ma span 4—, 1-mo. span---)
100-

968. Stock prices, 500 common stocks, 46-82 industries
(9-mo. span*—, 1-mo. span---)

100-

50-

0-

960. Net profits, manufacturing, about 600 companies1 (4-Q span)
90-

\

xr

/

v

70-

50*

30-

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

'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.

FEBRUARY 1985



37

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Nev.

p

i

Actual
Antitipatal

[Percent r t t i f l

ian. July

Mar.

p

[' T

r

P

T

toly

Nav,

P

T

Jtetual
Anticipate

[Percent ripfj

*—
*•<••

970. Expenditures for new plant aid equipment,
21 industries (1-Q span)
(a) Actual expenditures

974. ftafcerof employees, manufacturing mi trade { 4 4 ^pan)1
7060-

M

5040-

975. t#w» of inventories, manufacturing apl trade ( W j i p a n )

1

(a) Actual expenditures

801
100-

V

A,

70-

75-

%

60-

50

w*

(0

Early projections

\

f*

50-

25

40-

0-"

971. New orders, manufacturing (4~Q span)

1

97$, Sefcig prices, manufacturing ( * 4 ) spaft)

97& M profits, manufacturing am) trade (4-Q span)1

1

177. Sefng prices, wholesale trade
100-

90807060-

9 7 1 M safes, manufacturing and trail (4-Q span)1

978. Seing prices, retal trade i
100-

90-

• • •*"
807060-

1973 74

75

76

77

78

79

80

81

82

83

84 1985

1973 74

79

76

77

78

79 80

BX

82

83

84 1985

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

38




FEBRUARY 1985

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

Nov.

P

T

1-month spans - ~ 3-month spans — -

I Percent change at annual rate |
910c. Composite index of twelve leading indicators

920c. Composite index of four roughly coincident indicators :

+30+20-

/¥>U /*V

+10-

1

±L

"**' ^'

j£

iij

•-

0-

iiflnu

-10-20-

930c. Composite index of six lagging indicators

47c. Index of industrial production

A/ WTf

±^

^\

f

&

'A/AA

—

\ry
50c. Gross national product in 1972 dollars (1-Q span)

^ >v

,JV
/

^^

/v^yA

* v\^

v^v/

^-*

^^f^^^ySf^

v

y

"i

+ 10+50-5-10-

48c. Employee hours in nonaencultural establishments

51c. Personal income less transfer
payments in 1972!doSars

1959 60

61

62

63

64

69

66

67

68

69

70

71

.
I

72

73

74

75

76

77

78

79

80

81

82

83

84 - 8 5

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.

licit FEBRUARY 1985




39

OTHER I M m f r A N f BSCIiCl^ie MEASURES
A

I

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Ay; 1 ,

f(••?).

P T

m
200. Gross national product in current dollars, Q (am. rate, bil. dol.)

4i)00400035003000-

20001SO0-

223. Personal income in current dclars
(am. rate, bi. dd.) \
1000'

224. Disposable personal income in current
dolars, Q (aim. rate, bil. dot.)

50. Gross national product in 1972 dollars, Q
(am. rate, bil. dot.)
1000 J

213. Final sales in 1972 dollars, Q ( a m rate, bi. dcH.)

225. Dqwsabte personal income in 1972
dolars, Q (arm. rate, bl dol.)
600 J

8-

217. Per capita gross national product in 19/2 dollars,
(arm. rate, thous. dd.)"

6•)4-

227. Per capita disposable personal income in
19/2 dolars, Q (am. rate, thous. dd.)

mm m

si

m, es m

m

m

/3

74

75

70

77

78

79

3-

80

81

82

83

84

85 1986

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

40




FEBRUARY 1985

RCII

OTHER IMPORTANT ECONOMIC MEASURE
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
Apr. F<at).
P
T

Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July

July

P T

p'

Nov.
I

Annual rate, billion dollars (current)]

Personal consumption expenditures—

Annual rate, biion dollars (1972) [

MO*
i

1959 60

01

62

S3

64

65

66

§7

§8

69

12

123-

73

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

KCII FEBRUARY 1985




41

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Apr.

?

Dee. Nev.
P T

Hh.
I

P

Jan. July
P i

T

July
P

Annual rate, blton doiars (current))

Qrots private domestic investment—

245. Change in business inventories, Q

[Anmialrate,faitoidoiars (1972)1
340
300

180140-

100-

0. Change in business fnventories, Q
•

v A J

30-

JEL
-20-

1959 60

61

62

63

64

65

66

67

GB

69

70

71

72

73

74

75

76

77

7Q

79

80

81

82

83

84

85 1986

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

42




FEBRUARY 1989

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Apr.

Dec. Nov.
P
T

Feb.

P

T

Nov.
P

Mar.
T

Jan. July
P

T

July

Nov.

P

T

Annual rate, billion doiars (current)]

Government purchases of goods and services—

266. State and focal
government, Q

Annual rate, biondoflars (1972) I

267, State and focal government, Q

263. Federal Government, 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 8 1 .

ItCII FEBRUARY 1985




43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
ilee.

hit).

Nov.

Nov.

Mar.

P

Apr,

I

P

T

Jan. July
P

July

T

P

| Annual rate, Won dofers (turrent))-

500450400350300?50-

150-

- 253. Imports of goods and services, Q

252. Exports of goods and services, Q ——

100-

51) J

250. Net exports of goofe and services, Q
+ 40-

A\

X7

+200-20-40-60-

~I00J

1 Annual rate, bfton ck4ar$ (1972)1
180*

A

160*
140-

256. Exports of good? and services, Q — * 100-

Imports of goids and s m k t i , Q

+ 60-

255. (let exports of goods and services, Q
+ 40+J>00-

^40 J
19S9 60

61

62

63

04

65

06

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 82.

44



FEBRUARY 1985

BUI

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

July

NOT.

P

T

T

|Annual rate, biHion (Mars (current)!

H
I

340030002600220018001400-

220. National income, Q

1000300-

- 280. Compensation of employees, Q
600-

400360320280240-

286. Corporate profits before tax with inventoryNuatkm and capital"
consumption adjustments, Q
/

200 «

180-

X

16014012010090-

r

80-

r

w

[ivj

r

*- 288. Net interest, Q

706050-

Proprietors' income with inventory valuation and

z

40-

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

30-

20-

10-

1959

60

©1

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 82.

B C D FEBRUARY 1985



45

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Dec. Nov.
P
T

Apr. Feb.
P
1

P

Jan. July July
F T P

T

Now.
I

(current)

Annual rate,

600550«
^

450*
400-

^

298, Government surplus or deficit, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

SO 81

82

83

84

85 1986

Currant data for thtw saries ara shown on pagas 82 and 83.

46




FEBRUARY 1983

KCII

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr.

Feb.

Dec.

Nov.

Nov.

Wlar.

P

T

P

T

P

T

Jan J u l y
P

T

Jyly

P

Nw
o
T

j Percent ofGNP]
70-

235. Personal consumption expenditures, Q

65-

20

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

248. Presidential fixed investment, Q
5-

249. Residential fixed investment, Q

y^

v/

Change in business inventories, Q

v

251. Net exports of goods and services, Q
-5-

| Percent of Nationaf Income [
80-

64. Compensation of employees, Q
75-

70-

287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q
10-

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

S
5-

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

1959 60

61

62

63

S4

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 83.

KCII FEBRUARY 1985




47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart B l . Price Movements
Nov,
P

Mar,
T

Jan. Juty
P

July

NGV.

f

| l l ilii 1972—1001
240

*** - '**^
310. Implicit price deflator for gross
national product, Q
**

Jan. iu!y

Ncv.

f

l.iy|

y

July

Nsv.

P

1

T'

310c. Implicit price deflator for gross [ Percent chaofft M annual rate [
national product (1-Q span)

220
200-

VrT

180-

160140-

240220-

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

200-

311c. Fixed-weighted price index, gmss donngtite Iteiness product

3£

7*-

Prodtfcer price indexes—

j g-month spans |

180180-

330c. Al commodttet

140-

Hrate 1967^1001
Producer price indexes-^
330. Al commodities

/

335. Industrial commodities / ,

331. Crude materials for

Lli

VA
supplies, and components

333. CaiHtiTequipment

^ 334. Finished consumer goodt

340-1
320300280
260240
220
200180
340-]
320300280260240220200180160360
340
320
300
280
260
240220200
180
320
300
280
260
240
220
200
180
160
140'

1973 74

75

76

77

78

79

80

81

83

84 1985

V
335c. Industrial commodlte

333c. Capital equjpnent

v
1973 74

75

334c. Finished consumef foods

76

77

78

79

80

81

82

83

84 1985

Current data for t h a i * tcrltt «r« shown on pages 84, 85, and 86.

48




FEBRUARY 1985

itcn

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr.

Feb.

P

T

Nov.

Nov.

Mar.

T

c.

P

T

Jan. July
F

T

July
P

Urn.
T

Mndex: 1967 = 1001
340300-

Consumer price indexes260-

220-

180-

322. All urban consumers, food

140-

320. All urban consumers

100 J

320c. All urban consumers (6-month span)
oJ
+ 20-

322c. All urban consumers, food (6-month span)

*

+10-

o- M
-10-

Chart B2. Wages and Productivity

I Index: 1977^1001

200-1
180160-

341. Real average hourly earnings of production or nonsupervisorjL
workers on private nonagricultural payrolls1

140-

;:

I

120100-

80-

340. Average hourly earnings of production or nonsupervisory
wqrkers on private nonagricultural payrolls (current dollars)1

180160140-

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

120100-

80-

60-

Rverage nouny compensaiKHi, an employees,
nonfarm business sector, Q (current dollars)

40 J

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

ou

si

82

83

84

85 1986

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

IN:

FEBRUARY 1985




49

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
Apr.

Feb.

Dec.

Nev.

Nov.

T

P

T

P

ian. Juiy

Mar.

P

T

| Wages—Con, |
Chanp in average hourly earnings or production or nonsupervrsory
wnrkunt nn private nrmamftdtiiral navralk 1 —
workers on nriuatA nonagrip

P

T

.July
P

1 Pircent change]

6-month spans (aim, rate)
>
4

i!

+5

340c. Current-dollar e a r n i n g s ^
+10

6-month spans (arm. rate)

' ir !/

r

Change in average hourly compensation, ai employees,
rwnferm business sector, Q ~
345c. Current-dollar compensation

1-quarter spans (am. rate)
x

346c. Real compensation

r

0-

Negotiated wage and benefit decisions?. Average first-year changes, Q (arm. rate)

^

341* Average changes over life of
contract, Q (ann. rate)

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

370. Output per hour, all persons,
business sector, Q
370c. Change in output per hour, all persons, business sector, Q

[Pirant change 1
+ 10-

-5-

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 seasonally. 'One-month percent changes have been multiplied by a constant (12) to make them comparable
with the annuallzed 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 1985 I t C I )

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major Components
Apr.

Fib.

Dec.

Nov.

Nov.

P

T

P

T

P

Mar. •

Jan, July

T

P

T

Ju!y

Nov.

P

T

130-|

120110-

441. Civilian labor force (nitons)

10090-

442. Civilian employment (mitlkKis)
70 J

Civilian labor force participation rates (percent)—
45L Males 20 years and over

453. Both sexes 16-19 years of age

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

444. Males 20
and over
44D. remaies zu years
and over
446. Both sexes 16-19 years of age

447. Number unemployed, fufl-tjme
workers (mlions)

448. Number of persons employed part time for
economic reasons (millions)
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 89.

FEBRUARY 1985




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
Apr, Feb.
P
T

Dee. Nov.

Nov.
P

Jan. Ju!y
p T'

Mac
T

Jyiy
P'

Annual rate, blon dohrs (current)
1300-

uoo900/00MIQ-

502. Ftakral Government expendbris, Q
300-

501, Federal Government receipts, Q

ion •*

500. Fiigrtl Government surplus or deficit, Q

700 600H0O400-

511. State and local government receipts, Q

300-

?00-

512. State and Joei government expenditures, Q
100 •80+60 -

510. State and local government surpkts or deficit, Q.

+ 40-

(M
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

Currant dtta for th«it stria* ara shown on p*g« 90.

52




FEBRUARY 1985

BCII

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

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

Nov.

P

T

[Advance Measures of Defense Activity!

(fail, d d ; MCD moving avg.-6-temi)

525. Defense Department prime contract awards
(bil, do!.; MCD moving avg.-6-term)

\

1 m \n

543, Defense Department gross unpaid obligations outstafKifig (bil. dol.)

548. Manufacturers' new orders, d $ | ^ p products
( b i dok MCD moving a v g . - # W )

V Ym
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 90.

BCD FEBRUARY 1985




53

OTHER IMPORTANT ECONOMIC MEASURES
I£ ) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Apr. Fob.
P T

Dec.
P

Now.
I

Nov.
P

Mar.

Jan. July
P T

T

My
P

Nov
T

160-|

| Intermediate and Final Measures of Defense Activity |

m

557. Industrial niwfair.tirm clifensft and snace wuipment

140120-

(index: 1 9 6 7 = 1 0 0 )
100-

559. Mwtffacturers' inventories, defense products, book value

(feiriol.)

561. Manufacturers' unfitted orders, mmm products (bi. doJ.)

580. Defense Department net outlays, military functions and military
i
assistance ( M l dof.)

* / * ^

j

m

7654-

588. Manufacturers' shipments, defemt products
(bil ttoO

3-

2-

1959 60

61

62

Currant data for th»*e terles M

63

64

35

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

shown on page 9 1 ,

54



FEBRUARY 1985

ItCII

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

Feb.

Dec.

Nov.

P

T

P

T

Hm.
P

Mm.
T

Jan. July
F

T

Jyly

Nov.

P

T

j Intermediate and Final Measures of Defense Actjvity—Cb'n;j
570. Employment, defense products industries (millions)
1.81.61.41.2J

1.0

Defense Department personnel ( m f a i s ) —
3.5-

577. Military personnel on active duty

3.02.52.0-

578. Civilian personnel, direct hire employment
1.5-

I
1.0-

0.5-

[ Natidnal Defense Purchases 1
240-i

J2L

220200180-

564. Federal Government purchases of goods ana services, naitondl
defense, Q (ann. rate, bil. do).)—i } '

160140120100-

80-

60-

40-

565. Nattonal defense purchases as a percent of GNP, Q (percent)
10987654-

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 9 1 .

BCII

FEBRUARY 1985




55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
Dec.
?

Apr. fash.
P

1

Nov.
1

Nov.

Jan. July July
F T P

Mar.
PI

Nov.
T

24201612-

602. Exports, excluding military aid shipments
(bil. dol.)

604. Exports of domestic agricultural products
(bi. dol.)
606. Exports of nonelectrical macfUiwy
(MLdoL)

612. General imports (bil.

614. Imports of petroteum wd petroteum products .
(ULM)

!-v.

^

^

616. Imports of automobiles and parts (bi. doT)

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

Currant data for thete series are shown on page 92.

56




FEBRUARY 1985

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
Apr.

Dec. Nov.
P
T

Feb.

P

T

Nov.

Mar.

P

T

Jan. July
P

July

Nov.

P

T

T

lAnnuairate, bHIiondoHarsI

t g ^ g Excess of rejects j!
L ' 1 Excess of p^ymen^s

667. Balance on goods and services, Q

652. Foreign investment in the United States, 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.

FEBRUARY 1985




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Apr Feb.
P
T

3RC.

P

Nov.
P

Kev.
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

I index: 1967=1001

Industrial production—

280260240-

M

200-

7Z5TJ2

180-

y

7 2 1 . QECD European

160-

\

140120100-

728. Japan

60 J

200*
180-

723. Canada

/

726. France

160-

vNvrv

140-

y

120100-

47. United States

80-

60-

1959 60

61

62

33

64

65

66

67

68

69

70

71

72

73

74

75

76

77

7B 79

80

81

82

83

84

85 1986

Currant data for thus s«ri«« try shown on pag» 94.

58




FEBRUARY 1985

KCII

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices
Nov.

Mar.

P

T

Chart F3. Stock Prices
Jan.
P

July

July

Nov.

Nov.

Mar.

T

P

T

P

T

|: [Percent change at annual rate |

16-month spans]

Consumer prices— :

Jan.
F

July
T

July
P

Urn,
T

1 Index: 1967=*= 1001

Stock prices—

220-

19. United States

/

^

/

0

180140100-

1973 74

75

76

77

78

79

80

81

82

83

84 1985

1973 74

75

76

77 78

79 80

81

82 83

84 1985

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

ItCII

FEBRUARY 1985




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

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

Year
and
month

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

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

COMPOSITE INDEXES

940. Ratio,
coincident index
to lagging index

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

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

916. Profitability (series
19, 26, 80)

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

(1967-100)

(1967 = 100)

(1967-100)

(1967*100)

(1967-100)

(1967-100)

(1967-100)

145.2
147.4
150.2

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
99.2
101.3

97.6
98.6
100.5

127.2
129.1
129.8

April
May . . . . . . . . . . .
June . . . . . . . . . . .

152.5
154.4
157,3

135.6
137.9
139.8

113.5
111.0
109.8

119.5
124.2
127.3

107.7
109.3
110.3

101.9
102.3
102.5

102.5
104.6
105.7

129.7
129.0
131.5

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

158.2
158.9
160.0

140.7
140.8
143.3

109.7
110.3
109.7

128,3
127.7
130.6

109.4
108.9
109.3

103.1
104.4
104.7

106.5
107.0
107.9

132.4
132.0
130.2

October.........
November
December .

162.4
162.5
163.4

145.0
145.9
147.5

109.6
110.0
110.9

132.3
132.6
133.0

110.4
110.1
109.2

105.4
105.2
106.1

108.4
108.6
108.8

131.1
132.0
133.9

164.5
rl66.5
rl67.2

149.5
150.6
151.0

109.8
111.3
112.9

E>136.2
135.3
133.7

110.3
E>rlll.5
rll0.8

106.1
rlO6.8
rlO7.5

109.2
108.4
109.3

133.4
134.8
rl36.2

rl68.0
B>168.5
r167.0

152.6
153.9
155.5

114.5
116.3
117.6

133.3
132.3
132.2

rll0.7
rll0.8
rlll.l

rlO7.8
H>107.9
106.0

110.1
110.8
110.5

rl36.9
rl38.6
rl38.7

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

164.0
r!64.4
rl65.6

155.7
155.7
156.0

118.9
119.9

131.0
129.9

rl28.8

rlO9.5
rll0.2
rll0.2

r!04.7
rlO3.5
rlO3.8

110.3
111.7
112.1

rl37.8
rl37.6
rl37.9

October .
November
December . . . . . . .

rl64.0
rl64.8
163.9

156.2
rl57.3
158.4

rl22.3
rl22.1
122.2

rl27.7
rl28.8
rl29.6

rlO8.9
rlO9.4
rlO8.8

rlO3.8
r!03.2
rlO2.2

112.0
E>PH2.2
(NA)

rl37.2
rl38.7
rl38.3

E>2158.7

B> 3 123.5

P128.5

P1O9.1

P103.2

(1967-100)
1983
January
February
March

. .

1984
January . . . . . . . . .
February
March . . . . . , . , . .
April
My
a
June

1985
January
February
March

l

166.7

E>pl41.7

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 [R); for series that move counter to movements
in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or order, Complete titles and sources are 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 paces 10 and 11.
1
Excludes series 36, for which data are not available.
Excludes series S73 for which data are not available.
Excludes series 77 and 95, for which data are not available.

60




FEBRUARY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

f/

Minor Economic
Process

g EMPLOYMENT AND UNEMPLOYMENT

Marginal Employment Adjustments

Timing Class

Year
and
month

^

L,C,L

L.L.L

1. Average weekly hours
of production or nonsupervisory workers, manufacturing

(Hours)

Comprehensive
Employment

Job Vacancies
L.C.L

21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing

5. Average weekly initial
claims for unemployment
insurance, State programs1

(Hours)

(Thous.)

L, Lg, U

60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed

U,C,C

L, Lg, U

46. Index of help-wanted
advertising in newspapers

(1967=100)

(Ratio)

48. Employee hours in
nonagricultural establishments

(Ann. rate,
bil. hours)

1983
January
February
March

39.5
39.1
39.7

2.4
2.4
2.6

507
478
479

0.215
0.214
0.216

83
83
83

165.75
164.04
165.06

April
May
June

40.1
39.
40.

2.9
2.7
2.9

470
453
406

0.213
0.230
0.243

81
87
92

166.67
167.07
167.47

July
August
September . . .

40,
40,
40.7

3.0
3.0
3.2

380
408
387

0.283
0.273
0.284

100
97

168.29
168.25
170.68

October
November . . .
December . . .

40.6
40.6
40.6

3.3
3.3
3.4

386
381
378

0.335
0.359
0.391

111
114
121

171.12
170.69
172.73

40.
40,
40.

3.5
3.5
3.5

364
E>345
348

0.406
0.435
0.420

123
129
124

174.01
175.02
174.40

E>41,

E>3.7
3.3
3.3

360
348
350

0.419
0.435
0.485

124
125
134

176.89
176.31
176.99

1984
January
February
March
April
May
June

40.
40.

July
August
September . . .

40.
40,
40.6

3.3
3.3
3.3

365
358
368

0.484
0.449
0.459

138
128
129

177.06
177.49
178.87

October
November , . .
December . . .

40.4
40.5
40.7

3.3
3.4
3.4

405
397
386

0.480
0.501
E>0.527

135
137
E>145

rl78.40
rl77.37
rl79.49

p40.6

3.3

378

pO.484

pl38

E>pl79.75

1985
January
February
March
April
May
June
July
August
September . . .
October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pates 12, 16, and 17.
l
Data exclude Puerto Rico, which is included in figures published by the source agency.
a
See "New Features and Changes for This Issue/' page iii.

FEBRUARY 1 9 8 5




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT—Continued

Comprehensive Unemployment

Comprehensive Employment—Continued
U,C,C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C,C,C

41. Employees
on nonagriculturat payrolls

(Thous.)

L.C.U

40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)

U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, U, U

L, Lg. U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs'

(Percent)

(Percent)

(Thous.)

Lg, Lg- U

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1983
January
February
March

95,792
95,756
95,897

88,827
88,728
88,945

22,959
22,827
22,832

56.53
56.43
56.47

11,513
11,556
11,430

10,
10.
10,

April
May
June

96,209
96,282
96,987

89,259
89,578
89,927

22,949
23,087
23,241

56.59
56.56
56.97

11,316
11,258
11,273

July
August
September . , .

97,691
98,101
98,675

90,274
89,918
91,018

23,414
23,532
23,669

57.32
57.51
57.68

October
November . , .
December . . .

98,758
99,453
99,700

91,345
91,688
92,026

23,895
24,058
24,198

January
February
March

100,000
100,524
100,818

92,391
92,846
93,058

April
May
June

101,023
101,795
102,023

July
August
September . . .
October
November . . .
December . , .

4.5
4.5
4.4

19.0
19.2
19.3

4.2
4.2
4.2

10.
10.
10.1

4.4
r4.2
3.9

19.3
20.3
20.8

3.9
4.0
4.0

10,534
10,595
10,281

9.4
9.4
9.2

3.7
3.5
3.3

21
20.
20,

3.9
3.6
3.5

57.65
57.97
58.10

9,872
9,448
9,208

8.8
8.4
8.2

3.2
r3.1
r3.0

20,
20,

19.6

3.3
3.1
3.0

24,383
24,577
24,595

58.12
58.40
58.49

9,026
8,836
8,783

8.0
7.8
7.8

3.0
2.9
2.9

19.9
19.0
18.9

2.8
2.7
2.6

93,449
93,786
94,135

24,760
24,851
24,974

58.59
58.97
59.04

8,800
8,560
8,228

7.8
7.5
7.2

2.8
2.7
2.7

18.7
18.5
18.1

2.5
2.5
2.3

102,044
101,884
102,075

94,350
94,523
94,807

25,059
25,098
25,010

58.98
58.80
58.88

8,491
8,481
8,370

7.5
7.5
7.4

2
r2
2.7

18.0
17.6
17.3

2.3
2.3
2.3

102,480
102,598
102,888

r95,157
r95,494
r95,661

25,080
r25,123
r25,265

58.96
59.06
59.20

8,367
f>8,142
8,191

7.3
B>7.1
7.2

[H)2.7
2.8
2.8

16.
17,
17.3

2.2
2.1
2.1

[©103,071

(H>P96,OO9

H>P25,347

[H)59.24

8,484

7.4

2.9

H>15.3

[H>2.0

1984

1985
January
February
March
April
May
June
July
August
September . . .
October
November . . .
December , . ,
See note on page 60.

Graphs of these series are shown on pates 14, 15, 17, and 18.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
3
See "New Features and Changes for This Issue," page iii.

6
2




FEBRUARY 1985

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

Minor Economic
Process

Comprehensive Output and Income

ccc

Timing Class

Year
and
month

PRODUCTION AND INCOME

50. Gross national product
in 1972 dollars

ccc

Personal income
223. Current
dollars

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dot.)

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

Industrial Production

CCC

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

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

ccc
47. Index of
industrial
production

ccc
73. Index of
industrial
production,
durable manufactures

CL.L

74. Index of
industrial
production,
nondurable
manufactures

(1967 = 100)

(1967 = 100)

(1967-100)

ccc
49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)

Revised 1
1983
1,075.5
1,071.1
1,074.8

210.5
209.4
210.1

137,4
138.1
140.0

122.5
123.9
126.3

157.4
159.0
160.7

65&\9

2,671.8

1,264.1
1,260.9
1,265.7

2,693.2
2,715.8
2,734.4

1,268.0
1,275.6
1,282.6

1,077.6
1,083.0
1,091.3

210.5
210.9
212.2

142.6
144.4
146.4

129.1
131.0
133.2

163.3
165.4
167.8

681.6

1.55CL2

2,744.9
2,759.9
2,785.0

1,283.3
1,284.9
1,291.1

1,094.2
1,096.8
1,104.1

213.1
213.5
215.9

149.7
151.8
153.8

136.8
138.8
141.6

170.6
172.9
174.6

698 ! i

i^iz.'i

2,814.9
2,834.2
2,860.4

1,306.2
1,312.1
1,321.2

1,119.1
1,121.9
1,130.8

217.2
218.4
219.8

155.0
155.3
156.2

142.8
143.6
145.0

175.6
174.8
173.9

715.5

1.61CL9

2,897.4
2,923.5
2,940 6

1,332.8
1,341.7
1,344 0

1,144.1
1,153.1
1 155 3

221.9
223.1
222 7

158.5
160.0
160 8

148.6
150.5
151 4

175.2
177.2
177 6

744! 9

April
May
June

1,63&\8

2,968.5
2,978.8
3,006.5

1,354.2
1,358.9
1,371.6

1,165.0
1,169.7
1,181.8

224.6
224.7
225.6

162.1
162.8
164.4

152.6
153.3
154.9

179.1
179.9
181.3

767^4

July
August
September

1,645^2

3,027.7
3,045.8
3,068.3

1,373.1
1,373.2
1,380.3

1,183.9
1,183.9
1,191.9

225.5
225.7
225.1

165.9
166.0
165.0

157.2
157.8
157.1

H>181.8
181.7
180.3

766\8

October
November
December

E j > r l , 664^8

r3,081.6
r3,101.6
r3,113.6

rl,382.5
rl.390.2
rl,398.1

rl,192.8
rl,199.7
E>rl,210.7

224.5
226.3
228.2

rl64.4
rl65.0
rl65.9

rl57.1
157.6
rl59.2

rl79.4
rl79.9
rl80.7

E)r77o\7

(H>p3,130.1

E>pl,403.0

pi,207.1

E)p228.6

K>pl66.6

E>pl59.8

P180.8

January
February
March

l,49l!b

April
May
June

1,524.8

July
August
September
October
November
December

2,659.7
2,656.8

"

1984
January
February
March .

, .

1985
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 111.

BCII

FEBRUARY 1985




63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• H

PRODUCTION AND

K U

MAJOR ECONOMIC
PROCESS

INCOME—Continued

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

Q

L.C.U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L. C, U

84. Capacity
utilization rate,
materials

L,L,L

L ( L,L

Manufacturers' new orders,
durable goods industries
6. Current
dollars

7. Constant
(1972) dollars

L.L.L

8. Manufacturers' new
orders in 1972
dollars, consumer goods
and materials

(Percent)

(Bil. dol.)

t1)

(Bit. dol.)

(Bil. dol.)

Revised1

(Percent)
1983

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

L,L, L

25. Change in
manufacturers'
unfilled orders,
durable goods
industries

L, Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

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

Revised1

January
February
March

70.0
70.6
71.6

68.7
70,1
71.5

81.84
77.52
79.80

35.03
32.93
33.91

31.40
31.63
31.71

April
May
June

72.9
73.8
74.9

72.5
73.5
74.4

82.86
83.29
89.46

35.16
35.22
37.67

July
August
September . . .

76.4
77.3
78.4

76.5
77.4
78.6

87.88
88.82
91.51

October

78.9
78.8
78.9

79.5
79.6
79.6

January
February
March

80.1
80.9
81.0

April
May
June

{Bil. dol.)

(Bil. dol.)

290.85
290.47
290.61

41
42
50

32.04
33.55
33.89

3.87

293.36
294.63
298.50

52
52
52

36.91
37.27
38.35

34.60
35.25
35.34

2.80
2.09
2.55

301.30
303.39
305.94

52
61
60

94.78
97.99
98.44

39.67
40.95
41.04

36.07
36.60
37.46

5.60
5.68
2.09

311.53
317.21
319.30

64
59
67

80.
81.
82.

99.44
102.34
105.18

41.47
42.47
0)43.48

38.53
38.36
37.50

4.15
6.06

63
68

[R)8.19

323.46
329.51
337.70

1H}72

81.5
81.7
82.2

November . . .
December . . .

3.83
-0.38
0.15

82.
82.
82.

98.32
102.26
99.17

40.54
42.18
40.81

37.28
38.42
36.67

2.62
4.31
0.13

340.32
344.63
344.76

71
70
66

82.8

101.70
102.02
98.68

41.87
41.91
40.51

37.84
37.93
36.64

3.30
0.98
-0.27

348.06

©349.05
348.78

60
54
58

1984

July
August
September . . .

B)82.8
82.0

83.1
E>83.2
82.4

October
November . . .
December . . .

81.
81.
82.1

81.0
80.9
80.8

96.07
104.04
rl02.05

39.50
42.64
41.83

36.87
37.07
37.40

-4.36
2.26
rl.73

344.42
346.68
r344.95

52
50
45

P82.1

P80.9

|H)P1O5.98

P43.38

E)p40.42

pi.01

P345.96

47

1985

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

See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
x
See "New Features and Changes for This Issue," page 111.

64




FEBRUARY 1985

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

Minor Economic
Process
Timing Class . . . . . .

C,C,C

C.C.C

56. Current
dollars

(Mil. dol.)

57. Constant
(1972) dollars

(Mil. dol.)

C L, U

C.L.C

75. Index of
industrial
production,
consumer
goods

U.L.U

Sales of retail stores
54. Current
dollars

(Mil. dol.)

(1967 = 100)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Manufacturing and trade sales
Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

59. Constant
(1972) dollars

(Mil. dol.)

L,C,C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

L.L.L

58. Index of
consumer
sentiment @

(1st Q
1966 = 100)

L,L,L

12. Index of
net business
formation

(1967 = 100)
2

C)
1983

13. Number of
new business
incorporations1

(Number)

C2)

January
February
March

345,890
342,742
348,227

154,406
153,118
155,385

143.6
143.4
144.3

92,526
92,211
93,804

45,782
45,672
46,323

78.4

70.4
74.6
80.8

111.4
113.3
112.7

49,999
48,296
48,032

April
May
June

351,012
360,488
368,971

155,865
159,952
163,600

147.7
150.4
152.4

95,125
97,239
98,638

46,767
47,666
48,328

88! 1

89.1
93.3
92.2

112.0
114.8
116.4

48,903
50,211
50,992

July
August
September

370,181
373,283
379,229

162,835
163,471
165,070

154.8
156.3
157.3

98,832
98,277
99,537

48,258
47,847
48,366

90.2

93.9
90.9
89.9

115.2
114.4
115.8

48,601
52,828
50,445

October
November
December

382,457
386,564
395,682

166,410
168,444
171,812

156.9
156.1
157.7

100,923
101,896
102,438

48,968
49,464
49,607

96! 3

89.3
91.1
94.2

118.0
117.8
116.3

50,441
51,642
51,557

January
February
March

401,133
398,815
401,905

173,478
172,113
172,420

159.5
159.4
160.2

106,602
105,482
103,873

51,300
50,810
49,915

101.9

100.1
97.4
H>101.0

115.9
rll7.2
rll6.9

53,044
53,591
53,424

April ,
May
June

405,880
412,725
414,124

174,134
177,407
178,417

161.4
161.7
163.0

107,505
108,237
109,322

51,660
52,162
52,813

IH>104*.6

96.1
98.1
95.5

rll7.5
rll5.7
rll7.0

53,933
51,166
54,729

July
August
September

411,410
411,176
410,505

176,517
176,762
176,023

163.8
162.5
161.6

107,442
106,602
108,240

51,655
51,128
51,814

ioo!9

96.6
99.1
100.9

rll5.8
rll9.1
K>rll9.6

52,092
p51,723
(NA)

October
November
December

410,621
r414,523
H>p416,876

rl76,477
rl78,318
@>pl79,346

rl61.6
rl62.9
rl63.6

108,733
rllO,397
rlO9,872

51,876
r52,695
r52,520

noi!o

96.3
95.7
92.9

rll6.8
rll4.2
rll4.9

(NA)

(NA)

E>P164.7

[R>pllO,686

H>p52,833

96.0

P116.5

1984

1985
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, 14, 22, and 23.
Series 13 reached its high value (57,507) in December 1982.
2
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1985




6
5

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ f

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

L, L, I

(Bil, dol.)

(Bil. dot.)

(Bil. dot.)
Revised

24. Current
dollars

20. Constant
(1972) dollars

10, Current
dollars

3

U,L

Manufacturers' new orders,
nondefense capital goods industries

Contracts and orders for
plant <ind equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

9. Construction contracts awarded for
commercial and industrial buildings9

27. Constant
(1972) dollars

(Bil. dol.)

Square meters of
floor space2

Square feet of
floor space

(Millions)

(Millions)
3

3

Revised

Revised

U, Lg, U

L, C. U

Revised

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

C, Lg, Lg

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

(Bil. dol.)

3

1983
January . . . .
February , , .
March

23.26
24.07
23.83

11.62
11.77
12.59

20.48
19.17
20.13

10.44
9.67
11.01

61.13
58.88
55.37

5.68
5.47
5.14

20.07

April
May
June

25.77
26.91
27.63

13.14
13,25
14.24

21.96
21.85
23.83

11.52
11.09
12.61

57.11
57.60
63.13

5.31
5.35
5.86

20.87

July
August . . . .
September . .

25.65
27.28
29.21

12.89
13.48
15.20

22.06
22.89
25.30

11.36
rll.61
13.54

63.03
63.93
70.18

5.86
5.94
6.52

22.78

October . . . .
November . .
December . .

29.40
28.92
28.25

14.66
14.08
13.87

25.50
24.68
24.89

13.01
12.28
12.45

71.15
73.07
68.14

6.61
6.79
6.33

24.26

28.75
30.86
30.92

14.52
15.50
15.74

25.09
27.02
26.86

13.00
13.89
14.06

72.72
64.41
74.95

6.76
5.98
6.96

26.82

29.73
©33.61
32.07

14.68
g>16.73
16.09

25.88
©28.96
28.03

13.11
©14.82
14.41

79.78
82.49
74.90

7.41
7.66
6.96

©37.15

July
August
September . . .

32.57
30.86
32.03

15.36
15.32
15.80

27.65
26.50
27.84

13.33
13.53
14.08

79.55
82.65
75.84

October
November , . ,
December , . .

30.41
31.89
30.81

14.95
16.02
14.00

25.38
27.13
r26.56

12.89
r!4.07
rl2.27

79.04
83.75
©86.73

7.34
7.78
H>8.06

P27.22

P12.83

P23.51

pll.32

81.14

7.82

69.60

72! 57

73.50

1984
January
February
March
April
May
June

92^52
P28.72

(NA)
(NA)

1985
January
February
March
April
May
June
July
August
September . . ,
October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information
Systems Company, F.W. Dodge Division.
'Converted to metric units by the Bureau of Economic Analysis,
3
See "New Features and Changes for This Issue," page iii.

6
6




FEBRUARY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ f

Minor Economic
Process

FIXED CAPITAL INVESTMENT—Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

C Lg, Lg

61. Expenditures tor new
plant and equipment by U.S.
nonfarm business

69. Machinery
and equipment
sales and business construction
expenditures

(Ann. rate,
bit. dot.)

Year
and
month

C Lg, Lg

(Ann. rate,
bit. dol.)

C Lg, U

76. Index of
industrial production, business equipment

(1967 = 100)

C Lg, C

Lg, Lgr Lg

C, Lg, C

Gross private nonresidential
fixed investment in 1972 dollars
86. Total

87. Structures

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

L,L,

L

28. New private housing
units started

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

(Ann. rate,
thous.)

L.L.L

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

L.L.L

89. Gross private residential
fixed investment
in 1972 dollars

(Ann. rate,
bil. dot.)

Revised 1

1983
January
February
March

261.71

307.65
298.73
310.69

146.6
142.7
143.7

leiie

4916

112*5

1,605
1,675
1,635

115.6
117.6
120 5

46*2

April
May
June

261U6

308.89
302.96
327.25

146.9
147.7
150.2

165*3

48*i

117*2

1,512
1,780
1,716

125.7
134.1
142.5

53*4

July
August
September

270*05

319.56
320.14
331.57

153.3
156.6
158.7

172*6

48*3

124*3

1,775
1,907
1,677

141.5
135.0
124.4

57*2

October
November
December

283!%

325.11
339.42
354.91

161.3
164.1
167.3

184'.5

51*4

133! i

1,696
1,748
1,704

133.3
133.2
129.4

57*8

January
February
March

293*15

343.03
345.94
362.47

170.7
171.9
172.1

193^3

54.1

139*2

1,933
0)2,208
1,700

145.3
©153.6
139.5

60*6

April
May
June

302*70

358.57
375.62
385 72

173.5
176.5
181.1

202*. 9

56*8

146*6

1,949
1,787
1,837

142.0
141.0
142 8

E>60!8

July
August
September

E>313*ii

372.53
376.68
398.65

185.5
187.6
186.4

209*5

57'l

152*4

1,730
1,590
1,669

126.4
121.6
116.3

60* i

October
November
December

a321*40

r386.95
r397.39
E)P417.59

rl87.3
rl88.4
rl90.9

E)r212!7

E>59*6

E)rl53.1

1,564
1,600
1,595

114.5
128.5
128.1

r59*3

(NA)

(H)pl91.4

pi,833

132.5

19S4

1985
January
February
March

a337*85

April
May
June

a344*.86

July
August
September
October
November
December

. .

See note on page 60,
Graphs of these series are shown on pages 13, 24, and 25.
1
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1985



6
7

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

E9

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Inventories on Hand and on Order

Inventory Investment

Timing Class

Year
and
month

INVENTORIES AND INVENTORY INVESTMENT

L,L, L

L.L.L

30. Change in
business inventories in 1972
dollars

(Ann. rate,
bil. dol.)

36. Change in mfg. and trade
inventories on hand and on
order in 1972 dollars

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

Smoothed1

Actual
(Ann. rate,
bil. dot.)

Revised

2

1983

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised

L, L, L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order
{Bil. dol.)

Lg, Lg. Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
70. Constant
(1972) dollars

71. Book
value
(Bil. dol.)

{Bil. dol.)

Lg, Lg, Lg

L, Lg, Lg

65. Manufacturers' inventories,
finished
goods, book
value

77. Ratio,
mfg. and
trade inventories to
sales in
1972 dollars

{Bil. dol.)

L, Lg, Lg

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order

(Ratio)

(Bil. dol.)

2

-16.5

-13.75
3.20
-15.07

-24.37
-16.85
-9.38

-40.0
10.0
-44.1

0.08
0.97
0.69

502.21
503.04
499.37

257.82
257.60
256.06

83.84
83.63
82.34

1.67
1.68
1.65

191.19
192.16
192.85

-6.1

2.53
12.38
-1.75

-5.83
-1.58
2.17

10.
9.
-5.0

0.13
1.16
1.58

500.26
501.04
500.62

255.89
256.22
255.65

82.08
82.10
81.88

1.64
1.60
1.56

192.98
194.13
195.72

July
August
September . . .

16.43
17.60
12.64

6.70
9.89
13.16

9.2
34.9
32.4

1.64
H>2.92
1.64

501.38
504.28
506.98

255.86
256.31
256.78

82.23
82.14
81.72

1.57

0.9

197.36
200.27
201.91

October
November . . .
December . . .

7.2

18.54
18.28
14.96

15.91
16.37
16.87

26.2
27.4
34.6

2.47
1.77
2.44

509.17
511.45
514.34

257.29
258.06
259.02

81.54
81.72
80.87

1.51

204.38
206.15
208.59

27.77
[H>47.15

18.80
25.15
31.76

44.7
0)109.8
66.6

2.86
2.71
2.42

518.06
527.22
532.77

260.17
263.23
265.12

80.77
81.87
82.87

1.50
1.53
1.54

211.45
214.16
216.59

38.58
34.48

-10.84

0)35.37
35.06
26.84

99.5
58.2
11.1

2.28
2.55
-0.98

541.06
545.91
546.83

267.98
270.03
270.03

84.06
85.30
86.54

1.54
1.52
1.51

218.87
221.42
220.44

January
February
March . . . . . .
April
May
June

1984
January
February
March

H>31.6

25.78

April
May
June

20.3

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

30.6

26.54
19.68
19.58

18.73
14.26
16.86

54.4
61.8
46.9

2.40
-0.51
0.37

551.37
556.52
560.43

272.11
274.34
276.10

87.26
88.52
89.08

1.54
1.55
1.57

[H)222.85
222.33
222.70

October
November . . .
December .. .

7.30
-1,11
p-3.02

18.73
11.87
P4.45

40.6
r!4.5
P17.8

-2.98
-1.97
p-0.18

563.81
r565.02
E)p566.5O

r277.67
r278.39
DP278.99

89.53

rl6.8

89.64

219.72
217.75

[H>p89.76

B)1.57
rl.56
pi. 56

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

P217.57

1985
January
February
March . . . . . .
April
May
June
July
August
September . ..
October
November . . .
December , . .
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
1

Th:Ls series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
See "New Features and Changes for This Issue/' page iii.

2

68




FEBRUARY 1985

(NA)

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| |

Minor Economic
Process
. ..
Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices

L.L.L

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials
(Percent)

23. Index of
spot market
prices, raw
industrial,
materials1©

L, L, L

L, L,L

U.L.L

99. Change in sensitive materials
prices
Smoothed;

Actual

Revised"*

(Percent)

(Percent)

Revised4

(1967 = 100)

WES, C S S A D P O I S
O T , N R FT

.9. Index of
tock prices,
00 common
ocks ©

Profits and Profit Margins

L, L, L

L,L, L

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

18. Constant
(1972) dollars

L.C.L

L,C,L

Corporate profits after tax
with IVA and CCAdj3
79. Current
dollars

80. Constant
(1972) dollars

L, L, L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Percent)

4&\9

120*6

57^3

5^3

Revised 4

(1941-43=10)

1983
1.56
E>2.53
1.72

232.1
241.3
248.8

1.40
E>2.49

0.04
1.62
2.28

253.2
251.5
250.5

July
August
September

0.81
1.24
-0.43

October
November
December

-0.04
0.78
1.61

1144.27
146.80
151.88

0.53
0.66
1.09

H>1.75
1.30
0.88

157.71
164.10
166.39

123.4

58.9

141.9

67.9

6.3

256.0
265.2
267.9

1.04
1.71
0.08

0.85
1.10
1.11

166.96
162.42
167.16

142^6

67^9

16CL2

76!B

7A

1.60
1.08
0.84

273.4
279.8
282.4

1.43
1.24
0.70

1.01
1.00
1.02

167.65
165.23
1^4.36

141.1

66\4

175^5

83lo

6\9

January
February
March

-1.09
0.97
0.29

283.6
283.6
289.2

-0.45
0.53
0.73

0.81
0.38
0.26

iete.39
157.25
157.44

H>150.6

0)71.0

184.7

87.5

7.1

April
May
June

-0.29
-0.71
-1.04

288.6
0)289.5
286.2

-0.20
-0.28
-0.89

0.31
0.22
-0.19

157.60
156.55
153.12 .

15CL2

7CK3

195^2

92! 1

B)7!i

July
August
September

-1.54
-1.20
0.57

280.1
275.6
274.0

-1.43
-1.12
0 13

-0.66
-1.01
- 0 98

151.08
164 42

ui'j

6b\7

(H>199!8

E>93!6

6\5

October
November
December

-0.13
0.17
-0.33

266.4
268.3
261.9

-0.88
0.30
-0.88

-0.72
-0.39
-0.32

164.82
166.27
164.^8

(NA)

(NA)

(NA)

(NA)

255.8
254.0

-1.10

-0.52

H>171.tl
M81.^0

January
February
March
April
May
June

1.80

1984

166111

(NA)

1985
January
February
March

-0.81
3

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.
.
^his 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 for This Issue," page iii.
'Average for February 1 through 20.
'6Average for February 6, 13, and 20.

FEBRUARY 1985



6
9

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS . . . . . . .

| 2 |

Minor Economic
Process
Timing Class

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income!

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

(Percent)

Year
and
month

L.L.L

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins Continued
IU,L

PRICES, COSTS, AND PROFITS—Continued

L.L.L

26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector
(1977 = 100)

ILL

L.L.L

Corporate net cash flow
34. Current
dollars

Lgt Lg, Lg

63. Index of
unit labor cost,
business sector

35, Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1977 = 100)

Lg, Lg, Lg

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

(Percent)

(Percent)

2

C)

1983

January .
February
March . ,

156.8

1.421

227.4
225.6
223.9

98.3
96.9
95,6

76.0

97,9

310.5

146.2

155.4

1.408

221.9
220.4
219.0

94.2
93,0
91.9

75.2

4.2

98.7

339.6

159.2

155.1

1.400

216.4
214.7
214.4

90,2
89.0
88.3

74.5

98.8

345.6

160.9

156.8

1.408

215.0
217.1
219.2

88,0
88.4
88.7

74,3

98.7

360.4

167.5

157.7

218.4
218.5
218.7

87.8
87.3
86.9

73.5

366.7

H>169.3

156.5

1.414

218.9
218.1
217.0

86.4
85.6
84.7

73.3

r4.5

October
November . . .
December . . .

130.9

99.8

k.i

280.0

4.9

July
August
September , ,,

96.4

4.5

April
May .
June ,

3.3

4.0

6.5

99.7

E>366.7

168.4

158.0

0)1.434

215.8
216.6
217.9

83.7
83.5
83.5

73.4

(NA)

[H>p99.8

(NA)

(NA)

[H>pl58.5

(NA)

r219.1
r220.5
r221.1

83.4
r83.5
rB3.2

(NA)

[H)p221.1

p82.7

1984

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

(NA)

1985

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.
pges

^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Soe "New Features and Changes for This Issue," page i i i .

2

70




FEBRUARY 1985

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ |

Minor Economic
Process

MONEY AND CREDIT

Money

Timing Class

L, L, L

85. Change
in money
supply Ml

L.C.U

102. Change
in money
supply M2

Velocity of Money

L L, L

L.L.L

105. MoU

ILL

1983

C1)

(Percent)

C1)

C Lg, C

L,L,

L

104. Change
in total liquid
assets

supply Ml in
1972 dollars

106. Money
supply M2 in
1972 dollars

(Percent)

(Bil. dol.)

(Bil. dol.)

(Ratio)

(Ratio)

C1)

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

1.318
1.293

45.77
40.99

Year
and
month
(Percent)

c, c, c

Credit Rows

107. Ratio,
gross national
product to
money supply
Ml

108. Ratio,
personal income
to money supply
M2

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

L.L.L

112. Net change
in business loans

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

0.96
1.24
1.10

E>2.65
1.81
0.66

H>1.33
0.82
0.71

20F.0
209.7
211.7

860.7
876.9
881.7

6.465

0.28
Rl.77
0.85

0.69
0.98
0.70

0.96
0.78
0.99

21(1.9
213.8
215 1

881.9
886.9
891.1

6.467

1.294
1.292
1.292

1.30
-38.76
32.99

-36.02
-47.33
4.38

July
August
September

0.78
0.49
0.29

0.45
0.41
0.59

0.88
0.50
0.75

215.9
216.2
216.1

891.5
892.1
894.2

6.471

1.291
1.293
1.297

63.30
70.21
5.22

-2.59
8.72
-5.54

October
November
December

0.52
0.27
0.44

0.90
0.69
0.65

0.52
0.99
1.14

216.5
216.3
216.$

899.2
902.4
905.5

6.557

1.299
1.299
1.302

81.37
78.73
110.02

5.59
20.02
51.36

January
February
March

0.89
rO.53
r0.58

0.48
r0.67
rO.55

0.48
r0.98
rl.28

217.71
218.0
218.7

902.4
904.8
907.1

6.650

1.316
1.319
1.319

78.56
89.56
110.09

-17.78
55.30
0)119.22

April
May
June

r0.35
r0.61
r0.88

r0.54
r0.63
r0.63

r0.81
rl.02
rl.24

218.5
219.5
221.0

908.2
912.4
916.3

6.712

1.325
1.321
1.325

129.68
131.71
113.03

90.92
69.83
104.38

July
August
September

r-0.07
rO.37
rO.47

r0.48
rO.55
r0.68

rl.O5
rO.81
r0.86

220.1
220.0
220.3

917.8
919.0
922.0

6.728

1.328
1.328
1.329

113.89
109.14
[H>140.62

39.17
11.57
42.01

October
November
December

r-0.56
rl.00
r0.87

r0.45
rl.17
rl.10

(NA)

218.4
220.2
221.5

923.5
932.5
940.4

©1.329
E>6.798

87.64
P70.97
(NA)

r72.78
H3.40
r-1.13

pO.79
2
0.87

p i . 20

E>p222.9

[R>p949.9

January
February
March
April

.

. . .

May
June

1 ?Q?

38.41
-4.84
1 1 7fl
11 . /U

1 • C VC

1984

1.322
1.313

1985
January
February
March

pi.304

P43.56

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.
x
See "New Features and Changes for This Issue/' page iii.
2
Average for weeks ended February,4 and 11.

FEBRUARY 1985




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

Year
and
month

113. Net change
in consumer
installment
credit

(Ann. rate,
bil, dot.)

L.L.L

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows—Continued
L.L.L

MONEY AND CREDJT—Continued

L, L,L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets
(Ann. rate,
mil. dot.)

L.L.L

14. Current
liabilities of
business
failures ©

(Mil. doi.)

U,L

39. Percent
of consumer
installment
loans delinquent 30 days
and over
(Percent)

L.U.U

93. Free
reserves

©

Interest Rates

L, Lg. U

94. Member
bank borrowings from the
Federal

C Lg, Lg

L, Lg, Lg

119. Federal
funds rate ©

114. Discount
rate on new
issues of 91-day
Treasury bills ©

Reserve ©

(Mil. dol.)

(Mil. dol.)

(Percent)

(Percent)

1

C)

1983
January
February
March

31.14
0.26
35.24

8.2
0.9
-0.3

263,148

2,158.1
1,086.4
1,154.7

April
May
June

24.49
27.26
46.33

-0.5
-4.5
5.5

389,164

July
August
September . . .

44.47
49.12
30.64

8.1
8.9
1.1

384,480

October
November . . .
December . . .

61.12
57.33
69.38

8.6
10.8
13.4

E>527,i76

53*63
79.30
70.44

8.1
15.3
20.7

401,012

76.90
E>122.80
93.90

19.8
H>23.9
21.8

July
August
September . . .

85.27
71.98
51.40

October
November . . .
December . . .

2.24
2.23
2.22

46
-122
-415

500
557
852

8.68
8.51
8.77

7.81
8.13
8.30

1,125.6
920.0
2,188.6

1.92

-517
-453
-1,234

993
902
,714

8.80
8.63
8.98

8.25
8.19
8.82

829.2
1,353.1
947.2

1.95
1.90
1.88

-875
-1,127
-943

1,382
1,573
1,441

9.45

9.12
9.39
9.05

1,816.8
1,624.5
868.5

1.91
1.86
1.94

-332
-383
-184

837
912
745

9.47

8.71
8.71
8.96

(NA)

1.84
[H>1.78
1.85

-102
r376
r-241

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

2.06
496,796

r-742
r-2,408
r-2,526

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

14.2
rll.4
16.4

p380,716

r-5,311
)r-7,328
r-6,614

5,924
0)8,017
7,242

11.23
©11.64
11.30

E>10.49

75.30
95.40
83.38

rl2.9
H2.5
r5.8

(NA)
2.09

r-5,397
r-3,924
r-2,333

6,017
4,617
3,186

9.99
9.43
8.38

9.97
8.79
8.16

(NA)

P12.4

(NA)

p-646

pi,395

1984
January
February
March
April
May
June

10.13
10.41

1985
January
February
March

a

8.35
8.53

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

Graphs of these series are shown on pates 13, 32, 33. and 34.
1
Seo "New Features and Changes for This Issue/' page iii.
a
Average for weeks ended February 6, 13, and 20,
3
Average for weeks ended February 7, 14, and 21.

72




FEBRUARY 1985

S

7.76
8.17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Interest Rates—Continued

Timing Class

Lg, Lgp Lg

C, Lg, Lg

U, Lg, Lg

116. Yield on
new issues of
high-grade
corporate
bonds ©

115. Yield on
long-term
Treasury
bonds ©

117. Yield on
municipal
bonds, 20*
bond average ©

(Percent)

Year
and
month

MONEY AND CREDH—Continued

(Percent)

(Percent)

Lg, Lg, Lg

Outstanding Debt
Lg, Lg, Lg

118. Secondary
market yields
on FHA
mortgages ®

67. Bank rates
on short-term
business
loans ©

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, 1 * Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

101. Constant
(1972) dollars

(Mil. dol.)

Lg, Lg, Lg

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

C1)

1983
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

10.20

11.16
10.98
10.50

351,539
351,561
354,498

268,369
267,966
268,941

106,580
106,083
106,553

13.22
13.23
13.27

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

10.31

10.50
10.50
10.50

356,539
358,811
362,672

265,939
261,995
262,360

105,364
103,514
103,332

13.24
13.21
13.26

July

11.10
11.42
11.26

9.53
9.72
9.58

14.23
13.78
13.55

11.09

September . . .

12.46
12.89
12.68

10.50
10.89
11.00

366,378
370,471
373,024

262,144
262,871
262,409

102,963
102,764
102,383

13.35
13.42
13.39

October
November . . .
December . . .

12.54
12.86
12.87

11.21
11.32
11.44

9.66
9.75
9.89

13.23
13.23
13.25

10.95

11.00
11.00
11.00

378,117
382,936
388,718

262,875
264,543
268,823

102,326
103,136
104,600

13.43
13.51
13.59

12.65
12.80
13.36

11.29
11-44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

11.06

11.00
11.00
11.21

393,187
399,795
405,665

267,341
271,949
281,884

103,380
104,838
107,960

13.57
13.68
13.80

• 12.45

11.93
12.39
12.60

412,073
422,306
430,131

289,461
295,280
303,978

110,735
112,918
116,288

13.88
14.18
14.31

August

1984
January
February
March
April
May
June

13.64
14.41
[H>14.49

12.17
12.89
0)13.00

9.96
10.49
H>10.67

13.80
D15.01
14.91

July
August
September , . .

14.25
13.54
13.37

12.82
12.23
11.97

10.42
9.99
10.10

14.58
14.21
13.99

3.29

October
November . . .
December . . .

13.02
12.40
12.47

11.66
11,25
11.21

10,25
10.17
9.95

13.43
12.90
12.99

1.29

12.46
M2.36

11.15
Ml.18

9.51
9.62

13.01

13.00
E>13.00
12.97
12.58
11.77
11.06

437,237
443,235
447,518

307,242
308,206
311,707

117,313
118,132
rl20,026

14.44
14.55
14.59

453,793
461,743
0)468,691

r317,772
r321,389
r321,295

rl22,314
rl23,327
rl23,480

rl4.73
14.89
H>Pl5.05

10.61

(NA)

[H)p324,925 E>pl24,923

(NA)

1985
January
February
March

3

no.so

April
May
June
July
August
September . , .
October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
See "New Features
2
Average for weeks
3

and Changes for This Issue," page iii.
ended February 1, 8, 15, and 22.
Average for weeks ended February 7, 14, and 21.
''Average for February 1 through 22.
FEBRUARY 1985




7
3

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1, 5, 8,12,19,
20, 29, 32, 36, 99, 106,
111)

1-month
span

6-month
span

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

1-month
span

6-month
span

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

1-month
span

6-month
span

961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries

1-month
span

9-month
span

962. Initial claims for
unemployment insurance,
State programs, 51
areas'

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

1983
January
February
March

75.0
70.8
66.7

100.0
100.0
100.0

100.0
25.0
100.0

100.0
100.0
100.0

33.3
50.0
"25.0

16.7
16.7
16.7

April
May
June

87.5
70.8
87.5

91.7
100.0
91.7

87.5
100.0
100.0

100.0
100.0
100.0

25.0
8.3
25.0

July
August
September . , ,

62.
62.
66.

91.7
83.3
66.7

75.0
75.0
100.0

100.0
100.0
100.0

October
November . . ,
December . . ,

75.0
45.8
62.5

83.3
83.3
79.2

100.0
100.0
100.0

January
February
March . . . . . .

58.3
70.8
50.0

75.0
70.8
62.5

April .
May .
June .

58.3
41.7
29.2

July
August
September . . ,

16.7
45.8
r75.0

October
November . . .
December . . .

r33.3
66.7
50.0

77.5
12.5
100.0

90.0
90.0
80.0

68.6
57.8
35.3

98.0
96.1
100.0

54.3
46.5
60.8

50.8
63.0
69.2

16.
16,
33,

90.0
30.0
85.0

85.0
95.0
95.0

80.4
48.0
78.4

84,
90,
92,

68.9
69.5
64.6

75.1
80.0
82.4

58.3
58,
16.

33.
41.
66.

70.0
62.5
92.5

95.0
95.0
92.5

70.6
7.8
96.1

88,
94,
80,

74.3
68.6
69.5

84.1
82.4
84.6

100.0
100.0
100.0

41.
58.
75.0

66.7
66.7
66.7

40.0
62.5
55.0

95.0
85.0
92.5

58.8
35.3
60.8

84.3
86.3
68.6

75.4
69.7
73.8

85.9
86.8
83.8

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
83.3

66.7
66.7
75.0

77.5
50.0
22.5

80.0
30.0
32.5

36
72
68.6

76,
90.
56.9

71.1
73.2
67.0

81.
82.
79,7

r25.0
25.0
33.3

100.0
100.0
100.0

100.0
100.0
100.0

75.0
66.
66,

83,
83.
83.

87.5
7.5
37.5

27.5
52.5
15.0

43.
29.
92.2

66.7
70.6
38.2

63.8
64.1
63.0

75,
69,
63,

r25.0

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
75.0

83,
66,
60.0

37.5
60.0
70.0

22.5
r57.5
p5.0

19.6
51.0
74.5

27.5
P36.0
(NA)

62.4
57.6
40.8

62..4
.7
r64.3

100.0

58.3
r50.0
60.0

"33.3

22.5
r72.5
r62.5

r7.8
r70.6
p72.O

65.7
51.9
r63,5

P61.6

P15.0

(NA)

P58.1

1984

rl6.7
33.3
2

63.6

75.0
100.0
100.0

3

1985
January
February
March

2

72.7

3

66.7

"33.3

April
May
June
July
August
September , . .
October
November . . .
December . . .

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by ©, that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available,
Graphs of these series are shown on pate 36.
l
Figures are the percent of components declining.
2
Exeludes series 36, for which data are not available.
3
lixeludes scries 57, for which data are not available.
''iixeludes series 77 and 95, for which data are not available.

74



FEBRUARY 1985

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |

Year
and
month

964. Manufacturers'
new orders, 34
durable goods Industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1972 dollars, 17
manufacturing
industries

1-quarter
span

DIFFUSION INDEXES—Continued

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

967. Spot market
prices, 13 raw
industrial materials ©

6-month
span

1-month
span

9-month
span

968. Stock prices, 500
common stocks1 @

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies2 ©

(4-quarter span)

1983
January . . . .
February
March

67.6
52.9
55.9

88.2
88.2
83.8

45

April
May
June

70.6
73.5
67.6

86.8
88.2
88.2

53

July . . . ,
August
September

47.1
58.8
64.7

91.2
88.2
85.3

50

October . . ,
November . . . . . . .
December

64.7
67.6
55.9

94.1
91.2
88.2

59

January
February
March

61.8
47.1
55.9

85.3
73.5
82.4

71

April
May
June

29.4
67.6
35.3

70.6
55.9
41.2

59

July
August
September

58.8
44.1
41.2

44.1
r55.9
p61.8

October
November
December

41.2
58.8
r58.8

56

75.0
58.3
75.0

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
98.0
93.9

'n

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

74

*52

83.3
91.7
79.2

95.8
91.7
81,3

57.7
73.1
57.7

88.5
80.8
73.1

52.0
30.6
85.4

91.5
80.9
72.3

'82

59

87.5
83.3
75,0

*60

62.5
56.3
70.8

79.2
83,3
87.5

69.2
76.9
42.3

80.8
80.8
73.1

47.9
57.4
61.7

38.3
40.4
34.0

*8i

89.6
91.7
83,3

38.5
61,5
65.4

73.1
65.4
42.3

52.1
10.6
60.6

41.5
25.5
58.7

76

p57

87.5
79.2
68.8

(NA)

62.5
64.6
70.8

77.1
66.7
62.5

50.0
50.0
42.3

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37.0

P39

70.8
39.6
29.2

62.5
r54.2
54.2

34.6
46.2
46.2

23.1
15.4
15.4

34.8
93.5
73.9

60.9
54.3
65.2

(NA)

r47.9
r50.0
r75.0

p45.8

30.8
57.7

15.4

34.8
78.3
26.1

f

1984

19.2

3

(NA)

1985
January
February
March

p54.4

p60.4

3

23.1
46.2

89.1

April
May
June
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 49 industries through August 1983, on 48 industries through October 1983, on 47 industries through June 1984, and on 46 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 5, 12, and 19.

RCII FEBRUARY 1985




75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |

971, New orders, manufacturing1©

a. Actual
expenditures

b Later
projections

(1-Q span)

c. Early
projections
(1-Qspa n

(1-Qspan)

972. Net profits, manufacturing
and trade! ©

Actual

970. Expenditures for new plant and equipment
by U.S. nonfarm business, 21 industries

Year
and
quarter

DIFFUSION INDEXES-Continued

Actua

Anticipated

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade' ©

Antic pated

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

1982
52.4
26,2
23.8
21.4

47.6
23.8
33.3
57.1

47.6
57.1
66.7
71.4

52
50
52
56

60
68
64
60

53
52
52
54

61
66
66
60

63
58
57
60

65
70
72
65

....

38.1
38.1
76.2
81.0

57.1
40.5
90.5
81.0

52.4
38.1
66.7
76.2

66
74
78
84

66
77
82
85

62
66
71
74

64
73
80
81

66
74
74
80

68
78
84
86

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

76.2
71.4
95.2
(NA)

78.6
61.9
78.6
66.7

54.8
76.2
66.7
61.9

on
86
84

First q u a r t e r . . . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter
Third quarter
Fourth quarter
1984

op

Qfl

OO

ou
79

91

90
88

(NA)

DC

74

(NA)

QQ

oD
84

Q/t

86
88
84

OO

90

82

90
88

(NA)

1985

82

54.8

First quarter
Second quarter
Third quarter
Fourth quarter

80

84

....
. , ..

1

H

974, Number of employees,
manufacturing and trade' ©

and
quarter

Actual

976. Selling prices, manufacturing' ©

975. Level of inventories
manufacturing and trade

Actual

Tear

Anticipated

DIFFUSION INDEXES—Continued

Anticipated

977. Selling prices, wholesale

978. Selling prices, retail

trade1©

trade1®

Actual

Actual

Anticipated

Anticipated

Anticipated

Actual

(4-Q span)

(4-Q span)

<4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

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

7A

74
68

48
54
58
61

50
56
59
60

54
59
62
68

52
58
62
64

61
60
65
68

65
66
70
69

63
62
68
70

68
64
68
72

72
69
72

65
63
62

62
64
64
62

72
70
70

66
70
70
66

74
70
70

74
76
76
72

73
69
65

72
76
75
72

(4-Q span)

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

IO

75

on

o£
81

76
72

1983
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

68

69
67
70
71

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

(NA)

(NA)

(NA)

(NA)

72
68
70
(NA)

70
74
74
68

1985

First quarter .
Second quarter
Third quarter
Fourth quarter

60
....

64

7fl
/u

cc

CO

65

....

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

7
6




FEBRUARY 1985

Dun t
;

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1984

Diffusion index components
June

July

August

September

1985
October

November

January13

December

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING '
(Hours)
All manufacturing industries

40.6

40.5

40.5

40.6

40.4

40.5

40.7

40.6

Percent rising of 20 components .

(38)

(38)

(60)

(70)

(22)

(72)

(62)

(15)

Lumber and wood products ...
Furniture and fixtures

39.4
39.1

39.3
39.8

39.4
39.1

40.2
39.9

39.7
39.6

r39.5
39.8

40.2
39.6

40.1
40.3

Stone, clay, and glass products.
Primary metal industries

41.8
41.7

41.9
41.5

41.7
41.0

42.0
41.3

41.8
41.3

41.8
r41.5

41.8
41.2

41.7
41.0

Fabricated metal products ...
Machinery, except electrical ..

41.3
42.0

41.3
41.8

41.1
42.0

41.5
42.0

41.3
41.9

41.1
41.7

41.5
41.9

41.2
41.8

Electric and electronic equipment.
Transportation equipment

40.8
42.3

40.8
42.2

40.9
42.4

41.2
42.8

40.9
42.4

41.0
42.4

40.9
43.0

40.9
43.2

Instruments and related products .
Miscellaneous manufacturing

41.3
39.2

41.3
38.9

41.1
39.1

41.5
39.6

41.2
39.7

r41.5
39.7

41.9
39.8

40.8
38.9

Food and kindred products
Tobacco manufacturers

39.8
40.5

39.5
37.5

39.7
39.2

39.6
39.6

39.6
39.9

r39.7
r40.1

40,0
39.0

39.8
35.5

Textile mill products
Apparel and other textile products

40.0
36.4

39.8
35.8

39.4
36.0

39.2
35.9

38.7
35.9

r39.0
r36.0

39.3
36.3

39.2
36.2

Paper and allied products...
Printing and publishing

42.9
37.7

43.3
37.7

43.1
37.8

43.1
37.9

43.0
37.8

+
+

43.2
r37.9

43.1
37.6

43.0
37.4

Chemicals and allied products .
Petroleum and coal products ..

41.9
43.1

41.9
43.2

42.0
43.9

41.8
43.1

41.6
43.5

+
o

r41.7
r43.5

42.0
43.0

41.6
43,0

Rubber and miscellaneous plastics products.
Leather and leather products

41.9
36.7

41.2
37.0

41.4
36.0

41.5
36.5

41.4
36.4

+
o

41.6
r36.4

42.0
36.9

41.4
36.7

Durable goods industries:

Nondurable goods industries:

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

-

+ 101,704

+ 102,015

(35)

Percent rising of 34 components .

99,171

(59)

(44)

-

98,676

-

+ 104,037

(41)

(41)

96,067

- 102,054 + 105,976

(59)

(59)

(54)

Primary metals
Fabricated metal products.

-

10,155
11,084

+
-

11,183
11,024

+
+

11,245
12,034

-

10,281
11,878

+
+

10,597
12,054

+
+

10,848
12,426

+

10,067
13,003

+
+

11,544
13,167

Machinery, except electrical
Electrical machinery

-

18,512
15.988

+

18,149
16,267

+

17,549
16,403

+
+

18,049
16,792

-

16,962
14,631

+
-

18,082
14,497

+

16,266
15,399

+

14,823
18,007

Transportation equipment
.
Other durable goods industries!

+
-

24,055
19,377

+
+

25,267
19,814

-

25,096
19,688

-

22,113
19,563

+

21,912
19,911

+
+

28,619
19,565

+

27,088 +
20,231 +

27,821
20,614

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.
*Data are seasonally adjusted by the source agency.
a
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 1985



77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Continued
1984

Diffusion index components
June

July
966.

All industrial production

Percent rising of 24 component\s ''

August

September

1985
October

November

December

January* 1

INDEX OF INDUSTRIAL PRODUCTION
(1967 100)

164.4

165.9

(71)

(71)

+

166.0

165.0

164.4

(40)

(29)

(48)

+

165.0

165.9

166.6

(50)

(75)

(60)

(NA)
(NA)

Durable manufactures:
Lumber and products.
Furniture and fixtures

148.5
191.9

+

146.0
192.6

+
+

148.8
195.3

149.2
194.3

+
+

152.6
rl94.7

152.2
193.8

+
-

155.5
192.8

Clay, glass, and stone products,.
Primary metals

159.7
97.9

+

160.9
94.5

-

160.0
94.4

158.0
94.1

+
-

rl60.1
r92.7

159.0
91.4

-

158.5
90.5

Fabricated metal products ...
Nonelectrical machinery

138.7
182.0

+
+

140.6
186.9

+

140.0
189.1

139.5
187.9

+

140.7
rl87.7

138.7
188.7

+
+

141.5
190.8

o

-

141.5
190.7

Electrical machinery
Transportation equipment

216.0
137.2

+
+

221.5
140.6

o
+

221.5
141.0

222.8
137.6

-

r222,3
rl37.2

222.1
141.3

+
+

225.2
142.8

+
+

226.1
145.3

Instruments
Miscellaneous manufactures

174.5
150.8

+
+

176.7
152.4

+
-

177.4
149.2

178.5
147.0

+

rl76.5
148.3

177.5
146.1

+
+

182.4
147.5

0

181.4
147.5

Foods
Tobacco products . . . . . . . . .

165.1
118.3

-

164.9
115.1

164.7
113.8

164.3
113.1

rl64.0
rll9.5

163.4
117.4

Textile mill products
Apparel products....

140.7
(NA)

-

139.8
(NA)

140.3
(NA)

135.4
(NA)

Paper and products
Printing and publishing ,.,

174.6
169.0

+
+

176.7
172.6

176.7
173.1

177.5
170.5

Chemicals and products ..
Petroleum products

231,0
127.5

+

232.0
124.7

231.6
124.3

Rubber and plastics p r o d u c t s . . . . . . .
Leather and products

341.0
60.0

+
+

341.4
60.6

Metal mining
Coal

96.8
161.5

+

96.4
176.5

Oil and gas extraction ...
Stone and earth minerals

121.6
147.9

+
+

122.8
151.9

+

(NA)
91.0

Nondurable manufactures:

133.3
(NA)

(NA)
(NA)

(NA)
(NA)

133.0

(NA)
(NA)

132.8
(NA)

+

173.5
rl72.3

173.7
174.0

+
+

175.0
175.0

174.1
175.5

230.8
122.6

r228.0
rl22.9

230.0
124.0

+
-

230.7
122.4

(NA)
120.4

341.5
59.1

338.4
57.9

r338.6
r55.0

+

335.1
55.9

+
+

336.1
58.0

(NA)
(NA)

-

83.4
171.7

84.5
173.7

r91.2
127.8

+

87.7
134.4

+

74.1
142.1

+

122.5
153.5

122.4
154.6

rl22.6
147.8

+
+

123.6
148.0

+

123.5
149.5

(NA)

Mining:

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

( t ) • rising, (o)

:

unchanged, and (-)

falling,

+
+

Data are seasonally adjusted by the source agency,
"Where actual data for separate industries are not available, estimates are used to compute the percent r i s i n g .

78

123. a
(NA)

The "r" indicates revised; "p"

x




(NA)
144.5

FEBRUARY 1985

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

^ J

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

Diffusion index components

1984
June

July

August

September

1985
October

November

December

January

+

-

-

February 1

967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS 2
Raw industrials price index (1967 = 100) ....

-

286.2

-

(42)

Percent rising of 13 components

280.1

-

(35)

275.6

-

(46)

274.0

-

(46)

266.4
(31)

268.3
(58)

261.9

255.8

-

254.0

(23)

(19)

(46)

Dollars

(pound).,
(kilogram)..

-

0.479
1.056

-

0.459
1.012

+

0.460
1.014

-

0.435
0.959

-

0.421
0.928

+

0.458
1.010

-

0.447
0.985

+

0.450
0.992

+

0.472
1.041

(pound)
(kilogram),.

+ 0.158
0.348

+

0.188
0.414

-

0.171
0.377

-

0.143
0.315

-

0.120
0.265

+

0.141
0.311

-

0.137
0.302

-

0.109
0.240

+

0.111
0.245

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

- 94.250
103.892

- 85.000
93.696

+ 86.000
94.798

+ 92.000
101.412

- 88.000
97.002

- 86.500
95.349

- 86.000
94.798

+ 91.000
100.309

+ 94.333
103.983

(pound)
(kilogram)..

-

5.882
12.967

-

5.772
12.725

-

5.680
12.522

-

5.585
12.313

-

5.404
11.914

+

5.515
12.158

-

5.443
12.000

-

5.085
11.210

-

5.060
11.155

(pound)
(kilogram)..

-

O.53O
1.168

-

0.502
1.107

-

0.491
1.082

-

0.476
1.049

-

0.454
1.001

o

0.454
1.001

0

0.454
1.001

-

0.444
0.979

-

0 434
0.957

+ 0.313
0.342

+

0.329
0.360

+

0.336
0.367

+

0.366
0.400

+

0.395
0.432

+

0.396
0.433

-

0.395
0.432

-

0.394
0.431

-

0.377
0.412

(pound)..
(kilogram)..

-

0.763
1.682

-

0.683
1.506

-

0.640
1.411

-

0.625
1.378

+

0.626
1.380

-

0.610
1.345

+

0.617
1.360

-

0.610
1.345

-

0.602
1.327

(yard).
(meter),.

-

0.762
0.833

+

0.768
0.840

-

0.762
0.833

+

0.779
0.852

+

0.794
0.868

+

0.798
0.873

-

0.778
0.851

-

0.746
0.816

-

0.703
0.769

Copper scrap
Lead scrap

.

Steel scrap
Tin ..

,

Zinc

...

Burlap

...

.
..

Cotton
Print cloth

...

(yard)
(meter)..

Wool tops

(pound),.
(kilogram)..

+ 3.512
7.743

-

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

Hides

, .(pound)..
(kilogram)..

+

+

0.766
1.689

+

0.771
1.700

+

0.795
1.753

-

0.716
1.578

-

0.625
1.378

-

0.586
1.292

-

0.560
1.235

-

0.523
1.153

Rosin

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

0.748
1.649

o 47.000
103.616

o 47.000
103.616

0 47.000
103.616

0 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)..

-

0.475
1.047

-

0.464
1.023

+

0.465
1.025

-

0.464
1.023

-

0.437
0.963

-

0.426
0.939

-

0.422
0.930

-

0.421
0.928

+

0.422
0.930

Tallow

(pound)..
(kilogram)..

+

0.259
0.571

-

0.208
0.459

-

0.201
0.443

+

0.218
0.481

-

0.216
0.476

+

0.223
0.492

-

0.206
0.454

-

0.198
0.437

+

0.202
0.445

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( f ) = rising, (o) = unchanged, and ( —) = falling.
preliminary; and "NA", not available.

The "r" indicates revised; "p"

1

The index is the average for February 1 through 20; component prices are averages for February 5, 12, and 19.
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.
2

FEBRUARY 1985




79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

0 1

Year
and
quarter

b. Difference
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
gross national
product in 1972
dollars

50. Gross national product in 1972 dollars

200. Gross national product in current dollars
a. Total

GNP AND PERSONAL INCOME

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
dollars)

213. Final sales
in 1972 dollars

(Ann. rate,
bil. dol.)

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

3,026.0
3,061.2
3,080.1
3,109.6

-1.9
35.2
18.9
29.5

-0.2
4.7
2.5
3.9

1,483.5
1,480.5
1,477.1
1,478.8

-17.8
-3.0
-3.4
1.7

-4.6
-0.8
-0.9
0.5

6,408
6,381
6,349
6,341

1,490.3
1,484.5
1,483.5
1,503.4

3,173.8
3,267.0
3,346.6
3,431.7

64.2
93.2
79.6
85.1

8.5
12.3
10.1
10.6

1,491.0
1,524.8
1,550.2
1,572.7

12.2
33.8
25.4
22.5

3.3
9.4
6.8
5.9

6,379
6,510
6,602
6,681

1,507.5
1,530.9
1,549.3
1,565.4

3,553.3
3,644.7
3,694.6
r3,764.2

121.6
91.4
49.9
r69.6

14.9
10.7
5,6
r7.8

1,610.9
1,638.8
1,645.2
rl,664.8

38.2
27.9
6.4
rl9.6

10.1
7.1
1.6
r4.9

6,829
6,933
6,943
r7,009

1,579.3
1,618.5
1,614.6
rl,648.0

1983
First quarter . . . . . .
Second quarter
Third quarter
Fourth quarter
1984
First quarter . . . . . .
Second quarter
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q
Year
and
quarter

GNP AND PERSONAL INCOME - Continued

Q
230. Total in current
dollars

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

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

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1972
dollars

232. Durable goods
in current dollars

2; 3. 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.)

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

2,132.0
2,156.8
2,195.8
2,237.5

1,052.8
1,054.8
1,057.9
1,067.6

4,548
4,546
4,548
4,578

1,931.3
1,960.9
2,001.3
2,046.1

953.7
958.9
964.2
976.3

239.4
241.6
244.5
255.0

138.5
138.8
139.3
145.2

2,261.4
2,302.9
2,367.4
2,428.6

1,073.1
1,082.0
1,102.2
1,124.3

4,591
4,619
4,694
4,776

2,070.4
2,141.6
2,181.4
2,230.2

982.5
1,006.2
1,015.6
1,032.4

259.4
276.1
284.1
299.8

146.8
156.2
159.6
167.2

2,502.2
2,554.3
2,606.4
r2,647.8

1,147.6
1,165.3
1,176.5
rl,187.7

4,865
4,930
4,965
r5,000

2,276.5
2,332.7
2,361.4
r2,397.4

1,044.1
1,064.2
1,065.9
rl,075.4

310.9
320.7
317.2
r325.3

173.7
178.6
177.0
rl82.4

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . .
NOTE: Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement, Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue, The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on paces 40 and 4 1 .




FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

i

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

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

Q j GROSS PRIVATE [
)OMESTIC INVESTMENT

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1972
dollars

(Ann. rate,
bil. dol.)

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

746.4
750.6
762.5
770.6

360.5
362.0
363.7
366.0

945.4
968.6
994.2
ls020.6

454.7
458.1
461.2
465.1

436.2
431.2
415.9
376.2

204.7
200.4
194.3
177.8

453.2
442.1
431.3
437.3

211.4
204.5
200.7
202.4

775.2
796.9
811.7
823.0

368.8
374.9
378.5
383.2

1,035.8
1,068.6
1,085.7
1,107.5

466.8
475.1
477.6
482.0

405.0
449.6
491.9
540.0

191.3
212.6
230.6
249.5

447,9
469.0
496.2
527.3

207.8
218.7
229.8
242.2

841.3
858.3
861.4
r866.0

387.1
396.6
395.5
r395.0

1,124.4
1,153.7
1,182.8
rl,206.1

483.4
488.9
493.5
r498.1

623.8
627.0
662.8
r634.3

285.5
283.9
300.2
r288.8

550.0
576.4
591.0
r599.0

253.9
263.7
269.6
r272.0

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
• •
•SI

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1972
dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
260. Total in
current dollars

(Ann. rate,
bil. doi.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

-17.0
-10.9
-15.3
-61.1

-6.7
-4.0
-6.4
-24.6

630.9
633.7
656.3
681.0

290.2
287.0
292.8
300.6

249.8
245.0
261.6
279.4

114.8
111.0
117.2
124.8

381.1
388.7
394.7
401.6

175.4
176.0
175.7
175.8

-42.9
-19.4
-4.3
12.7

-16.5
-6.1

0.9
7.2

678.8
682.2
689.8
691.4

294.3
292.4
292.0
288.8

273.0
270.5
.269.2
266.3

119.0
117.2
115.6
113.0

405.8
411.6
420.6
425.1

175.3
175.2
176.4
175.8

73.8
50.6
71.8
r35.3

31.6
20.3
30.6
rl6.8

704.4
743.7
761.0
r781.7

289.5
302.1
306.1
r310.8

267.6
296.4
302.0
r316.3

112.2
123.2
125.0
rl29.6

436.8
447.4
458.9
r465.4

177.3
178.9
181.1

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r!81.2

1985
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 1985




81

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

Net exports of goods and services

252. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

257, Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

255. Constant
(1972) dollars

250. Current
dollars

P |
Mil

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

27.7
35.5
6.6
6.3

34.9
34.1
25.7
24,1

359.4
366.3
346.3
321.7

152.2
155.1
146.6
136.7

331.7
330.8
339.7
315.4

117.3
121.0
120.9
112.6

2,422.3
2,443.9
2,452.4
2,468.6

1,834.2
1,857.7
1,876.3
1,888,7

19.6
-6.5
-16.4
-29.8

22.9
13.6
11.9
2.0

328.5
328.1
342.0
346.1

138.2
137.0
141.6
141.0

308.9
334.5
358.4
375.9

115.3
123.4
129.7
139.1

2,527.0
2,609.0
2,684.4
2,766.5

1,921.3
1,962.4
2,000.7
2,055.4

-51.5
-58.7
-90.6

-8.3
-11.4
-27.0
r-10.2

358.9
362.4
368.6
r369.4

144.9
144.7
147.4

410.4
421.1
459.3
r418.5

153.2
156.2
174.4

2,873.5
2,944.8
2,984.9
(NA)

2,113.4
2,159.2
2,191.9
r2,227.5

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r-49.2

rl48.2

rl58.4

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q |
Year
and
quarter

282. Proprietors'
income with IVA
and CCAdj l

(Ann. rate,
bil. dol.)

Q

NATIONAL INCOME AND ITS COMPONENTS—Continued
284, Rental income
of persons with
CCAdj'

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with IVA and
CCAdj1

288. Net interest

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

290. Gross saving

(Ann. rate,
bil. dol.)

SAVING
292, Personal
saving

295. Business
saving

(Ann. rate,
bit. dol.)

(Ann, rate,
bil. dol.)

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

116.8
107.7
102.2
117.6

47.8
48.3
52.9
57.0

159.9
161.7
163.3
151.6

263.6
268.5
257.7
253.8

447.0
445.4
397.9
344.8

378.3
386.2
393.8
393.9

142.6
136.7
134.5
130.2

114.7
116.9
123.3
131.9

57.7
59.0
56.2
60.4

179.1
216.7
245.0
260.0

254.2
254.2
259.2
258.9

393.4
414.7
455.2
485.7

417.0
441.4
469.7
486.4

128.0
96.7

154.9
149.8
153.7
rl58.3

61.0
62.0
63.0
r63.9

277.4
291.1
282.8
(NA)

266.8
282.8
293.5
r297.3

543.9
551.0
556.4
(NA)

498.8
515.3
525.3
(NA)

152.5
144.8
164.1
rl65.8

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

119.0
128,7

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1985
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.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82




FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q J
Year
and
quarter

^

SAVING—Continued

298. Government
surplus or deficit

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

(Ann. rate,
bil. dol.)

Percent of gross national product
235. Personal consumption expenditures

(Percent)

(Percent)

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

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

-73.8
-77.6
-130.4
-179.2

6.7
6.3
6.1
5.8

63.8
64.1
65.0
65.8

12.1
11.5
11.1
10.9

2.9
3.0
2.9
3.1

-151.7
-123.4
-133.5
-129.3

5.7
4.2
5.0
5.3

65.2
65.6
65.2
65.0

10.5
10.4
10.6
11.2

-107.4
-109.2
-133.0
(NA)

6.1
5.7
6.3
6.3

64.1
64.0
63.9
r63.7

11.2
11.5
11.8

-0.6
-0.4
-0.5
-2.0

0.9
1.2
0.2
0.2

3.6
4.0
4.3
4.2

-1.4
-0.6
-0.1
0.4

0.6
-0.2
-0.5
-0.9

4.3
4.3
4.2
4.1

2.1
1.4
1.9

-1.4
-1.6
-2.5
r-1.3

•

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

rll.8

r0.9

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q |
Year
and
quarter

SHARES OF GNP AND NATIONAL (NCOME—Continued

Percent of GNP—Continued
265. Federal Government purchases of
goods and services

Percent of national income

268. State and local
government purchases
of goods and services
(Percent)

(Percent)

64. Compensation of
employees
(Percent)

285. Rental income
of persons with
CCAdj1

283. Proprietors'
income with IVA
andCCAdj1

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1
(Percent)

289. Net interest

(Percent)

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

8.3
8.0
8.5
9.0

12.6
12.7
12.8
12.9

75.7
76.0
76.5
76.5

4.8
4.4
4.2
4.8

2.0
2.0
2.2
2.3

6.6
6.6
6.7
6.1

10.9
11.0
10.5
10.3

8.6
8.3
8.0
7.8

12.8
12.6
12.6
12.4

76.0
75.2
74.5
74.3

4.5
4.5
4.6
4.8

2.3
2.3
2.1
2.2

7.1
8.3
9.1
9.4

10.1
9.7
9.7
9.4

7.5
8.1
8.2
8.4

12.3
12.3
12.4
12.4

73.5
73.3
73.4
<NA)

5.4
5.1
5.1
(NA)

2.1
2.1
2.1
(NA)

9.7
9.9
9.5
(NA)

9.3
9.6
9.8
(NA)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

FEBRUARY X985




8
3

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

.
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1972-100)

310c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

Q

PRICE MOVEMENTS

311. Index

(1972-100)

311c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

320. Index ©

320c. Change
over 1-month
spans'

(1967-100)

(Percent)

C2)

1983
5.0

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product

320c. Change
over 6-month
spans'

322. Index

322c. Change
over 1-month
spans'

322c. Change
over 6-month
spans'

(Ann, rate,
percent)

(1967-100)

(Percent)

(Ann. rate,
percent)

Revised2

Revised 3

Revised 2

Revised2

. . .

2.7

215.9

October
November
December

1.4
2.3
3.4

288.5
288.9
290.2

0.0
0.1
0.4

2.4
2.8
2.2

3.9

295.5
297.1
298.1

0.7
0.4

0.2

3.6
4.4
5.0

291.3
292.1
291.5

0.4
0.3
-0.2

2.1
1.9
1.7

4.5

299.3
3OO.3
301 8

0.4
rO.3
04

4.2
4.1
4 2

291.5
291.7
292 7

0.0
0.1
0 3

1.7
1.5
1 fi

3.5

302.6
303.1
303.5

rO.3
rO.3
rO.3

4.7
4.8
4.6

293.8
294.3
295.9

0.4
0.2
0.5

5.8
7.2
6.4

4.2

305.2
306.6
307.3

0.6
0.4
rO.3

4.8
4.5
4.3

299.9
302.0
301.9

1.4
0.7
0.0

5.4
4.6
3.8

4.1

308.8
309.7
310.7

r0.4
0.2
0.2

3.6
3.7
3.8

301.6
301.0
301.5

-0.1
-0.2
0.2

1.8
1.5
1.7

4.0

311.7
313.0
314.5

0.3
r0.4
0.4

3.5
3.6
3.7

302.6
304.2
304.4

0.4
0.5
0.1

2.5
3.3
3.8

r3.2

2.6
214^2

July
August
September

0.3
-0.1
0.1

315.3
315.3
315.5

rO.3
0.2
rO.3

3.4

305.4
305.9
307.2

0.3
0,2
0.4

3.4

0.2

307.7

0.2

220*4

212L9

April
May
June

293.1
293.2
293.4

316.1

January
February
March

218\2

222*5
3.1
225*0
4.4
226*9

1984
January
February
March

4.4
22CK6

229*3

. ..

April
May
June

222*4

July
August
September

224! 6

October
November
December

r226!l

3.3
231.6
3.9
233*9

r2.8
235*9

1985
January
February
March
April
May
June

..

July
August
September
October
November
December
See note on page 80.
Graphs of these serin are shown on pjfts 48 and 49.
x
Changes are centered within the spans: 1-month changes are placed on the 2d
1-quarter changes are placed on the 1st month of the 2d quarter.
2
See "New Features and Changes for This Issue," page iii.

84




, 6-month changes are placed on the 4th month, and

FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

PRICE MOVEMENTS-Continued

Year
and
month

330. Index ©

330c. Change
over 1-month
spans' @

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

Producer price index, alt commodities
330c. Change
Over 6-month
spans' ©

(Ann. rate,
percent)

335. Index ©

335c. Change
over 1-month
spans1 ©

335c. Change
over 6-month
spans'©

(Ann. rate,
percent)

331. Index

331c. Change
over 1-month
spans'

331c. Change
over 6-month
spans'

(Percent)

(1967 = 100)

(Percent)

(Percent)

{Ann. rate,
percent)

Revised3

(1967 = 100)

Revised 2

Revised 2

316,3
318.0
320.0

-0.5
0.5
0.6

4,1
1.5
2.1

(1967 = 100)

1983
-0.3
0.3
-0.1

0.5
0.8
1.1

313.9
313.9
313.5

-0.4
0.0
-0.1

-1.2
-0.9
0.1

300.
301,
302.

0.0
0.3
0.3

2.2
2.5
3.2

312.4
313.6
315.3

-0.4
0.4
0.5

1.7
2.2
2.3

322.
321,
321.

0.7
-0.4
0.0

1.1
4.8
6.1

July
August
September . . .

303.2
304.7
305.3

0.3
0.5
0.2

3.6
2.7
2.5

316.5
317.3
317.1

0.4
0.3
-0.1

3.9
3.0
2.0

318,
325.
329.6

-0.9
2,3
1.3

4.7

October
November . . .
December . . .

306.0
305.5
306.1

0.2
-0.2
0.2

3.2
2.8
3.8

318.5
318.3
318.4

0.4
-0.1
0.0

1.6
2.1
3.1

329.
329.
333.5

0.0
-0.1
1,2

11.7
2,9
4.6

January
February
March

308.0
308.9
311.0

0.6
0.3
0.7

3.5
4.0
3.4

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

336.2
330.2
337.1

0,8
-1.8
2.1

3.5
1.8
-1.9

April
May
June

311.
311.
311.

0.1
0.1
-0.1

2.5
1.2
r-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335.4
332.5
330.4

-0.5
-0.9
-0.6

-2.9
-1.7
-5.6

311.
310.
r309.

0.2
-0,4
r-0.5

-1.2
-0.7
-0.9

323.9
323.3
r322.2

0.0
-0.2
-0.3

0.4
0.4
-0.5

331,
327,
327.6

0.3
-1.2
0.1

-6.2
-1.7
-0.7

309.
310.
309.9

0.0
0.3
-0.2

-1.3

323.2
323.8
323.0

0.3
0.2
-0.2

-0.4

324.9
329.6
329.3

-0.8
1.4
-0.1

-5.4

309.8

0.0

323.2

0.1

322.2

-2.2

January
February
March

299.9
300.9
300.6

April
May
June

5.4
7.9

1984

July
August
September . . .
October
November . . .
December . . .
1985
January
February
March
April
May
June
Jufy
August
September . . .
October
November . . .
December . . .

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

FEBRUARY 1985



85

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

PRICE MOVEMENTS- Continued
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

(1967-100)
Revised2

332c. Change
over 1-month
spans1

Producer price index, capital equipment

332c. Change
over 6-month
spans1

333. Index

(Percent)

(Ann. rate,
percent)

Revised2

Revised2

Revised2

1983

(1967-100)

333c. Change
over 1-month
spans'

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

334. Index

334c. Change
over 1-month
spans1

334c. Change
over 6-month
spans*

(Percent)

(Ann. rate,
percent)

(1967 = 100)

(Percent)

(Ann. rate,
percent)

Revised2

Revised2

Revised2

Revised2

Revised2

January
February
March . . . . . .

309.9
310.0
309.3

-0.4
0.0
-0.2

-1.0
-0.6
0,1

284.1
285.0
285.8

-0.1
0.3
0.3

2.6
2.3
1.8

283.4
283.3
282.9

-0.9
0.0
-0.1

-0.6
-1.0
-0.9

April
May
June

308.5
309.6
311.1

-0.3
0.4

1.4
2.1
3.8

285.9
286.3
286.9

0.0
0.1
0.2

2.3
2.4
1.8

282.8
283,
284,

0.0
0.3
0.4

0.8
1.6
2.3

July
August
September . . .

312,
313,
315.

0.3
0.4
0.6

4.9
4.1
3.4

287.3
288.4
288.4

0.1
0.4
0.0

2.2
2.0
2.0

284,
285.
286.1

-0.1
0.4
0.2

2.6
1.4
1.3

October
November . , ,
December , . .

315.9
315.9
316.4

0.3
0.0
0.2

3.2
3.0
2.9

289.0
289.2
289.7

0.2
0.1
0.2

2.2
2.3
2.9

286.5
285.6
286.5

0.3

3.0
2,8
3.6

January
February
March . . . . . .

317.1
317.9
319.6

0.2
0.3
0,5

2.7
3.2
3.2

290.5
291.7
292.5

0.3
0.4
0.3

3.7
3.2
3.1

288.8
289.5
291.2

0.8
0.2
0.6

3.1
3.5
2.7

April
May
June

320.1
320.9
321.5

0.2
0.2
0.2

2.4
1.5
0.3

294.3
293.8
294.1

0.6
-0.2
0.1

2.9
2.5
2.3

290.9
290.5
290.3

-0.1

1.5
0.4
-0.9

July
August
September . . .

320.9
320.3
320.0

-0.2
-0.2
-0.1

0.1
0.0
-0.6

294.7
295.3
295.8

0.2
0.2
0.2

0.5
1.3
1.2

291.0
290.1
289.9

0.2
-0.3
-0.1

-0.7
0.3
0.8

October
November . . .
December . . ,

320.2
320.9
320.6

0.1
0.2
-0.1

-0.3

295.1
295.7
295.8

-0.2
0.2
0.0

1.6

289.9
290.9
291.5

0.0
0.3
0.2

0.1

320.4

-0.1

297.0

04
.

291.1

-0.1

1984

1985
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.




FEBRUARY 1985

ISO

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

|

3

WAGES AND PRODUCTIVITY

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
Year

Current-dollar earning;

and

Average hourly compensation, all employees,
nonfarm business sector

Real earnings

Current-dollar compensation

month

340. Index

(1977 = 100)

340c. Change
over 1-month
spans2

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

341. Index

341c. Change
7

spans

spans

(Ann. rate,

(1977 = 100)

(Percent)

percent)

Revised 3

345c. Change

345c. Change

over 1-quarter

over 6-month

2

Revised 3

(Percent)

345. Index

over 4-quarter

spans'

341c. Change
over 1-month

spans'

(Ann. rate,

(1977-100)

(Ann. rate,

percent)

percent)

Revised 3

1983

4.4
4.6
3.8

94.8
95.3
95.1

0*3
0.5
-0.2

3.1
2.4
0.8

0.4

3.7

0.3
0.2

2.4
3.4

94.8
94.8
94.8

-0.2
0.0
0.0

-1.9
-1.1

152.9
153.6
153.6

February
March
April
May
June

0.4
0.5
0.0

154.2
154.7
155.1

January

5.7
15^7

0.1

k'.i

3.3
161.0

155.6
155.4
156.2

0.4

3.7

-0.1
0.5

3.2
3.5

94.8
94.4
94.5

0.0
-0.5
0.2

-0.1
-0.3
0.0

161.9

157.1
157.2
157.8

0.5
0.1
0.4

3.7
4.0
3.7

94.8
94.7
94.9

0.3
-0.1
0.2

-0.1
0.8
1.1

163.7

158.4
158.5
159.1

0.4
0.1
0.4

3.6
3.1
3.2

94.8
94.8
95.0

-0.1
0.0
0.3

1.2
0.3
0.5

165.9

159.9
159.6
160.3

0.5
-0.2
0.4

3.0
2.6
3.2

95.3
94.8
95.1

0.3
-0.5
0.3

0.7
-1.5
-1.8

167*. 4

160.8
160.6
161.6

0.3

-0.2
0.6

1.8
3.0
3.5

95.1
94.1
94.2

0.0
-1.1
0.1

-2.9
-1.0
-0.9

168.9

161.3
162.0
163.0

-0.2
0.4
0.6

p2.4

94.0
94.4
94.7

-0.2
0.4
0.3

p-1.6

P162.7

p-0.2

P94.3

3.9

p-0.4

July
August
September
October
November
December

2.3
3.9
4.5
3.9

1984
January
February
March
April
May
June
July
August
September
October
November
December

5.4

3.5

k'.Z
p4!i

3.7

p3.6

P17CL4

1985
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.

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," page iii.
2

FEBRUARY 1985




87

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

WAGES AND PRODUCTIVITY—Continued
Negotiated wage and
benefit decisions

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

Real compensation
346. Index

(1977-100)

346c. Change
over 1-quarter
spans'

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

348. Average
first-year
changes @

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

370. Index

(1977-100)

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

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

(1977-100)

3.4

101.6

3.1

103.6

3.5

104.1

3.3

104.4

2.7

105.2

p3.0

106.6

1983
January
February . . .
March

98.7

April
May
June

98.5

July
August
September . , .

98.0

October
November . . .
December . . .

5.3

98.1

-1.6

1.4

4.4

-1.0

3.6
103.6

0.6

-1.8

5.0

4.3

-0.6
O.I

2.1
102.2

1.5

5.9

2.8

104.3
4.9

3.1

1.4
104.7

-0.3

1984
0.4

January
February
March

98.2

April
May
June

98.1

July . . . .
August . ,
September

98.2

October
November . . .
December . . .

-O.I

4.7

O.I

4.0

105.7
3.5

4.9

3.2

107.0

pO.O

2.7

3.1

0.6

107.2
p-0.3

P98.1

5.1
0.1

p3.8

p2.0

106.3
p2.6

P107.9

P106.7

1985
January .
February
March . .
April . . . .
May . . . .
June . . . .
July . . . .
August .
September
October . ,
November
December
See note on page 80.
Graphs of these series are shown on pates 49 and 50.
l
Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.




FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

(Thous.)

(Thous.)

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

Civilian labor force participation rates
451. Males
20 years
and over

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

(Percent)

1983
January
February
March

110,746
110,700
110,733

99,233
99,144
99,303

11,513
11,556
11,430

5,587
5,737
5,620

3,990
3,950
3,895

1,936
1,869
1,915

9,802
9,915
9,747

6,456
6,303
6,179

78.2
78.2
78.2

53.0
53.0
52.9

53.9
53.0
53.0

April
May
June

110,906
110,892
111,717

99,590
99,634
100,444

11,316
11,258
11,273

5,669
5,657
5,408

3,751
3,750
3,861

1,896
1,851
2,004

9,656
9,521
9,382

6,021
5,989
5,945

78.4
78.4
78.6

52.9
52.7
53.1

52.8
52.5
54.5

July
August
September

111,707
112,184
112,264

101,173
101,589
101,983

10,534
10,595
10,281

5,186
5,129
5,016

3,481
3,567
3,513

1,867
1,899
1,752

8,934
8,948
8,733

5,858
5,958
5,974

78.7
78.6
78.5

52.9
53.3
53.5

53.7
54.9
53.6

October
November
December

111,914
112,150
112,237

102,042
102,702
103,029

9,872
9,448
9,208

4,801
4,592
4,382

3,359
3,225
3,227

1,712
1,631
1,599

8,315
7,924
7,679

5,726
5,884
5,677

78.4
78.4
78.3

53.3
53.2
53.3

52.8
53.3
53.5

January
February
March

112,320
112,724
112,906

103,294
103,888
104,123

9,026
8,836
8,783

4,273
4,139
4,048

3,191
3,135
3,148

1,562
1,562
1,587

7,532
7,321
7,301

5,719
5,697
5,465

78.3
78.3
78 3

53.1
53.3
53 5

53.4
53.8
53 9

April
May
June

113,202
113,722
113,619

104,402
105,162
105,391

8,800
8,560
8,228

4,087
3,909
3,807

3,161
3,127
2,972

1,552
1,524
1,449

7,331
7,056
6,578

5,520
5,377
5,549

78.3
78.3
78.3

53.6
54.1
53.8

54.2
54.3
54.3

July
August
September

113,868
113,629
113,764

105,377
105,148
105,394

8,491
8,481
8,370

3,884
3,836
3,817

3,130
3,214
3,044

1,477
1,431
1,509

7,010
6,933
6,931

5,482
5,384
5,449

78.3
78.3
78.3

54.0
53.9
53.6

54.5
53.0
54.2

October
November
December

114,016
114,074
114,464

105,649
105,932
106,273

8,367
8,142
8,191

3,731
3,725
3,759

3,173
3,027
2,952

1,463
1,390
1,480

6,932
6,768
6,811

5,483
5,413
5,596

78.3
78.3
78.3

53.9
53.9
54.0

53.7
53.5
54.1

114,875

106,391

8,484

3,798

3,161

1,525

6,963

5,389

78.2

54.4

55.2

1984

1985
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 X985




OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

QH
Federal Government1
Year
and
month

Q

RECEIPTS AND EXPENDITURES
State and local government'

D F N E I DC T R
EE S N I AO S

Advance measures of defense activity

(Ann. rate,
bil. dol.)

501. Receipts

502. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

510. Surplus
or deficit

(Ann. rate,
bil. dol.)

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1983
January
February
March

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

C)

500. Surplus
or deficit

517. Defense
Department
gross obligations incurred

2

£)

n

-185i7

619!8

805! 6

34! i

45&\3

m,Z

21,340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,419
5,105
6,751

-167!3

649^3

816^7

43!9

473!5

429!6

19,332
19,554
21,518

10,132
10,111
10,814

126,165
126,532
129,720

7,309
4,805
7,692

July
August
September

-180.9

640! 2

82i!i

47!4

486"!i

438! 7

19,409
20,489
20,388

11,017
10,727
10,921

131,172
130,829
133,056

6,750
5,103
5,154

October
November
December

-18CL5

655!o

835! 5

si.2

495!b

443! 8

17,201
24,242
24,204

2,820
16,140
9,463

131,130
139,062
141,820

6,566
9,004
7,600

-16L3

686! 4

847 ".6

53^9

509! 6

455!7

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,608
7,289
11,539

-163!7

704! 3

868 !6

54!5

526! 6

466! 1

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

6,248
5,679
6,990

-18CK6

706^2

886! 8

47!e

524! 6

477!6

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,215
7,584
6,586

(NA)

r917!2

(NA)

(NA)

r484!6

20,821
r28,892
p26,686

12,901
25,552
(NA)

159,226

(NA)

rl68,321
pl72,010

4,916
10,343
r8,681

(NA)

p9,804

April

May
June

1984
January
February
March

........

April
May
June

, ..

July
August . . . . . . . . .
September . . . . . . .
October
November
December
1985
January
February
March . . . .
April
May
June

.

.

(NA)

. .

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1

Based on national income and product accounts.
Seo "New Features and Changes for This Issue," page iii.

a

9
0




FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

E

[ ] DEFENSE INDICATORS—Continue!1
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1967 = 100)

559. Manufacturers' inventories, defense
products, book
value

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

(Mil. dol.)

(Thous.)

Defense Department
personnel
577. Military
on active
duty©
(Thous.)

564. Federal
purchases of
goods and
578. Civilian,
services,
direct hire
national
employment © defense
(Thous.)

565. National
defense purchases as a
percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1

1

C)

C)

1983

570. Employment, defense
products industries

January
February
March

116.4
116.1
117.0

16,545
16,458
16,774

100,886
100,716
102,234

17,058
16,772
16,804

5,187
5,275
5,233

1,344
1,346
1,342

2,120
2,122
2,127

1,024
1,028
1,030

194^7

6.1

April
May
June

118.2
117.6
118.0

16,782
17,185
17,295

104,234
103,804
106,114

17,529
16,854
17,189

5,309
5,235
5,382

1,345
1,349
1,354

2,123
2,120
2,116

1,029
1,040
1,049

199.3

6.i

July . . . .
August
September

120.4
120.2
121.8

17,400
17,803
17,508

107,287
106,908
106,596

16,975
18,455
17,463

5,577
5,482
5,466

1,361
1,344
1,364

2,113
2,115
2,123

1,053
1,052
1,026

200^9

6!6

October . . . . . . . . .
November
December

122.9
124.0
125.7

17,358
17,363
17,759

107,522
110,839
112,761

17,781
17,329
18,726

5,640
5,687
5,678

1,369
1,369
1,378

2,120
2,126
2,124

1,034
1,040
1,045

207^2

6\6

January
February
March

128.3
129.5
130.1

17,812
18,217
18,537

113,650
115,087
120,894

18,448
17,801
17,794

5,718
5,852
5,731

1,382
1,391
1,400

2,130
2,135
2,140

1,042
1,043
1,046

213^4

6^0

April
May
June

133.2
133.1
133.5

18,925
19,492
19,989

121,158
121,088
122,100

18,525
18,609
18,953

5,985
5,749
5,977

1,408
1,420
1,433

2,138
2,141
2,143

1,049
1,061
1,071

22O.*8

6!i

135.9
136.8
139.5

20,776
21,263
22,206

123,319
124,774
125,223

18,405
19,181
19,469

5,993
6,129
6,136

1,443
1,452
1,463

2,142
2,144
2,138

1,079
1,074
1,043

220.3
...

6.0

141.1
rl42.3
rl44.1

22,627
22,308
22,287

123,790
127,857
r!29,767

18,687
20,152
rl9,899

6,350
6,275
r6,770

1,473
rl,478
pi,491

2,138
2,141
2,138

1,058
1,065
pi,067

r23K3

r'e'.i

P145.7

(NA)

pl32,896

pl8,735

p6,675

(NA)

p2,146

(NA)

...

1984

July
August
September

. .

October
November
December
1985
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on pages 54 and 55.
*See "New Features and Changes for This Issue," page

FEBRUARY 1985




in.

91

OTHER IMPORTANT ECONOMIC MEASURES

E I U.S. INTERNATIONAL TRANSACTIONS

MERCHANDISE TRAOE
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

606. Exports of non*
electrical machinery

612. General imports

Year
and
month

(Mil. dol.)

(Mil. dol.)
1

(Mil. dol.)

(Mil. dol.)

(Mil dol.)
1

1

C)

1983

(Mil. dol.)

616. Imports of automobiles and parts

614. Imports of petroleum and petroleum
products

Revised1

Revised

C)

January ,
February
March . .

17,232
16,312
16,690

3,128
2,985
2,811

3,644
3,359
3,499

20,127
18,804
19,528

4,481
3,183
3,603

2,329
3,019
2,676

April . . .
May . . .
June . . ,

16,095
15,655
16,959

2,891
2,715
2,977

3,513
3,433
3,265

19,914
21,446
20,916

3,749
5,432
4,215

2,746
819
823

July
August . . . .
September ..

16,486
16,582
17,257

3,072
2,973
3,322

3,655
3,290
3,718

21,828
22,714
22,451

4,622
4,597
4,929

936
813
636

October . . . .
November . .
December . ,

17,033
17,063
17,298

2,979
3,109
3,175

3,689
3,686
3,683

24,333
23,115
22,976

4,818
4,459
3,997

3,233
3,415
3,801

January . . . .
February . . .
March

18,326
17,212
17,727

3,457
3,198
3,336

4,009
3,848
3,764

26,586
26,147
26,771

4,515
4,660
5,393

3,684
3,751
3,680

April
May
June

17,522
17,950
17,633

3,030
3,245
2,715

3,811
3,976
3,746

28,368
25,569
25,356

6,000
5,113
4,694

3,838
3,635
3,683

July
August
September . .

19,442
18,036
18,177

3,236
3,022
3,153

3,790.
3,878
3,640

31,883
26,567
29,430

4,674
4,021
4,261

3,947
3,773
4,302

October
November , . ,
Oecember , . .

18,387
18,373
19,230

2,799
3,242
3,314

4,007
3,905
4,128

26,313
27,033
26,169

4,007
4,637
4,298

3,600
3,817
3,732

(NA)

(NA)

1984

1965
(NA)

January
February
March
April
May
June

(NA)

(NA)

(NA)

,

July
August
September . . ,
October
November . . ,
Oecember . . ,
See note on page 80.
Graphs of these series are shown on page 56.
1

92

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




FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
El

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q [

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

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dot.)

669. Imports

(Mil. dol.)

622. Balance

(Mil.

dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1983

January
February
March

-1,370

81,ill

82,481

-9,277

49,246

58,523

17,618

12,380

April
May
June

-7,712

81,355

89,067

-14,870

48,745

63,615

18,973

12,995

July
August
September

-9,703

84,826

94,529

-17,501

50,437

67,938

20,802

13,630

October
November
December

-14,127

84,910

99,037

-19,407

51,829

71,236

19,609

14,490

Jsnuary
February
March

-17,526

90,689

108,215

r-25,815

r53,92O

r79,735

23,300

15,552

April
May
June

-22,547

88,900

111,447

r-25,804

r54,548

r80,352

20,822

17,363

July
August
September

p-30,082

p91,672

pl21,754

rp-33,091

rp55,482

rp88,573

p22,501

pl8,823

October
November
December

(NA)

(NA)

(NA)

p-22,887

p56,320

p79,207

(NA)

(NA)

1984

1985
January
February
March
April
May
June .
July
August
September . . . . . . .
October
November
December
See note on pagfi 80.
Graphs of these series are shown on page 57.
balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

IMJ>

FEBRUARY 1985



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q

47. United States,
index of industrial production

Year
and
month

(1967 = 100)

721.OECD1
European countries, index of
industrial
production

728. Japan,
index of industrial production

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967-100)

(1967=100)

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1983
January
February
March

137.4
138.1
140.0

150
150
150

229.5
228.0
232.7

146
148
150

157
155
155

122
122
120

152.0
152.2
149.4

147.7
147.6
148.3

April
May
June

142.6
144.4
146.4

150
151
153

233.0
235.2
235.9

150
150
156

155
160
157

122
123
120

142.1
144.4
144.4

150.0
151.7
155.0

July
August
September

149.7
151.8
153.8

153
153
153

236.4
242.3
245.0

150
150
153

159
159
157

124
124
125

153.8
148.9
148.3

156.9
159.1
162.0

October
November
December

155.0
155.3
156.2

153
156
154

244.5
247.7
250.9

154
156
157

155
162
160

125
125
127

150.2
153.3
149.6

162.7
164.1
165.3

158.5
160.0
160.8

158
158
156

251.4
260.2
256.4

157
159
154

162
160
162

125
125
124

152.4
150.2
155.6

168.4
163.2
165.3

162.1
162.8
164.4

153

rl58
151

257.7
263.9
265.2

154
156
140

157
162
159

123
122
123

149.4
154.9
156.2

165.9
167.1
168.0

July
August
September

165.9
166.0
1,65.0

158
rl59
158

266.4
268.4
265.2

161
157
157

165
165
159

122
122

rl24

154.3
156.6
158.3

174.0
173.1
169.6

October
November
December

rl64.4
H65.0
rl65.9

rl59
pl59
(NA)

r273.2
P274.3
<NA)

162
P162
(NA)

rl63
pl62
(NA)

rl25
pl25
(NA)

rl54.5
P152.7
(NA)

169.5
P173.2
(NA)

1984
January
February
March
April
May
June

,

.

1985
January
February
March
April
May
June

P166.6

.

July
August
September
October
November
December

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

^Organization for Economic Cooperation and Development.

94



FEBRUARY 1985

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q
United States
Year
and
month

320. Index ©

(1967 = 100)

(Ann. rate,
percent)

738. Index ©

(1967 = 100)

Revised2

1983

West Germany

Japan

320c. Change
over 6-month
spans1

CONSUMER PRICES

738c. Change
over 6-month
spans1

735. Index ©

(Ann. rate,
percent)

(1967 = 100)

Revised2

January
February
March

293.1
293.2
293.4

1.4
2.3
3.4

306.6
305.5
307.5

0.7
2.1
1.2

April
May
June

295.5
297.1
298.1

3.6
4.4
5.0

308.6
312.0
309.7

July
August
September

299.3
300.3
301.8

4.2
4.1
4.2

October
November
December

302,6
303.1
303.5

January
February
March

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

736. Index ®

(1967 = 100)

Revised2
'

United Kingdom

France
736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967-100)

Revised2

732c. Change
over 6-month
spans'

(Ann. rate,
percent)
Revised2

r201.2
r201.3
201.2

1.7
1.9
1.2

390.1
392.9
396.5

11.9
10.8
10.0

523.5
525.8
526.7

3.5
3,2
3.8

1.1
1.9
1.0

201.7
202.2
202.9

2.4
3.6
4.1

401.8
404.5
406.9

9.8
9.9
10.3

534.1
536.4
537.7

5,0
5.4
6.1

308.3
307.4
311.4

2.0
1.6
2.3

203.6
204,3
204.9

3.6
3.2
3.8

410.4
412.8
416.0

9.1
8.9
8.6

540.6
543.0
545.4

6.5
6.3
6.6

4.7
4.8
4.6

314.2
312.?
311.4

2.6
4.0
3.8

204.9
205,2
205.7

3.0
2.2
2,2

419.2
420,9
422.4

8.3
8.0
7.1

547.3
549.2
550.7

5.3
4.8
4.4

305.2
306.6
307.3

4.8
4.5
4.3

312.3
314,2
315.1

2.7
2.4
1.5

206.6
207.1
207.3

2.6
2.5
1.9

425.4
428.0
431.0

6.6
6.6
6.9

550.4
552.6
554.4

4.1
4.0
3.7

April
May
June

308.8
309.7
310.7

3.6
3.7
3.8

315.9
318.2
315.6

2.5
-0.1
0.8

207.7
207.8
208.6

1.6
1.3
0,9

433.6
436.2
438.4

6.8
7.0
7.2

561.8
563.9
565.3

3.6
5.1
5.1

July
August
September

311.7
313.0
314.5

3.5
3.6
3.7

316.2
313.4
318,5

1.6
1.9
3.8

208.2
207.8
208.0

1.6
1.7
2.1

441.5
443.7
445.9

7.7
7.4
6.8

564.7
570.0
571.1

5.7
5.9
5.4

October
November
December

315.3
315.3
315.5

3.4

321.0
319.0
319.6

(NA)

209.2
209.6
209.8

(NA)

449.0
450.3
451.2

(NA)

574.6
576.4
575.9

6.5

1984

1985
January
February
March

316.1

(NA)

(NA)

(NA)

578.0

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/1 page iii.

FEBRUARY 1985



95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

STOCK PRICES

CONSUMER PRICES—Continued

Italy

19. United

Canada

States, index
of stock

Year .

737. Index©

and

737c. Change

733. Index ©

733c. Change

prices, 500

over 6-month

spans1

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(1967 = 100)

(1967-100)

(1967-100)

(1967 = 100)

(1967-100)

(1967-100)

(Ann. rate,

(1967-100)

percent)
2

(1967 = 100)

percent)

Revised

Revised

1983

746. France,
index of
stock
prices ©

stocks ©

(Ann. rate,

(1967-=100)

745. West
Germany,
index of
stock
prices ©

common

spans'

month

over 6-month

743. Japan,
index of
stock
prices ©

2

602.7
610.5
616.0

February
March
April
May .
June
July
August
September , . .
October
November

. . .

December

. ..

14.3
14.2
13.8

312.5
313.9
317.1

4.2
3.4
4.2

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

159.1
165.0
179.1

371.9
381.6
388.3

95.5
109.1
118.7

210.0
216.6
219.5

622.2
628.2
632.2

January

14.0
13.2
12.7

317.1
317.9
321.5

5.2
5.9
4.7

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158.6
159.5

188.7
200.4
196.8

410.4
403.7
426.1

115.8
111.6
110.3

240.0
251,8
260.2

638.5
641.1
649.4

12.4
11.8
11.7

322.9
324.5
324.5

5.6
5.0
4.9

181.6
176.7
181.8

598.7
606.4
619.7

169.0
166.9
164.7

206.1
220.2
224.9

418.9
431.8
422.6

112.9
120.5
118.4

264,
267,
272.0

660.4
667.0
670.3

11.1
11.5
11.5

326.5
326.5
327.5

5.4
5.1
4,6

182.4
179.7
178.8

621.0
621.5
638.6

173.4
176.7
179.2

225.
239.
247.6

411.2
424.1
432.6

111.6
112.7
112.8

251.
273.
268.6

678.3
685.8
690.6

11.1
10,9
10.9

329.2
331.1
331.9

4.3
4.7
3.4

181.0
171.1
171.3

687.6
699.6
736.1

185.3
182.3
178.4

275.9
263.4
261.1

457.2
457.2
485.3

125.3
128.7
128.5

259.5
259.5
260.0

695.4
699.6
703.8

10.0
9.4
8.1

332.7
333.3
334.7

3.1
2.3
3.0

171.4
170.3
166.6

776.0
744.6
711.2

177.9
178.0
175.8

285.4
277.1
272.3

495.0
489.6
468.7

124.9
122.
119,

252.0
P245.6
p242.6

705.9
708.0
713.0

6.8
6.4
6.8

336.6
336.6
336.9

2.5
3.4
4.2

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256,
274.
287.0

447.5
478.6
497.0

121.4
128.7
127.6

P234.0
p252
p256,

720.1
724.4
729.5

7.2

337.5
339.7
339.9

4.3

179.3
180.9
178.9

760.5
774.7
804.7

185,
185,
187.4

287.9
282.8
P278.5

503.7
525.9
551.2

127.4
130.5
rpl35.1

P257.1
P259.2
P256.0

186.7
P197.7

rp809.4
P823.5

rpl96.3
P199.5

rp290.2
p300.7

rp581.2
p587.9

rpl27.4
P141.6

rp264.7
P282.0

1984
January
February . . . ,
March
April
May

. . . . . . .

June
July
August

September . . .
October
November

, . .

December

, , .

1985
January
February
March

736.8

341.3

April
May
June
July
August
September , , .

October
November

. . .

December

. ,.

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

Changes over 6-month spans are centered on the 4th month.
See "New Features and Changes for This Issue/1 page iii.

2

96




FEBRUARY 1985

RCII

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

107.0

13. New business incorporations1
15. Profits after taxes per dollar of sales,
manufacturing corporations2
33. Net change in mortgage debt

13

Aug.
86.8

99.9 103.1

1984
Sept. Oct.
81.9

Nov.

Dec.

Jan.

Feb.

91.4 102.5 124.6 145.7 101.0

90.2 105.0

100.0

92.7

96.9 104.7

95.7

1985
Mar. Apr.
90.3

91.3 103.1

92.7

May

June

83.1

87.5

105.3 106.0

99.1

95.7

108

..

563

72. Commercial and industrial loans
outstanding in current dollars".

99.8

99.6 100.0 100.3 100.4 100.9 100.2

99.8

517. Defense Department gross obligations
incurred1

88.5

85.7 120.7 116.5 104.8 101.8 119.0

96.2 104.1

98.9

87.8

80.9

525. Defense Department prime contract awards

78.5

77.8 189.9

80.5 100.1

96.6 114.5

94.3

86.4

84.9

543. Defense Department gross unpaid
obligations outstanding

97.1

94.0

99.1 100.7 103.3 103.2; 103.1 103.7 101.4

98.9

570. Employment, defense products industries .

99.9

99.4 100.0 100.0 100.2 100.4 100.2 100.0' 100.0

580. Defense Department net outlays

1

877

97.7

-612

99.2

607

255 -1229 -2514 -1691

90.9 105.5

98.1 101.0

446

608

1003

99.9 100.0 100.3 100.2

99.8

99.7 100.1

99.4 101.5

604, Exports of domestic agricultural products
606. Exports of nonelectrical machinery

.. .

614. Imports of petroleum and petroleum
products1

. .

616. Imports of automobiles and parts

1432

1

94.3 100.1 100.5

95.8 102,8 100.0 104.3

98.3

83.1

92.5 102.2 108.8 107.6 106.7 105.2 115.0 103.0 100.9

94,8

85.6

95.9

96.6

93.8

90.7 110.3

109.6 113.9 101.7 119.5 103.4

95.5

99.2

91.9

102.7

96.2

96.1 101.5 105.3

90.4

85.2 103.8 100.3

93.2 109.4

86.0

99.9 102.8 105.1
90.2

84.3

98.1

84.1 106.1 107.2 118.4 104.3

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 will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.
"These factors apply to only the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.
14.

1950.. .
1951 . . .
1952...
1953., .
1954...
1955..,
195 6 . . .
1957.. .
1958...
195 9 . . .
1960...
1961 . . .
1962.,,
1963...
1964...
1965., ,
1966...
1967,,.
1968.,.
196 9 . . .
1970.. .
1971 . . .
1972.,,
1973 . • ,
1974...
1975...
1977!.'!
1978...
1979.,.
1980...
1981, . .
1982., ,
1983...
19 8 4 . . .

26.4
21 .7
26.2
23.3
29.6
37.9
42.9
54.1
64.4
73.6
53.7
81.5
106.6
161.0
96,7
89.3
103.2
106.2
104.5
75.0
137.3
168.8
101.6
205.8
337.3
391.1
16s)s
168.3
162.2
243.2
341 ,4
645 ,1
2158,1

Apr.

My
a

June

July

1953!!
1954.,
1955 , ,
1956,,
195 7 . .
1958,.
195 9 . .
1960.
1961,,
1962..
1963.
1964..
1965..
1966. t
1967 . .
1969!.
1970..
1971 . .
1972..
1973..
1974.,
1975..
1976..
1977 . .
1978.,
1979..
1980..
1981..
1982..

1983 11

Oct.

Nov.

Dec.

IQ

II Q

61.9
63.3
71,9
92.7
122.6
107.4
144.8
161.1
201.6
172.0
269.0
250.4
301.8
305.2
350.8
360.9
330.1
301.8
246.2
303.3
450.3
569.1
466.5
467 .5
601.0
905 .8

)

Annual

TOTAL FOR PERIOD

21 ,2
17 .1
29.5
27 .5
42,5
36,0
41 .9
57,1
84.0
71.9
69.2
£6.1
121 . 8
ICO, 8
112 .9
63.2
110.1
103.8
80.1
IX6.8
131 .9
153.8
14 8.5

22,7
23.5
21.2
32,8
38.5
34.7
59,9
52.6
56.2
50.9
73.3
80.5
91 .5
118.3
93.4
133.1
96.4
93.4
91 .4
92.6
147.9
249.5
190,1

18,1
22.8
21 .2
32.4
41.6
36.7
43,0
51 .4
61.4
49.2
126.4
83.8
88.5
86.2
144.5
144.6
123.6
104.6
74,7
91.9
170.5
165,8
12 7 , 9

19.5
21 .1
22.8
39.8
32 .2
32.5
48.7
44.3
65.4
51 .2
61.7
69.2
91 .6
120.5
125 .6
121 .5
69.9
72.6
90 .3
112.7
251 .9
147.0
204.6

18.4
26 .4
16.3
28.5
32 .6
36.0
55 .0
43.5
50.8
54.5
97.6
102 .7
146.8
65 .2
95 .2
135 .0
17 8.1
108.9
65 . 8
62 . 8
169.6
155.6
253.6

15 .2
26 .6
20.1
33.8
36 .4
33.1
39.3
45 .4
48.1
54.7
80.6
116 .7
96.2
85 .9
114 .6
105 .0
129.2
93.9
58.6
73.7
232.9
115.8
113.5

16 .7
29.7
35 .1
37.1
29.0
34.8
50.0
47.4
47.3
50.4
81.5
70.3
119.1
91.8
93.8
82.1
108.0
61.6
65.4
116.4
144.8
144.7
153.0

18.9
17 .6
18.8
36.8
35 .1
42.8
39.9
52.9
56.7
53.2
84.5
119.2
98.8
262.1
119.3
71 .7
106.7
70,0
58.6
127.1
119.8
129.0
208.6

21 .0
19.4
23 .4
43.8
40.1
41.6
50.3
45.3
57.1
59,6
79.0
65 .5
81.3
68.4
98.3
97.6
161.5
195 ,5
83.4
96.9
121 .7
111 .3
86.8

137,2
213,1
3 84.8

25 2 , 4
204.6
343,3

1 J lJ . 3
209.8
372,1

lbo.O
375 .7
357.8

180.2
215.5
175.9

206.2
153.4
242.0

1 90 ,2
232.7
222.4

189.5
217.0
205.5

306.8
1295.4

344.7
252.9

242.6
136.9

76.5
55.3
74.9
81.7
134.6
121.1
134.7
175.3
201.3
197,2
184.8
296.2
278.0
353.4
331.7
347.8
302.2
340. )
272.
249.
396.
544./
513.f >
5 95 . *
'
755.()
1119.

194)2
205.0
177,1
190.8
7 89.2
913.5
1086,4

24 8." 2
3 24.4
187.8
274.2
485 .3
836 .0
1154.7

207 i s
203.0
242.8
428.2
536.9
1309.3
1125.6

473^9
160.4
200.5
381.2
428.2
2850.5
920.0

305!s
178.8
273.2
436.7
408.5
1020.2
2188.6

577^8
231 .8
212,2
445.7
619.5
1425.6
829.2

97.0
127 .0
186.2
1002.9
752.3
1024.7
947.2

lisl?
475^3
395.8
359.2
897.9
1299.0
1816.8

200.3
178.9
184.3
239.3
618.8
733 .3
1624.5

168.3
196.5
13 8.0
288.3
626.7
7 94.0
86 8.5

610.9
697.7
547.1
708.2
1615.9
2394,6
4399.2

59

63

93

86

75

81
23
38
24
60
48
29
29
61
34
39
56
52
56
69
82
46
53
61
55
43
54
83
87
17
48
52
62
75
45
49
34
44

47
25
36
34
69
43
29
37
62
31
46
45
57
59
69
75
38
52
69
64
52
59
90
80
24
59
57
65
74
33
52
33
52

41
48
28
43
71
52
35
50
62
39
52
45
47
66
63
72
43
49
67
47
48
64
89
64
37
61
58
62
55
35
46
39
58

38
43
21
52
65
42
30
56
57
38
53
48
47
69
66
64
50
56
64
37
50
73
90
33
43
48
54
67
49
45
33
41
63

52
35
31
38
66
46
31
43
60
36
48
49
51
63
67
73
44
53
65
51
48
63
88
66
30
54
55
64
63
40
45
37
54

338^2
206.4
287.4
345.4
450.4
2759.6
1353.1

SLOWER DELIVERIES

60

60

66

64

88

94

96

88

87

84

18
40
27
66
49
25
32
62
27
40
55
54
60
66
86
38

19
38
30
71
50
28
34
62
28
47
48
60
60
72
82
39

23
36
35
70
39
30
38
62
32
48
46
58
63
70
75
36

34
34
36
65
40
29
38
62
34
48
42
54
55
66
69
38

50
30
40
70
56
38
44
60
36
49
44
42
59

47
30
41
72
52
34
49
62
40
52
44
48
65

46
25
47
72
47
32
57
64
41
55
48
52
74

46
22
53
72
44
36
58
64
39
55
48
48
72

44
20
52
66
46
29
58
56
38
51
48
48
70
66

41

43

44

70
50

51

40
20
50
56
36
25
52
50
38
53
48
46
66
72
57
48

62
56
38
52
78
65
18
42
44
55
69
48
46
32
41

55
61
56
44
52
84
68
16
50
35
64
77
42
50
36
42

54
61
50
46
58
88
68
17
52
56
67
78
45
52
35
50

52
68
52
52
58
90
84
22
56
58
64
76
40
56
31
52

52
69
72
53
60
92
79
24
58
56
64
7ft
3:;
52
30
52

52
70
69
50
60
69
76
26
62
58
66
70
26
48
38
52

66
50
48
63
88
72
30
60
59
56
60
32
46

68
45
49
63
88
68
36
64
58
65
55
34
48

66
45
48
65
90
52
44
60
56
66
51
39
43

65
38
50
73
90
46
45
50
56
68
50
44
38

62
36
48
70
91
32
44
48
50
66
47
45
32

64
36
51
77
68
22
39
45
56
68
49
47
30

52

61

60

64

59

67

3,936
2,117
1,95 7
,636
J ,331
1,969
1,606
1,622
1,303
>,965
>,329
832
J ! 671
23 8
^932
,730
1,820
,915
,001
, 6 92
,453
>,903
1,928
45 2
t',731
7,520
7 3 26
7)443
6,318
6,173
6,702
8,063
9,716
11,556

3,876
2,125
1,813
1 ,647
3 ,607
2,918
2,764
2,509
4,492
3,601
3,726
4 85 3
3)921
4 07 2
3 !95 0
3,510
2,887
2,889
2,877
2,712
3,635
4,987
5,038
4 3 94
4^634
7,97 8
') 23 0
7,'307
6,337
6,109
6,729
7,985
9,911
11,430

NUMBKR OP PERSONS UNEMPLOYED, LABOR FORCE SURVEY*
(THOUSANDS)
3,434
1,856
1,863
1,596

3,367
1,995
1,884
1,607

3,120
1,95 0
1,991
1,660

2,799
1,933
2,087
1,665

2,774
2,067
1,936
1,821

2 ,625
2,194
1 ,839
1,974

2,589
2,178
1,743
2,211

3011 .3
3095.3
2656.0
2667 .4
4635.1
6 955.2
15610.7
16072.9

„

3,049
2,650
2,600

2,747
2,861
2,710

2,701
2,882
2,856

2,632
2,95 2
2 , 7 96

2,7 84
2,701
2,747

2,678
2,635
2,943

2,830
2,571
3,020

3,620

3,569

3,766

3,836

3,588
3,946

3,775
3,884

3,'906

3!863

3^844

3 i 81 9

4^013

3,918
3,595
2,628
2,895
2,709
2,758
3 , 7 97
4,959
4,95 9

3,764
3,432
1,950
1,929
1,740
A ,713
,919
i», 996
i ,922

3,814
3,387
2,872
2,992
2,938
? . m ft
it , 0 7 1
it , 9 4 9
I ,923

3,608
3,301
2,876
1,944

3,655
3,254
2,900
2,945

.,868

2 , 85 6

,035
,913

4)618
8,210
7 33 0
7J059
6,180
6,06 9
7,358
7,86 9
10,267
11 ,316

t [70S
3^433
05 3
i i 911
.127
5,840
7,984
8,157
10,426
11,258

i ^927
3,220
322

2,182
1,914
1,707
3 33 8
3^015
2,679
2,642

1,923
1,853
1,642
3 6 89
2^832
2,798
2,722

2,896
1,983
2,005
1,715

2,618
2,111
1,750
2,334

2 ,780
2,861
3,454

2,639
1,960
1,667
2,818
3 ,1 96
2 [ 76 1
2,7 90
3,476

3 813

3 421

2,763
2,829

2,741
3,317

3,910
4,252

4,003
4,330

3,653
4,617

3,945
3,557

3,493
3,652

3,630
3,689

3,855
4,400

3,286
2,055
1,883
1,834
3 53 2
2)352
2,750
2,859
4 602
3,'74O
3,85 2

3^961

3,803

4,024

3,907

3,958

3,871

3,712
3,216
2,796
2,95 8
2 , 6 86

3,726
3,143
2,798
3,143
2,689

3,551
3,073
2,770
3,066
2,715

3,651
3,031
2,912
3,018
2 , 6 85

5,134
4,93 9

5,042
4,84 9

4,591
4,95 4
4,875

4,898
5,161
4,602

5,076
5,154
4,543

,'O6 3
},127

5,'O22
7,928

5)437
7,923

5,523
7,897

6,140
7,7 94

6 ,'636
7,7 44

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

4,083
3,832
3,471
2,883
2,939
2,796
2 76 2
3)929
4,968
4,935
4 ,3 84
4,750
8,288

3,931
3,962
3,658
3,257
2,85 8
2,949
2,779
2 921
4*,2 96
5,070
4,900
4,320
5,174
7,993

3,911
4,038
3.643
3,082
2,82 7
3,076
2,696
2 930
4)855
5,090
4,673
4,343
6,100
7,812

3,911
4,070
3,7 86
3,366
2,875
2,975
2,817
2 832
4',093
5,016
4,862
4,365
5,156
7,92 9

6,82 9
6,309
5,996
8,363
7,866
10,851
10,534

6 ,925
6 , 0 80
6,320

6 ,751
6,125
6,190
8,021
8,224
11 ,216
1 0 , 2 81

6 ,763
5 ,94 7
6,296
8,088
8,639
11,525
9,872

6 ,615
6 ,077
6,238
8,023
9,018
11,899
9,448

6 | 3 86
6 ,228
6,325
7,718
9,281
11,891
9,208

7',343
6,381
6,130
6,705
8,040
9,670
11,500

7)035
6,112
5,95 6
7,813
8,040
10,416
11,282

6)835
6,171
6,169
8,222
8,041
10,984
10,470

6',65S
6 , 0 84
6,286
7,943
6,979
11,772
9,509

6)991
6,202
6,137
7,637
8,273
10,678
10,717

8,281
6,034
10,886
10,5 95

NOTE: Unless otherwise noted, these saries contain no revisions but are reprinted for the convenience of the user.
This series contains revisions beginning with 1980,




248.1
259.5
283.3
394.2
46 2.6
449 .4
562.7
615.3
728.2
6 92.8
938.6
10 9 0 . 1
1213.6
1352.6
1329.2
1321 .6
13 85.6
1265 .2
940.9
1142.1
1887.8
1916.9
2000.2
22 98,7
3053.1
43 8 0 . 2

AVERAGE FOR PERIOD

3,575
1,919
1,611
1,723

>)o28
,95 9
3,098
3,095
10,555
11 ,273

56.6
66.7
77.2
117.6
104.2
119.2
140.2
145.6
161.1
163.2
244.9
255,0
299.2
422.4
311.4
251.4
376.2
347.1
207,4
340.4
386.3
385.0
448,3
650 . 0
694.1
1685.
66I.1
484..
850.
718.
886.
2143 J
2826 .
4309, <

AVERAGE FOR PERIOD

62
65
22
37
24
60
46
28
28
62
30
40
56
52
54
72
85
51

37.

987.0
542.2
716.4
1246.0
1373.6
5180.0
4234.2

53.1
74.2
59.2
102.2
101.2
101.7
143,0
133.2
164.2
160.4
239.9
288.5
334.6
271.7
335.4
361.5
377.1
275.4
214.6
249.3
654.4
418.4
571.8
5 85.9
603.1
670.0
819.9
1013 .0
565.2
6 85 . 8
1794.0
1822.2
5209.8
3129,5

®

54
84
28
37
21
54
48
33
26
58
44
38
56
50
55
68
74
48

4,026
2,305
1,972
1,839
3 ,077
3,157
2,666
2 , 7 96
3 , 875
4,068
3,615
4 671
4',0 81
4 07 4
4^029
3,572
2,988
2,966
2,878
2,718
3,201
4,966
5,019
4 326
AJ644
7,501
7 ,534
7,280
6,489
6,109
6,683
8,071
9,384
11,513

IV Q

27,9
17.7
29.2
31 A
5 7.3
41 .2
42,6
55,8
71.6
65.0
70.2
126.6
80.9
97.7
111 .0
146.6
103.5
119.3
88.6
84,1
120.0
224.6
220.7

1984..

1930..
1951..
195 2 . .
195 3 . ,
1954 . ,
195 5 . .
1956,.
195 7 . .
195 8 . .
193 9 . .
I960..
1 961
1962!!
1 963
1964.,
1963,,
1966.,
1967..
1968..
1 969..
1970..
1971..
1972,,
1973,,
1974],
1975..
1976 . ,
1977 , (
1978..
1979.,
1980, .
1981..
1962..
1963..
1964..

ill Q

<
C

22,2
16.0
19,5
27.3
47,8
42.1
49.2
65.4
65.3
58.6
60.9
88.1
90.5
94.7
123.9
112.0
93 .5
113,4
79,6
90.0
139.4
150.9
191 .3

32 . VENDOR PERFORMANCE, PERCENT OF COMPANIES RECEIVING
(PERCENT)
1950.
1951..

Sept.

Aug.

CURRENT LIABILITIES OF BUSINESS FAILURES
(MILLIONS 3F DOLLARS)

(FEBRUARY 19fiS)

C. Historical Data for Selected Series—Continued
Year

42 .

Mar.

Feb.

Jan.

NUMBER

OF

,570 50 , 6 9 4
,808 52 , 9 2 3
,312 53 , 4 4 2
,95 8 55 , 4 2 1
,951 54 , 0 7 3
,640 54 , 8 7 3
,163 57 , 0 6 1
,842 5a , 1 3 2
,3 89 57 , 2 4 4
,3 87 58 , 2 5 5
,889 60 , 1 7 7
,354 60 , 116
,014 61 , 2 4 9
, 190 62 , 3 7 2

My
a

Apr.

50
52
53
54
53
54
57
57
57
58
59
60
61
62

1965...
1966.. .
1967 „ . .
1968.. .
1969.. .
1970..,
1971 . . .
1972.. .

65 ,7 26
6 8 .121
69 ,7 81
70 ,7 92
73 ,101
75 ,358
75 ,471
77 ,593

65
68
69
71
73
75
75
77

1974.. .
1975...
1976...
1977 . . .
1978...
1979.. .
1980...
1981...
1982...
1983...
1984...

82 ,799
82 ,226
84 ,013
86 ,7 43
90 ,950
94 ,643
96 ,563
96 ,558
96 ,344
95 ,7 92

82
81
84
87
91
94
96
96
96
95

50
53
53
55
53
54
57
58
57
58
59
60
61
62

,805
,056
,883
,270
,557
,259
,412
,750
,930
,895
,368
,120
,199
,956
,598
,85 6
,414
,756

,612
,543
,440
,590
,7 91
,722
,190
,441
,170
,590
,714
,444
,336
,655

66 , 1 2 1
68 ,119
69 ,6 82
71 , 4 7 5
73 , 6 9 9
75 , 3 6 4
75 , 2 3 2
78 ,135
80 , 9 8 3
83 , 0 9 3
81 , 8 2 9
84 , 6 8 9
87 ,5 96
91 , 4 0 4
95 , 1 1 2
96 ,2 95
97 , 2 2 3
96 , 3 4 6
95 , 8 9 7

51 , 3 1 9
5 3 , 167
5 3 , 3 84
5 5 , 082
5 4 , 043
55 , 152
5 7 , 154
5 8 , 211
5 7 , 029
5 8 , 875
60, 488
6 0 , 337
6 1 , 363
6 2 , 972
66,
68,
70,
71,
73,
75,
75,
78,

209
402
134
6 86
894
362
413
273

8 3 , 087
81 , 874
84 , 9 7 8
8 7 , 95 8
9 2 , 045
9 4 , 812
95 , 907
9 7 , 537
9 6 , 217
96, 209

,372
,436
,861
,0 82
,698
,307
,486
, 986
,227
,907
,698
,350
,724
,886

51 , 67
53,091
53,690
55 , 0 9 5
53,630
55,538
57,485
5 8 , 94
57,220
5 9 , 37
6 0 , 52
6 0 , " 73
6 1 , ' 27
63,007

51
53
53
55
53
56
57
58
57
59
60
60
61
63

66 , 3 1 0
68 ,567
70 , 1 8 6
72 , 2 9 3
73 , 7 0 6
75 ,017
75 , 6 9 0
78 ,475

66,581
6 8 , 10 8
70 ,5 89
72,376
7 4 , 17
74, 5 8
75,423
7 8,f 81

83
81
85
88
92
95
95
97
96
96

83,555
8 1 , )87
85 ,25 3
88,619
9 2 , 560
95 , : 4 8
9 5 , : 86
9 6 , )99
9 6 , 08
9 6 , 87

67 , 0 7 0
68 ,940
70 , 6 8 7
72 , 2 6 7
74 , 4 1 1
75 , 2 0 9
75 , 9 1 9
78 , 7 6 9
Bl , 7 5 9
83 , 7 1 3
82 ,437
85 , 7 3 5
88 , 8 3 7
92 , 6 4 9
95 , 6 7 1
95 , 4 7 7
97 , 3 94
96 , 0 6 6
97 , 6 9 1

51
53
53
55
53
55
57
57
57
58
60
60
61
62

,362
,891
,427
,322
,444
,059
,563
,674
,652
,282

43.

6.5
3.7
3,2

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

I Q
I

I Q
V

6.4

6.3

AVE RAGE

2.9

2.9

,549
,204
,616
,832
,766
,222
,692
,061
,339
,402
,375
,486
,102
,304

52 ,5 83
53 , 1 5 5
53 , 9 8 4
54 , 7 0 8
53 , 8 2 9
56 , 1 3 1
57 , 7 0 4
5 8,393
57 , 7 2 8
59 , 3 2 3
60 , 5 1 2
60 , 5 2 0
62 ,325
63 , 5 2 4

52
53
53
54
54
56
57
58
57
59
60
60
62
63

,432
,374
,769
,797
,028
,263
,83 8
,171
,912
,556
,196
,716
,298
,592

52
53
54
54
54
56
57
57
57
59
60
60
62
63

,534
,137
,239
,393
,423
,602
,799
,983
,899
,050
,596
,991
,016
,573

52 ,
53,
54,
54,
54,
57,
58,
57,
58,
59,
60,
60 ,
62,
63,

>69
+ 32
>93
348
26 8
131
L04
385
128
183
156
908
00
>84

50 , 6 2 5
53 , 0 9 1
51 , 3 9 8
•)•> , 3 2 3
53 , 9 3 8
54 ,745
57 , 1 3 8
58 , 1 3 8
W ,268
58 ,411
59 , 9 2 7
60 , 3 0 5
61 , 2 0 0
62 , 4 0 6

51 , 4 8 6
53 , 2 3 1
53 , 6 4 5
55 , 0 8 6
53 , 7 90
55 , 3 3 2
57 , 3 7 5
58 , 1 3 0
57 , 1 5 9
58 , 9 7 3
60 , 6 4 6
60 , 4 8 7
61 , 6 0 5
62 , 9 5 5

52 , 3 3 6
53 , 3 0 5
•n , 7 4 6
54 , 8 9 0
53 , 6 7 2
*>6 , 1 4 3
57 , 6 2 5
58 , 1 9 8
W ,429
5<t , 3 9 1
60 , 4 1 8
60 , 4 8 7
fi? , 0 2 3
63 ,346

52,545
5 3 , : 14
5 4 , ; 00
54 , 4 1 3
54,240
56,632
57 , 9 1 4
58,013
57,946
59,496
60,316
6 0 , 177
62,205
63,583

51 , 7 5 8
53 , 2 3 5
53 , 7 4 9
54 , 9 1 9
53 , 9 0 4
55 ,722
57 , 5 1 4
56 , 1 2 3
57 , 4 5 0
59 , 0 6 5
60 , 3 1 8
60 ,546
61 , 7 5 9
63 , 0 7 6

67 ,007
69 , 2 2 5
70 , 8 0 4
72 ,307
74 ,637
75 ,206
76 , 1 4 4
7 8 ,975
,779
83 , 6 0 8
82 , 8 0 5
85 , 8 4 3
89 , 1 8 1
93 , 0 3 0
95 ,40 2
95 ,590
97 , 2 9 9
96 , 2 2 8
98 , 1 0 1

67 , 0 1 5
69 ,306
71 , 0 0 3
72 , 4 1 4
74 , 6 9 9
75 ,047
76 , 3 2 2
78 , 9 7 5
82
83 , 5 9 1
82 , 7 7 1
85 , 8 9 5
89 , 5 0 1
93 , 2 7 0
95 , 9 6 9
95 , 6 3 4
96 , 7 0 3
96 , 1 2 2
98 , 6 7 5

67 , 2 7 7
69 , 4 8 9
71 , 0 4 3
72 , 4 8 3
74 , 9 2 8
75 , 3 4 8
76 , 5 1 3
78 ,982
,563
83 , 5 6 4
82 , 9 7 3
85 , 9 5 8
89 ,7 80
93 , 7 2 4
96 , 0 7 9
95 , 9 4 5
96 , 9 5 1
95 , 7 2 5
98 , 7 5 8

67
69
71
72
75
75
76
79
82
83
83
86
90
94
96
96
96
95
99

,631
,895
,192
,736
,064
,278
,887
,473
,727
,221
,125
,371
, 3 86
,201
,138
,149
,7 95
,615
,45 3

67 ,
69,
71,
73 ,
75 ,
75 ,
77 ,
79,

903
B23
97

65
68
69
71
73
75
75
77

,884
,099
,782
,179
,452
,327
,372
,826

66 , 3 6 7
68 , 5 9 2
70 , 3 0 3
72 , 1 1 8
73 , 9 3 9
75 , 0 7 9
75 , 5 0 9
78 , 4 7 6

67 , 0 3 1
69 ,157
70 , 8 3 1
7? , 3 2 9
74 ,5 82
75 , 1 5 4
76 , 1 2 8
7 8 ,906

67,604
69,736
71,211
72,750
75,1 08
7 5 , 2 80
76, n i
79,420

66 ,7 26
68 ,915
70 ,527
72 , 1 0 3
74 ,296
75 , 2 1 5
75 , 9 7 2
78 ,669

R? , 9 4 1
81 , 9 8 3
84 , 3 5 7
87 , 1 5 3
91 , 1 8 4
94 , 9 0 4
9ft ,4 85
9ft , 8 7 9
96 , 3 6 8
95 , 8 1 5

83 , 3 3 5
81 ,917
85 , 2 1 9
88 , 3 0 0
92 , 4 5 0
95 , 0 7 3
95 , 6 1 9
97 , 3 7 0
96 , 3 2 6
96 , 4 9 3

RI , 6 3 7
8? , 6 7 1
85 , 8 2 4
89 , 1 7 3
9? , 9 8 3
95 , 6 81
95 ,567
97 , 1 3 2
96 , 1 3 9
98 , 1 5 6

83,189
83,1 68
86,294
90,317
94,037
96,250
96,079
96,725
95 , 6 6 3
99,304

83 , 2 7 9
82 , 4 3 8
85 , 4 2 1
86 , 7 3 4
92 , 6 6 1
95 ,477
95 , 9 3 8
97 , 0 3 0
96 , 1 2 5
97 ,45 0

1.1
:

3.5

5.6
3.1

4 .6
3.2

4.0

4.2
4.1

4.1
4.2

.6

5.2
6.8
5.6
5.8
5 .5

5.2
7.0
5.5
5.7
5.2

5 .6
6 .8
5.6
5.5
5.0

3 .9

3 .8

3.7

3.5

3 .8
3.8
3.5

.9
>.8
>.O
>,1
B.2

4.8
5.9
5 .7
4.9
5.2
8.9

5 .2
6.0
5.6
4.8
5,6
8.5

7.1
6.0
5 .7

6.9
6.0
5 .6
7.6
7 .4
9.9
9.3

52
53
53
54
53
56
57
58
57
59
60
60
62
63

i32

131
:14
00
304
43
82 , 83
83,406
8 6 , 52
9 0 , 65
9 4 , 85
9 6 , 33
9 6 , 42
96 ,i• 28
95 , >50
9 9 , 00

c PERCENT)

AVERAGE FOR PERIOD

5.8

3.1

,875
,555
,637
,130
,421
,075
, 4 80
,139
,220
,447
,367
,455
,643
,211

3 .0

3.0

3.2

3.1
3.4

3.3
3.1

3.5
3.0

3.5

4.2
3.4
2.8
3.7

5.3
3.3
3.0
2.9

iv.Z
I> . l
tf . 9
,4
.6
i .3
i .2
.5
.6
.0
>.l
. /
.9
.4

4.4
4.1
4.3
6.8
5.5
5.5
6.7
5,5
5 .7
5 .2
4.5
3.8
3.8
3.6

5 3
195 5 . . .
1 956 . . .
195 7 . . .
195 8 . , .
195 9 . , .
1960.».
1961 . . .
1962...
1963...
1964 . . ,
1965...
1967...
196 8 . . .
196 9 . . .
1970...
1971 . . .
1972...
1973...
1974...
1975...
1976...
1977 . . .
1978...
1979.. .
1980. . .
1981...
1982.. .
1983.. .
1984 . . .

4 .0
4.2
5,8
6.0
5.2
6.6
5.8
5.7

5.6
4.9
3.7
5.9

5.8
4.9
5.1
8.1
7 .9
5.9
6.3
7.5

8.6
10.4

Annual

LABOR FORC E SURVEY

> .2

1950...
1951...
1952...
195 3 . . .
1954.. .
195 5 . . .
195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960...
1961 . . .
1962,..
1963...

1950.. .
1951 . . .
1 95 2 . . .
195 3 . . .

June

PERSONS ENGAGED IK NONAGRICULTURAL ACTIVITIES,
(THOUSANDS)

6.4

6.7

4.8
6 .9
5 .5
5 .9
5.4

5.4
6.9
5.6
5.7
5.4

5 .2
5 .6
6.6
5 .7
5.4
5.0

5.5
5.5
6 .7
5.6
5 .5
5 .1

6.1
6.5
5,4
5.5
5.1

6.1
6.1
5 .7
5 .7
4.8

5 .9
5.7
5 .0
5 .2
8.1
7 .7

6.0
5.8
4.9
5.1

5.9
6.3
7.4
8.9
10.4

5.8
6.3
7.4
9.0

3.5
5.9
5.7
5.0
5 .1

5.8
6.9
7.2
9.3

10.3

5 .4
.9
.5
.6
.2

5.5
7.0
5.4
5.6
4.9

3.5

: .7

3.8
3.7

3.5

3 .4

3.4

3.4

;1.4

5 .9
5.7

4.9
5 .9
.7

5 .0
6.0
5 .6

5.1
6.1
5.6

5 .4
6.0
5.5

5.5
5.8
5 .6

5 .9
6.0
5 .3

j .1
j.O

7 .8

3.7

3.8

5.2
7.0
5,6
5,7
5 .3

7.1

7 .6

7 .7

7 .8

5.7
7.8
7.2
9.8
9.4

6.C
7 ,
7 .t
9.

.9
.5
.6
.1

6.0
7.5
7.9
10.4

5 .9
7.5
8.3
10.7

0.8
0 5
0.3
0.4
1.5
0.9
0.9
1 .0
2.3
1.4
1.7
2.0
1 .5
1 .5
1 3
0.9
0.6
0.6
0.5

5 .1
7.1
5 .5
5.9
5.1

5 .6
7.5
7.5
9.4
10.2

.7
.6
.5

5
7
7
10

j . O

.5
>.5
>.O

>.2
9.2
1 .8
i.O
) .0
1.1
B.5
10.7

1 .5
j.3

.9
6,3
7 .4
8.6

7.3
7.4

9.5
10.2

i
•
-

.8
.0
.3
t.8
i .6
1.3
.8
i .6
.9
t .0
• .5
1.3
1C . 6
J.5

3 5
4,9
5.9
5 .6
4.9
5.6
8.5
7.7
7.1
6.1
5.8
7.1
7.6

9.7
9.6

44
(PERCENT)

1.5
0.6
0.4

1950.. .
1951 . . .
1952 . . .
195 3 . . .
1954...
195 5 . . .
195 6 . . .
195 7 . . .
1 95 8 . . .
195 9 . . ,
1960...
1961 . . „
1962 . . .
1 963 . . .

1.5
0.7
0.5
0 .4
0 .6

1 .6

1.5
1.9
1.2
2.0
1,8
1.6

1965...

1.1

1 .2

1.5
1.4
1.1

1967 . . .
196 8 . , .
196 9 . . .
1970. . .
1971 . . .
1972. . ,
1973..,
1974...
1975...
1976.. .
1977...
1978...
1979...
1980...
1981...
1982 . . .
1983...
1984...

0.6
0.6

0.6
0.6

0.5

0.6

1.5

1 .5
1 .0
0.9
2.0
2.7
2.2
1.6
1.2
1.3
2 .2
2 .5
4.2

1.4
0.8

1.3
2.1
1.3
1.9
1.8

1.1
0.9
1.7
2.9
2.3
1.6

1 .2
1.3
2.2

2 .2

4.2

1.5
0.6
0.4
0.3
0.8
1 .3
0.8

1 .2

1.0

1 .0

0.9

,4
.3
.4
.1
.8

).3
),3
.4
.0
).8

0.3
0.3
1.5
1.0
0.8
0.8

0.3
0.3
1.6
0.8
0.8
0,8

0 ,t

.4
.2
1.3
.5
.5

1 .3
1 .3
2.6
1.5
1 .5

1.3
1,3
2.3
1.5
1.6

0.4
0.3
1.6
0.9
0.9
0.8
2.6
1 .3
1 .4
2 .2
1.5
1.5

1 .5

1 .4

0.3

0.4
0 ..

1 .2

1 .i

0
0
1
1
0

.4

1.3
0.8

1 ..
0.

1 .7
1.8

2.

1.4
2.1
1.7

1.3
2.3
1.6
1.5

2.2
1.4
1.1
2.4
1.6
1 .6

1.1

1 .0

L .1

0.9

1.0

1.0

0.6
0.6

O.(

o.:

0.5
0.5

).5
3.5

0.5
0.5
0.5

0.6
0.5
0.5

0.6
0.5

0 .6
1 .4
1 .0

0.

0 .7
1 .3
0.9
1.0
2.8
2.2
2.0
1-4
1 .2
1 .6
2 .0
? .9
4.0

.3

1.5
1.3
0.8
1 .0
3.1
2.4
1.9
1.3
1 .1
1.9
2.0
3.2
3.9

1.5
1 .3
0.9
1 .0
3,0
2.5
1.8
1 .2
1 .1
2.0
2.1
3 .4
3.6

1.5
1 .3
0.9
1 .1
3.1
2.4
1.9
1 .3
1 .1
2 .2
2 .1
3 .5
3 .5

0.9
2.2
2.6
2,1
1.5
1.3
1.4
2.1
2.7
4.2

3.9
.0
1.0
I .4

.9
L.3
. 1

.6
I .1

J.I
+ .0

NOTE: Unless otherwise noted, these series contain revisions beginning with 1980.
'This series contains revisions beginning with 1981.




i.f
0.
0.

) .8

1 .
0.9
1.0
2.6
2.3
2.0
1 .5
1 .2
1.6
2.0
2.8
3.9

o.:

1."'
1 ,
2.
1 .i
1.
0 .
O.(

o.:
i."
0.
I .J

2.9
2 .4
1.8
1.3
1 .2
2.1
2.1
3.8
3.3

1 .0
1.5
1 .2
0.9
1 .2
3.0
2,4
1.8
1.2
1.2
2.2
2.1
4.0
3.1

0.8
) 4
3 .4
1.5
.3
) .9
5 .9
I .1
2 .2
I .3
1 .6
1 .9
1 .5
1 .4
Q.9
a.6
0.6
0.4
1 .5
1 .1
3.8
L .4
J.O
2.4
L.7
1.2
.2
2 .2
I .2
k.2
3.0

1.5
0.4
0.3
0,9
1 .3
0.8
0.8
.9

1 .4
0.4
0.4
0.3
1.3
1.1

0.8
0.8
1 .4
1.2
2.3
1.6

O.<
0 .<
O.t

1.5
1.3
1.1
0.7
0.5
0.5
0.5
1 .4
1.3
0.9
1.0
2.8
2.3
2.0
1.4
1.2

1 .6
2.0
2.9
4.0

1.1
0.4
0.3
0.3
1 .6
0.9
0.8
0.8
1.3
1 .3
2 .4
1 .5
1 .5
1.3
1 .0
0.6
0.6
0.5
0.5
0 .9
1.5
1.3
0.9
1 .0
3.1
2.4
1.9
1.3
1.1
2 .0
2 .1
3.4
3.7

0.8
t .4
( .4
1 .5
( .9
( ,9
] .0
.3
.3
.7
.0
.5
.5
.2
.9
.6
.6
.5
).5
.5
.2
.9
.3
.0
.4
.8
.2
.2
.2
.1
>.O
.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
\ .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
3.8

(FEBRUARY 1985}

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
46.

1 95 0 . . .
1 951
1952..
195 3 . .
1954..
1955.,
195 6 . .
195 7 . .
195 6 . .
195 9 . .
1960. .
1961..
1962..
1963.,
1964..
1965,.
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977 . .
1978..
1979..
1980,.
1981..
1962..
1983..
1964..

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
83
60.

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
156
151
129
103
83

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
14S
12')
96
83

Apr,

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

I Q f II Q ] HI Q

INDEX OF HELP-WANTED ADVERTISIHC IN NEWSPAPERS 1
(1967-100)

73

56

51

46

74

53
70
62
37
59
59
47
60
58
65
78
104
100
106
124
100
60
96
125
120
74
91
10 9
146
135
122
118
88
81

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
87

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
92

60
65
60
40
64
55
51
60
59
69
82
106
97
109
119
89
83
101
129
118
84
96
121
149
155
118
123
83
100

63
67
57
41
62
54
53
59
58
68
85
105
100
111
117
88
84
105
126
114
83
97
122
150
155
117
119
78
97

67
66
56
44
63
52
54
58
58
69
88
103
99
113
124
87
83
106
125
107
83
94
120
152
159
122
112
73
98

65
70
52
45
61
50
57
57
60
69
91
103
101
119
122
81
84
111
127
99
83
96
128
161
167
127
110
76
111

68
69
47
47
61
49
59
57
59
72
97
103
100
119
119
81
86
113
126
91
87
99
133
161
158
134
111
78
114

71
67
45
50
62
47
58
57
62
72
99
102
101
117
115
81
87
123
121
85
88
105
140
165
159
130
109
83
121

49
69
67
40
52
62
47
60
58
62
75
103
101
103
122
107
79
93
126
117
76
91
106
139
158
150
127
102
83

0.609
0.868
1.265
0 . 6 86
0.376
0.728
0.718
0.405
0.334
0.454
0.337
0.409
0.422
0.423

0.576
0.968
1 .321
0.486
0.410
0.766
0.715
0 . 3 85
0.355
0.505
0.303
0.413
0.434
0.464

0.330
0.997
1 .050
1.318
0.329
0.588
0.736
0.662
0.223
0,512
0,473
0.294
0.467
0.418
0 110
V t J *• V
0.690
1.084
1.007
1 .130
1.323
0.724
0.489
0.589
0.856
0.749
0.274
0.386
0.473
0.710
0.770
0 445
V *^H^
0.441
0.248
0.229

0.48
0.29

0.33
0.51

Q<
1
U * j j

A 1 ft
U * JQ

0.13

0.03

RATIO, HEI.P-WANTEI> ADVERTISIHC IN NEWSPAPERS TO NUMBER OF PERSOHS UNEMPLOYED2
(RATIO)
0.329
1.059
1.038
1.362
0.316
0.607
0,718
0.670
0.219
0.505
0.484
0.291
0.478
0.402

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

0.410
0.977
0.987
1.201
0.325
0.679
0.655
0.639
0.234
0.540
0.427
0.308
0.468
0.434

0.521
0.966
0.956
1.145
0,309
0.674
0.739
0.618
0.243
0.515
0.408
0,337
0.438
0.445

0.536
0.908
1.092
0,997
0.303
0.744
0.746
0.566
0.272
0.497
0.398
0.344
0.436
0.436

1965 ! !
1966..
1967..
1968..
1969..
1970..
1971 . .
1972..
1973..
197 4 . .
1975..
1976..
1977..
1978..
1979..
1 980.
1981 . .
1982..
1983..
1984..

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

0.607
1.077
1.042
1.012
1.350
0.940
0.486
0.562
0.643
0.730
0.301
0.378
0.424
0.655
0.762

0.653
1.113
1.021
1.077
1.350
0.844
0.47 8
0.561
0.860
0.751
0,276
0 . 3 87
0.440
0.662
0.760

0.646
1.095
1 .029
1 .165
1.339
0 . 7 84
0.480
0.576
0.834
0 .17 4
0.268
0,37 0
0.460
0.703
0.760

0.703
1.060
1.006
1.152
1 .361
0.714
0.483
0.593
0.867
0.753
0.261
0.397
0.463
0,700
0 . 7 85

0 . 5 23
0.721
1.098
0.985
1.074
1 .268
0.673
0.505
0.599
0.866
0.719
0.293
0 . 3 90
0 .476
0.726
0.764

0.569
0.739
1.097
0.981
1.126
1.236
0.635
0.491
0.612
0.892
0 . 6 94
0.308
0.390
0.527
0.703
0.770

0.554
0.778
1.078
1.011
1,194
1.220
0.615
0.487
0.633
0.871
0.676
0.312
0.384
0.525
0.735
0.730

0.553
0.815
1.096
0.996
1.253
1.214
0.581
0.490
0.651
0.656
0.586
0.312
0.379
).529
),739
) .765

0tjj1
0.662
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

U * 0 04
0.940
1.108
0.971
1.305
1.241
0.492
0.496
0.731
0.85 3
0.441
0.332
0.387
0.581
0 . 7 89
0.754

0 . 5 87
0.972
1 .043
0.996
1.297
1.187
0.475
0.503
0.806
0.602
0,381
0.338
0.414
0.653
0.789
0.748

o!472
o!336
0.215

o!476
0^316
0.214

o!466
o!288
0,216

o!446
0.255
0.213

o!431
o!246
0.230

0.466
0.228
0.283

0

;441
0^213
0,273

.45 3
).4O5
>.194
() . 2 84

0.379
0.196
0.335

0.366
0.195
0.359

0.501
0.350
0.208
0.391

0.259
0.870
1.036
1.295
0.386
0.486
0.768
0.752
0.286
0.396
0.521
0.290
0.454
0.421
0 462
U . *# V *
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 . V6V6V6
U
0.471
0.313
0.215

0.35
0.43

0.16
0.68

0.35
0.51

0.18
0.76

0.26
0.58

0.39
0.41

0^240
0.243

0.612
0.882
1.197
0.845
0.325
0.683
0.810
0,513
0.293
0.465
0.350
0.371
0.446
0.448
A C C 1

A /ft/.

65 . CHANGE IN HONEY SUPPLY M l 3
{MONTHLY RATE, PERCENT)
0.36
0.43

0.63
0.17

0.45
0.35

0,00
0,08
0.61
0.00
-0.07
0.53
0.36
-0.07
0.42
0.27
0,40
0.32
0.12

0.16
0.48
0.08
-0.23
0.15
0,07
0.22
0.29
-0,07
0.21
0.20
0.20
0.13
0,37

0.25
0 .24
-0.47
0.23
0.22
0 .00
0.37
-0.07
-0.14
0.14
0.34
0.40
0.19
0.31

0.33
0 .16

o.oo

0.08

0.08

-0.08

0.53
-0.15
0.07
0.37
0.71
0.07
0.42
0,27
0.40
0.38
-0.18

-0.15
0.15
-0.07
0.67
0.35
0.00
0.21
-0.13
0 .07
0.19
0.37

0.30
0.00
0.07
0.00
0.42
0.43
0.00
-0.07
0.66
0.76
0.49

O.OO
-0.22
0.07
0.51
0.07
0.78
0.35
0.00
0.20
0.63
0.36

0.15
0.37
-0.22
0.22
-0.56
-0.07
0.28
-0.14
0.13
0.56
0.73

0.07
-0.22
0.44
-0.42
-0.21
0.26
0.27
0.46
0.37
0.72

0.22
-0.15
0.58
0.00
0.00
0.41
0.41
0.65
0.37
0.42

0.65
1.17
0.55
0.78
0.91
0.38
-0.14
0.41
0.93
1.13
0.22
0.87
0.75
1.90
0.96

1,03

-S:3 7 4

~V.ll

0.79

0.61

0.89

0.55

0.55

0.35
0,34
0.64
0.85
-0.20
0.52
0.76
0.48
0.60
0.38
0.66
-0.28
0.90
-0.04
1.10

0.35
0.46
0.54
0.55
0.47
0.19
-0.14
0.64
0.79
1.00
1.14
-1.82
1.41
0.45
0.28

0.05
0.24
0.94
0.13
0.86
0.19
0.96
0.60
0.19
1.05
0.32
0.31
-0.30
0.38
1 .77

0.25
0.19
0.67
0.38
0 .70
0.33
1 .31
-0.03
0.47
0.57
1.21
1 ,31
-0.05
0.18
0.85

0.15
0.24
0.62
0.84
0.35
0.37
0.28
0.40
0.75
0,60
1.06
1.24
0.56
0.18
0.78

0.05
0.90
0.31
0.91
0.12
0.18
0.42
0.66
0.52'
0.45
0.60
1.83
0.46
1.02
0.49

0.20
0.90
0.39
0.94
0.04
0.37
0.35
0.20
0.64
1.07
0.57
1.43
0.12
1.27
0.29

0.39
0,51
0.31
0.77
0.46
0,47
-0.14
1.05
0.85
0.22
0.10
0,95
0.05
1.45
0.52

() . 3 5
-C .5 8
() . 6 7
(1.95
).24
0.52
0.32
0.75
0.73
0,12
() . 3 3
(1.84
() . 5 7
- () . 4 9
1 .24

0.45
0.43

A 1
V • J V

0.08

1
This series contains no revisions but 1s reprinted for the convenience of the user, This series contains
revisions beginning with 1980. 3Th1s series contains revisions beginning with 1981.

100




no
121
93
82
103
126
110
60
95
116
149
158
129
119
66
96

0.469
0.957
1.012
1.114
0.312
0.699
0.713
0.608
O.2S0
0,517
0.411
0.330
0.447
0.438
0539
V . J ^ 7
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
0 431
V . *,rfA
0.437
0.212
0.280

0.599
0.919
1 .261
0.672
0.370
0.726
0.746
0.434
0.327
0,475
0.330
0.398
0.434
0.445
0.581
0^925
1 . 0 62
0.974
1.307
1.206
0.497
0.501
0.738
0.85 6
0.452
0.328
0 . 3 95
0.599
0 . 7 95
0.764
0.468

0.419
0.936
1.090
1.100
0.349
0.625
0,741
0.614
0.272
0.475
0.434
0.326
0.451
0.431
0.528

0^200
0.362

o!:*3
0.271

r.oso
1.002
1.170
1.274
0 , 6 92
0.489
0.628
0.860
0.649
0.302
0.364
0.506
0,720
0.764
0.508

AVERAGE FOR PERIOD

0.55
0.35

0.36
0,34

43
64
68
65
42
59
68
58
42
59
56
52
59
59
67
84
104
100

AVERAGE FOR PERIOD

0.308
0.992
1 .086
1.295
0 . 3 26
0.518
0.787
0.710
0.220
0.492
0.485
0 . 2 86
0.457
0.426

-oloj I'M

51
42
68
69
48
47
61
49
58
57
60
71
96
103
101
118
119
81
66
116
125
92
86
100
134
162
161
130
110
79
115

51
65

0.269
0.924
1.067
1,392
0.338
0.531
0.744
0.771
0.252
0.431
0.479
0.288
0.456
0.431

0.00
0.16
0.54
0.23
0.00
-0.30
0.79
0.00
0.28
0.07
0.34
0.39
0.25

63
66
58
42
63
54
53
S9
58
69
85
105
99
111
120
88
83
104
127
113
83
96
121
150
156
119
118
78
98

53
65

0.257
0.886
1.020
1.327
0.384
0.491
0.800
0.749
0.277
0.390
0.564
0.283
0.462
0.407

1 95 2 . . .
195 3 . . .
1954.. .
1955 . . .
1956...
195 7 . . .
195 8 . . .
195 9 . . .
I960...
1961 . . .
1962.. .
1963.. .
1964...
1965.. .
1 966
1967 ! ! !
196 8 . . .
1969"!
1970...
1971...
1972.. .
1973.. .
1974.. .
1975...
1976,. .
1977 . . .
1978...
197 9 . . .
1980...
1961...
1982...
1983...
1984...

64

56
69
60
37
60
58
49
61
57
66
80
105
99
106
123
95
82
98
126
119
76
94
112
146
154
116
119
87
87

50
63
71
61

0.251
0,801
1.027
1.165
0.435
0,443
0.759
0.735
0.330
0.366
0.519
0,300
0.445
0.424

0.27
0.44

53
65

49
64
67
64

54
65

66
75

43
64
66
67

195 0 . . .
1951 . .
195 2 . .
1953..
1954..
1955..
1956..
195 7 . .
1 95 8 . .
195 9 . .
I960..
1961..
1962..
1963..

195 0 . , .
1951 . . .

47
64

38
64

40
63
65
70

0[445

Annual

AVERAGE FOR PERIOD
34
64

38
66
65
73

3/
64

IV Q

0.00

0.08

0.16

ft

rt

0,26
0.62

0.37
0.46

0.24

o.os

0.23
0.18
0.10
-0.06
0,31
0,14
0.05
0.27
0.15
0.30
0.38
0.36

0.07
0,00
0.47
0.33
-0.02
0.26
0.16
0.29
0.25
0.17

0.05
-0.03
0.24
-0.02
0.38
0.21
-0.07
0.33
0.65
0.53

0.36
0.05
0.17
-0,22
0.39
-0,23
-0.12
0.32
0.34
0.28
0.33
0.60

o!55

o!43

0^68

S:°6

o!5 3

0.45
0.31
0.69
0.86
0.32
0.47
0.31
0.55
0.75
0.54
0.40
0.48
0.74
0.46
1.10

0.22
0.30
0.72
0.35
0.66
0.24
0.71
0.40
0.48
0.87
0.89
-0.07
0.35
0.34
0.97

0.13
0.68
0.44
0.90
0.17
0.31
0.35
0.42
0.64
0.71
0.74
1.50
0.38
0.82
0.52

0^26
0.42
0.28
0.83
0.63
0.42
0.23
0.76
0.71
0.53
0.27
0.25
0.63
1.20
0.41

o!26
o!43
0.53
0.7*
0.45
0.36
0.40
0.53
0,65
0.66
0.58
0.54
0.53
0.70
0.75

0.13
0.00
0.15
0.48
-0.05
0.30
0.18
0.31
0.28
0.25

0.33

0.22
-0.30
0.14
-0.28
-0.14
0.27
0.34
-0.26
0.25
0.65
0.35
0.49

0.29
0.37
0.30
0.57
0.72
0.51
0.87
0.26
0.54
0.53
0 .13
0.48
0.71
1.30
0.27

0.10
0.37
0.22
1.16
0.72
0.29
-0.03
0.98
0.75
0.83
0.59
-0.67
1.14
0.86
0.44

(FEBRUARY 1985)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

90 . RATIO,

Apr.

CIVILIAN

June

My
a

EMPLOYMENT

TO

TOTAL

July

OF

WORKING

Nov.

Dec.

13
(

II C

1964. • .
1965...
1966.. .
1967...
196 8.. .
196 9.. .
1970..,
1971., .
1972..,
1973. ..
1974..,
1975..,
1976..,
1977 . . .

1978..,
1979.. .
1980..,
1981..,
1982,.,
1983...
1984...

54. 28
55 .61
55 , 61
55 , 93
53. 97
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. 23
58. 39
57.49
56. 53

54. 35
55. 60

11 .3
10 .6
9 .3

11 .8

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. 22
58. 46
57. 46
56. 43

54. 29
56. 23
55. 22
56. 23
54.04
54.22
55 . 88
56. 16
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. 98
58. 63
57. 37
56. 47

55. 05

55 .08

55 . 90

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

54.31

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. 28
57. 87
56. 55
57. 97

55. 46
55 89
55 74
53. 98
53. 59
56. 24
55 89
55 25
54 29
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
59 00
59 35
58 26
57 49
56 48
58 10

55. 18
55 .66
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 .72
55 . 18
55 .68

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, 00
54. 67
56. 03
55 . 61
53 . 96

55. 09
55. 23
54. 02
54. 14
54. 23
54. 71
54. 82
55. 46
55 . 64
55 , 95
56. 45
56.50

55. 45
55 . 95

56. 82
57. 12
55 . 09
56. 08
56. 87
58. 39
59. 01
58. 62
58. 64
57. 23
56. 59

54. 14
54. 85
55 .06
55, 37
55 . 53
56. 27
56. 26
56. 15
55 . 47
56. 02
56. 79
57. 17
55. 17
56. 23
57. 07
58.53

59. 04
58. 38
58. 76
57. 46
56. 56

55 .32

55. 37
55. 60
53. 57
54. 63
56. 11
55. 83
53. 95
55. 04

55 .09
55 .50

55 .29

54.42
54, 29
54. 06
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. 14
58. 22
57. 03
56. 97

(WEEK

195 0...
1951...
195 2 ...
1953 ...
195 4...
195 5...
195 6.,.
195 7 ...
195 8...
195 9...

10.8
8.8

12
10
8

.4
.1
.4

12 .6
10 .6
9 .0

14 .2
12.5
10 .7
11.0
15 .5

13
11
10
11
15

,4

14
11
10
12
14

.3
.0
.6
.1
.9

1:
14

.5
.9
.5

12 .7
9 .9
7 .8

10 .7

10 .7

AVERAGE FOR

55 .41
55 .38

55, 83

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. 41
56. 99
57. 32

.6
.8
.2
.3

.5

. 1

i; .7
15 .3
13 .8
13 .5
12 .2
11 .9
9 .3
9 .4
6 .1
7
10 .5
12 .1
11 .0
9 .5
10 .7
16 .6

13 .6
16 .0
14 .1
13 .2
12 .6
11 .2
9 .2
8 ,7
7

.1
15 .0
14 .5
13 .5
12 .0
11 .1
fl
.9
8 .5

15
14
14
12
11

10 .4
12
10 .5
9
11 .7
16 .3

10

.6

10

10

.6
.5

1978.. .
197 9...
1980...
1981...

12 .9
11 .1
10 .4
.2

12 .5
11.2
10 .6
14 .1

1983!!!
1984...

19 .0

19 .2

14 .7
15 .6
15 .5
14 .5
13 .6
11 .1

.4
.1
.2
.4
.9

16
15
14
13
11

10.4

10
13

.4
, i

53. 55
55. 65
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. 65
55. 92
55. 48
56. 21
56. 89
56. 99
55 . 36

56. 23
57. 21
58. 66
59. 05
58.06
58. 34
57.03
57.51

55. 54
55. 09
54. 89
53. 82
55 .72

54. 46
54. 29
54. 50
54. 99
55. 67
55. 92
55. 99
56. 57
55 .74
55. 49
56. 09
56. 98
56. 91
55. 30
56. 11
57. 29
58. 72
59. 30
58, 14
57. 92
56. 69
57. 68

56. 04
55.45
54. 36
54 . 86
54.62
54, 13
54. 30
54. 31
54. 43
55. 23
55. 70
55 . 99
55 . 96
56. 62
55, 78
55. 55
56. 05
57. 22
56. 78
55 . 28
56, 10
57. 42
58. 90
59. 20
58. 21
58. 02
56. 66
57. 65

12 .2
9 .1

12 .3
8

55 .58

54. 18
54. 80
55. 21
53. 88

1960 . • •
1961 . . .
1962...
1963...
1964...
1965...
1966...
1967...
196 8.. .
196 9.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977 ...

.4
.4

13
10
10
14
14

.8
.5
.1
.6
.3

12

.2

9 .1
7
.0
12 .8
12 .3
12 .0.
10.5
15 .7
13 .7

7.2

7, 1
12
11 .7

11 .5

11 .8
9 .8
16 .5
13 .7

11
11
16
12

.6
.1
.5
.9

'l

15
14
13
12
12

[9

17 ; 3
14 !6
14 .0
14 .7
11 .6
9 .7
S .3

17 !
o
14.5
13 .9
13 .0
11 .9
9 .8

16
14
14
12
11

.4

.2
.1
.0
.6
.6
9 ,7
8 .3

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 . 60
56 . 52

57. 33
55. 36
55 . 77
56. 46
58. 02
59. 24
59. 14
58. 49
57, 44
56. 48

10 .2
6 .7

.9

11 .2
.3

11
12

8 .3
7. 9

6

!l
.2
.7
.9
.1

!l
.9
.6
.1

15 .9

15 .0

12 .4
11 .7
11 .0
14 .0

12
11
11
13

12
11
10
13

.1
.1
.9
.6

19 .3

19 .3

20 .3

102

.3
.0
.4
.8

.

CHANGE

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 .34

55 . 92
55 .46

56. 01
56. 89
57. 13

56. 12
56. 97
57. 02

55 .09

55 .30

56. 10
57. 01
58. 57
59. 07
58.38
58. 61
57.24
56. 71

56. 19
57, 19
58. 64
59. 21
58. 10
58. 22
56. 97
57.50

0 .20
0. 33
0. 36
0. 13
0. 29
0. 52
0. 08
0. 39
-0. 11
0. 95
0 17
0. 61
0. 63
0. 74
0. 58
0 71
0 65
0. 40
21
0 53
0. 32
0 97
1 00
1 06
0 53
0 42
1 06
1 17
0 76
0 48
0 67
0 51
0 98
2 65

0. 54
0. 19
0 50
0 17
0 29
0. 60
0. 00
0.19
1 21
0 42
0 10
0 76
0 80
0 71
0 56
0 63
0 48
0 64
0 »i
0.42
-0 49
1 31
1 14
0 50
0 55
0 85
1 32
0 95
0 39
0 48
0 86
0 74
0 21
1 81

. 22
.67
. 39
.34

53. 83
55 .

11

56. 05
55 .68
54. 18
54. 82
54. 93
54. 1 8
54. 24
54. 14
54.47
54. 99
55 .55
55 . 79
56. 00
56. 50
56. 08
55 .48
56. 04
56. 92
56. 98
55 . 26
56. 07
57.09
58. 55
59. 19
58.47
58. 28
57.05
57. 15

E.7
.6
13 .7

t .0
11 .6
14 .0

7.7
12 .7
12 .6

13
11

11 .9
10 .6
10 .9
15 .7

10 .5
10 .4
13 .2
14 .8

11 .4
10 .1
15 .6
13 .9

11 .3
1( .6
li .2
i: .0

11 .3
10 .5
13 .9
14 .4

le .2
12 .7
12 .5
12 .1
11 .7

15 .6
14 .7

.9

J

.3
10 .9
10 .4
16 .4
13 .1

13

13

j

17 .0
13 .3

IS
13 .6
13 .3
13 .7
l; .4

13 .6
15 .4
14 .1
13 .4
12 .3

15
15
14
13
11

.8
,2
.3
.2
.4

16 .8
14 .4
14 .0
13 .5
11 .8

.5
.6

11 .4
9 .1

10 .2
fi
.6

.0

.0
11 .4
1C .4
15 .7
13 .1

13.3

14 .0
11 .7

it

15 .2

15 .3

is

16

11 .7
10 .5
13 .1
13 .5

11 tl
10 .6
13 .6
13 .2
1 7. 3
20

K

20 .2

11 ,4
10 .5
12 .9
13 .6
16
20 !*

1C
12
13.
18'
1

0 24
0. 46
0 31
0 30
0 45
0. 20
0 12
0 08
0 36
0 03
0 45
0 55
0 73
0 70
0 65
0 80
0 17
0 74

.9
.1

16 .9

15 .7

15 .6

12 .1
10 .4
13 .7

12
10
11
13

.0
.3
.8
.8

11 | 4
10 .6
12 .4
14 .4

20 .8

21 .3

8

8

8 .4
7.6

t

2

20

1

l

, 7

8 .u
11.8
13.0

, 3
. 6

j

9

10 .3

12 .1
9 .7
8 .4

, 2

> . 3

<.
>

9 .9
8 .5
.3

7
11

15 ,2

11
12

7.
U
11

.8

I: .5

n

.4

{,1
i.2

7. 9

7. 8
8 .5
11 .2
12 .4

e.9
n .6
n .9

li

13 .9
15 .9

15
15

If
1

12 .6
11 .3
10 .7
14 .1
1; . 8
19 , 2

12 .2
10 .8
11 .2
13 .7

11 .6
10 .5
12 .4
13 .9
16
20 ! i
f

0. 33
0, 28
0. 36
0 27
0 29

0. 44
0. 27
0. 37
0 24
0 36
0. 23
0. 15
0. 19
0. 77
0. 56
0 32
0, 63
0. 60
0. 70
0 60
0. 52
0 28

.
5

.0

20 .1

14.0

13 .3
11 .6

.6
.5

.
'
<

1J

.
.

10 .4
8 .7
8 .4
7. 6
8 .6
11 .3
12 .0
10 .0
9. 8
14 .2
15 .8

.5

11 *9
10 .8
11 .9

.3
.6

r

13
j e

.]
10. (

2(> o
!

20

.7
.6

!
o

IN MONEY SUPPLY M2'

0 24
0. 33
0 22
0 52
0 29
-0 12
0 24
0 38
0 82
0 45
0 23
0 51
0 79
0 68
0 48
0 60
0 52
0

0. 54
0. 19
0 31
0 30
-0 08
0 28
0 27
0 15
0 78
0 38
0 27
0 57
0 76
0 78
0 55
0 58
0 51
0 57

0. 49
0. 33
0, 40
0 .30
0 .87
0. 40
-0. 08
0. 30
0 .62
0. 72
0. 30
0. 72
0. 58
0. 75
0. 62
0. 37
0 15
1. 02

0 40
0 14
1 37
1 07
0 12
0 71
1 23
0 68
0 93
0 53
0 67
0 34
1 00
0 50
0 66

0 35
0 20
1 43
0 73
0 55
0 30
1 10
1 08
1 00
0 68
0 98
-0 26
1 24
0 68
0 69

0. 12
0. 54
1. 24
0 63
0 86
0 25
1 36
1 27
0. 88
0. 71
0 62
0 67
0 41
0 80
0 98

0, 29
0. 28
0. 40
0 13
0 29
0. 00
0. 27
0 U
0 91
0 58
0 40
0, 59
0. 46
0 56
0 64
0 62
0 19
0 97

0. 24
0. 51
0 31
0 21
0 49
0. 28
0 .12
0, 30
0, 40
0 48
0 69
0. 46
0.52
0 79
0 84
0 70
0 00
0 92

0. 19
0. 47
0 44
0 25
0 53
0. 00
0.00
0 26
0 65
0 34
0 85
0.58
0 54
0 63
0 78
0 61
0 36
0 89

0. 10
0. 70
0. 57
0. 13
0. 16
0. 24
0. 43
0. 06
0. 29
0. 03
0. 42
0. 55
0. 51
0. 55
0. 75
0. 79
55
' 0.
0. 72

31
61
91
91
83
37
57
39
67
51
93
1 24
0 48
0 63
0 70

0 24
0 54
0 96
1 26
0 47
0 40
1 22
0 83
0 85
0.59
0 81
1 31
0 67
0 66
0 45

0 12
0 95
0 90
1 25
0 30
0 33
0 87
1 23
0 75
0.60
0 69
1 06
0 96
1 02
0 41

0. 29
1. 04
1.02
1 . 18
0. 11
0. 46
0 89
1 06
0. 77
0. 94
0. 77
0. 92
0 66
0 87
0 59

7 8

0
0
0
0
0
0
1
0
0
0
0

NOTE:
Unless otherwise noted, these series contain revisions beginning with 1980.
'This series contains revisions beginning with 1981.




55
55
55
55

11

RAGE F OR
1950...
1951...
195 2...
195 3..,
195 4,..
1955 ...
1956...
195 7...
195 8...
195 9...
1960...
1961 ...
1962...
1963...
1964 .. .
1965...
1966 .. .
1967...
196 8...
1969...
1970...
1971 ...
1972...
1973...
1974...
1975...
1976...
1977 ...
1978...
1979...
1980...
1981...
1982...
1983...
1984...

71
59
48
53
75
96
92
26
31
82
71
11
10
20
45
26
82
04
08
64
66
68
22
29
43
27
20
70
98
26
25
79
56
91

.5
.8

{ .0
8 .1
10 .5
12 .3
10
9

11 .5
11 .8

11 .3

55. 23
53. 62

55
55
55
54
53
55
55
55
54
54
54
54
54
54
54
55
55
56
56
56
55
55
56
57
56
55
56
57
58
59
56
57
56
57

PERIOD

12 .6
11 .7

t

.5
.8

.7

55 .15

PERIOE

12 .3
9 .1
7 .7

.7
.9
.1
E .0
.3
12 .0
11
.4

10

e

.2
.0

.6
.4

55. 69
55. 59

12 .8
9 .7
8 .0

11 .6

.6

10 .8
8 .6
8

Annual

AVERAGE FOR
12 .5
9 .2
7 ,5

10

11
16

.4

13
10
10
14
14

14

55 , 23

55. 74
55. 32
55. 50
54. 96
53. 89
55. 73
56. 19

S)

13 .1
8 .7
7 .3

9
13 .4
11 .7
10 ,4
10 .5
16 .3

56. 01
55. 63
54. 87

I3
V

AGE

(PERCENT)
195 0 . . .
195 1 . , ,
195 2 ...
195 3 ...
1954...
195 5 . . .
195 6...
195 7 . . .
195 8 . . .
195 9.. .
1960...
1961...
1962...
1963...

III Q

Ot
c

Sept.

Aug.

POPULATION

0
0
0
1
0
0
0
1
0
0
0
0
0
0
0

27
65
65
10
46
56
62
35
77
68
38
7 8

80
7 8

90

0. 19
0. 73
0. 48
0. 17
0. 36
-0 .08
0. 27
0. 11
0. 53
0. 20
0. 45
0. 69
0. 73
0. 80
0. 69
0. 71
0. 29
0. 50
0 .73
o!53
0. 76
0. 93
0. 90
0 71
0 58
1 01
1 14
0. 68
0. 55
0 19
0 82
0 99
0 87
0 69

0 29
0 59
30
0 21
0 16
0 24
0 19
0 00
0 21
0 20
0 42
0 60
0 78
0 .41
0 62
0 75
0 52
0 59
Q .73
0
0 .93
0 82
1 .07
0 .76
0 34
0 .84
1 .31
0 .70
0 .75
0 .60
0 .22
1 .15
1 .01
0 .65

o

0.33

0. 11
0, 32
0, 64
0. 61
0 17
0. 63
0. 74
0. 71
0 54
0 65
0 55
0.65
0 .54
0,45

-0. 01
1 , 22
1 07
0 56
0 60
0 83
1 09
1 02
0 56
0 54
0 62
0 75
0 56
1 71

0 85
0 ,61

0. 26
0. 45
1. 19
0 76
0 75
0 31
1 34
0 91
0 85
0 63
0 84
0 55
0 71
0 70
0 79

0. 18
0. 56
0. 44
0 20
0 39
0. 17
0. 18
0. 21
0. 45
0. 28
0 65
0. 53
0. 52
0. 66
0. 79
0. 70
0. 30
0 84
0 .6 8
0. 22
0. 84
0. 96
I 24
0 29
0 40
0 99
1 04
0 79
0 71
0 76
1 10
0 76
0 85
0 48

PERIOD

0 24
0 59
0 36
0 23
0 32
0 12
0 19
0 .06
0 37
0 14
0 44
0 .61
0 .75
0 .64
0 65
0 75
0 33
0 61
75
o .41
0

0 .85
0 87
1 .02
0 .64
0 .49
0 .82
1 .27
0 .72
0 .66
0 .39
0 .61
0 .98
0 .89
0 .75

0. 30
0. 43
0. 38
0. 24
0. 34
0. 21
0. 16
0. 20
0 .56
0.40
0. 40
0. 60
0. 65
0.68
0. 65
0. 66
0 .37
0. 74
0 .64
0. 33
0. 53
1, 06
1.02
0. 56
0. 45
1. 00
1 . 08
0. 84
0. 64
0. 63
0, 72
0. 60
0 75
0 93

(FEBRUARY 1985)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

1950.. .
1951 . . .
195 2 . . ,
195 3 . . .
195 4 . . .
1955 . . .
195 6 . . .
195 7 . . .
1959!!!
I960.. .
1961 . . .
1963!!!
1964.. .
1965 . . .
1966 . . .
1967. ..
1968.. .
1969.. .
1970. ,.
1971...
1972.. .
1973. . .
1974...
1975.. .
1976...
197?..,
1978...
197 9 . . .
1980. ..
1981. ..
1982., .
1983., .
1984., .

My
a

Apr.

1 0 4 . C UANGl
21
12
95
50
27
48
36

0 37
0 . 00
0 , 56
0 . 60
0. 2 7
0 51
0 51

0
0
0.
0
0
0
0

33
20
41
91
1?
03
IS

0.
0.
0.
0.
0.
0.

0 ! 08
0 . 83
0.33
0 . 59

50
0 42
0 11
0 . 23
0 . 57

0
0
0
0
0

64
2S
3?
23
34

0 . ao
0 . 37
0 . 15
0. 5 4

0.
0.
0.
0.

0.
0
0
0.
0,
0
0,
0.
0.
0.
0.
0
0
0.
0.
0.
1,
0.
0.
0.
0.

82
59
43
64
51
84
59
59
38
9D
93
89
88
62
78
94
87
09
60
58
82
71

37
SI
62
71
40
62
47
49
79
87
87
94
58
90
96
98
1 . 08
c. 40
c. 81
c. 89
0 , 96

0 . 73
0 . 68
0 . 52
0 . 33
0 . 67
0 . 6?
0. 08
0 . 60
0 . 86
0 . 89
1 . 14
0 . 78
0 . 97
0 . 96
0 . 98
0 . 94
0 . 95
0.63
0 . 95
0 . 88
0 . 78

0
0.
0.
0.
0.
0.
0.

0 ! 66
0 . 50
0 . 61
0 . 70
0 . 53
0 . 54
0 . 56
0 . 35
0 . 87
0 , 93
1 . 12
0 . 99
0 . 46
0 . 91
0 . 89
1 , 0?
0 . 74
0 . 83
1. 18
1, 07
1 . 33

0!
0.
0.
0.
0.
0.
0.
-0.
0.
1.
1,
1.
0.
0.
1.
0.
0.
0.
0.
0.
0.

81
51
57
46
66
91
49
04
92
05
0?
05
42
94
01
73
72
98
93
75
82

June

July

Sept.

Oci

08
35
55
41
43
50
27

0 . 04
0.66
0.58
0 . 17
0.39
0 . 74
0 . 48

0,
0.
0.
0.
0.
0.
0.

32
58
54
10
46
55
27

0 . 20
0 . 69
0.57
0 . 13
0 . 46
0 . 40
0 . 38

Aug.

Nov.

Dec.

IQ

IN TOTAL LIQUID AS SETS, MONTHLY DATA
(MONTHLY <ATK, PERCENT)

0 .5

7
24
22
HO
03
fcl
00

0.
0.
0.
0,
0.
0.
0,
0.
0.
0.
0.
0.
0.
0.
0.
0.

0 . 41
0.32
0 . 33
0 , 55
0.50
0 . 89
0 . 24
31
82
13
66

0 32
0 , 51
0 . 63
0 .48
0 . 10
0 . 57
0 , 21

0.
0.
0.
0.
0.
0.
0.

28
55
55
68
33
72
03

0.
0.
0,
0.
0.
0.
0.

1972..
1973,, .
1974.. .
1975...
1976 . . .
1977 . . .
1978...
1979.. .
1980...
1981 . . .
1982...
1983, . .
1964...

195 .0
189 . 1
191 . 3
196 . 7
196 . 9
204 .5
207 .7
203 .5
194 .5
201 . 6
200 . 8
1 99 .4
204 .2
20S .7

195
186
192
196
196
205
207
202
195
202
200
200
204
206

217 ! i
224 ! i

217 . 3
223 . 3

.9
.5
,9
!&
.0
2 4 8 .9
23 8 .7
221 . ?
219 .0
223 . 2
226 .4
222 . 3
210 . 4
200 . 5
199 .2
207 .0

228 A
235 '.1
22 7
230 .2
23 7
248
23 7 .2
221
220 , 4
222 . 8
225 .6
220 .7
209 . 7
200 .0
197 . 9
209 .7

225
235
22S
228

.3
,3
.3
.9
.7
.3
.4
.4

43
0 . 14
0 . 66
0 . 53
0 . 55

0 . 34
0 . 64
0 . 52
0 . 45
0 , 43

0.' 47
0 . 10
0, 48
0 . 40

0.
0.
0.
0.
0.

55
08
35
64

0.
0.
0.
0.
0.

0. 48
0 . 70
0 . 74
0 . 27
0 . 74
0 . 81
0 . 32
0 . 35
0 . 77
0 . 96
1 . 00
0 . 82
0 . 97
0 . 70
0 . 92
0 . 69
1 . 45
0 . 60
0 , 97
0 . 98
0 . 99

0 . 58
0 , 56
0 . 77
0 . 08
0 , 67
0 . 92
0 . 00
0 . 91
1 . 14
1 . 08
0 . 98
0 . 64
0 . 75
0 . 85
1 . 00
0 . 86
0 . 96
0 . 75
0 . 99
0 . 93
0 , 88

0 , 84
0 . 50
0 . 62
0 . 27
0 . 90
0 , 93
0 , 11
0 . 88
0 . 70
1 .18
0 . 98
0 . 62
0 . 76
0 . 79
0 . 99
0 . 92
0 . 79
0 . 99
0 . 99
0 . 81
0 . 50

0 . 75
0 . 86
0 . 67
0 . 50
0 . 74
0 . 78
0 . 45
0 . 78
0 . 71
1 . 03
0 . 81
0 , 67
0 . 98
0 . 56
0 . 96
1.04
1 . 24
0 . 82
1 . 02
0 . 83
0 . 75

0.
0,
0.
0.
0.
0.
0.
0.
0.
1.
0.
0.
0,
1.
1.
0.
0.
0.
1.
0.
0.

49
70
77
30
70
90
32
75
81
11
70
63
80
05
06
94
68
79
08
98
52

0 . 98
0 , 93
0 . 60
0 . 71
0 . 41
0 . 58
0 . 64
0 . 78
0 . 57
0 . 80
1 . 27
0, 68
0 . 47
1 . 12
0 , 85
1 .04
1 . 21
0 . 08
1 . 12
0 , 89
0 . 45
0 . 99

79
15
25
71

30
11
64
67
24
34
34

0.43
0,36
0,39
0.61
0.21
0.69
0.15

0 . 13
0 . 52
0 . 56
0 . 42
0 , 38
0 . 65
0 . 26

0 31
0.65
0 , 54
0 . 17
0 . 40
0 . 46
0 . 35

0.
0.
0.
0.
0.
0.
0,

29
41
53
47
31
54
28

0.
0.
-0.
0.
0.

34
54
10
25
63

54
0
25
0 44
0 . 26
0 . 50

0,29
0.61
0.23
0,56

0 . 30
43
0 . 42
0 . 49
0 . 46

0 . IH

0.63
0 . 04
0 . 28
0 , 66

0,
0,
0.
0.
0.

32
40
38
32
54

0 . 89
0 , 44
0 . 50
0 . 62
0 . 56
0 . 65
0 . 68
0 . 55
0 . 69
0 . 87
1 . 22
0 . 77
0 . 56
0 . 67
1 . 06
1 . 01
1 21
0 . 53
0 . 94
0 . 78
0 . 56
1 . 14

0 ! 67
0 . 48
0 . 61
0 . 56
0 . 68
0 . 68
0 . 52
0 . 23
0 . 90
0 . 97
1 . 03
0 . 97
0 . 50
0 . 88
0 . 95
0 . 89
0 . 85
0 . 80
0 . 90
0 . 86
0 . 95

53
0.
72
0 . 64
0 . 69
0 . 28
0 . 77
0 . 88
0 . 19
0 . 86
0. 85
1. 10
0. 92
0. 64
0 . 83
0 .73
0. 98
0. 94
1. 00
0. 85
1, 00
0 . 86
0 . 71

0 . 76
0 . 62
0 . 60
0 . 70
0 . 42
0 . 64
0 . 74
0 . 55
0 , 67
0 . 83
1 . 20
0 . 72
0 . 55
0 . 86
0 . 99
1 . 04
1 . 12
0 . 43
0 , 95
0 , 92
0 . 66
0 . 88

0.
0 . 65
0 . 59
0 . 66
0 . 42
0 . 68
0 . 75
0 . 39
0 . 56
0 . 84
1 . 04
0 . 92
0 . 75
0 . 76
0 . 86
0 . 98
0 . 96
0 . 86
0 . 79
0 . 93
0 . 83
0 . 86

.t

!s
.1
.2
.3

!o

195 .4
189 . 9
194 .1
197.0
200
207 , 1
204 .7
199 .3
197 .7

a

193
190
195
196
202
206
203
197
199

.0
.5
.8
.8
.9
.9
.9
.3
,9

195 . 1
188 . 8
193 . 8
197 . 1
199 .4
206 . 3
205 .7
200 . 1
197.0

9
b
B
7

200 ,7
202 .0
204 . 0
208 .6

199
203
204
210

.3
.7
.6
.0

202
199
201
204
208

217 .4
223 . 6

217.' J
224. L

,7
219 . 1
221 .6

216 . 5
222
220 • 4

.0
234 .6
228 . 4

.9
227 .5
235 . 0

230!
233.3

231 '.b
230 . 9

22 7 . 8
233 .6
2 2 9 .4

213
219
222
225
230
232

.9
234 .7

230

!o

232.6

234

.4
.3
.6
.1
.0
.6
.0
.7
.3
.4
.5

245.5
233.4
222.3
221.8
222.8
225.4
219.0
199.6
200.0
196.9
213.3

243 , 4
228 . 8
222 . 0
220 . 8
223 .5
224.7
217 . 7
203 . 8
196 .2
196 ,4
216 .1

22 fl. 0
235 .0
.3
240 , 5
224 .7
219 .7
221 , 9
224 . 9
223 . 4
213 .1
203 .4
195 .2
203 .1
216 . 5

22 7
233
241 . 6
244 .2
231 .0
221.4
221 .2
223 .6
224 . 8
217 . 7
203 .9
197 . 9
198 .7
213 . 8

193
190
196
197
203
206
204
197
200

.6
.6
.0
.0
.0
.4
.1
.3
.1

191
190
196
197
203
207
203
196
200

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

195
187
192
197
196
204
207
202
194

191 !s
202 .2
205 . 0
207 .6

20C !o
201 ,5
204 .7
2 0 8 .4

201
202
204
208

\2
.1
.3
.5

201 !o
202 .4
203 . 1
208.9

199 [y
203 .0
203 . 9
209 .6

199
203
204
210

,*4
.8
.6
.7

19*
204
205
209

.9
.2
.4
.6

200 !s
200 . 0
204 . 2
206 .2

19&!
201 .
204.
207.

217 .0
223 .7

216 , 9
22 3 . 8

218 .1
221 . 8

219 . 1
221 .0

220 .2
222 ,0

221 .6
220 .1

222 .0
220 .2

216
222
220

!s

.1

2 2 9 .2
234 .0

.0
230 . 2
233 .5

.8
23C . 8
23 2 .5

2 25 . 5
231 . 2
231 . 8

226 .6
231 .7
230 .9

231 .9
230 . 1

232 .5
230 .2

233 . 8
229 .6

23 1 .7

232 .9

233

234 .0

234 .2

234 .7

235 .0

235 .2

217 , 9
223 . 9

.7
.0
.1

21 H.0
224 . 8

228 .4
234 ,3
231

13

245
236
222
221
223
224
220
206
200
198
211

.4
.0
.1
.0
.0
,8
.0
.1
.3
.0
.7

0 9

AVERAGE FOR PERIOD
.3
.4
.2
,1
.9
.9
.5
.7
.7

194 .2
190 .2
195 . 3
196 . 3
202 .4
207 .2
203 . 8
198.3
199 . 2

!o

.6
.1
.5

244 .9
23!> .1
220 . 9
221 .9
223 .2
2 25 .3
220 .1
200 . 3
202 . 0
198 .2
210 . 9

245
233
222
222
222
225
218
199
199
197
213

.6
.1
.3
.3
.7
.7
.3
.0
.9
.1
.8

.5
.1
.8
.3
.3
.8
.0
.3
.8

'.I

245 .9
232.0
223 .?
221 .2
222 .6
225 . 1
2 1 8 .6
199 . 6
196 . 2
195 . 3
215 . 1

196
189
193
197
199
207
204
199
197

246
231
222
220
223
224
218
201
197
194
215

.3
.1
.1
.8
.2
.8
.6
.8
,1
,5
.9

242
228
222
221
223
224
217
204
196
196
216

361 .7
347 .6
351 .0
364 . 3
371
3 90 ! l
397 .3
393 . 8
3 87 . 6
,3
424 !s
440
4 7 0 .2
502 . 1
5 3 4 .7
5 72 .2
606 .6
611 . 8
644 . 8
667
652 . 9
66 5
730 !«
7 96 .6
774 ,2
729 .5
7 7 4 .5
8 3 8 .6
865 ,S
85 2 .7
80 8 . 5
787 .2
802 . 7
860 . 7

362 .2
342 .1
353 .1
365 .3
371
391 .6
3 96 . 7
3 92 . 8
391 .5

362 .6
342 .7
354 .6
366 .7
37 3
391 ; 4
397
3 93 .5
392 .1

424 .6
443 . 6
472
505 . 1
53 8 .2
575 .7
605 .6
614 .5
6 48 t 2
667
646
67 3
2
'.8
735 1
7 95 .6
76 9 . 7
731 .5
7 83 . 8
83 8 . 9
864 ,7
847 . 7
606 . 1
7 86 . 3
803 .0
8 76 . 9

425
446
475
508
540
578
607
620

!s

is
.7
.0

!o
.2
.7
.2
.0

665 . 4
6 44 . 3
6 81
7 43 !o
7 89 . 8
767 .0
73 8 , 2
7 89 . 3
842 . 4
862 . 8
645 .2
79? . 0
788 . 3
80 7 . 5
881 . 7

241 .6
226.7
221 .6
220 .4
223 .9
224 .9
216 . 8
205 . 3
194 . 9
198 . 5
216 . 1

240.6
225 .7
219 .9
221 .7
224 . 9
223 ,4
214 . 8
205 . 2
194 . 3
200 . 6
216 . 5

240
224
220
221
224
223
212
204
194
203
216

.4
.8
.3
.4
.6
.0
.8
.0
.8
.2
.3

240 .4
223 .5
219 , 0
222 .5
225 .2
223 .7
211 .7
2 00 .9
196 . 4
205 . 6
216 .6

358 .8
3 4 9 .4
35 9 . 8
368 .0

357
348
360
368

356
349
362
370

.3
.6
.0
.1

3 95 .4
3 94 . 7
391 .7
406 .1

396 .3
3 92 . 9
392 . 1
407 , 8

352 .0
3 4 9 .6
362 . 8
370 .7
3 68 . 0
3 96 .5
3 92 . 8
3 90 . 4
410 .0
423
43 8 !o

362 .2
344 . 1
352 .9
365 .4
371 . 8
391 . 0
397 . 1
3 93 .4
3 90 .4
415 , 3
425 .0

364.1
343.5
355.6
367.5
37 5 .6
3 93.9
396.4
3 92.7
397.4
420.7
425.9

360 .4
348 .4
357 .6
368 ,1
381 . 9
3 95 .7
394 .0
3 91 . 9
404 .6
424 . 3
433 . 2

499 . 4
532 .6
56 8 .7
6 0 3 ,3
6 1 0 .1
645 . 9

.7
.1
.7
.5
.5
.4
.5
.0
.8

480.9
515.0
545.9
5 81.2
608.0
626.9
6 53.0
663.2
643.3
750.9
791.0
7 5 9.9
750.8
800.2
84 8 . 0
860.1
841 .0
786.2
791 . 1
60 8 . 3
886 .6

487 .0
522,3
557 . 1
5 90 .5
606 .6
637 .5
657 .5
658 . 0
649 .6
7
769 .3
787 1
746 6
762 7
809 3
856 2
856 7
834 3
798 1
785 2

364
343
355
367

.3
.0
.8
.9

3 6 3 .6
344 .7
356.5
367 .3

361 .9
346 . 8
355 .7
36 8 .2

392
397
3 92
3 94

.4
.9
.8
.5

3 94 . 3
3 95 . 9
393 .2
396 .9

3 95 .1
3 95 .4
3 92 . 1
400 . 8

3 80
3 95
3 93
392
402

360 .4
349 , 1
357 .2
3 6 8 .2
3 82
3 96 ,1
3 93 .5
391 . 9
404 . 9

424 . 8
44 8 . 9
478
512 '.3
542 .9
5 80 , 4
6 0 8 .1
622 .3

425 .7
45 1
480 ,7
515 . 8
545 .9
581 .0
607 9
627 .4

427

433 .7

435.3

435 . 3

483
517
548
582
608
630

.5
.7
.0
.8
.3
.1
.9

485 ,7
5 1 9 .6
5 5 3 .2
5 86 . 5
607 .0
634 .8

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522 ! i
557 . 4
5 90 .7
605 .5
637 . 8

4 87 !e
525 . 3
560 .6
5 94 . 2
607 . 3
639 .9

491
5 2 8 !s
563 .5
598 3
606 .0
643.3

.3
.7
.2
.4
.5
436 .7
495 * 3
531 !9
566.0
601 .0
607 .5
644 .0

6 6 4 .6
642 .3

6 6 3 '.6
642 .9

661 ; 4
644 \h

6 6 0 !o
645 . 8

657 !&
6 4 9 .7

656 \i
653 .2

655 .6
655 . 4

655 .5
657 .6

6 5 4 .3
660 .9

472
505
537
575
606
615
647
667
647

7 47 .3
7 88 .7
7 65 .1
7 43 .4
7 95 . 9
845 . 1
861 .9
844 . 3
787 .0
7 93 . 6
810 , 4
381 9

750
7 91
759
751
802
84 8
860
840
7 84
7 90
80 9
886

755 I2
7 93 . 0
755 .6
757 . 8
802 . 0
85 0 .2
85 7 . 6
63 8 . 8
786 .6
788 . 5
80 5 . 4
891 . 1

762 . 4
7 95 .5
753 . 0
759 .4
803 . 9
85 3 . 2
85 6 .6
836 .7
795 9
7 84 9
806 3
891 5

770 'A
7 83 .7
746 . 4
763 .6
810 . 0
85 6 .3
85 6 . 4
834 .0
799 1
786 4
812 8
892 1

775 .4
7 82 .2
7 40 . 4
765 .2
813 . 9
85 9 . 1
85 7 .1
832 .2
799 4
784 2
819 3
894 2

7 82 .1
778 .9
737 .7
764 . 8
821 . 1
861 9
85 5 2
826 8
797 7
787 9
822 9
899 2

7 86 . 0
778 .1
735 . 3
767 4
827 0
862 2
85 3 9
619 3
795 8
792 0
830 1
902 4

7 91 . 9
7 7 8 .4
731 .6
7 6 9 .6
834 . 1
864 .0
855 .7
815 .3
7 90 . 5
798 6
841 1
90 5 S

736 .4
7 94 .0
770 . 3
733 . 1
7 82 .5
840 .0
664 .3
84 8 .5
80 3 . 9
787 . 3
804 .4
8 73 1

scries contain revisions beginning with

102




, 7

.9
.6
.4
.1
,4
.0
.5
.0
.7
.2

!o

AVERAGE FOR PERIOD

.3
.9
.5
.3

2
2
0
1
7
8
8
0
9
9
2
9

!s

,2
.7
.4
.2
.5
.5
.7
.2
.5
.1
.2

364
342
354
367

.7
.8
,1
.7
.9
43 0 .7

196.7
187.4
193.3
197.6
197.7
206.3
206.7
201.0
195. i

247
237
221
220
223
225
221
208
200
198
209

106 . MONEY SUPPLY M2 n 1972 DOLLARS
(BILLION S OF DOLLARS)
1 95 0 . . .
1 95 1 . . .
195 2 . . .
195 3 . . .
1 95 4 .
1955!!!
195 6 . . .
195 7 \ . .
1 95 8 . . .
195 9 . . .
1960. !!
1961 . . .
196 2 . . .
1963. . .
1964.. .
1965,. .
1966.. .
1967 . . .
1 96 8 . . ,
1969...
1970 . . .
1971 . . .
1972...
197 3 , . .
1974,. .
1975.. .
1976.. .
1977 . . .
1978.. .
1979,. .
1980...
1981 . . .
1982.. .
1983.. .
1984.. .

0.81
0.91
1.00
0.85
0.84
0 . 85
0.95
0.87
1.16
0.54
0.91
0.92
0.91

1 94 . 8
190 . 4
195 .2
196 .6
200 . 8
206 . 8
204 . 9
1 9 8 .7
198 . 3

196
186
193
197
198
206
206
200
196

13

o!59
0.63
0.63
0.44
0.60
0.70
0.29
0.48

.5
.2
.8
.1
.1
.4
.4
,3
.8

.8
.0
,4
.8
.0
.7
.5
.2
.4

Annual

0
0.
0.
0,
0.
0.
0

195
190
193
197
200
207
204
199
197

196
187
193
197
198
206
206
201
195
204
199
201
205
208

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

IV Q

40
69
50
27
29
43
41

.0
.1
.2
.4
.4
.1
.9
.8
.0

1H6 . 8
1 H7 .0
192 . 8
1 97 .7
196 . 8
205 .4
207 .7
201 .5
194 .7
20 ? . 9
199 !o
201 .0
204 .5
20 V . 5

195
186
193
197
197
205
207
202
194
20 ^
200
200
20/
206

3

0
0.
0.
0.
0.
0.
0.

105 , MONEY SUPPLY Ml IN 1 9 7 2 DOLLARS
( B I L hlQl s 01 DOLLARS)
195 0 . . .
1951 . . .
195 2 . . .
1 95 3 . . .
195 4 . . .
195 5 . . .
195 6 . . .
195 7 . . .
195 8 . , .
195 9 . . .
1960. ..
1961 . . .
1962. ..
1963...
1 964 •
1965!!!
1966.. .
1967
1968!!!
1969...
1970 . . .

III

AVERAGE FOR PERIOI

36
63
41
48

0,
0.
0.
0.

II Q

.4
.9
.2
.3

395
393
391
409

812.6
692 6

355 .2
349 .4
361 .7
3 6 9 .7
387 .2
396 . 0
3 93 . 1
391 .2
40 9 , 1
423 . 4
436 .7
464 . 9
495 .5
531 . 0
566 .1
600 .9
607 . 9
6 44 . 4
663 . 9
655
658 .0
7 21 .4
7 86 .7
77 8 .5
734 .9
767 3
82 7 , 4
862 7
85 4 .9
820 5
794 7
792 8
831 4
902 4

360 .5
346 . 4
356 . 9
367 .7
37 9 , 2
3 94 .2
3 95 .2
392 .3
400 . 4
420 . 9
430 . 2
45 4 . 4
484 . 0
518 4
551 7
§87 0
607 2
631 0
655 4
660 8
649 7
698 7
760 6
7 87 6
752 9
753 5
804 8
851
85 9 0
836
795 7
789 1
814 2
888 7
(FEBRUARY 1985)

C. Historical Data for Selected Series—Continued
Year

IV Q

IQ

Annual

Year

1 1 . NEWLY APPROVED CAPITAL APPROPRIATIONS, 1 , 0 0 0
MANUFACTURING CORPORATIONS
(BILLIONS OF DOLLARS)
1950,
1951 .
1952.
1 95 3 .
1954.
1955.
1956.
1957.
1958.
195 9 .
1960.
1961 ,
1 962 .
1963.
1964.
1 965 .
1966.
1967.
1968.
1969.
1 970 .
1971.
1 97 2 .
1 973 .
1974.
1975.
1977 .
1979.
198U.
1 981 .
1982 .
1983.
1984.

1 .77
1.86
2.69
4.04
3.61
1.95
2.69
2.87
2.39
2 .99
2.76
4.12
5.08
6.54
03
95
6.80
6.6 8
5.70
6.57
9.72
12.86
11-39
11 .38
14.58
17 .06
21 .45
27 .50
27 .70
25 .1 8
20.07

.06
1 ..84
3.26
3.71
3.21
1.94
2,94
2.52
2.46
2.52
3.27
4.66
5.54
6.77
5.98
5.72
7.75
6.48
5 .52
7.09
10.92
14.98
10,98
12 ,22
15.00
15 .06
21 .03
25 .81
28.06
20.87

2.29
.87
.90
3.38
2.43
2.20
3.13
2.27
2.72
2.82
3.66
4.91
5 .58
5.96
5.89
6.35
7 .60
6.32
5.92
7.21
11 ,67
16.38
10 .1 8
11 .83
17.44
16.09
22.47
24.12
26,71
18.44
22 ,78

67.

2.05
2.28
4.01
3.43
2.33
2.23
3 .13
2.71
2.70
3.15
3.94
4 .34
6.15
6.02
7 .44
5.86
5 .94
8.43
12 .20
12.68
12 . 87
14.36
16 .89
18.67
23.08
26.15
23 .04
21 .49
24.26

107.

9 7 . BACKLOG OF CAPITAL APPROPRIATIONS, 1 , 0 0 0
MANUFACTURING CORPORATIONS
(BILLIONS OF DOLLARS)
1950
1951
195 2
195 3
1954
1955
1 95 6
195/
195 8
195 9
1960
1 961
1962
1 963
1964
196 5
1 966
1967
196 8
196 9
1970.....
1 971
1972
1973
1974
1975
1976
.
1 977
1978
197 9
19 80
1 981
1982
1983
19 84

5.81
5.25
5.46
11.15
11 .95
7.94
7.52
9.50
8.13
8.31
1 !33
4.83
9.00
9.98
20.03
1.40
3 .13
20.20
19.42
26 .03
3 9.84
49.10
46 .07
49.28
59.71
67.52
82.36
93 .44
90 .20
69.60

,66
.88
.62
,82
.48
.24
9.09
7.96
8.19
9.05
12.41
15.91
20.21
19.83
19.93
22.71
22,50
19.48
20.40
29.62
44.80
47.59
46.39
50.68
5 9.95
6 9.80
86.38
96.18
82.88
70.58

5.76

4.65
8.26
U.97
10.30
7.09
8.81
8,50
8.07
8.16
9.66
13.69
16.78
20.2 8
19.89
20.28
23.23
21 .71
19.29
21.40
33.36
50.01
45 .34
45.89
53.94
60.78
73.25
88.12
97.07
74.15
72.57

8.17
7.85
13 . 86
14.56
11 .58
8.32
11 . 89
10.37
10.27
11 .48
13.63
1 8.03
22.35
25 ,29
23.85
24.66
29.59
25 .34
23.08
29.30
44 .51
56.90
4^5.42
49.79
63.91
66.88
88.03
103.58
105 .51
85 .13
87.98

3(
86
5}
5( )
3( )
5. t
4,
5i

5(
4
5.
7+
7+
48
39
62
50
5-\
62
8( J
3.
21
5f
48
62
50
6.
5f
5:
4:

77
53
62
36
42
45
80
33
62
42
65
71
74
48
45
48
56
42
42
71
53
53
48
62
77
27
42
18
53
24
53

50
39
77
33
30
74
59
27
74
65
65
56
65
27
48
65
42
36
77
53
59
47
30
45
56
59
48
27
33
53
50

2.60
3.02
3.45
3.54
3.72
3.54
3.93
4.38
4,49
4.51
5.34
4.97
4.98
5 .00
4.99
4.97
5 .55
6.13
6.36
7.32
8.86
6.59
5.52
6.52
9,91
9.94
7.54
7.50
8.90
12.27
15 .67
19.91
17,13
10.20

IV Q

5 .61
4.82
9.85
U .92
9.13
7.07
9.41
8.41
8,07
8.54
10.48
13.96
17.92
20 ,21
19. 86
20.85
23 .44
20 . 86
18.89
23.28
37.11
49.79
46.45
47.53
56.49
63.37
76.47
90.73
92 .46
70 .76
73.50

5.61
4.82
9.85
11 .92
9.13
7.07
9.41
8,41
8.07
8.54
10.48
13.96
17 .92
20.21
19.86
20.85
23,44
20 .86
18.89
23.28
37.11
49.79
46.45
47.53
56.49
63.37
76.47
90.7 3
92.46
70 .76
73.50

36
62
42
53
53
62
33
62
48
71
65
39
45
45
65
48
42
33
48
62
53
29
68
59
45
50
53
53
30
77
59

2,68
3.07
3.51
3.73
3.60
3.56
4.14
4.40
4.17
4.87
5 .35
4.97
5.01
5 .01
4.99
4.99
.82
.95
6.84
7.86
8.49
6 ,01
5 .59
7.35
11 .15
8.16
7.44
7.40
8.96
12.34
17.75
19.99
17 .11
10.31

2,63
3.06
3.49
3.74
3 .56
3.77
4.35
4.83
4.21
5 .27
4.97
4.99
4.99
5 .01
4.98
5 .00
6.30
5 .95
6.89
8.82
8,50
6,51
5 .84
9.24
12 .40
8.22
7.80
7.80
9.92
12 .31
11.56
21.11
13.27
11 .09

2 . 84
3,27
3.51
3 ,76
3.55
3,93
4.38
4 . 85
4.50
5.36
4.99
4.96
5 .02
5 .00
5.00
5 .27
6,31
5 .96
6 .61
8.83
8.07
6.18
6.33
10 .08
11 .64
8.29
7.28
6.64
11 .44
15,81
15.71
17 .23
11 .26
10.95

2 .479
2 . 82 5
2 . 7 95
2.92 7
2 . 64 8
3 .002
3.132
3 . 2 86
3,257
3.470
3.598
3.611
3.80 2
3.896
4.043
4.167
4 .328
4.443
4.564
4 .61 8
4.715
4.768
4.911
5.074
5 .258
5.363
5.679
5.906
6.159
6 .35 8
6.612
6 . 7 97
6 . 7 83
6 .467

2.609
2.846
2.812
2.915
2.85 6
3.053
3.168
3.336
3.320
3.432
3.577
3.650
3.84 9
3.92 8
4.033
4.208
4.402
4.442
4.568
4 . 6 85
4.734

2,689
2.831
2.882
2.870
2.894
3,095
3.217
3 .316
3.377
3.503
3.557
3.716
3,862
3.961
4 ,020
4 .256
4 .474
4.467
4.552
4 . 6 81
4.676
4 .80 4
4.942
5.215
5.328
5 . 5 85
5.753
5,971
6.329
6.461
6.575
6.921
6.537
6.557

60
58
59
55
64
48
52
50
50
40
55
62
61
41
43
56
56
50
48
41
43

2.69
3.10
3.49
3.69
3.61
.70
.20
.62
.00
.16
.97
.00
.00
.99
5.06
6.00
6.00
6.68
8.48
6,32
5 .82
8,30
11 . 2 8
8.65
7.52
7.84
9.80
13.18
15 .17
19.56
14.69
10.64

AVERAGE
1950.
1951.
1 95 2 ,
1953.
1954.
1955 .
1956.
1957.
1958.
1959.
1 960.
1 961 .
1962 .
1963.
1964.
1 965 .
1 966 .
196 7 .
1968.
1 969.
1970.
1971.
1 972 .
1 973 .
1974.
1975.
1976.
1977 .
1 97 8.
1979.
1 9 8U .
1 981 .
19 8 2 .
1983.
1 984 .

2 .431
2 .7 84
2.816
2.919
2.85 7
2.95 9
3.097
3.270
3.265
3.400
3.598
3.561
3.770
3.87 5
4.016
4.113
4.309
4.461
4.523
4.574
4 . 6 82
4 . 7 80
4.867
5.043
5.172
5.313
5.681
.816
.977
6 .3 90
6.525
6.833
6.742
6.465

965. DIFFUSION INDEX OF NEW
DEFLATED—17 INDUSTRIES (PCT. U S I N G ,

67
45
44
53

Annual

RATIO, GROSS NA'

195 0
1951
1 952
1 953
1954
1955
1956
195 7
195 8
195 9
1960
1961
1 96 2
1963
1964
196 5
1966
1967
196 8
196 9
1970
1971
1972
1 973
1 974
1975
1976
1977
1978
197 9
1980
1981
1982
1983
1984

41
72
42
44
50
64
34
64
53
61
62
63
48
46
54
52
42
51
59
64
48
34
58
60
46
48
41
49
40
56

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user
1
This series contains revisions beginning with 1981.




II Q

END OF PERIOD

965. DIFFUSION ISDEX OF NEW CAPITAL APPROPRIATIONS,
DEFLATED—17 INDUSTRIES
(PERCENT RISING OVER 1-Q SPANS)
1 95 0
1951
195 2
1 95 3
1 95 4
1955
1956
195 7
1 95 8
195 9
1960
1961
1 962
1963
1964
1965...,.
1966.....
1967...,.
196 8 . . . . .
196 9
1970
1 971
1 972
1 973
1974
1975
1976
1977 . . . . .
1978
197 9
1980
1981
1982
1983
1 9 84

1950 .
1951 .
1 95 2 .
1 95 3 .
1954.
1 95 5 .
1 95 6 .
1957.
1 95 8.
1 95 9 .
1960.
1 961 ,
1 962 .
1963.
1964.
1965.
1 966 .
1967 .
1968.
1969.
1970.
1 971 ,
1 97 2 .
1 973 .
1974.
1975.
1 976 .
1 977 .
1978.
1979.
198U.
1981 .
1982.
1 983 .
1984.

IQ

BANK RATES O SHORT-TERM BUSINESS LOANS
N
(PERCENT)

48
67
45
44
53
56
42
60
59
59
55
64
48
51
50
50
40
55
62
62
41
43
56
56
50
48
41
43
52
52

4 .764
4.912
5.131
5.311
5.479
5,719
5 .990
6,216
6.398
6.508
6.956
6.722
6.471

2,552
2.82 2
2.82 6
2.90 8
2.364
3,027
3.154
3.302
3,305
3.451
3 . 5 82
3.634
3.821
3.915
4.028
4.186
4.378
4.453
4.552
4.640
4.702
4.779
4.90 8
5 .116
5 .267
5.435
5.708
5.921
6.170
6.402
6,555
6.87 7
6 . 6 96
6 . 4 90

4-Q MOVING AVERAGE)

50
60
60
43
39
59
54
45
60
55
62
60
64
42
49
56
48
41
57
67
50
39
50
53
60
47
52
39
42
50
59

44
62
53
45
39
67
42
52
55
61

50
58
44
41
64
62
50
38
54
57
48
50
46

53
63
44
42
57
54
43
60
57

62
45
49
54
48
41
57
62
56
42
45
56
56
49
48
42
42
50

(FEBRUARY 1985)

103

F. Specific Peak and Trough Dates for Selected Cyclical Indicators
Specific peak dates corresponding to contractions beginning i n -

Series
July 1981
LEADING INDICATORS
1. Average woikweek, production workers, mfg..
5. Initial claims, State unemployment insurance (inverted)
8. New orders, consumer goods, in 1972 dollars
32. Vendor performance, slower deliveries.........
12. Index of net business formation
20. Contracts and orders in 1972 dollars
29, New building permits, private housing
36, Change in inventories on hand and on order
in 1972 dollars (smoothed1).-..............................................
99. Change in sensitive prices (smoothed1)
19. Index of stock prices, 500 common stocks.....
106. Money supply M2 in 1972 dollars.......
111. Change in credit outstanding
910, Composite index of 12 leading indicators,,.......,..
940. Ratio, coincident index to tagging index
COINCIDENT INDICATORS
41. Employees on nonagncultural payrolls
,
51. Personal income less transfers in 197? dollars
47. Index of industrial production, total
57, Mfg. and trade sales in 1972 dollars.........
920. Composite index of 4 coincident indicators

5/81 (• 2)
7/81 (0)
5/81 (•• 2)
4/81 (-3)
12/80 (-7)
4/81 ( - - 3 )
9/80 ( — 10)
7/81
10/80
11/80
NSC
5/81
4/81
3/81

(0)
(-9)
(™8)
(-2)
( — 3)
(• 4)

3/79
9/78
12/78
3/79
10/78
3/79
6/78

(-10)
(16)
(-13)
(-10)
(-15)
(-10)
(19)

5/78 (-20)
4/79 (~9)

NC
S
1/78
1/79
3/79
4/78

(24)
(-12)
(-10)
(21)

4/73
2/73
3/73
5/73
10/72
11/73
12/72
3/73
4/73
1/73
1/73
2/73
3/73
12/72

Dec. 1969

(-11)

10/68
1/69
11/68
6/69
4/69
4/69
2/69

(-8)
(-7)
(-10)
(-10)
(-9)
(-8)
(-11)

12/68
2/69
12/68
1/69
1/69
4/69
11/68

(-7)
(-9)
(-8)
( = 6)
(-13)

(0)

(-14)
(-11)
(--13)
(-6)
(-8)
(-8)
(-10)

(12)
(-10)
(12)
(-11)
(-11)
(-8)
(-13)

Apr. 1960

2/53

6/59 (-10)
5/59 ( = 11)
4/59 (-12)

10/52 (9)
3/53 <~4)
10/52 (9)

3/57 (-•5)
8/57 (0)
3/57 (-•5)
2/57 (-6)
2/57

6/53
6/53
7/53
3/53
5/53

NC
S

12/81 (4-5)
1/82 ( + 6)

7/79 (-6)
5/80 (+4)

9/73 (-2)
3/75 ( + 16)

10/69 (-2)
11/70 ( + 11)

6/60 ( + 2)
1/61 ( + 9)

1/82 ( 4 - 6 )
8/81 ( + 1 )
10/82 ( + 15)
NSC
1/82 ( + 6)

6/80 ( + 5)
4/80 ( + 3)
3/80 ( + 2)

NC
S
4/80 ( + 3)

3/75
9/74
9/74
2/74
12/74

( + 16)
( + 10)
( + 10)
( + 3)
( + 13)

3/70
2/70
8/70
11/69
3/70

( + 3)
( + 2)
(+8)

(D
-

(+3)

(-3)

9/56 (-11)
9/55 (-23)
7/56 (-13)
4/56 (-16)
6/55 (-26)
9/55 (-23)
5/55 (-27)

4/59 (-12)
10/58 (-18)
7/59 (-9)

10/69 (-2)
10/69 (-2)
10/69 (-2)

NC
S

July 1953
4/53
9/52
4/53
7/52
1/53
2/53
11/52

(-11)
(-12)
(-14)
(-6)
(-13)
(-13)
(-17)

4/60
5/60
1/60
1/60
1/60

3/70 ( + 3)

Aug. 1957

11/55 (-21)
9/55 (-23)
7/55 ( -25)
10/55 (-22)
6/55 (-26)
11/56 (-9)
2/55 ( 30)

5/59
4/59
2/59
10/59
3/59
3/59
11/58

10/74 ( + 11)
11/73
(0)
6/74 ( + 7)
11/73
()
0
()
0
11/73

()
0
( + 1)
(-3)
(-3)
(-3)

2/61 ( + 10)
7/60 ( + 3)
NSC
12/60 (+8)
6/60 ( + 2)

(•-«

9/57 ( + 1)
4/58 (+8)
4/58
12/57
9/57
1/58
12/57

(+8)

( + 4)
(+1)
( + 5)
(+4)

(10)
(-3)
(-12)
(-6)
( -5)
(8)
(•5)

NC
S
1/53

(••6)

NC
S

( 1)

( 0
()
0
(4)
(-2)

9/53 ( + 2)
12/53 ( + 5)
12/53
2/54
5/53
4/54
12/53

( + 5)
( + 7)
(2)
( + 9)
( + 5)

Specific trough dates corresponding to expansions beginning in—

Series
Nov. 1982
LEADING INDICATORS
1, Average workweek, production workers, mfg
5. Initial claims, State unemployment insurance (inverted)
8, New orders, consumer goods, in 1972 dollars
32, Vendor performance, slower deliveries
VI Index of net business formation
20, Contracts and orders in 1972 dollars
?S. New building permits, private housing
36. Change in inventories on hand and on order
in 1972 dollars (smoothed1)
99. Change m sensitive prices (smoothed*)
19. Index of stock prices, 500 common stocks.
106, Money supply M2 in 1972 dollars......
111. Change in credit outstanding
910. Composite index of 12 leading indicators
940. Ratio, coincident index to lagging index

Nov. 1973

3/80 ( + 2)
1/80
(0)
1/80
()
0
5/79 (-8)
1/80
()
0

7/81 (0)
8/81 HI)
7/81 (0)
4/81 ( -3)
7/81 (0)

LAGGING INDICATORS
91. Average duration of unemployment (inverted)
77. Ratio, constant dollar inventories to sales, mig. and trade
62. Labor cost per unit of output, mfg.-actual
data as a percent of trend........
109. Average prime rate charged by banks
101. Commercial and industrial loans in 1972 dollars
95. Ratio, consumer installment credit to personal income...........
930. Composite index of 6 lagging indicators

Jan. 1980

July 1980

Mar. 1975

Nov. 1970

9/82 ( — 2)
9/82 ( 2)
10/82 ( - 1 )
5/82 (-=6)
9/82 ( - 2 )
8/82 ( - 3 )
10/81 ( - 1 3 )

.,

COINCIDENT INDICATORS
41. Employees on nonagncultural payrolls
51. Personal income less transfers in 1972 dollars....
47. Index of industrial production, total
57. Mfg. and trade sales in 1972 dollars
920. Composite index of 4 coincident indicators,...
LAGGING INDICATORS
91. Average duration of unemployment (inverted)
77. Ratio, constant dollar inventories lo sales, mfg. and trade.....
62. labor cost per unit of output, mfg.—actua!
data as a percent of trend
109. Average prime rate charged by banks
101, Commercial and industrial loans in 1972 dollars
95. Ratio, consumer installment credit to personal income
930. Composite index of 6 lagging indicators

7/80
5/80
6/80
6/80
6/80
5/80
4/80

()
0
(-2)
(-1)
(-1)
(-1)
(2)
(-3)

3/75
()
0
3/75
()
0
3/75
(0)
2/75 (-1)
2/75 (-1)
12/75 ( + 9)
3/75
()
0

9/70
10/70
10/70
12/70
8/70
10/70
1/70

1/83 ( + 2)
12/81 ( — 11)
7/82 ( - - 4 )
NSC
11/82 (0)
3/82 ( - 8 )
4/82 ( - 7)

8/80
6/80
NSC
5/80
5/80
5/80
4/80

( + 1)
(-1)

4/75
1/75
12/74
1/75
3/75
2/75
3/75

3/70
1/71
6/70
4/70
10/70
10/70
11/70

12/82 ( + 1)
10/82 (- -1)
11/82 (0)
10/82 ( --1)
12/82 ( + 1)

7/80
()
0
7/80
()
0
7/80 ( )
0
5/80 (-2)
7/80 ( )
0

4/75 ( + 1)
3/75
()
0
()
0
3/75
3/75
()
0
()
0
3/75

7/83 ( + 8)
1/84 ( + 14)

1/81 ( + 6)
1/81 ( + 6)

1/76 ( + 10)
11/78 ( + 44)

NA
7/83 ( + 8 )
10/83 ( + 11)
NSC
10/83 ( + 11)

7/81 ( + 12)
8/80 ( + 1)
3/81 (+8)

7/76
4/77
4/77
2/76
4/76

(-2)
(-2)
(-2)
(-3)

NC
S
4/81 ( + 9)

( + 1)
(-2)
(-3)
(-2)

()
0
(-1)

()
0

( + 16)
( + 25)
( + 25)
(+ 1)
1
( + 13)

(-2)

(D
(D
-

(+ 0
(-3)
(-1)

(-10)
(-8)

( + 2)
(-5)
(-7)
(-1)

(D
-

()
0

Apr. 1958

12/60 (-•2)
2/61 ( )
0
1/61 (-1)
3/60 (-11)
1/61 (-1)
3/61 ( + D
12/60 (-2)

4/58 ( )
0
4/58 ( )
0
4/58 (0)
12/57 (-4)
4/58 ( )
0
3/58 (-1)
2/58 (-2)

4/54
9/54
10/53
12/53
3/54
3/54
9/53

2/61
()
0
8/60 (-6)
10/60 (•-4)

3/58
11/57
12/57
1/58
2/58
2/58
12/57

11/53 (-6)

NC
S
4/61 ( + 2)
12/60 (-2)
12/60 <~2)

(-1)
(-5)
(< 4)
(-3)
(-2)
(-2)
(4)

()
O
(0)
()
0

2/61
()
0
12/60 ( = 2)
2/61
()
O
1/61 (1)
2/61
()
0

5/58 ( + 1)
4/58 ( )
0
4/58 ( )
0
4/58 (0)
4/58 ( )
0

6/72 ( + 19)
2/73 ( + 27)

7/61 ( + 5)
4/62 ( + 14)

10/58 ( + 6)
5/59 ( + 13)

12/61 ( + 10)
11/65 ( + 57)
NSC
11/61 (+9)
11/61 ( + 9)

5/59 ( + 13)
8/58 (+4)
8/58 ( + 4)
11/58 ( + 7)
8/58 ( + 4)

11/70

()
0

NC
S
11/70
11/70
11/70

12/72
3/72
1/72
4/70
2/72

( + 25)
( + 16)
( + 14)
(-7)
( + 15)

May 1954

Feb. 1961

(-1)
(+4)

(?)
(-5)
(-2)
(-2)
(-•8)

NC
S
9/53 (8)

NC
S
12/53 (-5)
11/53 (-6)
1/54 ( -4)
8/54
4/54
4/54
12/53
8/54

( + 3)
(-1)
(-1)
(-5)

( + 3)

5/55 ( + 12)
5/55 ( + 12)
6/55
7/55
8/54
11/54
4/55

( + 13)
( +14)
(+3)
(+6)

( + 11)

NOTE: Specific peak and trough dates mark the cyclical turning points in individual series; reference peak and trough dates mark the cyclical turning points in overall business activity. For the major
composite indexes and their components, this table lists the specific peaks and troughs corresponding to the last seven business cycles. The leads {•--) or lags ( + ) of the specific dates in relation
to the reference dates are shown in parentheses (in months). These specific dates should not be considered absolute; individual analysts may prefer alternative turning points for some series. See
MEASURING BUSINESS CYCLES by Arthur F. Burns and Wesley C. Mitchell (National Bureau of Economic Research, 1946) for detailed information on the selection of specific peaks and troughs.
NA, not available. This indicates that data necessary to determine a turning point are not available.
NSC, no specific cycle. This indicates that no specific turning point corresponding to the indicated reference date is discernible.
1
This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

104




G. Experimental Data and Analyses
(Nov.) (Mar.)
P
T
i l l III i| i i i | i u

Components of BCD series 26 x
Year

and
quarter

Implicit price
deflator, gross
nonfarm business
product
(Index: 1977=100)

Unit labor cost,
all persons, nonfarm
business sector

(Nov.)
T

If I

liiiilll

Components of BCD series 26—

(Index: 1977=100)

1983
151.9
152.7
153.8
155.2

157.6
155.9
155.9
157.1

156.3
157.3
159.0
pl59.9

I Q....
II Q...
Ill Q..
IV Q...

:

(Jan.) (July) (July)
P T
P

158.3
157.6
159.5
pl60.2

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977 = 100)

1984
I Q....
II Q...
Ill Q..
IV Q...
1985

Unit labor cost, al! persons, nonfarm
business sector, Q
(index: 1977 = 100)

I Q....
II Q...
Ill Q..
IV Q...

Inventory-sales ratios in 1972 dollars (ratio)

Inventory-sales ratios in 1972 dollars 3
Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Retail trade
(Ratio)

1984
Jan
Feb....
Mar
Apr....
May....
June...

1.71
1.72
1.72
1.74
1.74
1.75

1.30
1.34
1.33
1.34
1.30
1.29

1.29
1.33
1.36
1.34
1.32
1.30

July...
Aug
Sept...
Oct....
Nov
Dec

1.77
1.76
1.80
rl.80
rl.78
pi.76

1.32
1.34
1.37
1.37
1.37
pi.36

1.33
1.34
1.33
1.36
rl.35
pi.34

(NA)

(NA)

(NA)

Merchant wholesalers

1985
Jan
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov,..
Dec...

111111\mm111111111111111111fin 11liit111111111In
1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985
NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
z
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,
manufacturing (hours)
Average weekly initial 1
claims, State
unemployment insurance (thousands)
New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32, Vendor performance, companies receiving
slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20, Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36, Change in inventories on hand and on order in
1972 do!., smoothed2 (ann. rate, bil. dol.) .
99, Change in sensitive materials prices,
smoothed2 (percent)
,
19, Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply (M2) in 1972 dollars
(billion dollars)
111. Change in credit—business and consumer
borrowing (annual rate, percent)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47, Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, constant-dollar inventories to sales,
manufacturing and trade (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
101.
95.
930.

(percent)
Commercial and industrial loans outstanding
in 1972 dollars (million dollars)
Ratio, consumer installment credit to
personal income (percent) . . .
Composite index of 6 lagging indicators 3

(index: 1967-100)

Nov.
1984

Oct.
1984

40.4

40.5

405

397

r36.87

Oct.
to
Nov.
1984

Jan.
1985

Dec.
1984

Dec,
to
Jan.
1985

p40.6

0.08

0.15

3 86

378

0.06

0 .08

0.06

r37.07

r37.40

p40.42

0.03

0.04

0.42

52

50

45

47

-0.08

-0,20

0.09

rll6.8

rll4.2

rll4.9

pH6.5

-0.31

0,09

0.21

14.95

rl6.02

rl4.00

pl2.83

0.15

-0.29

H4.5

128,5

128.1

132.5

0.34

-0.01

O.U

r!8.73

rll.87

p4.45

-0,41

NA

r-0.72

r-0.39

r-0.32

-0.52

0.13

164.82

166.27

164.48

171 .61

0.05

r923.5

r932.5

r940.4

P949.9

0.31

rl2.9

rl2.5

rl64.0

rl64.8

rl63.9

pl66.7

0.49

r95,157

r95,494

r95,661

p96,009

0.29

0.14

rl(192.8

rl.199.7

rl ,210 .7

pi,207.1

0.29

0.46

rU4.4

rl65,0

rl65.9

pl66.6

0.10

0.15

0.15

rl76,477

rl78,318

pl79,346

NA

0.23

0.13

NA

rl57.3

rl58.4

pl58.7

0.70

0.70

0.19

-0.30

0.04

1.30

-0.13

0 .00

156.2

40.7

r5.8

NA

pl2.4

-0.38

-0.02

0.03
-0.07
0.27

-0.08

-0,21

-0.09
0,29
0.35

-0.35

0.38

-0,55

1 .71

0.39
-0.19

16.7

17.4

17.3

1.57

rl ,56

pi.56

NA

83.4

r83.5

r83.2

p82.7

0.04

-0.11

-0.27

12.58

11 . 7 7

11 .06

10.61

-0.5 7

-0.50

-0.46

rl23,327

rl23,480

pl24,923

0.22

0.03

NA

0.61

0.61

NA

0.08

1.06

rl22,314
rl4.73

14.89

pl5.O5

rl22.3

r122.1

rl22.2

15.3

pl23.5

-0.16

NOTE: The net contribution of an individual component is that component's share in the composite movement of
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the
ponents and dividing that result by the index standardization factor. See the February 1983 issue of BUSINESS
(pp. 108-109) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e,
l

Nov.
to
Dec.
1984

NA

0.45

the group. I t
available comCONDITIONS DIGEST
estimated.

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.
a

3

106




G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns

T111111111IIIII11111111M11111111111111TTTI11
40.

Employees in goods-producing
industries

Deviations
from
reference
peaks

Actual
data
for
current
cycfe

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
7/81
DATA
YEAR

+2
•

•

26,000

25,500

•

25,000

•

24,500

•

-4.4
-4.3

24577
24595

specific
troughs

17
18
19
20

-3.7
-3.3
-2.8
-2.5

24760
24851
24974
25059

4/84
5/84
6/84
7/84

21
22
23
24

-2.3
-2.7
-2.4
-2.2

25098
25010
25080
25123

8/84
9/84
10/84
11/84

25
26

-1.7
-1.4

25265
25347

Actual
data
for
current
cycle

2/84
3/84

12/84
1/85

24,000

-4

industries

SERIES 4 0
THOUSANDS
15
16

Percent

I [I |I II II II I1 IM II II II I tI I1 II I II II M II M [I M I
Deviations
Employees in goods-producing
from

40.

- I 12

•

25,500

•

25,000

10

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
ACTUAL
AND
FROM
YEAR
TROUGH
DATA
2/83

• 24,500

SERIES 4 0
THOUSANDS

•

24,000

12

23,000

-12
76.

2/84

13
14
15
16

7.7
8.5
8.9
9.4

24595
24760
24851
24974

3/84
4/84
5/84
6/84

> 23,500

9.8
9.9
9.6
9.9

25059
25098
25010
25080

7/84
8/84
9/84
10/84

> 23,000

21
22
23

10.1
10.7
11.0

25123
25265
25347

11/84
12/84
1/85

23,500

-10
•

24577

17
18
19
20

•

7.7

Industrial production, business
Percent
equipment
+20
• 220

MONTHS
DEVIFROM ATIONS CURRENT MONTH
ACTUAL
AND
FROM
REF.
DATA
YEAR
TROUGH
7/81

+16
•

210

76.

Industrial production, business
equipment

SERIES 76
196 7-100

+12

-i
2/84
3/84

15
16
+8

171.9
172.1

17
18
19
20
•

•

-8

-7.0
-6.9
-6.1
-4.5
-2.0
0.4

173.5
176.5
181.1
185.5

4/84
5/84
6/84
7/84

21
22
23
24

1.5
0.9
1 .4
1.9

187.6
186.4
187.3
188.4

8/84
9/84
10/84
11/84

25
26

3.3
3.6

190 . 9
191.4

12/84
1/85

20

MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
2/83,
YEAR
DATA
TROUGH

16

32

• 200

+4
190

180

#170

195

36

I 185
28

24
•

175

•

165

•

155

SERIES 76
1967-100
12

-12

-18

•

150

-20

—• - 2 4
i n | n n i ) i i i i i yi i n 11 i m f j i i \i ( i n I I I n i n
-12

-6

0 + 6 + 1 2

+18 +24

# 140

12

20.5

171 . 9

2/84

13
14
15
16

M60

20.6
21.6
23.7
26.9

172.1
173.5
176.5
181 . 1

3/84
4/84
5/84
6/84

17
18
19
20

30.0
31.5
30.6
31.3

185.5
187.6
186.4
187.3

7/84
8/84
9/84
10/84

21
22
23

32.0
33.8
34.1

188.4
190.9
191.4

11/84
12/84
1/85

+30

Months from reference troughs

NOTE:

M45
-

1

0

1 H n 1 1 1 ii 1 i 1 1 1 n 1 1 1 1 1 1 1 1 1
1
111
1 111
111111111
-12
- 6
0 + 6 +12 +18 +24 +30
Months from specific troughs

For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1985 issue.




107

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued
11 1 1 1 M I I 11 1 1 M 1 1 1 1 1 T T T 1 I I T I T 1 T T T T 1 1 1 1 1 1 1 1 1 1 1

20, Contracts and orders for plant and
equipment, 1972 dollars, smoothed*

Deviations
from
reference
peaks

Actual
data
lor
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA
YEAR

1 11 11 11 11 11 111111 IIT11 M M 11 I t I ! 1111 111 I 11 111

Devi-

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed1

ations
from

D
B

14
15
16

2.6
5.6
7,0

14.49
14.91
15.11

1/84
2/84
3/84

17
18
19
20

10.9
11.9
11.3
12.4

15.66
15.81
15.72
15.88

4/84
5/84
6/84
7/84

21
22
23
24

10.7

8/84
9/84

9.9
7.6

15.64
15.36
15.52
15.19

2.3

for

specific current
troughs cycle

l

SERIES
20
B I L . DOL.

Actual
data

14,45 12/84

Percent

50

•

17

45
40

10/84
11/84

35
30

DEVIMONTHS
FROM ATIONS CURRENT MONTH
SPEC.
AND
FROM
ACTUAL
TROUGH
DATA
YEAR
8/82

25
• 14

20

SERIES
20 *
BIL, DOL.

12

26.6
30.3
32.0
36.8

14.49
14.91
15.11
15.66

38.1
37.4
38.8
36.7

15,81
15.72
15.88
15.64

5/84
6/84
7/84
8/84

25
26
27
28

34.2
35.6
32.7
26.3

15.36
15.52
15.19
14.45

9/84
10/84
11/84
12/84

15

1/84
2/84
3/84
4/84

21
22
23
24

•

17
18
19
20

10

10/70

5

91. Average duration of unemployment
(inverted)
Actual

10

MONTHS
FROM
REF.
TROUGH

12

•

•

•

15

•

IB

•

19

0

91. Average duration of unemployment
(inverted)

Actual
—i

-7

CURRENT MONTH
ACTUAL
AND
DATA
YEAR

SERIES 91
WEEKS
15
16

10

12

14

16

18.9

2/84
3/84

17
18
19
20

18.7
18.5
18.1
18.0

4/84
5/84
6/84
7/84

21
22
23
24

17.6
17.3
16.7
17.4

8/84
9/84
10/84
11/84

25
26

17.3
15.3

12/84
1/85

19.0

-5

-3

MONTHS
DEVIFROM ATIONS CURRENT MONTH
ACTUAL
SPEC.
AND
FROM
TROUGH
DATA
YEAR

7/83

SERIES
91
VEERS

-2

-2.3
-2.4

16

19.0
18.9

2/84
3/84

4/84
5/84
6/84
7/84

9

20

-J

-12 - 6

0 + 6 +12 +18 +24 +30

22

-2.6

10
11
12

-2.8
-3.2
-3.3

18.7
18.5
18.1
18.0

13
14
15
16

-3.7
-4.0
-4.6
-3.9

17.6
8/84
17.3 9/84
16.7 10/84
17.4 11/84

17
18

-4.0
-6.0

17.3
15.3

• 20

12/84
1/85

-1

f 111

-6

Months from reference troughs

NOTE: For an e x p l a n a t i o n o f t h e s e c h a r t s , see "How t o Read C h a r t s " on p . 106 o f t h e J a n u a r y 1985 i s s u e ,
T h i s s e r i e s 1s an MCD moving average p l a c e d on t h e c e n t e r month o f t h e s p a n . S p e c i f i c t r o u g h d a t e s u s e d , however,
Numeral indicates latest month used in computing the series.

1

3

108




0 + 6

+12 +18 + 2 4 + 3 0

Months from specific troughs

are those f o r t h e a c t u a l monthly

series.

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
'"1

1""

riMi

1

rM"

i

Deviations
from
reference
peaks

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

Actual
data
for
current
cycle

1 c,c,c J

15
16

D

—

+ 15
•

•

At

1,225

1,200

+10
•

1,175

7.9
8.4
9.5
9.7

1165.0
1169.7
1181.8
1183.9

Deviations
from
specific
troughs

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

21
22
23
24

9.7
10.4
10.5
11.2

1183.9
1191.9
1192.8
1199.7

8/84
9/84
10/84
11/84

25
26

12.2
11.8

1210.7
1207.1

Actual
data
for
current
cycle

4/84
5/84
6/84
7/84

12/84
1/85

M.225

DEVIMONTHS
FROM ATIONS CURRENT MONTH
ACTUAL
AND
FROM
SPEC.
DATA
YEAR
TROUGH
10/82

•

1,200

SERIES

16

8.7

51
L N N . RATE
B I L . DOL.
1153.1

17
18
19
20

8.9
9.8
10.3
11.4

1155.3
1165.0
1169.7
1181 .8

3/84
4/84
5/84
6/84

21
22
23
24

11.6
11.6
12.4
12.4

1183.9
1183.9
1191.9
1192.8

7/84
8/84
9/84
10/84

25
26
27

13.1
14.1
13.8

1199.7
1210.7
1207.1

11/84
12/84
1/85

/
•

I

IF

_

1,150

+5
•

1,125

•

1,100

•

It

11 I 1 11 I I I I I M I I 11 11 I I I j 1 1 I I 11 11 1 1 1 1 1 1 1 I I T I I I I I

SERIES > 51
ANN. RATE
B I L . D0L
2/84
6.8
1153.1
1155.3
7.0
3/84

17
18
19
20

Percent

18 /
92

MONTHS
DEVIFROM ATIONS CURRENT MONTH
ACTUAL
AND
REF.
FROM
TROUGH
DATA
YEAR
7/81

1,075

1

1970

£ Mdn /
ei
a
jF
f
•

1,050

1.175

2/84

•

•

MONTHS
DEVI. FROM ATIONS CURRENT MOUTH
ACTUAL
REF.
FROM
AND
TROUGH
YEAR
DATA
7/81

1,150

1,075

/
SERIES 9 1 4
1967-100

•••5

15
16

full

-

+10

*m*

•

115

+5

• no

Median
w JP

/

2/84
3/84

3.4
3.5
3.7
2.2

110.7
110.8
111.1
109.5

4/84
5/84
6/84
7/84

21
22
23
24

2.9
2.9
1.7
2.1

110.2
110.2
108.9
109.4

8/84
9/84
10/84
11/84

1.6
1.9

108.8
109.1

12/84
1/85

—

-

100

-5

V

X

105

•

r*s

+12

+18

M20

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
ACTUAL
AND
FROM
TROUGH
DATA
8/82
YEAR

17
18
19
20
21
22
23
24

I.....
+24

SERIES 9 1 4
196 7-100
7.2
110.3
8.4
111.5
7.7
110.8
7.6
110.7
7.7
8.0
6.4
7.1

-10
25
26
27
28

1...,.!.....!

914. Composite index of capital
investment commitments

•

115

•

105

Q
•

1H M ' 111111111
-12
-6
0 + 6

110.8

Percent

D
1970

18 \
92

111.5

3.5

25
26

914. Composite index of capital
investment commitments

4.1

17
18
19
20

/

\

110.8
111.1
109.5
110.2

7.1
5.8
6.3
5.7

110.2
108.9
109.4
108.8

6.0

1/84
2/84
3/84
4/84

-

5/84
6/84
7/84
8/84
-

9/84
10/84

1 0 9 . 1

5

1

0

11/84
12/84

+30

Months from reference troughs

nil
-12

111111 l i i i i i I J n H l i n i i l i i i i i l m i i
-6
0 + 6
+12 +18 +24 +30
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" o n p. 106 of the January 1985 issue.
'




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
(See tnii:[)ietr titles in "Title1; and
>;;;!ft f ;i) Serif-.," ltii!;iwii:f this IIKIM

Aj'.ris uitaral ;iriKlii( Is, exports
fl!i!!ti;)d!Kinj and intentions
liti(tiiie;.>, cxjicitfjitcre'1 new plan! ai:d etjwpfu'd
Justness expenditures new plant and equipment, 1)1 ,
Consumer sentiment, index
t tii(>i: i yees.rtursliutiini;', diiiJ tr-ide. PI
Itiventunes manulds tiirtiij- and tr ide i)l .
New orders, mamitddiiiini', PI
;
f ' n r . retail !ude. l)i
I'm (», wholesale trade. [)|
I ' M I I K ftMiuilfidiiMn.1, (Hisi tr<«le, PI .,
M i e \ riMiwf.if \w.'.\f) and if.iJe. I)i
. . . .
Autiinifiliiieh
Imports yl automobiles and part*
t'er'-nu <iii:s;m[}t:<'!i»sippndititr-1^

Histofical

Series
number

Tables

2
604
61
970
58
9/4
975
971
976
978
977
972
973
616
55

38
38
38
38
38
56

n

67
76
65
76
76
76

n
76
76
76
76
92
65

Sefies

data
(issue date)

description
(*)

8/81
11/84

Charts

7
56

8/84
8/84
1/84
1/85
1/85
1/85
1/85
1/85
1/85
1/85
1/85

23
23
20
37
37
37
37
37
37
37
37

11/84
9/84

56
39

B
H.II.H:, e ,:l payment *>ee hternaii UM! transa. ti;;tis
Hank taws fcee Niuanes, hums
Hants rates See Interest raids
H.ir.k rrj. r vi">
I tee reserve**
Member Isank Imrrimin;; from the f-e.deral Reserve ,
H; :iil> See hlereM u l e >
H;irrs wiif.1 See UeJi!
Hiul|;H Set9 Government
fciilfliiij' See r:-!i'4nit turn
15:::l<11IV pen:!:!1) new private hctisiiv,
business ei(in|iine;it, industrial produrtion
Hiisittev, expenditures, 'lew plant drift equipment ..
H:; ,::ie'A en;ieinl:l«fe;> iew plant .Hid equip me it. 1)1
liiMiie 1 ^ failures, uirreitt liabilities
*
Huswess lormation. index
B:K'iev- CiU'rooraimi:Us; .i:ie(>s inventories see Inventor e *
Hiisniess loans
t carts initMand!!!;' constant dollars
I: AW, iitihldiidi!!,; ;;jrrent (Wl.irs
I nan1, outstanding net ihmyx

93
94

3)
:

7
2
72

6/83
6/83

3
5
35

29
7
6
6
1
970
1
4
1
2
1
3

13,25
24
2
4
33
3
3
12,23
23

6
?
67
67
7
6
72
65
65

7/84
8/84
8/84
8/84
2/85
12/84
12/84

24
1
2
2
3
23
34
2
1
2
1

11
0
72
12
1
25
9

15 35
3
5
32
46

7
3
7
3
7
1
82

6/84
6/84
6/84
11/84

32
32
32
2
6

Canada Sec International comparisons,
Capanty ii til I I at ion

nt
M I'IUI.H tunrv (
MilenaK
Capital ti|'pritj)r:ii!iit!i,, mamJat 111r.n>*
Hat kloi*
Ne*l Y an r-'ved
Ni'*ly approved. PI
Capital equipment, prodmer price 'inJex
I'api11 ii've>iwit See hvistinecl uipital
uip'ia! irvesl'iM")! j-nnsitments. \I
Ca .It Mow i orporate (otistant dol a ^
( thli fit;*. tmp'Hdte (litrent dHlar1t .vtl r i ab-»f l-mt >"e alv» tmi>k,yn ent
tmpit'vnu'iit
hiiplovinent as peri ent ol population
Milhtvic e
Or employed
Conn ident HKIK ators, tour
tVti)|)t>-> te "(Jen
l'i-m(H->ite aide*, rate uf ihatYt
.
. .
Pilfusiim index
Ralu: If) lar^itv, nuiit titor >, composite imle< .
Om'w f, lai tinj irdii'-ir al U\ Idin^s. t'jntf ( *. I > awarded
(amuneiuai ansl HKIUSU^I loans
loans outstanding i;''i-,tant (j(d)ars
I:' i'i. diit1 UM'%, -1 rrei t dt>i| ir.
t ,u\u, outstanding, net t han^e
uimiii'ii'niltmi See also Intonie
C'ltnjiensaiiftn averaje I'tmr'y. 'Hntarm
L'iniiU'ss set tor
Compensation ol employees, NIPA
('omptTisati'tn ol employee*,, (iment ot
iMti-.rjl im-me
Compensation, rt a1 average iio'fly nonlarm
lUiSMiess set tor
( f i iM}'s. ,ivef if',e ') ii/ly i,w(lw t'O'i work'-r^.,
firi>ate niinform etO'i.imy
hirnni|;s( real avi'raj'e tiourly, produftion workers,
private iionfd'ir p.-inoitiy
vVa.'e -i'i»l Iti'i'eti* tlet i s w - , ttr >t yt ar
Wane iirui beneti* (.let isions life ol t onlr.u t
Wtipes and salarie'- in ininifij;, inanutacturtni,

'64'
64

12/83
8/83
8/83

1
4
1
4
1
4

?
4
?4
37
48

6
6
6
6
75
86

2/85
2/85
2/85
3/84

22
22
22
5
1

:
i

60
7
0
7
0

7/84
9/84
9/84

2

89
62
89
62,89

2/84
2/85
2/84
2/85

9
9
9
9
5
5
5
2
1

83
82
84

'n
?
Q

97
1
1
95
6
33
3
914
3
5
34

2
9

M

5

§

2
6

442
90
41
4
37

3
7
11
)
18.51

920
920c
91
5
940
9

1
0
39
36
1
1
2
3

60
7
4
60
66

1/84
1/84
12/84
7/84
12/83

11
0
72
12
1

lli.35
3
5
32

7
3
7
3
7
1

6/84
6/84
6/84

32
32
32

35
4
20
8

49
4
5

8?
82

12/84
10/84

46
46

64

33,47

70,83

9/84

46

346

49

88

12/84

46

340

49

8
?

8/84

5

31
4
348
349

4
9
50
5
0

87
88
88

8/84
12/83
12/83

5
53
5
3

9/84
Ctimtit) ate intle^s
Conuident mdiiatfirs
I. ,ir (film .(Iff, utsje*
t,!'. r unn;idefs, rate o' (iiam'e
Kat'o to \J\\\\\n\] intlit ator index
I ^'I'.I if u^l't .itof,
Nit I i,;i er t it dex
Six I a we IS, rate ol Utatifje
1 eaduif todi, iitor*
Capilai 'TvP.triM'! .cm'iKtfiien!1
Iti'.eoto'y /ive.iuient and ptir* ruisiin;
Marina! ei)>pk)yineiit ad|ustments
Money and I manual flows

See notes at end ot index

110




920
920e
940

1
0
3
9
1
1

930
930c

1
0
3
9

60

1/84
1/84

5

914
95
1
93
1
917

1
1
1
1

60
6
0

1
1

6
0

7/84
7/84
2/83
7/84

5
5
5
5

60
6
0

1/84
1/84
7/84

5
'5

SerigstltIe

(papers)

(See complete titles in "Titles and
Sources of Series," following this index)
Profitability
Twelve leaders, index
Twelve leaders, rate ot change
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private domestic fixed investment
Presidential, percent of GNP
Presidential structures, constant dollars
Presidential, total, constant dollars
Residential, percent of GNP
Residential, total, constant dollars
Housing starts
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

Series
number

(Page numbers)
Charts
Tables

916
910
910e

11
10
39

60
60

29

13,25

9
69

23
24

248
87
86
249
89
28
334
8
75

Historical
data
(issue date)

Series
description
<•

5
5

67

7/84

24

66
67

12/83
9/84

2
1
1
7

47
25
25
47
25
25
48
12,21
22

83
67
67
83
67
67
86
64
65

10/84
9/84
9/84
10/84
9/84
4/84
3/84
4/84
8/84

40
40
40
40
40
24
5
1
1
5
1
2

66
113
95
39

35
32
15.35
33

73
72
73
72

6/84
6/84
9/84
11/83

3
3
33
3
3
34

320
322
58

49
49
22

84,95
84
65

4/84
4/84
1/84

49
49
20

525

53

90

11/84

5
5

20

12,23

66

12/84

2
1

10
116

....,

7/84
1/84
1/84

23
34

66
73

12/84
8/83

2
1
35

110

.

32

72

U/84

101
72
112

15,35
35
32

73
73
71

6/84
6/84
6/84

32
32
32

66
113
95
39
Ill
33

35
32
15,35
33
13.32
32

73
72
73
72
72
71

6/84
6/84
9/84
11/83
6/84
5/84

3
3
3
3
3
3
34
3
1
3
1

98
331

28
48

69
85

3/84
3/84

5
1
5
0

D
Debt—See Credit.
Defense and space equipment, output..
Defense Department
Gross obligations incurred.....
Gross unpaid obligations.....
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services, NIPA
Defense 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 private nonagncultural 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.

557

54

91

U/84

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

1/84
11/84
7/83
1/84
1/84
11/84

5
5
5
5
56
56
56
5
5

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

6/84
6/84
6/84
6/84
7/84
9/84
9/84

1
7
1
5
1
7
1
5
5
43
43

39
32

33
12,21

72
64

11/83
2/85

3
4
1
7

970
965
951
974
963
966
....
962
975
952
950
964

38
37
36
38
36
37
....
36
38
36
36
37

8/84
2/85
12/84
1/85
7/84
8/84

23
22
5
37
5
1
2

i/85
1/85
12/84
12/84
6/84

8
37
5
5
1
5

971
960
972
967
....
973
976
978
977
968
961

38
37
38
37
....
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

i/85
12/83
1/85
1/85

'7
3
37
37
25

i/85
1/85
1/85
1/85
6/83
7/84

37
37
37
37
2
5
5

77

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue

Series title
(See complete titles in "Titles and
Sources ot Series," following this index)

Series
number

^numbers)
Charts

Tables

Historical
data
(issue date)

Series
description

n

Earnings See Compensation.
Employment and unemployment

Defense Department personnel, civilian
Defense Department personnel, military
. .
Employee-hours in nonagrottural estabfishments
Rate of change...
Total
Employees in mining, manufacturing,
and construction
Employees, manufacturing and trade, Dl
Employees on nonagncultural payrolls
Employees on private nonagncultural payrolls, D l . . .
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. Stale unemployment insurance ... .
Initial claims, State unemployment insurance, Dl
Layolt 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 tor economic reasons
Persons engaged in nonagncultural activities
Qml rale, manufacturing
Unemployed, both sexes. 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate. 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, manufacturing production workers
Workweek, manufacturing production workers.
components
Workweek, manufacturing production workers. Dl
Equipment
See Investment, capital.
Exports See International transactions.

5
1
5
5
5
5

8
9
9
1
9
1

8/81
2/84
1/84
1/84

3
9
1
7

6
1

12/84
12/84

4
0
94
7
4
1
93
6
50
7
9
0
42
4
4
6
6
0
5
92
6
3
93
1
2
1
43
5
42
5
41
5
48
4
4
2
4
46
4
45
4
47
4
44
4
9
1
4
4
4
5
4
3
3
7
1

1
7
3
8
14,17
3
6
5
5
1
7
5
1
1
6
1
6
12,16
3
6

6
2
7
6
6
2
7
4
9
1
6
2
8
9
6
1
6
1
6
1
7
4

16'
5
1
5
1
5
1
5
1
1
7

'6l'
8
9
8
9
8
9
8
9
6
2

96l'

,

2
41
4
58
7
57
7
4c
8
4
8

Accession rate, manufacturing
Civilian labor force, total

5
1
5
1
15,18
1
8
1
8
1
8
18,51
12,16

'89'
8
9
8
9
8
9
6
2
6
2
6
2
6
2
62.89
6
1

7/84
1/85
7/84
7/84
7/84
2/85
2/84
2/85
2/85
1/85
1/85
8/81
2/83
7/84
2/84
2/84
2/84
2/84
2/85
8/81
2/84
2/84
2/84
2/84
2/85
2/85
4/84
2/85
2/85
7/84

'36'

7
7
7
4

7
9
56

56

7/84

"si'
5
1

5
37
5
5
5
9
9
9
9

Current

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series
number

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

119

9
4
23
1
97
1

7
2
8
0
6
0

(*)

7/84
7/84

36

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

7/84
9/84
10/84

310

Implicit price deflator, GNP

16
12,16

961

..

48

84

9/84

12/84
10/84

4
6
4
6

7/84
4/84

24
24
40
40

Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector

345

49

87

280

Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector

45

82

64

30,47

70,83

9/84

4
6

346

49

88

95
286

15,35
45

73
82

12/84
9/84
11/84

4
6
3
3
2
6

287
225
224

47
40
40

83
80
80

11/84
10/84
10/84

2
6
1
1
1
1

227

40

80

10/84

1
1

340

49

87

8/84

5

private nonfarm economy,..
Income on foreign investments in the United States

341
652

49
57

87
93

Income on U.S. investments abroad

651

57

93

interest.net
Interest, net, percent of national income

288
289

45
47

82
83

National
Personal
Personal
Personal

220
52
223

45
19
40

82
63
63

8/84
8/84
8/84
11/84
11/84
10/84
9/84
9/84

5
5
7
5
7
4
7
4
7
4
6
1
1
1
1

constant dollars
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, real average hourly, production workers,

income
income, constant dollars
income, current dollars
income, less transfer payments, constant dollars

51

14,19

63

108
282

31
45

71
82

9/84
9/84
9/84
10/84

"0ii
3

283
284

47
45

83
82

10/84
10/84

4
7
4
7

285
348
349

47
50
50

83
88
88

11/84
12/83
12/83

4
7
5
3
5
3

9/84
12/84
3/84

1
1
2
1
5
1

8/84
8/84
8/84
8/84
8/84

1
2
1
2
1
2
1
2
1
2

8/84
8/84

'2
l

51c

Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj

6/83
10/84
7/84

3
5
3
8
5

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

39

53

6/83

52
0
51
0
50
0
52
1
51
1
50
1
28
9

Goods output in constant dollars
Implicit price deflator
Per capita GNP. constant dollars

9
0
9
0
9
0
9
0
9
0
9
0
8
3

9/84
9/84
9/84
9/84
9/84
9/84
11/84

5
3
5
3
5
3
5
3
5
3
5
3
4
8

23
6
22
6
25
6
54
6
55
6
27
6
26
6
28
6
21
6
20
6

4
3
4
3
4
7
5
5
5
5
4
3
4
3
4
7
4
3
4
3

8
1
8
1
8
3
9
1
9
1
8
1
8
1
8
3
8
1
8
1

10/84
10/84
10/84
9/84
9/84
10/84
10/84
10/84
10/84
10/84

4
3
4
3
4
3
4
3
4
3
4
3

4
8
3
0

8
4
7
0

9/84
9/84

4
9
2
8

5
0
5b
0
5c
0
20
0
200b
200c
17
0
4
9
30
1
27
1

,

5
2
5
2
5
2
5
2
5
2
5
2
4
6

31
1
6
8

Federal expenditures •
Federal receipts
Federal surplus or deficit
...
Slate and local expenditures
State and local receipts

19,40

"3l"
2
0
4
8
4
0

63,80
8
0
8
0
8
0
8
0
8
0
7
1
' 63
8
4
8
0

10/84
10/84
10/84
10/84
10/84
10/84
2/85
9/84
9/84
10/84

3
8
3
8
3
8
3
8
3
8
3
8
3
0
1
4
3
8
3
8

4
6
6
0

1
6
1
6

6
1
6
1

2/85
2/85

9
9

'39'
4
0

•43

4
3
4
3
4
3

4
7

Gross private domestic investment—See Investment, capital.

24
22
20
20

67
65
63
63

63,94

47

Japan
.
.
United Kingdom
United States
...
West Germany
.
Industrial production
Canada
France
Italy
Japan
.
OECD, European countries
United Kingdom
.
United States
.

.
.

.

.,

.

.

.

.

.
.

4

'5
2
2
5

12,16
36
18
45
47

61
74
62
82
83

1/85
1/85
4/84
11/84
11/84

8
8
8
4
7
4
7

35
34
34
34
34
35
34
34
48

73
73
72
73
73
73
72
73
86

2/85
8/83
10/83
10/83
10/83
7/83
8/83
8/83
3/84

3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
5
0

59
59

59

96

738
732
320
735

.

1/85
1/85

733
736

.

79
75
69

67
116
119
118
117
109
114
115
332

.

37
28

5
962
45
288
289

...

37
39

737

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 .
.
.

14,20,58

967
23

Components
Diffusion index
Spot market index

West Germany

65
85

966
47c

Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices

Italy

63

23
48

76
75
73
74

Total

9/84

Goods output in constant dollars
Government budget, NIPA

19

13
335

Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures

9/84

France See International comparisons.
Free reserves

Hours of production workers, manufacturing

Series
description

ot national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,

Food See Consumer prices.
Foreign trade See International transactions.

Help-wanted advertising, ratio to unemployment

Historical
data
(issue date)

Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent

10/83

3
3
4
0
1
1

311

,

Tables

Proprietors' income with IVA and CCAdj, percent

Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital,
Fixed weighted price index, gross domestic
business product

Help-wanted advertising in newspapers

issue

numbers)

21
1

Rate of change

Federal lunrJs rate
Federal Government—See Government,
Federal Reserve, member bank borrowing from ..

Stale 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 delense
National defense, percent of GNP
Stale 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 M l

(p3Be

Charts

59
59
49
59

95
95
84,95
95

4/84
4/84
4/84
4/84
4/84
4/84
4/84

6
0
6
1
6
1
6
1
6
0
4
9
6
1

723
726
727
728
721
722
7

58
58
58
58
58
58
14,20,58

94
94
94
94
94
94
63,94

725

58

94

5/84
5/84
5/84
5/84
5/84
5/84
8/84
5/84

5
9
5
9
5
9
5
9
5
8
5
8
1
2
5
9

78
75

96
95

See notes at end oi index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
tore Hit
V e title1 in "lilies anil

Current issue
Series
number

tpage

Chart:,

numbef

^
lables

t *Y ,'fi «
I r'ai'i e
I I ir
Ja| ai1
Ml I N K-,r I:'!',

743
746
747
748
742

West hermanv

745
667
622
618
602
604
256
252
668
606
620
612
616
25/
253
669
614
652
651

If,

HK'r, 1 M I M ' •

id

Imports
li"P-nl*
lf' ( i)fl
liepmls

t

U

{») aiito'iiob le, and |iart.
(i| f,t>mls and >ervM> orslant d.slst". NII'A
i1 ,'|(i»tK )ti,1 i' h rvt'i, . j i ' c t 1 tltllif NII'A
ot ijtKiiU and scrvues total

If. mite, i' t hfii'/t n*e 'itn-ii i I;I *'ie tJti tt'J ^tatis
litt'iine j 'I IJ S inve.tments abr, ad
to I (<;,•( <*,-M
ai I .IT'.I t
(O'islat'tdfillar,, Nil A
N ( t M r i r K " t i " » J , «,<J v r v i , ^
r ml . i i l . r . . l # f i
Net exp rts oi i.umis and ,>ervinH (lortunt (if GNP
Invtrt1 t . s
UIISIII*'.' in*it.Wtt, , Uv,*. M.rst,H I dollar,, NIPA
Hnsiiie" uivciiurips th.nv.e, tiifcnt dollars, NII'A
I id .[i i1 .s ii'vt'>if if»
f i'l,^ |.i-r i'[ t ,.* iJNf
DeleMst ijrodiutt maniifat hirer >
fi'iished p u l , n mila ttirer1
lfi.»"it"f>t s "it IM'I'1 ait 1 i''i, r Je r 'id i iiai'j i
liwe'itiines td sales ratnt, iiiaiuif('t hiring din trade
It *e'i'< ry II ,e',l"ii si jt-1 (»tifi ha1 nit, 11
Mai' lUtumi, and trade, Invjli VIILC
Mdiiiit.)* turirv, and trade, uiawe n: Look va le
Mar it i; Uri! >' aN tr-*-!«-. ;•»(' U'J \\"\\v^
Manuta; turine and trade, IJI
...
Malf-ia!' -md >ii()p!ie. tut hand ai'd m erde*.

1/84
1/84
1/84
1/84
1/84
1/84
1/84

63
.63
63
63
63
25
63

93
93
93

57
5/
57
56
56
44
44
57
56
57
56
56
44
44
5/
56
57
57

hp,,rf» I'ltri tidfi(lisi\ tt'ttil cxtlifJnif military did
I *p. 'K "f dftue ,'n df'r t ottira pitnlm ts
K . ' K •'»» .J- Hnl ,i'fvi K t i 4tnt -lutKi' NIPA
I xports id I'Dods and servues, urrent dollar' NIFA
\ i j ri »' i1" J,)1 v i ' l ( i Mi "s, »>xi hid-n,1 military
I ? ( 1 ) rU ..* 'in" >e, h<a] fiuu'tim'fv
hi'itiwts IIHMI Itat'dise, jduhted ex Mlim1 military

8/84
8/84
8/84
11/84
11/84
10/84
10/84
8/84
11/84
8/84
11/84
11/84
10/84
10/84
8/84
11/84
8/84
8/84

5?
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
57
5?

92
82
82
93
92
93
92
92
82

m
93
B?
93
93

10/84

255
250
251
30
245
24?
559
65
36
77
915
71
31
70
975

Series
description
(*)

96
96
96
96
96
98
96

59
59
59
59
59
59
59

b thn. e 1 i't * d^ i'i I J 'v tu >
1
Halai't e t (i men handise trade

Historical
data
(issue date)

8?
83

10/84
10/84
9/84
10/84
10/84
6/84
6/84
12/84
11/84
7/84
11/84
11/84
11/84
1/85

40
40
40
17
17
17
17
5
1?
1?
17
37

44
4/
42
4?
54
27

m
9!
68
68
68
60
68
68

15^27
1]

m
76

Materials and supplies mi hand and on mile',

6/84
6/84

love' (incut, ;apital
t'ainlal a|)pm|tnatti)ii • manuiait'irinij tMtkloc,
;:,t(>i!a! it'pf"(TMti"t: nuriitfiu • ir v, nt1*
Cil'tlti1 invtMtiiont (.iii:'nttnti'nt«. l i '
u.-n ti'iu t ' f ' i . cfitr.it 11 • "ittiiiet, al aiid • ri.it istr a)
Uiiistrintitin expenditiires. business, ptos machinery

97
1
1
95
6
914
9

24
2
1
3/
1
1
2
1

66
66
7
5
6
0
6
6

fined tiivcslriiRit, uirrent dollars

F'mdmerV durubie t'qoipnieni, ixinresidential,
Nt'-.i'fenti.tl. t r*i si i,it jtolla'S
Hi'Mtll'lltWf, (HTU'Mt l)f UNP
.
.
S!f;« lire it -if". ilf-rtul, i->i"-ta:it >U>\ a*.
tutal, tt)f:staht duliar>
f;:W. j urren! Mkv
New ^rdfr* ; J,= lai i'.-'fl1.. 'is>fidt I-'C ,<•.
Kiiistati! ilolhr1'
,
,
N"W ;;rder, M ( >.UI I,>»».)'., ihMHlcIf1)'^1,
* rretit duilar^ .
Hant and equipment

243
242
86
248
88
89
249
8?
241
240

Italy

10/84
10/84
9/84
10/84

40
40
40

67
67
83
67
81
81

25
47
25
42
42

9/84
9/84
10/84
9/84
10/84
10/84

40
40
40
40
40
40

12/84
12/84

652
651

67
76
66
66

8/84
8/84
12/84
12/84

23
23
21
21

93
93

1?,Z3
23
57
ft/

a/84

57
57

Hec Intei national imnpariMiih
J

J.Hiait

1

be' ln!ern,itt(jril ,<>ni|>,rh"ir

i ,\\i -r • ,r t (»'f Mil! if •••(>• . d»imV.it i ^ r i m !
I iituu i:i',I |MT mill ,tf output, ni,iii!it,i( turmj;
A.!nal la!.i
A( !ual data as [n r e*it (.1 trwtd
lalsm o s t |ier unit of euttiut, private Ijtismevj
I ,i!-'»r • ; ( !, ,irti •' ;-t: n 11 »•. 'I'infttrri imsit^,,
I ahitr i;»rt e .Sci- hiijhi'yiherit
I ai'i'itii, ::uluat,:hi 't*
\i:i :t.rate ot i
Composite
layoff rate, •]ian;la>t;itiiif
leailmr, •:nii>at:iis twelvt
Ct!ti)|H!Site iiulex rate of t.haff e

112




9/84

m
1
5
3
0
29

7
0
7
0
7
0
7
0

12/84
12/84
11/84
1/85

930
930e
952
3

1
0
3
9
36

60

1/84
1/84
12/84
8/81

910
910c

1
0
3
9

62
62
63
2
6

-

74"
60

1/84
1/84

Historical
data
(issue date)

Series
description
(•)

Charts

Tables

36
33
31

74
72
71

2/83

5

78

27

68

6/84

1
7

38
8

26
12,21

68
64

6/84
4/84

17
15

84

20

64

8/83

917

11

60

7/84

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

2/85
2/85
2/85
2/85
2/85
2/85
9/84
5/84
10/83
10/83

2
9
2
9
2
9
3
0
2
9
3
0
3
0
3
1
3
5
3
5

27
24
8

23
23
12,21

66
66
64

12/84
12/84
4/84

15
15
15

20

12,23 66

12/84

2
1

10
548
7
6
....
964
971

23
53
21
21
—
37
38

66
90
64
64
77
75
76

12/84
6/84
6/84
6/84

21
15
15
15

6/84
1/85

15
37

88
87
86
248

25
25
25
47

67
67
67
83

9/84
9/84
9/84
10/84

40
40
40
40

517
543
721

53
53
58

90
90
94

1/84
11/84
5/84

55
55
58

580

54

91

7/83

557
49

54
20

91
63

11/84
9/84

1
3
1
4

62
62
358
370
83
82
84
21

30
15
50
50

70
70
88
88

20
20
16

64
64
61

12/84
12/84
1/85
1/85
12/83
8/83
8/83
7/84

28
28
52
52
1
4
1
4
1
4
5

453
452
451

51
51
51

89
89
89

2/84
2/84
2/84

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84

39
39
39
39
39
3
9
39
39
39
3
9

292
293
614

46
46
56

82
83
92

11/84
11/84
11/84

48
48
56

61
970
20
10
90

24
38
12,23
23
17

67
76
66
66
62

8/84
8/84
12/84
12/84
2/85

2
3
2
3
2
1
2
1
9

12/84
2/85
2/85

5
34
29

M
Man hours-See Employment,
Marginal employment ad|ustments, Ct
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 fmaneiai flows, Cl
Money supply
Liquid assets, change in total.....................................
Money supply M I , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio. GNP to money supply M l
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

913

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
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0

81
81
fi?
83

42
42
25
4/

970
20
10
Investiiienl ttireii;:)
I'd f'tt 1 •'« f.'M'.i'c n:vihi'in")ls n tl:e Um'eJ s

22
22
11
5
2
1

9/84

Jit;i ,\ private tltii'i»r(4is ieve .tment
llu-.i'iess mv'Mtit.trn". ;liatit',e See Inveiittines

N'tii!e'iiif'litti tl i>!ti' laul d"ilat't

2/85
2/85
2/85
7/84
12/83

iaao.
niimhprsl
(page numDerS)

Series
number
950
14
104

Dilfusion index
Liabilities of business failures
Liquid assets, ehange in total
Loans -See Credit.

44
44

68,81
81

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

28
28
28
28

Obligations incurred, Defense Department..................
Obligations unpaid, Defense Department..............
OECD, 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
Ratto to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials...........................
Overtime hours, manufacturing production workers
P
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over.
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars .
Nondurable goods, constant dollars
Nondurable goods, current dollars.
.
Services, constant dollars
Services, current dollars
Total, constant dollars .
.
. . .
Total, current dollars
Total, percent of GNP,.,
Personal income- See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment—See also Investment, capital.
Business expenditures, new...............................................
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Population, civilian employment as percent of

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources ot Series." following this index)
Price indexes
Consumer prices—Soe also International comparisons.
All items
Food
Deflators. NIPA
Fixed-weighted, gross domestic business product
Implicit price deflator. GNP
Labor cost, price per unit ot, 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 prtces- 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
Prime rate charged by banks ,
Producer prices-See Price indexes.
Producers' durable equipment, nonresidentiaf, 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 CCAdj. current dollars
Corporate profits, total
With IVA and CCAdj
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 CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Series
number

Current issue
<PaEe numbers)
Charts
Tables

Series
description
(*)

30
2
32
2

4
9
4
9

84,95

8
4

4/84
4/84

49
49

31
1
30
1
2
6

48
48
2
9

84
84
7
0

9/84
9/84
1/85

49
38
28

30
3
33
3
31
3
34
3
35
3
32
3
98

48
48
48
48
48
48
2
8

8
5
8
6
8
5
8
6
8
5
8
6
6
9

3/84
3/84
3/84
3/84
3/84
3/84
3/84

50
51
50
51
51
50
51

97
6
2
3

'37'

7
9
7
5
6
9

1/85
1/85

25
25

6
9
6
9

3/84
3/84

51
25

98
9
9

2
8
2
8
13,28

1
9
98
6
2
6

13,28

3
7
2
9

6
9
7
5
7
0

1/84
6/83
1/85

25
25
28

96
7
98
7
977
55
2
19
0

3
8
38
38
5
3
3
5

7
6
7
6
7
6
90
7
3

1/85
1/85
1/85
11/84
7/83

37
37
37
55
35

9/84

1/85
1/85
7/84

52
52
5

69
69
69
69

9/84
9/84
9/84
9/84

26
26
26
26

45
47
38
37
29
11
29

82
83
76
75
70
60
69

11/84
11/84
1/85
12/83
1/85
7/84
9/84

26
26
37
37
27
5
26

81
282

29
45

70
82

9/84
10/84

26
47

283

47

358
370
916

50
50
11

18
16
80
79

28
28
29
29

287
972
960
15
916
22

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

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

Historical
data
(issue date)

Series
description

Series

(page

number

Charts

Tables

2
4

2
2
2
2

67
6
5
6
5
7
6
68
6
5
6
5

9/84
11/84
11/84
1/85
11/84
12/84
12/84

25
9
28
9
20
9
22
9
23
9

4
6
4
6
4
6
4
6
4
6

82
8
3
82
8
2
8
3

11/84
11/84
11/84
11/84
11/84

98
9
9
58
8

28
13,28

5
4

6
9
6
9
9
1

3/84
3/84
6/84

51
25
17

97
6
2
3

3
7
2
8

7
9
7
5
6
9

i/85
1/85

25
25

1
9
98
6
7
8

13,28

6
9
7
5
68

1/84
6/83
6/84

25
25
17

numbers)

23
1
6
9
5
7
5
6
93
7
7
7
5
9
5
4

C)

10/84
14,22

2
2
3
8
15,27

3
7
2
7

17
17
17
37
17
20
20

6/84

14
1
15
1

Treasury bill rate
Treasury bond yields

3
4
3
4

7
2
7
3

8/83
8/83

3
5
3
5

9
1
60
5
92
6
3

15,18

3
6

6
2
6
1
6
1
7
4

2/85
2/85
1/85
1/85
8/81

9
9
8
8
7

46
4
45
4
47
4
44
4
3
7
4

5
1
5
1
5
1
5
1

8
9
8
9
8
9
8
9

18,51

62,89

2/84
2/84
2/84
2/84
2/85
8/81

9
9
9
9
9

44
4
5
4
3

1
8
1
8
1
8

62
6
2
6
2

2/85
4/84
2/85

9
8
9

51
6
9
6
2
5

5
4
2
1
2
1

9
1
6
4
6
4

6/84
6/84
6/84

1
5
1
5
1
5

17
0
18
0

3
1
3
1

7
1
7
1

12,21

64

2/85
9/84
2/85

3
0
3
0

32

1

12,16

91
6

'36'

6
1
7
7
7
4

u

10/84

8/81

Quit rate, manufacturing

Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of 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
data
(issue date)

97
6
23
284

3
7
28
4
5

7
9
7
5
6
9
82

1/85
1/85
10/84

2
5
2
5
4
7

25
8
9
3
8
9
29
4

47
3
3
2
5
47

8
3
7
2
6
7
8
3

11/84
6/83
9/84
10/84

4
7
3
5
40
40

5
9
5
4

2
2
2
2

6
5
6
5

12/84
12/84

2
0
20

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
Unfilled orders, manufacturers'
Defense products
,
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons.

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio..
Vendor performance, slower deliveries

1
6
12,16

17

W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek of manufacturing production workers
Average workweek
Components
Diffusion index

7/84

5

7/84

"5

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 of the Handbook of Cyclical Indicators (1984) 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 lumbers are for
identification only and do not reflect relationships or
order among the series, " M " following a series title
indicates monthly data; " Q " indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end ol quarter).
To save space, the commonly used soirees listed below
are referred to by number:
Source 1 U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2 U.S. Department of Commerce, Bureau of the Census; Source 3 U.S. Department
of Labor, Bureau of Labor Statistics; Source 4 Board of
Governors of the Federal Reserve System.
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.

I-A. Composite Indexes
910. Composite index of twelve leading indicators
(includes series 1, 5, 8, 12, 19t 20, 29, 32, 36, 99,

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(12,23,65)
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)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).
Sources 1; 4; 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; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars (Q).
Source 1
(29,70)
35. Corporate net cash flow in 1972 dollars (Q).- Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1972 dollars (M). Sources 1
and 2
(13,26,68)

14. Current liabilities of business failures (M). - D u n
& Bradstreet, Inc.
(33,72)

37. Number of persons unemployed (M). Source 3

15. Profits after taxes per dollar of sales, manufacturing corporations <Q).~Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).-Source 2
(26,68)

(18,51,62,89)

16. Corporate profits after tax in current dollars (Q).-~
Source 1
(28,69)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).-American Bankers
Association
(33,72)

18. Corporate profits after tax in 1972 dollars (Q).—
Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Souree 3
(17,62)

19. Index of stock prices, 500 common stocks (M).Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).—Source 3
(17,62)

917. Composite index of money and financial flows
(includes series 104, 106, 111) ( M ) . - S o u r c e
1
(11,60)

20. Contracts and orders for plant and equipment in
1972 dollars (M),-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M). -Source
1
(10,39,60)

21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing ( M ) .
Source3
(16,61)

930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) ( M ) . - S o u r c e

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).-Source 1
(29,69)

106,111) (M), Source 1

(10,39,60)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).- Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32( 36, 99) (M).—Source

1

(11,60)

916. Composite index of profitability (includes series
19,26,80) ( M ) . - Source 1
(11,60)

1

(10,39,60)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M). Source
1
(11,50)

23. Index of spot market prices, raw industrial materials (M). -Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)

(28,69,79)

t-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing ( M ) . - - S o u r c e 3

(12,16,61,77)
5. 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

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (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

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).-U.S, Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).-The Conference Board
(16,61)
47. Index of industrial production (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)
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 in 1972 dollars (M). Source 1

(29,70)

(19,63)

6. Manufacturers' new orders in current dollars, durable
goods industries ( M ) . - Source 2
(21,64,77)

27. Manufacturers' new orders in 1972 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

53. Wages and salaries in 1972 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)

7. Manufacturers' new orders in 1972 dollars, durable goods industries (M).-- Sources 1 and 2
(21,64)

28. New private housing units started (M).—Source
2
(25,67)

8. Manufacturers' new orders in 1972 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)

29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

(12,16,61)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).--McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114




30. Change in business inventories in 1972 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories,
book value (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)

54. Sates 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 and 2
(14,22,65)
58. Index of consumer sentiment (Q,M).-University
of Michigan, Survey Research Center
(22,65)
59. Sates of retail stores in 1972 dollars (M).-Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES—Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
61. Expenditures for new plant and equipment by U.S.
nonfarm business (Q).—Source 1
(24,67)
62. Index of labor cost per unit of output, manufacturing (M).-Sourcesl and 4
(15,30,70)
63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
65. Manufacturers' inventories, finished goods, book
value(EOM).-Source2
(27,68)
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1972 dollars, nonfinancial corporations (Q).-Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1 and 2
(27,68)
71. Manufacturing and trade inventories, book value
(EOM).-Sources 1 and 2
(27,68)
72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M).-Source4
(20,63)

88. Gross private nonresidential fixed investment in I-C. Diffusion Indexes
1972 dollars, producers' durable equipment ( Q ) . 950. Diffusion index of twelve leading indicator compoSource 1
(25,67)
nents (M).-Source 1
(36,74)
89. Gross private residential fixed investment in 1972
951. Diffusion index of four roughly coincident indicator
dollars (Q).-Source 1
(25,67)
components (M).-Source 1
(36,74)
90. Ratio, civilian employment to population of work952. Diffusion index of six lagging indicator components
ing age (M).—Sources 1 and 3
(17,62)
(M).-Source 1
(36,74)
91. Average duration of unemployment in weeks (M).—
960. Diffusion index of net profits, manufacturing—about
Source 3
(15,18,62)
600 companies (Q).—Dun & Bradstreet, Inc. (Used
93. Free reserves (M).-Source 4
(33,72)
by permission, This series may not be reproduced
without written permission from the source.)
(35,75)
94. Member bank borrowings from the Federal Reserve
(M).-Source4
(33,72) 961. Diffusion index of average weekly hours of produc-

96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2
(21,64)

98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)
99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
101. Commercial and industrial loans outstanding in 1972
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)
(31,71)

76. Index of industrial production, business equipment
(M).-Source4
(24,67)

108.

Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)

77. Ratio, manufacturing and trade inventories to sales in
1972 dollars (M).-Sources 1 and 2
(15,27,68)

109.

Average prime rate charged by banks (M).—Source
4
(35,73)

110.

Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)

84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).—Source 4

87. Gross private nonresidential fixed investment in
1972 dollars, structures (Q).-Source 1
(25,67)




Money supply M2 in 1972 dollars (M).-Sources 1
and 4
(13,31,71)

111. Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)
112.
113.

Net change in consumer installment credit (M).—
Source 4
(32,72)

970.

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
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)

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)

119.

Federal funds rate (M).—Source 4

(34,72)

Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).-Sourcel
(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)

114. Discount rate on new issues of 91-day Treasury
bills (M).-Source4
(34,72)
115.

Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)

968. Diffusion index of stock prices, 500 common stocks,
46-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)

Net change in business loans (M).-Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)

(31,71)

86. Gross private nonresidential fixed investment in
1972 dollars (Q).-Source 1
(25,67)

964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M). Sources 1 and 2
(37,75,77)

Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)

Change in money supply M2 (M).—Source 4

Ratio, gross national product to money supply Ml
(Q).—Sources 1 and 4
(31,71)

82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)

Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)

104. Change in total liquid assets (M).—Sources 1 and 966.
4
(31,71)
105. Money supply Ml in 1972 dollars (M).-Sources 1 967.
and 4
(31,71)

102.

107.

81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)

963.

Diffusion index of newly approved capital appropriations in 1972 dollars, 17 manufacturing industries (Q).-The Conference Board
(37,75)

75. Index of industrial production, consumer goods
(M).-Source4
(22,65)

80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1972
dollars (Q).-Source 1
(29,69)

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)

965.

106.

79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)

962.

97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board
(24,66)

74. Index of industrial production, nondurable manufactures (M).-Source4
(20,63)

78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
2
(27,68)

tion or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)

95. Ratio, consumer installment credit outstanding to
personal income (M).—Sources 1 and 4
(15,35,73)

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)

115

TITLES AND SOURCES OF SERIES—Continued
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)
977. Diffusion index of selling prices, wholesale t r a d e 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)

243. Gross private domestic fixed investment in 1972
dollars (Q).—Source 1
(42,81)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

245. Change in business inventories in current dollars
(Q).~Source 1
(42,81)

290. Gross saving (Q).—Source 1

247. Change in business inventories as a percent of
gross national product (Q).-Source 1
(47,83)

293. Personal saving rate (Q).—Source 1

292. Personal saving (Q).—Source 1

(46,82)
(46,82)
(46,83)
(46,82)

295. Business saving (Q).-Source 1
248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source 298. Government surplus or deficit (Q).—Source 1

1

(46,83)

(47,83)

978. Diffusion index of selling prices, retail trade—about 249. Gross private residential fixed investment as a 11-8. Prices, Wages, and Productivity
percent of gross national product (Q).—Source
400 businessmen reporting (Q). -Dun & Bradstreet,
1
(47,83) 310. Implicit price deflator for gross national product
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250. Net exports of goods and services in current dollars
(Q).—Source 1
(48,84)
source.)
(38,76)
(Q).-Sourcel
(44,82) 311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
251. Net exports of goods and services as a percent of
II—A. National Income and Product
gross national product (Q).—Source 1
(47,83) 320. Consumer price index for all urban consumers
30. Change in business inventories in 1972 dollars (Q).— 252. Exports of goods and services in current dollars
(M).-Source3
(49,59,84,95)
Source 1
(26,42,68,81)
(Q).-Source 1
(44,82)
322. Consumer price index for all urban consumers,
50. Gross national product in 1972 dollars (Q).—Source 253. Imports of goods and services in current dollars
food (M).—Source 3
(49,84)
1
(19,39,40,63,80)
(Q). -Source 1
(44,82) 330. Producer price index, all commodities (M).—Source
64. Compensation of employees as a percent of national 255. Net exports of goods and services in 1972 dollars
3
(48,85)
income (Q).—Source 1
(30,47,70,83)
(Q).~Source 1
(44,82)
331. Producer price index, crude materials for further
200. Gross national product in current dollars ( Q ) . processing (M).-Source 3
(48,85)
256. Exports of goods and services in 1972 dollars
Source 1
(40,80)
(Q).-Sourcel
(44,82)
332. Producer price index, intermediate materials, sup213. Final sales in 1972 dollars (Q).—Source 1
(40,80) 257. Imports of goods and services in 1972 dollars
plies, and components (M).—Source 3
(48,86)
(Q).—Source 1
(44,82)
217. Per capita gross national product in 1972 dollars
333. Producer price index, capital equipment (M).—
(Q). -Sources land 2
(40,80) 260. Government purchases of goods and services in
Source 3
(48,86)
current dollars (Q).—Source 1
(43,81)
220. National income in current dollars (Q). - Source
334. Producer price index, finished consumer goods
1
(45,82) 261. Government purchases of goods and services in
(M).-Source 3
(48,86)
1972 dollars (Q).-Source 1
(43,81)
223. Personal income in current dollars (M),--Source
335. Producer price index, industrial commodities
1
(40,63) 262. Federal Government purchases of goods and ser(M).-Source 3
(48,85)
vices in current dollars (Q).—Source 1
(43,81)
224. Disposable personal income in current dollars (Q).~
340. Index of average hourly earnings of production or
Source 1
(40,80) 263. Federal Government purchases of goods and sernonsupervisory workers on private rwnagricultural
payrolls (M).-Source 3
(49,87)
vices in 1972 dollars (Q).-Source 1
(43,81)
225. Disposable personal income in 1972 dollars (Q)—
Source 1
(40,80) 265. Federal Government purchases of goods and ser- 341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagriculvices as a percent of gross national product (Q).—
227. Per capita disposable personal income in 1972 doltural payrolls (M).-Source 3
(49,87)
Source 1
(47,83)
lars (Q).-Sources 1 and I
(40,80)
230. Personal consumption expenditures in current dollars (Q).-Source 1
(41,80)

266. State and local government purchases of goods and
services in current dollars <Q).—Source 1
(43,81)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)

231. Personal consumption expenditures in 1972 dollars
(Q), Source 1
(41,80)

267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q).—Source 1
(41,80)

268. State and local government purchases of goods and
services as a percent of gross national product
(Q).-Sourcel
.
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

233. Personal consumption expenditures in 1972 dollars, durable goods (Q).—Source 1
(41,80)

280. Compensation of employees (Q).—Source 1

235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capita) consumption adjustments (Q).—Source
1
(45,82)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q).—Source 1
(41,81)
238. Personal consumption expenditures in 1972 dollars, nondurable goods (Q).—Source 1
(41,81)
239. Personal consumption expenditures in 1972 dollars, services (Q).—Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q).—Source 1
(42,81)
241. Gross private domestic investment in 1972 dollars
(Q).—Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q). Source 1
(42,81)

116



(45,82)

348. Negotiated wage and benefit decisions, average
first year changes (Q).-Source 3
(50,88)
349. Negotiated wage and benefit decisions, average
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)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)

370. Index of output per hour, all persons, business
sector (Q).-Source 3
(49,88)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

II—C. Labor Force, Employment, and
Unemployment

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
'
(47,83)
286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

37. Number of persons unemployed (M).—Source 3

(18,51,62,89)
441. Civilian labor force (M).-Source 3

(51,89)

442. Civilian employment (M).-Source 3

(51,89)

287. Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M).-Source3
(51,89)
percent of national income (Q).—Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)
288. Net interest (Q).-Source 1
(45,82)

TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers ( M ) . - Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).—Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

47. United States, index of industrial production ( M ) . Source 4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
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)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

502. Federal Government expenditures (Q).—Source
1
(52,90)

727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)

II—E. U.S. International Transactions

510. State and focal government surplus or deficit (Q).—
Source 1
(52,90)

728. Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)

602. Exports, excluding military aid shipments ( M ) . Source2
(56,92)

511. State and local government receipts (Q).—Source
1
(52,90)

604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

(52,90)

512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(M).~U.S. Department of Defense, Office of the
Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis
(53,90)
525. Defense Department prime contract awards for work
performed in the United States (M). U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic Anafysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Sourcel
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Sourcel
(57,93)

543. Defense Department gross unpaid obligations
outstanding (EOM).—U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers1 new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States
(Q).-Sourcel
(57,93)

557. Index of industrial production, defense and space
equipment (M).—Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1
(57,93)

559. Manufacturers' inventories, defense products, book
value (EOM).-Source2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




622. Balance on merchandise trade (Q).—Source 1
(57,93)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1

(57,93)

II—F- International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

732. United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).
percent
Econom(59,95)

736. France, consumer price index (M).—Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).—Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics
Canada (Ottawa)
(59,96)
745. West Germany, index of stock prices ( M ) . Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).-lnstitut National
de la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M). Bank of Japan
(Tokyo)
(59,96)

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