Full text of Business Conditions Digest : February 1986

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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
D. Bruce Merrifield, Acting Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, 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
Mary D. Young—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 1968f 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

BCII

iii

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

1
1
1
1
4
5
5
6

FEBRUARY 1 9 8 6
Data Through January
Volume 26, Number 2

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

Bl
B2
B3
B4
B5
B6
L.B7J

Cl
C2
C3

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

,

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

DIFFUSION INDEXES
AND RATES OF CHANGE
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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



Chart
10
12
14
c
. 15

Table
60
—
—
—

16
19
21
23
26
, 28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1986.

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
Al
A2
A3
A4
A5
A6_
A7
Aft

Chart

Table

40
41
42
43
44
45

80
80
81
81
82
82

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

Saving

46

82

Shares of GNP and National Income

47

83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
A. MCDand 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
C. Historical Data for Selected Series

98
99

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

E. Business Cycle Expansions and Contractions (January 1986 issue)
F. Specific Peak and Trough Dates for Selected Indicators (August 1985 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

105
109
113

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

BCD DATA ON DISKETTE

changes are made from
time to time to in-

Data for most series shown regularly in BCD now are
available on diskette for $240 per year (12 updates).
For more information, write to the Bureau of Economic
Analysis (BE-60), U.S. Department of Commerce, Washington, DC 20230.

corporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,

Changes in this issue are as follows:

comparability, coverage,

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

seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or

Series
number

Beginning date for
new factors

Series
number

Beginning date for
new factors

5
9
10
12
13
15
33
72
112
517
525
543

January 1986
January 1986
January 1984
January 1982
January 1984
IV Q 1985
January 1984
January 1986
January 1986
December 1985
January 1985
November 1985

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

January 1986
December 1985
May 1985
January 1986
January 1986
January 1986
December 1985
January 1986
December 1985
November 1985
December 1985
November 1985

deletions of series,
changes in placement of
series in relation to

2. A series on expenditures in 1982 dollars for new
plant and equipment (series 100) has been added to BCD. This
series, which is the constant-dollar version of series 61,
appears on pages 24 and 67.
Further information concerning this series may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Business Outlook Division.
(Continued on page iv.)
The March issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on April 2.



in

other series, changes
in composition of
indexes, etc.

3. The following constant-dollar series, formerly shown in 1972 dollars, now are shown throughout BCD in 1982 dollars: series 7, 8, 20, 27, 36, 57, 59, 77, 101, 105, and 106. Each of these
series has undergone additional revisions, which are summarized in other items below.
4. The average weekly insured unemployment rate (series 45) has been revised for the period
1981 to date to reflect a new seasonal adjustment by the source agency.
Further information concerning this revision may be obtained from the U.S. Department of Labor,
Employment and Training Administration, Office of Administration Management.
5. The series on new private housing units started (series 28) has been revised for the period
1983 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.
6. The index of net business formation (series 12) has been revised for the period 1948 to date
to incorporate new seasonal adjustment factors, new standardization factors, and revised data for its
components.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
7. The seasonally adjusted producer price indexes (series 98 and 331-334) have been revised for
the period 1981 to date to reflect a new seasonal adjustment by the source agency.
The series on change in sensitive materials prices (series 99) has been revised for the period
1981 to date to incorporate 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).
8. The series on manufacturers' new orders in constant dollars, nondefense capital goods industries (series 27), has been revised for the period 1948 to date. This revision reflects the use
of revised deflators from the national income and product accounts (NIPA)--see page iii of the December 1985 BCD—and the revised seasonal adjustment of the producer price indexes used as deflators-see item 7, above.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
9. The series on contracts and orders for plant and equipment in constant dollars (series 20)
has been revised for the period 1948 to date. This revision reflects the use of revised NIPA deflators and data for series 27 (see item 8, above) and the computation of new seasonal adjustment factors for the period 1984 to date.
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 manufacturers1 new orders in constant dollars for durable goods (series 7)
and for consumer goods and materials (series 8) and the change in inventories on hand and on order in
constant dollars (series 36) have been revised for the period 1981 to date to reflect the revised
seasonal adjustment of the producer price indexes used as deflators. (See item 7, above.) Also,
series 7 has been revised for the period 1947 to date and series 8 and 36 for the period 1948 to date
to show the data in 1982 dollars.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
11. The index of labor cost per unit of output in manufacturing (series 62) has been revised
for the period 1947 to date to incorporate the NIPA revisions (see item 8, above) and to change the
base year of the index to 1977 from 1967.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
(Continued on page 97.)




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 1950, and a few charts use a two-panel
format which covers only the period since 1974.
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 nave 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.
\ .

Economic
Process

Cyclical^.
Timing
N.

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

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

Capacity utilization
(2 series)

Orders and deliveries
(6 series)
Consumption and
trade (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)
Sensitive commodity
prices (2 series)
Profits and profit
margins (7 series)
Cash flows (2 series)

Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)

Comprehensive
employment
(1 series)

Comprehensive
output and income
(4 series)
Industrial
production
(4 series)

Consumption and
trade (4 series)

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

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

Business investment
expenditures
(1 series)

Consumption and
trade (1 series)

Business investment
commitments
(1 series)

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

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

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

Sensitive commodity
prices (1 series)
Profits and profit
margins ( i series)

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
\ .

Economic
\Process
Cyclical^
Timing
N.

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

Marginal employment
adjustments
(1 series)

Industrial
production
(1 series)

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)

Inventory
investment
(4 series)

Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cashflows (2 series)

Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)

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

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

Consumption and
trade (3 series)

Business investment
commitments
(1 series)

Profits and profit
margins (2 series)

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

Orders and deliveries
(1 series)

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

Unit labor costs
and labor share
{4 series)

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

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)

TIMING
UNCLASSIFIED (U)
(1 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
ot 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.)

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 M 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,l_g,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 IMBER reference cycle chronology.

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 7 0 ) . 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
For purposes of constructing a composite index,
actual data but also from surveys of anticipations
each component series is standardized: The monthor intentions. Indexes based on responses of
to-month percent changes in a given series are
business executives about their plans and
divided by the long-run average (without regard to Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
sign) of those changes. Thus, the more volatile
presented, along with the corresponding indexes
series are prevented from dominating the index.
This section covers 112 individual time series, based on actual data, as the last set of diffusion
The coincident index is calculated so that its long- including the 22 indicators used in the series.
term trend (since 1948) equals the average of the construction of the composite indexes. The peak
This section also records rates of change for the
trends of its four components. This trend, which is and trough timing classifications are shown on the three composite indexes (leading, coincident, and
similar to that of GNP in constant dollars, can be charts in the same manner as described above, but lagging) and for four indicators of aggregate
viewed as a linear approximation to the secular this section includes series with different timing at economic activity: GNP in constant dollars
movement (at an average growth rate) in aggregate peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
economic activity. The indexes of leading and lag- timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
ging indicators have been adjusted so that both as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
their trends and their average month-to-month measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
percent changes (without regard to sign) are ap- are labeled U, i.e., unclassified as to timing at 1-quarter spans.
proximately equal to those of the coincident index. turning points of the given type. Eight series are
Although movements in diffusion indexes and in
(For a more detailed description of the method of unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
constructing the composite indexes, see the 1984 series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
different timing at peaks and at troughs). No series present information about two related but distinct
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes, that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
differentiated according to cyclical timing, there is included in the list of cyclical indicators.
measure the prevailing direction or scope of
The classification scheme which groups the change, while rates of change measure the degree
are five indexes based on leading indicators which
have been grouped by economic process. Taken indicators of this section by economic process and as well as the overall direction. As is the case for
together, these additional indexes include all 12 cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
component series of the overall leading index, plus tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
a few related series. Also shown in this section is based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
the ratio of the index of roughly coincident business cycle peaks (November '48, July '53, at the business cycle turns as well.




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 1974.
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 1974) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1974) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

Solid line with plotting points
indicates quarterly data.

Various scales are used to
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.

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.

highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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


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

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

Series title and timing classification1

Percent change

Annual average
1984

1985

2dQ
1985

3dQ
1985

4th Q
1985

Nov.
1985

Dec.
1985

Jan.
1986

Nov.
to
Dec.

Dee.
to
Jan.
1986

2dQ
to
3dQ
1985

to
4th Q
1985

3dQ

I. 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

UUL..
C,C,C.
Lg.lg.lg..
L.L.L

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

L,L,L
L,L,L.
1,1,1.
L,L,L.

1967-100...
do
do
do
do
do
do
...do..

165.
154.5
117.3
131 .8

168.7
160.2
127 .6
125.6

166.5
160.0
126.8
126 .2

169.0
160.4
128.2
125.1

172.2
161 .7
131 .1
123.4

171 .5
161 .5
131 .1
123.2

174.0
162.9
130.9
124.4

173.0
163 .2
131 .5
124.1

1 .5
0.9
-0.2
1 .0

-0.6
0.2
0.5
-0.2

1.5
0.2
1.1
-0.9

1 .9
0.8
2.3
-1.4

110.3
105.3
110.8
136.4

110.5
101.5
NA
138.8

110.1
100.8
115.1
136.4

111 .0
100.7
116.0
139.0

110.4
102.1
NA
141 .0

109.8
102.1
115.0
140.5

H I .0
102.8
NA
140,9

109.3
103.4
NA
139.4

1 .1
0.7
NA
0 .3

-1 .5
0.6
NA
-1.1

0.8
-0.1
0.8
1 .9

-0.5
1 .4
NA
1 .4

40 .7
3.4
366

40.5
3.3
383

40.3
3.2
387

40.5
3,3
379

40 .8
3.5
376

40.7
3.4
371

41 .0
3.6
391

40.9
3.5
375

0.7
0.2
-5.4

-0.2
-0,1
4.1

0.5
0.1
2 .1

0.7
0.2
0.8

0.458
131

0.497
139

0 .478
135

0.493

0.525

0.538
145

0.543
143

0.013
0.7

0.005
-1,4

0,015
1 .5

0.029
4.4

177 .62 183.08 182.27 1 8 3 . 4 2 185.53 185.63 1 8 5 . 5 7 186.30
101 .68 103.97 103.54 104.12 104.90 104.90 105.06 105.66
94.46
97.69 97.34 97,97 98.81 98.80 99.07 99.64
24,730 25 ,054 25,055 2 4 , 9 8 6 25,095 25,089 25,145 25,335

0
0.2
0.3
0.2

0.4
0.6
0.6
0.8
0.23

0.06

0 .27

2.4
0,
0.
3.2
0.1

1.6
0.1
0.
0.
0.

1.3
0.2
0.1
0.
0.1

-0.3

0.8
0.

0.3
0.6

B. Cyclical Indicators by Economic Process
Bl. Employment and Unemployment
Marginal Employment Adjustments;
• 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
•5. Average weekly initial claims (inverted1)

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

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment1
46. Help-wanted advertising in newspapers
Comprehensive Employment: .
48. Employee hours in nonagriculturai establishments
42. Persons engaged in nonagrieultural activities
•41. Employees on nonagrieultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
Comprehensive Unemployment:
37. Number of persons unemployed (inverted')
43. Unemployment rate (inverted4)3
45. Avg. weekly insured unemployment rate (inv.*)3
•91, Average duration of unemployment (inverted*)
44. Unemployment rate, 15 weeks and over (inv.T

Hours
do
Thousands

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

Ratio
1967-100..,

U,C,C.
U,C,C.
C,C,C.
l,C,U..

A.r., bil. hrs...

U,lg,U..

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

Millions
....do
Thousands

143

144

Percent

58.79

59.38

59.28

59.34

59.61

59.59

59.67

59.90

0.08

Thousands
Percent
do
Weeks
Percent

8,539
7.5
2.8
18.2
2.4

8,312
7.2
2.8
15.6
2.0

8,402
7.3
2.8
15.5
2.0

8,268
7.2
2.8

8,162
7.0
2.7
15.5
1.9

8,161
7.0
2 .7
15.7
1 .9

8,023

7,831
6.7
2.8
14.9
1.8

1 .7
0.1
-0.1
1.9
0.

15.5
2.0

6.9
2 .8

15.4
1 .9

0
0
0,
-0,

1 .2
0.7
0.9
0.4

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
* 5 1 . Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction

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

3492.0 3571.0 3557 .4 3 5 8 4 . 1 3594.8
2876.7 2950.3 2948.0 2 9 4 8 . 6 2967.3 2959.0 2982.8 2972.5

C,C,C.

2456.3 2516.3

C,C,C.,.,

do

Industrial Production:
•47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1982 dollars

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

Capacity Utilization:
82, Capacity utilization rate, mfg3
84. Capacity utilization rate, materials3

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

2515.7 2512 .2 2532.7 2524.5 2548.9 2532.5

0.8
1.0

-0.6

-0.1

53 8.0

53 5.7

539.3

539.0

0.7

-0.1

-0.2

121 .8 124.5
124.8 125.4
124.2
124.8
128.2 127 .9 128.5 129.0
122.5
125.6 124.8 126.4 127.2
1506 .4 1533.5 1531.5 1541.0 1531 .0

125.4
129.1
127.1

126.3
130.1
128.2

126,7
130.8
128.4

0.7
0.8
0.9

0.3
0.5
0.2

80 .1
79.2

80.5
79.7

80 .6
79.6

0.4
0.5

0.1
-0.1

3.9
3.9

0.4
0.6

2.9
2 .7

-0.
-1.2

-1 .1
5.26
0.6
4

4.7
1.25
0.9
0

1 .2
1 .69
2.1
-1

2 .2
-3.46
-0.9
2

1.0
0.8
1.1
1 .7
1 .3

NA
NA
0.8
0.1
-0.2

1 .0
0.5
1 .2
-0.9
-1 .8
-17.2
-1.8

529.0

80.8
82,3

536.9

80.3
80.2

536.4

80.3
80 .4

53 5.5

80.3
79.6

80.1
79.4

0.5
0.5
1 .3
0.6

0.
-0.8

0.5
0.5
0.4
0.6
-0.6

-0.2
-0.2

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
104.32 103.20
105.37 103.80 107.81 108.21
6. Mfrs.' new orders, durable goods
UUL... Bil. dol
95.73
97 .94 96.99 99.59 98.42 96.92 100.67 101.32
do
7. Mfrs.' new orders in 1982 dollars, durable goods
L,L,L...
*8. Mfrs/ new orders in 1982 dollars, consumer goods
82.28 8 4 . 6 2
83.52 8 4 . 5 3
do....
86 .89 85.94
86.35
and materials
L,L,L...
90 .02
2.11
0.66
0.72
2 . 4 1 -1.05
,. L,L,L.
do
-3.21
2.05
25, Change in mfrs.' unfilled orders, durable goods3
3.30
96, Mfrs,' unfilled orders, durable goods5
Llg.U.. Bil. dol., EOP ... 345.44 353.32 349.25 3 5 6 . 4 8 353.32 351.28 353.32 356 .63
61
44
43
45
42
'ercent
45
46
. UUL.
*32, Vendor performance, slower deliveries3 ( u )
46
Consumption and Trade:
56. Manufacturing and trade sales
•57. Manufacturing and trade sales in 1982 dollars
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment ( u )

411 .30
395.64
118.2
108.08
Bil. dol
U,l,U..
102.64
do
. ucc... A.r., bil. dol
105 .0
Q 1966=100.
1,1,1..,
97.5

4 2 5 . 5 0 424.38 427.30
4 0 8 . 6 5 407 .64 411 .21
120.7 120.0 121 .1
114.88 114.66 116.98
107.14 10 7.. 12 109.29
113.5
112.5 126 .1
93.2
94.3
92.8

121 .3
52,922

120.5 121 ,7
55,333 55,541

C,C,C.
C.C.C...

cue...
cuu..

Bil. dol
do
1977 = 100.

431.40
413 .11
122,6
115,89
107,34

431 .96
413.01
122.8
115.41
106.86

104.4
91 .1

90*. 9

43 6.2 2
NA
416.41
NA
124.2
125.2
117.40 117.50
108.21 108.00
95.6

3.3

1 .8

0.7
0.9
0.9
2
2 .0
12.1
-1 .6

119.5

117 .8

-0.8
NA

-1 .4
NA

1 .0
0.4

-1.0
NA

30.59

35.05

27.89

14.6

31.37
25.79

34.65
30,58

27 .63
24.55

10.5
18.6

6.6
5.6

-1.0
0.

30.59

24.61

93 .9

B4. Fixed Capital Investment
Formation of Business Enterprises:
•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 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods




UUL.
l,UL

Number

L,L,L.

Bil. dol..

L,L,L..
UUL..
L,L,L.

1967 = 100

31 .32

31 .85

30.82

32.72

do..

31.85
26.95

32.52
27 .19

31 . 4 0
26.34

33.47
27.82

do..

27.66

27.30

29.02

33 .12
27 ,82

0.1
-20.3
-19.7
-19.5

-1.3

Basic, data 2

Unit
of
measure

Series title and timing classification1

Percent change

Annual average

1984

Dec.
to
Jan.
1986

2dQ
to
3dQ
1985

3dQ
to
4th Q
1985

-14.4

-10 .8

12.6
-11 .4
-4.0

-4.6
NA
NA

9
11
97

Nov.

2dQ
1985

1985

3dQ
1985

4th Q
1985

Nov.
1985

Dec.
1985

Jan.
1986

number 1

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

to
Dec.
1985

I

1. 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.... Bil. dol
CLg,Lg.... Bil. dol., EOP ...
97. Backlog of capital appropriations, mfg.5

78.07
29.36
94.37

86.42
NA
NA

81 . 8 7
27.56
99.88

92.16
24.41
95.88

87.95
NA
NA

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 Nonresidential fixed investment in 1982 dollars

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

354.44

384.22

387.83

388.90

388.98

C Lg Lg....
do
. C,Lg,U.... 1977 = 100
C Lg C Ar bil dol

375.00
134.9
430.3

402.49
141 . 3
471 .7

401 .73
141 . 5
470.9

401.26
142.2
473 .7

415.44
141.2
485.1

Residential Construction Commitments and Investment;
28. New private housing units started
*29 Building permits new private housing units
fiQ Rpdrtontial fivprl inup^fmpnt in 1QK? rlnllars

... L,L,L... A.r., thousands..
.... L,L,L... 1967-100
LLL
A r bil dol

1,750
134.6
168.3

1,736
137.6
171.3

1 ,743
138.1
16 9 . 6

1,688
140.5
173.1

1,747
138.8
17 5 . 8

92.61

79.23

0.3

0.

61

410.57
141.7

426.65
142.2

NA
143 . 0

3.9
0.4

NA
0.6

-0.1
0.5
0 .6

3.5
-0.7
2 .4

69
76
86

1,654
132.5

1,804
149.4

2,088
152.1

9.1
12.8

15.7
1.8

-3.2
1 .7
2 1

3.5
- 1 .2
1 6

28
29
89

-16 .9

-4.9

30

70.66

B5. Inventories and Inventory Investment
Inventory Investment:
30 Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 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 value3

1 1 1

do

62.7

5.6

15.1

- 1 .8

-6.7

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

do
do

48.87
53.2

4.06
8.8

-2.24
3.6

-3.00
-3.0

6.38
13.1

7.37
7.1

0.71

-0.32

-0.27

-0.09

0.06

- 1 .28

582 . 1 9 579.66
638.46 635.74
89.87
88.35

578.92
636.12
88.26

582.19
638.46
88.35

582.76
638.76
88.24

1 .56

1 .55

1 .55

1 .55

214.20

213.61

213.35

214.20

212.41

-0.37
278.9
-0.19

-0.23
244.8
-0.42

0.26
250.7
-0.32

-0.24
239.5
-0.44

-0.03
235.5
-0.20

Stock Prices:
*19. Stock prices, 500 common stocks (u)

... L.L.L.... 1941-43=10... 1 6 0 . 4 6

186.84

184.80

188.30

196.96

Profits and Profit Margins:
l l i Coroorate orofits after tax
Hi. Corporate profits after tax in 1982 dollars
7!>. Corporate profits after tax with IVA and CCAdj
80
do
in 1982 dollars
Hi. Profits after taxes per dollar of sales, mfg.3
?(\ Ratio nrirp to unit labor cost nonfarm business

Ar bil dol
LLL
... L,L,L...
do
do
... L,C,L...
do
LCL
.... L,L,L... Cents
LLL
1977 — 100

144.0
138.5
179.6
174.3
4.6
98. 9

139.5
NA
NA
NA
NA
98. 3

136.4
127 . 7
205.8
196 . 4
3.7
98 . 6

141 . 1
131 .7
221.7
211 . 4
3.7
98 .6

NA
NA
NA
NA
NA
97 . 4

Cash Flows:
31. Corporate net cash flow
35 Corporate net cash flow in 1982 dollars

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

363.5
358.4

397.0
NA

387.3
381 .0

404.0
396 . 9

NA
NA

Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5
70. Mfg. and trade inventories in 1982 dollars5
1)5. Mfrs.' inventories, finished goods, book value5
VI. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order, book value5

L.L.L.... Bil. dol

Lg,Lg,Lg.... Bil. dol., EOP ... 5 7 3 . 4 3
630 .26
do
Lg.Lg.Lg....
89.69
do
Lg.Lg.Lg....
1 .55

Lg,Lg,Lg.... Ratio

L,Lg,Lg.... Bil. dol., EOP ... 2 1 7 . 3 0

1 .56

NA
NA

4.96
-13.9

NA
NA

-0.76
-6.6

9.38
16.1

36
31

NA

3.07

NA

0.18

0.15

38

582.19
638.46
88.35

NA
NA
NA

-0.1
0 .
0.1

NA
NA
NA

-0.1
0 .1
-1.8

0.6
0.4
0.1

71
70
65

1 .53

NA

-0.02

NA

-0.01

214.20

NA

0.8

NA

-0.1

0.4

78

-0.41
234.5
-0.18

-0.45
235.0
-0.18

0.07
236.9
-0.15

-0.04
0.2
0.

0.52
0.8
0.03

-0.50
-4.5
-0.12

0.21
-1.7
0.24

98
23
99

197.45

207.26

208.19

5.0

0.4

1 .9

4.6

19

3 .4
3.1
7.7
7 .6
0.
0 .

NA
NA
NA
NA
NA
- 1 .2

16
18
79
80
15
26

4.3
4.2

NA
NA

34
35

0.7

1 .6

63

NA

68

- 1 .4

1 .0
-0.3

62
62

0 .1

NA

64

0.07
-0.01
0.22
3 .0
1 .7

-0.34
-0.22
NA
1 .6
0 .4

85
102
104
105
106

12.33
-6.8
1 .79

77

0.

66. Prices, Costs, and Profits
Sensitive Commodity Prices:
... L,L,L... Percent
98. Change in producer prices, sensitive materials3
... U.L.L.... 1967-100
23. Spot market prices, raw industrial materials ®
*99. Change in sensitive materials prices (smoothed6)3.. .... L,L,L... Percent

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.... 1977-100
a) Actual data
*b) Actual data as percent of trend3
Lg.Lg.Lg.... Percent
64, Compensation of employees as percent of
do . .
Lg Lg Lg
national income3

159.8

165.7

165.2

166.3

0.687

0.710

0.709

0.709

135.6
88.8

137.7
85.3

137.4
85.7

137.2
84.3

73.8

73 . 9

73.1

NA

0.45
0.66
0.93
506.6
2117.1

0.96
0.64
NA
532.9
2229.2

169.0

0.

NA
138.6
84.0

138.2
83.8

138.4
83.5

137.6
82.6

0.1
-0.3

-0.6
-0.9

NA

-0.1

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 Ml in 1982 dollars
•106. Money supply M2 in 1982 dollars

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

Velocity of Money:
107 Ratio GNP to monev SUDDIV M l 3
108. Ratio, personal income to money supply M23

.. C,Lg,C...

6.926
1 .366

6.722
1 .326

Credit
33
112.
113.
•111.
110

. L.L.L. . Ar., bil. dol .
99.74
do . . .
.. LFL,L..
53 . 6 7
.do.. . .
. L.L.L. . .
76 . 3 6
A r , percent...
- L,L,L
15.2
.. L.L.L • A r, bil dol . .. 4 8 2 6 7

79.57
23.17
89.00
10.5
NA

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 ,.

ccc

Credit Difficulties:
39. Delinquency rate, installment loans (inverted')3 5... .... L.L.L...




Ratio
do

Percent, EOP ...

2.09

2.32

1 .08
1.15
0.68
0.67
0.70
0.48
540.6
525.0
2210.9 2249.2

6.793
1 .336

0.96
0.81
0.46
0 .45
0.91
NA
548.6
549.1
2258.3 2256.2

6.648
1.312

6.549
1.315

64.18
74.75
3.53
-2.17
94.01
90 . 1 5
8.4
8.8
4 7 0 0 4 510 56

102.02
60.47
73.40
12.8
NA

2.33

2.39

2.32

1.313

1 .05
0.56
NA
552.4
2260.5

0.08
0.09
NA
551.0
2254.9

0.09
0.10
NA
0.7
0.2

' 1 . 3 20

1 .318

0.007

71 . 8 2 113 . 2 1
71 . 3 4
36.38
57.50
61 . 7 0
10.7
10.9

2.32

2.32

NA
41 . 3 9
39.53 -34.96
NA
4.20
6.8
0.2

NA

0.

-0.97
-0.47
NA
-0.3
-0.2

-0.002

NA
3.15
NA
-4.1

NA

-0.145
-0.024

-0.099
0.003

107
108

-10.57
5.70
3 .86
-0.4
8 .6

37.84
56.94
-20.61
4.4
NA

33
112
113
111
110

-0.06

0.07

39

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title and timing classification

Unit
of
measure

1

1984

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit—Con.
Bank Reserves:
93. Free reserves (inverted 1 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate1 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business l o a n s 3 ©
*109. Average prime rate charged by b anks 3 ©

L,U,U... Mil. dol
do
L,Lg,U....
L,lg,Lg.... Percent
C,Lg,Lg....
....do...
....do...
Lg.Lg.Lg....
....do...
C,Lg,Lg....
....do...
U,Lg,Lg....
....do...
Lg,Lg,Lg....
...do...
Lg,Lg,Lg...,
do
Lg,Lg,Lg....

Outstanding Debt:

66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*1Q1. Commercial and industrial loans outstanding in
1982 dollars
•95. Ratio, consumer installment credit to
personal income'

Lg,Lg,Lg...,
Lg,Lg,Lg....
Lg,lg,Lg....

Percent change

Annual average
1985

2dQ
1985

3d Q

4th Q

1985

1985

Nov.
1985

Dec.
1985

2d Q
to

Nov.
to
Dec.
1985

Dec.
to
Jan.
1986

3dQ
1985

3d Q
to
4th Q
1985

-3,046
3,730

-492
1,321

-472
1,287

-374
1,156

-502
1,415

-813
1,741

-260
1,318

342
770

-553
-423

-602
-548

-98
-131

128
259

10.22
9.57
13.37
11 .99
10.10
13.82
12.02
12.04

8.10
7.49
11.75
10.75
9.10
12 ,24
9.74
9.93

7.92
7.52
11 .88
10.91
9.04
12.38
9.90
10.20

7.90
7.10
11 .52
10.59
9.05
12.05
9.27
9.50

8.10
7.15
11 .03
10.08
8.68
11 .28
9.68
9.50

8.05
7.20
11 .17
10.08
8.54
11 .28

8.27
7 .07
10.42
9.60
8.43
10.70

8.14
7.04
10.33
9.51
8.08
10.78

0.22
0.13
0.75
0.48
0,11
0.58

-0.13
-0.03
-0.09
-0.09
-0.35
0.08

9.50

9.50

9.50

-0.02
-0.42
-0.36
-0.32
0.01
-0.33
-0.63
-0,70

0.20
0.0
-0.49
-0.51
-0.37
-0.77
0.41
0.

4,7
-0.2

3.5
3.2

NA
il. dol., EOP , 452.37 541.37 4 9 9 . 5 2 5 2 3 . 0 2 541.37 536.23 541.37
299.73 332.27 330.90 3 3 0 . 4 0 3 4 0 . 8 2 341.79 344.82 348.12
il. dol
289.12 322.07 320.12 321 .72 329.82 330.23 332.84 337.32

0.

0.

1.0
0.9

NA
1.0

0.8

1.3

0.5

2.5

13.41

15.26

15.03

15.56

15.99

16.02

15.99

NA

-0.03

NA

0.53

0.43

108.1
311.1
0.3
302.9
310.3
322.6
331 .0
320.0
294.1
290.4

111.7
322.2
0,3
309.8
308.8
323.9
306.2
318.7
300.5
291 .9

111 .3
321.2
0.2
308.7
309.4
324.6
305.6
319.3
300.0
292.0

112.1
323.6
0.2
309.8
307.4
323,4
299.1
317.5
300.5
291 .0

113.0
326.5
0
313.2
309.3
324.9
306.2
318.7
303
294.6

326 .6
0.6
313.2
309
325.0
308.9
318.6
303.4
294.8

327.4
0.4
315.2
310
325.2
307,4
319.7
303,6
296 ,7

328,4
0.3
315.9
309.0
324.0
303.2
318
303
294.3

0,2
-0.2
0.6
0.2
0
-0
0
0
0.6

0.3
-0.1
0
-0.4
-0.4
-1
-0.4
-0.1
-0.8

0.7
0.7
0
0.4
-0.6
-0
-2.1
-0.6
0 .2
-0.3

1977 = 100...

160.7

165.5

165.1

165.9

167.3

167.1

168.3

167.7

0.7

-0.4

0.5

do
....do
...do

94
167.5
97
105.0
104.3

94.4
173.6
97.8
105.3
104.2

94.4
173.0
97.8
105.5
104.2

94.3
174.2
97.9
105.9
104.3

94.2
175.6
97.6
105.1
103.4

94.1

94.3

93.7

0.2

-0.6

do

Lg.Lg.Lg.... Percent

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
B l . Price Movements
1982=100...
Consumer price index for all urban consumers (CPI-U) © . . . . 1967 = 100...
3
Change in CPI-U (S/A)
Percent
Consumer price index for all urban consumers, food
1967 = 100...
Producer price index (PPI), all commodities ©
do
PPI, industrial commodities ©
...do..
PPI, crude materials for further processing
...do..,
PPI, intermediate materials, supplies, and components
...do...
PPI, capital equipment
..do..
...do...
PPI, finished consumer goods

310. Implicit price deflator for gross national product

320.
320c.
322.
330.
335,
331.
332.
333.
334.

0
0.9
0.3
1 .1
0,6
0
2.4
0.4
0.9
1 ,2

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

...do

...do

0.4
0.1

-0.1
0.8
-0.3
-0
-0.9

C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
44?.

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
Thousands...
do
...do...
...do...

Percent., ,
...do..

113.54 115.46 1 1 5 . 2 1 115.47 116.16 116.13 1 1 6 . 2 3 116.79
105.00 107.15 106.80 107.20 108.00 107.97 1 0 8 . 2 1 108.96
8,539
8,312
8,402
8,268
8,162
8,161
8,023
7,831
3,932
3,715
3,778
3,681
3,633
3,656
3,566
3,507
3,107
3,129
3,176
3,153
3,033
3,057
2,988
2,915
1,499
1,46 8 1,448
1,43 4 1,496
1,448
1,46 9
1,409
7,057
6,793
6,810
6,7 83 6 , 6 7 4
6,713
6,583
6,43 5
78.3
53.7
53,9

78.1
54.7
54.5

78.1
54.6
54.2

•172.9 - 1 9 9 . 1
725.1
785.1
898.0
984.2
64.4
58.7
539.8
575.4
475.4
516.7

•209.1
754.9
964.0
57.3
570.0
512.7

78.0
54.6
54.2

78.1
54.9
54.4

78.1
54.9
54.3

78.0
55.0
54.0

78.4
55.0
53.1

0.1
0.2
- 1 .7
-2.5
-2.3
1 .5
-1 .9

0.5
0.7
-2.4
-1
-2.4
-4.1
-2.2

0.2
0.4
-1 .6
-2.6
-0.7
-1 ,0
-0.4

0.6
0
-1 .3
-1 .3
-3.8
4.3
-1.6

-0.1
0.1
-0.3

0.4
0.
-0.9

-0.1
0.
0.

0,1
0.3
0.2

7.8
4.7
2.9
-0.4
2.1
2.4

NA
NA
3.7
NA
NA
1.4

25.3
17 .0
7.0
2,3
2 .1
5.4

-12.0
-16 .1
-28.0
2.5
1.0
1.0

-0.1
-6.3
-5.9
-2.2
-29.2
6.4

-0.4
9.3
0.5
7.4
24.7
8.5

D. 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

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

•201 .3
NA
790.7
NA
992.0 1028.4
56.9
NA
581 .8
NA
524.9
532.0

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
1977-100...
Thousands
A.r., bil. dol...

2 2 , 4 3 7 2 6 , 8 8 3 2 5 , 7 6 9 32,288 28,402 25,809 3 0 , 7 6 8
NA
12,942 12,2 40 11 ,811 13,815 11,586 10,0 86 1 4 , 0 8 8
NA
7,452
8,022
8,714
9,323
6,714
6,810
7,152 10,375
157.9
173.6
171.6
175.6
180.0
180.7
180.4
180.7
1 ,444 1,563
1,550
1,582
1,598
1,602
NA
1,600
237.0
262.0
256 .0
269.9
272.5

19.2
39.7
5.0
0.
-0.1

18,137 17,772 17,544 17,522 17,456 17,976 17,024
3,146
2,426
2,352
2,204 2,408 2,446
2,426
3,875
3,917
3,998
3,763 3,7 81 3,918
3,730
2 7 , 1 3 3 2 8 , 8 3 8 28,802 28,159 30,256 30 ,285 32,888
4,689
4,180
5,005
4,419
3,545
4,367
5,079
3,787
4,688
4,452
5,139
4,735
5,461
5,758

-5.3
-0.8
-4.8
8.6
16.3
5.4

NA
NA
45.1
-0.2
NA

E, U.S. International Transactions
El. Merchandise Trade
602. Exports, excluding military aid shipments
604. Exports of domestic agricultural products
606. Exports of nonelectrical machinery

612. General imports
614. Imports of petroleum and petroleum products ...
616. Imports of automobiles and parts




Mil. dol
...do..

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

Unit
of
measure

Percent change

Annual average

1st Q
3dQ
1984

1984

4th Q
1984

1st Q
1985

2dQ
1985

3dQ
1985

4th Q
1985

2dQ
1985

2dQ
to
3dQ
1985

3dQ
to
4th Q
1985

II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
6167.
668.
669.
622.
618.
620.
651.
652.

Balance on goods and services3
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. dol..
...do..
..do..
..do..
..do..
..do..
..do..

- 7 . 9 8 -23.99
83.40
90.51
91 . 3 8 114.49
- 1 6 . 8 0 -28.53
50.43
54.98
67.23
83.51
19.51
21.90
13.16
17.12

- 2 6 . 0 9 - 2 7 . 7 1 - 2 1 . 0 8 - 2 4 . 2 7 -26.48
91 .24 91 . 4 3 88.53 8 9 . 3 9
90.14
117.34 1 1 9 . 1 4 109.61 1 1 3 . 6 6 116.62
- 2 8 . 9 8 - 3 0 . 8 8 - 2 3 , 4 5 - 2 8 . 5 9 -33.14
55.65 56 . 2 4 55.30 5 3 . 6 2 52.31
84.63 8 7 . 1 3 7 8 . 7 6 8 2 . 2 1
85.45
21.77 21 . 4 4 18.87 2 2 . 2 8 24.04
18.51 1 7 , 4 4 16.33 1 6 , 8 9
16 .49

NA
NA
NA
NA
NA
NA
NA
NA

-3.19
1.0
3,7
-5.14
-3.0
4.4
18.1
3,4

-2.21
0.8
2.6
-4.55
-2.4
3.9
7.9
-2.4

NA
NA
NA
NA
NA
NA
NA
NA

667
668
669
622
618
620
651
652

A. National Income and Product
Al. GNP and Personal income
21)0.
!>0.
2:,7.
21.3.
224.
2115.
227.

Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable persona) income in 1982 dollars

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

3401 .6
3277.7
13,957
3283.1
2425 .4
2334.6
9,942

3774.7
3492 .0
14,730
3429.3
2670.2
2468.4
10,412

3989.1
3571 .0
14,921
3 56 5.4
2800.7
2508.9
10,484

3812.2
3510 .4
14,790
3445.5
2696.7
2480.5
10,451

3852,5
3515.6
14,774
3479.5
2723 .8
2484.4
10,441

3917.5
3547,8
14,877
3532.0
2739.2
2482.7
10,411

3960.6
3557 .4
14,885
3542.3
2817.7
2532.2
10,595

4016 .9
3584.1
14,958
3585.8
2800.2
2503 .1
10,447

4061 .5
3594.8
14,965
3601 .5
2845.6
2517 .6
10,481

1 .1
0.3
0,1
0.3
2 .9
2.0
1,8

1 .4
0
0.5
1 .2
-0.6
-1.1
-1 .4

1.1
0.3
0.
0.4
1 .6
0.6
0.3

200
50
217
213
224
225
227

2 6 0 6 . 1 2634.0

1.5
0.7
1.4
1.6
1 .6
0
1 .5
0.3

1 .7
1 .1
5.5
5.6
0.5
0.4
1 .5
0.3

1 .1
0.
-4.2
-3.8
1 .5
0.2
2.2

230
231
232
233
236
238
237
239

1
1 .4
2.6
2.2
-5.7
-4.9

240
241
242
243
245
30

A2. Personal Consumption Expenditures
230.
231.
232.
233.
23'5.
233.
237.
23!).

Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars.. .
Services
Services in 1982 dollars

24(i.
241.
242.
243.
245.
30.

Total
Total in 1982 dollars.
Fixed investment,
Fixed investment in 1982 dollars.
Change in business inventories3
Change in business inventories in 1982 dollars3

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

2229.3 2423.0 2 5 8 2 . 1
2145.9 2239.9 2 3 1 3 . 0
331.1
289.6
361 .1
318.6
283,6
345.0
872.4 9 1 2 . 3
817.0
828.0
800
846.9
1122
1219.6 1 3 0 8 . 8
1093.3 1 1 2 1 . 0

2439.0 2480.1 2525.0 2563
2243.4
2288.6 2303,
331 .1 341 .5 351.5
356 ,
318.0
327.6
340
335.0
876.6
883 .1 895.7
910,
831 .2 828.6
846
83 9.9
1231 .3 1255.4 1277 .8 1296
1094.3 1105.8 1113 .7 1116 .

2329.6 2330
376,0 360
359.3 345
914,5 928.6
849.8 851.4
1315 .6 1345.1
1120.4 1133 .5

A3. Gross Private Domestic Investment
.do.
.do.
.do.
.do.
.do.
.do.

501.9
503.4
508
508'. 9
-6.4
-5.5

674.0
661 .3
607 .0
598.6
67.1
62.7

668.6
648.6

661 .4
6 43 .0
7 .2
5.6

687.9
673 .3
619.5
608.4
68.3
64.9

676 .2
659.9
637.2
623.8
39.0
36.1

657.6
639.6
639.1
623.8
18.5
15.8

672.8
655.6
657.3
640.5
15.5
15.1

666 .1
645.0
665.9
646 .8
0.2
-1.8

678.0
654.2
683 .4
660.9
-5.5
-6.7

2.3
2.5
2
2 .7
-3.0
-0.7

-1 .0
-1 .6
1 .3
1 .0
-15.3
-16 .

675.7
647.8
284.8
275.5
390,9
372 .2

736.8
675.9
312 .9
292 .5
423.9
383 .3

815.3
716.1
355.0
322 .2
46 0.3
393.9

747 . 3
682.4
318.5
296 . 7
428.8
385,7

768.4
6 93 . 9
332.9
307.3
43 5 . 5
386 . 6

777 .2
691 .4
334.4
304.3
442.8
387.1

794.8
699.4
337.8
305.9
457.1
393 .6

832.5
729.2
364.8
331 .1
46 7.7
398.1

856 .5
744.3
382.9
347 .4
473.6
396.9

2,3
1 ,2
1 .0
0.5
3.2
1 .7

4.7
4.3
8.0
8.2
2.3
1 .1

-5.3
-21 .9
354.1
349.3
359.4
371.2

-59.2
-76.9
-85.0 - 1 0 6 . 7
370.2
384.6
360.1
370.9
443 .8 447.0
46 6 .8
455.9

-61 .9
-88,7
391.4
376 . 9
453.3
46 5 . 6

-72.2
-100.2
389.5
377.3
461 .7
477.5

-70.3
-42.3
-87.8 -106 .9
-101 .1 -119.8 -134.0
-71
363.2
369.2
368.7
379.6
353.5
358.2
359.9
368
43 9.5 451 .0 47 5.7
421
473 .3 493.9
440.5 459.3

-28.0
-29.3
-2.7
-2.8
4.2
4.3

-17.5
-18
-1 .6
-1 .3
2 .6
3.0

-19,1
-14.2
1
1
5.5
4.4

250
255
252
256
253
257

2 7 1 8 . 3 3039.3 3212.0 3 0 6 4 . 2 3 1 0 4 . 4 3155.3 3192.2 3 2 2 8 . 0
NA
2 0 2 5 , 9 2221 .3 2372.4 2 2 4 1 . 2 2 2 7 8 . 5 2320.4 2356.9 2385.2 2427 .2
239.4 240.9
192 .3
233 .7 242,3
232.3
237.5 251.2
232.9
10 .8
11 .0
16.7
12.8
10.0
14.5
14.0
9.7
13.8
213.8
273.3
309.1
NA
296.2 2 7 1 . 2 276 .2 281
288.1
300.2
273 .6
287,2 3 0 9 , 5 307.0 302.9 292.4 281 .8 271 .6

1 .2
1 .6
0.6
25
2.3
-3,5

1 .1
1 .2
-1 .4
5.1
7.3
-3.6

NA
1.8
5.8
15.2
NA
-3.6

220
280
282
284
286
288

NA
NA
13.1
NA
0.4

290
295
292
2 98
293

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

Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars..

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

Net exports of goods and services3
Net exports of goods and services in 1982 dollars3.
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars .

220.
280.
282.
284.
286.

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

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

260
2.9
261
2.1
5.0 - 2 6 2
4.9
263
1 .3 2 6 6
-0.3
26 7

A5. Foreign Trade
.do..
.do..

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

A6. National Income and Its Components
.do.
.do.
do.
do.

288. Met interest

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

Gross saving
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3

.do.
.'..'..'."do."
. .. .do.
Percent..

46 9 . 8
46 7 . 4
133 .2
-130.8

5.5

554,4
584.5
NA
520.5
129.1
172.5
-108.5 - 1 4 0 . 4
6.5
4,6

NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal
movemeit. 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,
seasonaly adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns; L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




592,8
527.4
181 . 5
-116.0
6.7

573.5
53 5.9
164.5
-126 .8
6.0

578.3
571 .7 53 7 , 3
546 .8 556.4 5 7 9 . 2
130.9
167 .2 1 0 2 . 6
-99.4 -151 .9 - 1 4 4 . 5
4.8
5 .9
3.7

NA
NA
116 .0
NA
4.1

-1.1
1 .8
27 .7
-52.5
1 .1

-6.0
4,1
-38,6
7.4
-2.2

1
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
• "Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P T

Jan. July July Nov.
P T P T

WtaKl967«-lQ0|
910. Index of twelve leading indkators
(series 1, 5Jj 8, 12,19, ft29, 32, 36, 99J1W l i t ) , I

920. Index of four roughly Coincident indicators
h
is (series 41,47,51,57k

930. Index of six lagging ilndcators
($>HeS 62j 77,91, k 101,109)

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
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 1986

KCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Jan. July July Nov.
P T P
T

$rA h4 h ^ P";# h#i li-i I N l
ife- .i |>^d j^- ^f k ^ N§H j:j$»j | ^ N

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
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.

K C I I FEBRUARY 1986




11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
July May
P T

Aug. Apr,
P T

Apr. Feb.
P T

Dec. Nov.
P T

Nov. Mar.
P T

Jan. July July Nov.
P T P T

I Averse weekly hoijrs of production or nonsupervisory wor%s, manufacturing (hours)

4039-

200-

300-

400500*
600 -

jj State programs (thousands—inverted scale)

700100-

Manufacturers' new orders in 1982 dollars, consumer goods ^
and material* industries (MLdoL) I I I I

*s iY

^

1

<°*«*d>

iKT

^

90-

706050-

fcu*£-

40-

30-

32. Vendor performance, percent of compames receiving slower

10075-

«

50-

^

25-

140

"h

120 At

4540-

20. Contracts and orders for plant and eqmpmertfHfl
1982 dollars ( b l dol.)

353025-

20-

15-

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 6§ 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 6 1 , 64, 65, and 66.

12




FEBRUARY 1986

BCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
Jan. July July Nov.
P T P
T
ate housing ^inits auttiprj?eH hy local _Jj

1
Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed (ann. rate,

«senslitivl: n i t i i a l jfiiS, smoothed1

106. Money supply M2 in 1982 dollars (bil. dol.)

CXI

(ann; rate, percent)

1950 51 52 53

LLl

60 61 62 63 64 69 60 67 68 6© 70 71 72 J3

SI ®2 83 84 Si 86 1987

•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.

l tfordFRASER
) FEBRUARY 1986
Digitized


13

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
July May
P

T

tog. Apr.
P

T

Apr. Feb.
P

T

Dec. Nov.
P

T

Nov.

Mar.

P

T

Jan July July
P T

Nov.

P

T

41. Employees on nonagricultural payrolls (miftons)

51. Personal income less transfer payments m
1982 dollars (ana rate, bl. .dol.)

47. Industrial production (index: 1977—100)

z

ZZ1

..

/

57. Manufacturing and trade sates in
1982 dollars (bit, dol.)

1950 91 52 53 S4 55 56 57 58 59 60 SI 62 63 64 SS 66 67 68 §9 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 62, 63, and 65.

14




FEBRUARY 1986

BCII

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
July May

Aug.

PT

P

Apr.
T

Dec. Nov.
p T

Apr. Feb.
P

T

Nov.
P

Mar,
T

Jan. July July
P T P

Nov
T

; |.,^y0l9ag^l,c(Mit^P^ fpf^^^n^i^pyjpfie^t [^w^k^lf^lnyieitt

iri

*• Commercial anfencfestrralioaris ^iitstandihg in 198^ cM(ars '(biL jtfot;)

consumer installment credit outstanding to personal income

j j |

1950 51

4

il i!

52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987

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

IMil FEBRUARY 1986




15

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Apr. Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

[Marginal Employment Adjustments |
1. Average Weekly hours of production or nonsupervisory workers,

weekly overtime hours of production or nonsupervtsory

5. Average weekly initial claims for unenfjplbynient insurance,
State programs (thousands—invertecljscalej)

anted advertising in newsDaoers to number

46. Help-wanted advertising in newspapers (indek: 1967=100)
L,Lg,U

\

z

z

J

V
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 61.

16




FEBRUARY 1986

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Apr. Feb.
P T

Jan. July
P T

j

.

:H

i

!j

.. .

July
P

Nov.
T

81

82

.\

ee hours in nonagncultunlesta

42. Persons ^ngagpd^nJtonagijicultural actijy|rf|je

40. Employees on nonagricultur al payrolls, goods-producing

(ndustries f

L

90, Ratio, civilian employment to population of

19&9 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 pages 6 1 and 62.

l t d ) FEBRUARY 1986



17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Apr Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

|Comprehensive Unemployment |
unemployed (millions-inverted scale)

43. Unemployment rate (percent—inverted scale)

/vS

XZ

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

/

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

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

i V

1959 60

61

62

63

64

69

66

67

63

69

70

71

72

73

74

75

76

77

73

79

80

81

82

33

84

85 1936

Current data for these series are shown on page 62.

18



FEBRUARY 1986

ItCII

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

Nov.
T

iContyrehensive Output and Income

50. Gross national product in 1982 dollars, Q (ann. rate, bit. dol.)

cite

52. Personal k o m e in 1982 dollars (inn. rate, bil. doi.)
1
l
i!

lu-yv'' ''

"

51. Personal jtncome less transfer payrnents in 1982 dollars
(ann. ra&, bit. dol.)
ii
{

53. Wages and salaries in 1982 dollars, mining, manufacturing,
and construction (ann. rate, bil. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

19S6

Current data for these series are shown on page 63.

IU II FEBRUARY 1986



19

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
Jan. July
P

T

July

Nov.

P

T

I Industrial Production!
47. Industrial production (index: 1977

73. Industrial production, durable manufacti
(index! 1977-100)

etc

ion, nondurable manufactures
Industrial production
100)

49. Value of goods output in
(arm. rate, bit. dol.)

1 Capacity Utilization!
82. Capacity utilization rate,

84. Capacity utilization rate, materials (percent)

1959 SO SI 62 63 ©4

75

76 77 78 79 80

84

8S 1986

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

20



FEBRUARY 1986

KCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Apr. Feb.

Dec. Kov
P
T

Nov.
P

Mar
T

Jt n. ,"ly
9 T

\

Mrv.
T

=

7. Manufacturers' new orders in 1982 doljarsjjirabje goods
industries (bil. 4 a L i * _ - J j

[Orders and Deliveries 1

Ji'iy
P

d

6. Manufacturers' new orders in current dollars,
dura hip annrk inrlnctrtpc /hit Hnl ^

Manufacturers' new orders in 1982 dollars, consumer
goods and materials industries (bil. doJ.)

25. Change in manufacturers unfilled orders, durable goods
industries (bil. dot.; MCD moving avg.—4-term)

96. Manufacturers' unfilled orders, durable goods industries
(bildol.)

receiving slower deliveries (percent)

1959 60

61

62

63

64

63

66

67

@8

69

71

7Q

7£

80

Current data for these series are shown on page 64.

FEBRUARY 1986




21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Apr. Feb.

P

Dec.

Nov.

Nov.

Mar.

P

T

P

T

T

Jan. July
P

T

July

Nov.

P

T

ji

500-1

it
450-

1 Consumption and Trade]

400-

57. Manufacturing aftd trade sales
inl982dolars(bidol)\,

350300250-

200-

56. Manufacturing and trade sales in current dollars

150-

100

i. Industrial production, consumer goods
(index: 1977-100)
,: ,j|

-Wr

J

130-i
1201101009080130-1
120110-

; in 1982 dollars (bil. doi.)

100-

9080706050-

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

40120-1
11010090-

7060-

50-

40-

30-

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

lie] I

20-

58. Intjex of consumer sentime^ ( 1 $ | Q 1966=100)
1101009080706050-

1959 60

61

62

63

64

69

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 65.

22



FEBRUARY 1986

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
Jan. July
P T

July
P

Nov.
T

jFormation of Business Enterprises]
12. Net business formation (index: 1967:* 100) L,L,L

13. New business incorporations (thousands

| Business Investment Commitments, I

20. Contracts and orders for; plant and equipment
in 1982 dollars (bil. doi.)
10. Contracts and orders for plant and equipment
in current dollars (bil. dol.) l i L,L
27. Manufacturer?' new orders in 1982 dollars, nondefense
capital goods industries (bit, dol.)

24. Manufacturers new orders in current dollars, nondefense
capital goods industries (bil. dol.)

9. Construction contracts awarded for commercial and industrial Vv •
buildings (mil. sq. ft. of floor Space; MCD moving avg.—5-term)1
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 McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

B C D FEBRUARY 1986



23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Jan July
P T

July
P

Nov.
T

| Business Investment Commitments—Con,

97, Backlog of capital
corporations, Q (bil. dof.)

1,000 manufacturing
CLgl

approved capital appropriations, 1,000
manufacturing corporations, Q (bil. dol.)

Expenditures in 1982 dollars for r m

Investment Expenditures!
Expenditures in current dollars for
ann. rate, bil. dot.)

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

trial production, business equipment
x: 1977-100)
RU
9
R S T

1959 60

61

62

63

64

6S

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

24



FEBRUARY 1986

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

Jan. July
P T

July
P

Hm.
T

iBusijjess Investment Expenditures;—Con.
Gross private nonresidentia! fixed investment in lj$S2 dollars (ann. rate, bil. dot
86, Total, Q

cl&fr
88. Producers'durable l a m e n t , Q

87. StNares, Q flgXg

Residential Construction Commitments and Investment 1
l
28. New ori

29. New private housing units authorized bytocalbuilding permits
:, AA, I L O I T
• (index: 1967 SB0)

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 67.

FEBRUARY 1986




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Apr.

Feb.

Dec.

Nov.

Nov.

P

T

P

T

P
1!

Jan. July

Mar.

P

T
If"

T

July

Nov.

P

T

30. Change in business inventories in 1982 Mars, Q (ann. rate, by. dol.)

Inventory Investment]

flXXI
w*sf

TWk

Y >T

^u

rx.A,A\4

g

+ 90+ 60+ 30-

m

0-30-60-

36. Change in manufacturing and trade inventories on hand and on ofder
1
in 1982 dollars (am. rate, bil. dot.; movi avg.—4-term )

31. Change in manufacturing and trade inventories, book
(ann. rate, bil. dot.; MCD moving avg

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

[IXI

1999 60

61

62

©3

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

84

85 1986

'This is a weighted 4-torm 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 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr. Feb.
P
T

Dec.
P

I inventories on Hand and on Order I
U

.

—

Nov.
P

Nov.
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

70. Manufacturing and trade inventories in 1982 dollars (bil. dol.)

»

v

;

600^

550-

\

500450400350300250-

71. Manufacturing and trade inventoTie^
book value (bil. dol.)

200-

150

J

^

llO-i
100^

90-

—

807060-

65. Manufacturers' inventories, finished
book value (bil.dol.)
lLg,Lg,Lg

}

poods.

J

r

5040-

30-

77. Ratio, manufacturing and trade inventories to sales in 1982 dollars
1.8-

<rati0> [LgXJTFI

A

^

1.71.61.5-

\A

1.4-

I12'
78, Manufacturers' inventories, materials and supplies on hand
and on order, book value (bil. dol.)
^

280-t
260240220200180160140-

7

120100-

80-

60-

40-*

1959 60

61

62

63

64

69

66

67

68

69

70

71

72

73

74

75

76

77

78

79

SO

81

82

83

84

85 1986

Current data for these series are shown on page 68.

ItCII

FEBRUARY 1986




27

CYCLICAL
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Apr.

Fib.

P

T

Dee. Mow.
P
T

[Sensitive Commodity Prices]
[!
*—<

Nov.

Mar.

P

T

Jan. July
P

July

Nov.

T

P

T

80

81

98. Change in producer prices for 28 sensitive crude and
intermediate materials (percent; MCD moving avg,~6-term)
A .

•"• '

i

'

!

99. Change in sensitive materials prices (percent; moving
avg.-4-term 1 ) [ t , t , l |

23. Spot market prices, raw industrial materials2 (index: 1967=100)

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

I Profits and Profit Margins!

(ann. rate, bil. do».)

16. Corporate profits after tax in current dollars, Q
(ana rate, bil. dol.) r r r y i

1959 60

SI

77

78

79

82

83

84

85 1986

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

28




FEBRUARY 1986

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P T

(El

Nov.

Dec.
P

jsi. 'A ly
P T

July
P

Nov.
T

80. Corporate profits after tax with 1VA and CCAdj in
1 1982!dollars, Q (aim. rate, biL d o l k

and Profit Margins—^Con. |

JSL

280240200160120-

40-

79. Corporate profits aft tax with IVA and CCAdj in
current dollars; Q 0 nn. rate, bil. dol.)

In

22. Ratio, corporate domestic profits after tax to corporate

81JJ Ratio, corporate domestic profits aper tax with IVA and
CCAdj to corporate domestic! i n c o ^ Q (percent)
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents)

xice deflator to unit labor cost, nonfarm
btisiriess sectOf/Q (index: 1977^100)

35. Corporate net ca^h flow: i n 1 9 p dollars; Q
(annJjrate, bil. dol.) I J i l

. torporate neTcasft flowin current dollars, Q
(arm. rate, bil. dol.)

19&9 60

61

62

63

64

66

67

68

69

70

71 72

33

34

85 1986

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

BCII FEBRUARY 1986




29

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

Hm.
P

Dec, Urn.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

180

llnitiJLabor Costs and Labor Share|

170160

A

150
140
130

y

63. Unit labor cost, business sector, Q

/

120
110

100-

(indd[:i977=100)rIi7itii"

90-

Htl0.80

in

0.75
0,70
0.65
0.60
0.55-

68. Labor cost in current dollars per unit of gross domestic product in
1982 dollars, nonfifiancial corporations, Q (itoilai)

0.50-

y

0,45

0.40

0,35

150

140
130
120
110

62. Labor cost per unit of output, manufacturing
(index;1 1977=100)
|t"

100
90

80

70

64. Compensation of employees as a percent of national income,
Q (percent) J
...ligig.fal ll
'_

78
76-

r

ni
72
70->

1959 60

61

62

63

S4

6§

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 70.

30




FEBRUARY 1986

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Jan. July
P T

Apr. Feb.
P

T

July
P

Nov.
T

Change in mo^iey supply M l
[ *
(percent; MCtt moving avg.^6-)term)[^i.^ii <

102: Ghang^ in m^ey supply
I' (percent; MfiD riivig % —

104. Change in total liquid assife (percent;

10S, Money supply Mljin

106. Money s # p i f M2 in 1982 dollars

1071 Ratio, grjt^s ruitional product tortwneyjsupply

Q<ratkr % 7 J

y supply M2 (ratio)

108. Ratio, personal income to

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 71.

BCD

FEBRUARY 1986




31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr.

Feb.

P

T

Die. Nov.
P T

Jan. July
P

T

July

Nov.

P

T

33. Net change in mortgage debt held by financial institutions
and life insurance

112. Net change in business loans (ann. rate, bil. dot.;
MCD moving avg,—6

113. Net change in consumer installment credit
(ann. rate, biL dol; MCD moving avg.—6*term)
I

111. Change in business and consumer credit outstanding

IK rate, percent) L L L

Funds raised by jwvite nonfinanctal borrowers 1$ credit

,

1959 60

...

, ., •=- .. .!..: . .. L. •.... L

:..."•• - i i t J U U L j . , . . ; • . . ' . . . . : . ' • . , : , . . •

. . J U J U U U

..•;.,..-,

,••.."../..., .. A • •

-

61 62 63 64 69 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 89 1986

Current data for these series are shown on pages 7 1 and 72.

32




FEBRUARY 1986

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July
P T

July
P

80

81

Nov.
T

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

Percent of consumer
(percent—invented scale)

Member bank borrowings from the Federal Reserve

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

84

S§ 1980

Current data for these series are shown on page 72.

l t d ) FEBRUARY 1986




33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July
P T

Apr. Feb.
P
T

July
P

Nov.
T

rate (percent)—jj

Discount rate on new issues of 91-day
bills (percent) |cfLg,Lg

Yield on new issues of feh-erade corporate bonds
(percent) LgtLgtLg ii V

long-term Treasury bonds (percent)

rtarket yields on FHA mortgages (percent)

117. Yield on municipal bonds, 20-bond average (percent)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

34



FEBRUARY 1986

IICII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Apr. Feb.
P T

•

•

•

'

•

'

Dec. Nov.
P
T

11

Jan. July
P T

July
P

Nov.
T

ti:!

ilnte est Rates4Con.

10ft, Average prime rate qpgeclly batiks (percent)
i

t

:;

••••{:

-:

\r

• 1
- •

:

•

•

•

!

• ? '\

l\
r

%

I

\

.
"

Bank rates on short

business loans, Q (percent)

10L Commercial and industrial loans outstanding in
\
1982|o!larskbft.dol.)

95. iRatibjj c o r n e r installment credit outstanding to personal income |
J!-:.-'i

19S9 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

79

76

77

78

79

80

81

82

S3

8S 198S

Current data for these series are shown on page 73.

ItCII FEBRUARY 1986




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Apr, Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Jan J u l y
P T

Mar.
T

July
P

Nov.
T

[Percent rising |
950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. span-—)
100-

50-

0-

951. Four roughly coincident indicator components (S-rno. span

, 1-mo. s p a n — )
100-

itw mm], I •i-ifii i l

I'l—WM-MI

i.

— _ _

llfl
i;; Hits' 1

3-

50-

0-

952. Six lagging indicator components (6-mo. spijh—fi 1-mo. s p a n - - - )
100-

50-

0-

961. Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mO|

100

T

50-

0-

962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo,_$pan~^ 1-mo. span -_->)

100-

963. Employees on private nonagricultural payrolls,172-186 industries
1001

50-

0-i
1959

60

61

62

63

64

65

70 71

73

74 75 76 77 78 79 80 81 82

84

86 X986

Current data for these series are shown on page 74.

36



FEBRUARY 1986

ItCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Apr. Feb.
P T

Dec. Nov.
P
T
964.

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

Manufacturers1 new orders, 34-35 durable goods industries
(9-mo. span—> 1-mo. span.--)
100-

50-

965.

Newly approved capital appropriations in 1972 dollars, 17
manufacturine industries (4-0 moving avg.»^», JHJ span»»«j

090705030-

966.

Industrial production, 24 industries (6-mo. s p a n — , 1-mo. span---)

50-

967.

0-

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

200 •

50-

968.

Stock prices, 500 common stocks, 43-32 industries
(9-mo. s p a n — , 1-mo. span--.)

0-

50-

0-

960.

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

705030-

19SJ9 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

73

7®

7\

'Thit, 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.

Bill FEBRUARY 1986




37

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Mar.

Jao. July
P

T

T

July

Nov.

Mar.

P

T

T

Actual
Anticipated

P

T

July

Hm.

P

T

Actual
Anticipated

nsmg

| % c e n t rising |

9)0.

Jan. July

Expenditures for new plant and equipment,
21 industries (1-Q span)

(a) Actual expenditures

I

h i Number of employed, maiwfacturinf ind trade (4-Q span)1
70605040-

975. Level of inventories, manutacturinj and trade (4-Q span)
8070605040-

I

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

976. Seing prices, majjufacturing (4-Q span)

«

s

j!

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

i .• - v

977. Selling prices, wholesale trade |.<4-Q span)

«7 V 978, Selling prices, retpi trade (4|Q spn) 1

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

1009080*
70-

1974 75

76

77

78 79

81

82

83

B4

89 1986

1974

75

76

77

78

79 80

81

S2 83

84

85 1986

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

38




FEBRUARY 1986

KCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Apr. Feb.
P
T

Jan. July
P T

Mar.
T

Dec. Nov.
P
T

July
P

Nov.
T

l^month spans - -i —
3-month spans
i

Percent change at annual rate
910c. Composite index of twelve

920c. Composite index of four roughly coincident indicators ii

930c. Composite index of six lagging indicators ;
j
t
4
'i

47c. Index of industrial production

u

. JL ^

50c. Gross national product in 1982 dollars (1-Q span) ;

48c. Employee hours in nonagricultural establishments

51c. Personal income ifes transfer
payments in 1982 dollars

1959 60

61

©2

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84 -

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.

tun

FEBRUARY 1986




39

OTHER IMPORTANT ECONOMIC MEASURES
|A

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Apr.

Feb.

P

T

Jan J u l y
P

July

NOT.

T

P

T

80

81

Gross national prodiKt In current dollars. 0 i * ¥ i rate, bil. doU

223. Personal income in current doflars
(ann, ratet bff. do!,) \ .

f
224. Disposable p w w a l income in current
doflars, Q ( m rate, biL

Gross national product in 1982

(ana rate, by. dol)

213. Final sales in 1982

Disposable personal income in 1982
(am. rate, b l do!.) I

capita gross national product to 1982 dollars, Q
( Hwus. do).)

i|& (disposable personal ncome in
-s, Q (ann. rate, thous. doJ.)

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

1986

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

40




FEBRUARY 1986

HCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
Apr. Feb.
P
T

F

T. July July
T P

Nov.
T

Annual rate, biffon dofiars (current)!

Personal consumption expenditures—

, JULJUI !

1959 60

61

62

63

64

65

66

67

68

69

70

t

71

.-

72

JLA/b'tjl

73

74

' \r.:iSi,r. 'U ; ../UJLiliUl '

75

76

77

78

79

80

81

82

83

84

85 1986

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

FEBRUARY 1986




41

OTHER IMPORTANT ECONOMIC MEASURES
iA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Dae.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P T

July

NOT.

P

T

[Annual rate, biofl M a

Gross private domestic investment-

Annual rate, bikxi dollars (1982)1

130. Change in business Hwwtpries, Q

1959 60

01

62

63

64

6§

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

S3

84

85 1986

Current data for these series are shown on page 81.

42




FEBRUARY 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Apr.

Feb.

P

T

Jan. July
P

T

July

Wov.

P

T

I Annual rate^ billiof dollars (durrerit)|

Government purchases of goods and services—

262. Federal Government, Q

Annual rate, b i f a dollars (1982)

267, State and local government, Q

263. Fjederaif^oveimment, Q

j\J i.. fi/uu b / u j

1959 60

61

L'uu... L mu

62

63

\juui: b~

€4

66

67

68

69

70

71

72

73

74

75

76

77 7B

83

34

85 1986

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

IICII

FEBRUARY 1986




43

OTHER SMPGilAiT EOONOIIC MEASURES
IA

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Nov.
P

Apr. Feb.
P

T

Wlar.
T

Jan. July
P

T

July

Nov.

P

T

| Annual rate, biton
y

252. Exports of goods
- 2 5 i Imports of goods and services, Q

250. Net exports of goods and services, Q

* •

-

| t V |

'

Exports of goods and services, Q

1950 6®

61 §2

71

1% 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 1986

450'

OTHER IMPORTANT ECONOMIC MEASURE!
A

NATIONAL INCOME AND PRODUCT—Continued

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

T

July
P

Nov.
T

[Annual rate, billion dollars (current)

220. National income, Q

280. Compensation of employees, Q

286. Corporate profits
consumption adj

tax with iftvfcniory valuation ana

282. Proprietors' Income with inventory! vacation and
capuai consumpiton adjustments,

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

19!i9 60

61

62

S3

64

@S

66

67

68

69

70

71

72

73

Current data for these series are shown on page 82.

Bill FEBRUARY 1986




45

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Apr.

Feb.

P

T

Dec. Nov.
P
T

Nov.

Mar.

P

T

Jan. July
P

T

July

Nov.

P

T

Annual rate, bloo ckfc (current)

Z

2#h Gross saving, Q

*s
^y

600 «
550*
500 •
450400350300-

juy

.1 / i f

250-

/_OVrl

200-

295. Business saving, Q

292, Personal saving,

298, Government surplus or deficit, Q

293. Personal saving rate, Q

1959

60

€1

62

63

€4

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

1986

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

46




FEBRUARY 1986

KCII

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr.

Feb.

P

T

Jan. July
P

T

July

Nov.

P

T

1 Percfent of GNP |

235. Personal consumption expenditures,

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

248. Nonresidential fixed mvestmen

249. Residential fixed investment; Q
11

/ •

•

251. Net exports of goods and services, Q

247. Change in business inventories, Q

j f o r t y of National Income]

Compensation of employees

287.J Corporate profits before! tax with inventory valuation
and capital consumption adMtments, Q

ietors' income with inventory valuation
add capital consumption adjustments, Q
289, Net interest, Q
285. Rental income of persons with capital consumption adjustment, Q
m
" • !i
:
' ' ' '
' ' . ' —r
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 83.

FEBRUARY 1986




47

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
Jan. July July
F T P

Jan. July
P T

Nov.
T

[Index:

120 n

no

i 310cj Implicit price deflator for grois
i
national product (1-Q span)

July
P

Now.
T

| Percirjt otenge at animal rate]
I!

100

310. Implicit price deflator for gross

+ io-

90-

+ 5*

311c. Fixed-weighted price index, gross domestic business product
3JH. Fixed-weighted price index, gross

+ 50-

:er price indexes—

|6-month spans]
+ 30-

330c. fli corwdties

+ 20-

v^

v

r^K*

_T^

+ 100-»

335c. Industrial ftwimodftfes.

+ S0-

^

+ 20-

/~I\A

+ 10«

oJ

33Ic. Crude materials Tor
further processing

:

;

;

^

• .

+ 40-

J\

i; 332c. Intermediate materials,
\
suppltes, and compopis

+ 30+ 20+ 100-

A '

+ 30-

333c, Capitaleqiflpmep

{X

+ 20-

^ *~~~ ^•w^^s^^-v* UJ,

+ 19- .
0-

!

334c, Finished consumer foods
+ 20-i

^V^^^^A

1974 75

76

77

78

79

SO

81

82

83

84

85 1986

1974 75

76

77

78

79

80

81

82

83

84

+10J

UJ

oJ

8S 1986

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

48




FEBRUARY 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr. Feb.
P T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

4\A

July
P

Nov.
T

[index: 1967-1001
340-

u
'•'•[

;

Consumer price indexes-

\i

300260 «
220-

1*

180-

322. All Itiirbati! consumers,foodp i p

322c. All urban consumers, food

Chart B2. Wages and Productivity
1 Index: 1977=100]
[Wages
341. Real average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1

X
340. Average hourly earnings of production or nonsupervisory
workers on private rtonagricultural payrolls (current dollars)1

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

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

1959

60

1986

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

1 ( 1 ] I I FEBRUARY 1986




49

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

Chart B2. Wages and Productivity—Continued
Jan. July
P T

lWageSf°"-l

I

July
P

Nov.
T

6-month

Change! in average hourly earnings ot production or nonsupervi§ocy
|
worker $ On private nnnagrfriiltiirfll payrnlk1—

i

. .1, u J U a w f e r A ^

• ^learnhgs

„ . .h..il

11 if / i n j i'Tj f-"iii' i

340c. Current-dollar earnings

4

^

^

^

^

l l P ' f efaftfc.1

^

6-month spans (ann. rate)

'i;'y

j|

Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c, Current-dollar compensation

J4bc. Keat compensation

i 4-quarter spans •
Negotiated wage and benefit decisions—
348. Average first-year changes, Q (ann. r a t e ) - _ ^
349. Average changes over life of
l! contract, Q (ann. rate)

Itodex;1977=1001
358. Output per hour, all persons,
nonfarm business sector, Q

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

4-quarter spans V

1959 60

61

62

63

64

69

66

67

68

y

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 annualized 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 1986

Hi

W

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

HQM.

T
130120110-

441. Civilian labor force (millions]

100-

90-

442. Civilian employment (millions)
70-

Civilian labor force participation rates (percent)—
90-

451. Males 20 years and over

85-

807560«

453. Both sexes 16-19 years of age

ss504540-

^. hertiates zu years ano over

14-

Number unemployed (millions)—

1210-

4-

446. Both sexes 16-49 years of age
1210*

8*

447. Number unemployed, fui-tune
workers (millions)

v

191)9 60

61

62

63

64

65

66

67

68

69

6-

448. Number of persons employed part time for
economic reasons (millions)
70

71

72

73

74

75

76

77

78

79

80

81

34

89 19S6

Current data for these series are shown on page 89.

IIOI FEBRUARY 1986




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
Apr.

Fat).

P

T

Dae.

Nov.
T

Annual rate, btfcm doiars (current)

502. Federal Government expenditures, Q

Federal Government receipts,

surplus or deficit, Q

511. State and local government receipts

510. State and focal government surplus

1959 60

61

62

63

64

65

66

71

12

73

74

79

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 90.

52




FEBRUARY 1986

IMJI

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart 02. Defense Indicators

lAdvajnce Measures of Defense Activity!

517, Defense Department gross obligations inclined
(bil. d d ; MCD moving avg.-6-term)

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

543. Defense Department gross unpaid obligates outstanding (bil. dot.)

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

mm H &,

wwrnmi

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

8i 1986

Current data for these series are shown on page 90.

FEBRUARY 1986




53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart 02. Defense Indicators—Continued
Jan. July
P T

July
P

Nov.
T

81

82

| Intermediate and Final Measures of Defense Activity 1 jj
557 Industrial Deduction
(index: 1977*-100)

559. Manufacturers' inventory , defense products, book value
(bil.dol.)

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

580. Defense Department net outlays, military functions and military
assistance (bit. dol.)

588. Manufacturers' shipments, defense

1959 60

61

62

63

64

65

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 9 1 .

54




FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
|£) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued

jlntepediate and Final Measures of Defense Activity—GpnJ
570. Employment, defense products industries (millions)

577. Military personnel on active duty

578,, Civilian personnel direct hire employment

[National Defense Purchases

564. Fedefal Government purchases
d e f e r k Q (am. rate, k

1959 60

61

62

@3

64

65

66

67

68

69

70

71

72

73

and services, national

74

75

76

77

78

79

80

81

@2

83

84

8S 1986

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

ItCII

FEBRUARY 1986




55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr.

Feb.

P

T

Jan. July
P

July

Nov.

T

P

T

80

81

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

604. Exports of domestic agricultural products
(biL dol.)
;j
\
606. Exports of nonelectrical machinery
(bil. doi.)

612. General imports (bil. dol.)

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

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

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

89 1986

Current data for these series are shown on page 92.

56




FEBRUARY 1986

IICII

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
Jan. July
P T

July
P

Nov.
T

80

81

82

667. Balance on goods and services, Q

622, Balance pn m|rp|riise trade, Q

]9!)9 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 93.

FEBRUARY 1986




57

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Apr. Feb.
P
T

Dec.

Urn.

P

T

Jan. July
P T

Mar.
T

Nov.
P

Jyly
P

NOT.
T

Industrial production—

722. United Kingdom
H 7 . United States

728. Japan

1959 60

61

62

$3

64

69

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

83

84

89 1986

Current data for these series are shown on page 94.

58




FEBRUARY 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices
Jan. July
P T

Mar.
T

Jan, July July Nov.
F T P
T

July Nov.
P
T

•Jkiu-A^ly-.- ^ I r .•ill: ^-#v ^#r|iifr ;rt-i8lf^t-flfeiNlS|N!'|
'.-#<&#- •;)&?• - ' ^ V : - ••'•^jk

-^r-'-'W-:!

320fc United States

:

'••^Mf:^5-:'T^f----^^H!W^t;1^P^

li^jiP^Hi^:^^:^ii^;'-^:

^, ,;;..|;, . ^ j ^ : . ^. . -0... ,.J|, ,§^ ,.;v;^;. • • l p p |
I I I I

;' i,

iriinixi»iJicrn.il.il.i'limi.j.;li..

n. : •.'.. :.

H..JI . .1 •.ijr.i. ...n. loj.nmrrn/ixi.. i. '] VV jjl J.| .1 [•Vnji./i ii'h|'i.lHMii<fc ,

•^wj!-^ • ife -#^ # • ;iM%ii.j3P|ii-v?i|-:i ^ - i ^ # - I I N N I F I i l H i l
^•••4|fjv^l : \ij| ••#^h#Hf#i ; -i^t1|^f1^Pi*i
::.fr IJK -yi^^illl lillfeiMI
i

''•.••••••.

' )

.•-•••

4

-•••.••.:•

; i . - > .

•.

?^^-::^v::.;vJfe,::^lv.-^i. .•-^^K-.^jfe^.: ^^-V^l^^^^'^^^-rJt-^Nl^''^^^^
736c. France
;

ii/fe • i r # - iNiNNilhNfeHl

liK- •#,. r f - - i | - ,^f;-- m-:%%• w I ^pHi|iii|^NS^j^

f - : ^ - i j - # ; •&

»%* ij:"-#-" ;fe#;;; i^p- ^Ip:-

!l^-; •;•:![' • * l # ^i^i; •••'^•ir^^l^^ihi^Mii^!-- 1 ^

^ ^

^ii •-#;; '#m^i^lff'SiM;'iiS;
I -0-\

!•••:§-; !;-i?;.

!r*v- i #

^ | p *1

I---* !i^%- -i^

1-20 - i

7l3c. CianadI

743. Canacfcf

^gk.

40-

»3zZ

200150-

O-i

100 J
L.il-./Lf1..J;,. Jl.iL JI.. : L u'J\ j]..',: .-/Li-

1974 75

76

77

iisii...^....:;..'i;d:.';..JtJL.'....••;...'Y-i'ii...'.•....•!V.-:ft,j'v :..,.i'£A.-': • i.L-Aiiv!Ji..Jij2t-:L..iLiKL." JiriSkJU/i.J

78

79

80

81 82

83

84

85 1986

1974 75 76 77 78 79 80 81 82 83 84 85 1986

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

KO)

FEBRUARY 1986




59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

COMPOSITE INDEXES

Year
and
month

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

(1967=100)

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

(1967 = 100)

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

(1967-100)

940. Ratio,
coincident index
index

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

(1967-100)

(1967 = 100)

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

(1967 = 100)

916. Profitability (series
19, 26, 80)

(1967-100)

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

(1967-100)

1984

164.5
166.5
167.2

149.5
150.6
151.1

109.8
111.3
112.8

|H>136.2
135.3
134.0

110.3

March
April
May
June

168.1
168.2
166.7

152.6
153.9
155.4

114.6
116.4
117.5

133.
132.
132.

July
August
September . . .

163.9
164.4
165.7

155.7
156.0
156.5

118.8
119.8
121.0

October
November '. . .
December . . .

164.2
165.1
164.1

156.5
157.7
158.8

January
February
March

166.3
rl67.4
rl67.6

April
May
June

January

110.8

106.1
106.8
107.5

109.2
108.4
109.3

133.4
134.8
136.3

110.7
110.7
111.1

E>107.9
107.7
106.0

110.1
110.8
110.5

136.6
138.1
138.0

131.
130.
129.

109.6
110.3
110.4

104.6
103.6
103.8

110.3
111.7
112.2

137.3
136.9
137.3

122.0
121.7
121.9

128.3
129.6
130.3

109.3
109.8
109.3

103.8
103.4
102.3

112.4
112.8
112.5

135.5
136.0
136.3

158.4
159.0
159.3

123.7
T124.3
125.5

128.1
rl27.9
126.9

109.2
rlll.O
rll0.8

102.6
rlO2.9
rlO2.2

113.1

rll4.2

139.0
rl38.6
rl38.5

rl66.4
rl66.5
H66.5

rl60.5
rl60.1
159.3

rl25.3
rl27.5
H27.5

rl28.1
rl25.6
H24.9

rllO.l
rllO.O
rll0.2

rlO1.5
rl00.6
rl00.3

H14.5
rll5.0
rll5.8

rl37.0
rl36.5
rl35.6

July
August
September . . .

rl68.3
rl69.1
rl69.7

rl59.5
160.8
160.9

rl27.7
127.6
129.2

124.9
126.0
124.5

rllO.
rllO.
Ill,

rlOO,
rlOO,
rlOO.

5.6
rll6.5
rllS.O

rl37.6
rl40.2

October

rl71.2
rl71.5

rl60.8
rl61.5
162.9

rl31.2
rl31.1
130.9

122.6
rl23.2
rl24.4

rllO.5
rlO9.8
rlll.O

rlO1.5
rlO2.1
rlO2.8

rll4.4
P115.0
(NA)

[H)rl41.5
rl40.5
r!40.9

E)a163.2

>*131.5

P124.1

P109.3

P103.4

February

1985

November , , .
December , . .

E>174.0

1986
January
February
March

l

173.0

P139.4

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 pases 10 and 11.
Excludes series 36, for which data are not available.
2
Excludes series 57, for which data are not available.
Excludes series 77 and 95, for which data are not available.

60




FEBRUARY 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process . .".

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L,U

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

(Hours)

Comprehensive
Employment

Job Vacancies

L,C,L

L.C.L

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

5. Average weekly initial
claims for unemployment
insurance, State programs'

(Hours)

(Thous.)

L, Lg, U

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

L, Lg, U

U.C.C

46. index of help-wanted
advertising in newspapers

(Ann. rate,
bil. hours)

(1967-100)

(Ratio)

48. Employee hours in
nonagricultural establishments

C2)

1984
40.8
E>41.1
40.7

3.5
3.5
3.5

364
H>345
348

0.407
0.434
0.420

123
129
124

174.29
175.77
175.12

April
May
June

41.0
40.7
40.6

3.6
3.4
3.4

360
348
350

0.421
0.435
0.484

124
125
134

176.83
176.56
177.42

July
August
September

40; 5
40.5
40.6

3.3
3.3
3.3

365
358
368

0.486
0.448
0.458

138
128
129

177.83
178.29
179.32

October
November
December

40.5
40.5
40.6

3.3
3.4
3.4

405
397
386

0.483
0.497
0.523

136
137
145

179.25
180.34
180.38

January
February
March

40.6
40.1
40.4

3.4
3.3
3.2

378
402
389

0.493
0.500
0.500

140
141
141

180.77
180.65
181.94

April
Way
June

40.2
40.4
40.4

3.4
3.1
3.2

387
383
392

0.468
0.467
0.498

132
132
141

181.70
182.43
182.67

July
August .
September

40.3
40.6
40.7

3.2
3.3
3.3

381
375
381

0.499
0.490
0.489

141
134
136

182.63
183.30
184.32

October
November
December

40.7
40.7
41.0

3.4
3.4

0)3.6

367
371
391

0.502
0.525
0.538

140
144
E)145

rl85.63
rl85.57

p40.9

P3.5

375

E>p0.543

pl43

0)pl86.3O

January
February
March

1985

185,40

1986

Iff

!

January
February
March

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
1
l)ata exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.

ItO

FEBRUARY 1986




61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT=Continued

U.C.C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C.C.C

41. Employees
on nonagricul*
tural 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

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs'

(Percent)

(Percent)

(Thous.)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

a

C)

1984
January
February
March

99,918
100,491
100,689

92,603
93,115
93,387

24,234
24,464
24,507

58.07
58.38
58.39

8,982
8,837
8,775

8.0
7.8
7.8

3.0
2.9
2.9

20.5
19.1
18.9

2.9
2.7
2.6

April
May
June

100,992
101,826
102,206

93,725
93,998
94,317

24,603
24,670
24,767

58.54
58.98
59.15

8,765
8,547
8,238

7.8
7.5
7.2

2.8
2.7
r2.8

18.6
18.6
18.1

Z.B
2.5
2.3

July
August
September . , .

102,134
101,952
102,059

94,615
94,893
95,238

24,842
24,889
24,851

59.03
58.84
58.89

8,456
8,496
8,380

7.4
7.5
7.4

2.7
2.7
2.7

18.0
17.5
17.2

2.3
2.3
2.3

October. .
November
December

102,464
102,576
102,861

95,573
95,882
96,092

24,918
24,955
25,045

58.97
59.09
59.18

8,379
8,194
8,256

7.3
7.2
7.2

2.7
2.8
2.8

16.8
17.1
17.1

2.2
2.1
2.1

January
February
March

102,996
103,262
103,637

96,419
96,591
96,910

25,112
25,062
25,056

59.20
59.30
59.45

8,439
8,395
8,384

7.4
7.3
7.3

2.9

r2.9
2.9

15.9
16.0
15.9

2.0
2.1
2.1

April
May
June

103,519
103,655
103,461

97,120
97,421
97,473

25,090
25,066
25,010

59.37
59.35
59.12

8,384
8,400
8,423

7.3
7.3
7.3

2.8
2.8
2.8

16.1
15.0
15.5

2.1
2.0

July
August
September . . .

103,751
104,115
104,502

97,707
97,977
98,217

24,980
25,015
24,962

59.21
59.34
59.46

8,401
8,133
8,271

7.3
7.1
7.1

2.8
r2.8
r2.8

15.5
15.5
15.5

2.0
2.0
2.0

October
November . . ,
December . ..

104,755
104,899
105,055

98,559
r98,801
r99,069

25,051
r25,089
r25,145

59.56
59.59
59.67

8,301
8,161
8,023

7.1
7.0
6.9

2.7
»2.7
2.8

15.4
15.7
15.4

2.0
1.9
1.9

[8)105,655

0>p99,635

0)59.90

E>7,831

©6.7

2.8

§119

1985

1986
January
February
March

Rl.8

April
May
June
July
August
September . . .
October
November . . .
December , . .
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
l
Data exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.

62




FEBRUARY 1986

ItCII

B

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

PRODUCTION AND INCOME

Comprehensive Output and Income

Timing Class

C.C.C

50. Gross national product
in 1982 dollars

Year
and
month

(Ann. rate,
bil. dol.)

C,C,C

C.C.C

52. Constant
(1982) dollars

51. Personal
income less
transfer payments in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Personal income
223. Current
dollars

Industrial Production

(Ann. rate,
bil. dol.)

C, C, C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)

C.CC

47. Index of
industrial
production

C, C, C

73. Index of
industrial
production.,
durable manufactures

(1977 = 100)

(1977 = 100)

C,l,l

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

C,C,C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

Revised1
1984
January
February
March

3,449*4

3,004.5
3,039.2
3,057.7

2,326.4
2,848.4
2,857.7

2,403.5
2,426.8
2,435.5

519.2
523.6
524.7

118.4
119.3
120.1

119.6
121.0
122.2

119.5
121.0
121.6

1,489.* 6

April
Miiy
June

3,492*6

3,072.8
3,079.1
3,098.7

2,861.1
2,861.6
2,871.8

2,438.5
2,440.4
2,451.6

527.4
527.5
530.2

120.7
121.3
122.3

123.3
123.8
124.7

121.9
122.3
123.2

1,511.6

July
August
September

3,510*4

3,124.1
3,143.1
3,165.5

2,887.3
2,888.9
2,901.5

2,467.6
2,468.5
2,483.3

530.9
531.8
531.5

123.2
123.5
123.3

126.4
.127.7
127.2

123.9
123.2
123.1

1,514*4

October
November
December

3,515*.6

3,167.2
3,184.0
3,207.4

2,895.1
2,902.5
2,918.5

2,474.5
2,481.3
2,504.1

531.0
533.3
537.0

122.7
123.4
123.3

127.0
127.5
127.4

123.3
123.8
123.4

1,510*5

January
February
March

3,547^8

3,217.3
3,247.2
3,258.2

2,927.5
2,944.0
2,940.6

2,495.2
2,510.4
2,507.9

539.2
536.0
537.6

123.6
123.7
124.0

127.8
127.2
128.0

123.2
123.8
. 123.9

1,530*3

April . . . .
May
June

3,557*4

3,288.6
3,271.2
3,280.5

2,962.7
2,939.1
2,942.2

2,529.5
2,506.7
2,510.9

536.2
536.8
536.1

124.1
124.1
124.3

128.2
127.9
127.6

124.3
124.7
125.5

1,531*5

July
August
September

3,584.1

3,290.0
3,295.5
3,309.9

2,945.4
2,947.7
2,952.6

2,506.7
2,513.0
2,516.9

534.3
535.8
536.5

124.1
125.2
125.1

127.9
129.4
128.3

125.6
126.6
126.9

E>1,541*6

October
November
December

(H>r3,594.8

r3,330.0
r3,346.6
E>r3,385.5

r2,960.0
r2,959.0
E)r2,932.8

r2,524.6
r2,524.5
[R>r2,548.9

538.9
535.7
0)539.3

124.4
rl25,4
rl26.3

rl27.7
rl29.1
rl30.1

rl26.4
rl27.1
rl28.2

r l ,531*6

p3,382.7

p2,972.5

P2.532.5

P539.0

H>P126.7

[H>pl30.8

JH>P128.4

1985

1986
January
r c L f I r a f y

* . - * . ,

• .

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.
1

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

Kill

FEBRUARY 1986




in.

63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

•••
•til

PRODUCTION AND
INCOME Continued

| Q

Capacity Utilization

L.C.U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L,C,U

L,L, L

84. Capacity
utilization rate,
materials

(Percent)

L.L.L

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

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

(Bil. dol.)

7. Constant
(1982) dollars

(Bil. dol.)

L.L.L

L, L, L

8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials

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

(Bil. dol.)

(Bil. dol.)

Revised1

Revised1

U Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

32. Vendor
performance,
companies receiving slower
deliveries 0
(Percent
reporting)

1984
January
February
March

79.2
80.0
80.4

81.6
82.1
82.5

99.55
101.79
104.45

95.72
97.60
99.76

84.27
84.37
81.78

April
May
June

80.7
80.7
81.1

82.6
82.6
82.8

97.31
100.95
98.34

92.67
96.24
93.57

81.84
82.11
80.41

81.7
H>81.8
81.3
81.1
81.2
80.9

83.0
[H>83.1
82.7

101.98
101.86
98.21

97.03
96.64
93.18

81.
81.
81.3

96.51
104.43
101.31

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

4.38
5.44

63
68

E>8.14

324.50
329.94
338.09

1.85
4.06
0.61

339.93
343.99
344.60

71
70
66

82.58
82.52
79.75

4.14
1.61
0.00

348.73
350.34
350.34

60
54
58

91.56
98.90
95.84

81.84
83.35
82.57

-4.30
2.04
-2.63

346.04
348.08
345.44

52
50
46

1985
January
February
March

80.
80.
80.

81.7
81.5
81.4

105.45
102.47
99.54

99.67
96.76
93.91

86.65
83.67
81.88

3.48
0.75
-2.58

348.92
349.67
347.10

47
48
46

April
May
June

80.
80.
80.

80.9
80.1
80.1

99.84
102.97
106.78

94.10
96.69
100.17

83.31
84.09
83.17

-2.22
0.25
4.12

344.87
345.13
349.25

44
44
44

July
August
September ., .

80.1
80.7
80.1

79.5
79.9
79.5

104.37
107.66
106.64

97.72
100.81
100.23

83.51
84.78
85.29

1.89
2.35
2.98

351.14
353.49
356.48

44
42
42

October
November . , .
December , ..

r79.6
r80.1
r80.5

r79.3
r79.2
r79.7

104.50
103.80
rlO7.81

97.66
96.92
100.67

86.23
86.89
85.94

-1.98
-3.21
r2.05

354.49
351.28
r353.32

46
42
46

P80.6

P79.6

E>PlO8.21

E)P1O1.32

(H>p90.02

P3.30

E>P356.63

46

1986
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.
1
See "New Features and Changes for This Issue, page

64



iii.

FEBRUARY 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| Q

Minor Economic.
Process
Timing Class

Formation of Business Enterprises

Consumption and Trade
C.C.C

c,c,c

Manufacturing and trade sales
Year
and
month

• • FIXED CAPITAL
1 1 1 INVESTMENT

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

57. Constant
(1982) dollars

56. Current
dollars

til. dol.)

(Mil. dol.)

C, L, C

75. Index of
industrial
production,
consumer

C, L, U

U, L t U

Sales of retail stores
54. Current
dollars

(1977 = 100)

(Mil. dol.)

Revised1

59. Constant
(1982) dollars

(Mil. dol.)

L,C,C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

L.L.L

.58. Index of
consumer
sentiment ©

12. Index of
net business
formation

(1967 = 100)

Revised1

January
February
March

402,489
402,395
404,612

387,713
387,590
388,114

116.2
116.9
117.3

106,136
105,726
104,525

101,956
101,367
100,024

102.5

April
May
June

408,342
412,524
413,976

392,029
395,483
398,311

118.3
117.7
118.5

107,443
107,941
109,085

102,522
103,096
104,188

July
August
September . . .

412,233
413,300
412,276

397,143
398,008
396,816

119.1
118.4
118.3

107,563
107,396
108,373

October
November . . .
December . . .

414,243
417,635
421,613

399,255
402,004
405,167

118.5
119.6
119.7

January
February
March

417,350
418,667
420,776

401,294
402,708
403,870

April
May
June

426,472
428,275
418,378

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

L,L,L

13. Number of
new business
incorporations1

(1st Q

1966-100)

Revised

1984

L.L.L

(Number)

Revised

100.1
97.4

(H>123.2
122.6
121.6

52,674
53,535
53,075

104.9

96.1
98.1
95.5

121.
120.
120.

53,298
50,736
53,884

102,636
102,087
102,723

104.4

96.6
99.1
100.9

120.5
121.6
122.5

53,211
52,025
52,646

108,974
110,255
110,519

103,000
104,014
104,067

108.2

96.3
95.7
92.9

121.4
120.0
119.5

52,587
53,838
53,558

118.8
119.1
119.8

110,972
112,096
111,854

104,592
105,254
104,536

110.9

96
93
93

121.4
122.7
122.0

53,215
54,533
55,549

409,175
411,376
402,379

119.5
120.0
120.4

115,351
114,884
113,730

107,604
107,368
106,389

112.5

94.6
91.8
96.5

121.6
119.6
120.2

55,602
55,392
55,006

422,483
430,417
428,998

406,135
414,183
413,305

120.
121.
121.8

114,417
116,977
1)119,538

107,032
109,324
ill, 509

H>126.1

94.0
92.4
92.1

122.4
121.5
121.3

54,560
55,644
56,419

426,033
r431,965
0>p436,215

409,921
413,010
|H>p416)413

rl20.8
rl22.8
rl24.2

114,860
rll5,409
rll7,405

106,946
106,860
108,207

90.9
93.9

121.5
120,5
119.5

©58,251

rlO4.4

(NA)

(NA)

H>pl25.2

P117.501

plO7,997

95.6

P117.8

E>ioi.o

1985

(NA)

1986

January
February
March
April
May . .'
tune
July
August
September . . .
October
November . . .

December . . .
See note on page 60.

Graphs of these series are shown on pages 12, 14, 22, and 23.
L

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

ItCII FEBRUARY 1986



65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Business Investment Commitments

Timing Class

L.L.L

L.L.L

Contracts and orders for
plant and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

10. Current
dollars

20. Constant
(1982) dollars

L, L t L

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

L, C, U

L.L.L

U, Lg, U

9. Construction contracts awarded for
commercial and industrial buildings1
Square meters of
floor space2

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

(Millions)

t3)

C3)

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

(Bil. dol.)

(Bil. dol.)

Revised3

Revised 3

January
February
March

29.47
30.99
30.93

30.07
31.55
31.51

25.72
27.02
26.76

26.40
27.69
27.48

72.72
64.41
74.95

6.76
5.98
6.96

26.92

April
May
June

30.27
33.53
32.06

30.73
34.05
32.73

26.33
28.56
27.72

26.94
29.29
28.57

79.78
82.49
74.90

7.41
7.66
6.96

[H>34.12

July
. .
August
September

32.94
31.11
31.66

33.36
31.79
32.33

28.14
26.74
27.39

28.78
27.61
28.24

79.55
82.65
75.84

7.39
7.68
7.05

27,31

October . .
November
December

29.97
31.43
31.49

30.45
32.14
31.54

25.26
26.84
26.89

25.97
27.79
27.21

79.04
83.75
86.73

7.34
7.78
8.06

29!l6

January
February
March

27.81
33.75
31.74

27.81
H>35.83
32.65

23.63
29.49
27.21

23.90
0)31.86
28.43

81.14
82.48
,87.41

7.54
7.66
8.12

29! 94

April
May
June

30.10
30.21
32.14

30.32
30.95
32.92

25.46
25.59
27.98

26.04
26.72
29.14

91.95
83.99
69.68

8.54
7.80
6 47

27156

31.83
32.02
34.30

32.43
32.95
35.03

26.68
27.55
29.24

27,74
28.89
30.43

91.89
91.41

0)93.19

8.54
8.49

0)8.66

32.63
30.59
(H>35.05

33.35
31.37
34.65

27.09
25.79

E>r30.58

28.32
27.02
30.59

92.00
92.61
79.23

8.55
8.60
7.36

p27.89

P27.63

P24.55

P24.61

70.66

6.56

Revised 3

1984

(Bil. dol.)

C, Lg, Lg

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

(Bil. dol.)

78^6

89.18

92! 06

94.37

1985

. .,

July
....
August
September
October
November
December

99^35

[H>99!88

p24.41

p95!88
(NA)

(NA)

1986
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.
i
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 "Now Features and Changes for This Issue," page iii.

66



FEBRUARY 1986

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| 9

Minor Economic
Process
Timing Class

INVESTMENT—Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures
C Lg, Lg

C, Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

FIXED CAPITAL

61. Current
dollars
(Ann. rate,
bii.dol,).

100. Constant
(1982) dollars
(Ann. rate,
bikdol.)

C,Lg T Lg

C t Lg t U

69. Machinery
and equipment
sales and
business
construction
expenditures
(Ann. rate,
b'il. dol.)

76. Index of
industrial production, business equipment

.(1977 = 100)

C, Lg, C

Lg, Lg, Lg

C Lg, C

28. New private housing
units started

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

(Ann. rate,
bii.dol.) ,

.88. Producers'
durable equipment
(Ann. rate,
bii.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 1982 dollars

(Ann. rate,
bil. dol.)

Revised1

1984

January
February
March

337.95

April .
Vlay .
June .

349.97

July
August
September . . .

1,892

146.7
0)157.6
138,7

166.6

142.6
140.7
143.9

170.0

1,733
1,589
1,702'

126.9
123.0
121.0

170.8

301.9

1,582
1,649
1,607

117.8
128.9
127.5

166.0

163.2

293.9

1,804
1,632
1,849

130.4
129.5
138.8

166.7

470.9

165.3

305.6

1,851
1,684
1,693

135.9
141.8
136.5

169.6

473.7

165.8

307.9

1,673
1,737
1,653

142.3
144.2

(H)r485.1

E>rl69.5

>r315.6

1,784
1,654
1,804

134.6
132.5
149.4

p2,088

152.1

344.25
347,76
360.86

12.7.1
128.5
130.4

398.8

348.97

360.32
372.34
380.00

131.2
133.3
135.5

426.8

148.5

278.3

361.43

359.05

372.18
379.37
393.90

137.0
139.1
139.2

437.6

151.6

286.0

368.29

364,67

387.81
392.33
408.82

139.1
139.8
138.4

457.8

156.0

January
February
March

371.16

365.27

376.70
390.74
407.17

140.4140.0
140.2

457.2

April
May
June

387-83

•381.52

403.73
398.22
403.24

14:2.0
141.9
140.7

H>388.90

B>381*77

397.84
408.48
397.46

141.3
143.0
142.2

a380.57

r409.10
r410.57
|H>P426.65

rl39.6

a338.98

January . ,
February .
March . . .

a402.13

a392.76

April
May
June

a405.99

a395.40

338.76

October
November . . .
December . . .

L, L, L

138.8

260.0

B>2,2l3
1,671
1,880
1,786
1,853

1985

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

rl41.7rl42.2

135.1

173.1

1986

(NA)

E)pl43.0"

July
August . .
September
October . .
November
December
S-ae note on page 60.
Graphs
of these
13,, £9,
24, ana
and a25.
brapns or
tnese series
series are
are shown
snown on
on pages
pages u
.
1
See "New Features and Changes for This Issue/1 page iii.

FEBRUARY 1986




67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Inventory Investment

Timing Class

Year
and
month

INVENTORIES AND INVENTORY INVESTMENT

L, L,L

1,1,1

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars
Smoothed1

Actual
(Ann. rate,
bil. dol.)
Revised

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories, book
value
(Ann. rate,
bil. dol.)

L,L,L

38. Change in
mfrs.1 inventories, materials and supplies on hand
and on order 2
(Bil. dol.)

Lg, Lg, Lg

Lg, Lg. U

Manufacturing and trade
inventories
70. Constant
(1982) dollars

71. Book
value
(Bil. dol.)

(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods, book
value

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars

(Bil. dol.)

Revised3

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

(Bil. dol.)

(Ratio)
3

C )

1984
January
February
March

61.24
.31
54.80

48.03
59.41
69.30

©88.9

April
May
June

66.0

85.34
63.49
-0.68

July
August
September . . .

64.9

36.1

October
November . . ,
December . . .

U Lg, Lg

80.1

2.81
2.82
2.35

524.73
532.14
538.82

586.88
593.30
597.76

81.16
81.90
83.14

rl.51
1.53
rl.54

211.54
214.36
216.71

[0)75.80
73.85
58.63

85,
54.
23.0

1.81
1.66
-0.22

545.93
550.50
552.42

603.95
608.83
610.26

84.14
85.11
86.38

1.54
rl.54
rl.53

218.52
220.18
219.97

55.75
49.62
32.87

44.45
37.21
40.49

57.0
54.6
45.1

2.61
-0.18
-0.05

557.17
561.72
565.48

614.50
619.87
623.37

86.95
87.80
88.55

rl.55
rl.56
1.57

[H>222.58
222.40
222.35

13.46
13.13
0.12

39.03
25.90
14.36

39,
29.
26.3

-2.43
-1.56
-1.06

568.75
571.24
573.43

626.19
628.38
630.26

88.89
89.27
89.69

1.57
1.56
rl.56

219.92
218.36
217.30

53.4

1985
January
February
March

15.8

31.10
31.67
-32.35

11.84
17.87
15.55

28.4
37.7
-2.1

0.65
-0.48
-3.07

575.80
578.94
578.77

631.86
635.01
634.00

89.69
89.86
90.12

1.57
1.58
1.57

217.95
217.47
214.40

April
May
June

15.1

12.49
-25.63
9.68

7.04
-5.61
-8.16

17.2
-29.0
22.6

-0.94
-1.54
1.68

580.20
577.78
579.66

635.80
634.55
635.74

90.12
.13
89.87

rl.55
rl.54

213.46
211.93
213.61

-1.6

2.93
-17.98
1.30

-2.75
-3.06
-3.19

5.4
-23.2

-0.46
0.31
-0.11

580.12
578.18
578.92

636.51
635.74
636.12

89.26
88.86
88.26

r-6.7

27.02
5.56
P7.54

-0.57
7.37
P12.33

39.1
rl.l

582.17

r638.45

[R)r582.76

p-6.8

-0.34
-1.28
pi.79

Dr638.76

P582.19

P638.46

87.58
88.24
88.35

pi.53

213.69
212.41
P214.20

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

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

Bl.58
1.57
rl.53

1.54
1.56
1.55

213.15
213.46
213.35

1986
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.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
Series 38 reached its high value (3.02) in October 1983.
3
S C D "New Features and Changes for This Issue," page iii.
x




FEBRUARY 1986

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

Q J | PRICES, COSTS, AND PROFITS

PROCESS
Minor Economic

Stock

Sensitive Commodity Prices

Process

Timing Class

L, L, L

98. Change in
producer prices
for 28 sensitive
Year

crude and

and

intermediate

month

Profits and Profit Margins

Prices

L, L,L

U,L,L

L, L, L

23. Index of
spot market
prices, raw
industrial,
materials2©

99. Change in sensitive materials
pricesx
Smoothed3

Actual

19. Index of
stock prices,
500 common
stocks ©

L

L,L

L,L,L

Corporate profits after tax
16. Current
dollars

18. Constant
(1982) dollars

L,C,l

L, C, L

Corporate profits after tax
with IVA and CCAdj*
79. Current
dollars

80. Constant
(1982) dollars

materials *

(1967 = 100)

(Percent)

5

(Percent)

(Percent)
5

Revised

(1941-43 = 10)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bit. dol.)

L.L.L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)

5

Revised

Revised

-0.33
0.69
0.65

0.77
0.45
0.35

166.39
157.25
157.44

(H>148*3

0)144*4

168.* 9

165*3

6*5

1984

-0.84

February

•1.27

March

0.19

283.6
283.6
289.2

-0.26
-0.84
-0.78

288.6
E>289.5
286.2

-0.16
-0.36
-0.73

0.36
0.22
-0.19

157.60
156.55
153.12

146*7

14l!8

177*1

172*4

6*. 5

-1.76
-1.10
0.71

280.1
275.6
274.0

-1.55
-1.08
0.21

-0.65
-1.00
-0.96

151.08
164.42
166.11

140.3

134*2

183*8

177.9

5.9

-0.73
0.10
-0.37

266.4
268.3
261.9

-1.21
0.25
-0.89

-0.75
-0.47
-0.43

164.82
166.27
164.48

140*6

133*. 5

188.' 8

181.'7

5*8

-0.37
-1.59
-0.72

255.8
253.1
252.4

-0.85
-1.16
-0.48

-0.56
-0.73
-0.90

171.61
180.88
179.42

136^6

128! 7

198.'3

190.0

5*.6

-0.03
0.66
.0.14

257.1
252.0
242.9

0.52
-0.22
-1.00

-0.60
-0.22
-0.15

180.62
184.90
188.89

136*4

rl27.*7

205*8

196*4

5.5

-0.03
-0.34
-0.34

240.7
239.8
238.0

-0.31
-0.26
-0.40

-0.37
-0.52
-0.42

192.54
188.31
184.06

i4i. i

131.7

0)221*7

H>2li.*4

5.7

0.76
-0.41
-0.45

236.9
234.5
235.0

0.27
-0.53
-0.18

-0.23
-0.18
-0.18

186.18
197.45
207.26

(NA)

(NA)

(NA)

(NA)

(NA)

236.9
233.7

0.27

-0.15

H>208.19
7
218.18

January

April
May
June
July
August
September
October
November
December
1985
January

. .

February
March
April

.

. . .

May
June
July
August
September
October
November
December

1986

0.07

January
February
March

6

'.....

April

May
June
July
August
September

....

October
November
December

See note on page 60.
iSraphs of these series are shown on pages 13, 28, and 29.
l
The following series reached their high values before 1984: series 98 (2.83) in Feb. 1983, series 99 actual (2,63) in Feb. 1983, series
99 smoothed (1-81) in Apr. 1983, and series 22 (6.6) in 3d Q 1983. 2This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 3See footnote 1 on page 68.
''IVA, inventory valuation adjustment;
s
CCAdj, capital consumption adjustment.
See footnote 3 on page 68. 6Average for February 3-25. 7Average for February 5, 12, 19, and 26.

IECII

FEBRUARY 1986



69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

QgjJH PRICES, COSTS, AND PROFITS—Continued

Minor Economic
Process . , .
Timing Class . . . . . . .

Year
and
month

U, L, L

1, L, L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income1

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

(Percent)

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins—Continued
L,U

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

U,L

L, L, L

Corporate net cash flow
34. Current
dollars
(Ann. rate,
bil. dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

35, Constant
(1982) dollars
(Ann. rate,
bil. dol.)

(1977-100)

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

Revised2

Revised2

Lg, Lg, Lg

Lg, Lg, Lg

Lgf Lg, Lg

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

Actual data
as a percent
of trend

(1977-100)

(Percent)

Revised2

Revised2

64. Compensation of employees as a
percent of national income

(Percent)

1984
January
February
March

7.7

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

4.9

98.4

>4.9

D99.2

357.8

355.1

158.4

0.679

135.7
135.7
135.4

91.2
90.8
90.1

360*. 1

355*8

158.7

0.682

135.7
135.4
135.1

89.9
89.3

72.8

7316

88.7

July . . . .
August . .
September

8.2

4.4

99.1

364.6

358.6

160.6

0.691

134.4
134.6
135.2

87.8
87
87

73.i

October . .
November
December

8*4

4.3

98.8

37L6

364*2

162.3

0.697

135.9
136.1
137.4

87.6
87.3
87.7

734

January .
February
March . .

8*9

4.2

98.6

379*9

372*6

163.8

0.703

137.8
137.4
137.8

87
86
86.7

735

April ,
May ,
June .

9.1

3.7

98.6

387.' 3

381'.6

165.2

0.709

137
137
137.6

85.9
85.7
85.4

738

(H>9*8

p3.7

98.6

E>404*.0

©396*9

166.3

DO.709

137.4
136.7
137.4

84.9
84.0
84.1

(NA)

(NA)

97.4

(NA)

(NA)

©169.0

(NA)

H>139
138
138.4

84.8
83.8
83.5

P137.6

P8H.6

1985

July
August . .
September
October
November . . .
December . . .
1986
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.
^1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
See "Now Features and Changes for This Issue," page iii.

70



FEBRUARY 1986

(NA)

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT

Money
L,L,L

L, C, U

85. Change
in money
supply M l

102. Change
in money
supply M2 1

(Percent)

(Percent)

(2)

1984

L, L, L

Velocity of Money
L.L.L

U.L

104. Change
in total liquid
assets 1

105. Money
supply Ml in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Percent)

(Bil. dol.)

(Bil. dol.)

(2)

Revised 2

Revised 2

C.C.C

107. Ratio,
gross national
product to
money supply
Ml

(Ratio)

C2)

January
February
March

0.64
0.53
0.58

0.61
0.67
0.55

0.72
0.79
1.17

502.4
503.1
504.6

2,081.9
2,087.7
2,093.6

6.881

April
May
June

0.35
0.61
0.83

0.54
0.63
0.63

0.97
1.09
1.15

504.5
506.7
509.9

2,096.8
2,106.5
2,114.3

July
August
September

-0.07
0.37
0.47

0.48
0.55
0.68

1.05
0.79
0.89

507.9
507.6
508.2

October
November
December

-0.58
r0.84
r0.78

0.47
rl.07
1.08

0.62
0.84
1.10

January
February
March

rO.79
rl.14
r0.51

rl.10
0.92
r0.31

April
May
June

r0.61
rl.18
rl.44

July
August
September
October
November
December

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

L.L.L

L, L, L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies

112, Net change
in business loans

(Ratio)

(Ann. rate,
bil. dol.)

Ca)

Revised2

(Ann. rate,
bil, dol.)

C)

0)1.372

71.74
100.58
104.24

0.16
55.91
0)110.20

6.920

1.371
1.365
1.365

123.28
132.04
108.66

87.13
81.90
93.26

2,117.6
2,120.4
2,127.4

6.943

1.370
1.371
1.371

114.86
101.33

0)143.70

38.29
15.88
42.76

504.9
508.2
510.8

2,134.4
2,153.2
2,170.9

0)6.960

rl.363
rl.356
rl.351

81.13
74.20
41.17

52.49
57.98
8.10

r0.46
r0.88
r0.67

513.8
518.1
518.3

2,190.6
2,203.8
2,200.3

6.896

1.341
1.341
1.341

80.29
58.60
93.07

38.95
21.36
32.24

r0.21
rO.72
rl.10

r0.16
r0.50
r0.78

519.6
524.6
530.9

2,197.3
2,208.4
2,227.1

r6.793

rl.351
rl.334
rl.323

84.35
66.59
73,30

14.71
32.30
-53.53

K).9O
©rl.44
rl.ll

rO. 69
r0.77
r0.56

r0.51
rO.78
r0.81

534.6
541.2
546.1

2,238.2
2,250.5
2,258.8

r6.648

rl.318
rl.310
1.309

57.68
65.80
69.06

23.57
-0.76
-12.22

r0.43
r0.96
rl.05

r0.34
r0.46
rO.56

r0.47
r0.91
(NA)

546.4
548.6
0)552.4

2,258.3
2,256.2
0)2,260.5

r6.549

rl.312
rl.313
rl.320

121.02
71.82
p!13.21

r73.70
r71.34
r36.38

p0.08

p0.09

p551.0

p2,254.9

pi.318

(NA)

P39.53

1.364
1.371

1985

1986
January
February
March

3

0.19

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.
Series 102 reached its high value (2.78) in January 1983; series 104 reached its high value (1.25) in January 1983.
2
See "New Features and Changes for This Issue," page iii.
3
Average for weeks ended February 3, 10, and 17.

HtCII

FEBRUARY 1986




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Year
and
month

L,L, L

113. Net change
in consumer
installment
credit

(Ann. rate,
oil. dol.)

U,L

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows—Continued

Timing Class

MONEY AND CREDIT—Continued

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

L,L,L

14. Current
liabilities of
business
failures1©

(Mil. dol.)

L,U

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

L.U.U

93. Free
reserves ©

(Mil. dol.)

Interest Rates

L, Lg, U

94. Member
bank borrowings from the
Federal
Reserve ©

(Mil. dol.)

L. Lg, Lg

119. Federal
funds rate ©

(Percent)

C. Lg, Lg

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

(Percent)

1984
January
February
March

63.20
74.26
71.15

10.3
15.1
20.3

416.056

1,783.3
1,713.1
3,479.7

1.84
B>1.78
1.85

-102
376
-241

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

81.50
109.12
84.98

20.0
[R>24.0
20.6

521,868

2,429.4
3,074.3
3,427.4

2.06
1.96
2.02

-742
-2,408
-2,526

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

July
August
September . . .

77.77
72.26
59.78

13.7
11.8
17.1

407,008

2,783.7
1,968.7
2,045.6

1.96
1.93
2.10

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

5,924
)8,017
7,242

11.23
©11.64
11.30

10.13
©10.49
10.41

October
November . . .
December . . ,

67.57
72.96
81.83

11.1
12.1
6.4

E>585,732

1,471.3
2,763.7
2,328.4

1.91
1.97
2.09

-5.397
-3,924
-2,333

6,017
4,617
3,186

9.99
9.43
8.38

9.97
8.79
8.16

January
February
March

86.68
108.49
100.10

13.9
9.2
13.3

446,688

pi,872.0
P2.378.4
p3,790.7

2.20
2.19
2.40

-650
-386
-827

1,395
1,289
1,593

8.35
8,50
8.58

7.76
8.22
8.57

April
May
June

99.24
108.50
62.72

11.5
11.3
3.6

p3,279.8
P3.261.9
p2,995.6

2.38
2.25
2.33

-585
-530
-300

1,323
1,334
1,205

8.27

8.00

470,036

74.96
68.71
©138.37

7.8
8.4
9.0

p510,560

p2,150.5
p3.162.4
pi,925.3

2'.29
2.35
2.39

-252
-246
-623

1,107
1,073
1,289

(NA)

pi,824.6
p5,026.9
pi,707.8

2.26
2.32
2.32

-434
-813
r-260

1,187
1,741
1,318

(NA)

(NA)

p342

p770

April
May
June

1985

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

rlOl.OO
r57.50
P61.70

rl6.9
rlO.7
rl0.9

(NA)

p6.8

7.08
7.99
8.05
8.27

7.17
7.20
r7.07

8.14
7.87

3

1986
January
February
March

2

7.04
7.02

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

Graphs of these series are shown on pages 13, 32, 33, and 34.
x
Series 14 reached its high value (829.2) in July 1983.
^Average for weeks ended February 5, 12, 19, and 26.
3
Average for weeks ended February 6, 13, 20, and 27.

72




FEBRUARY 1986

ItCIt

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

^

PROCESS

g

MONEY AND CREDIT—Continued

Minor Economic
Interest Rates—Continued

Process

Timing Class

Lg, Lg, Lg

116. Yield on
new issues of
high-grade
Year

corporate

and

bonds ©

C, Lg, Lg

115. Yield on
long-term
Treasury
bonds (u)

U, Lg, Lg

117. Yield on
municipal
bonds, 20bond average ©

Outstanding Debt

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary

67. Bank rates
on short-term
business

market yields
onFHA

mortgages

©

loans ©

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, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

101. Constant
(1982) dollars

month

(Percent)

(Percent)

(Percent)

(Percent)

(Percent)

(Mil. dol.)

(Mil. dol.)

C1)

Revised1

Lg, Lg, Lg

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

1984

11.06

11.00
11.00
11.21

381,273
387,461
393,390

267,992
272,651
281,834

260,439
264,197
271,255

12.69
12.75
12.87

12.45

11.93
12.39
12.60

400,182
409,275
416,357

289,095
295,920
303,692

277,976
284,265
292,012

13.02
13.29
13.44

14.58
14.21
13.99

D13.29

13.00
E>13.00
12.97

422,838
428,860
433,842

306,883
308,206
311,769

294,513
296,923
301,809

13.53
13.64
13.71

10.25
10.17
9 95

13.43
12.90
12.99

11.29

12.58
11.77
11.06

439,473
445,553
452,372

316,143
320,975
321,650

305,748
309,523
310,773

13.88
13.99
14.10

11.15
11.35
11.78

9.51
9.65
9.77

13.01
13.27
13.43

ioiio

10.61
10.50
10.50

459,595
468,636
476,978

324,896
326,676
329,363

314,213
316,240
319,460

14.29
14.43
14.64

12.45
11.85
11.33

11.42
10.96
10.36 •

9.42
9.01
8.69

12.97
12.28
11.89

9.'90

10.50
10.31
9.78

485,248
494,290
499,517

330,589
333,281
328,820

320,028
322,011
318,316

14.76
15.11
15.23

11.28
11.61

8.81
9.08
9.27

12.12
11-99
12.04

9^27

11.66

10.51
10.59
10.67

9.50
9.50
9.50

505,764
511,490
523,021

330,784
330,721
329,703

320,527
322,026
322,606

15.37
15.52
15.80

11.51
11.17
10.42

10.56
10.08
9.60

9.08
8.54
8.43

11.87
11.28
10.70

9.68

9.50
r531,438
r536,230
9.50
9.50 [H>p541,372

r335,845
r341,790
r344,822

326,380
330,232
332,840

rl5.96
[H>rl6.02
P15.99

10.33
a
9.78

9.51
9.23

8.08
7.44

10-78

H>P348,116

3

[H)p337,322

(NA)

12.65
12.80
13.36

11.29
11.44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

May

13.64
14.41

9.96
10.49

E>15.01

June

0)14.49

12.17
12.89
[H>13.00

E>10.67

14.91

14.25
13.54
13.37

12.82
12.23
11.97

10.42
9.99
10.10

13.02
12.40
12.47

11.66
11.25
11.21

12.46
12.39
12.85

January
February
March
April

July
August
September
October
November
December

13.80

1985
January
February
March
April
May
June

July
August
September
October
November

. .
. .

December
1986
January
February

9.50
"9.50

(NA)

March
April .

. .

May
June
July
August
September
Cctober
November
December

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.

^ee "New Features and Changes for This Issue," page iii.
Average for weeks ended February 7, 14, 21, and 28.
3
Average for weeks ended February 7, 14, and 21.
"Average for February 1 through 27.

2

Itllt

FEBRUARY 1986



73

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,
HI)

1-month
span

6-month
span

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

1-month

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

6-month
span

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
areas1

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 136
industries

1-month
span

6°month
span

1984
January
February
March

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
75.0

66.7
66.7
75.0

70.0
82.5
10.0

80.0
42.5
37.5

36.3
72.5
68.6

76.5
90.2
56.9

67.3
72.7
66.8

79.2
77.8
77.3

April
May
June

58.
41.

25.0
25.0
25.0

100.0
100.0
100.0

100.0
100.0
100.0

83.3
66.7
66.7

83,
83.
83.

95.0
2.5
30.0

27,
47,
15.0

43.1
29.4
92.2

66.7
70.6
38.2

67.
60.
64,

75.4
69.
64,

July
August
September . . .

16.
37.

25.0

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
66.7

83.3
66.7
66.7

37.5
45.0
72.5

10.0
45.0
7.5

19.6
51.0
74.5

27.5
37.3
13.7

65.
58.

75.0

33.
29.

48.4

63.
64.
67.

October
November . . .
December , . .

33.3
70.8
41.7

66,
r58.
50.0

62.5
100.0
75.0

100.0
100.0
100.0

58.3
50.0
66.7

66.7
66.7
58.3

25.0
57.5
62.5

5.0
27.5
17.5

7.8
70.6
72.5

33.3
15.7
31.4

66.5
55.1
63.5

59.7
57.6
60.3

January
February
March

70.8
50.0
r33.3

r66.7
50.0
r58.3

50.0
100.0
75.0

100.0
100.0
75.0

66.7
50.0
58.3

50.0
50.0
66.7

32.5
5.0
85.0

40.0
32.5
40.0

13.7
70.6
84.3

33.
45.
64.

57.6
50.3
55.9

52,
49,
44.

April
May
June

r33.3
70.8
50.0

rSO.O
53.3
r66.7

100.0
62.5
75.0

100.0
100.0
100.0

41.7
50.0
33.3

58.3
50.0
50.0

12.5
75.0
67.5

55.0
62.5
60.0

19.6
45.1
86.3

66.
58.
66.

44.6
50.3
47.0

44.6
44.3
42.4

July
August
September , , .

r62.5
r5S.3

75.0
r75.0
83.3

50.0
100.0
50.0

75.0
100.0
100.0

41.7
50.0
r83,3

r66.7
r50.0
50.0

30.0
87.5
77.5

r82.5
r85.0
P95.0

9.8
82.4
59.3

64.
P15.
(NA)

54.9
56.3
45.7

46.8
rSO.O
r55.4

October

r75.0
r37.5
70.8

2

50.0
r87.5
100.0

100.0

91.7
41.7
41.7

"62.5

70.0
40.0
r97.5

23.5
74.5
p25.5

63.5
r61.6
r65,4

P61.6

p35.0

(NA)

p65.4

25.0

1985

November . . .
December . . .

62.5

72.7

3

1986
January
February
March

2

50.0

3

66.7

*62.5

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 t4r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.

figures are the percent of components declining.
series 36, for which data are not available.
Exeludes series 57, for which data are not available.
''Excludes series 77 and 95, for which data are not available.
2
Excludes
9

74




FEBRUARY 1986

H

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

^ J

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

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

DIFFUSION INDEXES—Continued

966. Industrial production, 24 industries

967. Spot market
prices, 13 raw
industrial materials (u)

9-month
span

1-month
span

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

1-month
span

6-month
span

95.8
91.7
87.5

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

56

87.5
91.7
64,6

83.3
66.7
70.8

50.0
50.0
42.3

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37,0

*76

58

66.7
43.8
66.7

66.7
62.5
50.0

34.6
46.2
46.2

23.1
15.4
15.4

34.8
93.5
73.9

60.9
54.3
65.2

68

54

79.2
43.8
45.8

41.7
37.5
45.8

30.8
57.7
19.2

15.4
19.2
34.6

34.8
78.3
26.1

82.6
82.6
91.3

68

*49

47.9
62.5
41.7

58.3
62.5
66.7

23.1
38.5
57.7

23.1
23.1
23.1

89.1
93.5
41.3

77.8
73.3
85.6

'70

p53

50.0
52.1
66.7

62.5
75.0
68.8

76.9
38.5
23.1

23.1
38.5
46.2

57.6
66.7
75.6

77.8
82.2
73.3

(NA)

(NA)

45.8
72.9
56.3

p53

54.2
75.0
39.6

70.8
r62.5
75.0

38.5
46.2
46.2

38.5
r46.2
38.5

76.7
30.0
11.1

75.6
82.2
86.0

(NA)

r52.1
r62.5
r70.8

p75.0

42.3
23.1
57.7

3

55.6
88.9
86,7

1-month
span

9-month
span

1-quarter
span

January
February
March

67.6
50.0
52.9

91.2
79.4
85-. 3

71

April
May
June

35.3
58.8
26.5

75.0
52.9
41.2

59

July
August
September

55.9
51.5
41.2

44,1
61.8
52.9

36

October
November
December

55.9
55.9
52.9

29.4
55.9
44.1

65

January
February
March

52.9
35.3
55.9

45.6
63.2
52.9

56

April
May
June

47.1
60.3
61.8

64.7
54.4
50.0

39

July
August
September

55.9
55.9
45.6

67.6
r47.1
P64.7

October
November
December

57.4
50.0
r38.2

4-Q moving
average

1-month
span

968. Stock prices, 500
common stocks 1 ®

9-month
span

(4-quarter span)

1984

•

1985

53.8

1986
January
February
March

p50.0

P62.5

3

61.5
38.5

60.5

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 47 industries through June 1984,, on 46 industries through April 1985, on 45 industries through December 1985, and on 43 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 4, 11, 18, and 25.

ItCII FEBRUARY 1986



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |
970. Expenditures for new plant and equipment,
21 industries

Year
and
quarter

a. Actual
expenditures
(1-Q span)

(1-Q span)

972. Net profits, manufacturing
and tradel @

971. New orders, manufacturing1©

c. Early
projections

b. Later
projections

DIFFUSION INDEXES—Continued

(4-Q span)

(4-Q span)

(4-Q span)

(1-Q span)

Anticipated

Actual

Anticipated

Actual

973. Net sales, manufacturing
and trade! ©
Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

1983
First quarter
Second quarter
Third quarter
Fourth quarter

38.1
50.0
81.0
95.2

47.
66.
90.
81.

6
7
5
0

42.9
54.8
76,2
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

88.1
71.4
88.1
61.9

76.
64.
76.
71.

2
3
2
4

57.1
78.6
92.9
54.8

90
86
84
79

88
91
90
88

80
79
74
74

84
86
88
84

85
84
82
80

88
90
90
88

57.1
73.8
61.9
(NA)

52.
76.
61.
47.

4
2
9
6

47.6
85.7
76.2
42.9

74
74
76
(NA)

82
84
82
80

70
69
70
(NA)

80
81
81
78

76
74
75
(NA)

84
84
84
81

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1985
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q |

Year
and
quarter

974, Number of employees,
manufacturing and t r a d e 1 ©

975. Level of inventorie
manufacturing and trad*

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

78

82

47.6

DIFFUSION INDEXES—Continued

trade1®

trade1©

Anticipated

Actual

978. Selling prices, retail

977. Selling prices, wholesale

976. Selling prices, manufacturing1 @

Anticipated

81

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

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

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

68
72
69
11

69
67
70
71

65
63
62
62

62
64
64
62

72
70
70
70

66
70
70
66

74
70
70
68

74
76
76
72

73
69
65
65

72
76
75
72

72
68
70
70

70
74
74
68

60
58
58
(NA)

60
62
59
58

66
63
60
(NA)

64
66
62
58

65
62
61
(NA)

70
70
64
62

64
60
59
(NA)

68
66
66
60

66
63
66
(NA)

65
70
67
62

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

59

58

62

64

62

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y ® , that appear to contain no seasonal movement. The " r " indicates revised; " p " , preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun 5 Bradstreet, Inc. Dun £
Bradstrcet diffusion indexes are based on surveys of about 1,400 business executives.

76



FEBRUARY 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

^ J

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1985
July

June

August

1986
October

September

December1"

November

January^

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

o

Percent rising of 20 components

40.4

40.3

(68)

(30)

39.7
38.8

+
+

40.0
39.2

+
+

40.1
39.4

+
o

40.3
39.4

o

r39.9
r39.4

+
+

40.1
40.0

+
+

40.3
40.5

+

40.6

+

(88)

40.7

o

(78)

40.7

o

(70)

40.7

+

(40)

41.0

40.9

(98)

(35)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+
o

40.1
38.9

Stone, clay, and glass products
Primary metal industries

41.9
41.6

+

42.0
41.4

o
+

42.0
41.7

o

42.0
41.5

+
+

42.1
41.8

o

r41.6
41.8

+
+

41.7
42.2

+

+

42.2
41.5

Fabricated metal products
Machinery, except electrical

+
+

41.3
41.6

o

41.3
41.3

+
+

41.4
41.6

+
o

41.6
41.6

41.5
41.6

o

41.4
41.6

+
+

41.6
41.8

o

o

41.6
41.5

Electric and electronic equipment
Transportation equipment

+

40.6
42.3

40.3
42.5

+
+

40.7
42,9

40.5
42.9

40.6
42.8

+
-

41.0
r42.6

+
+

41.4
43.0

+

o

41.5
42.8

Instruments and related products
Miscellaneous manufacturing

+
+

40.7
39.0

o
+

40.7
39.3

+
+

40.9
39.8

+

40.8
39.9

+
-

41.1 +
r39.7 +

42.2
40.0

40.0
34.6

+

39.9
36.8

+
+

40.2
36.9

+
+

40.3
38.2

39.9
r35.2

+
+

40.3
38.0

+

41.1
39.4

+

+

41.2
40.1

Nondurable goods industries:
39.6
36.6

Food and kindred products
Tobacco manufacturers ..

+

40.0
37.8

Textile mill products
Apparel and other textile products

+
+

39.4
36.3

o

39.1
36.3

+
+

40.0
36.4

+
+

40.7
36.5

o
+

40.7
36.6

+
+

r41.0
36.8

+
+

41.3
37.1

Paper and allied products ,
Printing and publishing
.

42.9
37.5

+
+

43.0
37.9

+
+

43.1
38.0

43.3
37.9

o

o

42.7
37.5

+

+

r43.3
37.8

+
+

43.6
38.2

Chemicals and allied products
Petroleum and coal products

+
+

42.0
42.6

41.8
42.9

o
+

41.8
43.3

+

41.6
43.4

+
+

41.7
44.3

+

+

41.9
r43.1

o
+

41.9
43.9

Rubber and miscellaneous plastics products
Leather and leather products

+

41.2
37.0

o

40.6
37.0

+
+

40.7
37.3

+
+

41.1
37.8

o
+

41.1
37.9

+
-

r41.3
r37.7

+
+

42.0
37.8

41.3
37.3

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

o

41.1
37.1
43.5
37.9

+

41.7
44.0

1 2

+ 106,780

- 104,370

+ 107,661

- 106,641

- 104,495

- 103,796

+ 107,813

+ 108,209

(62)

(56)

(56)

(46)

(57)

(50)

(38)

(50)

Percent rising of 34 components
Primary metals
Fabricated metal products

+
-

10,736
13,426

+

10,604
14,206

+
+

11,038
14,560

-

10,212
14,356

+
+

10,749
14,837

+

10,560
15,280

-

10,059
14,146

+
-

10,596
13,859

Machinery, except electrical
Electrical machinery

+
+

17,822
16,200

-

17,766
15,189

+
-

17,812
14,685

+

17,370
16,856

-

16,718
15,820

+
+

17,983
16,250

+

16,195
16,436

-

15,749
16,161

Transportation equipment
Other durable goods industries

+
+

28,300
20,296

-

26,730
19,875

+
-

29,861
19,705

+

28,080
19,767

.+

26,503
19,868

-

24,199
19,524

+
+

31,040
19,937

+
+

31,309
20,535

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

lltCII FEBRUARY 1986



77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1985

Diffusion index components
June

July

August

September

1986
October

November

December

January 15

966. INDEX OF INDUSTRIAL PRODUCTION
(1977 = 100)
All industrial production
Percent rising of 24 components

+
2

124.3

124.1

125.2

125.1

124.4

125.4

126.3

(56)

(54)

(75)

(40)

(52)

(62)

(71)

114.8
144.3
116.2
82.0
107.8
149.2

115.9
143.2

+
+

116.5
141.9
115.6
83.1

115.7
144.1

(NA)
146.0

115.2
83.3

116.3
81.5
108.3
147.5

o

108.3

-

147.0

165.1
126.2

108.4
143.0
165.1
124.5

107.9
145.6

166.1
126.8
141.8
97.2

+
o

168.7
126.5

172.0
126.8

+
+

172.3
129.0

+

139.8
95.9

140.7
94.6

141.0
94.3

-

139.8

+

126.7
(62)

Durable manufactures:
Lumber and products....
Furniture and fixtures ...

113.5
141.9

Clay, glass, and stone products.
Primary metals

116.1
78.3

+
+

113.0
145.3
115.1
79.0

Fabricated metal products
Nonelectrical machinery...

107.4
145.6

+

107.3
147.5

Electrical machinery
Transportation equipment ..

169.5
121.8

+

165.7
123.7

Instruments
Miscellaneous manufactures .

140.7
96.8

+

141.1
95.9

+
+
+
+

Foods
Tobacco products .

131.8
98.9

+

132.2
96.0

+
+

132.6
97.7

132.5
97.8

130.7
105.3

Textile mill products
Apparel products

103.3
99.2

+
+

104.1
100.6

+

106.3
100.4

106.7
101.8

Paper and products
Printing and publishing

127.1
156.7

+
-

129.0
154.3

+

127.5
156.3

Chemicals and products
Petroleum products ..,.

126.4
87.1

126.4
88.3

+

Rubber and plastics products.
Leather and products

145.5
71.5

145.6
72.2

+
+

+
+
+

116.2
80.3
107.5
146.5

139.4
96.4

+

(NA)
(NA)
+

(NA)
84.1

(NA)

Nondurable manufactures:

+
+

+
-

131.4
100.4

132.4
(NA)

(NA)
(NA)

104.9
102.6

105.6
103.9

104.9
106.0

(NA)
(NA)

128.6
156.2

127.3
157.0

128.3
158.9

130.9
161.5

128.2
88.2

129.0
85.9

127.9
87.7

128.1
87.3

128.2
87.9

(NA)
92.3

148.0
72.7

148.6
72.3

148.7
71.4

150.5
72.1

151.1
70.0

(NA)
(NA)

73.1

74.2
130.1
104.8
120.4

78.3
125.5

76.0
128.0

103.9
119.2

103.4
117.8

(NA)
161.0

Mining:
Metal mining ...
Coal

77.5
134.0

60.9
128.0

127.7

71.4
126.3

Oil and gas extraction
Stone and earth minerals .

106.9
117.9

106.9
116.6

105.5
117.7

106.0
119.3

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

+
+
+

( + ) = rising, (o) ^ unchanged, and ( - )

- falling.

+
+

78

104.0
(NA)

The "r" indicates revised; "p",

Where actual data for separate industries are not available, estimates are used to compute the percent rising.




(NA)
132.3

FEBRUARY 1986

B

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j

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

Diffusion index components

1985

July

June

August

1986

September

October

November

December

-

+

January

February 1

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

-

Percent rising of 13 components

242.9

-

(23)

240.7

-

(33)

239.8

238.0

(46)

(46)

-

236.9

234.5

(42)

235.0

(23)

+

(58)

236.9

._

(62)

233.7
(38)

Dollars

Copper scrap..

(pound)..
(kilogram)..

-

0.471
1.038

-

0.460
1.014

Lead scrap ...

(pound)..
(kilogram)..

-

0.112
0.247

-

0.109
0.240

Steel scrap ..

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

-

70.500
77.712

+ 74.000

+ 80.500

81.570

88.735

Tin

. (pound) .
(kilogram)..

+

5.650
12.456

+

5.848- 12.893

5.835
12.864

Zinc

(pound)..
(kilogram)..

-

0.466
1.027

-

0.426
0.939

-

Burlap

(yard)
(meter)..

-

0.323
0.353

-

0.306
0.335

Cotton

(pound)..
(kilogram)..

-

0.610
1.345

-

Print cloth ...

(yard)..
(meter)..

-

0.600
0.656

Wool tops ...

(pound).,
(kilogram)..

o

Hides

(pound)..
(kilogram),.

Rosin

0.445
0.981

0.454
1.001

+

0.473
1.043

+

0.499
1.100

-

0.486
1.071

-

0.108
0.238

o

0.108
0.238

-

0.107
0.236

-

0.104
0.229

77.600
85.538

-

77.000
84.877

+

79.800
87.964

+ 82.500

-

82,000
90.389

-

5.684
12.531

-

3

5.640
12.434

o

-

0.384
0.847

-

0.354
0.780

o

0.450
0.992

+

0.457
1.008

0.111
0.245

o

0.111
0.245

80.750
89.011

-

-

5.698
12.562

0.414
0.913

-

0.406
0.895

-

0.239
0.316

-

0.261
0.285

0.608
1.340

-

0.592
1.305

-

0.579
1.276

-

0.573
1.263

-

0.571
1.259

0

0.600
0.656

+

0.602
0.658

+

0.635
0.694

+

0.675
0.738

+

3.000
6.614

0

3.000
6.614

o

3.000
6.614

o

3.000
6.614

o

3.000
6.614

-

0.634
1.398

+

0.639
1.409

+

0.656
1.446

+

0.675
1.488

+

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

o

50.000
110.230

0

50.000
110.230

0

50.000
110.230

o

50.000
110.230

Rubber

.(pound)..
(kilogram)..

+

0.416
0,917

0

0.416
0.917

+

0.422
0.930

+

Tallow

(pound),.
(kilogram)..

0.154
0.340

-

0.144
0.317

-

0.165
0.364

+

+

0.112
0.247
+

3

90.940
3
5.640
12.434

3
5.640
12.434

5.640
12.434

0

0.354
0.780

0

0.354
0.780

0

0.354
0.780

0.242
0.265

+

0.248
0.271

-

0.231
0.253

+

0.573
1.263

+

0.591
1.303

+

0.606
1.336

0.710
0.776

+

0.718
0.785

-

0.698
0.763

-

0.658
0.720

o

3.000
6.614

o

3.000
6.614

0

3.000
6.614

0

3.000
6.614

0.677
1.493

+

0.726
1.601

0.707
1.559

-

0.674
1.486

+

0.682
1.504

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

0

50.000
110.230

0.432
0.952

-

0.429
0.946

-

0.422
0.930

-

0.404
0.891

+

0.406
0.895

0.142
0.313

+

0.143
0.315

0.134
0.295

+

0.136
0.300

+

0.139
0.306

0.248
0.271

0.246
0.269

0

0

+

50.000
110.230
0.425
0.937
0.128
0.282

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.
J
The index is the average for February 3 through 25; component prices are averages for February 4, 11, 18, and 25.
z
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.
3
Last official price (October 23).

FEBRUARY 1986



79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

10
Year

GNP AND PERSONAL INCOME
217. Per capita
gross national
product in 1982
dollars

50. Gross national product in 1982 dollars

200. Gross national product in current dollars

and
quarter

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

a. Total

c. Percent
change at
annual rate

c. Percent

b. Difference

(Anr . rate,

(Ann. rate,
bil dol.)

change at
annual rate

(Ann. rate,
dollars)

bil. dol.)

213. Final sales
in 1982 dollars

(Ann. rate,
bil. dol.)

Revised1
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

3,268.7
3,365.1
3,437.5
3,535.0

56.2
96.4
72.4
97.5

7
12
8
11

2
3
9
8

3,676.5
3,757.5
3,812.2
3,852.5

141.5
81.0
54.7
40.3

17
9
6
4

0
1
0
3

3,917.5
3,960.6
4,016.9
r4,061.5

65.0
43.1
56.3

6 9
4. 5
5 8
r4. 5

6
3
4
2

r53.8

4 .0
8 .9
r5 .5
r6 .7

13,636
13,898
14,050
14,243

3,232.8
3,263.0
r3,302.1
3,334.6

,449. 4
* ,492. 6
1,510. 4
,515. 6

92.2
43.2
17.8
5.2

11 .4
5 .1
2 .1
0 .6

14,602
14,753
14,790
14,774

3,365.7
3,426.6
3,445.5
3,479.6

,547. 8
2 ,557. 4
,584. 1
,594. 8

32.2
9.6
26.7
rlO.7

3 .7
1 .1
3 .0
r l .2

14,877
14,885
14,958
14,965

3,532.0
3,542.3
3,585.8
r3,601,5

5,190.
J,259.
r: } , 3 0 3 .
5,357.

31.3
68.7
r44.1

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r44.6

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

B
Year
and
quarter

Q H

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

Disposable personal income

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

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1982
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1982 dollars

in. Per capita in

225. Constant
(1982) dollars

1982 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. col.)

(Ann. rate,
bit. dol.)

Revised1
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

4
2

>s254 g
?,306 .3

2 ,096
2 !l37
9 161
2 ,188.

o
1

309^4

300.0

10, 358
10, 399
10, 451
10, 441

,358 6
.,414 .4
,439 0
,480 1

2 ,210
2 ,243.
2 243
2 262.

9
0
4
0

321.6
330.2
331.1
341.5

311.0
317.7
318.0

10, 411
10, 595
10, 447
10, 481

,525.0

2 ,563 3
,606 1
,634 0

2 288.
2 303.
2 329.
r2 ,330.

6
5
6
3

351.5
356.5
376.0
r360.3

335.0
340.3
359.3
r345.5

2,345. 5
2,387. 7
2,447. 9
2,520. 4

2 , 2 9 1 .3
2,309 .0
2,346 9
2 , 3 9 1 .3

9, 793
9, 846
9) 982
145

2,610. 2
2,649. 9
2,696. 7
2,723. 8

2,446
2,461
2,480
2,484

8
8
5
4

2,739. 2
2,817. 7
2,800. 2
r2,845. 6

2,482
2,532
2,503
r2,517

7
2
1
6

.0

268.5
285! 3

264 9
280! 8

0
coo.

3

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

327.6

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1986

A

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" f not available.
Graphs of these series are shown on pages 40 and 41.
1

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




FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

i

PERSONAL CONSUMPTION EXPENDITURES—Continued

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

Q |

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT

241. Total in
1982 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bit. dol.)

1983
792.4
811.7
826.5
837.2

787.0
796.8
806.8
812.0

1,085.2
1,113.0
1,133.1
1,159.6

1,044.5
1,059.7
1,066.5
1,076.1

425.0
483.7
521.2
577.6

422.5
489.0
526.3
575.9

467.7
489.2
524.0
552.1

464.7
492.7
524.9
553.2

856.6
873.2
876.6
883.1

819.4
832.8
831.2
828.6

1,180.4
1,211.1
1,231.3
1,255.4

1,080.5
1,092.6
1,094.3
1,105.8

658.8
673.3
687.9
676.2

649.0
662.9
673.3
659.9

566.7
604.5
619.5
637.2

565.4
596.8
.608.4
623.8

895.7
910.2
914.5
r928.6

839.9
846.7
849.8
r851.4

1,277.8
1,296.6
1,315.6
rl,345.1

1,113.7
1,116.5
1,120.4
rl,133.5

657.6
672.8
666.1
r678.0

639.6
655.6
645.0
r654.2

639.1
657.3
665.9
r683.4

623.8
640.5
646.8
r660.9

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 . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
Wm

Year
and
quarter

jQ (GOVERNMENT PURCHASES OF GOODS AND SERVICES

GROSS PRIVATE
DOMESTIC INVEST.—Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann.'rate,
bil. dol.)

260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1982 dollars

(Ann. rate,
bil. dol.)

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

-42.7
-5.5
-2.8
25.5

-42.2
-3.7
1.4
22.6

669.3
673.8
681.1
678.6

649.1
648.2
651.5
642.2

287.1
287.0
286.0
279.2

279.2
277.6
277.4
267.9

382.2
386.9
395.1
399.4

369.9
370.6
374.1
374.3

92.1
68.9
68.3
39.0

83.6
66.0
64.9
36.1

696.5
735.1
747.3
768.4

650.1
677.1
682.4
693.9

285.6
314.8
318.5
332.9

271.4
294.8
296.7
307.3

410.9
420.3
428.8
435.5

378.6
382.4
385.7
386.6

18.5
15.5
0.2
r-5.5

15.8
15.1
-1.8
r-6.7

777.2
794.8
832.5
r856.5

691.4
699.4
729.2
r744.3

334.4
337.8
364.8
r382.9

304.3
305.9
331.1
r347.4

442.8
457.1
467.7
r473.6

387.1
393.6
398.1
r396.9

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1986
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 1986




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q j
Year
and
quarter

255. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

256. Constant
(1982) dollars

252. Current
dollars

280. Compensation of
employees

257. Constant
(1982) dollars

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

(Ann. rate,
bit. dol.)

(Ann, rate,
bil. dol.)

(Ann. rate,
bil. dol.)

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services
250. Current
dollars

fm
Nil

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

28.4
-2.6
-19.7
-27.4

22.5
-15.0
-46.3
-48.9

344.6
345.0
358.0
368.8

342.8
342.4
352.8
359.1

316.2
347.5
377.6
396.2

320.3
357.4
399.1
408.0

2,603.6
2,678.9
2,747.4
2,843.5

1,962.4
2,001.5
2,041.8
2,097.6

-37.4
-65.3
-61.9
-72.2

-60.6
-90.4
-88.7
-100.2

375.4
382.3
391.4
389.5

362.7
366.6
376.9
377.3

412.8
447.6
453.3
461.7

423.3
457.0
465.6
477.5

2,967.7
3,021.1
3,064.2
3,104.4

2,160.9
2,204.8
2,241.2
2,278.5

-42.3
-70.3
-87.8

-71.8
-101.1
-119.8
r-134.0

379.6
369.2
363.2
r368.7

368.7
358.2
353.5
r359.9

421.9
439.5
451.0
r475.7

440.5
459.3
473.3
r493.9

3,155.3
3,192.2
3,228.0
(NA)

2,320.4
2,356.9
2,385.2
r2,427.2

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r-106.9

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q j
Year
and
quarter

282. Proprietors'
income with IVA
andCCAdj1

(Ann. rate,
bil. dol.)

Q

NATIONAL INCOME AND ITS COMPONENTS—Continued
284. Rental income
of persons with
CCAdj1

(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,
bil. dol.)

(Ann. rate,
bil. dol.)

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

185.9
187.3
188.8
207.1

13.3
14.8
11.9
11.0

173.4
205.9
228.4
247.6

268.5
269.4
276.4
280.3

430.0
451.2
478.5
519.8

439.6
458.6
476.5
495.0

140.3
116.4
129.0
147.1

240.3
229.1
232.3
232.9

11.6
11.9
10.0
9.7

268.0
277.8
271.2
276.2

286.9
297.6
309.5
307.0

590.5
581.3
592.8
573.5

502.7
516.0
527.4
535.9

181.6
162.6
181.5
164.5

239.4
240.9
237.5
r251.2

11.0
13.8
14.5

281.7
288.1
309.1
(NA)

302.9
292.4
281.8
r271.6

578.3
571.7
537.3
(NA)

546.8
556.4
579.2
(NA)

130.9
167.2
102.6

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

rl6.7

1986
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.
1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

1

82




FEBRUARY 1986

rll6.0

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

.
Year
and
quarter

Q |

^ J SAVING—Continued

298. Government
surplus or deficit

(Ann. rate,
bil. dol.)

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

Percent of gross national product
235, Personal consumption expenditures

(Percent)

(Percent)

248. Nonresidential
fixed investment
(Percent)

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

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

-150.0
-123.8
-127.0
-122.2

6.0
4.9
5.3
5.8

65.7
65.7
65.6
65.2

• 10.3
10.2
10.4
10.9

4.0
4.3
4.8
4.7

-1.3
-0.2
-0.1
0.7

0.9
-0.1
-0.6
-0.8

-93.8
-97.3
-116.0
-126.8

7.0
6.1
6.7
6.0

64.2
64.3
64.0
64.4

10.7
11.3
11.4
11.9

4.7

2.5
1.8
1.8
1.0

-1.0
-1.7
-1.6
-1.9

-99.4
-151.9
-144.5
(NA)

4.8
5.9
3.7
4.1

64.5
64.7
64.9
r64.9

11.7
12.0
11.9
rl2.1

0.5
0.4
0.0
r-0.1

-1.1
-1.8
-2.2
r-2.6

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

4.8
4.8
4.6

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

4.6
4.6

4.7
4.7

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q |
.Year and
quarter

SHARES OF GNP AND NATIONAL INCOME—Continued
Percent of national income

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

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

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

7.1

8.8
8.5
8.3
7.9

11.7
11.5
11.5
11.3

75.4
74.7
74.3
73.8

7.0
6.9
7.3

0.5
0.6
0.4
0.4

6.7
7.7
8.3
8.7

10.3
10.1
10.1
9.9

7.8
8.4
8.4
8.6

11.2 "
11.2
11.2
11.3

72.8
73.0
73.1
73.4

8.1
7.6
7.6
7.5

0.4
0.4
0.3
0.3

9.0
9.2
8.9
8.9

9.9
10.1
9.9

11.3
11.5
11.6
11.7

73.5
73.8
73.9
(NA)

7.6
7.5
7.4
(NA) '

0.3
0.4
0.4
(NA)

8.9
9.0
9.6
(NA)

9.6
9.2
8.7
(NA)

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

9.7

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

8.5
8.5
9.1
r9.4

1986
First quarter
Second quarter . . . .
Third quarter . . . . ;
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
IVA) inventory valuation adjustment; CCAdj, capital consumption adjustment.

1

inn

FEBRUARY 1986




83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

[ J
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982-100)

PRICE MOVEMENTS
Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product

310c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

311. Index

(1982=100)

311c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

320. Index ©

(1967=100)

320c. Change
over 1-month
spans1

(Percent)
(2)

Consumer price index for
all urban consumers, food

320c. Change
over 6-month
spans'

322. Index

322c. Change
over 1-month
spans1

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

(1967 = 100)

(Percent)

(Ann, rate,
percent)

Revised 2

Revised 2

Revised 2

Revised 3

1984
5.0

January
February
March

106.6

April
May
June

107.6

July
August . .
September . .

108! 6

October . . .
November .
December ..

109^6

4.3

305.2
306.6
307.3

0.6
0.4
0.3

4.6
4.3
4.2

299.7
300.9
301.2

1.3
0.4
0.1

5.1
4.4
4.1

4.3

308.8
309.7
310.7

0.4
0.2
r0.3

3.6
3.7
3.9

301.5
300.9
301.9

0.1
-0.2
0.3

2.1
Z.%
2.5

3.6

311.7
313.0
314 5

0.3
0.4
0 4

3.7
3.8
3.8

302.8
304.7
304 9

0.3
0.6
0 1

2.9
3.6
3 6

3.3

315.3
315.3
315 5

0.3
0.2
0 3

3.5
3.3
3 5

305.8
306.2
307 2

0.3
0.1
0 3

3,3
2.3
2 4

2.7

316.1
317.4
318 8

0.2
0.3
n%

3.6
3.6
3 6

307.7
308.2
308 6

0.2
0.2
0 1

1.9
1.4
1 2

3.4

320.1
321.3
322.3

r0.3
0.2
0.2

3.6
3.4
2.8

308.7
308.4
309.1

0.0
-0.1
0.2

1.0
0.9
1.4

2.3

322.8
323.5
324.5

0.2
0.2
0.2

2.9
3.6
3.8

309.2
309.6
310.7

0.0
0.1
0.4

1.6
3.1
4.0

r3.4

325.5
326.6
327.4

r0.4
0.6
0.4

4.1

311.1
313.2
315.2

0.1
0.7
0.6

4.4

328.4

0.3

315.9

0.2

106.3
3.8
107.4
3.8
108.3
3.7
109.2

1985
January
February
March

110-4

April
May
June

111! 3

July
August
September

112." 1

October
November .
December . .

m.'o

3.0

lioio
3.3

lib". 9
2.9
111*5
3.3

ni2i5

1986
January
February
March
April
May .
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter,
2
See "New Features and Changes for This Issue," page iii.

84



FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q

330. Index ©

(1967 = 100)

330c. Change
over 1-month
spans' ©

(Percent)

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

Producer price index, all commodities
Year
and
month

PRICE MOVEMENTS—Continued

330c. Change
over 6-month
spans! ®

(Ann. rate,
percent)

335. Index ©

(1967 = 100)

335c. Change
over 1-month
spans1 @

(Percent)

335c. Change
over 6-month
spans1©

(Ann. rate,
percent)

331. Index

(1967 = 100)
Revised 2

331c. Change
over 1-month
spans'

331c. Change
over 6-month
spans'

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

1984
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

335.4
329.5
337.1

1.2
-1.8
2.3

3.6
3.7
-0,3

April
May
June

311.3
311.5
311.3

0.1
0.1
-0.1

2.5
1.2
-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335.5
333.9
330.8

-0.5
-0.5
-0.9

-1.7
0.0
-5.3

July
August
September

311.9
310.7
309.3

0.2
-0.4
-0.5

-1.2
-0.8
-1.0

323.9
323.3
322.2

0.0
-0.2
-0.3

0.5
0.4
-0.5

332.5
329.5
328.1

0.5
-0.9
-0.4

-6.6
-4.1
-3.2

309.4
310.3
309.8

0.0
0.3
-0.2

-1.5
-1.0
-0.5

323.4
323.8
323.0

0.4
0.1
-0.2

-0.6
-0.7
0.2

324.3
326.9
325.4

-1.2
0.8
-0.5

-6.9
-8.5
-10.2

January
February
March

309.5
309.1
308.6

-0.1
-0.1
-0.2

-0.1
-0.3
-0.4

322.9
322.2
322.5

0.0
-0.2
0.1

0.2
0.9
1.1

320.8
315.2
311.0

-1.4
-1.7
-1.3

-10.2
-12.6
-12.8

April
Nay
June

309.3
309.8
309.2

0.2
0.2
-0.2

-0.3
-1.2

323.8
325.3
324.8

0.4
0.5
-0 2

0.9
0.9

307.3
305.6
303 8

-1.2
-0.6
-0 6

-10.8
-11.8
-8 0

July
August
September

309.0
307.3
r305.9

-0.1
-0.6
-0.5

-0.8
-0.1
0 6

324.4
323.7
r322 2

-0.1
-0.2

r-fl R

0.4
-0.2
0 2

303.0
296.1
298 3

-0.3
-2.3
0 7

-3.2
2.2
2 4

October
November
December

308.0
309.7
310.2

0.7
0.6
0.2

0.0

324.4
325.0
325.2

rO.7
0.2
0.1

-0.2

302.3
308.9
307.4

1.3
2.2
-0.5

0.1

309.0

-0.4

324.0

-0.4

303.2

-1.4

........

October
November
December
1985

r-1.7

r-0.2

1986
January
February
March
April
May
Jtne
July
August
S«ptember
Odober
November
December

.......

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

ltd*

FEBRUARY 1986



85

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

Q
Producer price index, intermediate
materials, supplies, and components
Year

332. Index

332c. Change
over 1-month
spans1

and
month

(1967-100)
Revised

2

Revised

Producer price Index, capital equipment

332c. Change
over 6-month
spans'

2

Revised

333c. Change
over 1-month
spans1

333. Index

(Ann. rate,
percent)

(Percent)

PRICE MOVEMENTS—Continued

Producer price index, finished consumer goods
334. Index

333c. Change

334c. Change
over 1-month
spans'

over 6-month
spans'

334c. Change
over 6-month
spans 1

(Ann. rate,

(Ann. rate,
(1967 = 100)
2

Revised

2

(Percent)
Revised

(1967 = 100)

percent)
2

Revised

2

Revised

2

(Percent)
Revised

percent)
2

Revised 2

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

317.1
317.9
319.7

0.3
0.3
0.6

2.7
3.2
3.2

291.0
291.7
292.3

0.3
0.2
0.2

3.7
2.9
2.5

288.6
289.3
290.7

0.8
0.2
0.5

3.0
3.7
2.9

320.2
320.9
321.3

0.2
0.2
0.1

2.4
1.6
0.2

294.3
293.6
293.8

0.7
-0.2
0.1

2.4
2.3
2.4

290.8
290.7
290 5

0.0
0.0
-0.1

1.7
0.7
-0.5

320.9
320.4
320.0

-0.1
-0.2
-0*1

0.1
-0.1
-0.6

294.5
295.0
295.8

0.2
0.2
0.3

0.5
1.6
1.2

291.0
290.3
290.0

0.2
-0.2
-0.1

-0.5
0.1
0.4

320.4
320.7
320.4

0.1
0.1
-0.1

-0.3
-0.9
-0.9

295.0
295.9
295.6

-0.3
0.3
-0.1

1.6
2.5
2.4

290.0
290.8
291.1

0.0
0.3
0.1

-0.3
-0.2
-0.1

320.4
319.0
318.6

0.0
-0.4
-0.1

-0.7
-0.4
-1.2

296.8
298.6
299.3

0.4
0.6
0.2

3.1
2.8
3.3

290.5
290.0
289.9

-0.2
-0.2
0.0

1.3
1.2
0.3

319.3
320.0
318.5

0.2
0.2
-0.5

-1.6
-1.0
-0.9

299.6
300.0
300.4

0.1
0.1
0.1

2.6
1.8
0.2

291.9
292.6
291.6

0.7
0.2
-0.3

1.4
0.8
-0.3

317.8
317.4
317.2

-0.2
-0.1
-0.1

-1.0
-0.9
0.8

300.7
301.3
299.6

0.1
0.2
-0.6

2.2
2.3
2.1

292.5
291.2
289.4

0.3
-0.4
-0.6

0.3
1.5
3.5

317.7
318.6
319 7

0.2
0.3
ft ^

0.3

302.9
303.4
ono c

1.1
0.2
0 1

1.7

292.3
294.8
?Qfi 7

1.0
0.9
n £>

1.2

294.3

-0.8

1985
January
February
March
April

,

May
June
July
August
September
October
November
December
1986
January

318.3

-0.4

303.3

-0.1

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

2




FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

m

WAGES AND PRODUCTIVITY

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls'
Year
and
month

Current-dollar earning:
340. Index

(1977=100)

340c. Change
over 1-month
spans1
(Percent)

Average hourly compensation, all employees,
nonfarm business sector

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

341c. Change
over 1-month
spans2

341. Index

(1977 = 100)
Revised 3

1984

(Percent)

C3)

Current-dollar compensation
341c. Change
over 6-month
spans *
(Ann. rate,
percent)

345. Index

(1977 = 100)

Revised 3

Revised 3

158.6
158.7
159.2

0.4
0.1
0.3

3.7
3.3
3.2

94.9
94.9
95.2

rO.O

0.0
0.3

1.7
1.0
0.8

165.4

160.1
159.9
160.5

0.5
-0.1
0,3

3.0
2.6
3.2

95.6
95.1
95.3

rO-4
-0.5
rO.l

0.7
-1.6
-2.1

166.8

July
Ajgust
September

161.0
160.8
161.7

0.4
-0.1
0.6

1.8
2.9
3.6

95.2
94.1
94.2

r-0.1
-1.1
0.1

-3.2
-1.6
-1.0

168!3

October
November
December

161.6
162.2
163.4

-0.1
0.4
0.7

2.5
4.0
3.3

94.0
94.4
94.8

-0.2
0.4
0.4

-1.7
1.3
0.7

16^6

January
February
: March

163.0
164.0
164.4

-0.2
0.6
0.3

4.0
3.2
2.8

94.4
94.7
94.5

-0.4
0.3
-0.2

0.7
-0.1
-0.7

171.5

April
Way
, June .

164.8
164.9
165.6

0.2
0.1
0.5

3.0
2.1
2.8

94.4
94.3
94.5

-0.2

173.0

r0.2

-0.5
-1.2
0.1

July
August
Ssptember

165.4
165.7
166.7

-0.1
0.2
0.6

2.0
r2.8
3.3

94.2
94.2
94.6

r-0.3
0.0
0.4

-0.5
-0.5
-0.3

174^2

October
November
December

166.4
167.1

p2.8

94.1
94.1
94.3

-0.5
-0.1
0,3

p-1.1

rl68.3

-0.2
r0.5
r0.7

P167.7

p-0.4

p93.7

P-0.7

January
February
March
April
May
June

. .

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised 3

Revised 9

4.4
3.9

3.5
3.6

3.5

3.7
3.2

3.7

1985

-o:i

4.7
3.6

3.6
3.6

2.8

3.2

i75!e

1986
January
February
March

,. .

A-aril
May
June
July
Ajgust
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
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
5ee "New Features and Changes for This Issue," page iii.

ItCII

FEBRUARY 1986



87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY-Continued

^ 9

Negotiated wage and
benefit decisions

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

348. Average
first-year
changes @

Real compensation
346. Index

(1977-100)
Revised

2

346c. Change
over 1-quarter
spans'

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised

2

WAGES AND PRODUCTIVITY-Continued

Revised

(Ann. rate,
percent)

358. Index of
output per hour,
all persons,
nonfarm busi°
ness sector

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

2

370. Index

(1977-100)
Revised

2

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised

2

(1977-100)
2

Revised 2

2^2

104.'6

Revised

1984
January
February
March

97.8

April
May
June

97.8

July
August
September

97.7

October
November
December

97^6

5.1

-0.7

4.7

-CL3

-O.I

5.1
104^9

3.5

3.2

2.5
105^5

104! 5
!:!

-0.4

2.7

3.1

-0.8
105^3

-0.5

bYo

3.7

2.0

CK3

104.2

-1.3

•?:!

103^8

1985
January
February
March

1.4
97.9

b'.z

3.3

3.2

1.0
105^3

o:s
" ! : !

April
May
June

97^8

July
August
September

97.9

October
November
December

97.6

-0.4

0.2

b'.b

2.5

2.8

0.8
105.5

2.0

3.1

0:i

1.6
105^9

-1.1

p2.1

pi.9

104^

104 .*3

-3.1
103^4

1986
January
February
March
April
May
June
July
August . . . .
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Changcs aro centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.
2
See "New Features and Changes for This Issue," page iii.




FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q |

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

446. Both
sexes 16-19
years of age

(Thous.)

(Thous.)

447. Number
unemployed,
full-time
workers

448. Number
employed
part time
for economic
reasons

(Thous.)

(Thous.)

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

(Percent)

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

(Thous.)

(Thous.)

January
February
March

112,191
112,683
112,734

103,209
103,846
103,959

8,982
8,837
8,775

4,242
4,133
4,059

3,189
3,146
3,140

1,551
1,558
1,576

7,493
7,300
7,313

5,714
5,713
5,479

78.3
78.3
78.3

53.0
53.3
53.4

53.0
53.7
53.5

April
May
June

113,083
113,722
113,818

104,318
105,175
105,580

8,765
8,547
8,238

4,058
3,943
3,783

3,149
3,100
2,976

1,558
1,504
1,479

7,327
7,067
6,597

5,549
5,328
5,571

78.2
78.3
78.5

53.6
54.1
53.8

54.0
54.0
54.8

July
August
September

113,922
113,718
113,795

105,466
105,222
105,415

8,456
8,496
8,380

3,877
3,864
3,830

3,131
3,181
3,016

1,448
1,451
1,534

6,980
6,970
6,898

5,481
5,351
5,443

78.4
78.3
78.3

54.0
53.9
53.6

54.4
53.2
54.4

October
November
December

114,036
114,165
114,504

105,657
105,971
106,248

8,379
8,194
8,256

3,739
3,727
3,775

3,186
3,070
3,002

1,454
1,397
1,479

6,968
6,778
6,837

5,498
5,390
5,611

78.2
78.2
78.3

53.9
54.0
54.0

54.0
53.9
54.4

January
February
March

114,754
114,982
115,335

106,315
106,587
106,951

8,439
8,395
8,384

3,766
3,763
3,743

3,160
3,140
3,168

1,513
1,492
1,473

6,920
6,923
6,831

5,392
5,098
5,421

78.2
78.1
78.2

54.4
54.4
54.6

54.8
55.4
55.5

April
May
June

115,256
115,339
115,024

106,872
106,939
106,601

8,384
8,400
8,423

3,775
3,696
3,862

3,178
3,199
3,152

1,431
1,505
1,409

6,845
6,816
6,770

5,402
5,550
5,278

78.1
78.2
78.1

54.6
54.5
54.6

54.9
55.3
52.4

July
August
September

115,272
115,343
115,790

106,871
107,210
107,519

8,401
8,133
8,271

3,755
3,633
3,656

3,120
3,143
3,195

1,526
1,357
1,420

6,901
6,683
6,766

5,328
5,413
5,299

77.9
78.0
78.1

54.5
54.6
54.8

54.9
53.5
54.1

October
November
December

116,114
116,130
116,229

107,813
107,969
108,206

8,301
8,161
8,023

3,677
3,656
3,566

3,054
3,057
2,988

1,570
1,448
1,469

6,726
6,713
6,583

5,241
5,295
5,294

78.1
78.1
78.0

54.9
54.9
55.0

54.8
54.3
54.0

116,786

108,955

7,831

3,507

2,915

1,409

6,435

5,275

78.4

55.0

53.1

1984

1985

1986
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 1986




OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q

Federal Governmen
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

Q j

RECEIPTS AND EXPENDITURES

1

State and local government'

501. Receipts

502. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

510. Surplus
or deficit

(Ann. rate,
bil. dol.)

DEFENSE INDICATORS

Advance measures of defense activity

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)
2

( )
1984

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Manu
facturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol,)

n

2

C)

January
February
March

-157.8

709.4

867.2

64.0

525.5

461.5

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,503
6,884
11,713

April
May
June

-16316

72K8

884^9

65\7

537.4

47L7

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

5,139
6*648
6,834

July
August
September

-178li

727A

905\2

62! i

542^2

480 ! i

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,600
8,090
7,301

October
November
December

-192l7

742 ! l

934^7

65.B

554! i

488! 3

20,821
28,892
26,686

12,901
25,552
7,017

159,226
168,321
172,010

5,167
10,091
7,448

January
February
March

-162*.6

789!?

952! 4

e'z'.'z

560.5

497^2

22,492
20,377
20,346

rl2,449
rl2,432
rl0,360

174,180
173,704
174,338

11,061
4,708
6,240

April . . . .
May . . .
June

-209!i

754^9

964^0

57^3

57CK0

512.7

22,655
25,140
29 513

r9,658
rl4,147
r i 1 fi?7

174,867
178,000
179 337

6,130
8,773
11 238

July .
August
September

-2Ol!3

79o! 7

992 !o

56.9

581.8

524^9

31,641
34,470
30,753

rl2,163
rl7,579
rll,702

182,074
187,278
186,401

9,594
10,270
8,106

October
November
December

(NA)

(NA)

rl,02&\4

(NA)

(NA)

r532.*6

28,629
25,809
p30,768

rlO,584
10,086
p14,088

185,059
rl82s400
pl83,504

6,179
6,810

r7,152

(NA)

(NA)

(NA)

plO 375

1985

1986
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 52 and 53.
1
a

Based on national income and product accounts.
3eo "New Features and Changes for This Issue/' page iii.

90




FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
][) I

GOVERNMENT ACTIVITIES—Continued

^ J

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1977 = 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

570. Employment, defense
products industries

(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)

C1)

1984
January
February
March

148.8
151.3
151.9

17,861
18,190
18,746

113,575
114,624
120,647

18,448
17,801
17,794

5,682
5,835
5,690

1,391
1,398
1,408

2,130
2,135
2,140

1,042
1,043
1,046

228.3

6.2

April
May
June

155.6
156.0
157.2

19,017
19,514
20,035

119,870
120,758
121,672

18,525
18,609
18,953

5,916
5,760
5,920

1,415
1,427
1,440

2,138
2,141
2,143

1,049
1,061
1,071

235.8

6.3

July
August
September

158.5
160.7
163.4

20,734
21,315
22,141

123,219
125,276
126,496

18,405
19,181
19,469

6,053
6,033
6,081

1,450
1,459
1,470

2,142
2,144
2,138

1,079
1,074
1,043

236^2

6^2

October
November
December

163.5
163.3
165.3

22,551
22,581
22,517

125,340
129,092
129,775

18,687
20,152
19,899

6,323
6,339
6,765

1,480
1,486
1,498

2,138
2,141
2,138

1,058
1,065
1,067

247.'5

6^4

January
February
March

165.3
167.3
169.0

23,091
23,405
23,489

134,455
132,467
131,990

18,762
20,058
20,465

6,380
6,695
6,718

1,511
1,522
1,532

2,146
2,147
2,148

1,065
1,069
1,072

249! 5

e!i

April
May
June

170.1
171.2
173.4

24,006
23,962
24,721

131,769
133,958
137,975

19,597
20,603
20,554

6,352
6,584
7,221

1,540
1,550
1,561

2,148
2,149
2,151

1,078
1,089
1,099

256!6

6.S

July
August
September

173.9
175.5
177.5

25,317
25,923
26,476

140,742
143,848
144,828

21,498
22,489
21,987

6,827
7,164
7,126

1,569
1,590
1,586

2,156
2,157
2,151

1,110
1,107
1,085

269^9

6^7

October
November
December

rl78.7
rl80.7
rl80.7

26,587
26,598
26,364

143,336
142,288

rl41,497

20,908
21,847
r22,440

7,671
7,858
r7,943

1,593
rl,602
pi,600

2,151
2,153
2,150

1,090
1,094
(NA)

272^5

6^7

P180.4

(NA)

pl44,558

p20,115

p7,314

(NA)

P2,157

1985

1986
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.
l
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1986




91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Q
602. Exports, excluding
military aid shipments

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

604, Exports of domestic
agricultural products

612. General imports

Year
and
month

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

616. Imports of automobiles and parts

(Mil. dol.)

(Mil. dol.)
1

C)

1984

614. Imports of petroleum and petroleum
products

C1)

C)

January
February
March

17,889
17,208
17,906

3,457
3,198
3,336

4,009
3,848
3,764

26,204
26,420
26,948

4,515
4,660
5,393

3,684
3,751
3,680

April
May
June

17,520
17,978
17,705

3,030
3,245
2,715

3,811
3,976
3,746

28,074
26,012
25,279

6,000
5,113
4,694

3,838
3,635
3,683

July
August
September

19,154
18,123
18,210

3,236
3,022
3,153

3,790
3,878
3,640

31,334
26,866
28,409

4,674
4,021
4,261

3,947
3,773
4,302

October
November
December

18,411
18,395
19,142

2,799
3,242
3,314

4,007
3,905
4,128

26,783
27,331
25,933

4,007
4,637
4,298

3,600
3,817
3,732

January
February
March

19,401
17,853
18,446

2,945
2,842
2,436

4,247
3,970
4,160

28,297
27,985
28,129

4,005
3,833
3,411

4,033
4,999
4,243

April
May
June

17,779
17,414
17,438

2,624
r2,215
r2,218

3,970
4,073
3,952

28,295
28,685
29,425

4,936
5,237
4,842

4,350
4,073

July
August
September

17,412
17,423
17,732

r2,184
r2,347
r2,080

3,615
3,897
3,777

26,630
26,083
31,764

3,342
3,252
4,041

4,161
4,489
5,555

October
November .
December

17,368
17,976
17,024

r2,351
r2,446
2,426

3,694
3,918
3,730

27,594
30,285
32,888

3,811
4,367
5,079

4,198
5,461
5,758

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1985

. . . .

1986
January
February
March
April
May
June . . .
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
1
See "New Features and Changes for This Issue,"

92




page

iii.

FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted'

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1984
January
February
March

..
..

April
May
June

..

-15,905

90,480

106,385

- 2 4 622

53 469

78 091

23 502

1 R PfiR

-26,238

88,874

115,112

-29,625

54,556

84,181

20,895

17,277

July
August
September

-26,093

91,244

117,337

-28,977

55,649

84,626

21,769

18,513

October
November
December

-27,Hb

91,426

119,136

-30,885

56,242

87,127

21,445

17,442

January
February
March

-21,075

88,534

109,609

-23,454

55,302

78,756

18,868

16,331

April
May
June

-24,268

89,391

113,659

-28,587

53,624

82,211

22,279

16,892

July
August
September

p-26,483

p90,140

pll6,623

p-33,142

p52,310

p85,452

p24,039

pl6,490

October
November
December

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

"

1985

1986
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

FEBRUARY 1986



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q |

Year
and
month

47. United States,
index of industrial production

(1977 = 100)

721.OECD1
European countries, index oi
industrial
production

(1977-100)

728. Japan,
index of industrial production

(1977-100)

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

(1977 = 100)

726. France,
index of industrial production

(1977^100)

722. United
Kingdom, index
oi industrial
production

(1977 = 100)

727. Italy, index
of industrial
production

(1977-100)

723. Canada,
index of industrial production

(1977-100)

1984
118.4
119.3
120.1

108
108
107

131.5
135.4
134.2

106

108
105

105
104
105

105
104
103

105.7
104.3
108.1

111.0
108.0
110.0

April
May .
June

120.7
121.3
122.3

106
107
104

135.1
137.9
138.6

105
106
95

102
105
103

103
102
103

103.8
107.6
108.4

109.9
110.3
111.3

July
August
September

123.2
123.5
123.3

103
109
109

139.2
140.2
139.4

109
108
108

107
107
105

102
102
103

107.1
108.7
110.0

115.1
114.5
112.2

October
November
December

122.7
123.4
123.3

109
109
108

143.3
143.4
142.7

109
110
109

107
105
103

103
103
104

107.3
106.1
106 6

112.2
114.1
115 0

January
February .
March

123.6
123.7
124.0

108
110
111

143.0
142.8
140.8

110
109
110

101
105
107

106
rlO6
107

102.5
111.5
111.8

rll3.9
rll4.0
rll4.2

April
May
June

124.1
124.1
124.3

110
110
111

144.5
148.2
145.1

110
111
113

104
105
104

rlO9
rlO9
108

107.0
108.3
111.3

rllS.O
rllS.O
rll6.4

July
August
September

124.1
125.2
125.1

112
111
rll2

147.8
146.0
144.6

116
112
112

108
108
105

rlO8
rlO8
109

107.1
107.5
109.9

rll8.1
118.1
rll8.0

October
November
December

124.4
rl25.4
rl26.3

rll2
P114
(NA)

145.7
P144.1
(NA)

rll6
P117
(NA)

107
plO9
(NA)

109
pill
(NA)

rlO6.3
pllO.O
(NA)

rll9.1
rll9.6
pl?.0.4

January
February . . .
March

. .

1985

1986
January
February
March

(NA)

P126.7

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

See note on page 80.
Graphs of these series are shown on page 58.
O r g a n i z a t i o n for Economic Cooperation and Development.

94



FEBRUARY 1986

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q
United States
Year
and
month

320. Index ©

(1967 = 100)

Japan

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738. Index ©

(1967 = 100)

Revised2

CONSUMER PRICES
West Germany

738c. Change
over 6-month
spans1

(Ann. rate,
percent)
n

735. Index ©

(1967 = 100)

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

736. Index ©

(1967 = 100)

736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967 = 100)

732c. Change
over 6-month
spans1

(Ann. rate,
percent)

C2)

C)

(2)

•

United Kingdom

France

1984
January
February
March

305.2
306.6
307.3

4.6
4.3
4.2

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
3.9

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

3.7
3.8
3.8

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

3.5
3.3
3.5

321.0
319.0
319.6

3.2
3.0
2.5

209.2
209.6
209.8

2.7
3.4
4.3

449.0
450.3
451.2

6.4
5.9
5.8

574.6
576.4
575.9

6.5
5.8
7.1

January
February
March

316.1
317.4
318.8

3.6
3.6
3.6

321.3
318.7
320.2

2.2
1.3
1.4

211.0
211.9
212.6

3.4
3,4
2.4

453.5
455.8
459.0

5.5
5.5
6.0

578.0
582.7
588.1

8.2
8.3
8.5

April
May
June

320.1
321.3
322 3

3.6
3.4
2.8

321.9
323.3
323 5

1.6
1.7
0 9

212.9
213.1
213 3

1.6
0.9
0 2

462.2
464.5
466 4

5.8
5.3
4 7

600.6
603.4
604 7

7.3
6.6
4 7

July
August
September

322.8
323.5
324.5

2.9
3.6
3.8

323.8
320.7
323.8

2.2
2.4
1.7

212.9
212.2
212.6

0.0
0.2
1.1

468.2
468.7
469.2

4.1
3.9
3.3

603.5
605,1
604.8

2.8
2.7
3.1

October
November
December

325.5
326.6
327.4

4.1

328.4
325.0
325.2

(NA)

212.9
213.3
213.5

(NA)

470.6
471.5
472.1

(NA)

605.8
607.9
608.7

(NA)

1985

1986
January
February
March

328.4

(NA)

(NA)

(NA)

(NA)

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
2
See "New Features and Changes for This Issue/' page iii.

FEBRUARY 1986



95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

CONSUMER PRICES—Continued

733c. Change
over 6-month
spans'

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

748. Japan,
index of
stock
prices ©

745. West
Germany,
index of
stock
prices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices @

(Ann. rate,
percent)

(1967^100)

(1967 = 100)

(1967 = 100)

(1967=100)

(1967-100)

(1967-100)

(1967-100)

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,
128.
128,

279.0
273.4
269.2

Canada

Italy
Year
and
month

737. Index ©

(1967-100)

STOCK PRICES

737c. Change
over 6-month
spans1

(Ann. rate,
percent)

733. Index ©

(1967-100)

1984

n.i

January . . .
February .
March . . .

678.3
685.8
690.6

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

695.4
699.6
703.8

10.0
9.4

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,
468.

124.
122,
119.6

262.5
251.9
251.0

July . . . .
August . .
September

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

256.7
274.3
287.0

447.5
478.6
497.0

121.4
128.7
127.6

241.8
269.6
270.4

October . .
November
December

720.1
724.4
729.5

7.2
7.7
8.9

337.5
339.7
339.9

4.3
5.2
4.4

179.3
180.9
178.9

760.5
774.7
804.7

185.2
185.1
187.4

287.9
286.0
285.2

503.
525.
551.2

127.4
130.5
130.5

265.9
267.6
271.2

10.9
10.9

1985
January
February
March

736.8
744.2
749.4

10.
11.
10.

341.3
343.5
344.3

5.3
4.5
4.0

186.7
196.8
195.2

839.. 5
851.9
900.4

195.1
202.0
213.4

294.3
307.9
317.8

578.1
585.1
592.3

147.2
164.1
165.0

293.2
293.2
295.2

April . ,
May
June

756.1
760.6
764.4

10.0
9.4
7.4

345.7
346.5
348.3

3.4
2.9
3.6

196.5
201.1
205.5

880.3
890.6
915.0

212.5
218.7
234.2

328.9
336.4
337.2

592.0
607.0
591.3

164.4
188.7
199.0

297.?
309.2
306.5

July
August
September . . .

766.7
768.2
771.3

6.2
6.0
(NA)

349.5
350.1
350.5

3.1
3.4
4.7

209.4
204.8
200.2

941.6
915.9
915.0

234.8
237.4
253.2

321.9
316.6
312.3

568.4
597.0
605.7

212.9
229.9
246.4

314.0
318.6
297.4

October . .
November
December

780.6
786.1
(NA)

351.7
353.1
354.7

5.2

202.5
214.8
225.5

930.9
910.7
P927.5

273.6
302.4
304.1

300.4
339.1
P360.2

617.4
652.0
644.5

251.1
263.9
285.2

302.2
322.8
327.8

226.5
P237.3

P927.4
P953.7

337.4
P328.0

rp390.1
P406.9

rp650.2
P686.2

(NA)

321.2
P316.1

1986
January . . .
February . ,
March

356.3

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 arc centered on the 4th month.
2
See "New Features and Changes for This Issue/' page iii.

96




FEBRUARY 1986

NEW FEATURES AND CHANGES FOR THIS ISSUE (Continued from page I'V)
12. The series on commercial and industrial loans outstanding in constant dollars (series 101) has been revised for
the period 1981 to date to reflect the revised seasonal adjustment of the producer price indexes used as deflators. (See
item 7, above.) Also, it has been revised for the period 1947 to date to show the data in 1982 dollars.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic
Analysis, Statistical Indicators Division.
13. The seasonally adjusted consumer price indexes for all urban consumers (CPI-U)--series 320c and 322--have been
revised for the period 1981 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.
14. The series on wages and salaries in 1982 dollars for mining, manufacturing, and construction (series 53), for
which CPI-U is the deflator, has been revised for the period 1981 to date. (See item 13, above.)
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic
Analysis, Statistical Indicators Division.
15. The series on sales of retail stores in constant dollars (series 59), manufacturing and trade sales in constant
dollars (series 57), and ratio of manufacturing and trade sales to inventories in constant dollars (series 77) have been
revised for the period 1948 to date. These revisions reflect revised NIPA deflators and revised producer price index
deflators used to deflate series 57 (see items 7 and 8, above) and revised consumer price index deflators used to deflate
series 59 (see item 13, above).
16. 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 October 1984 to date. Revised data for the earlier
period will be shown in a subsequent issue.
In addition, the series on U.S. money supply in constant dollars (series 105 and 106) have been revised for the period
1981 to date to reflect the revision of their CPI-U deflator (see item 13, above) and for the period 1947 to date to show
the data in 1982 dollars.
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; information concerning revisions due
to revised deflators may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
17. The series on per capita gross national product (series 217) and per capita disposable personal income (series
227) have been revised for the period 1980 to date to reflect revised population estimates.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of the
Census, Population Division, and Bureau of Economic Analysis, Statistical Indicators Division.
18. The series on real average hourly earnings of production or nonsupervisory workers on private nonagricultural
payrolls (series 341) has been revised by the source agency for the period 1981 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.
19. The series on productivity and costs (series 26, 63, 345, 346, 358, and 370) have been revised by the source
agency to incorporate revised output and compensation measures reported in the recent NIPA revision. (See page iii of the
December 1985 BCD.) In addition, these series incorporate the following change.s: (a) the revision of seasonally adjusted
measures of employment and average weekly hours, (b) a new method of measuring labor input of 14- and 15-year-old workers,
and (c) an improved definition of farm workers. All series are revised for the period 1947 to date.
Further information concerning these revisions may be obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Productivity and Technology, Division of Productivity Research.
20. Appendix C.contains historical data for series 16, 18, 22, 30, 34, 35, 49, 50-53, 55, 64, 68, 79-81, 86-89, 95,
107, 108, 200, and 223.
21. Exchange rate data for the United States and selected foreign countries are shown in appendix G (page 105).
These data are provided by the Board of Governors of the Federal Reserve System,
• 22. Appendix G contains cyclical comparisons for series 40, 51, 76, and 914.




97

APPENDIXES
B. Current Adjustment Factors
1985

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

1

33.

Net change in mortgage debt

. ...

72. Commercial and industrial loans
outstanding in current dollars"
5Z7.

Defense Department
gross obligations
incurred1

Defense Department net out!ays . . .

95.9 105.6 125.2 144.1 101.3

89.8

93.1

82.8

86.3

81.4

102.1

98.1

93.3 104.3

100.0

. . 636

1956

575

-46

100.1

99.9

99.9

99.9

570. Employment, defense products industries . .100.1
580.

May

105.7

97.0

1

Apr.

Sept. Oct.

88.5

Defense Department gross unpaid
obligations outstanding

Mar.

Aug.

525. Defense Department prime contract awards . 73.2
543.

Feb.

July

15. Profits after taxes per dollar
of sales,
manufacturing corporations2
1 3

1986

91.3 103.8 106.3 102.8 104.1

94.5

97.3

51

-512

99.9 100.0

108.6

-692 -3776 -1172
99.7

1053

446

1408

99.7 100.3 100.3 100.5 100.4
92.2 101.9

95.1

86.8

80.5

92.0 114.9 100.3 111.5

84.3

81.0

93.8

98.6 100.0 101.4 104.1 103.6 103.2 103.6 101.3

98.6

97.0

99.3 100.0 100.0 100.1 100.5 100.2 100.1 100.0

. . 99.9 100 4

95.6 101 8

97.9 103.4 100.5

99.8

99.5 106.0

99.8 100.1

95.5 100.8 100.6 100.8

99.7 113.9 108.9 109.3 107.1 112.4 103.8

95.5

Imports of automobiles and parts

89.0 100.3 105.3

88.8

606. Exports of nonelectrical machinery

616.

87.4

70.2 119.9

90.6

1

June

78.7 186.4

84.5

Imports of
petroleum and petroleum
products1

Dec.

86.9 117.7 112.7 105.4 108.8 121.1

604. Exports of domestic agricultural products . 82.5

614.

Nov.

Jan.

94.9

99.5
92.5

95.6

98.3

96.1

90.2 111.3 100.0 104.1 104.7

114.9 113.3 107.0 115.0 102.8

95.3

98.3

82.5

. . . .102.7

98.4

87.8

87.9 104.3

96.4

94.3 106.0

84.5

93.7

92.0 108.2

93.5 109.3 107.9 112.0 110.0

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 only to the loans portion of this series.

98



C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.

51.
1951 . . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963.. .
1964...
196 5 . . .
1966...
196 7 . . .
196 8 . . .
196 9 . . .
1970...
1971
1972...
1973...
1974...
1975...
1976...
. 1977...
1978...
1979...
1980.. .
1981.. ,
1982...
1983...
1984.. .
1985.. .

850.3
8 90.1
93 8 . 1
946.7
971.0
1040.6
1070.1
1065.4
1106.0
1154.0
1155.3
1208.6
1252.0
1304.9
13 9 0 . 4
1480.1
1541.6
1592.5
1670.1
1735.0
1747.7
1804.6
1931 . 8
196 9 . 3
1883.8
1940.9
2027 .6
2119.4
2246.1
2258.9
2266.5
2258.9
2263.6
2403.5

8 50.5
90 3 . 2
943.6
945.2
972.8
1045.8
1077.2
1062.5
1108.8
1150.5
1156,5
1218.5
1257.0
1318.1
1394.1
1482.1
1546,0
1607,3
1676,2
1729.8
1745.2
1816.3
1937.8
1949.2
1873.1
1953.6
2029.2
2131,5
2257.5
2253.1
2262.3
2265.9
2256.3
2426.8

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IV Q

PERSONAL INCOME LESS TRANSFER PAYMENTS IN 1982 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

861.7
90 5 . 0
951 .8
939.3
978.5
1047.5
1078.4
1066 .0
1115.0
1153.4
1157 .8
1225.2
1261.7
1325 .0
1397.7
1488.2
1549.3
1612,4
1688.6
1738.8
1753.3
1824.2
1938.1
1928.1
1873 .7
1957..8
2038.2
2154.5
2263.7
2245.3
2264,7
2271 .4
2267.5
2 435.5

873.2
903.2
952.1
934.2
987.9
1055.5
1076 .4
1059,7
1124.6
1153.8
1165.3
1230.8
1263.0
1334.8
140 7 . 3
1495.3
1549.7
1619.3
1689.7
17 43 . 5
1756.9
1836.7
193 5 , 9
1920.5
1877.4
1968.9
2042.3
2176 .1
2249.1
2223.3
2266.9
2278.5
2268.2
2438.5

877.9
912.4
956.2
935.8
995.9
1054.2
1077.0
1061 .6
112 9 . 8
1161 .6
1171 .9
1233.4
1269.7
1340.1
1417 .7
1502.2
1556.1
1627.6
1700.7
1741.2
1762.4
1840.9
1952.0
1925.1
1880.1
1975.8
2053.4
2183.5
2248.6
2208.4
2261 .8
2281 .2
2285,3
2440.4

883.0
91 5 .6
958.2
938.7
997.9
1057.3
1082.3
1067.8
1133 .7
1161 .6
1179.2
1237 .6
1272.2
1344.0
1429.2
1511 .7
156 4 . 5
1636.7
1707.1
1738.1
1761 .2
1824.2
1958.3
1931 .2
1881 .7
1979.0
2060.4
2192,7
2251 .0
2210,6
2272 .1
2266.0
2295.6
2451 .6

881 .6
909.2
956.1
941 .1
1013.3
1050.8
1083 .9
1086 .6
1135.3
1159.6
1180.2
1242.3
1274.8
1351 .4
143 6 . 5
1516.9
1571 .0
1642.1
1718.2
1745.9
1763.8
1853.7
1963,0
1937.0
1883.2
1984.8
2074.3
2197.1
2254.0
2204.6
2283 .4
2255.5
2310.1
2467.6

891 .3
930.3
952.2
949.1
1012,8
1061 .3
1085.9
1084.2
1122.8
1155,8
1182.0
1245.0
12 8 0 . 9
1362.6
1439.2
1518.7
1573,3
1649,9
1724.5
1745,9
1766.2
186 9 . 9
196 9 . 0
1930.1
1902.3
1987 .9
2082.6
2202.8
2251.8
2212.7'
2296 .3
2250.7
2304.6
2468.5

Annual

AVERAGE FOR PERIOD

936.4
954.4
954.6
1020.9
1066.0
10 81 . 5
1090,0
1120.9
1153.2
1186.2
1241.3
1288.4
1365.8
1446 .9
1517.8
1574.9
1658.6
1730.7
1749.8
1769.8
1879.4
1975.3
1926,2
1911 .3
1993.0
2098.8
2217.2
2247.4
2213.0
2295 .9
2244.9
2320.3
2483.3

894.6
936,6
959.6
958.8
1026.7
1073.4
1077.2
1091.7
1119.3
1157.4
1197 .9
1245.3
1293.6
1371.4
1 46 3 .1
1526 .4
1572.9
1660.8
1736.1
1732 .9
1769.2
190 0 . 8
1986.8
1936.1
1921 .2
1995.0
2108.1
2232.5
2253.2
2239.4
2285.2
2246.9
2352.1
2474.5

895.0
930.6
957.2
96 8 . 4
1035.1
1070 .2
1076.7
1106.6
1137.7
1150 ,9
1206,6
1249.9
1293 .9
1378.1
1471.3
1530.1
1582.7
1664.5
1736.2
1733 ,0
1778.9
1920.9
2000 .0
1911 . 5
1921,5
2015.3
2107 ,2
2237.2
2257.3
2254.1
2276.8
2251 . 5
2359,5
2481.3

898.9
93 5 . 4
950.2
967.8
1040.4
1073.7
1069.6
1108.2
1148.5
1145.6
1213.4
1256.3
1306.1
1389.8
1479.7
1531 .7
1595.8
1674.5
1737.7
1736.1
1793 .0
1939.7
1991 .7
1902 .6
1923.1
2025.5
2117.1
2250.9
2255.3
2269.8
2268.3
2259.2
2377.7
2504.1

854.2
899.4
944.5
943.7
974.1
1044.6
1075.2
1064.6
109.9
1152.6
1156.5
1217.4
1256.9
1316.0
1394.1
1483.5
1545.6
1604.1
1678.3
1734.5
17 4 8 . 7
1815.0
1935.9
1948.9
1876,9
1950.8
2031,7
2135.1
2255.8
2252.4
2264.5
2265.4
2262.5
2421.9

878.0
910,4
955.5
936.2
993.9
1055.7
1078.6
1063.0
1129.4
1159.0
1172.1
1233.9
126 8 . 3
1339.6
1418.1
1503.1
1556.8
1627.9
1699.2
1 7 40 .9
1760,2
1833.9
1948.7
1925.6
1879.7
1974.6
2052.0
2184.1
2249.6
2214.1
2266.9
2275.2
2283.0
2443.5

887.4
925.3
954.2
948.3
1015.7
1059.4
1083.8
1086.9
1126.3
1156.2
1182.8
1242.9
1281.4
1359.9
1440.9
1517.8
1573.1
1650.2
1724.5
1 7 47 .2
1766.6
1867.7
1969.1
1931.1
1898.9
1988.6
2085.2
2205.7
2251.1
2210.1
2291.9
2250.4
2311 .7
2473.1

896.2
934.2
955.7
965,0
1034.1
1072.4
1074.5
1102.2
1135.2
1151.3
1206.0
1250.5
1297.9
1379.8
1471.4
1529,4
1583.8
1666 .6
1736.7
1734.0
17 8 0 , 4
1920.5
1992.8
1916.7

878,9
917.3
952.5
948.3
1004.4
1058.0
1078.0
1079.2
1125.2
1154.8
1179.4
1236.2
1276.1
1348.8
1431.1
1508.4
156 4 . 8
1637.2
1709.6
1739.2
1764.0
1859.3
1961.6
1930.6

2011,9
2110.6
2240.2
2255.3
2254.4
2276,8
2252.5
2363.1
2486.6

1981 .5
2069.9
2191 .3
2252.9
2232.8
2275.0
2260.9
2305.1
2456.3

935.2
985.2
1003.6
1012.0
1081 .4
1129.7
1152.0
1175.7
1206.5
1244.7
1285.9
13 4 3 . 4
1395.4
1476.6
1588.8
1649.9
1723.2
1825.0
1905.8
1957.6
2001 .5
2117.6
2239.0
2210 .4
2244.2
2331 .1
2 43 9 . 4
2559.5
2601 .0
2604.4
2688.8
2663.0
2740 .8
2901 . 5

941 . 5
984.8
1011.6
1018.6
1087 .2
1137.5
1150.7
1177.3
1204.9
1248.9
1297.6
1350.6
1401.2
1482.6
1581 .6
1659.0
1723.2
1827.9
1912.8
1944.1
1998.5
2155.9
2251 .0
2224.2
2256.6
2330.3
2445.2
2574,5
2608.6
2628.7
2677,3
2668.4
2770.6
2895.1

940.6
978,1
1007.2
1027 . 5
1095.6
1133 .8
1151.1
1189.9
1225.6
1244.0
1306.6
1353.7
1401.2
1488.6
1591.1
1666.9
1733.6
1832.0
1913 ,2
1943.6
2011 .4
2183.9
2264.3
2201.6
2251 .6
2355.2
2449.6
2580.3
2613 ,7
2638.5
2671 ,4
2681 . 4
2783.6
2902.5

943 .0
984.3
1001.5
1027.1
1101 .5
1137,8
1145.5
1191.5
1235.6
12 4 0 . 5
1314.6
1359.8
1415.3
1501 .7
1600.3
1670.7
1747.4
1843.0
1916.5
1948.9
2024.7
2199.2
2253.7
2198,9
2256.1
2366.2
2459.2
2593.5
2612.6
2657.4
2661 .8
2690.4
2801.6
2918.5

898.5
944.2
992.9
997.0
1032,8
1106.4
1141 .7
1143.2
1194.2
1239.0
1255.4
1319.3
1365.6
1426 .8
1508.5
1605.8
1689.1
1759.3
1849.7
1915.7
1962.7
2051.2
2196.2
2215.8
2185.0
2287.4
2370.7
2476.8
2599.1
2613.0
2649.2
2660,4
26 9 0 , 1
2844,2

923.7
956 .0
1004.4
991.5
1053.5
1118.1
1148.9
1147.6
1213.6
1247.2
1273.7
1335.4
1374.0
1449.5
1531 .1
1625.7
1702.9
17 9 0 . 9
1872.1
1944,5
1989,7
2070.0
2209.5
2201.1
2212.3
2306.8
2387.8
2520.9
2592,2
2574.8
2649.7
2679.2
2713,4
2 86 4 . 8

933.4
973.6
1003.4
1005.3
1075.9
1122.8
1154.4
1172.6
1211.1
1246.6
1284.6
1345.4
13 8 7 . 7
1470.6
156 3 , 7
1644.6
1721.8
1815.7
1899.1
1951.2
1995.3
2106 .1
2231 .2
2214.9
2231.2
2327.7
2425.3
2549.1
2605.7
2599.9
2686.6
2665.9
2734.8
2892.6

941 .7
982.4
1006 . 8
1024.4
1094.8
1136 .4
1149.1
1186.2
1222.0
1244.5
1306.3
1354.7
1 40 5 .9
1491.0
1591.0
1665.5
1734.7
1834.3
1914.2
1945.5
2011.5
2179.7
2256.3
2208.2
2254.8
2350 .6
2451.3
2582.8
2611 .6
2641 . 5
2670.2
26 8 0 . 1
2785,3
2 90 5 .4

924.3
964.1
1001 .8
1004.5
1064.2
1120.9
1148.5
1162,4
1210.2
12 4 4 . 3
1280,0
1338.7
1383.3
1459,5
1548.6
163 5 .4
1712 .1
1800.0
1883.8
1939.2
1989.8
2101 .7
2223.3
2210.0
2220.8
2318.1
2 40 8.8
2532.4
2602 .2
2607.3
2663.9
2671 .4
2730.9
2876.7

274.0
306 .1
307.2
306.5
339.7
354.6
341 .4
3 40.4
352 .1

276.8
310.4
303.8
308.1
340.6
358.7
336.0
341 .9
362.4

370 .0
383.3
396.7
420.4
449.8
478.0
483.9
509.8
517.7
475.9
490 .1
531 .1
549.4
509.6
491 .6
522,0
552.5
581 . 5
566.8
543.2
526.9
483.9
512.1
533.3

372.0
383.7
399.4
427.1
453.6
477 .1
487.5
510.9517.5
484.0
496,7
533.7
549,2
502 .4
496.4
523.5
550.0
584.6
567.0
545.1
522.7
486.6
514.9
537.0

267.5
281 .5
315.2
299,4
313.3
3 43.0
355.9
324,3
347 .9
367.3
347.6
373.3
384.4
402.0
430.7
459.3
477.
492.
512.
511.2
486 . 4
506,2
542.2
540.7
487.1
507.0
523.8
551.9
585.1
557.2
541 .2
521,1
488.8
522.5

5 2 . PERSONAL INCOME IN 1982 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960.. .
1961 . . .
196 2 . . .
1963.. .
1964.. .
1965.. .
1966. . .
196 7. . .
1968.. .
196 9 . . .
1970...
1971..,
1972...
1973.,.
1974...
1975.. .
1976. . .
1977...
1978...
1979., .
1980, . .
1981...
1982...
1983. . .
1984...
1985...

895.6
935.5
986.3
998.2
1029.0
1102.2
1135.7
1143.4
1190.0
1239.6
1251.1
1310.4
1367.8
1419.5
1509.6
1601.9
1681 . 8
1745.2
1840.0
1914.8
1959.8
2035.9
2191 .6
2236.6
2184.2
2278.0
2366.6
2461 .0
2591 .0
2622.0
2650.8
2651.2
2688.0
2826.4
53.

1951...
1952...
1953...
19 5 4 . . .
1955
1956...
1957...
1958...
1959...
I960..,
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
196 8 . . .
1969...
1970...
1971,..
1972...
1973...
1974..,
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983.. .
1984...
1985...

266.5
279.1
312.1
299,5
309.9
3 42.1
355,4
330.2
3 44.3
367.6
347,8
370.2
384.6
3 96.1
427.6
455.5
480.4
48 7 . 5
512.2
512.2
486.7
501.4
539.1
543.7
495.9
504.2
519.1
546.6
584.4
56 2 . 3
546 .2
521.2
489.4
519.2

894.6
947 , 5
991 .7
998.6
1031 .0
1107.4
1143.6
1140.0
1193.4
1236.4
1257 , 4
1319.9
1362 .0
1426.7
1505.9
1604.4
1689.0
1760:4
1848.1
1910.9
1959.3
2054,4
2197.9
2216.5
2183.7
2290.9
2367.6
2473.0
2599.7
2614.7
26 46 .3
2661 .2
2683.7
2848.4

905.4
949.6 •
1000.6
994,1
1038,3
1109.6
1145.7
1146.3
1199.1
1241 .1
1257 , 8
1327.6
1367.0
143 4 . 2
1509.9
1611 .0
1696 .5
1772 .2
1861 .1
1921 .5
196 9 . 1
2063 .2
2199.2
2194.4
2187.0
2293.2
2378.0
2496 .4
2606 .6
2602.3
2650.5
2668.8
2698.5
2857.7

91 7 .4
947 . 9
1000.8
989.2
1047.3
1117.5
1145.2
1143.5
1209.0
1241.0
126 4 . 0
1332.0
1368.2
1444.8
1520.6
1617.8
1694.9
1782.5
1862 .4
1957.2
1973.3
2072.1
2195.7
2195.5
2196 .9
2302.8
2382.7
2513 .1
2594.8
2581 .5
2649.6
2682.6
2697.2
2861 .1

923.9
958.5
1004.5
991 .1
1055.3
1116.7
1148.2
1147.3
1213.7
1249.7
1273.7
1334.9
1375.5
1450.1
1530.3
1625.2
1702 .4
1790.3
1874.0
1939.3
1979.2
2077.0
2214.5
2200.9
2201 .5
2306.0
2388.4
2522,7
2592.2
2569.3
2644.8
2684.9
2718.0
2861 .6

929.7
961 .6
1007 .8
994.1
1057.8
1120.0
1153.2
1152.1
1218.0
1250.9
1283 .4
1339.3
1378.3
1453.7
1542 .4
1634.2
1711.5
1800.0
1879.8
1936.9
2016 . 5
2060.9
2218.2
2207,0
2238.4

927.5
955,8
1004.9
998.1
1073.2
1113.6
1154.7
1171.8
1219.8
1248,9
1285.3
1344.7
1380.6
146 2 . 0
1550.6
1639.0
1719.7
180 5 . 8
1892.5
1947 .1
1991 .3
2091.4
2222.8
2220.9
2214.8

937,5
979.9
1001 .7
1005.8
1073 .0
1125.2
1156.4
1170.3
1207.1
12 46 .1
1282.6
13 48.2
1387.2
1473 .1
1551 .8
1645.0
1722.5
1816,2
1899.0
1949.0
1993,2
2109.4
2231 .8

2392.4
2527.0
2589.5
2573 .5
2654.6
2670 .0
2725.1
2871 .8

2412.2
2540.6
2609.3
2595.3
2680 .2
2669.2
2735.4
2887.3

2424.2
2547.2
2606.8
2600.0
2690 .9
2665.4
2728.2
2888,9

2234.7

WAGES AND SALARIES IN 1982 DOLLARS, MINING, MANUFACTURING, AND CONSTRUCTION
(ANNUAL RATE, BILLIONS OF DOLLARS)
266.0
281.6
315-3
300.1
312.8
342.7
3 56.9
322.6
3 46.9
368.1
346 .6
373.4
384.1
403.7
431 .7
459.5
47 5.3
494.5
511.3
510.3
485.9
506.2
544.8
541 . 5
484.1
507.1
523.5
550.9
583.9
557.9
537.6
521.7
487.7
523.6

270.0
283 .9
31 8.1
298.5
317.2
344.2
355.5
320.1
352 .6
366.3
348.3
376.3
384.6
406 .1
43 2 , 8
46 2 . 9
476.5
495.2
515.1
511 .1
486.7
511,1
542 ,6
536.8
481 .3
509.6
528.9
558.1
586.9
551.4
539.7
520 .4

274.5
27 9.7
318.0
297.1
320.5
3 49.8
352 . 9
314.5
357 .2
364.5
351.1
3 80.9
386.8
408 .7
430 . 4
46 6 . 5
475 . 8
497 .2
515.7
504.6
488.2
513.5
544.0
535.6
47 8.6
512.0
533.2
569.4
578.9
543.6
539.5
515 .0

273.3
281 . 8
318.4
297.4
325.9
346.3
350.6
314.4
361 ,2
365.5
354.5
379.7
390.4
410,0
43 4 . 1
46 7 . 8
474.5
501.3
517.9
498.3
491 .7
514.8
544.7
537.5
481 .4
513,9
538.0
56 8.8
5 81 ,1
536.4
538.3
511 .9
491 .8
527 .5

NOTE: These series contain revisions beginning with 1947.




275 .8
278.6
316.8
2 96.3
327 .6
347.3
351 .5
318.3
362.8
362.6
359.3
3 80 .6
391 .7
411 .5
43 5.4
472 .7
475.8
500.8
518.9
499.0
48 9 . 5
515.3
546 .3
537.1
481 .0
512.3
543 .5
572.0
579.9
530.2
539.6
504.3
494.7
530 .2

276 .0
267.7
318.2
294.9
330.1
3 40 .2
349.9
322 .0
361.6
361.4
359.6
381,9
391 .7
414,0
436.8
473.1
477 .6
501.2
520.2
500.0
488.1
512.7
551.4
534.2
47 8 . 4
514,5
544.4
574.2
578.6
526.7
537.7
499.0
498.0
530 .9

275 .8
288.0
316.0
295.4
330.1
348.9
350.1
3 26 .6
351 .8
359.0
361 .9
381 .1
391 . 5
417,7
43 9.8
474.9

274.9
298.9
310.0
294,9
331.2
353 .0
346 .6
330.3
350.7
3 56 .3
357.9
382.3
394.6
420,4
441 .0
47 6 . 1

501.0
521 .7
497.3
487.2
518.5
542.4
532.9
486.2
517.2
544.8
574.4
572.3
534.4
537,8
495.3
499.3
531 .8

504.3
521 .6
488.7
488.1
521.6
546.4
529.2
488.9
516.2
549.4
576 .0
572.5
536.

531 .
491 .
505.
531 .

272.5
301.6
310.5
300.5
335.3
355.4
344.0
328.9
348.4
355.6
364.8
381 .5
396.1
414.3
446.0
476.9
476.8
506.8
521 .8
47 9 . 1
489. 1
527.7
547.0
526.6
490.5
515.2
552.0
577.3
569.2
539.8
531,0
486.0
508.7
531.0

AVERAGE FOR PERIOD
274.5
280.0
317.7
2 96.9
324.7
347.8
351.7
315.7
360.4
3 6 4 . 2355.0
3 80.4
389.6
410.1
43 3 . 3
46 9.0
475.4
499.8
517.5
500 .6
489.8
514.5
545.0
536.7
480.3
512.7
538.2
570.1
580.0
536.7
539.1
510.4
492.1
528.4

275.6
284.9
314.7
295.1
330.5
347.4
348.9
326.3
354.7
358.9
359.8
381.8
392.6
417.4
43 9 . 2
474.7
47 8.9
502.2
521.2
495.3
487.8
517.6
546.7
532.1
484.5
516.0
546.2
574.9
574.5
532.6
535.8
495.2
500.9
531.4

274.4
306 .0
307.2
305.0
338.5
356.2
3 40.5
337.1
354.3
350.6
368.9
3 82.8 .
397 , 4
420 .6
449.8
477.3
482.7
509.2
519.0
479.7
492.0
530.8
5 48.5
512.9
492.8
520.2
551.5
581 .1
56 7 . 7
542.7
526.9
485.5
511 .9
533.8

273.0
288.1
313.7
299.1
326 .7
3 48.6
349.2
325.8
354.3
360.3
357.8
379.6
391 .0
412.5
43 8.2
470.1
478.6
500.9
517.6
496.7
469.0
517.3
545.6
530.6
466.2
514.0
539.9
569.5
576.8
542.3
535.7
503.1
496.4
529.0

(FEBRUARY 1986)

gg

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
95.

Mar.

Apr.

May

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

IQ

RATIO, CONSUMER INSTALLMENT CREDIT OUTSTANDING TO PERSONAL INCOME
(PERCENT)

1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...

6.28
6.05
7.22
8.19
8.22
9.20
9.43
9.72

6.26
6.01
7.32
8.17
8.30
9.24
9.41
9.70

1959...
1960...
1961...
1962...
1963...
196 4 . . .
196 5 . . .
1966...
1967.,.
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980..,
1981 . . .
1982...
1983...
1984...
1985...

9.26
10.11
10.77
10.35
10,88
11.70
12.2?
12.70
12.51
12.17
12.30
12.43
12.38
12.48
12.89
13.20
12.95
12.24
12.74
13.55
14,14
14.33
12.29
12.15
12.01
12.69

9.30
10.20
10.73
10.37
11.06
11.68
12.43
12.70
12.56
12.05
12.41
12.43
12.40
12.33
12.96
13.27
13.00
12.06
12.79
13.61
14.27
14.17
12.27
12.10
12.09
12.75

II Q

IIIQ

IV Q

Annual

AVERAGE FOR PERIOD

6.20

6.09

6.03

5.98

5,93

5.90

5,94

5.91

5.94

5.98

6.04
7.45
8.17
8.42
9.32
9,43
9.60

6.11
7.57
8.20
8.50
9.31
9.45
9.59

6.25
7.67
8.17
8.60
9.37
9.48
9.53

7.73
8.18
8.75
9.36
9.46
9.45

7.86
8.19
8.75
9,42
9.49
9,28

7.96
8.16
8.91
9.37
9.50
9.27

8.03
6.14
9.01
9.34
9.58
9.24

8.05
8.13
9,05
9.31
9.63
9,20

6.16
8.10
9.08
9.39
9.66
9.13

8^0
8.16
9.13
9.39
9.72
9.17

10.34
10.66
10.32
11.09
11 .85
12.46
12.69
12.48
12.12
12.36
12.37
12.37
12.48
13.00
13.27
12,85
12.30
12.84
13.60
14.22
14.31
12.24
12,07
12.13
12.87

10.37
10.59
10.37
11.18
11.87
12.54
12.69
12.46
12.12
12.38
12.08
12.35
12.54
13.08
13.27
12.75
12.34
12,93
13.56
14.36
14.24
12.25
12.04
12.16
13.02

10.41
10.50
10.45
11 .23
11.93
12.57
12.69
12.41
12,10
12.40
12.16
12.33
12.60
13.11
13.23
12.61
12.37
13.01
13.67
14.41
14.05
12.30
12.02
12.14
13.29

10.49
10.40
10,51
11 .26
11.99
12.58
12.65
12.37
12.11
12.41
12.23
12,13
12 . 8 4
13.14
13.22
12.32
12.42
13.09
13,79
14.41
13.82
12.26
12.08
12.21
13.44

10,54
10.36
10.5?
11.37
12.05
12.64
12.67
12.31
12.11
12.39
12.23
12.36
12.74
13.26
13.14
12.45
12.41
13,09
13.82
14,31
13.06
12.13
12.03
12.30
13.53

10.59
10.38
10.63
11.44
12.07
12.72
12,62
12.28
12.10
12.36
12.23
12.38
12.73
13.21
13,14
12.36
12,45
13.15
13.88
14.34
12.96
12.06
12.04
12.44
13.64

10*,64
10.40
10.67
11.49
12.15
12.50
12.57
12.31
12.10
12.39
12.22
12.46
12,75
13.24
13.11
12.31
12.50
13.21
13.93
14.41
12.78
12.09
12.05
12.47
13.71

10.64
10.35
10.74
11.55
12.25
12.65
12.55
12.30
12.14
12.39
12.23
12.52
12.61
13.21
13.00
12.27
12.57
13.27
13.89
14.41
12.60
12.10
12.00
12.51
13.88

10 !71
10.31
10.80
11.62
12.24
12.64
12.53
12.28
12.17
12 .42
12.19
12.55
12.55
13.16
13.01
12.27
12.50
13.35
13.96
14.42
12.45
12.07
11,95
12.60
13.99

10.80
10.32
10.86
11.62
12,23
12.64
12.58
12.25
12.22
12.38
12.17
12.56
12.59
13.15
12.94
12.29
12.56
13.43
14.02
14.37
12.33
12.07
11 .95
12.70
14.10

1.198
1 .227
1 .233
1.198
1.262
1 .327
1 .357
1 .324
1.322
1.337
1.304
1.292
1 .248
1 .244
1 .266
1.288
1.269
1,305
1 .355
1 .381

1.206
1 .228
1.238
1.200
1.266
1.339
I .356
1.323
1.324
1.335
1.309
I ,285
L ,248
L.238
I .250
1.293
1.263
1 .304
I .359
L .369

1.202
1 .220
1 .229
1.207
1.277
1.335
1,3 56
1 .331
1.336
1.328
1 ,312
1 .283
1 .242
1.238
1 .253
1.299
1.267
1.303
1 .359
1.362

1.199
1 .225
1 .222
1 .208
1 .282
1.340
1,352
1 .335
1.353
1.315
1.313
1 .278
1 .249
1 .244
1 .254
1.295
1 .273
1 .302
1 .362
1.359

1 .277
1 .331
1.383
1 .349
1,317
1 .307
1 .364
1 .403
1.43 7
1.482
1 .408
1.338
1 .371

!289
L.343
L.389
L.354
1.307
L .308
I .374
L.412
.449
L.470
L .407
L.344
.363

K297
1.351
1 .379
1.349
1 .310
1,311
1.379
1 .422
1.455
1.46 0
1 .409
1 .347
1,356

l!295
1 .351
1 .380
1 .347
1.306
1 .311
1 .384
1.427
1 .473
1 .445
1.405
1.353
1.351

6.25
6.03
7.33
8.18
8.31
9.25
9.42
9.67
9,29
10.22
10.72
10.35
11.01
11.74
12.39
12 .70
12.52
12.11
12.36
12.41
12.38
12.43
12.95
13,25
12.93
12.20
12.79
13.59
14.21
14.27
12,27
12.11
12.08
12.77

6.03

5.92

5.94

6.04

7.66
8.18
8.62
9.35
9.46
9.52
9 .42
10.42
10.50
10,44
11.22
11 .93
12.56
12.68
12.41
12.11
12.40
12.16
12.27
12.66
13.11
13.24
12.56
12.38
13.01
13.67
14.39
14.04
12.27
12.05
12.17
13.25

7!95
8,16
8.89
9.38
9.52
9,26
9.82
io!59
10.38
10.62
11 .43
12 . 0 9
12.62
12.62
12.30
12.10
12.38
12.23
12.40
12.74
13.24
13.13
12.37
12.45
13.15
13.88
14.35
12.93
12.09
12.04
12.40
13.63

8.14
8.13
9.09
9.36
9.6?
9.1?
10,08
io!?2
10.33
10.80
11 .60
12.24
12.64
12.55
12.28
12.18
12.40
12.20
12.54
12.58
13.1?
12.98
12.28
12.54
13.35
13.96
14.40
12.46
12 .08
11 ,9?
12.60
13.99

i\n
8.16
8.73
9.34
9,52
9.41
10.49
10,48
10.55
11.32
12.00
12,53
12.64
12.38
12.13
12.38
12.25
12.40
12.60
13.12
13.15
12.54
12.39
13.08
13.77
14.34
13.42
12.18
12.04
12.31
13.41

MONEY SUPPLY M21
AVERAGE FOR PERIOD

(RATIO)
1951...
1952...
1953...
1954...
1955...
1956..,
1957...
1958...
1959...
1960...
1961...
196 2 . . .
1963...
196 4 . . .
196 5 . . .
1966...
1967...
196 8 . . .
196 9 . . .
1970...

1.162
1.187
1.228
1.217
1.208
1.283
1.336
1.354
1.324
1.355
1.318
1.304
1.280
1.249
1.246
1.251
1.302
1.273
1.299
1.360

1.173
1.198
1.234
1.217
1.208
1.291
1.345
1.337
1.327
1.354
1.315
1.303
1.266
1.248
1.238
1.257
1.295
1.282
1.303
1.374

1972.!!
1973...
1974.. .
1975...
1976...
1977...
1978...
1979. . .
1980...
1981 . . .
1982...
1983...
1984...
1985...

1.301
1.287
1.349
1.377
1.350
1.295
1.308
1.387
1.43 8
1.475
1.43 4
1.369
1.364

1.301
1.293
1.345
1,369
1.342
1.297
1.317
1.393
1.43 4
1.476
1.440
1.342
1.371

1 .182
1.198
1.240
1 .209
1.219
1 .293
1 .345
1.333
1.331
1 .352
1 .312
1 .304
1.262
1.249
1 .238
1 .259
1.293
1.291
1.310
1.379
1.339
1 .295
1 .303
1.337
1.357
1.337
1 .299
1.330
1.399
1.437
1 .474
1.43 7
1,340
1.372

1 .194
1.192
1 .238
1.206
1 .228
1.302
1.346
1 .320
1 .337
1.361
1 .308
1.303
1 .257
1.251
1 .239
1,258
1.288
1 .294
1.316
1.40 7

1 .197
1 .200
1 .240
1.199
1 .233
1 .305
1 .348
1 .316
1.337
1.362
1 .308
1 .298
1 .254
1 .252
1 .246
1.262
1.281
1.299
1 .326
1.394

1.202
1 .202
1.244
1.196
1 .238
1.309
1 .357
1 .311
1.338
1.358
1,314
1 .296
1 .257
1.250
1 .248
1.270
1.278
1 .300
1 .332
1,388

1 .195
1.194
1 .239
1.193
1.254
1.305
1 .359
1 .330
1 .334
1.350
1.314
1 .295
1 .249
1.247
1 .246
1 .277
1 .276
1.303
1 .341
1.391

1.293
1 .301
1 ,341
1.351
1 .332
1 .296
1.344
1.391
1 .440
1.463
1 .43 8
1 .339
1 .371

1 .294
1 .306
1 .353
1.34?
1.323
1 .296
1.349
1 .394
1 .43 6
1.46 2
1 .43 8
1 ,343
1 .365

1 .276
1 .309
1 .359
1.360
1 .326
1 .297
1,355
1.391
1 .428
1 .466
1 .431
1,341
1.365

1.281
1 .308
1 .373
1 .341
1 .329
1 ,302
1,361
1 .403
1 .43 2
1 .481
1 .430
1 .340
1 .370

223.
1951...
1952. . .
1953...
1954...
1955...
1 9 56 .
1957!!!
1958...
1959...
196 0 . . .
1961...
196 2 . . .
1963...
196 4 . . .
196 5 . . .
1966...
1967...
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978,..
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

245.1
263.5
284.7
290.8
301.5
I*)?

A

ill t\s
347.9
359.4
379.6
404.1
414.1
440.3
46 7 . 8
494.0
532.9
578.3
627.3
671.9
739.7
804.2
862.3
936.5
1047.6
1167.5
1255.9
1396.4
1524.1
1695.6
1935.6
2168.5
2420.2
2600.8
2749.8
3004.5

247.8
26 7 . 2
286.6
291.6
303.1
3 0 &

6

.1/0.9
351.1
359.1
381.9
404.3
416.2
443.5
46 5 . 8
496.5
533.1
584.0
628.3
679.5
744.8
808.3
866.0
947.1
1057.2
1170.3
1260.0
1406.6
1541.3
1713.8
1952,4
2180.6
2439.9
2616.0
2745.4
3039.2

250.5
267,8
289.5
2 90.6
305.6
330.3
352.5
361 .1
384.9
40 4.6
417.6
447.4
46 7.5
499.1
536.0
588.0
632.8
687.6
751 .9
812.8
872.3
9 53.2
1066.6
1171 .8
1264.1
1412,6
1557.6
17 40 .0
1975.8
U93.8
U62.3
2626.1
2763 .3
3057 .7

1,203
1 .222
1 .234
1.193
1 .255
1.323
1.362
1.321
1.320
1 .340
1.308
1.291
1 .247
1 .247
1.243
1.284
1.274
1.305
1.351
1 .386
1.313
1.282
1.323
1 .379
1.348
1 .322
1.305
1.365
1.40 5
1.43 3
1 .463
1.416
1.335
1 .371

100

1 .294
1.344
1,368
1.343
1 .297
1.318
1 .393
1.43 6
1.475
1.43 7
1 .350
1,369

1 .198
1 .198
1 .241
1.200
1.233
1.305
1 .350
1 .316
1.337
1 .360
1.310
1.299
1,256
1 .251
1 .244
1.263
1 .282
1,298
1 .325
1.3 96
1 .331
1.288
1.305
1.351
1.353
1.327
1.296
1.349
1 .392
1 .43 5
1 .46 4
1 .436
1 .341
1 .367

1 .199
1.214
1 .235
1.195
1.257
1.318
1 .359
1.325
1.325
1 .342
1.309
1.293
1.246
1 .246
1 .252
1.283
1 .273
1 .304
1 .349
1 .386
1 .311
1 .280
1 .321
1.378
1,346
1.323
1 .305
1.363
1.404
1 .434
1 .482
1 .418
1,338
1.371

1 .202
1 .224
1.230
1 .205
1 .275
1 .338
1 .355
1 ,330
1.338
1 .326
1 .311
1.282
1.246
1.240
1 .252
1 .296
1 .268
1.303
1 .360
1 .363
1 .299
1.294
1 .348
1.3 83
1 .350
1.308
1 .310
1 .379
1 ,420
1 .459
1 . 4$8
1 .407
1.348
1.357

1.193
1 .208
1.235
1.204
1 .244
1,313
1,352
1.328
1.332
1.346
1.311
1 .294
1.255
1.246
1,247
1,274
1 .280
1.29?
1 .334
1 .379
1 .322
1.2 90
1 .317
1.364
1 .354
1 .325
1 .302
1.352
1 .402
1.441
1.470
1 .424
1 .344
1.366

PERSONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

253.5
26 7.3
289.9
289.5
308.6
333.4
353.1
360.2
388.1
408 .3
418.4
450.2
46 9.3
502,8
539.8
590.5
633.9
6 93.4
758.0
831.8
878.1
959.4
1071 .5
1179.0
1272.0
1423.1
1570.2
1769.2
1982.5
2191 .8
2472.1
2642.4
2780.8
3072.8

2 56.6
270.8
292.1
291.1
317.3

259.7
27 8.3
291 .5
292,7
317.6

260.3
281 .1
291 .7
294.5
320,1

263.3
282 , 3
293.7
2 96.4
321.8

264.3
2 81.7
292.1
299.0
324,3

265.3

247.8

2 5 5.2

283 .8
2 91 .1
299.9
3 26.4

266.2
286.9
291 .0
303.4

269.8
291 .3
2 90.2
310.8

333.9
354.8
361
.4
390.8

2 56.9
271.8
292.6
2 90.6
312.4
336-0
357.5
363.3
393.4

359.1
369.9
394.0

421 .6
451 .2
471.8
506,1
544.8
593.2
636.7
700.0
764.6
828.1
884.7
965.8
1085.1
1192.9
1285.7
1432.0
1583.5
1788.6
1998.7
2199.4
2480.8
2660,7
2810.4
3079.1

426 ,1
452.7
475.5
508.8
549.1
598.1
6 41 . 8
705.6
770.7
829.0
90 5 , 4
960.4
1095.8
1202 .8
1318.4
1440 .2
1595.8
1806 .8
2014.7
2215.9
2500.6
26 6 4 . 7
2825.9
3098.7

428.0
454.5
476 .3
511 .7
552.0
601 . 5
646.6
711 . 5
777 . 8
835.3
896.1
976.7
1100.3
1219.3
1315.6
1455.6
1616.2
1826.7
2048.3
2252.7
2543.5
26 7 9.9
2842.1
3124.1

360.8
369.8
391 .1
411 .2
428.4
455.7
478.6
515.6
554.0
607.0
651 .2
717.4
784.3
840.0
902.9
989.3
1115.9
1228.5
1334.1
146 5.9
1631.5
1841.6
2064.6
2277.7
2572.5
2681 .4
2845.5
3143.1

359.8
371 .9
392.1
41 2 .0
429.5
458.1
481 .4
518,3
568.8
612.1
653.2
722.7
789.0
845.7
906.7
997.4
1124.0
1237.8
13 46 . 5
1475.6
16 46.6
1858.2
2078.3
2305.0
2586.6
2689.6
2869.6
3165.5

359.8
372.8
392,8
41 3 . 4
433.4
459.2
484.8
518.9
566.2
615.5
654.8
727 . 5
793.8
845.7
90 9 . 3
1017.6
1139.0
1250.0
1360.7
1484,4
1660.3
1884.5
2100.0
2342.3
2 5 86.3
2708.4
2 90 9 . 1
3167.2

360.3
377.2
397.1
413 .0
43 7.7
461.6
486.2
522.5
571.2
620.1
660.5
732.8
797.8
847.4
917.2
1033.0
1154.8
1248.3
1369.0
1505.0
1675.5
1901.7
2119.8
2372.1
2593.9
2732.3
2 93 3.9
3184,0

359.3
378.9
402,8
410 .6
440.4
46
3.7
491 .1
528.6
576.1
621.5
667.5
737.2
803.0
853.6
927.3
1042.4
1162.9
1253.4
1378.5
1519.1
1687.0
1921.8
2137.2
2402.4
2592.6
2746 .9
2961 .3
3207.4

350.5
359.9
382.1
404.3
416.0
443.7
467.0
496.5
534.0
583.4
629.5
679.6
745.5
80 8.4
866.9
945.6
1057.1
1169.9
1260.0
140 5.2
1541.0
1716.5
1954.6
2180.9
2440.8
2614.3
2752.8
3033.8

255.0
270,3
291 .3
290.4
311,3

NOTE: Unless otherwise noted, these series contain revisions beginning with 1946.
'This series contains revisions beginning with 1947.




1 .172
1 .194
1.234
1.214
1,212
1.289
1 .342
1 .341
1,327
1.354
1.315
1 .304
1.269
1.249
1.241
1.256
1 .297
1.282
1 .304
1.371
1 .349
1
.299

355.1
361.6
3 90.8
409,5
422.1
451 . 4
472.2
505.9
544.6
593.9
637.5
699.7
764.5
829.6
889.4
961.9
1084.1
1191 .6
1292.0
1431,8
1583.2
1788.2
1998.6
2202.3
2484.5
2655.9
2 80 5 . 7
3083.5

258.8

264.3

2 91 . 8
292.8
318.3
339.1
359^9
370.5
392,4

2 92.3
298.4
324.1
346 . 5
359 !s
376.3
397.6

256.5

3 3 7.2
3 56! 3
367.1
390.7

428.7
456.1
478.8
515.2
558.3
606.9
650.3
717.2
783.7
840.3
901 .9
987.8
1113.4
1228.5
1332.1
146 5.7
1631,4
1842.2
2063,7
2278.4
2567.5
2683.6
2852.4
3144.2

43 7 . 2
461 . 5
48 7 . 4
523.4
571.1
619.1
660.9
732,5
798.2
848.9
918.0
1031 .0
1152.2
1250.6
1369.4
1502.8
1674.3
19O2.7
2118.9
2372 .2
2590.9
2729.2
2934,8
3186.2

426.0
453.2
476.3
510.2
552.0
600.8
644,5
707.2
772.9
831.8
894.0
981 .6
1101 .7
1210.1
1313.4
1451.4
1607.5
1812.4
2033.9
2258.4
2520.9
2670.8
2836,4
3111 .9

2 7 3.8
2 90.5
293.0

(FEBRUARY 1986)

C. Historical Data for Selected Series—Continued
Year

IQ

II Q

IV Q

III Q

Annual

18.

DOLLARS
25 3
20 6
22 3
19 6
26 2
27 7
28 4
20 7
28 .9
29 6
24 8
30 5
31 7
38 3
44.3
50 0
46 3
48 . 4
49,9
42 2
46 .2
56 8
75 2
85 . 0
71 1
10 4 3
118 4
1 33 9
164.0
170.4
1 54 3
107.5
108.2
148 3

21 6
19 5
22.4
20 2
26 6
28 2
27 3
21 .0
31 ,3
27.5
26 1
30 5
33.3
38 3
46 .0
50 1
46 4
49 .6
48.3
42 0
47 .8
57 3
77 5
87 .4
75 6
1.06.0
127.1
149 0
169 .7
140 . 7
141 . 8
107.0
126 .0
146 . 7

19 7
19.5
21 8
21 4
27 4
26 6
26 8
23 4
28.1
26 5
27 6
31 4
34 1
39 3
46 ,6
49 7
47 5
49 . 8
46.6
42 5
51 . 3
59 7
77 8
93 . 5
91 7
107 1
132.5
153 8
173.8
147.8
1 44 4
107.3
141 . 3
1 40 . 3

21 1
21 4
17.1
23 0
28 5
28 1
24 4
26 . 7
27 . 4
25 , 3
29 7
32 3
35.0
38,9
49,1
48 7
49 ,7
51 .0
45.4
40 1
52 .8
64.7
80 9
82 . 4
97 3
106 7
131.7
163 1
169.5
1 50 .2
141 .0
104.3
143 .6
140 .6

RATIO, CORPORATE DOMES TIC PROFITS AFTER TAX TC TOTAL
(PERCENT)
CORPORATE DOMESTIC INCOME

22.

1951
1 952
1 953
19 54
19 55
1 956
1957
1958
1959
1 960.
1 961
196 2
1963
1 964
1 96 5
1 966
1 96 7
1 96 8
196 9
1 970
1971
1 972
1973 .
1974
1975
1976
1977
197 8
1979
1 980
1 981 .
1 982
1983
1984
1985

16 0
12 0
12.0
10 9
13 2
12 7
12.1
9.2
11 8
110
9 3
10 4
10 .1
11.3
12 1
12 5
10 8
10 .5
9 .6
7 .4
7 8
8.7
10 .0
9.8
8,2
10.9
11.1
11 0
11.5
10 1
8.8
5.5
5.3
6.5

...
...
• .

• • .

34.

13 1
11.4
11.9
11.1
13 0
12 7
11.5
9.4
12 3
10 .3
9.6
10 2
10 .5
11.2
12,4
12 3
10 .9
10 .3
9 .0
7 .3
7 .8
8. 5
10.0
10.1
8.7
10.8
11.4
12.0
11.4
8 .2
8.0
5.3
6,1
6.5

116
11 3
11.7
11.7
13 1
11 8
11 . 2
10.3
11 1
9 .9
9 9
10 4
10 .6
11,3
12 .3
12 0
10 . 8
10.1
8 .4
7.3
8,4
8.6
9.5
10.9
10.2
10.7
11 . 4
11.8
11.0
8.7
7 .9
5.3
6.7
5.9

12 3
11.7
9 .4
12.1
13.2
12 3
10 .5
11.3
10.6
9,5
10 . 4
10.3
10.6
11 . 0
12.7
11.5
11.1
10 .0
8.1
7 .0
8.4
9.1
9 .7
9.6
10 .3
10.4
11.3
11 . 8
10.5
8 .9
7 .3
5.1
6.5
5.8

* 21 9
20 2
20 , 9
21 1
27 2
27 6
26 7
22 . 9
28. 9
27 .2
27 1
31 .2
33 . 5
38.7
46 . 5
49 6
47 . 5
49 .7
47.5
41 7
49 .6
59 .6
77.9
87 . 1
83 . 9
106 0
127.4
150.0
169.2
152.3
145,4
106.5
129 . 8
144.0

AVERAGE
13.2
11 .6
11 . 2
11 . 4
13.1
12.4
11 . 3
10.0
11.4
10 ,2
9 ,8
10 .3
10 ,4
11,2
12 .4
12 .1
10 .9
10.2
8.8
7.2
8.1
8.7
9.8
10.1
9.4
10.7
11 .3
11 .6
11.1
9.0
8.0
5.3
6.2
6.2

1956
'

Itla
*196'602
1 963
1 964
1 96 5

1968
1 96 9
1970.
1971
1972
1 973
1 974
1975
1976
1977
1978
1979
1980
1 981
1982
1983
1984
1985

...

27.1
24 2
26 9
25 . 2
33 2
36 1
37 3
31 .7
40 4
42.1
38.2
46 8
48 3
56 0
62.7
69 6
69.6
74.2
79 3
75.4
82.7
98.5
121.2
135.0
128.9
166.2
185,6
211.9
252.0
273.0
281 . 4
254.7
2 90.5
357.8

23 . 7
22 8
26 8
26 . 7
34 1
36 6
36 8
43 3
40.1
39.9
46 6
50 6
55 7
64.6
71 1
70.0
75.8
78 7
76 .2
85.9
102.3
124.7
138.8
135.9
167 .6
198.1
229.7
262.1
247.8
272.3
262.6
31 5 .0
360-1

22 .2
23 i
27 .0
27 . 8
35 4
35 0
36 9
34 5
39 8
39.2
41,3
47 9
51 6
57 0
65,6
71 7
72.0
76.3
78 1
77 .6
90.5
103,9
125 . 0
147 ,0
153.2
169.9
206.1
236.0
271 .2
259.9
278.4
270.7
338.1
364.6

30 4
17.0
8 .4
- 7 .2
11.7
17 1
6 .5
-15.2
14 6
26 . 7
- 7 .1
22 .0
17.0
16.9
32.3
35 7
36 .6
19 1
26 6
5 .8
31 7
8 .1
34.1
35.3
-21 .8
24.4
24.2
31 6
23.9
4 1
27 .3
-24.0
-42.2
83.6

1 951
1952 . . .
1953...
1954...
1955...
1 956
1957 . . .
1958.. .
1959
1 961 . , .
1 962
1963 . • .
1964. . ,
1 965 . , .
1 966
1 967 . . ,
1 96 8
196 9
1970 . . •
1971
1972.. .
1973 . . .
1974.,.
1975.. .
1976.. .
1977..,
197 8
1979...
1 980
1981 . . .
1982.. .
1983...
1984...
1985...
35.

24 .0
25 3
23.0
29.9
36 5
36 4
35.3
38 4
39 5

W
2
48 9
52.8
56 . 5
67, 9
72 4
75 9
78.5
77.5
76 . 3
110 .3
129 .
137 ,t
159.J
171.1
207.
248.]
268. i
268.;
2 80.5
273.4
347.5
371.6

24 .2
23 . 8
25.9
27 . 4
34.8
36 .0
36 .6
34 1
40 . 8
40 0
40 6
47 . 5
50.8
56 . 3
65.2
71.2
71 8
76.2
78.4
76 . 4
88 1
103.7
125.2
139.6
144.5
168.8
199.4
231.4
263.5
262.2
278.1
265.4
322 . 8
363.5

NOTE: Unless otherwise noted, these series contain revisions beginning with 1946
This series contains revisions beginning with 1947.

II Q

II Q

IV Q

AFTER TA X IN 1982 DOLLARS1
DOLLARS)
85 .0
75.0
84.3
75.6
99.2
99 .6
91 . 0
68.9
101 . 3
86.9
82 .2
94 .9
102 . 2
116.3
138.3
1 45 .5
130 ,6
133 .6
123.6
101 4
110.5
1 26 , 7
165.4
172.3
1 30 . 8
171 9
1 93 . 4
210,6
220 , 1
165.9
152.4
107.5
124.3
141 , 8

76 .6
75 .3
81 . 4
80 .2
100,4
92 .1
88.4
76.6
89.8
83.3
86 . 5
97 . 5
104.7
118,8
138.9
1 43 . 4
132.5
132.6
117.4
102 .1
117 . 3
131.1
163.8
176.5
156.2
170.9
198.5
213.0
220 .2
170.1
152.0
106.5
139,5
134.2

1 951 . . .
19 52
1953 . . .
1954. . .
1956 . . ,
1957 . . ,
1 958
1959..,
1 960
1961
1 962
1963 . . .
196 4 . . .
1965...
1966 . . .
1 96 7
1968...
1969...
1970.,.
1971
1 972 . . .
1973•.,
1974...
1975...
1976 . . •
1977..,
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985 . . .

45 . 1
-5.0
10 .7
-7.7
17 . 8
12.3
6 .1
-12.8
27 .6
7.3
1 .7
16.7
18.6
15.3
23 .9
33 .8
1 8 .1
31 4
22.9
10.0
25 2
25.6
39.6
37.5
-30.3
29.0
25.9
41 1
32.8
2 .3
21 .8
-5.4
-3,7
66.0

32,1
13.1
3 .4
-5.8
16 . 4
11.2
7 .3
1 .5
4.5
10 . 8
17 . 1
18.4
20 .2
13.8
25 .4
33 . 9
31 ,1
23 .2
29.2
16.1
20 6
32 .4
30 .1
18.8
-3.4
23.7
44.7
33 .1
10.9
-29 .5
35 .7
-9.4
1 .4
64,9

15.7
14.9
-11 .5
1 .6
19.4
11.1
-7 .8
12.9
19.3
-13.9
17 .4
7 ,5
10 . 7
16.9
19.2
44 0
29.3
10.5
21 .9
1 .0
1 0
21 .0
56 .3
41 .5
4.4
11 .6
21 .7
41 .3
-7.6
-4. 5
10 .6
-59.3
22.6
36.1

1
CORPORATE NET CASH FLOW IN 1982 DOLLARS
(ANNUAL RATE , BILLIONS OF DOLLARS)

114.2
100 5
109.8
101 .3
132.6
135.0
130 .1
110 3
136 .7
139 8
127 5
154.5
157.5
180 .6
198.4
214.6
205 8
210.3
214.3
195.8
203 7
230.4
274.3
287.8
232.9
278.2
2 90.9
308,2
336.2
334.8
312.7
258.7
288.0
355.1

99 .6
93 , 8
108.1
107 ,2
135.4
135.1
127 . 4
109.3
145 .6
133 2
132 8
1 54 .0
164.7
17 9 . 2
203.7
215.7
205 . 4
212 . 0
210 . 7
194.6
208 1
237.0
278.4
285 . 8
239.3
275.3
305.0
326,6
341.7
296.9
294.8
263.6
313,6
355.8

92 .9
96 .1
107 .6
111 ,7
138.1
126 .4
127 .0
117.8
133 .2
1 30 .1
137.2
157.4
167.8
182.5
205.3
216 .6
209 .2
211.0
207 .0
196 .9
216.8
238,7
275,6
288.0
265.1
274.6
311 .8
328.8
3 46.5
303.6
294.2
269.1
336.8
358.6

Annual
AVERAGE

81 . 7
81 , 8
63 .3
86 . 0
103.4
95.7
80 . 1
87.3
87.6
79.8
93 , i
99 .5
106 .7
117 .6
145.7
138.7
137 .8
134.3
113.0
95.3
119.4
141 .5
167.7
149 .9
163,2
167 6
193.3
221 .4
210 .7
16 9.3
145.3
102.8
140 .9
133.5

1
30 , CHANGE IN BUSINESS INVENTORIES IN 1 9 8 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

CORPORATE NET CASH FLOW IN CURRENT DOLLAR J
...

100 .5
80 .2
85 . 4
73 .0
98.3
98 9
95 . 3
68.0
93.7
94.3
78 3
95 2
97.0
116 .7
133 . 4
146 7
131 .2
132 . 1
129.8
103 4
108 .3
126 . 9
163.1
172.4
125 1
172 3
1 83 5
1 93 6
217 . 8
206 0
169 4
109,2
106 5
144 4

1951 . . •
1952...
1953 . . .
1954..,
1955...
1 956
1957..,
1958...
1959...
1960..•
1961
1 96 2
1963. . .
1 964. . .
196 5 . . .
1 966
1967 . . ,
1968. . .
1969...
1970
1971...
1972 . . .
1973...
1974...
1 97 5
1976
1 977
1978
1979,..
1 980
1981
1982 . . .
1 983
1984
1985 . . .

AVERAGE
1951.
1952
1953
1 954

IQ
CO RPORATE PROF ITS

AVERAGE

(ANNUAL RATE, BILLIONS OF DOLLARS)
1951
1952
19 53
1954
1955
1956
1957
19 58
1 959
1 96 0
1961
196 2
196 3
1 964
1 965
1966
196 7
196 8 . . . .
1969
1970
1971
...
1972
1973
1 974
197 5
1 976
197 7
. .
197 8
1 97 9
1 980
1981
1982
1 983
1984
.
1985

Year

86 .0
78.1
78.6
78.7
100.3
96 .6
88. 7
75.2
93.1
86.1
-85 .0
96 .8
102 .6
117 .4
139.1
1 43 .6
133 .0
133.1
121 .0
100 .6
113.?
131 .6
165,0
167.8
143.8
170.7
1 92 ,2
209. 6
217 .2
177.8
1 54.8
106.5
127 .8
138.5

AVERAGE
30 . 8
10 ,0
2 .8
-4.8
16 .3
12.9
3 .0
-3.4
16.5
7.7
7 .3
16.2
16 .6
15.7
25 .2
36 . 9
28.8
21,0
25 ,
1 9 .(
21 .
40 .(
33.
-12.
22.1
29,1
36 , 8
15.0
-6 .9
23 . 9
-24.5
-5,5
62,7

AVERAGE
99 .5
103.5
93 .0
118.7
140 .1
129.5
120 .8
1 30 .3
131.9
127 .8
142 .9
160.0
170.7
180 .6
211.0
215.5
218.3
214.2
203 .6
191.5
221.1
251.9
282 .9
258.0
272.0
272.5
307.3
338,6
337.3
306.2
289.3
269.9
345 .8
364,2

101 .6
98 .5
104.6
109.7
136.5
131 .5
126.3
116,9
136 .8
132 7
135.1
156 .5
165.2
180.7
204.6
21 5.6
209 .7
211 .9
208.9
194.7
212,4
239.5
277.8
279.9
252.3
275.2
303.7
325.5
340.4
310.4
297 .8
265.4
321.0
358.4
(FEBRUARY 1986)

1




101

C. Historical Data for Selected Series—Continued
IV Q

Year

596.9
638.2
672.8
650.1
659.1
697.4
707.6
655.9
706.1
740.8
708.2
76 9 . 2
787.0
831.6
886.7
96 5 . 4
989.6
1006.6
1052.2
1027.7
1055.3
1048.9
1172.3
1170.3
1096.4
1187.2
1221,9
1270.5
1366.7
1372.4
1400.6
1327.7
1314.6
1469.0

50B.

617.8
629.4
682.6
633.3
6 80.5
6 96.7
702.2
657.7
725.5
732.9
722.5
770.8
792.0
840.0
889.0
969.0
987.8
1028.3
1044.7
1034.2
1035.8
1091 .5
1176.8
1174.1
1110.0
1194.0
1245.0
1331.4
1347.5
1336.9
1380.2
1335.0
1358.8
1511.6

637.3
638.0
679.3
636.1
693.2
695.5
706.6
681 .1
711.2
730.8
736.4
7 80.7
803.4
852.0
907.9
974.7
999.7
1039.0
1051.7
1046.7
1036.5
1108.3
1161.5
1151.0
1136.4
1197.9
1282.7
1341.4
1359.7
1323,3
1400.3
1316.0
1370.1
1514.4

AVERAGE
640.1
659.6
671.6
652.4
702.7
6 98.6
6 80.7
702.3
723.7
702.9
753.8
773.1
807.5
857.1
932.3
989.7
995.2
1025.3
1045.3
1011.2
1022.5
1126 .5
1189.3
1141.3
1157.1
1199.6
1275.4
1373,2
1344.6
1344.1
1363.0
1297.9
1414.3
1510.5

CHANGE IN GROSS NATIONAL PRODUCT IN 1 9 8 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
26.4
13.2
24.6
-19.8
30.8
-3.0
12.7
- 3 1 .2
19.7
28.2
17.2
23.0
24.5
42.6
43.2
42.5
12,6
26.7
33.5
-14.9
64.8
54.6
62.7
-15.4
-52.7
51.7
39.2
26.4
0,1
32.1
61.9
-48.6
31 . 3
92.2

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963
196 4
196 5
1966
1967
196 8
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
55.
1951...
1952...
1953...
1954...
1955...
1956,..
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
196 7 . . .
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977.,.
1978...
197 9 . . .
1960...
1981...
1982...
1983...
1984...
1985...

33.8
-3.3
13.5
-5.6
16.1
6.9
-0,9
8.1
30.6

29.5
5.7
13.4
39.6
3.3
-2.1
-0.2
49.5
7.0
7.8
26.9
12.5
46.7
95.4
-3.0
-76.4
-10.9
9.5
68.7

29.4
12.3
-6.7
16.6
19.8
1.1
9.1
35.8
-7.5
1.6
24.2
16.7
32.5
19.8
32.9
22.5
32.5
18.4
13.4
29.3
12.7
27.0
-2.7
-35.9
45.3
11 .7
59.1
26.7
28.7
2.1
14.4
-25.4
44.1
17.8

6.2
28.6
- 1 1 .6
20.8
13,2
16.9
-24.2
36.7
13.9
-14.3
38.6
-3.0
13.6
8.5
48.3
10,9
12.9
-2.3
-9.7
-22.0
-0.1
49.2
24.5
-23.9
37.8
28.2
-7.7
39.0
-6.1
40.1
-45.6
4.8
53.8
5.2

623.0
641 .3
676.6
643.5
6 83.9
697.1
699.3
674.2
716.6
726.8
730.2
773,5
797.5
845.2
904.0
974.7
993.1
1024.8
1048.5
1030.0
1037.6
1093.8
1175.0
1159.2
1125.0
1194.7
1256.2
1329.1
1354.6
1344.2
1386.0
1319.1
1364.4
1506.4

DIFFERENCE1
124.5
51.8
55.3
-19.1
78.7
30.7
25.5
-11.9
89.9
36.2
43.4
90.7
73.9
100.0
114.3
120.7
63.1
94.2
57.7
-7.1
68.6
123.7
135.6
-14.8
-34.3
131 .7
131.9
156.
77.2
-5.3
61.7
-82.8
111.7
214.3

<

12.1
9.2
12.3
11.1
14.2
14.0
15.4
12.3
15.3
16.4
13.6
17.0
19.8
21 .6
25.5
26.8
22.7
27.9
30.5
27.6
32.6
35.9
43.8
33.8
34.3
47.9
55.9
55.8
65.8
68.1
72.7
70.0
77.6
102.5

10.3
9.5
12.2
11.6
16.0
13.2
15.0
12.0
16.4
16.9
14.2
17.9
20.5
21.8
24.7
23.9
25.3
28.4
29.8
26.6
33.5
37.1
42.8
34.2
34.3
48.7
56.0
64.5
61.7
52.2
65.7
70.2
86.9
104.9

9.3
7.5
12.0
10.8
16.9
12,9
14.1
11.9
17.1
17.1
14.6
17.7
20.6
22.9
25.3
24.6
24.9
30.4
30.3
28.9
34.0
38.3
40 .7
37.6
40.1
49.2
57.3
63.7
65.8
60.8
72.8
72.6
90 .2
104.4

10.8
11.5
11.8
15.7
14.1
14.4
12.7
14.8
15.9
16.3
19.1
21.0
20.5
25.3
24.5
24.5
29.9
29.8
23.1
35.4
40.6
36.6
32.0
42.5
51.3
57.4
64.9
62.9
64.2
62.8
79.1
95.8
108.2

8.7
3.9
7.2
-5.4
8.9
-0.8
3.3
-7.9
5.1
7.0
4.2
5,3
5.5
9,2
9.0
8.2
2.3
4.7
5.7
-2.4
11.2
9.1
9.7
-2.2
-7.6
7.7
5.6
3.6
0.0
4.1
8.0
-5.9
4.0
11.4
64,

10.1
9.3
12.0
11.3
15.7
13.5
14.7
12.2
15.9
16 .6
14.7
17.9
20.5
21 .7
25.2
25.0
24.4
29.1
30.1
27.1
33.9
38.0
40.9
34.4
37.8
49.3
56.6
62.2
64.1
61 ,3
68.5
73.0
87.7
105.0

1951.
1952.
1953.
1954.
1955.
1956 .
1957,
1958.
1959.
1960.
1961 .
196 2 .
1963.
1964,
1965,
1966,
1967,
1968,
1969,
1970.
1971,
1972,
1973.
1974.
1975,
1976 .
1977,
1978,
1979,
1980.
1981.
1982,
1983.
1984.
1985 .

1320.4
1365.9
1444.9
1401 . 2
1485.7
1522.6
1552.4
1514.2
1637.0
1666.8
1692.1
17 9 6 . 4
1860.0
196 5 . 4
2066.4
2195.8
2255.2
2366.9
2419.8
2406.5
2478.4
2595.1
2741 . 0
2755.2
2669.6
2816.9
2942.7
3115.9
3178.7
3157.0
3250.2
3179.9
3259.3
3492.6

10.9
-1.0
3.8
- 1 .6
4.4
1.8
- 0 .2
2 .2
7.8
-1.1
5 .1
4.2
5.7
3.5
5.9
1.0
2.4
7.0
0.5
-0.3
0.0
8.0
1,0
1,1
4.1
.8
6.,6
13. 2
-0.
-9.1
-1.3
1.2
8.9
5.1

102

9.2
3.6
-1 .9
4.9
5.4
0.3
2,4
9.8
-1.8
0.4
5.8
3.8
7.2
4.1
6.5
4.2
5.9
3.1
2.2
5.0
2.1
4.2
-0.4
-5.1
7.0
1.7
8.3
3.5
3.7
0.3
1.8
-3.2
5.5
2.1

Annual
AVERAGE

1356 .0
1406.8
1426.6
143 8 . 8
1518.7
1540.6
1537.3
1586.7
16 4 3 . 4
1654.1
1754.9
1810.1
1906.1
1993.7
2147.6
2229.2
2300.6
2383,0
2423.5
2413.8
2491 .0
2671.3
2762,8
2695.4
2752.7
2856,8
2994.1
3181.6
3201.3
3199.2
3219.0
3159.3
3357.2
3515.6

1328,2
1 3 80 . 0
143 5 . 3
141 6 . a
1494.9
1525.6
mi
.1
1539.2
1629.1
1665.3
1708.7
1799.4
1873.3
197 3 . 3
2087.6
2208.3
2271.4
2365.6
2423.3
2416.2
2484.8
2608.5
2744.1
2729.3
2695.0
2826,7
2958.6
3113,2
3192.4
3187.1
3248.0
3166.0
3277.7
3492.0

PERCENT
CHANGE'
1.8
8.6
-3.2
6.0
3,6
4.5
-6.1
9.8
3.5
-3.4
9.3
-0.7
2.9
1 .7
9.5
2.0
2.3
-0.4
-1.6
-3.6
0.0
7.7
3.6
-3.5
5.7
4.0
-1.0
5.1
-0.8
5.2
-5.5
0.6
6.7
0.6

10.3
3.9
4.0
-1.3
§.6
2.1
1,7
-0.8
5.8
2 .2
2 .6
5.3
4.1
5.3
5.8
S.8
2.9
4.1
2.4
-0.3
2.8
%.Q
5.2
-0.5
- 1 .3
4.9
4.7
5.3
2.5
-0.2
1.9
-2.5
3.5
6.5

65-4
67.7
69.7
67.7
67.4
69.1
69.6
68.5
69.3
70.3
69.0
69.1
69.0
69.3
68.3
69.6
70.3
71.4
73.5
74.3
73.2
72.3
72.2
74.7
72.8
73.8
72.9
71.9
73,5
74.2
74.5
75.8
73.8
73.4

6 5.4
67.3
68.6
66.4
67.2
68.7
69.2
69.3
68.6
69.8
69,6
69.2
69.1
69.0
68.3
69.0
70,2
71.0
72.4
74.2
73.4
73.0
72.4
74.0
73,6
73,4
72.8
72.3
72.8
74.4
74,0
75.7
74.6
73.1

COMPENSATION OF EMPLOYEES AS A PERCENT
OF NATIONAL INCOME 2
(PERCENT)
65.2
66.9
67.8
68.9
66.9
68.3
69,0
69,8
68.5
69.2
70.3
69.0
69.3
68.7
68.4
68.1
70.0
70 . 8
71.6
74.4
73.6
73.3
72.3
73.1
74.8
72.8
73.3
73.3
72.4
73.6
73.7
75.7
75.4
72.8

65.6
67.4
68,4
68,7
67.1
68.6
69.0
69.6
68.1
69,9
69.7
69.4
69.0
68.9
68.2
68.8
70.1
70.7
72,0
74.1
73.4
73 .6
72.6
74.1
74.1
73.3
72 .7
72 . 0
72.6
75.0
74.1
75.5
74.7
73.0

NOTE: Unless otherwise noted, these series contain revisions beginning with 1947.
'Year-to-year differences and percent changes are computed from annual data. 2 Th1s series contains revisions beginning with 1946.




1349.8
1378.2
1438.2
1418.0
1505.5
1523.7
1561 . 5
1550.0
1629.5
1668.4
1716.3
1813.1
1892.5
1985.2
2099.3
2218.3
2287.7
2385.3
2433.2
2435.8
2491.
2622.
2738.3
2719.3
2714.9
2828.6
3001.8
3142.6
3207.4
3159.1
3264,6
3154.5
3303.4
3510.4

PERCENT CHANGE IN GROSS NATIONAL PRODUCT IN 1 9 8 2
DOLLARS
(ANNUAL RATE, PERCENT)

1951 .
1952.
1953,
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961 .
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971,
1972 .
1973.
1974.
1975.
1976,
1977.
1978.
1979.
1980.
1981.
1982 .
1983.
1984.
1985.

PERSONAL CONSUMPTION EXPENDITURES, AUTOMOBILES
(ANNUAL RATE, BILLIONS OF DOLLARS)

GROSS NATIONAL PRODUCT IN 1982 DOLLARS
(ANNUAL RATE, BILLIONS OP DOLLARS)
1286,6
1369.2
1 431 . 4
1406.8
1469.6
1515.7
1553.3
1506.1
1606.4
1671.6
1671.3
1777.9
1834.6
1948.7
2036.9
2190.1
2241.8
2327.3
2416.5
2408.6
2478.6
2545.6
2734.0
27 4 7 . 4
2642.7
2804.4
2896.0
3020.5
3181.7
3233.4
3261 .1
3170.4
3190.6
3449.4

1951.
1952.
1953.
1954.
1955.
1956 .
1957.
1958,
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966 .
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981 .
1982.
1983.
1984.
1985.
50C.

IV Q

IQ
50.

VALUE OF GOODS OUTPUT IN 1982 DOLLARS
(ANNUAL RATB, BILLIONS OF DOLLARS)
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
196 8
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985

Year

Annual

65.6
67.3
68.6
68.1
67,3
68.8
69.0
69.2
69.1
70.0
69.5
69.3
69.0
69.0
68.3
69.4
70.2
71.1
72.7
74.1
73.4
72.9
72.5
74.3
72,8
73.6
72.1
72.1
72.8
74.7
73.6
75.9
74.3
73.1

(FEBRUARY 1906)

C. Historical Data for Selected Series—Continued
Year
68.
TIC

IQ

II Q

III Q

IV Q

LABOR COST IN CURRENT DOLLARS PER UNIT OF GROSS DOMESPRODUCT IN 1 9 8 2 DOLLARS, NONFINANCIAL CORP. 1 (DOLLARS)

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1 962
1963
1964
196 5
1966 . , . . .
196 7
196 8
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1 980
1981
1982
1983
1984
1985

0.176
0.182
0.189
0.196
0.189
0.199
0.207
0.216
0.213
0.218
0.222
0 .220
0.221
0,218
0.221
0.225
0.239
0.247
0.260
0.282
0.289
0.304
0.311
0.343
0.379
0,403
0.432
0.463
0.501
0.558
0.612
0.666
0.662
0.679

0.178
0.184
0.191
0.195
0.191
0.201
0.209
0.215
0.212
0 .221
0.221
0 .222
0.218
0.220
0.221
0.229
0.239
0.249
0.265
0.284
0.295
0.305
0.319
0.356
0.391
0.410
0.436
0.466
0.515
0.578
0.625
0.672
0.678
0.682

0.177
0.186
0.193
0.193
0.193
0.203
0.210
0.215
0.218
0 .221
0.222
0 .221
0.218
0.221
0.222
0.232
0.241
0.252
0.270
0.286
0.298
0.307
0.325
0.372
0.391
0,418
0.438
0.477
0.:530
0.587
0.636
0.679
0.676
0.691

0.178
0.189
0.196
0.193
0.196
0.206
0.213
0.213
0.216
0 .222
0.219
0 .221
0.219
0,223
0,222
0.235
0.242
0.256
0.276
0.291
0.301
0.308
0.334
0.382
0.399
0.427
0.451
0.486
0.546
0.603
0.653
0.685
0 .680
0.697

Annual

Year
79.

AVERAGE
0 .177
0.185
0.192
0.194
0 .192
0.203
0.210
0.21 5
0.215
0.221
0.221
0.221
0.219
0.220
0 .222
0.230
0 . 2 40
0 .251
0.268
0.286
0 .295
0.306
0.322
0 .363
0,390
0.414
0.43 9
0 .473
0.523
0 .581
0.632
0.676
0.679
0.687

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
196 4
1965
1966
1967
1968
1 969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984.....
1985
81.

1982

DOLLARS

1951
1952
19 53
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963
196 4
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
197 9
1980
1981
1982
1983
1984
1985

AVERAGE

(ANNUAL RATE, BILLIONS OF DOLLARS)
49.1
72.3
72.0
64.9
90.6
86.3
80.9
64.3
87.9
90.3
77.9
106.3
110.7
130.2
147.3
159.7
145.4
134.2
132.1
96.0
109.6
125.8
141.9
115.2
• 94.9
137.2
133.8
148.8
153.7
116.5
116.1
87.1
112.8
165.3

66.9
66.0
67.4
67.5
93.5
83.2
80.7
64.9
96.1
83.6
86.7
104.5
115.3
129,6
150.9
153.3
142.1
140.6
125.7
103.3
109.5
124.9
131 .1
102.2
108.2
129,3
154.7
161.0
149.0
111.9
111,8
86.1
130.5
172.4

77.4
65.0
64.1
70.5
92.3
82.1
80.4
70.9
86.2
84.3
88.5
105,8
116.7
130.4
151.2
148.4
144.1
138.7
120.7
99.0
114.5
131.8
135.0
80.3
123 .3
128.7
170.4
161 .9
143.8
102.3
115.1
89.2
142.7
177.9

75.0
72,5
56,2
78.2
91 . 8
79.0
73.6
79.6
88,2 '
80.0
93.3
111.6
117.8
129.4
155.7
152.0
146.0
137.5
107.2
90.7
118.8
136.8
132.3
81 , 5
129.3
126.1
154.1
164.1
129.4
99.6
111.1
85.1
161.5
181.7

67.1
69.0
64.9
70.3
92.0
82.6
78.9
69.9
89.6
84.6
86.6
107.0
115.1
129.9
151.3
153.4
144.4
137.8
121 .4
97.2
113.1
129.8
135.1
94.8
113.9
130.3
153.2
159.0
144.0
107 .6
113.5
86.9
136.9
174.3

1951
1952
1953
1954
1955
1 9 56
1957
1958
1959
1960
1961
196 2
1963
1964
1965
1966
196 7
1968
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985

AVERAGE

(ANNUAL SATE, BILLIONS OF DOLLARS)
128.0
133.2
138,8
137.7
139.8
158.8
161.1
149.9
147.9
161.1
155.3
165.5
168.9
186.5
214.7
247.9
244.5
255.7
266.0
265.9
257,7
267.9
304.5
324.4
285.5
284.9
311.5
339,5
383.7
397.7
385.7
387.0
337.5
398.8

131.9
134.0
139.0
136.8
148.2
160.5
160.1
142 .9
152.7
161.4
157.0
171 .3
174.3
192.3
224.1
251.2
244.3
250 .0
267.9
264.3
258.6
272.2
316.7
324.7
277,6
286.8
320.4
363.6
384.9
372.9
395.3
369.5
346.9
426.8

134.4
123.3
141.4
138.7
155.2
162.1
163.6
139 .2
156,9
157.7
158.0
173.4
179.4
197.9
231.1
252 .9
243.4
252 .1
273.8
266.9
257.6
275.9
322.6
316.0
279.6
292.8
327.8
369.4
394.2
370.4
402.7
358.0
363.4
437.6

132.5
132.0
141.0
137.0
160.9
160.3
159.6
143 .4
156.9
157.6
162.6
170.5
183 .9
202.9
240.6
249 .7
247.8
260.4
271.1
259.0
259.6
292.2
325.5
306.2
282.1
297.9
336.4
376.0
394.8
375.8
397.0
352.3
392.9
457.8

131 . 7
130.6
140.1
137.5
151 . 0
160.4
161 . 1
143,9
153.6
159.4
1 58.2
170,2
176.6
194.9
227 . 6
250.4
245.0
254.5
269.7
264.0
258.4
277 . 0
317.3
317.8
281 . 2
2 90.6
3 2 4.0
362.1
389.4
379.2
395.2
366 .7
360 . 1
430.3

12.9
18,7
19.0
17.6
24.3
24.3
24.1
19.6
27.1
28.4
24.8
33.9
35.9
42.6
48.8
54,3
51.2
49.2
50.8
39.3
46.8
56.3
65.7
57.7
54.1
83.3
86.4
103.0
115.8
96.6
106.0
85.7
114.5
168.9

7.7
10.8
10.1
9.6
12.2
11.0
10.1
8.7
11.1
10.5
9.2
11.7
11.6
12.8
13.5
13.7
12.1
10.6
9.8
6.8
7.9
8.6
8.5
5.8
5.7
8,3
7.6
7.9
7.5
4.4
5.4
4.0
5.7
7.7

III Q

IV Q

17.2
17.4
18.1
18.3
25.2
23.6
24.3
19.8
29.7
26.5
27.5
33.4
37.4
42.5
50.1
52.7
50.5
52.1
49.2
42.7
47.5
56.5
61.8
52.9
62.7
79.9
101.7
114.0
114.8
95.2
104.2
85.6
132.1
177.1

19.8
17.1
17.4
19.0
25.3
23.8
24.4
21.7
26.8
26.8
28.2
33.8
37.9
42.9
50.6
51.5
51.5
52.1
47.9
41,2
50.2
60.0
64.5
43.6
72.7
80.7
113.8
117.0
113.5
89.1
109.4
90.0
144.3
183.8

10.2
10.1
9.4
10.0
12.3
10.5
10.0
8.8
11 .6
9.8
10.1
11.3
11.9
12.6
13.6
13.0
11 . 9
10.9
9.2
7.4
7.8
8.4
7.5
5.1
6.9
7.7
8.8
8.7
6.8
4.6
5.4
3.9
6.5
8.2

.

11,8
9.8
9,1
10.3
12.0
10.4
10.1
9.4
10.6
10.0
10.1
11.2
11 . 9
12.5
13.5
12.5
11.8
10.6
8.7
7.0
8.2
8.7
7.4
3.8
7.7
7.6
9.5
8.5
6.1
4.2
5.6
4,1
6,8
8.2

1951
1952
1953
1954
1955
1 956
1957
1958
1959
1960
1961
196 2
1963
1964
1965
1966
196 7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1 979
1980
1981
1982
1983.....
1984
1985

55.8
55.9
61,1
64.5
66,9
73.7
75.3
73.7
69.7
75.8
78.4
78.6
78.5
83.9
95-0
108.8
106.2
109.1
109.5
111.9
109.1
108.5
113.6
119.0
105.0
103.8
104.4
111.3
122.7
140.2
140.7
151.0
129.3
138.8

57.6
56.6
62.2
65.1
68.4
76.0
75.3
70.8
71.9
74.8
77.4
81.6
81.8
87.6
102.5
107.5
104.5
107,6
111 . 3
111 . 3
107.5
109.1
116.9
118.9
101.4
103.7
108.2
119.9
128.1
134.9
149.3
144.7
125.4
148.5

5 7 . ^»
57.:
62.
6 5 . ()
7 0 . it
76.:
75..
68.
73.
7 5 . 't
77. (
83.
82.
89. >
102.
109. 3
105. >
106.
115. I
111 ,
107.
108. J
120. 1
112. >
102, *
1 0 5 . ()
l l l . C)
122. •
1 3 3 . <)
133. >
153.(
139. )
128.(
151. >

Annual
AVERAGE

19. +
19.
15..
21.
25.
23.
22.
24.
27.
25. •
29.
36.(
38. i
4 2 . ()
52.
53. +
52.
52.3
43. i
38.
52.
62. i
64.
4 5 . '>
77. >
80.5
105.J
120. >
104.3
8 8 . !»
107.*
86..
163.(
188.1

11.3
10.3
8.3
11.0
11.7
9.9
9.6
10.2
10.6
9.5
10.4
11,7
11.8
12.2
13.6
12.7
11 . 8
10.3
7.6
6.6
8.4
8.7
7.2
4,4
7.8
7.4
8.7
8.2
5.3
4.4
5.1
3.9
7.7
8.4

GROSS PRIVATE NOHRES1DENTIAL FIXED INVESTMENT IN 1 9 8 2
DOLLARS, STRUCTURES, (ANN. RATE, B I L . DOL.)

: Unless otherwise noted, these series contain revisions beginning with 1947,
s series contains revisions beginning with 1948. 2 This series contains revisiions beginning with 1946,




II Q

RATIO, CORP, DOMESTIC PROFITS AFTER TAX WITH IVA AND
CCADJ TO TOTAL CORPORATE DOMESTIC INCOME2 (PERCENT)

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963
1964
1965
1966
1967
1968
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1 982
1 983
1984
1985
87.

DOLLARS

IQ

CORPORATE PROFITS AFTER TAX WITH IVA AND CCADJ IN
CURRENT DOLLARS2 (ANN. RATE, B I L . DOL.)

55.5
59.5
63.7
64.8
71.8
76.0
75.0
69.4
72.7
78.6
77.3
81 .4
83.4
90.8
107.7
106.0
105.3
108.9
114,9
110.2
105.5
111.7
120.4
110.5
102.3
105.2
109.8
123.8
138.7
136.2
152.2
138.3
135.4
156.0

17.3
18.1
17.4
19.0
25.1
23.8
23.8
21.4
27.8
26.8
27.6
34.3
37.4
42.7
50.4
52.9
51.4
51.4
47.7
40.3
49.3
58.8
64.1
49.9
66.7
81.0
101.8
113.7
112,1
92.4
106.8
86.9
138.6
179.7

AVERAGE

.2
.2
.2
1C .2
1 . .0
H ,4
1C .0
t >.3
1J .0
1( .0
H .0
1J .5
11 .8
ia .5
I : .6
l . J.O
.9
K .6
it.8
.0
1.1
3.6
.6
t.8
.0
.8
3.6
3.3
.4
t.4
.4
t.O
.7
3.1
H
1C
<

n

AVERAGE
56.5
57.3
62.3
64.9
69.4
75.5
75.2
70,6
71.9
76.1
77.7
81.3
81 .6
87.9
101.8
108.0
105.4
108.0
112 .9
111.1
107.3
109.5
117.7
115.2
102.8
104.4
108.3
119.3
130.6
136.2
148.8
143.3
129.7
148.7

(FEBRUARY 1986)

103

C. Historical Data for Selected Series—Continued
Year

Q

IV Q

II Q

Annual

Year

1951
1952
1953
1954
1955.
1956
1957
1958
1959
1960
1961
1962
196 3
1964
196 5
1966
196 7
1968
1969
1970
1971
1972
1973
1974
197 5
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
107.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
H59.
1960.
1961 .
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
'.972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
If83.
1984.
1985.

72.3
77.3
77.7
73.1
72.9
85.1
85.7
76.2
78.2
85,3
76.9
86.9
90.4
102.7
119.8
139.1
138.3
146.6
156.6
154.0
148.6
159.3
191 .0
205.5
180.5
181.1
207.2
228.2
260.9
257.5
245.0
235.9
208.2
260.0

74.3
77.4
76.8
71.6
79.8
84.4
84.9
72,1
80.8
86.6
79.6
89.7
92.4
104.7
121.5
143.8
139.8
142.4
156.6
153.0
151 .0
163.1
199.8
205.8
176.2
183.1
212.2
243.8
2 56.8
238.0
246.0
224.9
221,4
278.3

77.1
66.0
78.9
73.7
84.8
85.8
88.3
70.7
83.5
82.3
80.4
89.7
96.9
108.4
129.0
143 .1
138.0
145.6
158.0
155.8
150.3
167.0
202.4
203.8
177.2
187.9
216.8
247.1
261 .2
236.9
249.7
218.7
234.7
286.0

77.0
72.5
77.4
72,2
89.1
84.3
84.6
74.0
84.1
79.0
85.3
89.1
100.5
112.2
133.0
143.7
142.5
151.5
156 .2
148.8
154.1
180.5
205.1
195.7
179.8
192.7
226.6
252.1
2 56.2
239.6
244.8
214.1
257.5
301.9

RATIO, GROSS NATIONAL PRODUCT TO MONE^ SUPPLY Ml
(RATIO)
2.80 5
2.843
2.956
2.899
3.002
148
324
3,318
3.458
3.663
3.626
3.840
3.942
.091
.198
.403
.570
.619
.674
.788
,898
.969
.151
5.314
5.474
5.881
6.022
6.217
6.632
6.7 91
7.090
6.949
6.669
6.881

2.848
2.824
2.964
2.894
3.048
3.181
3.338
3.310
3.520
3.658
3.671
866
959
4,117
4.248
4.413
4.541
4.667
4.707
4.823
4.881
5.018
5.212
5.387
5.528
5.890.
6.136
6.422
6.617
6.850
7.028
7.003
6.664
6.920

2.869
2.842
2.9 53
2.903
3.097
3.216
3.390
3.373
3.49 5
3.6 46
3.722
3.918
4.003
4.116
4,294
4.501
4.536
4.665
4.784
4.849
4.884
5.026
5.253
5.450
5.649
5.936
6.224
6.460
6.635
6.741
7 .164
6.943
6.637
6.943

2.855
2.914
2.910
2.938
3.139
3.264
3.367
3.429
3.556
3.614
3.777
3.920
4.023
4.092
4.343
4.566
4.542
4.637
4.787
4.777
4.896
5.062
5.354
.485
5.779
5.982
6.188
6.56 5
6.6 82
6,834
7 .107
6.741
6.720
6.96 0

CHANGE IN GROSS NATIONAL PRODUCT IN CURRENT DOLLARS1
(ANNUAL RATE, BILLIONS OF DOLLARS)
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
196 4
1965
1966
1967
196 8
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985

14.8
3.1
6.7
-0.3
12.8
2.6
9.0
-7.0
10.9
13.7
4.4
12,
9.
14.
22.
22.
8.
25.
23.
10.
44.
39.
48.
12.
7.
52.
55.
49.
52.
81.
130.2
-1.8
56.2
141.5

8.0
0.5
3.4
0.2
8,3
5.6
2.1
4.0
12.7
-1.6
10,5
7,8
8.2
8.7
12.3
9.8
6.2
23.8
14.3
14.7
19.1
30
31
32.9
38.9
30.9
69.
118.
•54.
-0.

38.

46.
96.4
81.0

6.8
5,9
-0.8
4.7
8.2
4.8
7.1
13.1
0.2
3.2
10.6
.0
12 .8
10.
15.7
13.1
17.0
16.9
19.8
19.0
19,6
26.7
26.5
30.0
63.9
32.9
62.7
59.2
71.6
61.8
81 ,9
19.9
72.4
54.7

4.4
12.4
-5.1
8.4
6.4
8.4
-5.6
13.2
4.4
-4.7
13.0
3.6
9.0
4.6
21.3
13.2
14.2
13.8
8.1
3.0
13.4
39.6
43.9
27.7
50.8
49 .0
30.8
78.1
45.4
114.6
14.8
33.1
97.5
40.3

IQ

75.2
73.3
77.7
72 .7
81 . 7
84.9
85.9
73.3
81.7
83.3
80.5
88.9
95.1
107.0
125.8
142 . 4
139.6
146.5
156.8
152.9
151.0
167.5
199.6
202 ,7
178.4
166.2
215.7
242,8
258.8
2 43.0
2 46.4
223.4
230.5
281 .6

83.2
69.7
75.1
72.7
93.6
86.1
81.1
76.2
99.2
100.9
90.2
100.2
106.1
121.3
115.0
113.3
87.6
112.9
119.4
108.2
126.1
163.6
177.1
141.4
106.9
135.4
156.3
172.9
174.6
154.9
139.3
101.2
127.2
166.6

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963
1964
1965
1966
196 7
196 8
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
200.

AVERAGE
2.844
2.856
2.946
2.908
3.072
3.202
3.355
3.358
3.507
3.645
3.699
3.886
3.982
4.104
4.271
4.471
4.547
4.647
4 .738
4.80 9
4.8 90
5.019
5.242
5.40 9
5.608
5.922
6.142
6.416
6.642
6.804
7 .097
6.90 9
6.672
6.926

1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.
200C

DIFFERENCE
45.1
18.2
20.0
0.9
33.4
22 .3
22.8
5.8
39.0
19.5
18.5
40.8
32.3
42.9
55.3
66.9
44.4
76.3
71 .2
51.6
87.2
110.1
146.5
113.5
125 .6
184.4
207.7
259.2
258.5
223.8
320.6
113.4
235.6
373.1

1951.
1952.
1953.
1954.
1955.
1956 .
1957.
1958.
1959.
1960.
1961 .
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1 974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.

72.0
70.9
75.4
77.4
94,8
85.5
79.2
76.1
102.8
92.7
90.5
103.1
114.0
116.0
116.4
105,8
99.3
115.8
118.3
102,1
139.3
164.5
165.3
134.4
110.8
139.1
172.7
179.8
172.4
124.1
134.1
103.4
145.8
170.0

104

67.3
70.3
72.6
82.0
92.7
83.7
78.3
81.5
100.9
89.8
95.4
102.9
116.0
112.9
113.3
102.3
104.3
116.8
116.5
107.6
147.7
165.6
158.7
130.6
118.2
136.3
174.4
180.8
170.6
126.8
122.3
100.1
161.6
170.8

67.9
73.9
71.9
87.1
88.6
82.4
78.6
90.2
98.0
89.9
98.4
102,7
119.4
111,0
111.9
91.4
111.3
119.3
107.5
119.2
152.2
172.8
152.5
114.4
123.6
152.4
169.1
178.6
165.7
142,2
110.4
115.8
160.4
166.0

Annual
AVERAGE
72.6
71,2
73.8
79.8
92.4
84.4
79.3
81.0
100.2
93.3
93.6
102.2
113.9
115.3
114.2
103.2
100.6
116,2
115,4
109.3
141.3
166.6
163.4
130.2
114.9
140.8
168.1
178.0
170.8
137.0
126.5
105.1
148.7
168.3

GROSS NATIONAL PRODUCT IN CURRENT DOLLARS'
(ANNUAL RATE, BILLIONS OF DOLLARS)
322.9
345.2
370.7
367.9
394.0
419.5
447.3
443.9
485.1
516.1
517.4
564.4
592.1
636.9
682.7
754.8
799.7
862.9
941 .3
994.2
1075.2
1166.5
1311.6
1426.2
1524.6
1730.9
1899.1
2111.4
2420.5
2673.0
2978.8
3112.6
3268.7
3676.5

330.9
345.7
374.1
368.1
402.3
425.1
449.4
447.9
497.8
514.5
527.9
572.2
600.3
645.6
695.0
764.6
80 5.9
886.7
955.6
1008.9
1094.3
1197.2
1342.9
1459.1
1563.5
1761.8
196 8.9
2230.3
2474.5
2672.2
3017.7
3159.5
3365.1
3757.5

337,7
351-6
373.3
372.8
410.5
429.9
456.5
461 .0
498.0
517.7
538,5
579.2
613.1
656.0
710.7
777.7
822.9
903.6
975.4
1027 .9
1113.9
1223.9
1369.4
148 9.1
1627.4
1794.7
2031 .6
2289.5
2546.1
2734.0
3099.6
3179.4
3437.5
3812.2

342.1
364.0
368.2
381.2
416.9
43 8.3
450.9
474.2
502.4
513.0
551 .5
582,8
622.1
660.6
732.0
7 90.9
837.1
917.4
983.5
1030 .9
1127.3
1263.5
1413.3
1516.8
1678.2
1843.7
2062.4
2367.6
2591 .5
2848.6
3114,4
3212.5
3535.0
3852.5

PERCENT CHANGE IN GROSS NATIONAL PRODUCT IN CURRENT
DOLLARS' (ANNUAL RATE, PERCENT)
20.7
3.6
7.6
-0.3
14.1
2.6
8.5
-6,1
9.5
11.4
3.5
9.7
6.5
9.9
14.1
13.1
4.5
12.9
10.8
4.4
18.3
14.7
16.1
3.7
2.1
13.2
12.6
9.8
9.2
13.2
19-6
-0.2
7.2
17.0

10.2
0.6
3.7
0.3
8.6
5.4
1.9
3.7
10.9
-1 .2
8.4
5.6
5.7
5.6
7.4
5.3
3.1
11.5
6.2
6.0
7.3
11.0
9.9
9.6
10.6
7.3
15.5
24.5
9.2
-0.1
5.3
6.2
12.3
9.1

NOTE: Unless otherwise noted, these series contain revisions beginning with 1947.
'This series contains revisions beginning with 1946. 2Year-to-year differences and percent changes are ci:omputed from annual data.




IV Q

II Q

GROSS PRIVATE RESIDENTIAL FIXED INVESTMENT IN 1982
DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS)

8 8 . GROSS PRIVATE N0NRE8IDEHTIAL FIXED INVESTMENT IN 1 9 8 2
DOLLARS, PRODUCERS1 DURABLE EQUIP.
(ANH. RATE, B I L . DOL.)

.5
.0
.9
.1
.4
.7
.5
12.2
0.2
2.5
8.3
5.0
8.8
6.6
9.3
7.0
8.7
7.8
8.5
7.7
7.4
9.2
8.1
8.5
17.4
7 .7
13.4
11.0
12.1
9.6
11.3
2.5
8.9
6.0

5.3
14.9
-5.4
9.4
6 .3
8.0
= 4.8
12.0
3.6
-3.6
10.0
2.5
6.0
2.8
12.5
7.0
7.
6.
3.
1 .
4.
13.
13.
7,
13.
11 .
6.
14,
7.
17 .
1.
4.
11.8
4.3

333.4
3 51.6
371,6
372.S
40 5 . 9
428.2
451.0
456.8
49S.8
515.3
§33.8
574.6
606.9
649.8
705.1
772.0
816.4
892.7
963.9
1015.5
1102,7
1212.8
1359.3
1472.8
1598.4
17 8 2 , 8
1990.5
2249.7
2508.2
2732.0
3052.6
3166.0
3401.6
3774.7
PERCENT
CHANGE2
15,7
5.5
5,7
0.2
9.0
5.5
5.3
1 .3
8.5
3.9
3.6
7,6
5.6
7.1
8.5
9.5
5.8
9.3
8.0
5.4
8.6
10.0
12.1
8.3
8.5

13.0
11 .5
8.9
11 .7
3.7
7.4
11 ,0

(FEBRUARY 1986)

G. Experimental Data and Analyses

III III

Foreign currency per U.S. d o l l a r
Year
and
month

United
Kingdom

West
Germany
(D. mark)

(Franc)

(Pound)

254.18
260.48
257.92
251.84
251.73
248.84
241.14
237.46
236.53
214.68
204.07
202.79

3.1706
3.3025
3.2982
3.0946
3.1093
3.0636
2.9083
2.7937
2.8381
2.6446
2.5954
2.5122

9.7036
10.0933
10.0776
9.4427
9.4829
9.3414
8.8513
8.5323
8.6599
8.0641
7.9095
7.6849

0.8872
0.9148
0.8887
0.8080
0.8011
0.7808
0.7243
0.7225
0.7330
0.7035
0.6946
0.6922

199.89
184.85

2.4384
2.3317

7.4821
7.1575

0.7020
0.6994

Japan
(Yen)

France

III III Hi III

i

i

VJ
\

V

A/

260
\

"\ B
\ \i

220

A

3.2

\

West Germany (d. mark)

J

^\

A

V

^>

s

N
V

/

2.4

J^

and

i

t

•"•vv

\

B
mm

/

Italy

Canada

Exchange value
of the U.S.
dollar 1

10
9
8

\

B

•y

(Lira)

(Dollar)

(March 1973=100)

V

J

1 .3240
1 .3547
1 .3840
1 .3658
1 .3756
1 .3676
1 .3526
1 .3575
1 .3703
1 .3667
1 .3765
1 .3954

152.83
158.43
158.14
149,56
149.92
147.71
140.94
137.55
139.14
130.71
128.08
125.80

1,663.14

1 .4070

123.65

1

COO *31

l,588.^i

j . A04.3

110 77

llo.//

7
e

0.9
0.8
O.7
0.6
0.5

j
/

1985
1,948.76
2,042.00
2,078.50
1,975.89
1,984.45
1,953.92
1,900.33
1,873.51
1,903.42
1,785.43
1,753.72
1,713.50

VB

/

/
/

j

2.0

5

United Kingdom (pound)

month

Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..
1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July!
Aug..
Sept.
Oct..
Nov..
Dec.

/

/

Foreign currency per U.S. d o l l a r
Year

France (franc)

180

2.8

\

1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..

Ratio scale
300

Japan (yen)

1985
J an..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec

in

l l l l l l l l l l l l l l l l 1111 I l l j I I I
horeign currency per U.S. dollar—

*

Italy (lira)

r

\\
J
El

A

2000
1800
1600
1400
1200
1000

r
*******
y

^j

v ^

600

Canada (dollar)

ixcha nge v alue c)f the U.S. dollar
(index: March 1973 = 100)

jA

mm

1.6

B

1.4
1.2
1.0

J\

160
140
i

120

B

-^\

100

||
II
||
III Ml III III
73 74 75 76 77 78 79 80 81 82 83 84 85 86
'This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).

III 111 III III III III

in

60

Source: Board of Governors of the Federal Reserve System.




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 weekly hours of production or nonsupervisory workers, manufacturing (hours). .
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). . .
8. Mfrs. 1 new orders in 1982 dollars, consumer
goods and materials industries (bil. dol.). .
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . . .
\Z. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). . .
36. Change in inventories on hand and on order in
1982 dol., 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 1982 dollars
(bil.
dol.)
111. Change in business and consumer credit
outstanding (ann, rate, percent)
910. Composite index of 12 leading indicators3
(index: 1967^100)
ROUGHLY COINCIDENT INDICATORS
41, Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. dol.)
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Labor cost per unit of output, rnanufacturing-actual data as a percent of trend (percent) .
109,. Average prime rate charged by banks
(percent)
101. Commercial and i n d u s t r i a l loans outstanding
in 1982 dollars ( m i l . d o l . )
95. Ratio, consumer installment credit
outstanding to personal income (percent). . .
930. Composite index of 6 lagging indicators 3

(index: 1967-100)

Nov.
1985

Oct.
1985

Dec.
1985

Oct.
to
Nov.
1985

Jan.
1986

40.7

40.7

41 .0

p40 .9

367

371

391

375

r86 .23

r86 .89

r85.94

P 90.02

46

42

46

46

r l 2 1 .5

rl20.5

rll9.5

r33.35

r 3 1 .37

134.6

0 .00

Nov.
to
Dec.
1985

0.23

Dec.
to
Jan.
1986

-0.08

-0.15

0.13

-0.05

0 .25

-0.16

0.16

0.00

pll7 .8

-0.12

-0.12

-0.22

r34.65

p27 .63

-0.13

0.22

-0.54

132.5

149.4

152 .1

-0.05

0.36

0.06

r - 0 .57

r7.37

pl2.33

NA

0.44

0.28

NA

r-0.23

r - 0 .18

r-0.18

-0.15

0.02

0 .00

0.01

186 . 1 8

197.45

207 .26

208.19

0.37

0.30

0.03

r2 , 2 5 8 . 3

r2 ,256 .2

r 2 , 2 6 0 .5

P 2,254.9

-0.03

0.06

-0.09

rl6.9

rlO .7

rlO .9

p6.8

-0.32

0.01

-0.23

r l 7 1 .2

r l 7 1 .5

rl74.0

pl73 .0

0 .18

1 .46

-0.57

98,559

r98,801

r99,069

p99,635

0.20

0 .22

0.61

r2,524.6

r2,524.5

r2,548.9

p2,532.5

0.48

-0.42

124.4

rl25.4

rl26.3

pl26 .7

0 .22

0.20

0.11

r409,921

r413,010

P416,413

NA

0.17

0.18

NA

rl60.8

rl61 .5

r l 6 2 .9

pl63 .2

0.44

0.87

0.18

15.4

15 .7

15.4

14.9

-0.14

0.14

0.35

1 .56

1 .55

p i .53

NA

-0.13

-0.26

NA

.6

-0.37

-0.11

-0.48

9.50

0.00

0.00

0.00

-0.03
0.04

-0.00

r84,8

r83.8

r83.5

9.50

9.50

9.50

r326,380

r330,232

r332,840

P 337,322

0.31

0.21

0.52

rl5.96

rl6 .02

pl5.99

NA

0.23

-0.12

NA

r l 3 1 .2

rl31 .1

rl30.9

pl31 .5

-0 .08

-0.15

0.46

P 82

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated,
1

This series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor
for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.
2

106




G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns

40. Employees in goods-producing industries

Deviations
from
reference
peaks

Actual
data
for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA YEAR

• 26,500
+2
• 26.000

• 25.500

• 25.000

• 24,500
1975

27
28

-2.5
-2.5

25062
25056

2/85
3/85

29
30
31
32

-2.4
-2.5
-2.7
-2.8

25090
25066
25010
24980

4/85
5/85
6/85
7/85

33
34
35
36

-2.7
-2.9
-2.5
-2.4

25015
24962
25051
25089

8/85
9/85
10/85
11/85

37
38

-2.2
-1.4

25145
25335

12/85
1/86

9.9
9.8

25062
25056

2/85
3/85

• 23.000

25
26
27
28

10.0
9.9
9.6
9.5

25090
25066
25010
24980

4/85
5/85
6/85
7/85

29
30
31
32

9.6
9.4
9.8
10.0

25015
24962
25051
25089

8/85
9/85
10/85
11/85

33
34

10.2
11 .1

25145
25335

12/85
1/86

-12
Percent

C.Lg.U

-t+30

#170

12

• 25.500

10

• 25,000

• 24.500

• 23.500

• 23.000

76. Industrial production, business
equipment

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
AND
FROM ACTUAL
TROUGH
7/81
DATA YEAR

+25
• 160

• ISO

+10
• 140
+5

• 130

• 150

SERIES 76
1977=100

+20

+15

• 26.000

• 24.000

23
24

6. Industrial production, business equipment

14

SERIES 40
THOUSANDS

• 23,500
-10

Percent

- i 16

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
3/83
DATA YEAR

• 24.000

1982

DeviActual
ations
data
from
for
specific current
troughs cycle

40. Employees in goods-producing industries

SERIES 40
THOUSANDS

Percent

+4

111111111111111II111II11111111111111 FTTTTn I I I I I I I

21
28

6.8
6.9

140.0
140.2

2/85
3/85

29
30
31
32

8.3
8.2
7.3
7.8

142.0
141.9
140.7
141.3

4/85
5/85
6/85
7/85

-

33
34
35
36

9.1
8.5
6.5
8.1

143.0
142.2
139.6
141.7

8/85
9/85
10/85
11/85

-

37
38

8.5
9.1

142 .2
143 .0

12/85

• 140

25

1./.86

-20

MONTHS DEVIFROM ATIONS CURRENT M O N T H
SPEC,
FROM ACTUAL
AND
TROUGH 10/82
DATA Y E A R
SERIES

30

76

-

15

-

10

-

5

# 1 3 0

1977=100

• 120
-10

-15
• 110

0

4-6

+12

+18

+24

+30

28

28.9

140.0

2/85

29
30
31
32
33
34
35
36

29.1
30.8
30.7
29.6
30.1
31.7
30.9
28.5

140.2
142.0
141.9
140 .7
141.3
143.0
142.2
139.6

3/85
4/85
5/85
6/85
7/85
8/85
9/85
10/85

37
38
39

30.5
30.9
31.7

141.7
142.2
143.0

11/85
12/85
1/86

+36

Months from reference troughs

• 120

-1 0
11111) 11111111 i 111111 111111111111111111 i n 111111
+ 6 +12 +18 +24 +30 +36
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts11 on p. 106 of the January 1986 Issue,




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
""I

I

|MI!I|

|"MI|IM|!|mnpTT

51. Personal income less transfer payments
in 1982 dollars

Devi-.
ations
from
ref ersncG
peaks

Actual
data
for
current
cycle

a

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
ACTUAL
AND
FROM
DATA
YEAR
TROUGH
7/81

Percent

+ 15
• 2,600
1970
• 2.550

TTTTT

111! 11111

Devi- Actual
ations data
from
for
specific current
troughs cycle

51. Personal income less transfer payments
in 1982 dollars

28

SERIES
51
ANN. RATE
B I L . DOL
2510.4
9.9
9.8
2507 .9

29
30
31
32

10.8 2529.5
9.8 2506.7
10.0 2510.9
9.8 2506.7

4/85
5/85
6/85
7/85

33
34
35
36

10.1
10.2
10.6
10.6

2513.0
2516.9
2524.6
2524.5

8/85
9/85
10/85
11/85

37
38

11.6
10.9

2548.9
2532.5

27

1111 [ 111 • I

2/85
3/85
Percent

-i

20

• 2,650

12/85

• 2.600

1/86
15

+10
• 2,500

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
9/82
TROUGH
DATA
YEAR

29
30
31
32

SERIES 51
ANN. RATE
BIL. DOL.
11 .8 2510.4 2/85
3/85
2507.9
2529.5
4/85
11 .7 .2506.7
5/85

33
34
35
36

11 .8
11.7
11.9
12.1

2510.9
6/,85
2506.7 7/85
2513 .0 8/85
2516.9 9/85

37
38
39
40

12.5
12.5
13.5
12.8

2524.6 10/85
2524.5 11/85
2548.9 12/85
2532.5 1/86

• 2,450

+ 5

• 2,400

• 2.350

1975

•» 2.300

• 2,250

• 2.150

914. Composite index of capital investment
commitments

• 2*500
10
• 2.450

• 2,400

• 2.350

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
7/81
DATA
YEAR

• 2.200
-5

• 2.550

• 2,300

SERIES 914
1967-100

• 2,250

27
28

3.6
3.5

111 .0
110.8

29
30
31
32

2.8
2.7
2.9
3.4

110.1
110.0
110.2
110.7

33
34
35
36

3.5
3.9
3.2
2.5

110.9
8/85
111 .3 9/85
110.5 10/85
109.8 11/85

37
38

3.6
2.1

111 .0
109.3

2/85
3/85
914. Composite index of capital investment
4/85
5/85
commitments
6/85
7/85

Percent

+ 10
• 115
+5
mo

• 120

MONTHS
FROM
SPEC.
TROUGH

DEVIATIONS CURRENT MONTH
FROM ACTUAL
AND
8/82
SERIES

• 100

l.,m .....Inml.m,l,.ml.....Intnl.n
-6
0 + 6
+12 +18 +24 +30 +36

914

30
31
32

7.9
7.7
7.0

111 .0
110 .8
110.1

2/85

33
34
35
36

6.9
7.1
7.6
7.8

110.0
110 .2
110.7
110.9

5/85
6/85
7/85
8/85

37
38
39
40

8.2
7.4
6.7
7.9

111.3
110.5
109.8
111 .0

9/85
10/85
11/85
12/85
1/86

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1986 issue.

108

• 110

3/85
4/85

Months from reference troughs




• 115

967-100

• 105

-5

12/85
1/86

-

5

• 105
-I 0

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 i 111
+ 6 +12 +18 +24 +30 +36
Months from specific troughs

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Current issue

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series fpaee numbers)
number Charts Tables

A
Agricultural products, exports.. .
.
Anticipations and intentions
Business expenditures, new plant and e q u i p m e n t . . . .
Business expenditures, new plant and equipment, 01
Consumer sentiment, index
,.,
Employees, manufacturing and trade. Dl
....
.
Inventories, manufacturing and trade. Dl.
New orders, manufacturing. Dl
Prices, manufacturing, Dl
Prices, retail trade. Dl
Prices, wholesale trade. Dl
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade. Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

Historical
data
(issue date)

Series
description
(*)

604

56

92

12/85

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

11/85
11/85
11/85
12/85
12/85
12/85
12/85
12/85
12/85
12/85
12/85

23
23
20
37
37
37
37
37
37
37
37

616
55

56
22

92
65

12/85
2/86

56
39

B
Balance of payments—See International transactions.
Bank loans- See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve
Bonds-See Interest rates.
Borrowing--See Credit.
Eudget—See Government.
Building—See Construction.
Building permits, new private housing
Etusmess equipment, industrial production
Elusmess expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories-See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving

93
94

29
76
61
970
14
12
13

33
33

13.25
24
24
38
33
12,23
23

72
72

67
67
67
76
72
65
65

4/85
4/85

7/85
8/85
11/85
11/85
12/85
12/85
12/85

35
35

24
12
23
23
34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

5/85
5/85
5/85
11/84

32
32
32
26

82
84

20
20

64
64

8/85
8/85

14
14

97
11
965
333

24
24
37
48

66
66
75
86

2/85
2/85
2/85
5/85

22
22
22
51

914
35
34

11
29
29

60
70
70

1/86
2/86
2/86

5
26
26

3/85
2/85
3/85
2/85

9
9
9
9
5
"5
5
21

C
Canada -See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, 01
.
Capital equipment, producer price index
Capital investment—See Investment, capital
Capita! investment commitments. Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars .
Civilian labor force—See also Employment
Employment .
Employment as percent of population
Labor force
Unemployed
Coincident indicators, lour
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
, ...
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, lite of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coincides, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, :ndex
Six (aggers, rate of change....
Leading indicators
Capital investment commitments
...
Inventory investment and purchasing
Money and financial flows
Profitability
Twelve leaders, index
Twelve leaders, rate of change

442
90
441
37

.

51
89
17
62
51
89
18,51 62,89

920
920c
951
940
9

10
39
36
11
23

74
60
66

9/85
9/85
1/86
1/86
10/85

101
72
112

15,35
35
32

73
73
71

5/85
5/85
5/85

32
32
32

345
280

49
45

87
82

12/84
10/84

46
46

64

30,47

70,83

2/86

46

60

346

49

88

12/84

46

340

49

87

10/85

5

341
348
349

49
50
50

87
88
88

10/85
9/85
9/85

5
53
53

53

19

63

2/86

920
920c
940

10
39
11

60

9/85
9/85
1/86

930
930c

10
39

60

9/85
9/85

5

914
915
917
916
910
910c

11
11
11
11
10
39

60
60
60
60
60

1/86
1/86
1/86
1/86
9/85
9/85

5
5
5
5
5

60

5
"5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential, constant dollars
(Presidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
.
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
D
Debt-See Credit.
Defense and space equipment, industrial production
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
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 nonagricultural payrolls
Industrial production
Industrial production, components
.
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
...
Profits, manufacturing
....
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components
Disposable personal income—See income.

Curfent issue

Series < p a g e numbefs)
number Charts Tables

Historical
data
(issue date)

Series
description

n

29

13,25

67

7/85

9
69

23
24

66
67

10/85
8/85

21
17

86
25
248
47
87
25
89
25
249
47
28
25
334
48
8 12,21
75
22

67
83
67
67
83
67
86
64
65

2/86
10/84
2/86
2/86
10/84
3/85
5/85
7/85
8/85

40
40
40
40
40
24
51
15
12

66
35
113
32
95 15,35
39
33

73
72

33
33
33
34
49
49
20

72

6/85
6/85
2/86
7/85

49
49
22

84,95
84
65

4/85
4/85
11/85

525

53

90

12/85

55

20

12,23

66

8/85

21

10
116

23
34

66
73

8/85
9/85

21
35

110

32

320
322
58

73

72

11/85

101 15,35
72
35
112
32

73
73
71

5/85
5/85
5/85

32
32
32

66
35
113
32
95 15,35
39
33
I l l 13,32
33
32

73
72
73
72
72
71

6/85
6/85
2/86
7/85
6/85
11/85

33
33
33
34
31
31

98
331

28
48

69
85

3/85
4/85

51
50

557

54

91

8/85

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

11/85
12/85
12/85
10/85
10/85
12/85

55
55
56
56
56
55

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

7/85
7/85
7/85
7/85
7/85
9/84
9/84

17
15
17
15
5
43
43

39
32

33
12,21

72
64

7/85
1/86

34
17

970
965
951
974
963
966

38
37
36
38
36
37

11/85
2/85
1/86
12/85
8/85
8/85

23
22
5
37
5
12

962
975
952
950
964

36
38
36
36
37

1/85
12/85
1/86
1/86
7/85

8
37
5
5
15

971
960
972
967

38
37
38
37

12/85
12/85
12/85
1/86

37
37
37
25

973
976
978
977
968
961

38
38
38
38
37
36

76
75
74
76
74
75
78
74
76
74
74
75
77
76
75
76
75
79
76
76
76
76
75
74
77

12/85
12/85
12/85
12/85
7/85
8/85

37
37
37
37
25
5

See notes at end of index.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue

{ numbers)

Series title
(See complete titles in "Titles and
Sources ol Series," following this index)

Series
number

Earnings See Compensation.
Employment and unemployment
Civilian labor force .,,.
Defense Department personnel, civilian
....
Delense Department personnel, military
Employee hours in nonagrtculturat establishments
Rateol change....,.,.
Total
Employees in p o d s producing industries................
Employees, manufacturing and trade, Dl,.................
Employees on nonagncultural payrolls.....
Employees on private nonagncullural payrolls, Dl ...
Employment, civilian
..........
Employment, delense products industries........
Employment, ratio to population
Help wanted advertising in newspapers
Help wanted advertising, ratio to unemployment .....
Initial claims, State unemployment insurance..........
Initial claims, State unemployment insurance, Dl
Overtime hours, manufacturing
Participation rate, both sexes 16 19 years of age...
Participation rate, females 20 years and over.........
Participation rale, males 20 years and over
Part lime workers lor economic reasons
Persons engaged in nonagrieultural activities
Unemployed, both sexes 16 19 years ol age
Unemployed, females 20 years and over
Unemployed, full time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian.
Unemployment rale, 15 weeks and over.,...
Unemployment rate, insured
Unemployment rale, total
............
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, DL.
Equipment See Investment, capital.
Exports See International transactions.

Federal kinds rate
Federal Government See Government.
Federal Reserve, member bank borrowings from..
Final sales in constant dollars...,..,.,.......................
FinanriaNlows. Cl
Fixed investment See Investment, capital.
Fixed weighted price index, gross domestic
business product
Food See Consumer prices,
Foreign trade See International transactions.
France See International comparisons.
Free reserves

™*

Charts

441
578
577

51
55
55

48c
48
40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
44
45
43
1

39
17
17
38
14,17
36
51
55
17
16
16
12,16
36
16
51
51
51
51
17
51
51
51
51
15,18
18,51
18
18
18
12,16

961

36'

119

34

94
213
917

33
40
11

Tables

89
91
91

"si"
62
76
62
74
89
91
62
61
61
61
74
61
89
89
89
89
62
89
89
89
89
62
62,89
62
62
62
61
77
74

Historical
data
(issue date)

3/85
10/85
10/85
1/86
1/86
7/85
12/85
7/85
8/85
3/85
7/85
2/85
2/85
2/85
1/85
1/85
7/85
3/85
3/85
3/85
3/85
2/85
3/85
3/85
3/85
3/85
2/85
2/85
2/85
3/85
2/85
7/85

56
56
5
5
37
5
5
9
5
9
9
9

8/85

9/85
72
80
60

4/85
10/84
1/86

35
38
5

9/84

311

4/85

Goods output in constant dollars
Gaverii'iie-i! budget
Fedi M! expenditures
Federal rei-eipS
Iedi'fiil surplus or deluit
,
Sidle and loidl expenditures ,
,
State art! local receipts
Slate and lotd! ^ u p l j s or deficit
Surplus or di'tiiit told! .
Government purchases of goods and services
Federal, torstiin! dalles
. . .
federal, uiireoi dollars
.
federal, percent of GNP
,
Ndtu)fi.il defense
..
.
National delensf, ;;e'(,ent s,l GNP
.
State a:ul local, coihtanl dollars.
...
Slate and loial current d o l l a r s . . .
SIIMH and lo( a;, percent ol GNP
. . .
Tola1. timsSant do'kirs
. .
Total, r a i e r l do!uir->
...
Gioss dumeslif business product, lixed weighted
price index
,
.
Gioss dSi'icMii, prs'durl. !,»bor cost per i.nii
Gioss national pruduit
GNP, constant dollars
GNP, ui'istanl dollars, di'lererces
GNP. e " m t >:i! dollars, ,;eru>n! clnnr,e«
. . .
GNC (urrent dollars
. ,,
GNP, (urrenl dollars, differences ,
GNP, current dol ars. percent (Ganges
GNP ratio Is r:oi;py ^upply M l
..
Goods outpu! in ninstant dollars
Implieil price dellalor
Per tapda tlNP. (.onstant doll.'rs
Gross private dsntstic investment See lnvestme.it, capita1

2/86

See notes at end ol index.

110




(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/84
9/84
9/84
9/84
9/84
9/84
11/84

53
53
53
53
53
53
48

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

81
81
83
91
91
81
81
83
81
81

10/84
10/84
10/84
9/84
9/84
10/84
10/84
10/84
10/84
10/84

43
43
43
43
43
43
43
43
43
43

311
68

48
30

84
70

9/84
2/86

49
28

50
50b
50c
200
200b
200c
107
49
310
217

19,40

48
40

63.80
80
80
80
80
80
71
63
84
80

2/86
2/86
2/86
2/86
2/86
2/86
2/86
2/86
9/84
10/84

38
38
38
38
38
38
30
14
38
38

46
60

16
16

61
61

2/85
2/85

9
9

1

12.16

5

36
16

61
77
74
61

7/85

961
21

8/85
7/85

5
5

39
40

"i\
20

......

Current issue
Series
number

(page numbers)

Charts

Tables

Historical
data
(issue date)

Series
description

C)
24
24
40
40

28
29
89
249

25
13,25
25
47

6?
67
67
83

3/85
7/85
2/86
10/84

310

48

84

9/84

345
280

49
45

87
82

12/84
10/84

46
46

I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
lnterest.net
Interest, net, percent of national income...
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAd|
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also Internationa! comparisons.
Business equipment
Consumer goods
Defense and space equipment....
Durable manufactures
Nondurable manufactures

Total
502
501
500
512
511
510
298

H
Help wanted advertising in newspapers.....
Help wanted advertising, ratio to unemployment
Hours, manulacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Series title

Series
description

Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France
Italy
Japan
. . . .
OECD, European countries
United Kmgdon
United States
.
.
West Germany

64

30,47

70,83

2/86

46

346
95
286

49
15,35
45

88
73
82

12/84
2/86
11/84

46
33
26

287
225
224

47
40
40

83
80
80

11/84
10/84
10/84

26
11
11

227

40

80

10/84

340

49

87

10/85

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

10/85
9/85
9/85
11/84
11/84
10/84
2/86
2/86

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63
71
82

11/85
2/86
2/86
10/84

"30
ii

283
284

47
45

83
82

10/84
10/84

47
4?

285
348
349

47
50
50

83
88
88

11/84
9/85
9/85

47
53
53

53
13
335

19
23
48

63
65
85

2/86
12/85
5/85

11
21
51

76
75
557
73
74

24
22
54
20
20

67
65
91
63
63

8/85
8/85
8/85
8/85
8/85
8/85

12
12
13
12
12
12

8/85
11/85

"\2

47

14.20,58 63,94
78
75

47

966
47c

37
39

967
23

37
28

79
75
69

1/86
1/86

'25
25

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

1/85
1/85
3/85
11/84
11/84

8
8
8
47
47

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34
48

73
?3
72
73
73
73
72
73
86

12/85
9/85
9/85
9/85
9/85
6/85
9/85
9/85
5/85

35
35
35
35
35
35
35
35
50

733
736
737
738
732
320
735

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

6/85
6/85
6/85
6/85
6/85
4/85
6/85

60
61
61
61
60
49
61

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14.20,58
58

94
94
94
94
94
94
63,94
94

10/85
10/85
10/85
10/85
10/85
10/85
8/85
10/85

59
59
59
59
58
58
12
59

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series." following this index)

Current issue
Series
number

S'.ock prices
Canada
743
France
746
Italy
747
Japan
748
United Kingdom .
742
United States. . .
19
West Germany
745
Inter national transactions
Balance on goods and services
667
Balance on merchandise trade
622
Exports, excluding military aid
602
Exports, merchandise. ad|usted, excluding military
618
Exports of domestic agricultural products
604
Exports oi goods and services, constant dollars
256
Exports ol goods and services, current dollars
252
Exports of goods and services, excluding military
668
Exports oi nonelectrical machinery
606
Imports, general
612
Imports, merchandise, adjusted, excluding military
620
Imports oi automobiles and parts
616
Inports ot goods and services
669
Inports ot goods and services, constant dollars
257
liiporls of goods and services, current dollars
253
Imports ot petroleum and petroleum products
614
Income on foreign investment in the United States
652
Income on U.S. investment abroad
651
Net exports of goods and services.
constant dollars
255
Net exports ot goods and services.
current dollars
250
Net exports ot goods and services, percent of GNP
251
Inventories
Business inventories, change, constant dollars
30
business inventories, change, current dollars
245
Business inventortes. change, percent of GNP
247
Defense products, manufacturers'
559
Finished goods, manufacturers'
65
nventones to sales ratio, manufacturing and trade
77
Inventory investment and purchasing, Cl
915
Manufacturing and trade, book value
71
Manufacturing and trade, change in book value
31
Manufacturing and trade, constant dollars
70
Manufacturing and trade, Dl
975
Manufacturing and trade, on hand and
on order, change
36
Materials and supplies on hand and on order,
manufacturers' . . .
78
Materials and supplies on hand and on order.
manufacturers', change
38
Investment, capital
Capital appropriations, manufacturing, backlog
97
Capital appropriations, manufacturing, new
11
Capital appropriations, manufacturing, new, Dl
965
Capital investment commitments. Cl
914
Construction contracts, commercial and industrial
9
Construction expenditures, business, plus machinery
and equipment sales
69
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars...
.
243
Fixed investment, current dollars
.
242
Nonresidential, constant dollars ...
86
Nonresidential. percent ot GNP
248
Nonresidential producers' durable equipment,
constant dollars
88
Nonresidential structures, constant dollars
87
Residential, constant dollars
89
Residential, percent ol GNP
249
Total, constant dollars ..
241
Total, current dollars
...
. 2 4 0
New orders, nondetense capital goods,
constant dollars
,,
...
27
New orders, nondeiense capital goods,
current dollars
.
...
24
Plant and equipment
Business expenditures, new
61
Business expenditures, new, DL...
970
Contracts and orders, constant dollars
20
Contracts and orders, current dollars
10
Investment, foreign
Income on foreign investment in the United States
652
Income on U.S. investment abroad
651
Italy—See International comparisons.

Charts

Tables

Historical
data
(issue date)

59
59
59
59
59
59
59

96
96
96
96
96
96
96

11/85
11/85
11/85
11/85
11/85
11/85
11/85

63
63
63
63
63
25
63

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

9/85
9/85
12/85
9/85
12/85
10/84
10/84
9/85
12/85
12/85
9/85
12/85
9/85
10/84
10/84
12/85
9/85
9/85

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

(p3ge numbers)

Series
description

n

44

82

10/84

44
47

82
83

10/84
10/84

44
44

26,42
42
47
54
27
15,27
11
27
26
27

68,81
81
83
91
60
68
68
68
76

2/86
10/84
10/84
7/85
6/85
10/85
1/86
10/85
6/85
10/85
12/85

40
40
40
17
17
17
5
17
17
17
37

68

10/85

17

6/85

17

38
13,26
27

66
66
75
60
66

2/85
2/85
2/85
1/86
10/85

24

67

8/85

22
22
22
5
21

42
42
25
47

81
81
67
83

10/84
10/84
2/86
10/84

40
40
40
40

25
25
25
47
42
42

67
67
67
83
81
81

2/86
2/86
2/86
10/84
10/84
10/84

40
40
40
40
40
40

23

66

8/85

15

23

66

8/85

15

24
38
12,23
23

67
76
66
66

11/85
11/85
8/85
8/85

23
23
21
21

57
57

93
93

9/85
9/85

57
57

J
Jiipan—See International comparisons,
L
Labor cost per unit ot gross domestic product
Labor cost per unit of output, business sector
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent ol trend
Labor cost, price per unit ot, nonfarm business
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate ot change
Diffusion index
leading indicators, twelve
Composite index
Composite index, rate of change

68
63

30
30

70
70

2/86
9/85

28
28

62
62
26

30
15
29

70
70
70

8/85
8/85
1/85

28
28
28

930
930c
952

10
39
36

60

9/85
9/85
1/86

910
910c

10
39

60

74

9/85
9/85

Diffusion index
Liabilities of business failures
Liquid assets, change in total . . .
Loans—See Credit.

,

(page numbers)

Historical
data
(issue date)

Series
number

Charts

Tables

950
14
104

36
33
31

74
72
71

26
20
12,21

68
64
64

6/85
8/85
7/85

1/86
12/85
11/85

Series
description
(')

5
34
29

M
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials.prices—See Price indexes.
Merchandise trade—See International transactions.
Military-See Defense.
Money and financial (lows, Cl
Money supply
Liquid assets, change in total
Money supply M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

6/85
17
14
15

917

11

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

11/85
4/85
4/85
4/85
4/85
2/86
2/86
11/85
9/85
9/85

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

8/85
8/85
7/85

15
15
15

20

12,23

66

8/85

10
548
7
6

23
53
21
21

8/85
7/85
7/85
7/85

21
15
15
15

964
971

37
38

66
90
64
64
77
75
76

7/85
12/85

15
37

88
87
86
248

25
25
25
47

67
67
67
83

2/86
2/86
2/86
10/84

40
40
40
40

517
543
721

53
53
58

90
90
94

11/85
12/85
10/85

55
55
58

1/86

N

6/85

26
24
24
37
11
23

Current issue

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

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, 01
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP

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.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials...,
Overtime hours, manufacturing

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 petroleum 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

12/85
2/86
62
62
370
358
82

30
15
50
50
20
20
16

453
452
451

8/85
8/85
1/85
1/85
8/85
8/85
7/85

28
28
52
52
14
14
5

51
51
51

3/85
3/85
3/85

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

2/86
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

11/84
11/84
12/85

48
48
56

61
970
20
10
90

24
38
12,23
23
17

67
76
66
66
62

11/85
11/85
8/85
8/85
2/85

23
23
21
21
9

64
64
61

See notes at end ot index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources ot Series," following this index)
Price indexes
Consumer prices See also International comparisons.
AH items .,,„...
Food
Deflators
Fixed-weigh ted, gross domestic business product ......
Implicit price deflator. GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities...
,....,.
Capital equipment
Crude materials
Finished consumer goods....
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials.........
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
HI producer prices,.,....,...
Sensitive materials prices, percent change
Slock prices See also International comparisons.
500 common stocks
500 common stocks. Dl......
Price to unit labor cost, nonfarm business.
Prices, selling
M a nu I act u ring, Dl .........„.,.,„..
Relad trade, 01
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, HOC farm business set, to r
Profitability. Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAd|. constant dollars
With IVA and CCAdf, current dollars
Corporate profits before tax
With IVA and CCAdi
With IVA and CCAd|. percent of national income
Manufacturing and trade, Dl
Manufacturing. Dl
Per dollar of sales, manufacturing
Profitability, Cl
'
Ratio, profits lo corporate domestic income
Ratio, profits with IVA and CCAd; to corporate
domestic income
Proprietors' income with IVA and (XAd|
. ..
Proprietors' income with IVA and (XAd|. percent of
national income,,.,.....

Raw industrials, spot market prices
Components
...,.,.,..„.,.,.,..
.............
Diffusion index
Spot market index
...,„,.,.....
Rental income of persons with CCAdi
Rental income of persons with CCAd|, percent
of national income
,..
Reserves, Iree
...,.,.,..
Residential fixed investment, constant dollars...
Residential fixed investment, percent of GNP....
Residential structures See Housing.
Retail sales, constant dollars
Retail sales, current dollars....,.,,..

Current issue
Series (page numbefs)
number Charts Tables

Historical
data
(issue date)

Series
description

O

320
322

49
49

84,95
84

4/85
4/85

49
49

311
310
26

48
48

29

84
84
70

9/84
9/84
1/85

49
38
28

33D
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

4/85
5/85
4/85
5/85
5/85
5/85
3/85

50
51
50
51
51
50
51

967
23

37
28

79
75
69

1/86
1/86

25
25

98
99

28
13,28

69
69

3/85
3/85

51
25

19
968
26

13,28
37
29

69
75
70

11/85
7/85
1/85

25
25
28

976
9?8
977
525
109

38
38
38
53
35

76
76
76
90
73

12/85
12/85
12/85
12/85
6/85

37
37
37
55
35

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 sa'es, 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
Personal saving
Personal saving rate
Selling prices-See Prices, selling
Sensitive crude and intermediate (patent's, change
in producer prices
Sensitive materials prices, percent change
Shipments ot defense products
Spot market prices, raw indjstnais
Components
Diffusion index
Spot market index
State and local government See Cover m e i t
Stock prices—See also International comparisons
500 common stocks
500 common stocks, Dl
Surplus—See Government

112

Historical
data
(issue date)

Series
description

n

10/84

213

69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

87
65
65
76
68
65
65

8/85
10/85
10/85
12/85
10/85
4/85
4/85

17
17
17
37
1?
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/84
11/84
11/84
11/84
11/84

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

3/85
3/85
7/85

51
25
17

967
23

'37"
28

79
75
69

1/86
1/86

i2s
5

19
968

13,28
37

69
75

11/85
7/85

25
2b

114
115

34
34

72
73

9/85
9/85

35
35

91
60
5
962

15.18
16
12,16
36

62
61
61
74

2/85
2/85
1/85
1/85

9
9

a
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

3/85
3/85
3/85
3/85
2/85

9
9
9
9
9

44
45
43

18
18
18

62
62
62

2/85
3/85
2/85

9
8
9

561
96
25

54
21
21

91
64
64

7/85
6/85
6/85

15
15
15

107

31
31
12,21

71
71
64

?jm
2/86
1/86

30
30
17

1

12,16

961

'36'

61
77
74

8/85

2/86

Treasury bill rate
Treasury bond yields....
1/85
1/85
1/86

52
52
5

2/86
2/86
2/86
2/86

26
26
26
26

82
83
76
75
70
60
69

11/84
11/84
12/85
12/85
1/86
2/86

26
26
37
37
27
5
26

70
82

2/86
10/84

26
47

370
358
916

50
50
11

18
16
80
79

28
28
29
29

69
69

286

287
972
960
15
916
22

45
47
38
37
29
1:
29

81
282

29
45

283

47

967
23
284

37
28
45

79
75
69
82

1/86
1/86
10/84

25
25
47

285
93
89
249

47
33
25
47

83
72
67
83

11/84
4/85
2/86
10/84

47
35
40
40

59
54

22
22

65
65

4/85
4/85

20
20

11/85

10/84

U
Unemployment
Duration of unemployment, average . .
Help-wanted advertising, ratio to unemployment .
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl .
Number unemployed
Both sexes 16-19 years of age ..
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
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
W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index ..

NOTF: CCAdf. capital consumption adjustment: Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
" The number shown is (he page ot the Handbook oi Cyclical Indicators (1984) on which the series description appears.




Current issue
Series ipm n u m b e r 5 >
number Charts Tables

7/85

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; "Q" indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the. Federal Reserve System.
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, 19, 20, 29, 32, 36, 99r
106,111) (M).-Source 1
(10,39,60)

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 1982 dollars (Q).-Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).-Sources 1
and 2
(13,26,68)

14. Current liabilities of business failures (M).-Dun
& 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).-Source2
(26,68)

(18,51,62,89)

16. Corporate profits after tax in current dollars (Q).—
Sourcel
(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 1982 dollars ( Q ) . Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Source 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).-Source3
(17,62)

917. Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

20. Contracts and orders for plant and equipment in
1982 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).—
Source 3
(16,61)

930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).-Source 1 (29,69)

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)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

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)

I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 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

(12,16,61)

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
(29,70)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

7. Manufacturers' new orders in 1982 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 1982 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)

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)




30. Change in business inventories in 1982 dollars ( Q ) . Sourcel
(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)

43. Unemployment rate (M).-Source3

(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).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q). Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).—Source

1

(19,39,40,63,80)

51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).—Source 1

(19,63)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)
54. Sales of retail stores in current dollars (M). -Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Sourcel
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sourcesland2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sourcesland2
(14,22,65)
58. Index of consumer sentiment (Q.M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M). Sources 1
and 2
(22,65)

.113

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)

88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment (Q).Source 1
(25,67)

61. Expenditures for new plant and equipment (Q).
Source 1
(24,67)

89. Gross private residential fixed investment in 1982
dollars (Q).-Source 1
(25,67)

62. Index of tabor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)

90. Ratio, civilian employment to population of working age (M).—Sources 1 and 3
(17,62)

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91. Average duration of unemployment in weeks (M). •
Source 3
(15,18,62)

64. Compensation of employees as a percent of national
income (Q).-Sourcel
(30,47,70,83)

93. Free reserves (M).-Source4

65. Manufacturers' inventories, finished goods, book
value(E0M).-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 1982 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 1982 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).-Source 4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Souree 4
(20,63)
75. Index of industrial production, consumer goods
(M).-Source4
(22,65)
76. Index of industrial production, business equipment
(M).-Source4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982dollars (M).™Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
2
(27,68)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).—Source 1
(29,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q). •
Source 1
(29,70)
82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M) .-Source 4

(31,71)

86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)

114




(33,72)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)
95. Ratio, consumer installment credit outstanding to
personal income (M).—Sources 1 and 4
(15,35,73)
96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board

(24,66)

I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components (M). -Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Sourcel
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(35,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).^Sources 1 and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas ( M ) . - Source
1 and U.S. Department of Labor, Employment and
Training Administration; seasonal adjustment by
Bureau of Economic Analysis
(36,74)

98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).-Source
3
(36,74)

99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)

964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M) Sources 1 and 2

101. Commercial and industrial loans outstanding in 1982
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)

(37,75,77)

(31,71)

965. Diffusion index of newly approved capital appropriations in 1972 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)

104. Change in total liquid assets (M),-Sources 1 and
4
(31,71)

966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)

105. Money supply Ml in 1982 dollars (M).-Sources 1
and 4
(31,71)

967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)

102. Change in money supply M2 (M).-Source 4

106. Money supply M2 in 1982 dollars (M).-Sources 1
and 4
(13,31,71)
107. Ratio, gross national product to money supply Ml
(Q).—Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M),
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
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. Net change in business loans (M).—Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)
113. Net change in consumer installment credit (M).—
Source 4
(32,72)
114. Discount rate on new issues of 91-day Treasury
bills (M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M)-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages ( M ) . U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)
119. Federal funds rate (M).-Source4

(34,72)

968. Diffusion index of stock prices, 500 common stocks,
45-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. 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)
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)
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)

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 1982
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

(46,82)

292. Personal saving (Q).—Source 1

(46,82)

247. Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

293. Personal saving rate (Q).—Source 1

(46,83)

295. Business saving (Q).—Source 1

(46,82)
248. Gross private nonresident ial fixed investment as a
percent of gross national product (Q) —Source 298. Government surplus or deficit (Q).—Source 1
1
(47,83)
(46,83)

978. Diffusion index of selling prices, retail trade-about 249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source II—B. Prices, Wages, and Productivity
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).—Source 1
(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 1982 dollars (Q).— 252. Exports of goods and services in current dollars
(M).-Source 3
(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 1982 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 1982 dollars
3
(48,85)
income (Q).-Source 1
(30,47,70,83)
(Q).-Sourcel
(44,82) 331. Producer price index, crude materials for further
200. Gross national product in current dollars (Q).— 256. Exports of goods and services in 1982 dollars
processing (M).—Source 3
(48,85)
Source 1
(40,80)
(Q).-Source 1
(44,82) 332. Producer price index, intermediate materials, sup213. Final sales in 1982 dollars (Q).—Source 1
(40,80) 257. Imports of goods and services in 1982 dollars
plies, and components (M).-Source 3
(48,86)
217. Per capita gross national product in 1982 dollars
(Q).-Sources 1 and 2
(40,80)
220. National income in current dollars (Q) —Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

(Q).-Sourcel

(44,82)

260. Government purchases of goods and services in
current dollars (Q).—Source 1
(43,81)
261. Government purchases of goods and services in
1982 dollars (Q).-Sourcel
(43,81)
262. Federal Government purchases of goods and services in current dollars (Q).—Source 1
(43,81)

333. Producer price index, capital equipment ( M ) . —
Source 3
(48,86)
334. Producer price index, finished consumer goods

(M).-Source 3

(48,86)

335. Producer price index, industrial commodities
(M).-Source3
(48,85)

263. Federal Government purchases of goods and services in 1982 dollars (Q).-Source 1
(43,81)

340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)

227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as a percent of gross national product (Q).—
Source 1
(47,83)

341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)

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 1982 dollars
(Q).-Source 1
(41,80)

267. State and local government purchases of goods and
services in 1982 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).-Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)

280. Compensation of employees (Q).—Source 1

(45,82)

235. Personal consumption expenditures as a percent of
gross national product (Q).-Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).-Source 1
(47,83)

237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).-Source 1
(41,81)
239. Personal consumption expenditures in 1982 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 1982 dollars
(Q).-Sourcel
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)




284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(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)
370. Index of output per hour, all persons, business
sector (Q).-Source 3
(49,88)

II—C. Labor Force, Employment, and
Unemployment
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

288. Net interest (Q).-Source 1

(45,82)

(M).-Source 3

(51,89)

115

TITLES AND SOURCES OF SERIES—Continued
446. Number unemployed, both sexes 16-19 years of
age(M).-Source3
(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)

Il-D. Government Activities
500. Federal Government surplus or deficit (Q).-Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1

(52,90)
502. Federal Government expenditures (Q).—Source
1
(52,90)
510. State and local government surplus or deficit (Q).

Source 1

(52,90)

511. State and local government receipts (Q). Source
1
(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)
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)

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)

602. Exports, excluding military aid shipments (M).
Source 2
(56,92)
604. Exports of domestic agricultural products ( M ) . ~
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).~Source2

(56,92)

614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).—Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military

(Q).-Sourcel

(57,93)

622. Balance on merchandise trade (Q) —Source 1

(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

559. Manufacturers' inventories, defense products, book
value (EOM).-Source2
(54,91)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)

116

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)

728. Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)

667. Balance on goods and services (Q).—Source 1
(57,93)




722. United Kingdom, index of industrial production
(M).-Central Statistical Office (London)
(58,94)

II—E. U.S. International Transactions

557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)

565. National defense purchases as a percent of gross
national product (Q).—Source 1
(55,91)

721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M) .—Organization for Economic Cooperation and Development (Paris)
(58,94)

727. Italy, index of industrial production (M). - Istituto
Centrale di Statistica (Rome)
(58,94)

652. Income on foreign investment in the United States
(Q).—Source 1
(57,93)

564. Federal Government purchases of goods and services, national defense (Q).-Source 1
(55,91)

320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

548. Manufacturers' new orders, defense products ( M ) . Source 2
(53,90)

561. Manufacturers' unfilled orders, defense products
(EOM) —Source 2
(54,91)

47. United States, index of industrial production ( M ) . Source 4
(14,20,39,58,63,78,94)

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). - Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M) .-Institut National
de la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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