Full text of Business Conditions Digest : February 1988

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

SINESS
NDITIONS
UARY 1988







U.S. DEPARTMENT OF COMMERCE
C. William Verity, Secretary
Robert Ortner, 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
George R. Green, 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
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Peter M. Taylor, Council of Economic Advisers
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence

concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

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

.

ItCII
FEBRUARY 1 9 8 8
Data Through January
Volume 28, Number 2

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

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 .

.

Chart
10
12
14
15

Table
60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change




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

BCI»




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2
A3
A4
A5
_A6_
A7
A8

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

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

.

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

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 111. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors
C. Historical Data for Selected Series
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (January 1988 issue)
F. Specific Peak and Trough Dates for Selected Indicators (November 1987 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

106
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent find-

Changes in this issue are as follows:

ings of economic

1. New seasonal adjustment factors for the 23 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 many of these series.

research, newly available time series, and
revisions made by
source agencies in
concept, composition,

Series
number

Beginning date for
new factors

Series
number

5
9
10
12
13
72
112
517
525
543
570
578

January 1988
January 1986
January 1986
January 1987
January 1986
January 1988
January 1988
November 1987
January 1985
November 1987
January 1986
November 1987

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

Beginning date for
new factors
December 1987
December 1987
December 1987
December 1987
December 1987
December 1987
January 1988
December 1987
December 1987
November 1987
December 1987

2. The average weekly insured unemployment rate (series
45) 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 Labor, Employment and
Training Administration, Office of Administration Management.
3. The series on new private housing units started
(series 28) has been revised for the period 1985 to date to
reflect a new seasonal adjustment by the source agency.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of the
Census, Construction Statistics Division.
(Continued on page iv.)
The March issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on April 4.




comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

4. The producer price indexes (series 98 and 330-335) have been revised by the source agency for the period 1947 to
date to reflect a new reference base year (1982=100). In addition, the seasonally adjusted producer price indexes have
been revised for the period 1983 to date to reflect a new seasonal adjustment.
The series on change in sensitive materials prices (series 99) has been revised for the period 1947 to date to incorporate the revision in 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 330335); and the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division (series 99).
5. The series on manufacturers' new orders in 1982 dollars for durable goods (series 7) and for consumer goods and
materials (series 8) and the series on change in inventories on hand and on order in 1982 dollars (series 36) have been
revised to incorporate the revisions in the producer price indexes used as deflators. (See item 4, above.) Series 7 has
been revised for the period 1947 to date; series 8 and 36, for the period 1948 to date.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
6. The series on commercial and industrial loans outstanding (series 72, 101, and 112) have been revised for the
period 1987 to date to reflect changes in the reporting panels and, for series 101, revisions in the producer price index
used as a deflator. (See item 4, above.)
The series on change in business and consumer credit outstanding (series 111) has been revised for the period 1987 to
date to incorporate the revision in series 72, which is one of its components.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
7. The consumer price indexes for all urban consumers (CPI-U)--series 320 and 322--have been revised by the source
agency for the period 1947 to date to reflect a new reference base year (1982-84=100). In addition, the seasonally adjusted consumer price indexes have been revised for the period 1983 to date to reflect a new seasonal adjustment.
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.
8. The series on wages and salaries in 1982 dollars for mining, manufacturing, and construction (series 5 3 ) , for
which CPI-U is the deflator, has been revised for the period 1947 to date. (See item 7, above.) In this issue, this series is shown in 1982-84 dollars; in the future, it will be shown 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.
9. 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, updated seasonal adjustment factors, and technical redefinitions (affecting M l ) .
When completed, these revisions will extend back to 1959. In this issue, revised data are shown for the period March 1986
to date. Revised data for the earlier period will be shown in a future issue.
In addition, the series on U.S. money supply in 1982 dollars (series 105 and 106) have been revised for the period
1947 to date to incorporate revisions in their CPI-U deflator. (See item 7, above.) In this issue, these series are
shown in 1982-84 dollars; in the future, they will be shown in 1982 dollars.
Further information concerning the money supply revisions may be obtained from the Board of Governors of the Federal
Reserve System, Division of Research and Statistics, Banking Section. Information concerning the deflation of the money
supply may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division,
10. 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 1983 to date to incorporate the new seasonal
adjustment of the consumer price index for urban wage earners and clerical workers (CPI-W).
Further information concerning this revision may be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Productivity and Technology, Division of Productivity Research.
11. Appendix C contains historical data for series 5, 37, 39, 42-44, 60, 90, 91, 93, 94, 109, 441, 442. 444-448, 451453, and 962.
12.

Appendix G contains cyclical comparisons for series 1, 41, 47, and 53.




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 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1952, and a few charts use a two-panel
format which covers only the period since 1976.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984

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

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




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.

MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.

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

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

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

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

Economic
\Process

Cyclicals.
Timing N v

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 (1 series)

Interest rates
(1 series)

VII.
MONEY AND
CREDIT
(28 series)

B. Timing at Business Cycle Troughs
N.
N.

Economic
Process

Cyclical^
Timing ^ v

1.

II.

V.

VI.

PRODUCTION
AND INCOME
(10 series)

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

IV.

EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

FIXED CAPITAL
INVESTMENT
(19 series)

INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

PRICES, COSTS,
AND PROFITS
(18 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)
Cash flows (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)
II l v l w i t 1 VIVw

TIMING
UNCLASSIFIED (U)
(1 series)




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

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984

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




indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 18
series at all turns (of the 18, 14 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984

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

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

the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.

4



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 1976.
The group of series on wages and productivity
consists of data on average hoifrly 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
Unemployment

Force, Employment, and

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 1976) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1976) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

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

Various scales are used to

Diffusion Indexes

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

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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




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

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

Unit
of
measure

1

Percent change

Annual average
1986

1987

2dQ
1987

3dQ
1987

4th Q
1987

Nov.
1987

Dec.
1987

Jan.
1988

Nov.
to
Dec.
1987

2dQ
to
3dQ
1987

Dec.
to
Jan.
1988

3dQ
to
4th Q
1987

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

L,L,L.
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

.967 = 100...
do
do
do
do..
do..
do..
do-

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

179.3
164.7
141.9
116.1

189.9
169.3
142.2
119.1

189.3
167.8
141.8
118.3

192.3
169.7
141.4
120.0

191.6
172.4
142.7
120.8

190.7
171.7
142.9
120.2

191.3
173.0
143.2
120.8

190.2
172.7
141.8
12 1.8

0.3
0.8
0.2
0.5

-0.6
-0.2
-1.0
0.8

109.5
103.4
119.0
143.9

NA
106.2
NA
146.0

NA
106.0
121.8
144.8

NA
106.7
125 . 0
145.0

NA
107.3
NA
147 . 1

NA
107.2
116.7
147.0

NA
107 .7
NA
147.2

NA
106.5
NA
NA

NA
0.5
NA
0. 1

NA
-1. 1
NA
NA

40.7
3.4
370

41.0
3.7
320

40.9
3.7
326

40.9
3.7
303

41.2
3.9
296

41.2
3.9
293

41.0
3.9
312

41. 1
3.9
351

0.500
138

0.616
153

0.602
151

0.652
158

0.671
160

0.680
162

0.661
155

1 8 5 . 3 1 189.82 188.94 189.44 192.45
1 0 6 . 4 3 1 0 9 . 2 3 1 0 8 . 9 1 109 . 6 7 1 1 0 . 2 7
9 9 . 6 1 1 0 2 . 1 0 1 0 1 . 7 1 102 . 2 8 1 0 3 . 2 9
2 4 , 6 8 1 24,885 24,757 24,884 25,164

192.40
110.33
103.28
25 , 1 6 9

1.6
1.1
-0.3
1.4

-0.4
1.6
0.9
0.7

NA
0.7
2.6
0.1

NA
0.6
NA
1.4

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 (inverted4)
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers

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

Hours
do
Thousands.
Ratio
1967 = 100...

Comprehensive Employment:
48. Employee hours in nonagricultural establishments....
42. Persons engaged in nonagricultural activities
*41. Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3

.. U,Lg,U.... 'ercent

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted4)3
45. Avg. weekly insured unemployment rate (inv.4)3
•91. Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3

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

. U,C,C. A.r., bil. hrs...
. U,C,C. Millions
do
.. C,C,C.
Thousands

ThousandsPercent
do....
Weeks
Percent

-0.5
0.
-6.5

0.2
0.
-12.5

0.
0.
7.1

0.7
0.2
2.3

0.646 - 0 . 0 1 9
153
-4.3

NA
NA

0.050
4.6

0.019
1.3

192.72 192.74
110.53 110.84
103.60 103.70
2 5 , 2 5 8 25 , 2 1 9

0.2
0.2
0.3
0.4

0.
0.3
0. 1
-0.2

0.3
0.7
0.6
0.5

1.6
0.5
1.0
1.1

59.94

60.77

60.69

60.91

6 1 . 10

6 1 . 11

61.19

61.33

0.08

0.14

0.22

0 . 19

8,237
7.0
2.8
15.0
1.9

7,425
6.2
2.4
14.5
1.7

7,479
6.2
2.4
14.8
1.7

7,199
6.0
2.3
14.2
1.6

7,082
5.9
2. 1
14.1
1.5

7 ,090
5.9
2.1
14.0
1.5

6,978
5.8
2. 1
14.2
1.5

7 ,046
5.8
2 .3
14.4
1.4

1.6
0. 1
0.
-1.4
0.

-1.0
0.
-0.2
-1.4
0.1

3.7
0.2
0.1
4. 1
0.1

1 .6
0.1
0.2
0.7
0.1

3713.3
3093.6

3820.3
3151.7

3795 . 3 3 8 3 5 . 9
3133.2 3 1 4 8 . 1

3877.9
3192.7

3178.2

3200.7

3202.8

0.7

0.1

1. 1
0.5

1. 1
1.4

2736. 1 2722.3

0.8

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

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

..do..

2639.9

2694.8

2675.7

2691.3

2744.3

2736.9

-0.3

0.6

1.7

C,C,C.

..do..

561.3

556.8

553.8

554.2

560.6

561 . 3

561.5

561.5

0.

0.

0.1

1.2

125.1
129.8
128.2
128.4
133. 1
131.4
1
35.7
130. 1
136.7
1 5 9 5 . 0 1655 . 6 1 6 3 8 . 2

130.9
133.7
138.6
1666.8

133.0
136.9
139.4
1691.6

133.0
136.7
139.4

133.6
137. 1
140.6

133.8
137.2
141.2

0.5
0.3
0.9

0.1
0.1
0.4

2.1
1.8
2.1
1 .7

1.6
2.4
0.6
1.5

0.9
1.6

0.8
1.7

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

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

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

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

Percent
do

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

Bil. dol
do

79.7
78.6

81.0
80.4

80.5
79.4

81.4
81.0

82.2
82 .7

82.2
82.7

82.4
83.3

82 . 4
83.3

0.2
0.6

0.
0.

9 9 . 9 3 107.54
92 . 9 4
98.09

107.72
98.85

108.41
98.68

112 . 5 2
101.33

110.95
99.95

115.51
103.60

112 . 2 3
100.20

4.1
3.7

-2.8
-3.3

0.6
-0.2

3.8
2 .7

0.8
-0.07
0.6
5

-4.2
0.47
0.8
-3

0.
-1.27
2.6
6

2.0
-0.57
2.1
5

1.3
0.6
0.2
1.2
1.2

NA
NA
0.4
0.5
0.1

4.5

NA

2.3
1.5
1.6
1.8
0.9
18.5
2.3

1.2
0.
0.3
-1.0
-1.7
-12.4
-8.0

1.3
-5.9

1.7
NA

0.6
0.4

1 .6
-3.4

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders in 1982 dollars, durable goods
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3 (u)

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

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

80.83
-0.10
361.86
52

84.76
84.51
84.52
2 .32
4.48
3.21
389.77 372.22 381.85
61
58
64

86.17
85.93
86.65
83.01
2.64
2 .57
2.50
2.97
3 8 9 . 7 7 3 8 7 . 2 7 3 8 9 . 7 7 392 . 7 4
69
66
71
68

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 )

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

Bil. dol
do
1977 = 100
Bil. dol
do
A.r., bil. dol
IQ 1966=100

425.35
419.40
124.0
119.79
113.24
135.3
94.8

451.44 447.46
432.42 429.79
127.7
126.7
125.47 125.38
113.03 113.33
130.2
125 . 1
90.6
91.8

457 . 5 3
436.09
128.7
127.59
114.33
148.3
93.9

463.20
436.03
129 . 1
126.36
112.39
129.9
86.4

460.62
433.95
129. 1
125 . 9 9
111.99

466.57
436.36
129.3
127.46
113.30

83.1

86.8

120.4
58,474

120.7
57,094

119.8
57,280

120.5
57,500

122.4
55,550

122.4
57,358

124.0
53,954

NA
NA
129.8
128.08
113.44
90.8

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




.... L,L,L 1967 = 100
.... L,L,L Number

126. 1
NA

L,L,L.

Bil. dol..

31.22

34.29

34.13

35.37

36.20

34.60

38.77

38.18

12.1

-1.5

3.6

2.3

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

do
do

3 4 . 16
26.56

37.53
29.59

37.48
29.44

39.05
30.42

39.43
31.45

37.52
30.08

41.66
33.84

42 . 7 3
34.37

11.0
12.5

2.6
1.6

4.2
3.3

1.0
3.4

30.03

33.43

33.37

34.76

35.33

33.64

37.41

39.45

11.2

5.5

4.2

1.6

L,L,L.

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

1

Series title and timing classification

Annual
1986

Percent change

verage
1987

2dQ
1987

3d Q
1987

79.72
32.26
74.64

85 . 14
30.87
77 . 4 1

4th Q
1987

Nov.
1987

Dec.
1987

Nov.
to
Dec.
1987

Jan.
1988

2dQ
to
3d Q
1987

Dec.
to
Jan.
1988

3dQ
to
4th Q
1987

I. CYCLICAL INDICATORS—Con.
64. 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
5
97. Backlog of capital appropriations, mfg.
C,Lg,Lg.... Bil. dol., EOP .
Business Investment Expenditures:
61. Expenditures for new plant and equipment
C,Lg,Lg.... A.r., bil. dol...
69. Mfrs.' machinery and equipment sales and business
construction expenditures
C,Lg,Lg....
do
76. Industrial production, business equipment
C,Lg,U.... 1977 = 100...
86. Nonresidential fixed investment in 1982 dollars
C,Lg,C... A.r., bit. dol...
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars

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

77.06
21.42
69.72

80.73
NA
NA

379.47

390.57

377 . 6 5

391.43
139.5
443.8

402.69

393.20
142.7

1,805

1,621
122.5
196 . 5

141.3
196 . 4

144.4
447 .7

80.83
NA
NA

75.90

84.37

422.24 415.43
148.6
148.3
463 . 2

435.99

69.43

11.2

-17.7

3 9 3 . 13 4 1 7 . 2 5

412.05
145.8
437 . 9
463.8
1,606
122.5
196 . 8

1,619
119.4
193.5

1,534
114.1
197 . 3

1 ,661
117 . 1

148.7

NA
148.6

1,404
108.5

1 ,377
100.2

4.9

0.3

-15 .5
-7.3

NA
-0.1

-1.9
-7.6

6.8
-4.3
3. 7

-5.1
NA
NA

4.1

6 . 1

4.8
2.2
5 .9
0.8
-2.5
-1.7

2 .5
1.9
-0.1

-5.3

-4.4
2 .0

65. 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 inventories3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3

L,L,L...
do..
do..

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

Inventories on Hand and on Order:
71. Mfg. and trade inventories5
'.
Lg,Lg,Lg.... Bil. dol., EOP .
70. Mfg. and trade inventories in 1982 dollars5
Lg,Lg,Lg....
do
5
65. Mfrs.' inventories, finished goods
Lg,Lg,Lg....
do
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
Lg,Lg,Lg--- Ratio
78. Mfrs.' inventories, materials and supplies on hand
and on order5
L,Lg,Lg.. Bil. dol., EOP .

13.8

42.0

39 . 0

24.6

56 . 7

-14.4

32 . 1

5.33
2.0

28.24
49 .2

33.82
47.0

27.82
30.3

34.37
78.2

36.86
77.9

44.21
65.4

NA
NA

7.35
-12.5

NA
NA

-6.00
-16.7

6.55
47.9

-0.29

1.67

2 .09

2.11

2.17

1.11

3.50

NA

2.39

NA

0.02

0.06

701.87 674.75 682.32
6 6 9 . 18 6 5 6 . 9 8 6 5 8 . 3 1
107.66 103.48 104.77

701.87
669.18
107.66

696.42 701.87
667.60 669.18
1 0 6 . 8 0 107 . 6 6

NA
NA
NA

0.8
0.2
0.8

NA
NA
NA

1.1
0.2
1.2

2.9
1.7
2.8

652.62
643.29
103.23
1.54

1.52

1.53

1.51

1.53

1.54

1.53

NA

-0.01

NA

-0.02

0.02

226.64

246.67

233.86

240.18

246.67

243.17

246 . 6 7

NA

1.4

NA

2.7

2.7

1.26
293.2
1 .04

1.29
292 . 0
1.10

0.
293.1
0.72

0.60
292 .5

245 . 0 1 2 4 0 . 9 6

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

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

Percent
1967 = 100....
Percent

0.43
228.9
0.16

1.35
274.5
0.98

1.35
267.6
0.79

2.28
288.3
1.50

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

L,L,L.

1941-43 = 10.

236.34

286.83

293.27

319.37

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

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

A.r., bil. dol...
do
do
do
Cents
1977 = 100...

126 . 8
116.7
179.4
170.0
3.7
99.2

137.6
NA
NA
NA
NA
99 . 6

134. 5
120.5
162.6
148.8
4.8
99 . 4

141 . 9
126 . 8
172.0
157.7
5.6
100.2

NA
NA
NA
NA
NA
99 . 6

5.5
5.2
5 .8
6.0
0.8
0.8

NA
NA
NA
NA
NA
-0.6

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

L,L,L.
L,L,L

Ax, bil. dol..
do

368.9
369.0

388. 1
NA

384.6
384.3

392.2
391.5

NA
NA

2.0
1.9

NA
NA

1977 = 100...

166.9

17 0 . 2

170.2

169.8

17 1 . 4

-0.2

0.9

Dollars

0.715

0.727

0.728

0.727

NA

1977 = 100...
Percent

137.8
100.4

135.5
98.7

135.5
98.8

134.6
98.1

135 . 0
98.4

73.0

72.8

NA

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,Lg,Lg..
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg..
62. Labor cost per unit of output, mfg.
a) Actual data
Lg,Lg,Lg..
*b) Actual data as percent of trend3
Lg,Lg,Lg..
64. Compensation of employees as percent of
national income3
Lg,Lg,Lg..

73.2

NA

255.38

0.33

-1.29
0.4
-0.38

0.60
-0.2
-0.39

0.93
7.7
0.71

-1.02
1.7
-0.46

250.48

-1.7

4.0

8.9

-20.0

-0. 1
135. 1
98.5

134.8
98.3

135.0
98.4

-0.2
-0.2

0.1
0.1

-0.7
-0.7
-0.2

NA
0.3
0.3
NA

67. Money and Credit
Money:
85. Change in money supply Ml 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
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23..
Credit
33.
112.
113.
•111.
110.

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

Credit Difficulties:
39. Delinquency rate, installment loans (inverted4)3 5




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

... C,C,C.
.. C,Lg,C

.do.
.do.
do
Bil dol,

Ratio
do..

1.32
0.74
0.63
608.9
2452.3
6.356
1.316

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

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

NA
10.50
54.99
6.6
6 2 3 87

L,L,L.

Percent, EOP

2.26

0.36
0.29
0.20
0.27
0.48
0.39
654 . 8 6 5 7 . 9
2518.6 2517.9
6.032
1.309

5.971
1.302

0.24
-0.46
0 , 15
0.34
0.24
0.08
0.39
0.38
0.32
653.5
652.8
653.0
2511. 1 2 5 1 3 . 8 2513.2
6.065
1.311

NA
NA
NA
9.50
-6.60 -16.36
34.78
59
.
14
31.63
5.8
5.4
5.4
NA 6 1 5 . 7 5 56 1 , 3 9

2.47

2.35

2.35

6.113
1.330

NA

4 4 . 19
39.86
9 .5
NA

2.47

1 .08
-0.25
0.82
0.15
0 . 16
NA
650.0
654.8
2511.9 2523.7

1.326

1.325

1.333

NA
6.59
31 . 6 1
6.4

NA
NA
81.85 - 9 0 . 5 0
53.40
NA
NA
12 . 9

0.21
0.07
- 0 . 16
-0.5
-0.1

0.008

1.33
0.67
NA
0.7
0.5

-0.007

NA
NA
7 5 . 2 6 -172.35
NA
21.79
NA
6.5

-0.12
0 . 14
-0.10
-0.8
-0.3

-0.09
-0.10
0.01
0.1
0.1

0.094
0.009

0.048
0.019

NA
-9.76
27.51
0.

NA
60.55
-19.28
4. 1
NA

-8.8

2.54

2 .47

NA

0.07

NA

0.

-0.12

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

Series title and timing classification

1

Annual
1986

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 ©
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 loans3 ©
*109. Average prime rate charged by banks 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3

93
836

Percent change

average
1987

2d Q
1987

3d Q
1987

4th Q
1987

Nov.
1987

Dec.
1987

Nov.
to
Dec.
1987

Jan.
1988

241
756

97
935

109
753

6.66
5.83
9.69
8.63
7 .64
1 0 . 16
8.09
8.20

6.65
5.73
9.65
8.58
7 .78
10.32
8.24
8.05

6.84
6.03
1 0 . 14
9.08
7.93
10.72
8.20
8.40

Lg,Lg,Lg... Bil. dol., EOP . 577 . 7 9 6 1 2 . 5 7
Lg,Lg,Lg... Bil. dol
342.53 378.83

587.82
379.51

602.61 612.57
373.37 379.98

608.12 6 1 2 . 5 7
NA
377.89 3 8 4 . 7 1 377. 17

3 6 0 . 17 3 6 4 . 9 0

362.66 3 6 9 . 5 6 360.92

L,U,U... Mil. dol
do
L,Lg,U...
L,Lg f Lg- Percent
do
C,Lg,Lg...
Lg,Lg,Lg.C,Lg,Lg...
do
U,Lg,Lg...
do
Lg,Lg,Lg...
do
Lg,Lg,Lg...
Lg,Lg,Lg...

Lg,Lg,Lg...

....do

6.80
5.97
9.23

8.14
7.32
9.91
8 . 11
8.33

245
782
6.92
6.00
10.37
9.24
8.20
10.76
8.47
8.87

298
625

252
777

6.69
5.81
10.09
8.99
7.95
10.76

6.77
5.80
10.22
9.12
7.96

8.78

1987

216
1,082

46
152

36
305

10.63

6 .83
5.90
9.81
8.82
7.69
10.16

0.08
-0.01
0. 13
0.13
0.01
- 0 . 13

0.06
0 . 10
-0.41
-0.30
-0.27
-0.47

8.75

8.75

-0.03

341.98

368.60

370.26

15.71

15.81

15.77

15.86

15.80

15.84

15.84

1982=100
1982-84 = 100.
Percent
1982-84 = 100,
1982 = 100
do
do
do
do
do

114.1
109.6
0.1
109.0
100.2
100.0
87.7
99. 1
109.7
101.4

117.5
113.6
0.4
113.5
102.8
102 . 6
93.6
101.5
111.7
103.6

117.1
113. 1
0.4
113.3
102 . 5
102 . 0
93.7
100.8
111.4
103.5

117.9
114.4
0.3
114. 1
103.7
103.4
96. 1
102 . 3
112 . 0
104.4

118.7
115.4

115 .4
0.3

114.9
104.1
104.1
95.2
103.6
112 .2
104.3

114.8
104.2
104.2
94.8
103.6
112.1
104.4

115.4
0.2
115.3
104.1
104.1
94.6
103.9
112.3
103.9

115.7

0.3

1977 = 100

169.3

173.5

172.8

174.0

175.4

175.8

175.4

95.0
181.2
100. 1
109.5
107 . 5

94.0
186,3
99.4
1 10.5
108.4

94.0
185 . 5
99.3
110.1
108.0

93.7
187. 1
99 . 2
111.3
109.1

93.6
188.6
99 .2
111.1
109 .0

93.8

93.5

Lg,Lg,Lg... Percent

2dQ
to
3dQ

Dec.
to
Jan.
1988

NA

0.

-12

3dQ
to
4th Q
1987

-182

-136
29

0.19
0.30
0.49
0.50
0.15
0.40
-0.04
0.35

0.08
-0.03
0.23
0 . 16
0.27
0.04
0.27
0.47

2.5

1.7
1.8

0.7
1.8

NA
-2.0

-1.6

1.9

-2.3

-2.7

1.3

0.09

-0.06

0.

NA

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

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

0.

0.7
1.1

0.7
0.9
0.
0.7
0.4
0.7
-0.9
1.3
0.2
-0. 1

-0.5

0.3
0.1
0.3
0.4
0.2
-1.1
0.3
0.2
0.4

176.3

-0.2

0.5

0.7

0.8

93.6

-0.3

0. 1

-0.3
0.9
-0.1
1.1
1. 0

-0.1
0. 8
0.
-0.2
-0.1

1 1 7 . 8 3 1 1 9 . 8 6 1 1 9 . 6 3 1 2 0 . 0 5 120.57 120.59 1 2 0 . 7 2 121.18
1 0 9 . 6 0 1 1 2 . 4 4 112 . 15 1 1 2 . 8 5 113.49 113.50 1 1 3 . 7 4 114.13
8,237
7,425
7 ,479
7 , 199
7 ,082 7,090 6 , 9 7 8 7 ,046
3,751
3 , 369
3,444
3,233
3, 124 3, 135 3 , 0 6 3 3, 154
3,032
2 ,709
2 , 6 8 9 2 , 6 7 1 2,615
2,620 2 , 6 1 1 2 ,581
1 ,454
1,347
1 ,346
1 ,296
1,304
1,342
1,335
1,312
6,708
5,979
6,045
5 ,767
5,670 5 ,684 5 , 6 0 1 5 ,603

0.1
0.2

0.4
0.3
1.0
3.0
-1.1
0.6
0.

0.4
0.6
-3.7
-6.1
-0.7
-3.7
-4.6

0.4
0.6
-1.6
-3.4
-2 .1
3.5
-1.7

0. 1
0. 1
0.5

-0.2
0.2
0.6

0.
0.2
0.2

3 .4
0.
-0. 3
-4. 1
1 .0
1.7

NA
NA
4 .2
NA
NA
2.3

NA
NA
-12 .1
0.3
NA

1.5
8.6
-7.9
0.1
0.1
1.5

-14.2
-20.5
0.4
0.4
0.1
0. 3

NA
NA
NA
NA
NA
NA

-0.3
14.3
6.0
3.2
22.6
-1.8

13. 1
-7.7
13. 1
4.7
-15 .7
15 . 0

0.3

115.6
104.5
104.3
93.6
104.2
112 .5
104.3

-0.1
0.4

-0.1
-0.1
-0.2
0.3
0.2

-0.1

0.7
1.2
1.4
2.6
1.5
0.5
0.9

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
do
do
do

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

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

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

Millions
do
Thousands...
do
do
do
do

-1 .6
-2.3
-0.3
-2.3
-1.5

77.9
56.3
54.9

77.9
56.5
55. 1

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

-204.7 -151.4 -139.2 -135.8
827.4
917.0
922.9
923.0
1032.0 1068.4 1062. 1 1058.8
56.8
44 . 3
50.6
46 . 5
618.8
651.4
651.3
657.6
607 . 0 6 0 0 . 7
561.9
611.1

NA
NA

Mil. dol
do
do
1977 = 100...
Thousands
A.r., bil. dol...

29 , 9 8 8 3 0 , 8 1 2 3 2 , 3 5 7 3 2 , 8 5 0 28, 186 30,794 2 4 , 5 3 2
1 1 , 9 9 8 1 2 , 0 3 2 12 , 3 3 0 1 3 , 3 8 6 10,636
9,383 1 1 , 9 1 2
9,099
9,209 10,341
9 ,519
9,560 9 ,739 8 , 9 4 1
182.0
189. 1
189.0
189.2
189.9
189.8 1 8 9 . 7
1,585
1,597
1 ,595
1,597
1,598
1,598
1,598
277.8
295.2
294.5
299 . 0
299.9

7,858
190.2
NA

0.

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

1 8 , 0 5 2 21 , 07 1 2 0 , 8 0 1 2 0 , 7 3 7 23,450 23,798 2 4 , 8 0 1
2,164
2 ,400 2,363
2,700
2 ,49 1 2 ,409 2 , 4 7 2
3,907
4,428
4 , 2 12
4,466
5 ,050 5,371 5 , 3 7 1
3 0 , 5 0 5 3 3 , 8 2 5 3 3 , 5 2 1 3 4 , 5 7 9 36,2 11 35,474 3 5 , 4 4 4
2 ,894
3,471
3,301
4,046
3,410 3,292 3 , 158
5 ,578 5 ,896
5,811
5 , 7 0 5 6 ,559
6 ,342 6 , 5 6 0

NA
NA
NA
NA
NA
NA

4.2
2.6
0.

Percent,
do.
do

78.1
55.5
54.7

78.0
56.2
54.7

78. 1
56. 1
54.3

78.0
56.5
54.8

77.8
56.6
55.5

77.9
56.7
56.0

-0.2
0.1
0.7

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

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 .

1 103.1
NA
NA

625 .2

D2. Defense Indicators
NA
NA

-20.3
27.0
-8.2
-0.1

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

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




-0.1
-4.1
3.4

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

Unit
of
measure

Percent change

Annual average
3d Q
1986

4th Q
1986

3d Q
1987

1st Q
1987

2dQ
1987

-25 .27 -31.42
NA - 3 2 . 2 5 - 3 3 . 8 4
NA
89.86
93.24
93.89
93.20
NA 1 2 5 . 4 9 1 2 7 . 7 3
115 . 14 1 2 4 . 6 2
- 3 0 . 5 4 - 3 6 . 0 8 -39.80 - 3 7 . 1 2 - 3 8 . 6 0
57.02
53.98
62.70
56.53
56.09
95.62
84.52
93.65
92 . 1 8 1 0 2 . 5 0
22.08
20.79
NA
2 1.33
22.05
15.72
NA
16.30
15.99
16.84

-33.68
98.95
132.63
-38.92
56.77
95.69
24.95
19.45

- 3 8 . 10
100.29
138.39
-39.74
59.88
99.62
22.45
20.88

-40.45
NA
NA
105.88
146.33
NA
-40.36 -40.17
69.06
65.11
105.48 109.23
22.58
NA
22 .85
NA

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

4010.3 4235.0 4 4 8 7 . 7
3607.5 3713.3 3 8 2 0 . 3
15,073 15,368 1 5 , 6 6 9
3600.1 3699.5 3 7 7 8 . 3
2841.1 3022.1 3 1 8 1 . 5
2542.2 2645.1 2 6 7 6 . 7
10,622 10,947 1 0 , 9 7 9

4445. 1
3795.3
15 ,588
3756.3
3130.6
2645.5
10,865

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

2629.4 2 7 9 9 . 8
2352.6 2450.5
368.7
402.4
352.7
383.5
913. 1
939.4
849.5
877.2
1 3 4 7 . 5 1458.0
1 1 5 0 . 4 1189.8

1987

4th Q
1987

3d Q
to
4th Q
1987

1st Q
to
2dQ
1987

3d Q
1987

-4.42
1.4
4.3
-0.82
5.5
4.1
-10.0
7 .4

-2.35
5.6
5 .7
-0.62
8.7
5.9
0.6
9.4

NA
NA
NA
0.19
6 .
3.6
NA
NA

2dQ

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

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States .

I. dol
do...
do...
do...
do..
do..,
do...
do...

A. National Income and Product
Al. GNP and Personal Income
200.
50.
217.
213.
224.
225.
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 personal income in 1982 dollars..

230.
231.
232.
233.
236.
238.
237.
239.

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

4265.9
3718.0
15,370
3711.9
3038.2
2653.2
10,968

4288.1
3731.5
15,388
3745.8
3061.6
2656.7
10,956

4377.7
3772.2
15,525
3724.5
3125.9
2674.6
11,008

4524.0
3835.9
15 ,715
3811.4
3195.3
2674.7
10,958

4604.0
3877.9
15,848
3821.3
3274.2
27 12.1
11,083

1.5
0.6
0.4
0.9
0.2
-1.1
-1.3

1.8
1. 1
0.8
1.5
2.1
1.1
0.9

1. 1
0.8
0.3
2.5
1.4
1.1

2967.0 2 8 3 7 . 1
2496.3 2 4 7 7 . 5
413.8
427.6
388. 1
405.5
981.6
940.0
877.0
879.8
1571.6 1 4 6 9 . 5
1231 .2 1 1 9 2 . 2

2858.6
2480.5
419.8
399.0
946.3
880.3

2893.8 2943
3011.3
2475.9 2487
2520.7
396
436.8
409
375.9
385
406.9
969.9
982
986.4
883
879.0
875.7
1527
1 5 5 2 . 6 1588.1
1216.9 1 2 2 3 . 1 1238. 1

3019.2
2500.9
413. 1
384.3
988. 1
869.9
1617.9
1246.6

1.7
0.5
3.3
2 .5
1.3
-0.5
1.6
0.5

2 .3
1.3
6.8
5.6
0.4
-0.4
2
1.2

0.3
-0.8
-5.4
-5.6
0.2
-0.7
1.9
0

7.0

A2. Personal Consumption Expenditures

1492.4
1201.1

A3. Gross Private Domestic Investment
240.
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

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

641.6
636.1
631.6
628.7

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

10.0
7.4

671.0
654.0
655.2
640.2
15.7
13.8

716.7
6 86. 1
671.3
644.2
45.4
42.0

660.8
645.0
657.3
638.8
3.5
6. 1

660
631.0
666.6
645.4
-6.4
-14.4

699.9
671
648
624.2
51.6
47.6

7 02 . 6
673.7
662.3
634.7
40.3
39.0

707.4
681.9
684.5
657 .3
22.9
24.6

756.8
717.2
690.1
660.5
66.7
56.7

0.4
0.3
2.2
1.7
-11 .3
-8.6

0.7
1 .2
3.4
3.6
-17 .4
-14.4

818.6
726.9
353.9
324.2
464.7
402 . 7

869.7
754.5
366.2
332.5
503.5
422.1

924.3
773.6
380.9
337.9
543.4
435.7

878.5
757.2
371.2
332.6
507 .3
424.6

886.3
77 1.8
368.6
344.6
517 . 7
427. 1

896.2
759.6
366
327.3
529.3
432.3

917,
766,
379.6
332
537.6
434.1

929.0
771.7
382 . 1
336.3
546.9
435.4

954.8
796.3
395. 1
355.2
559 . 7
441. 1

2.3
0.9
3.5
1.6
1.6
0.4

1.3
0.7
0.7
1.1
1 .7
0.3

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

-79.2
-108.2
369.9
365
449
473.6

-105
-145
376.2
377.4
481.7
523.2

-120.3
-135.7
427.4
425 . 6
547 . 7
561.3

-110.5 - 1 1 6 . 9
-161.6 - 1 5 1 . 8
376.6
383.3
379.6
388.3
48 7. 1 5 0 0 . 2
541.2
540. 1

-112.2
-135.2
397.3
397.8
509.5
533.0

-118.4
-132 .7
416.5
414.5
534.8
547 .2

-123.7 - 1 2 6 . 9
-138.4 - 1 3 6 . 4
439.2
456.8
437 . 1 4 5 2 . 7
562 .9
583.7
575 .6
589. 1

-6.2
2 .5
4.8
4.2
5.0
2 .7

-5.3
-5.7
5 .5
5.5
5 .3
5 .2

-3.2
2

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

3229.9
2370.8
257.3
9.0
277 .6
315.3

3 4 2 2 . 0 3637.7 3 4 3 8 . 7
2 5 0 4 . 9 2647.5 2 5 1 5 . 1
327
289.8
292.5
16.7
19. 1
17.2
284.4
306
286.4
326. 1
336.7
327 . 5

3593.3 3659.0
NA
2623.4 2663.5 2713.4
323. 1
322
344.5
18.9
17.3
20. 1
296.8
314.9
NA
331 . 1 340.6
351.6

1.3
1.3
0.7
-5.5
1.0
2 .3

1.8
1.5
-0.
-8.5
6.1
2 .9

NA
1.9
6.8
16.2
NA
3.2

-0.5
0.3
-32.7
40.9
-1.4

1.5
2.4
-4.7
-0.7
-0.2

NA
NA
77.8
NA
2 .0

0,
0,
43,

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

2 .8
3.2
3
5.6
2
1

A5. Foreign Trade

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

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

290.
295.
292.
298.
293.

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

347 1.0 3 5 4 8 . 3
2 5 5 2 . 0 2589.9
320
297.8
20
18.4
294
281. 1
32 1.7
323.6

A7. Saving
do...
do...
do...
do..
Percent

531.3
532.0
5 3 7.2
549.2
127 . 1
130.6
- 1 3 2 . 9 -147 . 8
4.5
4.3

566.2
NA
119.6
-107 . 1
3.8

NOTE: Series are seasonally adjusted except for those, indicated by ©, that appear to contain no seasonal
movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A,
seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




516.2
551.5
108.9
-144. 1
3.6

515.3
544.4
109.0
-138. 1
3.6

554.3
545.3
138.4
-129.5
4.4

551.3
546.7
93.2
-88.6
3.0

559.3
559.8
-89.3
2 .

NA
NA
157.9
NA
4.8

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

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

Aug. Apr.

T

P

T

Dec. Nov.

Apr. Feb.
P

p

T

T

910. Index of twelve leading indicatorsl

Nov.

Mar.

P

T

Jan. July July
P T

P

Nov
T

\;

(series 1 , 5 , 8 , 1 2 , 1 9 , 2 § j | 9 , 3 2 , 3 6 , 9 9 , t f c 111)

920.

Index of four
(series 41,47,51,

930.

Index of six laggi
(series 62,77,9

1952 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 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 60.

10



FEBRUARY 1988

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

l i iH
W

:•'••

If il :
.itif,.

If

Aug.Apr.
P

T

I

§§;

Jan. July July

Apr. Feb.

P T

P T

lis

11
if*

...;,§li
j
if:
. ^:
ft li

MS.fcwrentory!im$trneiit md p « » r i | (serms Ij

P

Nov.
T

.§
• !

vm$ •

it*

;piiy'W

1952 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 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

KCII

FEBRUARY 1988




11

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components

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

5. Average weekly initial claims for unemployment insurance, State programs (thousands—inverted scale)
200-j

8. Manufacturers' new orders in 1982 dollars, consumer goods
and materials industries (bil. dol.) h n I
+

rL

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

20. Contracts and orders for plant and equipment in
1982 dollars (bil. dol.)
__ju

fun

:

.. f

7*

r4 55 58 57 58 59 80 51 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 87 881989

Current data for these series are shown on pages 61, 64, and 66.

12



FEBRUARY 1988

KCII

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

Aug. Apr,
P T

Apr. Feb.
P T

Jan. July July Nov.
P T
P
T

20. New private housing units authorized &y
blifing permits (index: 1 9 6 7 - 1 0 0 )

and tradejnventofies on hand and on order in 1932

UA

n sensitive materials prices, smoothed1

19. Stock prices, 500 common stoeli
IXX

106. Money supply M2 in 1982

CXI

111. Change in business
(ami. rate,

1952 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 87 881989
1
This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, 71, and 72.

Bill FEBRUARY 1988



13

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
July May

P

Aug. Apr.

T

P T

Apr, Feb

P

T

Dec. Nov.
P I

Nov.
P

Mar.

Jan. July July
P I P

Nov.
T

51. Personal income less transfer
1982 dollars (arm, rate, bi

1952 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 87 881989
Current data for these series are shown on pages 62, 63, and 65.

14



FEBRUARY 1988

ItCII

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
July May
P

T

Aug. Apr
P

I

Apr. Feb.
P

Dec Nov.

T

P

Nov.

Mar.

Jan, July Iuly
P T

T

91. Average duration of unemployment

scale)

P

Nov.
T

itiiii

as jlere&jt j i l t r t (percent) f l £ I

Commercial a i l industrial loans outst

I I . Ratio, consumer installment credit

ng to personal inc w e (

1952 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 87 881989
Current data for these series are shown on pages 62, 68, 70, and 73.

IICII

FEBRUARY 1988




15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Dec. Nov.
P
T

Nov.

Mar.

P

T

Jan. July
P

T

July

Nov.

P

T

4-i

2 J

1962 63

64 65

66

67 68

69

70

71

72

73

74

75 76

77

78 79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 61.

16



FEBRUARY 1988

KCII

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

Nov

Jan. July

July

Nov.

P

T

P T

P

T

mm
200-

ii

190180-

;

170-

'

160150-

115-1
11010510095-

9085-

•

80-

75-

70-

65-

272625242322-

62-i
6160595857-

'

565554-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

ItCIt

FEBRUARY 1988




17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and U n e m p l o y m e n t — C o n t i n u e d
'i,v

H iv

P

T

| Comprehensive Unemployment [

37. Number of p«-sons unemployed (millions—inverted scab)

43. Unemployment rate (percent—inverted scale)

A^^'

4*

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

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

44. Unemptoyn^-tfate, persons unen^S^i 15 weeks and over (percent—inverted>*$$'

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 62.

18



FEBRUARY 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Dec, Nov.
P
T

1962

63

64

65

66

67

68

69

70

Nov.
P

71

72

73

74

75

Nov.

Jan. July
P T

Mar.
T

76

77

78

79

80

T

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 63.

licit

FEBRUARY 1988




19

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

1962 63

64

65

66

67 68

Dec.

Nov.

Nov.

P

T

P

69

70

71

72

73 74

Jan. July
P T

Mar
T

75 76

77

78 79

80

July
P

81

Nov.
T

82

83

84

85

86

87

88 1989

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

20



FEBRUARY 1988

Kill

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

July
P

Nov.
T
140120-

M

100-

60-

llO-i

foods and materials industries (bjl. dol.

100-

m

90807060-

+6+ 4+ 20-2-4-

420-1
380340300260220180-

140-

100-

60 «

sance, percent of companies
deliveries ( ^ )

100 -\
755025 J

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 64.

ItCII

FEBRUARY 1988




21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Dec.

Nov.

P

Nov.

T

Jan. July
July
P I P

Mar.

P

T

Nov.
T

M
300-

250 -

200-

56. Manufacturing and trade sales in current dollars

150 -

140 12010080-

140-i
120100-

60 J

160140120100-

60-

40-

20
11010090807060-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 65.

22



FEBRUARY 1988

J

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Jan. July

July

Nov.

P T

P

T
160-

[Forynatton of Sustes

140120100706050-

40-

30-

454035-

| Business Investment Commitments |

3025-

20-

15-

20. Contracts and orders for plant and equipment

403530-

25-

20-

15-

10-

HO-i
1009080706050-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

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

•BCD

FEBRUARY 1988




23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July

July

P T

P

Nov.
T

approved capital
Q (bil. dol.)

U,L!U

M

production, business equipment

1977-100)

1962 63

64 65 66 67 68 69 70

71 72 73 74 75 76

77 78 79

1

80 81 82 83 84 85 86 87 88 1989

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

24



FEBRUARY 1988

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

IMov
T

550500450400350300250-

200- '

150-

100-

2.6-1
2.42.22.01.81.61.41.21.00.8 J

200 180160140120100- ,
80-

240220200180160140120100-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 67.

FEBRUARY1988




25

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Dec. Nov.
P
T

Nov.

Mar.

P

T

Jan. July
P T

July
P

Nov,
T

81

82

Investment |
i in business inventories in 1982 dollars, Q (arm. rate, bil.

30|

36. Chanee in manufacturi

trade inventories on hand
ate, bil. dol.; moving avg.-4-term 1 )

in manufacturing ami trade inventories
r & i y o t ; M f l M n f avg.-6-term)

in manuf
ari on (Tier

1962 63

64

65

66

67

68

69

70

71

72

matenals and suppli
moving avg.—4-term)

73

74

75

76

77

78

79

80

83

84

85

86

87

88 1989

1

This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.

26



FEBRUARY 1988

lt€l>

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

July

Nov.

P T

P

T

800-

oil Hand and on Order

700-

in 1982 dollars (bit. dol.)

600 500-

400-

300-

200130-1
120110100908070605040-

30-

Ratio, manufacti

trade inventories to sales in

1.8-

tirtlt

1.71.61.51.4300260-

naterials and supplies on

220180-

140-

100 -

60-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 68.

lt€l»

FEBRUARY 1988




27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Dec. Nov.
P
T

| Sensitive Qoffifflo&ty Prices

Nov.

Mar.
T

Jan. July
P T

July
P

, 98. Change in producer prices for sensitive i
J I H I \
(percent; MCD.movirl§vg.-

intermediate materials

EkD

WWT
p . Change in sensitive materials pri

moving avg.—4-temr)

: 1967-100)^

(index: 1941-43-10)

after tax in 1982 dollars, Q

ami frofit Margins]

I

16. Corporate profits after tax in
(ann. rate, bii. doL)

1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
1

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 reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

2

28



FEBRUARY 1988 B C D

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

I Profits and Profit Margins—Con. |

280240200-

BO. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (arm. rate, bil. dot.)

160-

Z_

120-

80-

79. Corporate profits after tat with IVA and CCAdj in
current dollars, Q (ann. rate, bil, d d )
40 J

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

81. Ratio, corporate domestic profits after tax with IVA and CCAdj V
to corporate domestic income, Q (percent) |u,L t L|

/
y

15. Profits after taxes p r dollar of sales, manufacturing corporations, Q (cents) | L,L,L [
75326. Ratio, implicit price deflator to unit labor cost, nonfarm business
sector, Q (index: 1977^100)
102100989694-

[Cash Flows!

50035. Corporate net cash flow in 1982 dollars, Q
(ann. rate, bil. dol.)
\

400300-

TOT

200-

34. Corporate net cash flow In current dollars, Q
(ann. rateTbil. doL)

78

79

30

81

82

83

100

84

85

86

87

J

88 1989

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

FEBRUARY 1988




29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Dec.
P

Nov.
T

Jan. July

July

P T

P

Nov.
T

I tin! kihar£aslsMi late Share]

1962 63

64 65

66

67 68

69

70

71

72

73

74

75 76

77

78 79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 70.

30



FEBRUARY 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Dec. Nov.
P
T

1962 63

64 65

66

67 68

69

70

Jan, July
P T

71

72

73

74

75 76

77

78 79

80

July Nov.
P
T

81

82

83 84

85 86

87

88 1989

Current data for these series are shown on page 71.

ItOI

FEBRUARY 1988




31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Nov
P

Dec. Nov.
P
T

33. Net change in mortgage debt held by financial institutions
insurance c o r n p a f ^ ^ l i . rate, bil dol.)

.. iHi

112. Net change in busi
moving avg.—

s (ann. rate, bit. dol.;

credit (ann. rate, bil. dol.;

in consumer
avg.~6-t

outstanding (ann. rate, percent)

111. Change in business and consumer

d Ijy private
(an& rate*

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

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

32



FEBRUARY 1988

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

Ma

Jan. July
P

I

July

Nov.

P

I

of business tti^
MCD moving avg.-~l-t

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

1982 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 72.

ItCII

FEBRUARY 1988




33

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

Nov.
P

Nov
I

Jan. July
P T

T

July
P

Nov
T

If lit
1 Interest Rates

JJ38. Yield on newt
(percent)

m

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

34



FEBRUARY 1988

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec. Nov
P
T

Jan. July

Juiy

Nov.

P T

P

T

.ill
i mM^i^^m^^
. Average prime rate charged by banks (percent

Y:[|iltiBililiii

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 73.

ItCII

FEBRUARY 1988




35

CYCLICAL INDICATORS
C

I

D I F F U S I O N I N D E X E S A N D R A T E S OF C H A N G E

Chart C l .

Diffusion

Indexes

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

, 1-mo. span—-)

| Percent rising |

951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—-)

IIIMW"

\t *j

M

PI

\

m r f—

: ; Si i

JLLJL

952. Sa fagging indicator compon«its (6-mo. s p a n — , 1-mo. span—-)

961. hmmge weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mo. span , 1-mo. span—-)

962. Initial claims for unemployment insurance, State programs, 51 areas
(pereent declining; 9-mo. s p a r u _ 1-mo. span—-)

963, Employees on private nonagricultural payrolls, 172-186 industries
(6-mo. s p a n — , 1-mo. s p a n — )

1962 63

64

65

66

67

68

69

70

71

72

73

1

Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 74.

36



FEBRUARY 1988

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued

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

965.

966.

Newly approved capital appropriations in 1982 dollars, 17
manufacturing industries (4-Q moving avg**«, 1-Q span«-*«)

Industrial production, 24 industries (6-mo. span

960.

| Percent rising]

, 1-mo. span

967.

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

968.

Stock prices, 500 common stocks, 40-82 industries
(9-mo. s p a n — , 1-mo. span—_)

-)

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

1

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

licit

FEBRUARY 1988




37

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Jan. July
P T

July
P

Jan. July
P T

Nov.
T

Hill

July
P

Nov.
T

tei
^|^

974,

lipfpii

50-

.f|il|§§||gij

HMMI

40 J

975.:

^J

liliil

jysmm 11

• / . V^*v-

9080706050-

gig antf trife f f | f | ^ | | § f :

,; s:, i i

90-

1009080-

•;ymn<miM B.^;^ii;iiiiiiiii

• •

7060-

100

100-

90

90-

80

80-

70

70-

60

60-

1976 77 78 79 80 81 82 83 84 85 86 87 1988

1976 77 78 79 80 81 82 83 84 85 86 87 1988

i 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



FEBRUARY1988

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
Dec. Nov
P
T

1962 63

64 65

66

67 68 69

Jan. July
P T

71

72

73 74

75 76

77

78 79

80

July Nov.
P
T

81

82

83 84

85 86

87

88 1989

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.
1
Beginning with data for January 1984, series 12 has been suspended from this index.

BCII

FEBRUARY 1988




39

NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income

5000-1
45004000 35003000-

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

25002000-

223. Personal income in current dollars
(arm. rate, bil. dol.)
V

1500-

1000-

224. Disposable personal income in current
dollars, Q (arm. rate, bil. dol.)

50. Gross national product in 1982 dollars, Q
(arm. rate, bil. dol.) ~

4500 •

213. Final sales in 1982 dollars, Q (arm. rate, bil. dol.)

40003500 •
3000 •
2500-

2000 •

225. Disposable personal income in 1982
dollars, Q (arm. rate, bil. dol.)

1500 'J

217. Per capita gross national product in 1982 dollars, Q
(ann. rate, thous. dol.) - ~ — - — — —

16141210-

227. Per capita disposable personal income in
1982 dollars, Q (ann. rate, thous. dol.)
6

:

5

64

85

86

87

88

1989

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

40



FEBRUARY 1988

O i '"M :>>

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)|
Personal consumption expenditures—

150 -

1962 63

64

65

66

67

68

^0

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

ItCII

FEBRUARY 1988




41

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Dec. Nov
P T

Jan. July July
T
P

Nov.
T

1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
Current data for these series are shown on page 81.

42



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Dec.
P

Nov.
T

Nov.
P

11

Mar
T

Jan. July

July

Nov.

P T

P

T

i•1

Government purchases of goods and s e i i i s —

1962 63

64 65

66

67 68

69

70

71

72

73

74

75 76

77

78 79

80

81

82

83 84

85 86

87 88 1989

Current data for these series are shown on page 81.

ItCII

FEBRUARY 1988




43

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade

Annual rate, billion dollars (current)[

252. Exports of goods and services, Q

253. Imports of goods and services, Q

250. Net exports of goods and services, Q

Annual rate, billion dollars (1982)1

257. Imports of goods and services, Q
-" X"
—

256. Exports of goods and services, Q

255. Net exports of goods and services, Q

Current data for these series are shown on page 82.

44



FEBRUARY

1988

lt€l>

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A6. National Income and Its Components
Dec. Nov
P
T

capital consumption adjustments, Q
i*iP IlSti Sllli iiiil Iliiii Hill

1962 63

64 65

66

67 68

69

70

71

72

73

74

75 76

77

78 79

80

81

82

83 84

85 86

87

88 1989

Curretu data for these series are shown on page 82.

ItCII

FEBRUARY 1988




45

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

46



FEBRUARY 1988

licit

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Dec.
P

Nov.
T

Nov.
P
1

Jan. July
P T

Ma
T

July
P

Nov.
T

i0&

70n

65-

60-»

and local government pu
goods and services. 0

15-1

10-

0-

-5-

80-.

75-

70-

6515-i

10-

0-*

1962 63

64 65

66

67 68

69

70

71

72

73 74

75 76

77

78 79

80

81

82

83 84

85 86

87

88 1989

Current data for these series are shown on page 83.

Wito

FEBRUARY 1988




47

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
Jan. July
P

T

July
P

Jan. July

Nov.

P

I

1 Index: 1982-1001

T

July
P

Nov.
T

310c. Implicit price
130 •

310. Irglicit priceBflator for^ross
na$0f laJjrailQ S ^ f L ^
••••-.•

m

• ". •• 158*81

J t t i S
^trm§i

SIglffiSS

120'
110'
1009080

flO-

+ 50-

311c. Rxed-weighted price ii• M s s d o r r n 3Stic
(1-Qspan) %

•I

business product

81111
liiSII .
+ 50J

1976 77

78 79 80 81 82 83 84 85 86 87 1988

1976 77

78 79 80 81 82 83 84 85 86 87 1988

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




FEBRUARY 1988

ItCI*

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Dec. Nov.
P
T

Jan. July

July

Nov.

P T

P

T

Chart B2. Wages and Productivity

hourly earnings of production or
private fionagHcultufal payroHrtcu

age hourly
business sector,

345. Average Hourly compensation, all
nonfarm business sectoi§|| (cu

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

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

¥

FEBRUARY 1988




49

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
Dec.
P

Nov.
T

Jan. July
July
P I P

No\
P

Nov.
T

^

workers on private ^ i a g r i a $ f

| Percent change]

341c. Real earnings

Change in average hourly compensation, all employees,

i

rQ—

'

ijjjjf
spans

348. Average first-year

358. Output per hour, all
nonfarm business sector,

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) 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 1988 I

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
)ec
P

Nov.

Nov
P

T

Jan. July

Mi

T

P

T

July

Nov.

P

T

fSitlti

13012011010090-

80-

70-

Civilian labor force participation rates (percent)-

20 years and over
8580757065605550-

mmmmmmm® i

45-

452. Females 20 years ami over

4014-

Number unemployed (millions)—

121086-

4-

> B<p sexis 1 6 - l f yiars
1 J
1210-

full-time workers (

6-

4-

448. Number of persons
reasons (millions)
2-1

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 89.

FEBRUARY 1988




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
Jan. July

July

P T

P

Nov.
T

.•' m iim.
rate, billion dollars (current)]

m

Inii

1962 63

64 65

66

67 68

69

70

71

72

73

74

75 76

77

78 79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Nov.

Jan. July

Mar

P

T

July
P

Nov.
T
40353025-

20-

15-

22-i
20181614-

IlilliB]

10-

6

J

240-1
220200180160140120100-

141210-

HUB
6-

SfH

4-

2-J

1962 63

64

65

66

67

68

69

70

71

72

73

74

75 76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

B C D FEBRUARY 1988



53

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

Jan. July

July

P T

P

Nov.
T
220-i
2001801601401201004238343026-

559. Manufacturers' inventories, defense prodi

2218-

1418016014012010080-

60.3430262218-

14-

109876-

1962 63

64 65

66

67

68

69

70

71

72

73 74

75 76

77

78 79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 91.

54



FEBRUARY 1988

lt€l»

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Dec.
P

Jan. July

Nov

P

T

T

July
P

Nov.
T

2.01.81.61.41.21.0-

3.53.0-

2.5-

2.0-

1.5-

1.0-

400 350300250-

200-

150-

100-

109-

654-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

IMJW

FEBRUARY 1988




55

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

July
I

July
P

Nov.
T

25 T
20-

15-

109876543-

2-

Exports of nonelectrical machinery
1-1

4035302520-

1098765-

3-

2-

10.8-

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

0.6-

0.4-

0.2-

1962 63

64 65

66

67 68

69

70

71

72

73 74

75

76

77

78 79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 92.

56



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
Dec Nov.
P
T

Jan. July

Juiy

P T

P

Nov.
T

cess p receipts
650550450-

cess of payments

a>^

350250150-

50 J

450350-

150-

50 J

110-

1009080706050-

4030201001962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 93.

I»U)

FEBRUARY 1988




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Jan. July
P T

July
P

Nov.
T

Jan. July
P T

July
P

Nov.
T

I Mm 1077^1001
Industrial production—

Industrial production—
140'
130-

130 -

721. OECD European countries

120 -

120-

110 -

110 -

100 •

100-

90-

90-

mmm

160'
150'

130-

140

120 -

130 •

110 -

120

100 -

110
90-

Mi

10090-

130120110100-

90

J

90 J

150-

France

2S-

140-

721 Calais

120 -|

130-

110

120-

100 -

110 -

90

100 90-

1976 77

78 79

80

81

82

83

84 85

86

87 1988

1976 77

78

79 80

81

82 83

84

85

86

87 1988

Current data for these series are shown on page 94.

58



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices
Jan. Juy
P T

July
P

Chart F3. Stock Prices

Nov.
T

Jan. July
P T

July
P

Nov.
T

100 -•
1976

77

78

79

80

81

82

83

84

85

86

87 1988

1976 77

78

79 80

81

82 83

84

85

86

87 1988

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

ItCII

FEBRUARY 1988




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Q j

Year
and
month

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

(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)

COMPOSITE INDEXES

940. Ratio,

Leading indicator subgroups

coincident index
to lagging index2
914. Capital
investment
commitments
(series 12, 20,
29) 2

(1967 = 100)

(1967 = 100)

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)2

(1967 = 100)

916. Profitability (series
19, 26, 80)

(1967 = 100)

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

(1967 = 100)

3

( )

1986
January
February
March

174.1
175.0
176.4

162.9
163.4
162.9

140.5
141.1

April
May
June

178.1
178.5
178.3

July
August
September
October
November
December

142.3

115.9
115.8
114.5

108.9
110.2
109.9

103.3
103.3
103.5

117.3
119.0
119.8

142.2
140.3
140.0

165.6
164.3
163.7

140.5
141.4
141.6

117.9
116.2
115.6

110.4
109.5
109.6

103.8
103.5
103.0

119.9
119.7
120.4

140.3
142.4
142.6

179.9
180.3
179.9

164.4
164.8
165.8

141.8
142.2
141.6

115.9
115.9
117.1

109.8
108.8
108.9

103.3
102.9
102.8

120.0
120.4
118.9

144.9
145.6
145.5

181.2
182.7
186.7

165.4
165.8
167.4

143.7
143.4
142.4

115.1
115.6
117.6

108.4
108.6
111.0

102.8
103.6
104.9

117.8
117.4
117.9

147.3
146.8

0)149.2

108.9
(NA)

104.4
r!04.6
rlO5.3

119.3
120.8
121.5

148.9
rl47.0
rl45.5

1987
January
February
March

rl86.0
r!87.8

185.5

165.6
rl68.2
167.9

E>144.6
rl42.1
rl41.3

114.5
rll8.4
rll8.8

April
May
June

rl88.1
189.0
rl90.8

167.9
rl67.6
167.9

rl41.8
rl41.8
rl41.9

rll8.4
rll8.2
rll8.3

rlO5.3
106.0
106.8

121.3
121.3
rl22.9

rl44.8
rl44.1
rl45.4

July
August
September

rl91.4
rl92.5
H)rl92.9

169.3
169.8
rl70.0

rl40.9
rl40.9
rl42.4

rl20.2
rl20.5
rll9.4

rlO7.2
rlO6.4
rlO6.6

rl24.2
E>rl26.2
rl24.7

rl44.5
rl44.5
rl45.9

October
November
December

rl92.8
rl90.7
191.3

rl72.4
rl71.7
E>173.0

rl42.0
rl42.9
143.2

rl21.4
rl20.2
rl20.8

rlO7.O
rlO7.2
107.7

120.7
pll6.7
(NA)

rl47.0
rl47.0
pl47.2

6

pl21.8

plO6.5

1988
January
February
March

"190.2

5

172.7

141.8

(NA)

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; 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 pages 10 and 11.
beginning with data for January 1984, series 12 has been suspended from this index. 2The following series reached their high values
before 1986: series 940 (130.0) in January 1984, series 914 (111.5) in February 1984, and series 915 (107.9) in April 1984. 3See "New
Features and Changes for This Issue," on page iii of the March 1987 issue.
''Excludes series 36 and 111, for which data are not available.
5
6
Excludes series 57, for which data are not available.
Excludes series 77 and 95, for which data are not available.

60



FEBRUARY 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

Marginal Employment Adjustments

L, L, L

L, C, L

L, C, L

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

(Hours)

Comprehensive
Employment

Job Vacancies

L, Lg, U

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

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

(Hours)

(Thous.)

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

(Ratio)

u,c,c

L, Lg, U

46. Index of help-wanted
advertising in newspapers

(1967 = 100)

48. Employee hours in
nonagricultural establishments

(Ann. rate,
bil. hours)

n

1986
January
February
March

40.8
40.6
40.7

3.5
3.4
3.4

375
384
393

0.519
0.484
0.486

137
137
136

184.62
184.05
184.41

April
May
June

40.7
40.7
40.6

3.4
3.5
3.4

374
378
378

0.487
0.476
0.504

137
135
143

184.84
184.90
184.64

July
August
September

40.6
40.8
40.8

3.5
3.5
3.5

370
379
369

0.492
0.506
0.502

137
138
140

184.97
185.55
185.84

October
November
December

40.7
40.8
40.8

3.5
3.5
3.6

343
342
356

0.503
0.518
0.518

139
143
138

186.20
186.86
186.87

January
February
March

40.9
41.1
40.9

3.6
3.6
3.6

359
361
341

0.516
0.528
0.569

138
140
149

187.64
188.94
188.71

April
May
June

40.6
41.0
41.0

3.5
3.8
3.7

324
326
327

0.591
0.593
0.623

150
151
153

187.72
189.69
189.41

July
August
September

41.0
41.0
40.6

3.8
3.8
3.6

327
297
286

0.636
0.652
0.667

155
159
159

189.97
190.78
187.57

October
November
December

0)41.3
41.2
r41.0

0)4.0
3.9
3.9

E>284
293
312

0.672
E)0.680
0.661

162
H>162
155

192.24
rl92.40
rl92.72

p41.1

P3.9

351

p0.646

pl53

[H)pl92.74

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
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.
x

FEBRUARY 1988



61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Employment—Continued
U,C,C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C,C,C

41. Employees
on nonagricultural payrolls

(Thous.)

L, C, U

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

Comprehensive Unemployment
U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

(Thous.)

(Percent)

L, Lg, U

45. Average
weekly insured
unemployment
rate, State
programsl

(Percent)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

(2)

1986
January
February
March

105,597
105,427
105,640

98,776
98,914
99,013

24,821
24,768
24,711

59.87
59.61
59.74

7,847
8,427
8,330

6.7
7.2
7.1

2.8
2.8
2.8

15.0
15.4
14.6

1.8
2.0
1.9

April
May
June

105,793
105,938
106,495

99,252
99,389
99,323

24,770
24,708
24,628

59.74
59.73
60.02

8,373
8,444
8,441

7.1
7.2
7.1

2.8
2.8
2.8

14.6
14.7
15.1

1.8
1.9
1.9

July
August
September

106,710
106,929
106,883

99,601
99,772
100,039

24,628
24,639
24,620

60.05
60.10
60.05

8,278
8,115
8,298

7.0
6.9
7.0

r2.8
r2.8
2.8

15.2
15.5
15.4

1.9
1.9
2.0

October
November
December

107,052
107,224
107,504

100,209
100,415
100,567

24,611
24,630
24,630

60.07
60.15
60.20

8,230
8,214
7,919

6.9
6.9
6.7

2.7
2.7
2.6

15.2
15.0
15.0

1.9
1.9
1.9

January
February
March

107,840
108,119
108,218

100,919
101,150
101,329

24,708
24,743
24,749

60.30
60.43
60.43

7,964
7,886
7,791

6.7
6.6
6.5

2.6
2.6
2.6

15.0
14.8
14.9

1.8
1.8
1.7

April
May
June

108,556
109,065
109,108

101,598
101,708
101,818

24,759
24,752
24,761

60.57
60.79
60.72

7,557
7,573
7,308

6.3
6.3
6.1

r2.5
2.4
2.4

14.8
14.8
14.7

1.7
1.7
1.7

July . . .
August
September

109,427
109,907
109,688

102,126
102,275
102,434

24,850
24,886
24,917

60.84
61.02
60.87

7,251
7,256
7,091

6.0
6.0
5.9

r2.3
2.3
2.2

14.2
14.3
14.2

1.6
1.6
1.6

October
November
December

109,961
110,332
110,529

102,983
rlO3,285
rlO3,596

25,064
r25,169
0)r25,258

61.00
61.11
61.19

7,177
7,090

2.1
2.1

0)6,978

6.0
5.9
5.8

0)2.1

14.1
0)14.0
14.2

1.5
1.5
1.5

0)110,836

0)plO3,7O3

p25,219

0)61.33

7,046

0)5.8

2.3

14.4

0)1.4

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
*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 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ 9

Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME
Industrial Production

Comprehensive Output and Income
C.C.C

50. Gross national product
in 1982 dollars

C,C,C

Personal income
223. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

C, C, C

51. Personal
income less
transfer payments in 1982
dollars
(Ann. rate,
bil. dol.)

C.C.C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction 1
(Ann. rate,
bil. dol.)

C,C,C

47. Index of
industrial
production

C, C, C

73. Index of
industrial
production,
durable manufactures

C, L, L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

(1977 = 100)

(1977 = 100)

C.C.C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

Revised2

1986
January
February
March

3,698.8

3,444.4
3,463.8
3,482.1

3,021.4
3,051.8
3,073.3

2,576.6
2,604.2
2,622.7

560.0
558.9
562.1

126.4
125.5
123.9

129.8
128.9
127.4

128.6
128.2
127.3

1,589.5

April
May
June

3,704.7

3,525.8
3,525.9
3,528.1

3,111.9
3,103.8
3,094.8

2,660.2
2,650.4
2,641.8

564.2
563.8
559.4

124.7
124.3
124.1

128.5
127.7
126.9

128.9
129.7
130.2

1,594^4

July
August
September

3,718.0

3,540.3
3,552.9
3,567.5

3,102.8
3,103.0
3,104.9

2,642.4
2,647.4
2,648.8

560.1
561.9
559.7

124.8
124.9
124.5

128.1
127.9
128.4

130.6
131.1
130.3

1,593^7

October
November
December

3,731.5

3,577.5
3,590.3
3,613.0

3,108.2
3,116.6
3,130.8

2,651.5
2,659.7
2,673.3

E>564.9
561.1
559.9

125.3
125.7
126.8

128.6
129.0
129.7

131.2
131.7
133.4

1,602.6

January
February
March

3,772*.2

3,631.5
3,671.2
3,683.4

3,117.2
3,143.2
3,137.5

2,660.3
2,685.5
2,682.4

559.6
558.6
557.4

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

1,626.6

April
May
June

3,795!3

3,701.9
3,708.5
3,715.3

3,139.9
3,132.2
3,127.4

2,684.1
2,671.5
2,671.4

553.7
554.3
553.4

127.4
128.2
129.1

130.9
131.4
132.0

134.6
135.7
136.9

1,638.2

July
August
September

3,835.9

3,739.2
3,760.6
3,783.2

3,144.8
3,149.6
3,150.0

2,686.3
2,693.0
2,694.6

551.9
554.4
556.4

130.6
131.2
131.0

133.5
133.8
133.7

138.5
138.8
138.6

1,666.8

October
November
December

H)r3,877'.9

r3,855.2
r3,839.3
r3,866.4

r3,199.3
r3,178.2
r3,200.7

r2,741.7
r2,722.3
[H>r2,744.3

558.9
561.3
561.5

132.5

rl33.0
rl33.6

rl36.8
rl36.7
rl37.1

rl38.1
rl39.4
rl40.6

H>rl,69i'.6

H)p3,878.6

H>p3,202.8

p2,736.9

p561.5

H>pl33.8

E)pl37.2

[H)pl41.2

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
1
In this issue, this series is shown in 1982-84 dollars; in the future, it will be shown in 1982 dollars.
2
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1988



63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• • •
• M

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME-Continued

Q j

Capacity Utilization

Timing Class

L, C, U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L, C, U

84. Capacity
utilization rate,
materials

Year
and
month

L, L, L

(Percent)

L, L, L

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

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

7. Constant
(1982) dollars

(Bil. dol.)

1986

L, L, L

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

(Bil. dol.)

(Bil. dol.)

Revised 2

Revised 2

L.L.L

L, Lg, U

25. Change in
manufacturers'
unfilled orders,
durable goods
industries1

(Bil. dol.)

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L, L,L

32. Vendor
performance,
companies receiving slower
deliveries 1 ©
(Percent
reporting)

January
February
March

80.7
80.2
79.2

80.5
79.8
78.5

99.02
101.26
100.94

92.63
94.73
94.33

81.63
80.74
79.16

0.63
2.18
3.23

363.66
365.84
369.06

46
48
50

April
May
June

79.9
79.6
79.3

78.7
78.3
78.0

98.18
97.30
97.90

91.58
90.68
91.15

81.07
78.92
80.38

-2.76
-1.32
-1.70

366.30
364.98
363.28

50
55
50

July
August
September

79.7
79.6
79.4

78.1
77.9
77.7

99.68
96.30
102.95

92.72
89.50
95.59

79.18
80.04
82.66

-0.03
-1.88
2.29

363.24
361.36
363.65

54
51
52

October
November
December

79.5
79.6
80.2

77.9
78.5
79.1

99.98
99.98
rlO5.68

92.48
92.32
97.58

81.25
79.54
85.34

-1.06
-0.03
r-0.71

362.60
362.57
r361.86

54
56
56

January
February
March

79.6
80.0
80.3

78.7
78.7
78.7

r97.21
rlO1.14
106.21

89.59
93.22
97.71

80.85
84.82
85.78

r-2.09
r-2.46
1.46

r359.76
357.30
358.76

55
52
55

April
May
June

80.2
80.4
80.8

79.1
79.3
79.8

106.98
106.99
109.18

98.32
98.16
100.07

84.32
83.78

85.43

4.23
4.52
4.70

363.00
367.51
372.22

57
60
57

July
August
September

81.5
81.5
81.3

80.6
81.1
81.2

109.21
106.68
109.34

99.83
97.16
99.04

84.16
83.69
85.71

6.18
2.54
0.91

378.40
380.94
381.85

62
60
69

October
November
December

r82.0
r82.2
r82.4

r82.1
r82.7
r83.3

111.10
rll0.95
H>rll5.51

100.45
99.95
E>103.60

85.94
85.93
0)86.65

2.84
r2.57
r2.50

384.70
r387.27

r389.77

70
66
71

0>p82.4

B)p83.3

pll2.23

pl00.20

p83.01

p2.97

H)p392.74

68

1987

1988
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
The following series reached their high values before 1986:
2
See "New Features and Changes for This Issue," page iii.

64




series 25 (9.80) and series 32 (72) in March 1984.

FEBRUARY 1988

.

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| Q

Minor Economic
Process
Timing Class

C, C, C

C.CC

57. Constant
(1982) dollars

56. Current
dollars

(Mil. dol.)

(Mil. dol.)

C, L, C

75. Index of
industrial
production,
consumer
goods

(1977 = 100)

C, L, U

U, L, U

Sales of retail stores
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Manufacturing and trade sales
Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

59. Constant
(1982) dollars

(Mil. dol.)

L, C,C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

L, L, L

58. Index of
consumer
sentiment1®

(1st Q
1966 = 100)

1986

L.L, L

12. Index of
net business
formation

L, L, L

13. Number of
new business
incorporations

(1967 = 100)

(Number)

C2)

Revised 2

January
February
March

424,035
419,569
415,705

411,322
411,123
409,587

123.6
122.9
121.4

118,393
117,590
117,259

109,421
109,692
110,310

122^4

95.6
95.9
95.1

119.3
120.8
121.5

57,580
58,799
58,365

April
May
June

421,276
417,493
422,031

418,962
413,181
415,160

123.8
123.8
123.7

118,113
119,507
119,605

111,744
112,530
112,411

126*.2

96.2
94.8
99.3

122.4
120.7
120.3

58,937
58,257
57,558

July
August
September

421,167
423,040
437,226

419,079
420,822
432,142

124.5
125.0
123.6

120,478
121,735
H>129,101

113,125
113,877
E>120,094

H)15i!3

97.7
94.9
91.9

120.7
119.3
120.4

58,002
56,541
58,002

October
November
December

429,228
429,782
r443,623

423,986
423,898
r433,545

124.8
125.0
126.6

122,222
121,731
rl27,687

114,013
113,449
rll8,229

14K3

95.6
91.4
89.1

119.7
118.3
121.9

57,410
56,924
E)65,318

r424,550
443,169
445,032

r417,660
434,102
431,517

125.5
126.4
126.7

rll8,049
124,280
124,593

rl08,701
113,914
113,576

117^5

90.4
90.2
90.8

118.1
rl20.5
rl22.0

55,069
58,880
60,193

April
May
June

444,357
446,282
451,734

429,929
428,826
430,617

125.5
127.3
127.2

124,960
124,867
126,307

113,497
112,798
113,688

125!l

92.8
91.1
91.5

rl20.7
rll9.3
rll9.4

57,715
56,624
57,502

July
August
September

452,652
457,499
462,434

433,738
435,871
0)438,675

128.9
129.4
127.7

127,061
128,931
126,790

114,263
115,530
113,205

148.3

93.7
94.4
93.6

rll9.5
rl20.6
rl21.5

57,483
57,951
57,066

October
November
December

462,405
r460,616
[H)p466,573

r437,784
r433,948
p436,365

rl29.0
rl29.1
rl29.3

125,631
rl25,990
rl27,459

111,871
rill,991
rll3,297

rl29*.9

89.3
83.1
86.8

rl20.7
rl22.4
rl24.0

55,337
57,358
p53,954

(NA)

(NA)

H)pl29.8

pl28,078

pll3,444

90.8

[H>pl26.1

(NA)

1987
January
February
March

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 22, and 23.
1
Series 58 reached its high value (101.0) in March 1984.
2
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1988




65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

10. Current
dollars

(Bil. dol.)

1986

Revised'*

L, L, L

L, L, L

Manufacturers' new orders,
nondefense capital goods industries

Contracts and orders for
plant and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

20. Constant
(1982) dollars

(Bil. dol.)

24. Current
dollars

(Bil. dol.)

L, C, U

9. Construction contracts awarded for
commercial and industrial buildingsl 2

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Revised 4

U, Lg, U

Revised

Square meters of
floor space3

(Millions)
4

Revised

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations 2
(Bil. dol.)

C Lg, Lg

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations2
(Bil. dol.)

4

January
February
March

29.45
32.82
30.91

30.95
36.40
33.36

24.96
27.66
26.61

26.92
31.78
29.53

72.89
82.65
73.01

6.77
7.68
6.78

23^39

April
May
June

30.13
29.86
30.53

32.28
32.74
33.78

25.36
25.43
25.85

28.05
28.80
29.64

82.17
78.06
76.57

7.63
7.25
7.11

19^99

July
August
September

30.97
29.83
31.86

34.68
33.60
34.59

26.40
25.34
27.16

30.63
29.63
30.44

73.43
76.48
76.51

6.82
7.10
7.11

20.'20

October
November
December

32.00
31.99
34.29

34.83
35.23
37.59

27.54
27.27
r29.14

30.87
31.03
r33.00

73.54
83.00
76.45

6.83
7.71
7.10

22!lO

January
February
March

31.37
30.92
32.10

33.78
33.66
35.01

r26.87
26.86
27.40

r29.79
r30.09
30.89

80.75
73.72
77.18

7.50
6.85
7.17

2K44

April
May
June

32.88
34.17

28.31
30.03
29.99

32.33
34.07
33.72

78.14
76.74
84.28

7.26
7.13
7.83

32.26

35.33

36.35
37.70
38.40

July
August
September

36.77
34.69
34.66

40.63
38.25
38.28

31.98
29.54
29.75

36.47
33.79
34.03

84.76
84.70
85.96

7.87
7.87
7.99

p30.87

October
November
December

35.22
34.60
0)38.77

39.11
37.52
41.66

30.42
r30.08
r33.84

34.94
r33.64
r37.41

82.21
75.90
84.37

7.64
7.05
7.84

(NA)

p38.18

E)p42.73

E>p34.37

[H>p39.45

69.43

6.45

92.22

85.77

80.71

69.72

1987

69.17

74.64

p77.41

(NA)

1988
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.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division. 2 The following series reached their high values before 1986: series 9 (93.19 square feet and 8.66
square meters) in September 1985, series 11 (34.12) in 2d quarter 1984, and series 97 (99.88) in 2d quarter 1985. Converted to metric
units by the Bureau of Economic Analysis. 4 See "New Features and Changes for This Issue," page iii.

66




FEBRUARY 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

£y|

Minor Economic
Process
Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

61. Current
dollarsl
(Ann. rate,
bil. dol.)

C Lg, Lg

C Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

100. Constant
(1982) dollars1

69. Machinery
and equipment
sales and
business
construction
expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

C, Lg, U

76. Index of
industrial production, business equipment

(1977 = 100)

C Lg, C

Lg, Lg, Lg

C, Lg, C

28. New private housing
units startedx

Gross private nonresidential
fixed investment in 1982 dollars
86. Totalx

(Ann. rate,
bil. dol.)

87. Structures *

(Ann. rate,
bil. dol.)

L, L, L

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

(Ann. rate,
thous.)

L, L, L

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

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars

(Ann. rate,
bil. dol.)

Revised2
1986
January
February
March

380.04

387.13

381.52
394.74
394.11

142.1
141.3
139.2

453.2

145.4

307! 8

1,938
1,869
1,873

147.4
141.1
144.3

185.9

April
May
June

376!21

379.25

395.29
383.39
388.43

139.6
138.6
137.2

441.0

128.4

31^6

1,947
1,847
1,845

149.4
141.8
143.0

19^5

July
August
September

375!50

376.42

388.27
387.28
386.99

139.4
139.1
139.6

437.7

315!i)

1,789
1,804
1,685

141.8
137.8
134.5

2oi!i

October
November
December

386.09

386.76

393.82
391.03
r412.26

139.4
138.8
139.5

44^2

124^6

318.6

1,683
1,630
1,837

132.7
132.9
148.5

0)202.2

January
February
March

374.23

374.49

r371.20
386.71
391.88

138.6
141.7
141.9

426.0

12CL4

305.6

1,804
1,809
1,723

131.7
133.7
137.1

198^2

April
May
June

377.65

376.95

390.24
390.29
399.08

142.1
141.7
144.2

43^9

12CL4

317^5

1,635
1,599
1,583

127.4
119.1
121.0

196.8

July
August
September

393!l3

394.57

402.81
409.64
423.70

145.6
145.6
146.3

463^8

12712

E>336!6

1,594
1,583
1,679

118.6
119.8
119.8

193^5

October
November
December

a417!25

a419.48

415.29
H15.43
0>p435.99

rl48.3
E>rl48.7

r463.*2

rl28!9

r334.4

1,538
1,661
1,404

116.7
117.1
108.5

rl97.3

January
February
March

(NA)

pl48.6

pi,377

100.2

a427.97

a429.36

April
May
June

a429!o7

a430.77

1987

148.7

1988

..
.

July .
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
The following series reached their high values before 1986: series 61 (394.98), series 100 (402.90), and series 86 (465.2) in 4th quarter 1985; series 87 (151.7) in 2d quarter 1985; and series 28 (2,260) and series 29 (158.5) in February 1984.
2
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1988




67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
H I

PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Inventory Investment

Process

Timing Class . .

L, L, L

30. Change in
business inventories in 1982
Year

L, L, L

L, L,L

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1

dollars x

Smoothed2

Actual

and

Inventories on Hand and on Order

31. Change
in mfg. and
trade inventories

month

71. Current
dollars

70. Constant
(1982) dollars

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods1

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars1

L, Lg, Lg

78. Mfrs.1
inventories,
materials and
supplies on
hand and on
order

Revised 3

35.3

22.18
15.18
43.63

8.37
12.76
21.74

14.3
0.1
24.2

-0.23
1.22
-0.45

651.88
651.89
653.90

639.55
640.54
644.56

105.75
105.43
105.21

1.55
1.56
1.57

229.97
231.18
230.73

28!l

11.26
-39.48
20.98

25.18
14.25
1.36

12.9
-25.5
8.6

-0.96
-1.95
-1.33

654.98
652.85
653.57

646.10
643.87
645.89

105.17
104.87
103.80

1.54
1.56
1.56

229.77
227.82
226.49

6*.i

26.09
-24.98
-30.89

0.06
4.95
-1.28

33.7
-9.8
-22.6

-0.90
-1.09
1.42

656.37
655.55
653.67

648.98
647.14
644.01

104.05
103.60
102.74

1.55
1.54
1.49

225.59
224.50
225.92

-14.4

27.23
-22.78
-4.97

-9.74
-9.18
-4.49

23.4
-4.3

r-31.6

-0.97
0.12
rl.57

655.61
655.26
r652.62

646.72
645.45
643.29

102.96
103.96
rlO3.23

1.53
1.52
1.48

224.94
225.07
r226.64

63.86
1.08
48.79

5.93
16.01
28.95

r76.5
rl7.6
30.5

r-0.61
r-0.60
2.15

r659.00
660.47
663.01

649.53
649.55
651.82

104.62
104.48
104.59

rl.56
1.50
1.51

r226.03
225.42

23.88
48.40
33.05

31.25
32.47
37.73

34.4

3.23

39*.O

68.8
37.7

0.59
2.46

665.88
671.61
674.75

652.67
655.75
656.98

104.22
104.28
103.48

1.52
1.53
1.53

230.80
231.40
233.86

24^6

35.63
-11.50
22.84

37.07
29.04
17.36

35.9
8.4
46.6

2.98
1.36
1.99

677.74
678.44
682.32

658.83
657.37
658.31

104.58
105.37
104.77

1.52
1.51
1.50

236.84
238.19
240.18

r56.7

73.86
39.25
pl6.22

22.03
36.86
p44.21

H>91.2
r77.9
P65.4

1.89
rl.ll
p3.50

689.93
r696.42
B>p701.87

r664.45
r667.60
[H>p669.18

105.91
rl06.80
plO7.66

1.52
1.54
pi.53

242.07
r243.17
H)p246.67

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

January
March
April
June
July
September
October
November

Manufacturing and trade
inventories

Lg, Lg, Lg

Revised 3

1986

August

Lg, Lg, Lg

(Ann. rate,
bil. dol.)

bil. dol.)

May

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order1

Lg, Lg, Lg

(Ann. rate,
bil. dol.)

(Ann. rate,

February

(Ann. rate,
bil. dol.)

L, L, L

December

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Ratio)

(Bil. dol.)

1987
January
February

47.6

March
April
May
June
July
August
September
October
November
December

227.58

1988
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.
lr
The following series reached their high values before 1986: series 30 (83.4) in 1st quarter 1984, series 36 actual (89.60) in February
1984, series 36 smoothed (78.81) in May 1984, series 38 (3.58) in October 1983, series 65 (108.77) in March 1985, and series 77 (1.58) in
June 1985. 2This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 3See "New
Features and Changes for This Issue," page iii.




FEBRUARY 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

Q j

PROCESS

PRICES, COSTS, AND PROFITS

Minor Economic

Stock

Sensitive Commodity Prices

Process

Timing Class

98. Change in
producer prices
for sensitive
Year

crude and

and

intermediate

month

January
February
March

Revised

October
November
December

16. Current
dollars1

18. Constant
(1982) dollars1

L,C, L

Corporate profits after tax
with IVA and CCAdj A
79. Current
dollars1

80. Constant
(1982) dollars1

(1967 = 100)
5

(Percent)

(Percent)
Revised

5

Revised

(1941-43 = 10)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

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

5

0.29
-0.68
-0.99

-0.05
-0.05
-0.28

208.19
219.37
232.33

120.9

I l l ]9

189^9

182.8

1.29
0.82
0.45

219.9
221.3
225.0

0.00
0.50
0.69

-0.51
-0.36
0.12

237.98
238.46
245.30

122^3

112.5

18CL2

171 ]3

i'.i

0.99
-2.14
1.18

227.6
212.0
221.2

0.69
-2.83
1.71

0.51
0.07
-0.31

240.18
245.00
238.27

130.2

119^5

180.3

170.1

4.9

1.17
1.16
-0.18

235.5
243.7
247.5

2.27
1.35
0.38

0.12
1.08
1.56

237.36
245.09
248.61

134.0

122.7

167.1

156.0

s'.i

0.35
0.26
0.88

252.8
247.2
246.3

0.76
-0.57
0.19

1.08
0.51
0.16

264.51
280.93
292.47

129^0

116.1

165.*9

153!3

4^6

-0.26
2.52
1.78

253.8
272.6
276.4

0.85
0)3.00
1.00

0.14
0.75
1.48

289.32
289.12
301.38

134^

12CL5

162.6

148!8

4.*8

1.92
1.55
3.38

284.2
288.3
292.4

1.53
0.98
1.58

0)1.73
1.51
1.27

310.09
0)329.36
318.66

141.9

126.8

172!i)

157^7

s'.i

2.49
1.29
0.00

0)294.6
292.0
293.1

1.13
0.17
0.17

1.30
1.10
0.72

280.16
245.01
240.96

(NA)

(NA)

(NA)

(NA)

(NA)

292.5
289.3

0.17

0.33

June

September

Corporate profits after tax

L,C, L

236.9
233.3
223.1

May

July

Smoothed3

Actual

19. Index of
stock prices,
500 common
stocks ©

L, L, L

0.37
-0.92
0.93

April

August

99. Change in sensitive materials
prices

L, L, L

materials 1

(Percent)

1986

23. Index of
spot market
prices, raw
industrial,
materials 2 @

L, L, L

L,L, L

U, L, L

L, L, L

Profits and Profit Margins

Prices

1987
January
February
March
April
May
June
July
August
September
October
November
December

1988
January
February
March

0.60

6

7

250.48
257.80

April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
1
The following series reached their high values before 1986: series 98 (3.55) in July 1983; series 16 (152.5), series 18 (149.4), and
series 22 (6.9) in 1st quarter 1984; and series 79 (192.3) and series 80 (186.6) in 3d quarter 1985. 2This is a copyrighted series used by
permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 3See footnote 2 on page 68. ''See
footnote 1 on page 70. 5See footnote 3 on page 68. 6Average for February 1 through 23. 7Average for February 3, 10, 17, and 24.

FEBRUARY 1988




69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

Q J

Cash Flows

Profits and Profit Margins—Continued
U, L,L

L, L, L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income 1 2

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

(Percent)

(Cents)

PRICES, COSTS, AND PROFITS-Continued

L, L, L

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

L, L, L

Unit Labor Costs and Labor Share
L, L, L

Corporate net cash flow
34. Current
dollars

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

35. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1977 = 100)

Lg, Lg, Lg

Lg, Lg, Lg

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

Lg, Lg, Lg

62. Index of labor cost per unit
of output, manufacturing2
Actual data

Actual data
as a percent
of trend

(1977 = 100)

(Percent)

64. Compensation of employees as a
percent of national income2

(Percent)

1986
January
February
March

7*8

3*7

99^5

364.6

365.8

165*0

0.709

137.3
137.6
139.3

100.1
100.3
101.5

73*3

April
May
June

V.6

4.3

99.3

363.3

363.2

166*2

0.714

137.6
138.1
138.0

100.3
100.7
100.6

72*9

July
August
September

7*3

3.4

99.4

370.9

371*0

167*5

0.717

137.2
137.8
137.8

100.0
100.4
100.4

73*i

October
November
December

6*7

3*4

98.4

376.7

375*9

169*0

0.720

138.8
137.6
136.4

101.2
100.3
99.4

73.5

January
February
March

6.4

4.5

99*1

378*7

378.6

169.4

0.724

137.4
136.8
136.0

100.1
99.7
99.1

73*0

April
May
June

6.2

4.8

99*4

384.6

384.3

170*2

DO.728

135.9
135.7
135.0

99.1
98.9
98.4

73*0

July
August
September

6.5

0)5*6

E>riob'.2

E>392*2

0)391.5

rl69.8

0.727

133.6
134.5
135.8

97.4
98.0
99.0

72.8

October
November
December

(NA)

p99*.6

(NA)

(NA)

H>pl7i'.4

rl35.0

(NA)

(NA)

rl35.1
rl34.8

r98.4
r98.5
r98.3

(NA)

pl35.0

p98.4

1987

1988
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.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
Thc following series reached their high values before 1986: series 81 (8.4) in 3d quarter 1985, series 62 (139.
as percent of trend) in October 1985, and series 64 (73.6) in 4th quarter 1985.

70




actual data and 101.9

FEBRUARY 1988

ItCIt

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

MONEY AND CREDIT

Minor Economic
Money

Process

Timing Class

L, L, L

L, C, U

85. Change

102. Change

in money

in money

supply M l

supply M 2

1

Velocity of Money

L,L,L

L,L,L

104. Change
in total liquid
assetsl

105. Money
supply Ml in
1982 dollars2

C, C, C

L.L.L

106. Money
supply M2 in
1982 dollars2

107. Ratio,
gross national
product to

Year

money supply

and

Ml1

Credit Flows

C Lg, C

108. Ratio,
personal income
to money supply
M21

month

(Percent)

1986

Revised3

Revised3

(Percent)

(Bil. dol.)

(Bil. dol.)

(Ratio)

Revised3

Revised3

Revised3

Revised3

(Ratio)

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)

Revised3

L, L,L

112. Net change
in business loans

(Ann. rate,
bil. dol.)
(3)

0.30
0.52
1.41

0.20
0.30
0.79

0.60
0.48
0.63

573.4
571.5
582.0

2,347.7
2,361.0
2,389.9

6.632

1.338
1.341
1.338

-23.17
57.40
43.56

57.86
-50.-58
-11.22

1.14
1.64
1.47

0.93
0.95
0.94

0.69
0.69
0.63

590.0
598.6
604.5

2,417.9
2,436.3
2,447.3

6.465

1.342
1.329
1.318

52.58
30.83
(NA)

-46.75
21.97
-26.40

1.44
1.45
1.01

0.95
0.84
0.66

0.78
0.66
0.70

613.2
621.1
625.5

2,470.7
2,487.5
2,496.5

6.277

1.310
1.304
1.300

8.20
47.78
-22.16

1.09
1.65

0)2.69

0.82
0.60
0.90

0.47
0.51
0.71

631.2
640.3
655.9

2,512.4
2,522.2
2,538.7

6.049

1.293
1.290
1.287

25.92
23.40
98.02

0.83
-0.01
0.40

0.71
0.05
0.18

0.70
0.30
-0.03

656.7
654.3
654.0

0)2,539.1
2,531.4
2,524.5

5.978

1.284
1.298
1.300

0)rl27.52
r-44.40
r-32.86

1.43
0.24
-0.59

0.46
0.06
0.08

0.37
0.68
0.39

0)660.4
659.5
653.8

2,524.9
2,516.7
2,512.2

5.971

1.300
1.302
1.303

rl3.92
r-4.12
r-29.59

0.20
0.39
0.13

0.22
0.40
0.39

0.05
0.50
0.58

653.3
652.9
652.3

2,510.4
2,509.4
2,513.4

6.065

1.309
1.311
1.313

r-42.55
r-23.42
rl6.88

1.16
-0.46
-0.25

0.50
0.08
0.15

0.70
0.32
p0.16

657.4
653.0
650.0

2,516.4
2,513.2
2,511.9

6.113

1.332
1.325
1.333

r44.14
r6.59
r81.85

pi.08
*0.82

p0.82

(NA)

p654.8

p2,523.7

pi.326

p-90.50

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

(Percent)

L, L, I.

1987
January
February
March
April
May
June
July
August
September
October
November
December
1988
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, 3 1 , and 32.
x
The following series reached their high values before 1986: series 102 (2.66) in January 1983, series 104 (1.16) in September 1984,
series 107 (6.962) in 4th quarter 1984, series 108 (1.374) in March 1984, and series 33 (143.70) in September 1984. 2In this issue, this
series is shown in 1982-84 dollars; in the future, it will be shown in 1982 dollars. 3See "New Features and Changes for This Issue,"
page iii.
**Average for weeks ended February 1, 8, and 15.

FEBRUARY 1988




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ H

Minor Economic
Process

Year
and
month

Credit Difficulties

Credit Flows—Continued

Timing Class

L, L,L

113. Net change
in consumer
installment
creditx

(Ann. rate,
bil. dol.)

L, L, L

111. Change in
business and
consumer credit
outstanding1

(Ann. rate,
percent)

MONEY AND CREDIT—Continued

L, L, L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets1
(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities of
business
failures 1 ©

(Mil. dol.)

Bank Reserves

L.L.L

39. Percent
of consumer
installment
loans delinquent 30 days
and over1
(Percent)

L, U, U

93. Free
reserves1©

(Mil. dol.)

Interest Rates

L, Lg, U

L, Lg, Lg

94. Member
bank borrowings from the
Federal
Reserve1©

119. Federal
funds rate 1 ©

(Mil. dol.)

(Percent)

C Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills 1 ©

(Percent)

1986
January
February
March

75.83
60.96
28.68

11.8
3.5
4.4

411,284

3,238.9
3,252.2
3,278.8

2.27
2.29
2.41

341
213
135

770
884
761

8.14
7.86
7.48

7.04
7.03
6.59

April
May
June

71.18
50.87
60.14

3.4
7.2
3.2

575,340

1,766.8
3,572.8
3,467.6

2.44
2.52
2.53

-92
-38
128

893
876
803

6.99
6.85
6.92

6.06
6.12
6.21

July
August
September

75.40
67.28
91.37

8.0
8.0
4.0

738,552

7,464.6
2,748.4
5,126.7

2.22
2.33
2.24

169
-132
-282

741
872
1,008

6.56
6.17
5.89

5.84
5.57
5.19

October
November
December

67.04
9.38
1.73

8.1
4.2
13.1

770,320

2,870.8
2,170.2
4,326.8

2.25
2.34
2.26

-95
226
542

841
752
827

5.85
6.04
6.91

5.18
5.35
5.49

January
February
March

9.47
12.16
3.86

r8.2
r-0.5
rl.2

340,440

p3,446.6
p2,921.1
p2,622.7

2.43
2.40
2.28

488
655
389

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

April
May
June

44.17
-3.82
54.54

r6.3
r4.3
r5.6

615,748

p2,024.8
p2,872.4
p2,742.3

2.36
2.43
2.35

-166
44
414

993
1,035
776

6.37
6.85
6.73

5.76
5.75
5.69

July
August
September

40.25
60.07
77.10

r0.4
4.8
11.1

p561,388

p2,142.7
pi,907.4
p2,026.2

2.34
2.37
2.35

89
385
-147

672
647
940

6.58
6.73
7.22

5.78
6.00
6.32

October
November
December

34.57
r31.61
p53.40

r9.3
r6.4
pl2.9

(NA)

p3,151.6
pi,610.6
p5,512.2

2.66
2.54
2.47

186
298
r252

943
625
777

7.29
6.69
6.77

6.40
5.81
5.80

(NA)

(NA)

(NA)

(NA)

p216

pi,082

6.83
6.61

5.90
^5.68

1987

1988
January
February
March

3

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.
1
The following series reached their high values before 1986: series 113 (125.96) in September 1985; series 111 (22.0) in June 1984; series 110 (948,376) in 4th quarter 1985; series 14 (829.2) in July 1983; series 39 (1.78) in February 1984; and series 93 (-7,328), series
94 (8,017), series 119 (11.64), and series 114 (10.49) in August 1984. 2See "New Features and Changes for This Issue," page iii. 3Average
for weeks ended February 3, 10, 17, and 24. ^Average for weeks ended February 4, 11, 18, and 25.

72



FEBRUARY 1988

ICO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

MONEY AND CREDIT-Continued

Minor Economic
Process
Timing Class . .

Year
and
month

Outstanding Debt

Interest Rates—Continued
Lg, Lg, Lg

116. Yield on
new issues of
high-grade
corporate
bonds 1 ©

(Percent)

C Lg, Lg

115. Yield on
long-term
Treasury
bonds1©

U, Lg, Lg

117. Yield on
municipal
bonds, 20bond average 1 ©

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
onFHA
mortgages1©

67. Bank rates
on short-term
business
loans 1 ©

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks 1 ©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

1986

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

101. Constant
(1982) dollars

(Mil. dol.)

(2)

(2)

Lg, Lg, Lg

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

10.33
9.76
8.95

9.51
9.07
8.13

8.08
7.44
7.08

10.78
10.59
9.77

9^29

9.50
9.50
9.10

529,118
534,198
536,589

347,226
343,011
342,076

336,459
337,277
341,053

15.36
15.42
15.41

April
May
June

8.71
9.09
9.39

7.59
8.02
8.23

7.20
7.54
7.87

9.80
10.07
9.98

8.13

8.83
8.50
8.50

542,521
546,759
551,771

338,180
340,011
337,811

339,538
340,011
338,149

15.39
15.51
15.64

July
August
September

9.11
9.03
9.28

7.86
7.72
8.08

7.51
7.21
7.11

10.01
9.80
9.90

7*.73

8.16
7.90
7.50

558,054
563,661
571,275

338,494
342,476
340,629

340,537
344,890
342,685

15.76
15.86
16.01

October
November
December

9.29
8.99
8.87

8.04
7.81
7.67

7.08
6.85
6.86

9.80
9.26
9.21

7.28

7.50
7.50
7.50

576,862
577,645
577,789

342,789
344,739
352,907

343,820
345,430
353,969

0)16.12
16.09
15.99

January
February
March

8.59
8.58
8.68

7.60
7.69
7.62

6.61
6.61
6.66

8.79

8.81
8.94

7.46

7.50
7.50
7.50

578,578
579,591
579,913

[H>r385,838
r382,138
r379,400

H)r383,918
r378,354
r374,901

15.93
15.79
15.74

April
May
June

9.36
9.95
9.64

8.31
8.79
8.63

7.55
8.00
7.79

10.02
10.61
10.33

8^24

7.75
8.14
8.25

583,595
583,276
587,821

r380,560
r380,217
r377,751

r373,464
r370,582
r366,749

15.76
15.73
15.82

July
August
September

9.70
10.09
10.63

8.70
8.97
9.58

7.72
7.82
8.26

10.38
10.55
11.22

8^20

8.25
8.25
8.70

591,175
596,182
602,607

r374,205
r372,253
r373,660

r361,551
r358,625
r360,328

15.81
15.85
15.93

October
November
December

10.80
10.09
10.22

9.61
8.99
9.12

8.70
7.95
7.96

10.90
10.76
rl0.63

8.47

9.07
8.78
8.75

605,488
r608,122
[H>p612,571

r377,338
r377,887
r384,708

r362,476
r362,655
r369,556

15.71
15.84
p!5.84

8.82
8.42

7.69
7.49

10.16

8.75

(NA)

p377,166

p360,924

(NA)

January
February
March

1987

1988
January
February
March

3

9.81
9.43

3

8.51

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1

The following series reached their high values before 1986: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 109 (13.00) in August 1984. 2 See "New Features and
Changes for This Issue," page iii. 3 Average for weeks ended February 5, 12, 19, and 26.

FEBRUARY 1988




73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Q |

Year
and
month

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

6-month
span

1-month
span

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

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

1-month
span

DIFFUSION INDEXES

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
areas2

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

1986
January
February
March

59.1
45.5
59.1

59.1
50.0
54.5

75.0
75.0
50.0

100.0
75.0
75.0

58.3
75.0
66.7

50.0
66.7
50.0

20.0
17.5
85.0

80.0
55.0
30.0

58.8
52.9
64.7

49.0
39.2
51.0

53.2
48.1
48.1

47.6
47.6
43.0

April
May
June

63.6
50.0
59.1

54.5
63.6
63.6

100.0
25.0
37.5

75.0
75.0
100.0

0.0
66.7
33.3

41.7
50.0
33.3

40.0
50.0
52.5

57.5
32.5
52.5

25.5
74.5
56.9

56.9
56.9
67.6

53.5
52.4
46.8

43.2
45.4
48.4

July
August
September

59.1
50.0
50.0

68.2
72.7
90.9

87.5
100.0
75.0

75.0
100.0
100.0

50.0
50.0
41.7

50.0
41.7
50.0

37.5
77.5
65.0

87.5
60.0
82.5

34.3
78.4
17.6

92.2
45.1
90.2

52.4
56.2
55.1

47.3
53.0
59.2

October
November
December

54.5
81.8
81.8

72.7
r81.8
90.9

75.0
87.5
100.0

75.0
100.0
75.0

91.7
41.7
25.0

75.0
33.3
58.3

57.5
75.0
52.5

87.5
70.0
52.5

71.6
80.4
7.8

70.6
70.6
94.1

53.2
59.7
59.7

58.9
57.8
58.9

January
February
March

36.4
r45.5
72.7

r72.7
r72.7
63.6

25.0
100.0
50.0

100.0
100.0
50.0

66.7
25.0
25.0

50.0
66.7
r66.7

67.5
60.0
32.5

72.5
70.0
75.0

88.2
35.3
52.0

69.6
82.4
78.4

53.5
56.8
58.6

61.9
62.7
58.9

April
May
June

r50.0
45.5
68.2

72.7
63.6
54.5

62.5
50.0
87.5

100.0
100.0
100.0

75.0
41.7
58.3

33.3
66.7
50.0

7.5
95.0
50.0

62.5
32.5
85.0

73.5
78.4
15.7

80.4
94.1
90.2

58.4
58.6
55.7

67.3
67.6
71.1

July
August
September

r45.5
45.5
59.1

63.6
63.6
63.6

100.0
100.0
75.0

100.0
100.0
100.0

25.0
41.7
83.3

41.7
66.7
75.0

55.0
60.0
22.5

55.0
72.5
p90.0

64.7
84.3
37.3

92.2
r59.8
p90.2

68.6
54.6
65.4

r78.6
r79.5

October
November
December

72.7
r22.7

44.4

75.0
50.0
100.0

50.0

85.0
r40.0

65.4

p73.2

1987

AC

E;

HO • 0

3

4

66.7

100.0

r75.0

s

LJ.U

86.3
23.5
5.9

r71.9

p88.2

p59.2

yf\0

76.2

9

1988
January
February
March

3

44.4

^66.7

5

37.5

p35.0

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 (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
beginning with data for January 1984, series 12 has been suspended from this index.
2
Figures are the percent of components declining.
3
Excludes series 36 and 111, for which data are not available.
^Excludes series 57, for which data are not available.
5
Hxcludes series 77 and 95, for which data are not available.

74




FEBRUARY 1988

\\i\\

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries

1-quarter
span

DIFFUSION INDEXES—Continued

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

967. Spot market
prices, 13 raw
industrial materials ©

6-month
span

1-month
span

9-month
span

968. Stock prices, 500
common stocks 1 ©

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies2©

(4-quarter span)

1986
January
February
March

55.9
47.1
44.1

38.2
44.1
44.1

36

April
May
June

58.8
26.5
55.9

47.1
51.5
50.0

24

July
August
September

44.1
39.7
64.7

32.4
67.6
r55.9

59

October
November
December

50.0
44.1
r63.2

61.8
79.4
72.1

65

r50.0
64.7
55.9

85.3
72.1
79.4

42

April
May
June

38.2
35.3
64.7

82.4
79.4
79.4

83

July
August
September

67.6
39.7
58.8

r76.5
r73.5
p67.6

October
November
December

52.9
r47.1
r55.9

75.0
41.7
58.3

61.5
38.5
34.6

46.2
50.0
57.7

60.5
81.0
94.0

90.5
90.5
88.1

70

43

85.4
37.5
16.7

47.9
50.0
58.3

53.8
61.5
65.4

42.3
50.0
50.0

61.9
50.0
77.4

88.1
90.5
81.0

*70

46

75.0
35.4
52.1

47.9
75.0
79.2

50.0
50.0
65.4

50.0
65.4
73.1

35.7
67.9
42.9

81.0
71.4
78.6

74

48

58.3
47.9
31.2

72.9
87.5
87.5

73.1
61.5
65.4

65.4
80.8
76.9

34.5
76.2
50.0

95.2
100.0
92.9

'74

*62

70.8
70.8
75.0

91.7
89.6
75.0

84.6
42.3
30.8

88.5
96.2
80.8

98.8
95.2
83.3

87.8
92.7
92.5

74

p60

31.2
64.6
60.4

(NA)

50.0
70.8
70.8

75.0
87.5
83.3

61.5
88.5
57.7

73.1
96.2
80.8

39.3
46.3
93.9

97.5
97.5
62.5

p50

70.8
62.5
50.0

r91.7
91.7
91.7

73.1
76.9
61.5

88.5
88.5
76.9

81.3
95.0
8.8

10.0
12.5
10.0

(NA)

75.0
r70.8
r66.7

p87.5

53.8
46.2
50.0

53.8

0.0
0.0
53.8

1987
January
February
March

3

(NA)

1988
January
February
March

p55.9

p56.3

3

42.3
34.6

75.0

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 43 industries through January 1986, on 42 industries through April 1987, on 41 industries through June 1987, and on 40 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 2, 9, 16, and 23.

FEBRUARY 1988




75

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

^ J
970. Expenditures for new plant and equipment,
21 industries

Year
and
quarter

a. Actual
expenditures
(1-Q span)

c. Early
projections

b. Later
projections

(1-Q span)

(1-Q span)

DIFFUSION INDEXES-Continued

971. New orders, manufacturing 1 ©

972. Net profits, manufacturing
and trade] ©

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade' ©

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

66.7
73.8
61.9
52.4

61.
76.
66.
42.

9
2
7
9

66 .7
71 .4
76 .2
38 .1

74
74
76
75

82
84
82
80

70
69
70
70

30
81
81
78

76
74
75
74

84
84
84
81

19.0
52.4
42.9
81.0

47.
66.
42.
85.

6
7
9
7

64 .3
66 .7
38 .1
52 .4

76
76
74
75

82
83
84
78

70
71
70
70

78
81
81
78

72
73
74
74

81
84

40.5
61.9
85.7
(NA)

42.
78.
85.
85.

9
6
7
7

50 .0
71 .4
66 .7
61 .9

78
83
82

80
83
85
86

74
74
75

78
81
83
82

78
80
82

82
83
85
86

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

83
80

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

(NA)

(NA)

(NA)

1988
First quarter
Second quarter
Third quarter
Fourth quarter

61 .9

84

85

82

....
....

R H
974. Number of employees,
manufacturing and trade1 ©

Year
and
quarter

975. Level of inventorie
manufacturing and trade

(4-Q span)

(4-Q span)

976. Selling prices, manufacturing1 ©

'©

Anticipated

Actual

Anticipated

Actual

DIFFUSION INDEXES-Continued

Anticipated

Actual

977. Selling price s, wholesale
trade 1 ©

978. Selling prices, retail
trade 1 ©

Actual

Actual

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

64
66
62
58

65
62
61
61

70
70
64
62

t34
(30
i
39
(30

68
66
66
60

66
63
66
62

65
70
67
62

62
65

c

c

>9
39
c38

64
64
62

60
62
66

62
62
64

(32

62

62

64

(33

63
68
66
69

67
67
72

64
64
68
70

(4-Q span)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

60
58
58
59

60
62
59
58

66
63
60

58
59
60

59
60

62
61
62
60

58
58
60

59
60
58

57

63

64
65
66

60
60

64
64
68

61

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

58

....

60
61
64

....

(NA)

59
58

62
59

1987
First quarter
Second quarter
Third quarter
Fourth quarter

60
59
62
62

(NA)

61
62

(NA)

60
66
67
66

70
(NA)

(NA)

1988
First quarter
Second quarter
Third quarter
Fourth quarter

63
....

62

70

72

68

....

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

76




FEBRUARY 1988

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1987

Diffusion index components

June

September

August

July

1988

Novemberr

October

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING

Decemberr

January^

1

(Hours)

All manufacturing industries

0

Percent rising of 20 components

41.0

0

(50)

41.0

0

(55)

41.0

40.6

(60)

(22)

+

41.3

41.2

41.0

(85)

(40)

(38)

+

41.1
(35)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+

40.6
40.0

0
0

40.6
40.0

+

40.4
40.1

39.4
39.3

+
+

40.4
40.0

0

40.8
40.0

Stone, clay, and glass products
Primary metal industries

42.0
43.1

+

42.2
43.4

+

42.1
43.5

41.9
43.4

+
+

42.6
43.7

0

42.5
43.7

+

0

Fabricated metal products
Machinery, except electrical

41.5
42.2

41.5
42.2

40.8
41.6

+
+

42.0
42.6

42.1
42.7

41.8
42.5

0

+

41.4
42.4

-

0

41.8
42.8

41.0
41.9

40.4
41.3

+
+

41.1
42.5

41.0
42.4

-

40.8
41.6

t

41.2
42.0

41.7
39.4

41.1
39.0

+
+

42.1
40.0

41.7
39.6

+

41.5
39.8

40.2
38.9

+
+

40.5
41.2

41.3
36.3

+
+

41.9
37.4

Electric and electronic equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing

+

0

41.1
41.9
41.5
39.3

0

+

41.1
41.7

+

+

41.6
38.8

+

39.9
35.5

+

+

-

_

_

40.5
39.7

_

39.7
39.4

42.6
43.5

0

42.2
43.5

+

41.6
38.9

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products

0

+

+
-

Rubber and miscellaneous plastics products
Leather and leather products

40.1
40.1

-

+

40.3
36.1

+

42.1
37.4

42.1
37.1

+

42.4
37.3

43.3
38.1

43.5
38.1

-

0

42.2
44.4

+

41.0
38.6

+

42.0
43.3
41.8
39.3

+

-

+

+

43.7
38.0

43.4
37.9

+
+

43.8
38.2

42.4
43.3

+

42.8
43.2

+

42.7
43.5

41.4
38.9

o

41.4
37.7

+
+

41.9
38.7

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES

40.6
41.0
-

0
0

*

0

40.6
40.6

-

40.5
38.2

41.8
37.1

+

41.7
37.2

43.5
38.0

-

43.2
37.9

0

43.6
37.9

42.7
43.6

+
+

42.8
44.5

0

42.7
44.5

42.1
38.3

+
+

42.4
38.5

-

41.3
37.1

42.0
38.4

1 2

(Millions of dollars)

All durable goods industries

+

Percent rising of 34 components

109,213

106,678

(65)

(68)

(40)

109,181

0

Primary metals
Fabricated metal products

+

9,976
11,603

9,718
11,261

-

Machinery, except electrical
Electrical machinery

17,496
19,672

18,864
19,421

-

+

28,794
21,640

27,970
21,979

Transportation equipment
Other durable goods industries

-

+

111,095

110,949

+ 115,509

112,227

(59)

(53)

(47)

(56)

(56)

10,437
11,077

109,345

+

9,461
11,014

+
+

10,735
11,200

18,412
19,234

+
+

18,806
19,994

+
o

18,953
19,999

27,087
21,470

26,493
22,117

+

+

28,573
22,056

-t

10,903
11,290

+
+

12,053
11,463

18,024
20,288

+

-)-

19,161
19,751

20,275
20,843

28,603
21,841

+
+

31,055
22,026

27,213
22,639

4

-\-

-

10,186
11,071

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",
Dreliminary; and "NA", not available.
x
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
;hange for the six major industry groups shown here.

FEBRUARY 1988




77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

Diffusion index components

1988

1987
July

June

August

September

October

December

November

January^

966. INDEX OF INDUSTRIAL PRODUCTION
(1977 = 100)

129.1

All industrial production

Percent rising of 24 components

2

+

(71)

130.6

131.2

131.0

(71)

(62)

(50)

131.1
155.2

126.9
155.9

116.5
85.1

132.5

133.0

133.6

133.8

(75)

(71)

(67)

(56)

+
+

129.8
156.0

134.0
158.1

+
+

135.8
159.2

(NA)
(NA)

118.6
84.5

+
+

118.9
90.6

120.5
90.0

+
+

122.1
92.6

(NA)
91.0

110.1
154.3

111.1
156.6

+
+

113.5
158.0

113.8
157.3

+
+

115.5
158.6

116.0
159.2

+

Durable manufactures:
Lumber and products
Furniture and fixtures

131.1
153.9

+
+

132.8
156.2

Clay, glass, and stone products
Primary metals

117.9
78.8

+
+

118.8
81.4

Fabricated metal products
Nonelectrical machinery

111.1
151.8

o
+

111.1
155.3

Electrical machinery
Transportation equipment

170.5
126.5

+
+

172.5
127.6

+
+

174.3
128.1

173.4
125.5

+
+

175.5
132.0

175.7
130.4

175.3
128.4

176.3
128.0

Instruments

144.5
101.2

143.8
100.5

+
+

146.3
102.2

145.6
102.1

+
+

146.7
104.6

147.3
104.5

144.8
103.6

145.8
(NA)

138.5
106.8

138.8
110.4

1T9.5
101.7

+

138.0
103.7

138.4
103.4

139.4
(NA)

(NA)
(NA)

Miscellaneous manufactures . . .

+

Nondurable manufactures:

137.7
107.0

+

Textile mill products
Apparel products

117.2
107.7

+
+

118.3
109.7

119.8
108.4

118.2
107.6

+

116.8
108.0

118.3
109.3

119.2
(NA)

(NA)
(NA)

Paper and products
Printing and publishing

142.6
174.1

+

148.8
174.0

148.9
174.7

147.4
174.9

+

145.0
175.2

148.3
175.6

149.8
175.9

(NA)
178.0

Chemicals and products
Petroleum products

139.3
92.3

+
+

140.8
94.1

142.3
92.9

142.4
93.5

+

141.5
94.6

144.2
93.3

146.8
96.0

(NA)
97.4

Rubber and plastics products..
Leather and products

165.4
60.8

+

167.2
59.2

164.8
61.3

165.2
60.7

166.7
59.6

169.4
60.7

169.9
58.3

(NA)
(NA)

Metal mining
Coal

70.7
128.8

+

71.4
127.9

79.3
130.5

86.5
133.3

85.6
140.3

90.0
142.9

(NA)
140.6

(NA)
139.C

Oil and gas extraction
Stone and earth minerals

91.8
128.5

o
+

91.8
130.7

93.0
130.3

93.3
130.0

94.1
131.0

93.6
134.1

92.7
135.7

92.3
(NA]

Foods
Tobacco products

+

Mining:

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

78




The "r" indicates revised; "p

FEBRUARY 1988

IM:

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

j Q

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

Diffusion index components

1988

1987
June

July

August

October

September

December

November

January

February 1

967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS 2

Raw industrials price index (1967 = 100)

+

276.4

+

(58)

Percent rising of 13 components

284.2

+

288.3

+

(77)

(73)

292.4

+

294.6

-

(54)

(62)

292.0

+

(46)

293.1

-

292.5

-

(42)

(50)

289.3
(35)

Dollars

Copper scrap

(pound)..
(kilogram)..

+

0.542
1.195

+

0.599
1.321

+

0.619
1.365

+

0.644
1.420

+

0.646
1.424

+

0.825
1.819

+

0.934
2.059

+

0.938
2.068

-

0.785
1.731

Lead scrap

(pound)..
(kilogram)..

+

0.245
0.540

+

0.275
0.606

+

0.280
0.617

o

0.280
0.617

o

0.280
0.617

-

0.276
0.608

-

0.272
0.600

-

0.252
0.556

-

0.230
0.507

Steel scrap

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

+

82.000
90.389

+

84.000
92.593

+

85.000
93.696

+

95.000
104.719

Tin

(pound)..
(kilogram)..

-

3.738
8.241

-

3.620
7.981

+

3.708
8.175

+

Zinc

(pound)..
(kilogram)..

+

0.470
1.036

+

0.480
1.058

o

0.480
1.058

Burlap

(yard)..
(meter)..

o

0.240
0.262

-

0.238
0.260

+

Cotton

(pound)..
(kilogram)..

+

0.703
1.550

+

0.728
1.605

(yard)..
(meter)..

-

0.970
1.061

+

Wool tops

(pound)..
(kilogram),.

-

3.710
8.179

Hides

(pound)..
(kilogram)..

-

0.916
2.019

Rosin

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

o

Rubber

(pound)..
(kilogram)..

Tallow

(pound)..
(kilogram)..

Print cloth

+ 117.000
128.969

- 115.750
127.591

- 104.000
114.639

- 100.000
110.230

+ 115.000
126.765

3.812
8.404

+

3.848
8.483

+

3.928
8.660

-

3.878
8.549

-

3.860
8.510

-

3.792
8.360

-

0.455
1.003

-

0.449
0.990

+

0.451 +
0.994

0.454
1.001

+

0.458
1.010

+

0.469
1.034

0.240
0.262

-

0.238
0.260

+

0.256
0.280

+

0.270
0.295

+

0.275
0.301

o

0.275
0.301

+

0.276
0.302

+

0.754
1.662

-

0.712
1.570

-

0.636
1.402

+

0.645
1.422

-

0.622
1.371

-

0.595
1.312

-

0.574
1.265

0.975
1.066

-

0.965
1.055

-

0.946
1.035

-

0.905
0.990

-

0.655
0.716

-

0.630
0.689

-

0.620
0.678

-

0.590
0.645

3.650
8.047

+

3.850
8.488

+

4.080
8.995

+

4.100
9.039

o

4.100
9.039

+

4.380
9.656

+

4.750
10.472

+

5.000
11.023

+

0.928
2.046

+

0.938
2.068

+

0.987
2.176

+

1.000
2.205

-

0.952
2.099

-

0.942
2.077

-

0.928
2.046

o

0.928
2.046

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

-

48.125
106.096

-

47.500
104.719

+

0.506
1.116

+

0.536
1.182

+

0.537
1.184

+

0.542
1.195

-

0.538
1.186

-

0.532
1.173

+

0.540
1.190

+

0.547
1.206

-

0.536
1.182

o

0.146
0.322

+

0.148
0.326

-

0.147
0.324

+

0.152
0.335

-

0.150
0.331

-

0.146
0.322

+

0.148
0.326

+

0.173
0.381

-

0.168
0.370

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

= falling.

The "r" indicates revised; "p",

1

The index is the average for February 1 through 23; component prices are averages for February 2, 9, 16, and 23.
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.
2

FEBRUARY 1988




79

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT

Q

50. Gross national product in 1982 dollars

200. Gross national product in current dollars

Year
and
quarter

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

GNP AND PERSONAL INCOME

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

217. Per capita
gross national
product in 1982
dollars

213. Final sales
in 1982 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

3,921.1
3,973.6
4,042.0
4,104.4

69.3
52.5
68.4
62.4

7.4
5.5
7.1
6.3

3,568.7
3,587.1
3,623.0
3,650.9

33.5
18.4
35.9
27.9

3.8
2.1
4.1
3.1

14,966
15,010
15,120
15,197

3,549.2
3,569.9
3,628.7
3,652.5

4,174.4
4,211.6
4,265.9
4,288.1

70.0
37.2
54.3
22.2

7.0
3.6
5.3
2.1

3,698.8
3,704.7
3,718.0
3,731.5

47.9
5.9
13.3
13.5

5.4
0.6
1.4
1.5

15,362
15,352
15,370
15,388

3,663.4
3,676.7
3,711.9
3,745.8

4,377.7
4,445.1
4,524.0
r4,604.0

89.6
67.4
78.9
r80.0

8.6
6.3
7.3
r7.3

3,772.2
3,795.3
3,835.9
r3,877.9

40.7
23.1
40.6
r42.0

4.4
2.5
4.3
r4.5

15,525
15,588
15,715

3,724.5
3,756.3
3,811.4
r3,821.3

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

rl5,848

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

Q j

GNP AND PERSONAL INCOME—Continued

{ Q
230. Total in current
dollars

Disposable personal income

Year
and
quarter

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

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

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1982
dollars

232. Durable goods
in current dollars

2.J3.

Durable goods
in 1982 dollars

227. Per capita in
1982 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

2,762.2
2,848.4
2,847.2
2,906.6

2,506.8
2,558.4
2,538.2
2,565.5

10,513
10,705
10,592
10,679

2,549.9
2,602.0
2,665.4
2,700.1

2,314.1
2,337.0
2,376.1
2,383.2

358.2
362.4
383.7
370.5

342.4
346.6
366.8
355.1

2,966.0
3,022.4
3,038.2
3,061.6

2,610.5
2,660.2
2,653.2
2,656.7

10,842
11,024
10,968
10,956

2,737.9
2,765.8
2,837.1
2,858.6

2,409.7
2,434.3
2,477.5
2,480.5

375.9
386.4
427.6
419.8

359.8
369.6
405.5
399.0

3,125.9
3,130.6
3,195.3
r3,274.2

2,674.6
2,645.5
2,674.7
r2,712.1

11,008
10,865
10,958

2,893.8
2,943.7
3,011.3
r3,019.2

2,475.9
2,487.5
2,520.7
r2,500.9

396.1
409.0
436.8
r413.1

375.9
385.4
406.9
r384.3

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

rll,083

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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




FEBRUARY 1988

it<:n

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

H H

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

PERSONAL CONSUMPTION EXPENDITURES—Continued
238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

H I

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,
bil. dol.)

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

894.4
910.4
918.4
929.3

841.2
847.6
853.5
855.7

1,297.3
1,329.2
1,363.3
1,400.3

1,130.5
1,142.8
1,155.7
1,172.5

638.6
648.4
628.6
650.8

632.1
645.7
623.2
643.3

617.3
629.9
631.0
648.3

612.7
628.4
628.9
644.9

936.8
934.3
940.0
946.3

868.8
880.0
879.8
880.3

1,425.2
1,445.1
1,469.5
1,492.4

1,181.2
1,184.7
1,192.2
1,201.1

683.4
679.4
660.8
660.2

674.4
665.6
645.0
631.0

645.1
651.9
657.3
656.6

639.1
637.6
638.8
645.4

969.9
982.1
986.4
r988.1

883.2
879.0
875.7
r869.9

1,527.7
1,552.6
1,588.1
rl,617.9

1,216.9
1,223.1
1,238.1
1,246.6

699.9
702.6
707.4
r756.8

671.8
673.7
681.9
r717.2

648.2
662.3
684.5
r690.1

624.2
634.7
657.3
r660.5

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
B i l
Year
and
quarter

E9

GROSS PRIVATE
DOMESTIC INVEST.-Con.

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

30. Change in
business inventories in 1982
dollars
(Ann. rate,
bil. dol.)

260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
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.)

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

21.4
18.5
-2.4
2.5

19.5
17.3
-5.7
-1.6

784.1
800.5
832.8
857.0

703.4
712.1
738.6
753.7

336.3
339.4
361.9
378.0

308.4
310.7
332.5
345.3

447.8
461.1
470.9
479.0

395.0
401.4
406.1
408.4

38.3
27.5
3.5
-6.4

35.3
28.1
6.1
-14.4

846.9
867.2
878.5
886.3

737.6
751.6
757.2
771.8

356.7
368.4
371.2
368.6

322.1
330.6
332.6
344.6

490.2
498.8
507.3
517.7

415.5
421.0
424.6
427.1

51.6
40.3
22.9
r66.7

47.6
39.0
24.6
r56.7

896.2
917.1
929.0
r954.8

759.6
766.7
771.7
r796.3

366.9
379.6
382.1
r395.1

327.3
332.6
336.3
r355.2

529.3
537.6
546.9
r559.7

432.3
434.1
435.4
r441.1

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
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 1988




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q |
Year
and
quarter

255. Constant
(1982) dollars
(Ann. rate
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

257. Constant
(1982) dollars

253. Current
dollars

256. Constant
(1982) dollars

252. Current
dollars

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

• M
mM

FOREIGN TRADE

(Ann. rate,
bil. dol.)

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

-51.5
-77.3
-84.7
-103.5

-81
-107
-114
-129

0
7
9
3

376.3
370.6
364.2
368.7

369
364
360
366

7
7
5
5

427.
447.
448.
472.

7
8
9
2

450.
472.
475.
495.

7
4
4
8

3,156.5
3,204.4
3,254.4
3,304.4

2,314.9
2,351.5
2,386.3
2,430.5

-93.8
-100.8
-110.5
-116.9

-123
-146
-161
-151

0
8
6
8

373.5
371.3
376.6
383.3

371
370
379
388

5
2
6
3

467.
472.
487.
500.

3
1
1
2

494.
517.
541.
540.

4
0
2
1

3,364.2
3,414.1
3,438.7
3,471.0

2,464.8
2,487.6
2,515.1
2,552.0

-135 2
-132 7
-138 4
r-136 .4

397.3
416.5
439.2
r456.8

509. 5
534. 8
562. 9
r583. 7

533.
547.
575.
r589

0
2
6
1

3,548.3
3,593.3
3,659.0
(NA)

2,589.9
2,623.4
2,663.5
2,713.4

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-112.2
-118.4
-123.7
r-126.9

397 8
414 5
437 1
r452 .7

1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

!
Ypor
I Cdl

ana
quarter

282. Proprietors'
income with IVA
and CCAdj'

(Ann. rate,
bil. dol.)

1

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

290. Gross saving

(Ann. rate,
bil. dol.)

(Ann rate,
bil. dol.)

(Ann. rate,
bil. dol.)

SAVING
292. Personal
saving

295 Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

252 .1
256 .4
252 .4
268 .0

7
9
9
10

3
1
3
1

265.6
274.2
292.8
277.8

316.5
313.2
313.7
317.9

552.0
547.7
514.7
510.7

518.6
533.0
552.7
544.3

131.2
162.8
95.7
118.5

270 .8
298 .1
292 .5
297 .8

14
17
17
18

0
4
2
4

288.0
282.3
286.4
281.1

326.6
328.7
327.5
321.7

557.8
538.7
516.2
515.3

553.4
547.7
551.5
544.4

138.4
166.0
108.9
109.0

320 .9
323 .1
322 .7
r344 .5

20
18
17
r20

0
9
3
1

294.0
296.8
314.9
(NA)

323.6
331.1
340.6
r351.6

554.3
551.3
559.3
(NA)

545.3
546.7
559.8
(NA)

138.4
93.2
88.8
rl57.9

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
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.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

£ J
Year
and
quarter

SAVING-Continued

298. Government
surplus or deficit

(Ann. rate,
bil. dol.)

g j

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

247. Change in
business inventories

249. Residential
fixed investment

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1985

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

-97.8
-148.1
-133.7
-152.1

4.8
5.7
3.4
4.1

65.0
65.5
65.9
65.8

11.0
11.2

10.9
11.0

4.7
4.6
4.7
4.8

-134.0
-175.0
-144.1
-138.1

4.7
5.5
3.6
3.6

65.6
65.7
66.5
66.7

10.6
10.3
10.2
10.3

4.9
5.2
5.2
5.3

-0.1

-129.5
-88.6
-89.3
(NA)

4.4
3.0
2.8

66.1
66.2
66.6
65.6

9.7
9.8
10.1
9.9

5.1
5.1
5.0

1.2
0.9
0.5

0.5
0.5
-0.1

0.1

-1.3
-1.9
-2.1
-2.5

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

0.9
0.7
0.1

-2.2
-2.4
-2.6
-2.7

1987
First quarter
Second quarter . . . .
'Third quarter
Fourth quarter . . . .

r4.8

r5.0

rl.4

-2.6
-2.7
-2.7
r-2.8

1988
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

283. Proprietors'
income with IVA
x

and CCAdj
(Percent)

285. Rental income
of persons with
CCAdj1
(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1

289. Net interest

(Percent)

(Percent)

1985

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

8.6
8.5
9.0
9.2

11.4
11.6
11.7
11.7

73.3
73.4
73.3
73.6

8.0
8.0
7.8
8.1

0.2
0.3
0.3
0.3

8.4
8.6
9.0
8.4

10.0
9.8
9.6
9.6

8.5
8.7
8.7
8.6

11.7
11.8
11.9
12.1

73.3
72.9
73.1
73.5

8.0
8.7
8.5
8.6

0.4
0.5
0.5
0.5

8.6
8.3
8.3
8.1

9.7
9.6
9.5
9.3

8.4
8.5
8.4
8.6

12.1
12.1
12.1

73.0
73.0
72.8
(NA)

9.0
9.0
8.8

0.6
0.5
0.5

8.3
8.3
8.6

(NA)

(NA)

(NA)

9.1
9.2
9.3
(NA)

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

12.2

1988
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.

X

FEBRUARY 1988




83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Q

Year

PRICE MOVEMENTS

Implicit price deflator for

Fixed-weighted price index,

Consumer price index

Consumer price index for

gross national product

gross domestic business product

for all urban consumers

all urban consumers, food

310. Index

and

310c. Change

311. Index

spans x

spans

percent)

320. Index

©

1

(1982 = 100)

percent)

Revised
1.9

1.8

112i9

112.9

March

1.9

2.9

April
May

U3A

113!7

June

2.3

3.6

July
August

114.1

114! 7

September

0.7

October
November

114.9

over 6-month

L

x

spans

ni!6

322. Index

322c. Change

322c. Change

over 1-month

over 6-month

spans x

spans 1

(Ann. rate,

(Ann. rate,
(1982-84 = 100)

1986

February

320c. Change

over 1-month
spans

2

January

320c. Change

(Ann. rate,

(Ann. rate,
(1982 = 100)

311c. Change
over 1-quarter

over 1-quarter

month

1.8

December

(Percent)

2

(1982-84 = 100)

percent)

2

t)

Revised

109.6
109.3
108.8

0.3

0.6

-0.3
-0.4

-0.2

108.6
108.9
109.5

-0.3
0.2
r0.5

-0.5

109.5
109.7
110.2

0.0
0.2
0.3

2.6

110.3
110.4
110.5

0.2
r0.3
0.2

111.2
111.6
112.1

0.7
0.4
0.4

5.0

112.7
113.1
113.5

0.4
r0.4
r0.3

4.4

113.8
114.4
115.0

rO.3
r0.4
r0.3

3.9

115.3
115.4
115.4

r0.3
0.3
r0.2

3.7

115.7

0.3

0.0

0.4
1.7

2.8
2.2
3.7
4.1
4.4

2

Revised

(Percent)

percent)

2

Revised

Revised2

107.4
107.0
107.3

0.2
-0.4
0.3

107.6
108.0
108.2

0.3
0.4
0.2

109.2
110.1
110.5

0.9
0.8
0.4

110.7
111.1
111.3

0.2
0.4
0.2

111.9
112.1
112.3

0.5
0.2
0.2

112.7
113.3
113.9

0.4
0.5
0.5

3.4

113.8
113.9
114.5

-0.1
0.1
0.5

3.6

114.7
114.8
115.3

0.2
0.1
0.4

3.2

115.6

0.3

3.0
2.6
1.9
3.4
5.9
6.1
5.8
5.8
5.8
5.0
3.7
3.3

1987

4.2

4.2

January
February

115.8

116.1

March

4.0

3.5

April

117 * i

May

116i9

June

3.2

2.8

July
August

117.9

11^9

September

3.4

2.7

October
November

118.8

118.7

December

5.1
5.3

4.5
4.1

3.7
3.6

3.6
4.0
4.7

3.2
4.0

2.7
2.5

1988
January
February
March
April
May
June
July
August
September
October
November
December

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

Changes are centered

1-quarter
2

within

the spans:

1-month changes are placed

on the 2d month, 6-month changes

are placed on the 4th month, and

changes are placed on the 1st month of the 2d quarter.

See "New Features and Changes




for This

Issue," page iii.

FEBRUARY 1988

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

H H

Producer price index, all commodities
Year
and
month

330. Index

0

(1982 = 100)

1986

Revised 2

330c. Change
over 1-month
spans1©

(Percent)
(2)

PRICE MOVEMENTS-Continued
Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 6-month
spansx ©

(Ann. rate,
percent)

335. Index ©

335c. Change
over 1-month
spans 1 ©

(1982=100)

(Percent)

Revised2

Revised 2

(2)

335c. Change
over 6-month
spans1©

(Ann. rate,
percent)
Revised2

331. Index

331c. Change
over 1-month
spans 1

(1982 = 100)
Revised 2

331c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

January
February
March

103.2
101.7
100.3

-0.4
-1.5
r-1.4

-6.3
-6.5
-7.0

103.7
102.1
100.5

-0.4
-1.5
r-1.6

-7.6
-7.9
-8.1

94.2
90.4
88.3

-1.2
-4.0
-2.3

-17.8
-17.4
-18.2

April
May
June

99.6
100.0
99.9

-0.7
r0.4
-0.1

-7.2
-4.7
-1.8

99.8
99.8
99.8

r-0.7
0.0
rO.O

-9.2
-6.7
-3.4

85.4
86.8
86.2

-3.3
1.6
-0.7

-15.9
-8.2
-4.0

July
August
September

99.4
99.3
99.4

-0.5
-0.1
0.1

0.2
-0.4
-0.4

98.8
98.6
98.8

r-1.0
-0.2
r0.2

-1.4
-1.2
-1.2

86.4
86.6
86.5

0.2
0.2
-0.1

5.0
1.4
0.9

October
November
December

99.7
99.8
99.7

0.3
0.1
-0.1

2.2
3.5
3.7

99.1
99.2
99.2

0.3
0.1
0.0

3.3
4.5
4.7

87.5
87.4
86.6

1.2
-0.1
-0.9

6.3
7.8
9.7

January
February
March

100.5
101.0
101.2

0.8
r0.5
0.2

4.5
5.7
6.7

100.4
100.8
101.1

1.2
0.4
0.3

5.1
5.5
6.6

89.1
89.9
90.6

2.9
0.9
0.8

11.3
16.4
19.3

April
May
June

101.9
102.6
103.0

r0.7
0.7
0.4

6.1
5.6
5.0

101.6
101.9
102.4

0.5
0.3
0.5

5.5
5.8
4.8

92.3
94.3
94.6

1.9
2.2
0.3

15.1
15.7
12.3

July
August
September

103.5
103.8
103.7

0.5
0.3
-0.1

4.4
3.1
2.1

103.1
103.7
103.5

0.7
r0.6
-0.2

4.8
4.6
3.3

95.6
96.7
96.0

1.1
1.2
-0.7

8.4
1.1
0.0

October
November
December

104.1
104.2
104.1

r0.4
rO.l
-0.1

1.9

104.0
104.2
104.1

0.5
0.2
r-0.1

2.3

96.1
94.8
94.6

0.1
-1.4
-0.2

-4.1

104.5

0.4

104.3

0.2

93.6

-1.1

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans: 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
2
See "New Features and Changes for This Issue," page iii.

FEBRUARY 1988




85

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

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

332. Index

332c. Change
over 1-month
spans1

PRICE MOVEMENTS-Continued

Producer price index, capital equipment

332c. Change
over 6-month
spans1

333. Index

333c. Change
over 1-month
spans1

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

334. Index

334c. Change
over 1-month
spans1

334c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

(1982 = 100)

(Percent)

Revised2

Revised2

Revised 2

(2)

102.3
101.1
99.9

-0.6
-1.2
-1.2

-6.5
-7.3
-8.0

108.6
108.7
108.9

rO.l
0.1
0.2

1.9
1.7
2.0

104.5
102.6
101.2

-0.8
-1.8
-1.4

-6.8
-6.9
-7.8

April
May
June

99.0
98.8
98.7

-0.9
-0.2
-0.1

-8.2
-6.0
-2.6

109.2
109.3
109.6

0.3
0.1
r0.3

2.0
1.8
2.0

100.4
101.0
101.1

-0.8
0.6
0.1

-8.1
-3.7
-0.2

July
August
September

98.0
98.0
98.6

-0.7
0.0
0.6

-1.6
-1.0
-0.6

109.7
109.7
110.0

0.1
rO.O
0.3

2.4
2.8
2.2

100.2
100.7
101.1

-0.9
0.5
0.4

2.0
0.8
0.6

October
November
December

98.2
98.3
98.4

-0.4
0.1
0.1

2.1
3.3
2.4

110.5
110.8
110.8

r0.5
r0.3
rO.O

2.8
2.4
2.0

101.4
101.4
101.4

0.3
0.0
0.0

3.2
2.8
3.0

99.0
99.6
99.8

0.6
0.6
0.2

4.1
5.2
6.0

111.2
111.0
111.1

r0.4
-0.2
0.1

1.6
1.3
1.1

101.8
102.1
102.6

0.4
0.3
0.5

3.8
4.4
4.6

April
May
June

100.2

100.8
101.3

0.4
0.6
0.5

5.9
5.7
5.9

111.4
111.5
111.4

0.3
0.1
-0.1

0.7
1.6
2.5

103.3
103.6
103.7

0.7
0.3
0.1

4.6
4.4
4.1

July
August
September

101.9
102.4
102.7

0.6
0.5
0.3

6.1
5.6
5.2

111.6
111.9
112.5

r0.2
0.3
rO.5

1.4
1.1
1.6

104.1
104.3
104.7

0.4
0.2
0.4

2.3
1.6
0.4

October
November
December

103.2
103.6
103.9

0.5
0.4
0.3

4.6

112.2
112.1
112.3

r-0.3
r-0.1
0.2

1.6

104.5
104.4
103.9

-0.2
-0.1
-0.5

0.4

104.2

0.3

112.5

0.2

104.3

0.4

(1982 = 100)
1986
January
February
March

Revised 2

(Ann. rate,
percent)
Revised2

(1982 = 100)
Revised 2

(Percent)

(Ann. rate,
percent)

Revised2

Revised2

1987
January
February
March

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans: 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
2
See "New Features and Changes for This Issue," page iii.




FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagncultural payrolls1
Year
and
month

Real earnings

Current-dollar earnings
340. Index

(1977 = 100)

340c. Change
over 1-month
spans 2
(Percent)

Average hourly compensation, all employees,
nonfarm business sector

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

1986

341. Index

341c. Change
over 1-month
spans2

Current-dollar compensation
341c. Change
over 6-month
spans2

(1977 = 100)

(Percent)

(Ann. rate,
percent)

(')

o

Revised3

345. Index

(1977 = 100)

January
February
March

167.5

168.2
168.5

-0.2
0.4
0.2

2.8
2.4
1.7

93.6
r94.3
r95.1

-0.5
rO.7
r0.8

2.8
3.1
2.2

179.3

April
May
June

168.5
168.9
169.2

0.0
0.2
0.2

1.8
1.5
1.5

95.4
r95.4
95.2

0.4
rO.O
-0.2

3.2
1.9
0.1

180.5

July
August
September

169.1
169.5
169.8

-0.1
0.3
0.1

2.0
2.8
2.2

95.1
95.2
r95.1

rO.O
0.1
r-0.1

-0.4
0.3
0.1

18K8

October
November
December

170.2
171.2
171.1

0.3
0.6
-0.1

2.6
2.7
2.9

r95.2
95.5
r95.2

0.1
0.3
r-0.3

-1.0
-1.3
-1.5

January
February
March

171.2
171.8
172.2

0.1
0.3
0.2

2.9
2.0
2.2

r94.6
94.6
94.4

-0.6
-0.1
-0.2

-2.1
-3.2
-3.1

184 *. i

April
May
June

172.6
172.9
172.9

0.3
0.1
0.0

2.3
2.7
2.9

94.2
94.0
93.8

-0.2
-0.2
r-0.2

-2.1
-1.9
-1.3

185'.5

July
August
September

173.2
174.1
174.6

0.2
0.5
0.3

2.7
3.4
r2.9

93.7
93.7
93.8

-0.1
rO.O
0.1

-1.2
-0.3
-0.6

rl87.'l

October
November
December

174.9
175.8
rl75.4

0.2
0.5
r-0.2

p3.6

r93.6
93.8
r93.5

-0.2
r0.3
r-0.4

p-0.1

pl76.3

p0.5

p93.6

pO.l

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

3.9
3.6
2.8
!:!
2.9
1.1
4.0

i:s

" : !

1987
1.1
r2.*9
3.0
p2.'7
r3.5

p3.3

pl88.*6

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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
See "New Features and Changes For This Issue," page iii.

FEBRUARY 1988



87

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

H E |

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)

WAGES AND PRODUCTIVITY—Continued

346c. Change
over 1-quarter
spans1

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

370. Index

(1977 = 100)

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977 = 100)

1986
January
February
March

2.3
99^3

April
May
June

100.3

July
August
September

100.4

October
November
December

10CL7

0.6

1.2

1.9

4.2

0.7

1.6

2^0

0.4

0.7

-i.o

1.2

107.7

l'.5

107'j

0.2

107^5

CL4

107.5

-0.3
109.6

2.7

1.3

0.6
109.7

O.*5

1.3

5.8
109^5

2.4

-0.1
109.6

1987
January
February
March

99.8

April
May
June

99.3

-3.9

pi.7

r-i'.2
-1.8

July
August
September

r99.2

October
November
December

p99.2

p-0.3

0.5
109.7

p4.1

p-i'.S
r-0.3

p2.4

P2.5

p3.4

P3.9

P2.1

no!i
r i l l .*3

p2.4

piii li

rl.6

107^6

pK4

108*.0

1.4

r4.7
rlO9."l*

p-0.7
pio9!6

1988
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.
x
Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.




FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q j

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

116,751
116,951
117,183

108,904
108,524
108,853

7,847
8,427
8,330

3,521
3,766
3,778

2,920
3,180
3,109

1,406
1,481
1,443

6,447
6,825
6,861

5,301
5,209
5,307

78.3
78.1
78.1

55.0
55.1
55.1

53.4
54.5
54.9

April
May
June

117,334
117,481
118,112

108,961
109,037
109,671

8,373
8,444
8,441

3,724
3,836
3,791

3,102
3,116
3,133

1,547
1,492
1,517

6,814
6,926
6,792

5,564
5,600
5,381

78.0
78.0
78.2

55.2
55.3
55.7

55.5
55.1
55.4

July
August
September

118,115
118,150
118,345

109,837
110,035
110,047

8,278
8,115
8,298

3,820
3,661
3,831

3,025
3,005
2,991

1,433
1,449
1,476

6,691
6,553
6,792

5,149
5,288
5,337

78.1
77.9
78.1

55.7
55.8
55.7

54.6
54.9
54.9

October
November
December

118,424
118,671
118,576

110,194
110,457
110,657

8,230
8,214
7,919

3,817
3,807
3,728

3,007
2,971
2,826

1,406
1,436
1,365

6,704
6,672
6,481

5,438
5,270
5,324

77.9
78.2
78.3

55.8
55.8
55.6

54.9
54.4
53.4

January
February
March

118,978
119,230
119,246

111,014
111,344
111,455

7,964
7,886
7,791

3,691
3,606
3,553

2,877
2,858
2,832

1,396
1,422
1,406

6,473
6,397
6,248

5,211
5,458
5,180

78.2
78.2
78.1

55.8
55.9
55.9

54.3
54.7
54.3

April
May
June

119,363
119,907
119,608

111,806
112,334
112,300

7,557
7,573
7,308

3,454
3,456
3,422

2,733
2,700
2,634

1,370
1,417
1,252

6,083
6,053
6,000

5,104
5,058
4,979

78.1
78.2
78.0

56.0
56.2
56.2

54.2
55.2
53.6

July
August
September . . . . . . .

119,890
120,306
119,963

112,639
113,050
112,872

7,251
7,256
7,091

3,323
3,258
3,118

2,680
2,661
2,671

1,248
1,337
1,302

5,852
5,812
5,636

5,154
5,016
4,986

78.0
77.9
77.9

56.3
56.3
56.2

54.0
56.3
54.4

October
November
December

120,387
120,594
120,722

113,210
113,504
113,744

7,177
7,090
6,978

3,174
3,135
3,063

2,615
2,620
2,611

1,388
1,335
1,304

5,725
5,684
5,601

5,067
5,241
5,004

78.0
78.0
77.8

56.4
56.5
56.6

55.1
54.8
55.5

121,175

114,129

7,046

3,154

2,581

1,312

5,603

5,145

77.9

56.7

56.0

1986

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on |
Graphs of these series are shown on page 51.

BCII FEBRUARY 1988



OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Q |

ederal Governmen
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

Q 9

RECEIPTS AND EXPENDITURES

State and local governmentx

1

501. Receipts

502. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

510. Surplus
or deficit

(Ann. rate,
bil. dol.)

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.)

0

1986
January
February
March

-196.1

April
May
June

-23CL2

816^9

l,047ll

55.1

611.5

July
August
September

-203.7

832! 4

1,036.1

59.6

October
November
December

-18&\7

852.5

l,O4l!2

50.6

807.6

1,003.7

62.1

DEFENSE INDICATORS

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(Mil. dol.)

(Mil. dol.)

Revised2

n

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

28,411
30,247
30,969

12,843
9,715
13,822

185,822
188,008
190,756

8,502
9,193
12,214

556.4

29,758
30,267
33,056

13,136
11,052
12,949

188,903
189,004
193,207

8,071
9,036
8,314

626.2

566.7

31,199
29,968
30,678

13,810
11,432
12,315

196,185
198,635
199,295

10,062
7,900
10,304

629.1

578.5

28,383
30,341
26,583

9,450
11,866
11,581

198,408
198,337
197,769

7,827
10,031

r7,738

608'.1

"!:!

1987
January
February
March

-17CL5

879.3

1,049.8

4l!o

632.i

591 ] 1

25,911
34,669
28,986

10,617
12,546
12,167

196,585
199,440
199,308

r5,976
r6,275
9,997

April
May
June

-139*.2

922.9

1,062.1

50^6

65K3

600! 7

33,794
32,801
30,475

12,138
12,103
12,748

200,411
202,504
204,177

11,006
9,441
10,577

July
August
September

-135.8

923^0

1,058.8

46^5

657^6

31,867
32,619
34,065

13,667
12,881
13,609

207,148
209,556
215,074

9,923
9,521
9,112

October
November
December

(NA)

29,233
30,794
p?4 53?

10,613
9,383

pll,912

212,355
212,086
p205,974

10,001
r9,739
r8 941

(NA)

(NA)

(NA)

p7,858

"!:!
(NA)

rl,103*.i

(NA)

(NA)

r625*.2

1988
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

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

2

90




FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

1
J

DEFENSE INDICATORS—ContinuetJ
National defense
purchases

Intermediate and final measures of defense activity
Year

557. Index of

and

industrial

month

production,
defense and

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays,
military

588. Manufacturers' shipments, defense
products

570. Employment, defense
products industries

space equipment

(1977 = 100)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

577. Military
on active
duty @
(Thous.)

(Thous.)
Revised

1986

Defense Department
personnel
578. Civilian,
direct hire
employment
(Thous.)

564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1

178.9
178.0
178.6

31,787
31,471
32,467

160,175
161,009
164,969

20,152
21,586
23,342

7,779
8,359
8,254

1,570
1,572
1,572

2,157
2,160
2,160

1,103
1,087
1,084

266.'6

6^4

32,962
33,329
33,549

164,580
164,951
164 147

22,101
22,921
21,954

8,460
8,665
9,118

1,582
1,589
1 566

2,150
2,150
2 143

1,081
1,072
1,060

278.2

e'.6

June

179.8
180.2
180.7

July
August
September

182.4
183.7
184.6

33,618
33,810
34,206

165,201
164,505
165,918

22,538
21,714
23,886

9,008
8,596
8,891

1,594
1,592
1,595

2,150
2,161
2,169

1,059
1,052
1,072

287.6

6.7

October

185.6
185.5
186.2

34,482
34,330
r34,005

164,584
164,887
rl62,098

22,324
21,168
22,512

9,161
9,728
rlO,527

1,597
1,597
1,597

2,177
2,181
2,178

1,069
1,063
1,059

279^6

6.5

187.3
188.9
188.6

34,164
34,220
34,093

rl59,733
157,615
157,738

22,243
24,096
23,259

r8,341
8,393
9,874

1,600
1,599
1,597

2,179
2,172
2,168

1,061
1,067
1,070

287^5

6.6

189.2
189.3
188 6

34,716
34,866
34 849

159,984
160,188
161 328

23,593
22,760
24 046

8,760
9,237

1,594
1,596
1 594

2,158
2,153

6.6

o i n

1,072
1,068
1 070

29^5

Q ZH7

188.7
189.1
189.8

35,599
36,065
36,311

162,345
163,071
162,659

22,858
24,340
21,513

8,906
8,795
9,524

1,596
1,598
1,597

2,158
2,167
2,174

1,074
1,076
1,090

299.0

6!<5

rl90.3
rl89.8
rl89.7

36,868
r37,609
p37,051

163,526
rl64,025
rl62,873

25,816
21,276
26,329

9,134
r9,24O
rl0,093

1,599
1,598
1,598

2,172
2,174
2,167

1,090
1,087
pi,083

r299*.9

6.5

P190.2

(NA)

pl62,192

pl9,041

p8,539

(NA)

p2,167

(NA)

January
February
March
April
May

November
December
1987
January
February
March
April
May
June
July
August
September
October
November
December
1988
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.
x

See "New Features and Changes for This Issue/ page

IM:

FEBRUARY 1988




in.

91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Q |
602. Exports, excluding
military aid shipments ©

604. Exports of domestic
agricultural products

MERCHANDISE TRADE
612. General imports ©

606. Exports of nonelectrical machinery

Year
and
month

(Mil. dot.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1

C)

1986

616. Imports of automobiles and parts

614. Imports of petroleum and petroleum
products

(Mil. dol.)

(Mil. dol.)

1

C1)

C)

January
February
March

17,041
17,401
18,557

2,320
2,283
2,135

3,854
4,294
3,740

30,090
27,521
29,403

4,978
4,254
3,578

5,044
5,378
5,018

April
May
June

18,001
18,270
19,092

2,043
1,960
1,819

3,981
3,644
3,582

30,898
30,034
30,942

2,084
2,718
2,731

5,044
5,054
5,535

July
August
September

17,346
16,895
17,530

2,062
2,231
2,111

3,585
4,091
3,812

31,848
29,482
30,808

2,483
2,225
2,435

6,242
6,280
4,909

October
November
December

19,562
18,411
18,523

2,447
2,204
2,352

3,932
4,138
4,227

32,771
32,413
29,854

2,155
2,788
2,299

5,790
7,156
5,483

January
February
March

16,753
19,359
21,775

1,926
2,047
2,157

3,452
4,404
4,098

27,466
32,307
33,197

2,269
3,598
3,513

4,882
6,322
5,329

April
May
June

20,496
20,781
21,126

2,234
2,410
2,445

4,122
4,176
4,338

31,983
33,313
35,266

2,842
3,685
3,375

5,516
6,093
5,823

July
August
September

21,005
20,221
20,985

2,956
2,520
2,625

4,260
4,420
4,717

35,844
34,320
33,573

4,125
4,574
3,439

5,800
6,008
5,307

October
November
December

21,752
23,798
24,801

2,593
2,409
2,472

4,407
5,371
5,371

37,714
35,474
35,444

3,780
3,292
3,158

6,776
6,342
6,560

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1987

1988
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.
See "New Features and Changes for This Issue," page iii.

x

92



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted1

Goods and services
Year
and
month

668. Exports

667. Balance

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

(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.)

1986
January
February
March

-30,019

92J34

122,153

-34,978

53,878

88,856

24,076

17,651

April
May
June

-29,588

93,540

123,128

-33,651

56,928

90,579

22.013

17,426

July
August
September

-32,249

93,241

125,490

-37J15

56,534

93,649

21,333

15,994

October
November
December

-33,839

93,891

127,730

-38,595

57,02i

95,6i6

20,787

16,295

January
February
March

-33,681

98,953

132,634

r-38,920

r56,769

r95,689

24,950

19,450

April
May
June

-38,098

100,294

138,392

r-39,742

r59,875

r99,617

22,452

20,875

July
August
September

p-40,447

plO5,883

pl46,330

r-40,365

r65,110

rlO5,475

p22,580

p22,847

October
November
December

(NA)

(NA)

(NA)

p-40,i74

p69,060

plO9,234

(NA)

(NA)

1987

1988
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 1988




93

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

^ |
47. United States,
index of industrial production
Year
and
month

(1977 = 100)

1

721.OECD
European countries, index of
industrial
production

(1977 = 100)

728. Japan,
index of industrial production

(1977 = 100)

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

(1977 = 100)

722. United
Kingdom, index
of industrial
production

(1977 = 100)

727. Italy, index
of industrial
production

(1977 = 100)

(1977 = 100)

723. Canada,
index of industrial production

(1977 = 100)

1986
January
February
March

126.4
125.5
123.9

112
113
112

144.6
144.8
144.8

113
113
113

107
105
105

108
110
109

108.4
110.9
113.8

127.6
128.1
125.5

April
May
June

124.7
124.3
124.1

115
111
114

144.4
144.2
144.5

117
112
116

109
104
108

111
109
109

114.9
108.7
113.9

128.9
126.9
125.5

July
August
September

124.8
124.9
124.5

115
114
114

144.2
141.9
145.8

117
114
114

109
109
109

111
111
111

111.1
110.0
109.8

126.8
125.6
126.3

October
November
December

125.3
125.7
126.8

114
114
113

143.8
141.9
146.0

114
114
112

109
107
107

111
111
111

111.0
112.2
111.1

126.2
126.2
128.5

January
February
March

126.2
127.1
127.4

112
rll5
115

145.5
144.6
147.1

111
113
113

rlO5
rlO9
109

111
113
113

111.5
114.8
117.3

rl28.0
rl29.2
rl29.9

April
May
June

127.4
128.2
129.1

115
116
rll5

145.1
143.4
149.0

114
116
114

108
110
111

113
113
112

115.2
119.3
115.8

rl29.9
130.7
rl32.0

July
August
September

130.6
131.2
131.0

rll6
115
rll6

150.7
149.0
153.5

113
118
116

110
110
111

114
115
114

115.3
110.7
rll4.6

rl31.8
rl34.2
rl35.0

October
November
December

132.5
rl33.0
rl33.6

pll7
(NA)

156.6
pl56.2
(NA)

rll6
pll6
(NA)

111
pill
(NA)

116
pll5
(NA)

119.7
pll7.6
(NA)

rl36.0
rl37.2
pl37.4

1987

1988
January
February
March

(NA)

pl33.8

April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.

94



FEBRUARY 1988

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q
United States
Year
and
month

320. Index ©

(1982-84=100)
1986

Revised 2

Japan

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738. Index ©

(1967 = 100)

Revised2

CONSUMER PRICES

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

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)

(2)

(2)

(2)

United Kingdom

France

West Germany

732c. Change
over 6-month
spans1

(Ann. rate,
percent)
(2)

January
February
March

109.6
109.3
108.8

0.6
-0.2
0.0

325.8
324.4
323.5

-0.6
-0.2
-0.6

213.8
213.3
212.8

-0.5
-0.8
-1.3

472.6
471.7
472.9

1.6
1.1
1.3

610.0
612.2
613.0

3.2
2.8
2.0

April
May
June

108.6
108.9
109.5

-0.5
0.4
1.7

324.7
326.9
325.2

-0.6
0.4
0.4

212.6
212.6
212.9

-1.8
-1.0
-0.7

474.7
475.6
477.0

1.3
2.3
3.0

619.0
620.1
619.8

1.0
1.1
2.3

July
August
September

109.5
109.7
110.2

2.6
2.8
2.2

324.4
323.8
325.4

-1.0
-0.3
-0.5

211.9
211.4
211.7

-1.1
-1.5
-0.8

477.5
478.0
479.9

2.8
2.8
2.9

618.0
619.9
623.0

2.8
4.2
5.7

October
November
December

110.3
110.4
110.5

3.7
4.1
4.4

325.7
324.1
323.5

-2.0
-2.2
-0.2

211.0
210.8
211.2

0.0
0.0
-0.1

480.9
481.4
481.9

4.5
4.3
3.5

623.9
629.2
631.3

6.8
6.8
5.6

January
February
March

111.2
111.6
112.1

5.0
5.1
5.3

322.2
322.2
323.5

2.4
0.4
1.4

212.1
212.2
212.2

1.3
1.6
1.2

486.2
487.2
487.7

4.0
3.9
3.2

633.7
636.2
637.5

5.4
3.9
2.5

April
May
June

112.7
113.1
113.5

4.4
4.5
4.1

326.4
327.0
326.3

2.2
3.2
1.9

212.8
212.9
213.3

1.7
1.8
0.9

490.3
491.2
492.1

2.1
2.3
2.5

645.1
645.7
645.7

2.2
2.0
2.8

July
August
September

113.8
114.4
115.0

3.9
3.7
3.6

324.7
325.0
327.9

-1.0
1.0
(NA)

213.3
213.1
212.6

0.7
0.4
(NA)

493.3
494.3
494.8

2.3
2.4
(NA)

645.2
647.1
649.0

3.9
4.7
4.9

October
November
December

115.3
115.4
115.4

3.7

327.9
326.3
(NA)

652.2
655.4
654.8

(NA)

1987

212.9
212.9
(NA)

496.0
496.6
(NA)

1988
January
February
March

115.7

(NA)

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

ItUI FEBRUARY 1988




95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q

CONSUMER PRICES—Continued

Italy
Year
and
month

737. Index ©

(1967 = 100)

Q

733c. Change
over 6-month
spans1

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)

Canada

737c. Change
over 6-month
spans1

(Ann. rate,
percent)

733. Index ©

(1967 = 100)

2

2

( )

( )

1986

STOCK PRICES

January
February
March

795.6
801.2
804.4

5.8
6.8
5.5

356.3
357.7
358.5

4.5
4.8
2.9

226.5
238.6
252.7

936.5
964.8
1,052.8

327.1
320.8
329.6

438.3
468.6
514.8

647.8
690.0
755.0

303.8
343.9
430.2

321.2
322.7
344.3

April
May
June

806.8
809.9
813.1

5.5
5.7
4.8

359.1
360.7
361.3

3.0
3.5
3.7

258.9
259.4
266.8

1,116.7
1,144.6
1,203.9

345.8
318.7
313.8

590.3
600.2
537.2

780.6
756.2
764.9

512.3
580.0
485.1

347.9
352.8
348.6

July
August
September

813.1
814.7
817.1

4.0
3.6
3.6

363.9
365.1
365.1

4.4
4.6
5.4

261.3
266.5
259.2

1,262.7
1,354.5
1,361.4

293.2
316.3
327.2

580.0
605.1
603.4

755.5
750.0
767.2

483.2
562.7
554.7

331.7
342.2
336.6

October
November
December

822.0
825.3
827.8

4.1
3.0
3.9

366.9
368.9
369.5

4.4
3.9
4.7

258.2
266.6
270.4

1,280.3
1,297.0
1,406.4

322.1
325.2
331.9

609.7
616.6
652.2

750.7
774.1
779.4

557.1
546.3
514.8

343.4
344.3
346.5

January
February
March

832.8
836.1
839.4

4.5
4.9
4.7

370.3
371.9
373.5

4.4
4.6
4.1

287.7
305.6
318.1

1,492.7
1,577.3
1,675.5

308.8
285.2
288.5

642.1
660.1
708.1

841.0
917.9
973.1

526.7
502.9
501.9

378.4
395.4
422.5

April
May
June

841.9
845.3
848.7

5.1
6.4
6.8

375.3
377.3
378.5

5.2
5.2
4.8

314.7
314.5
327.8

1,856.7
1,937.3
1,965.7

304.2
302.3
313.7

725.9
703.6
664.6

957.2
1,042.0
1,098.5

533.2
533.4
P521.5

420.0
416.4
422.6

July
August
September

851.2
853.8
859.8

7.0
6.0
(NA)

381.3
381.5
381.5

4.5
3.9
4.2

337.3
358.3
346.6

1,806.9
1,902.6
1,888.0

327.7
340.7
330.0

691.9
704.9
729.8

1,155.7
1,102.2
1,121.9

p508.1
p469.8
p459.6

455.4
451.3
440.9

October
November
December

867.5
870.1
(NA)

382.9
384.5
384.7

(NA)

304.8
266.5
262.1

1,831.8
1,676.8
1,654.9

306.1
234.2
224.2

632.8
p519.0
p495.7

1,028.6
795.0
810.9

p460.1
P379.8
p375.0

341.2
336.5
357.1

272.5
p280.4

rpl,660.3
pi,760.4

rp213.7
p221.7

rp477.0
p507.9

rp867.0
p860.0

rp534.5
p5O2.2

rp345.4
p337.5

1987

1988
January
February
March

(NA)

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1

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

2

96




FEBRUARY 1988

ItO

APPENDIXES
B. Current Adjustment Factors
1988

1987

Series

Nov.

Dec.

Jan.

Feb.

92.7

104.7

129.0

144.5

104.2

91.4

96.9

99.8

88.1

104.6

95.8

99.2

99.6

99.4

99.3

99.8

99.9

100.5

92.6

86.0

126.0

105.7

105.3

115.4

525. Defense Department prime contract awards

85.6

91.4

204.5

54.8

93.5

543. Defense Department gross unpaid
obligations outstanding

96 7

94 4

97 0

97 7

570. Employment, defense products industries . .

100.0

99.9

100.2

578. Defense Department civilian personnel,
direct hire employment . .

101.7

101.2

103.5

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

May

June

92.1

82.7

89.1

113.5

104.2

102.0

107.1

100.4

101.3

100.9

100.8

100.3

107.2

92.7

107.0

91.2

80.2

87.3

102.8

117.1

95.8

117.9

81.1

69.1

84.7

100.2

100.9

103.5

103.4

103.0

102.6

100.4

98.3

100.2

100.4

100.5

100.1

99.8

99.7

99.7

99.5

99.9

99.0

99.3

99.8

99.9

99.4

99.5

99.6

99.8

100.3

100.8

97.4

99.8

97.9

97.1

107.7

92.5

98.4

108.3

98.4

100.7

103.4

80.7

84.7

88.9

103.2

117.3

119.7

109.2

107.5

109.8

100.8

89.3

83.1

98.0

96.3

96.5

104.5

96.8

97.4

98.1

95.0

111.6

101.3

103.1

102.8

614. Imports of petroleum and petroleum
products1
.
.
..

105 4

96 0

105 2

106 0

112 2

103 4

92.3

98 4

91.4

94.5

95.4

107.7

616. Imports of automobiles and parts1

96.9

85.2

95.8

93.4

103.2

96.3

100.8

102.9

107.5

99.8

108.6

114.2

July

Aug.

Sept.

105.1

85.9

81.4

13. New business incorporations1

101.5

93.1

72. Commercial and industrial loans
outstanding in current dollars2

100.2

517. Defense Department gross obligations
incurred1

5. Average weekly initial claims, State
unemployment insurance

1

580. Defense Department net outlays

....

Oct.

Mar.

Apr.

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.
x
2

Factors are the products of seasonal and trading-day factors.
These factors apply only to the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan. Feb. Mar. Apr. May

June

July

Aug. Sept.

Oct.

Nov.Dec.

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...
1986...
1987. . .

188
320
228
221
219
436
258
303
379
287
288
277
237
182
256
194
185
262
294
258
227
302
536
358
346
335
346
438
413
566
479
348
389
393

177
318
240
226
225
407
284

175
303
256
218
242
354
292
281
393
301
310
283
243
222
196

27 1

429
295
301
270
248
219
231
196
186
256
286
262
223
315
532
340
427
381
352
397
410

2 06

179
240
292
264
226
294
522
360
394
343
353
416
424
563

5 14

478
345
402
384

5 07

364
378
375

179
313
228

198
313
222
410
258
322
334
304
284

350
264
335
348
303
282

237
179
259
193
181
326
281

224
192
236
195
182
302
290

224
194
231
194
197
291
289

231
199
231
192
195
273
285

238
289
521
371
371
322
411
532
395
566
470
360
387
374

234
294
496
392
378
324
341
616
401
585
453
348
383
378

233
314
491
394
358
331
358
581
405
551
406
350
392

232
294
442
393
370
347
377
510
395
533
380
365
381
370

225
312
220

276
281
218

420
422
539
6 16
381
397
371
342

355
320
275
381
296
310
301
251
2 06
219
2 04
190
210
299
265
236
284
494
364
361
342
347
428
420
551
531
378
386
391
356

229
399
278
285
400
294
300
277
243
208
228
199
183
253
291
261
225
304
530
353
389
353
350
417
416
548
488
352
390
384

243
416
249
311
358
296
288
261
228
188
242
194
187
306
287
269
235
299
503
386
369
326
370
576
400
5 6?
443
353
387
377

269
350
275
350
331
303
286
250
232
197
220
195
195
293
306
254
240
339
446
397
367
336
379
498
433
597
392
364
379
373

315
312
380
302
304
286
254
209
210
2 11
189
208
317
281
242
260
462
392
387
349
338
416
430
536
599
382
396
376
347

2,211
3,402
2,780
2,86 1

2,818
3,196
2,761
2,790

1,7 07
3,338
3,015
2,679

1,642
3,689
2,832
2,798

1,715
3,813
2,698
2,763

2,334
3,421

4 , 188
4,003
4,330
4,295
4,024
4,151
3,551
3,073
2,770
3,066
2,715
2,856
4,898
5,161
4 , 6 02
4,396
6,140
7 ,794
7,620
6,815
6 ,077
6,238
8,023
9,029
11,938

4,191
3,653
4,617
4,177
3,907
3,975
3,651
3,031
2,912
3,018
2,685
2,884
5,076
5,154
4,543
4,489
6,636
7 ,744
7,545
6,386
6,228
6,325
7,718
9,267
12,051

3,945
3,557
4,785
3,958
4,128
3,970
3,604
2 ,898
2,924
2,919
2 ,707
3,430
4,959
4,995
4,391
4,670
7 ,666
7 , 363
7,343
6,381
6,130
6 ,705
8,035
9 ,666

3,493
3,652
4,927
3,871
4,083
3,832
3,47 1
2,883
2,939
2,796
2 ,762
3,929
4,968
4,935
4,384
4,750
8,288
7,235
7,035
6 , 112
5,956
7,813
8,047
10,372

4,975
3,630
3,889
4,762
3,931
3,962
3,658
3,257
2,858
2,949
2,779
2,921
4,296
5 ,07 0
4,900
4,320
5,174
7,993
7 ,463
6,835
6,171
6,169
8,222
8,043
10,982

,316
,855
,400
,348
3,911
4,038
3,643
3,082
527
3,076
2,696
2,930
4,855
5,090
4,673
4,343
6 , 100
7,812
7,532
6,655
6 ,084
6,286
7 ,943
8,981
11 , 8 3 9

4,365
5 , 156
7 ,929
7,406
6,991
6 ,202
6,137
7 ,637
8,273
10,678

8,200

8,358

8,852

8,482

8,467

8^419

8*230

8,313
8,203
8,121

7 17
8,539
8,312
8,237

218
197
2 17
194
195
319
307
245
241
374
447
410
363

209
203
220
188
202
329
294
250
244
419
420
409
357

212
2 08
2 09
190
211
322
283
241
251
473
393
390
347

383
495
421
6 05
408
358
375
379

378
488
483
653
387
368
381
369

400
447
517
651
386
405
367
343

1,665
3,854
2,784
2 ,701
2,747
5,025
3,588
3,946
4,682
4,013
3,878
3,655
3,254
2,900
2,945
2,768
2,856
4,256
5,134
4,939
4,305
5 ,022
7 ,928
7,518
6,925
6 ,080
6,320
8,281
8,036
10,881
10,623
8,525

1,821
3,927
2,678
2,635
2 ,943
4,821
3,775
3,884
4,676
3,961
3,957
3 , 7 12
3,216
2,798
2,958
2,686
3,040
4,456
5,042
4,849
4,350
5 ,437
7,923
7,380
6,751
6 , 125
6,190
8,021
8,230
11,217
10,282
8,358

1,974
3,666
2,830
2,571
3 , 020
4,570
3,910
4,252
4,573
3,803
3,987
3,726
3,143
2,798
3,143
2,689
3 , 049
4,591
4,954
4,875
4,144
5 ,523
7,897
7,430
6 ,763
5 ,947
6,296
8,088
8,646
11,529
9 ,887

235
363
291
363
316
305
290

400
246
316
358
301

191
313
224

305
338
271
351
329
300
285

238
322
2 04

438
244
294
381
283
293

AVERAGE FOR PERIOD
180
314
241

298
276
215
223
320
311
351
385
305
299
276

229
319
233

195
2 12
199
196

247
350
449

Annual

280
253
2 14

251
315
Ilk
2 14
302
314
311
373
304
304
282

2 07
294
223

IV Q

IQ

AVERAGE WEEKLY INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PROGRAMS
(THOUSANDS)

226
227
267
370
279
331
348
299
290
260
228
201
225
194
193
292
291
257
240
351

426
366
383
370

37. NUMBER OF PERSONS UNEMPLOYED 1
(THOUSANDS)
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962 .
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.

1,839
3,077
3,157
2,666
2,796
3,875
4,068
3,615
4,671
4,081
4,074
4,029
3,572
2,988
2,968
2,878
2,718
3,201

1,636
3,331
2,969
2 ,606
2,622
4,303
3,965
3,329
4,832
3,871
4,238
3,932
3,730
2,820
2,915
3,001
2,692
3,453

1,647
3,607
2,918
2,764
2 , 5 09
4,492
3,801
3,726
4,853
3,921
4,072
3,950
3,510
2 ,887
2,889
2 ,877
2,712
3,635

1,723
3,749
3,049
2,650
2,600
5,016
3,571
3,620
4,893
3,906
4,055
3,918
3,595
2 ,828
2,895
2 ,709
2 ,758
3,797

1,596

1,607

2 ,747
2,861
2,710
5 ,02 1
3,479
3,569
5,003
3,863
4,217
3,764
3,432
2,950
2,929
2,740
2 , 7 13
3,919

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

5,019
4,326
4 . 6 44
7,501
7,534
7 ,280
6,489
6,109
6,683
8.07 1
9,397
11,534
9,016

4,928
4,452
,731
7,520
7 ,326
7,443
6,318
6,173

5,038
4,394
4,634
7,978
7,230
7,307
6,337
6 , 109
6,729
7,982
9,895
11,408
8,738

4,959
4,459
4,618
8,210
7 ,330
7,059
6,180
6 ,069
7,358
7 , 869
10,244
11,268
8,764

4,922
4,329
4,705
8,433
7,053
6,911
6,127
5,840
7 ,984
8 , 174
10,335
11,154
8,461

2 ,701
2,882
2,856
4,944
3,429
3,766
4,885
3,844
3,977
3,814
3,387
2,872
2,992
2,938
2 ,816
4,071
4,949
4,923
4,363
4,927
8,220
7,322
7 , 134
6 ,028
5,959
8,098
8,098
10,538
11,246
8,221

1986.
1987.

7,847

8,05 1
9 , 7 05
11,545
8,80?
8,427

39.

8,330

PERCENT

1,660
3,659
2,632
2 ,952
2,796
5,07 9
3,528
3,836
4,928
3,819
4,051
3,608
3,301
2,876
2,944
2,883
2 ,868
4,175
5,035
4,913
4,305
5 ,063
8,127
7,490
6 ,829
6,309
5,996
8,363
7,863
10,849
10,548
8,518

8,373

OF C O N S U M E R

INSTALLMENT

LOANS

DELINQUENT

30 D A Y S

AND

7^919

8^201

1956 .. .
1957.. .
1958...
1959...
1960.. .
1961...
1962. . .
1963. ..
1964...
1965

.87
.05
.52
1.50
.57
.56
.71
L.81
L.69
L.59
L.69

1.83
2.07
1.46
1.50
1.63
1.55
1.60
1.84
1.69
1.60
1.68
1 79

1.90
1.98
1.53
1.57
1.76
1.52
1.60
1.81
1.69
1.64
1.66

1.75
1.99
1.54
1.47
1.70
1.50
1.64
1.85
1.67
1.59
1.59
169

1967...
1968.. .

1.86
1.57

1.87
1.59

1970...
19 7 1...

1.83
1.81

1.80
1.72

1973...

2.01

2.01

1975...
1976. . .
1977...
1978...
1979...
1980...
1981.. .
1982...
1983. . .
1984...
1985 . ..
1986. . .
1987. . .

-.59
-.49
..37
..42
-.12
..37
2.42
2.48
2.24
1.84
2.20
2.27

2.71
2.46
2.37
2.48
2.31
2.32
2.51
2.39
2.23
1.78
2.19
2.29

2.94
2.45
2.37
2.51
2.33
2.53
2 .53
2.24
2 .22
1.85
2.40
2 .41

2.74
2.34
2 .40
2.44
2.43
2.53
2 .40
2.20
2 .07
2 .06
2.38
2.44

.88
.94
.49
.46
.74
.49
.64
.83
.64
.57
.68

2.65
2.41
2.43
2.28
..37
2.64
2.40
2.21
..00
1.96
2.25
-.52

1.82
1.91
1.50

1.98
1.65
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.74
1.69
1.63
1.76
1.90

1.90
1.98
1.53
1.53
1.57
1.76
1.52
1.60
1.81
1.69
1.64
1.66

1 Isi
1.52
1.75
1.43
1.68
1.79
1.65
1.68
1.63
1.76
1.76
1.72
1.56
1.79
1.7 8
1.85
1.99
2.61
2.63
2.40
2.38
2.44
2.45
2.74
2.30
2 .16
1.92
2.02
2.33
2.53

END OF PERIOD
.83
.86
. 49
".5 1

.50
.71
.36
.73
.83
.61
L.68
L.63

. .60
2.39
2.41
2.42
2.45
2 .77
2.22
2.19
1.95
1.96
2.29
2.22

.01
L.83
. 44
1! 53
L.48
1.75
1.52
L.70
L.80
1.61
L.67
1.71
1. 82
1.76
1.64
1.55
1.68
1.87
1.93
2.02
2.63
2.65
2.39
2.34
2.37
2.47
2.94
2.35
2.21
1.90
1.93
2.35
2.3 3

.97
.81
. 47

!54
.54
.63
.56
.7 1

.76
.63
.73
.65

!59
.36
.36
..42

.59
..70
..28
2 . 19

L.88
..10
.39
.24

1.97
1.84
1.47
1.48
1.5 1
1.60
1.67
1.79
1.70
1 .61
1.65
1.71
1.81
1.77
1.67
1.48
1.68
1.85
2 .00
2.11
2.65
2.48
2.53
2.41
2.35
2.45
2.53
2.37
2.24
1.91
1.91
2.26
2.25

2.02
1.79
1.44
1.49
1.55
1.60
1.75
1.78
1.67
1 .63
1.79

2^9
2. 19
2.24
2.34
2.50
2.66
2 .42
2.23
1.86
1.97
2.32
2.34

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted f o r the convenience of the user.
1
This series contains revisions beginning with 1983.




,741

1,834
3,532
2,852
2,750
2,859
4 , 6 02
3,740
3,852
4,714
3,911
4,070
3,786
3,366
2,875
2 , 9 7,5
2,817
2,832
4,093
5,016

OVER

(PERCENT)
1953. . .
1954...

,790

1.96
2.27
2.80
2.47
2.40
2.36
2.45
2.64
2.57
2.37
2.18
1.94
2.09
2.32
2 .26

2 '. 9 4
2.45
2.37
2.51
2.33
2.53
2.53
2.24
2.22
1.85
2.40
2.41

1 .82
] .91
1 .50
] .51
] .52
] .75
] .43
.68
] .79
.65
.68
.63
.76
.76
.72
.56
.64
.79
.78
.85
.99
.61
;
.63
.40
.38
: .44
.45
J .74
: .30
. 16
.92
.02
.33
: .53

1 .97
1 .81
1 .47
1 .54
1 .54
1 .63
1 .56
1 .71
1 .76
1 .63
1 .73
1 .65

2 '.'59
2 .36
2 .36
2 .42
2 .59
2 .70
2 .28
2 .19
1 .88
2 . 10
2 .39
2 .24

1.98
1.65
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.74
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80
2.hi
2.40
2 .36
2.45
2.64
2.57
2.37
2.18
1.94
2.09
2 .32
2.26

1.98
1.65
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.74
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80
2 .47
2 .40
2.36
2.45
2.64
2.57
2 .37
2.18

(FEBRUARY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
42. NUMBER

1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
19 62
1963...
1964...
1965
1966...
1967...
1968...
1969. . .
1970...
1971...
1972...
1973...
1974...
1975...
19 7 6
1977...
1978...
1979...
1980...
1981...
1982 .. .
1983...
1984...
1985...
1986...
1987...

Apr

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1Q

OF PERSONS ENGAGED IN NONAGRICULTURAL ACTIVITIES
(THOU SANDS)

55 ,421
54 ,073

55 ,590
53 ,791

55,082
54,043

55 ,082
53 ,698

55 ,095
53 ,630

55 ,130
53 ,421

54 ,832
53 ,766

54, 708
53, 829

54 ,797
54 ,028

54 ,393
54 ,423

54 ,048
54 ,268

55 ,323
53 ,938

57 ,163
57 ,842
57 ,389
58 ,387
59 ,889
60 ,354
6 1 014
62 ,190
63 ,724
65 726
68 ,121
69 ,781
70
,101
,358
75 ,471
77 ,593
79 ,705
82 ,799
82 ,226

57 ,061
58 ,132
57 ,244
58 ,255
60 ,177
60 ,116
61 249
62 ,372
64 ,188
65 805
68 ,056
69 ,883

57 ,190
58 ,441
57 ,170
58 ,590
59 ,714
60 ,444
6 1 336
6 2 ,655
64 ,397
f\f\ 12 1
68 ,119
69 ,682

57, 154
58,211
57,029
58,875
60,4 88
60,337

57 ,486
57 ,986
57 ,227
58 ,907
60 ,698
60 ,350

57 ,485
58 , 194
57 ,220
59 ,137
60 ,752
60 ,773

62 ,886
65 ,02 8
66 310
68 ,567
70 ,186
72 ,293

63 ,007
64 ,662
66 5 81
68 ,808
70 ,589
72 ,376

57 ,692
58 ,061
57 ,339
59 ,402
60 ,375
60 ,486
62 ,102
63 ,304
64 ,890
6 7 007
69 ,225
70 ,804
72 ,307

57, 704
58, 393
57, 728
59, 323
60, 512
60, 520
62, 325
63, 524
64, 959
6 7 015
69, 306
71, 003
72, 414

57 ,838
58 ,171
57 ,912
59 ,556
60 ,196
60 ,716
62 ,298
63 ,592
65 ,032
6 7 27 7
69 ,489
71 ,043
72 ,483

73 ,557
75 ,259
75 ,412
77 ,750
80 ,49 7
82 ,930
81 ,895

15 ,699
75 ,364
75 ,232
78 ,135
,983
83 ,093
81 ,829

62,972
64,942
66 2 09
68,402
70,134
71,686
73,894
75,362
75,413
78,273

57 ,480
58 ,139
57 ,220
59 ,447
60 ,367
60 ,455
61 ,643
63 ,211
64 , 808
6 7 07 0
68 ,940
70 ,687
72 ,267

75 ,017
75 ,690
78 ,475

75 ,209
75 ,919
78 ,769

75 ,2 06
76 ,144
78 ,975

75, 047
76, 322
78, 975

75 ,348
76 ,513
78 ,982

58 ,104
57 ,885
58 ,028
59 ,883
60 ,156
60 ,908
62 ,300
63 ,584
65 ,492
6 7 903
69 ,823
71 ,397
73 ,032
Ib ,331
75 ,214
77 ,100
79 ,804

83,087
81,874

83 ,362
81 ,891
85 ,427
88 ,322
92 ,444
95 ,059
95 ,563
97 ,679
96 ,682
96 ,314
101 ,840
103 ,669
105 ,938

74 ,858
75 ,423
78 ,681
81 ,676
83 ,555
81 ,987
85 ,253
88 ,619
92 ,860
95 ,348
95 ,386
96 ,964
96 ,212
97 ,171
102 ,233
103 ,460
106 ,495

57 ,799
57 ,983
57 ,899
59 ,050
60 ,596
60 ,991
62 ,016
63 ,573
65 ,239
6 7 6 31
69 ,895
71 ,192
72 ,736
Ib ,064
75 ,278
76 ,887
79 ,47 3

57 ,138
58 ,138
57 ,268
58 ,411
59 ,927
60 ,305
61
62 ,406
64 ,103
6 5 884
68 ,099
69 ,782
71 ,179
73 ,452
75 ,327
75 ,372
77 ,826
80
82 ,941
81 ,983
84 ,357
87 ,153
91 ,184
94 ,904
96 ,485
96 ,859
96 ,329
95 ,749
100 ,371
103 ,314
105 ,555

86 ,743
90 ,950
96 ,563
96 ,526
96 ,299
95 ,722
99 ,901
102 ,965
105 ,597

87 ,596
91 ,404
95 ,112
96 ,295
96 ,598
96 ,846
97 ,2 06
96 ,300
96 ,387
95 ,7 07 95 ,819
100 ,473 100 ,739
103 ,248 103 ,730
105 ,427 105 ,640
87 ,120
91 ,199

87,958
92,045
94,812
95,907
97,527
96,225
96,219
101,056
103,623
105,793

83, 591
83 ,713
83 ,608
82 ,437
82, 771
82 ,805
85 ,735
85, 895
85 ,843
88 ,837
89, 501
89 ,181
92 ,649
93, 270
93 ,030
95, 969
95 ,671 95 ,402
95 ,590 95, 634
95 ,477
97 ,397
97 ,310 96, 703
96, 119
96 ,225
96 ,091
98 , 106 98, 669
97 ,727
102 ,089 101 ,872 102, 090
103 ,675 103 ,984 104, 576
106 ,710 106 ,929 106, 883

82 ,783
83 ,221
83 ,564
83 ,125
82 ,973
83 ,406
86 ,371
85 ,958
86 ,552
90 ,386
89 ,780
90 ,785
94 ,185
94 ,201
93 ,724
96 ,533
96 ,138
96 ,079
96 ,142
96 ,149
95 ,945
96 ,418
96 ,792
96 ,966
95 ,618
95 ,602
95 ,726
99 ,664
99 ,438
98 ,736
102 ,439 102 ,585 102 ,825
104 ,72 9 104 ,927 105 ,016
107 ,052 107 ,224 107 ,5 04

43. UNEMPLOYMENT RATE
(PERC ENT)
1953...
1954...
1955...
1956...
1957. . .
1958...
1959...
1960...
1961...
1962. ..
1963...
1964...
1965...
1966. . .
1967. . .
1968...
1969...
1970...
1971...
1972...
1974...
1975...
1976. ..
1977...
1978. ..
1980...
1981
1982. . .
1983...
1984...
1985...
1986...
1987...

4.9

5.2

5.7

.9

4. 0
4.2
5.8
6.0
5.2
6.6
5.8
5.7
5.6

3.9
3.9
6.4
5.9
4.8
6.9
5.5
5.9
5.4

4.2
3.7
6.7
5.6
5.4
6.9
5 .6
5.7
5.4

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

4.0
3.9
3.7
3.4

3.8
3.8
3.8

3.8
3.8
3.7

5.9
5.8

5.9

An nu a

FOR PERIOD

55 ,086
53 ,790

54 ,890
53 ,672

54 ,413
54 ,240

54, 919
53, 9 04

57 ,375
58 ,130
57 , 159
58 ,973
60 ,646
60 ,487

57 ,625
58 ,198
57 ,429
59 ,391
60 ,418
60 ,487

57 ,914
58 ,013
57 ,946
59 ,496
60 ,316
60 ,872

57, 514
58, 123
57, 450
59 , 065
60, 318
60, 546

62 ,955
64 ,877

63 ,346
64 ,886

63 ,583
65 ,254

63, 076
64, 7 82

68 ,59?
70 ,303
72 ,118
73 ,939
75 ,079
75 ,509
78 ,476

69 ,157
70 ,831
72 ,329
74 ,582
75 ,154
76 ,128
78 ,906

69 ,736
71 ,211
72 ,750
75 ,108
75 ,280
76 ,833
79 ,420

68, 915
70, 527
72, 103
74, 296
75, 215
75, 972
78, 669

83 ,335
81 ,917
85 ,219
88 ,300
92 ,450
95 ,073
95 ,619
97 ,390
96 ,373
96 ,568
101 ,710
103 ,584
106 ,075

83 ,637
82 ,671
85
89 ,173
92 ,983

83 ,189
83 , 168

83, 279
82, 438

90 ,317
94 ,037

88, 734
92, 661

95 ,567
97 ,137
96 , 145
98 ,167
102 ,017
104 ,078
106 ,841

96 ,079
96 ,725
95 ,649
99 ,279
102 ,616
104 ,891
107 ,260

95, 938
97, 030
96, 125
97, 450
101, 685
103, 971
106, 434

5.3
4.2
4.1
4.9
6.4
5.6
6.3

5.3

5.8

6.0

4.0

4.2

4.1

5.3
6.6

5.8
5.1

5 .1

7.3
5.3

5.7
5.7
4.8

5.5
5.5
5.0

5.6
5.8
5.5

5.5
5.7
5.2

5.6
5.5
5.0

5.5
5.6
5.0

3.7
4.0

3.6
3.9

3.7

3.5

3.8
3.8
3.4
3.5

3.9
3.8
3.7
3.4

3.8
3.8
3.6
3.4

3.8
3.8
3.5
3.6

5.6

5.8

6.0

6.1

5.7

5.3

7.4
5.1
5.1

7.3
5.0
5.4

7.5
5.1
5.5

7.4
5.2
5.6

7.1
5.5
5.5

6.7
5.7
6.1

6.2
5.8
6.1

5.5
5.9
5.1

5.5
5.6
5.2

5.4
5.6
4.9

5.7
5.4
5.0

5.6
5.5
5.1

5.4
5.5
5.1

.8
.8
- .5

3.9
3.8
3.5

3.8
3.9

3.8
3.8

3.8
3.8

3.7
3.8

5.0

5.1

5.4

6.0
5.8

.9
; .7

5.9
5.7

5.7

5.6

5.6

5. 1
i .8

5.1
9.0

5.4
8.8

5.5
8.6

5.5
8.4

5.0

n

5.2

•

7

IV Q

AVERAGE FOR PERIOD

5.9

2 g
5 .5
4 .4
4 .1
4 .3
6 .8
5 .5
5 .5

5.1
8.1

5 .2

8.1

5.1
8.6

7.5
6.4

7.6
6.3

7.4
6.3

7 .2
6. 1

7.0
6.0

7.2
5.9

6 .9
6.2

7.0
5.9

6.3
7 5
8.6
10.4
8.0

6.3

6.3

6 .9

7.5

7.6

7.8

7.7

7.5

7.5

6.3

7.3

7.7

7.4

10.4
7.8

9.0
10.3
7.8

1C .2

10.1

10.1

9.4

9.8
9.5

10.1
9.2

10.4
8.8

7.5
8 3
10.8
8.5

7.2

8.9

10.8
8.3

8.8
10.4

9.4
10.1

9.9
9.4
7.4

6.7

7.2

7. 1

7 .1

7.2

7.1

7.0

6.9

7.0

6.9

6.9

6.7

7.0

7.1

7.0

10.7
8.5
7.3
7.0
6.8

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

0.3
1.6
0.9
0.8
1.0
2.5
1.3

0.4
1.5
0.9
0.9
1.0
2.3
1.4

0.5
1.3
0.9
0.9
1.1
2.2
1.3

1.4
1.5
1.2
0.9
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.2
2.9

2.0
1.5
1.5
1.3
0.9
0.6
0.6
0.5
0.5
1.0
1.5
1.2
0.9
1.2
3.0

1.9
1.5
1.4
1.2
0.9
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.8
1.4
3.0

0.3
0.9
1.3
0.8
0.8
1.5
1.9
1.3
2.0
1.8
1.6
1.4
1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2 .0

0.3
1.3
1. 1
0.8
0.8
2.3
1.4
1.2
2.3
1.6
1.5
1.3

1 .8
1.3
1.2
2.1
2.1
3.8
3.3
2.2
2.0
1.9

1.8
1.2
1.2
2.2
2.1
4.0
3.1
2.1
1.9
1.9

1.7
1.2
1.2
2.2
2.2
4.2
3.0
2.1
1.9
1.9

2.2
1.6
1.2
1.3
2.2
2.5
4.2
2.7
2.1
1.9

2.C

0.3
1.6
0.9
0.8
0.8
2 .7
1.3
1.3
2.4
1.5
1.5
1.3
1.0
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.0
3.1
2.4
1.9
1.3
1.1
2.0
2.1
3.3
3.6
2.3
2.0
1.9

0.4
1.5
0.9
0.9
1.0
2.3
1.3
1.7
2.0
1.5
1.5
1.2
0.9
0.6
0.6
0.5
0.5
1.1
1.5
1.2
0.9
1.3
3.0
2.4
1.8
1.2
1.2
2.2
2.1
4.0
3.1
2.1
1.9
1.9

0 .3
1 .3
1 .1
0 .8
0 .8
2 .1
1 .5
1 .4
2 .2
1 .6
1 .5
1 .3
1 .0
0. /
0 .6
0 .5
0 .5
0 .8
1 .4
1 .3
0 .9
1 .0
2 .7
2 .5
2 .0
1 .4
1 .2
1 .7
2. 1
3 .2
3 .8
2 .4
2 .0
1 .9

5 .7

s

44. UNEMPLOYMENT
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...
1986...
1987...

IIIQ

AVERAGE

54 ,958
53 ,951

n

IIQ

0.4
0.6
1.4
0.8
0.8
1.3
2.1
1.3
1.9
1.8
1.6
1.5
1.1
0.8
0.
0.
0.
0.
1.
1.
1.
0.9
1.7
2.9
2.3
1.6
1.2
1.3
2.2
2 .2

4.2
2.9
2.0
1.8

0.3
0.8
1.3
0.8
0.8
1.5
1.9
1.2
2.0
1.8
1.6
1.4
1.2
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0
2.7
2.2
1.6
1.2
1.3
2.2
2.5
4.2
2 .7
2 . 1

2.0

0.3
1.2
1.3
0.8
0.8
1.7
1.8
1.4
2.1
1.7
1.5
1.4
1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.4
1.0
0.9
2.2
2.6
2.1
1.5
1.3
1.4
2.1
2.7
4.2
2.6
2.1
1.9

5.3

5.2

5.8

5.7

5.6

5.9
8.4

6.0
8.4

6.6
8.3

7.2
8.2

6.8
6.0

6.8
5.8

6.8
5.9

6.4
6.0

5.1
8.3
7 7
7.5
6.3

5.2
8.9
7 6
7.1
6.0

5.6
8.5
7 7
6.9
6.0

6.6
8.3
7 8
6.7
5.9

RATE , PERSONS UNEMPLOYED 15 WEEKS AND OVER
CENT;

.3
.2
.3
.7
.8
. 1
.5
.3

0.3
1.4
1. 1
0.8
0.8
2 .2
1.4
1.1

0.3
1.4
1.0
0.8
0.8
2.5
1.4
1.2

.5
.7
.4
.4
.9
.0

1.6
1.6
1.3
1.0
0.7
0.5
0.5
0.5
0.7
1.4
1.3
0.9
1.0

1.5
1.5
1 .4
1. 1
0.6
0.5
0.5
0.5
0.8
1.4
1.3
0.9
1.0

.3
.0
.5
.2
.6
.0
.8
.9
.5
.0
.8

2.2
2 .0
1.4
1.2
1.6
2.0
3.0
4.1
2.5
2.0
1.9

2.4
1.9
1.3
1.1
1.6
2.1
3. 1
4.0
2.3
2.0
1.9

.6
.5
.3
.1
). 8
).6

0.3
1.5
1.0
0.8
0.8
2.6
1.3
1.3
2.6
1.5
1.5
1.4
0.9
0.6
0.5
0.5
0.5
0.8
1.5
1.3
0.8
1.0
3.1
2.4
1 .9
1.3
] .1
1.9
2.0
3.2
3.9
2.3
2.0
1.9

NOTE: Unless otherwise noted, these series contain revisions beginn ng with 1983.
'This series contains revisions beginning with 1985.




5.5

5.8
5.6

3.7
3.9
3.4
3.6
5.S
5.9
5.4

0.3
1.6
O.i
0.8
0.8
2.8
1.3
1.3

0.3
1.6
0.9
0.9
0.8

1.5
1.6
1.3
1.0
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.0

1.5
1.5
1.3
1.0
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9

2.5
1.8
1.2
1.1
2.0
2.1
3.3
3.6
2.3
2.0

1.9

2 .6

1.3

1.1
3.1
1 .9

1.3
1.1
2 .2

2.1
3.5
3.4
2.2
2.0
2.0

0.7
0.5
0.5
0.5
0./
1.4
1.3
0.9
l.C
2.8

1.4

1.2
1.6
2.C
3.C
4.C
2 .4

2.C
1.9

(FEBRUARY 1988)

99

C. Historical Data for Selected Series—Continued
Nov.

Dec.

I Q

II Q

1 .201
0.325
0.678
0.655
0.638

1.143
0.309
0.673
0.738
0.618

0.997
0.303
0.744
0.745
0.566

0.843
0.325
0.683
0.810
0.512

0.540
0.427
0.308
0.467
0.433
0.739
1 .096
0.980
1.125
1.234
0.634
0.491
0.612
0.891
0.670
0 . 300
0.377
0.519
0.702
0.774
0.420
0.46 5

0.464
0.350
0.371
0.446
0.448
0.551
0.862
1 .095
0.956
1.316
1.190
0.525
0.505
0.677
0.912
0.533
0.313
0.384
0.559
0.790
0.775
0.460
0.372

0.395
0.520
0.290
0.454
0.421

0.721
1 .098
0.984
1.07 3
1.267
0.673
0.505
0.598
0.866
0.713
0.290
0.390
0.480
0.735
0.779
0.434
0.452

0.496
0.398
0.344
0.436
0.436
0.553
0.814
1.095
0.996
1.251
1.213
0.581
0.490
0.650
0.855
0.574
0.312
0 . 383
0 . 533
0 . 743
0 . 774
0 . 46 0
0 . 416

1.318
0.328
0.588
0.735
0.661
0.222
0.512
0.473
0.294
0.466
0.418

0 . 7 02
1.058
1 .005
1.151
1.360
0 . 7 14
0.482
0.593
0.866
0.765
0.265
0.401
0.491
0.719
0.810
0.436
0.444

0.514
0.407
0.337
0.437
0.445
0.553
0.777
1.077
1.010
1 . 194
1.219
0.615
0.487
0.633
0.871
0.658
0.304
0.376
0.520
0.739
0.739
0.427
0.448

0.243
0.46 1
0.498
0.476

0.243
0.481
0.488
0.504

0.274
0.472
0.484
0.492

0.277
0.457
0.501
0.506

0 . 289
0 . 477
0.509
0.502

0.331
0.479
0.498
0.503

0.486
0.410
0.765
0 . 7 14
0.385
0.355
0.505
0.303
0.413
0.434
0.464
0.587
0.972
1.042
0.996
1 .296
1.187
0.475
0.502
0.806
0.802
0.377
0.330
0.402
0.629
0.755
0.720
0.482
0.331
0.195
0.367
0.491
0.503
0.518

1 .294
0.386
0.488
0.767
0.751

0.538
0.450
0.305
0.464
0.426

0.686
0.376
0.728
0 . 7 17
0.405
0.334
0.453
0.337
0.409
0.421
0.423
0.603
0.939
1.106
0.970
1.303
1.240
0.492
0.496
0.730
0.853
0.441
0.328
0.383
0.572
0.768
0.734
0.482
0.356
0.189
0.345
0.483
0.514
0.518

0.622
1.062
1.031
1.050
1.344
0.935
0.476
0.554
0.856
0.758
0.299
0.37 1
0.431
0.6 44
0.751
0.648
0.458
0. 305
0.208
0.408
0.486
0.496

0.690
1.083
1.006
1.129
1.322
0.724
0.489
0.589
0.855
0.755
0.276
0.389
0.480
0.725
0.791
0.461
0.455
0.257
0.236
0.460
0.489
0.489

54.71
53.85
55.91
55.83
55.08
54.29
54.48
54.93
54.20
54.00
54.21

53.98
53.59
56 . 2 4
55.89
55.25
54.29
55.11
54.57
54.00
53.99

56.10
54.17
54.14
5 6 . 06
55.96
54.32
54.51
54.70
54.42
54.30

55.51
53.76
54.74
56.11
55.78
54.01
55.03
55.26
54.15
54.26
54.15

55.23
53.62
55.61
56.13
55.71
54.07
54.94
55.06
54.03
54.30
54.22

54.53
53.75
55.96
55 . 9 2
55.26
54.31
54.82
54.71
54.11
54.10
54.20

55.34
53.83
55.11
56.05
55.68
54.18
54.82
54.93
54.18
54 .24
54.14

55.19
55.96

55.37
55.80

54.61
55.33

54.95
55.45

55.13
55.62

55 . 2 6
55.82

56.07
56.61
55.66
55.73
56.21
57.35

56.20
56.68
55 . 5 3
55.76
56.39
57.31

56.16
56 . 4 2
56.21
55.34
56.01
56 . 8 9
57.13
55.09

56.02
56.58
55 . 9 2
55.46
5 6 . 12
56.97
57 . 0 2
55 . 3 0
57.19
58.64
59 .2 1
58.10
5 8.23
56.98
57.52
58.91
59.33
60.07

56.08
56.64
55 . 6 6
55.68
56 . 2 2
57.29
56 . 4 3
55.27
56.20
57.70
58.98
59 . 2 6
58.25
5 7.80
56.57
57.91
59.07
59 . 6 0
60.14

54.99
55.55
5 5.79
56.00
56.50
56 . 08
55.48
56 . 0 4
56.92
56.98
55 .26
56 . 07
57.09
58.55
59 . 19
58.47

Mar.

Apr.

May

1953.. .
1954...
1955...
1956...
1957...

1.327
0.384
0.491
0.799
0 . 7 49

1.390
0.338
0.530
0.743
0.77 1

1 .296
0.343
0.639
0.702
0.604

0.277
0.390
0.563
0.283
0.461
0.407

0.252
0.430
0.479
0.288
0.455
0.431

1.295
0.325
0.517
0.786
0.709
0.219
0.492
0.485
0.286
0.457
0.426

1 .362
0.316
0.607
0 . 7 17
0.670

19 5 8 . . .
1959.. .
I960.. .
1961.. .
1962. . .
1963. . .

1.165
0.435
0.443
0.759
0.734
0.330
0.366
0.519
0.299
0.445
0.424

0.219
0.505
0.483
0.291
0.478
0.402

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

0.608
0.996
1.032
1 .065
1.335
1.022
0.465
0.539
0.867
0.775
0.313
0.348
0.429
0.624
0.765
0.663
0.453

0.606
1.076
1.041
1.011
1.348
0.939
0.485
0.562
0.842
0.742
0.305
0.378
0.420
0.645
0.737
0.644
0.458

0.653
1.113
1.020
1.075
1.349
0.843
0.477
0.561
0.860
0.757
0.280
0.387
0.444
0.662
0.750
0.637
0.462

0 . 6 46
1.094
1 .028
1.164
1.338
0.784
0.480
0.576
0.834
0.786
0.272
0.377
0.468
0.722
0.784
0 . 5 14
0.469

1982 . . .
1983. . .
1984...
1985...
1986 . . .
1987. . .

0.323
0.206
0.389
0.475
0.519

0.267
0.222
0.438
0.482
0.487

June

July

AVERAGE FOR PERIOD

(RATIO)

A

1

*

7

"

J

o n o

0.303
0.204
0.416
0.486
0.484
90.

A

O

C

n

O

Q O A

0.289
0.214
0.419
0.497
0.486
RATIO,

CIVILIAN

EMPLOYMENT TO TOTAL POPULATION OF WORKING AGE
(PERCENT)
55.23
53.55
55.65
56.15
55.49
54.10
54.91
54.95
54.18
54.37

54.96
53.89
55.73
56.19
55.58
54.18
54.80
55.21
53.88
54.46

54.89
53.82
55.72
56.04
55.45
54 . 3 6
54.86
54.62
54.13
54.30

54.98
55.52
55.78
56.25

55 . 5 2
55.88
56.09

55.66
55.94
55.98

55.67
55.92
55.99

56 . 15
55 .47
56 .02
56.79

55 . 9 7
55.11
5 6 . 06
57.06

56 . 09
55.40
56 . 0 6
57.04

55.92
55.48
56.21
56.89

55.74
55.49
56.09
56.98

55.70
55.99
55.96
5 6.62
55.78
55.55
56 . 0 5
5 7.22

55.09

55.17

55.01

55.24

55.36

55.30

55.28

55.25

55.29

55.74
56.34
56.56
55.44
55.80
56 .52
57.33
55.36

56.87
5 8 . 39
59.01
58.62

57.07
58.53
59.04
58.38

57.10
58.78
59.16
58.14

57.08
58.54
59.27
58.11

57.21
58.66
59.05
58.06

57.29
58.72
59.30
58.14

57.42
58.90
59.20
58.21

57.78
59.03
59 . 2 2
58.28

57.47
56.57
58.97
59.34

57.09
57.07
59 . 16
59.12

57.00
57.34
59 . 0 1
59.18

57.03
57.52
58.81
59.30

56.90
57.70
58.92
59.52

56.67
57.65
58.95
59.55

56 .56
57.99
59.09

57.91
59.00
59.35
58.26
57.49
56 .47
58.08
59 . 16

56.46
58.02
59 . 2 4
59.14
5 8.48
57.41
56.43
58.28

60.15

60.20

57.01
58.57
59 . 0 7
58.38
5 8.61
57 .26
56.74
58.90
59.29
59.83

55.93
53.97
54.12
56.27
55.60
54.60
54.50
54.86
54.50
5 4 . 12
54.01

56.15
54.51
54.07
56.02
56.11
54.28
54.29
55.04
54.30
54.43
53.90

56.23
54.04
54.22
55.88
56.18
54.09
54.73
54.19
54.47
54.34
54.07

55.68
54.00
54.67
56 . 0 3
55.81
53.96
55 . 0 9
55 . 2 3
54.02
54 . 14
54.23

55.25
53.71
54.73
56.18
55.71
54.12
54.97
55 . 2 6
54.02
54.36
54.14

1965 . . .
1966. . .
1967.. .
1968. . .

55 .42
55.69
55.51

54.57
55.30
55.57
55.83

54.74
55 . 2 7
55.37
55.88

55 . 4 6
55.64
55 . 9 5

55.37
55.53
56 .27

1970. . .
1971.. .
1972...
1973...
1974. . .
1975 . . .

56 . 6 4
55.63
55.7 1
56.14

56.50
55.43
55.72
56.57

56.53
55.26
55.96
56.84

56.50
55 . 4 5
55 . 9 5
56.82

55.62

55.29

55.17

1977. . .
1978...
1979.. .
1980.. .
1981.. .
1982 . . .
1983.. .
1984...
1985 . . .
1986 . . .
1987 . . .

56.27
58.00
59.14
59 . 2 3

56.45
58.00
59.30
59.22

56.66
58.07
59.28
58.98

57 .46
56.49
58.06
59.18
59 .87

57.45
56.40
58.37
59.29
59.61

57.33
56.40
58.40
59.48
59.74

57.22
56.57
58.57
59.40

55.60
53.57
54.83
56.11
55 . 8 3
53.95
55.04
55.29
54.42
54.29

91 . AV ERAGE DURATION OF UNEMPLO YMENT IN WEEKS
(WEEKS)
9.3
8.7
13.4
11.7
10.4
10.5
16.3
13.5
13.7
15.3
13.8
13.5
12 .2
11.9
9 .3
9.4
8.1
7.9
10.5
12.1
11.0
9.5
10.7
16.6

1978. . .
1979. . .
1980...
1981.. .
1982.. .
1983. . .
1984. . .
1985...
1986 . . .
1987 . . .

12.9
11.1
10.4
14.3
13.4
19.4
20.5
15.9
15.0

8.4
9.5

8.5
10.6

7.1

7 .2

7.9

8.0

8.7

8.0

7 .7

7 .7

10.5
1 ). 1
1/ t . 6
1/ f. 3
i : .6

12.3
12.0
10.5
15.7
13.7
12.2
17.0

11.7
11.8
9.8
16.5
1 3.7
12.9
16 . 1

11.5
11.6
11.1
16.5
12.9
13.5
15.9

11.3
10.9
10.4
16.4
13.1
13.9
17 . 0

12 . 0
11.4
10.4
15.7
13.1
12.4
15.8

14.0
10.5
10.4
13.2

1
1 .*6
9 .7
8.3
8.4
7 .8
8.9
11.5
11.8
9 .6

13.9
13.0
11.9
9.8
8.9
8.3
7.9
8.8
11.5
11.8
9.8

14.2
12 .7
1 1 .9
10.1
8.4
8.2
8.0
8.9
11.9
12.1
9.4

13.9
12.6
12.1
10.3
8.7
8.4
7.6
8.7
12.6
11.7
10.2

13.3

13.3

11.7
9 .7
8.9
8.1
8.0
9 .3
12.0
11.4
9.9

11.4
9.5
8.6
8.2
8.0
9.8
11.5
11.4
9.5

12 .6
11.4
10.1
15.6
13.9
12.6
16 . 8
14.4
14.0
13.5
11.8
9.9
8.5
8.3
7.9
8.9
11 .6
11.9
9.6

11 .6
11.3
10.6
16.2
13.0
13.3
16.2
13.7
13.5
13.1
11.7
9.8
8.7
8.2
7.9
9.3
12.0
11.5
9.9

15.3
16.9

15.0
15.7

15.6
15.6

16.1
15.2

15.4
15.2

16.6
15.3

16.5
15.1

13.7
11.9
10.6
10.9
15 .7
13.2
13.8
15.4
14.1
13.4
12 . 3
11.4
9.1
8.9
8.0
8. 1
10.5
12.3
10.7
9.6
11 .4
16.5

15.6
15.5

16.2
15.2

12.1
10.4
11.3
13.7
15.7
20.8
18. 1
15.4
15.1

12.0
10.3
1 .8
13.8
15 .4
21.2
17.9
15.5
15.2

13.
+
11.
10.
12 . +
14. +
16 .
20. 3
17.3
15.3
15.5

11.4
10.5
12.9
13.6
16.6
20.2
17.0
15.3
15.4

13.7
11.7
10.5
13.1
13.5
17.2
20.2
16 .7
15.3
15.2

11.1
10.6
13.6
13.1
17 . 1
19.7
17.0
15.7
15.0

10.6
10.8
13.7
13.1
18.1
19.2
16 . 8
15.2
15 . 0

12.6
11.3
10.7
14. 1
13.9
19 .3
19.6
16.0
15.0

12.2
10.8
11.2
13.7
15.0
20.3
18.6
15.7
14.8

11.6
10.5
12 . 4
13.9
16.1
20.5
17.4
15 . 4
15.4

13.6
11.1
10.6
13.5
13.2
17.5
19.7
16.8
15 . 4
15.1

3.6
11.6
9.7
8.3
7.9
7 .7
8.6
11.6
12 . 4
9 .6

13.2
12.6
11.2
9.2
8.7
7.9
8.0
10.4
12.4
10.5
9.6
11.7
16.3

13.5
12.0
11.1
8.9
8.5
7.9
8.3
10.6
12.3
10.6
9.7
11.8
16.5

12 .4
11.4
10.8

12 . 9
15.9

13.
11.
10.
8.
8.
7 .
8.
11.
12 .
10.
9.
13.
15.0

12.5
11.2
10.6
14.1
14.1
19 . 2
19.1
16.0
15.4

1 #4
1 .7
1 L.O
1+ .0
1+. 1
1 ) .4
1 ?. 1
16.1
14.6

12.3
11.0
11.4
13.9
14.5
19.5
18.9
16.4
14.6

12.1
11.1
10.9
13.6
14.9
20.5
18.8
15.3
14.7

8.2
13.4
L0.1
0.2
L4.4
4.9
1.9
6 .2
5. 1

, 3

1
+ .0

8.8
8.7
7.9
8.2

10.9
12.4
10.0

NOTE: These series contain revisions beginning with 1983.

100



1.099
0.349
0.625
0.740
0.613
0.271
0.474
0.433
0.328
0.450
0.430
0.528
0.753
1.079
1.002
1.169
1.273
0.691
0.489
0.628
0.860
0.649
0.301
0.382
0.505
0.717
0.762
0.505
0.427
0.242
0.268
0.455
0.495
0.500

5 8.28
57.05
57.15
58.79
59 . 3 8
59.94

AVERAGE FOR PERIOD

8.0

7.9
11 .6
14.4
10.4
10.4
13.1
14.7
11.9
15.6
15.5

11.6
10.8
11.2
15.3
13.0
14.1
15.0

0.672
0.370
0.725
0.747
0.434
0.327
0.474
0.330
0.398
0.434
0.445
0.580
0.924
1.081
0.974
1.305
1.206
0.497
0.501
0.738
0.856
0.450
0.324
0.390
0.587
0.771
0.743
0.475
0.353
0.193
0.348
0.484
0.505
0.513

7 .9

7 .8
10.9
14.3
11.0
10.6
12.1
14.9
12.6
15.5
14.9

12.5
10.7
11.0
15.5
13.1
13.6
16.0

1.114
0.312
0.698
0 . 7 13
0.607
0.249
0.517
0.411
0.330
0.447
0.438
0.558
0.777
1.089
0.995
1.190
1.222
0.610
0.489
0.632
0.872
0.634
0.305
0.379
0.524
0.728
0.762
0.436
0.443
0.214
0.280
0.469
0.498
0.500

AVERAGE FOR PERIOD

55.50
53.41
55.44
56.04
56 .05
53.92
55.11
55.02
54.04
54.06
54.21

1953.. .
1954. . .
1955. . .
1956 . . .
1957 . . .
1958...
1959 . . .
1960...
1961.. .
1962. . .
1963.. .

1953.. .
1954. . .
1955 . . .
1956. . .
1957. . .
1958. . .
1959 . . .
1960...
1961.. .
1962. . .
1963 . . .
1964...
1965. . .
1966. . .
1967 . . .
1968...
1969...
1970.. .
197 1 . . .
1972...
1973.. .
1974...
1975...
1976. . .

Annual

Oct.

Feb.

\

IV Q

Sept.

Jan.

/

III Q

Aug.

Year

14.8
12 . 1
15.8
15.2
14.3
13.2
11 .4
10.2
8.6
8.3

7 .8

8.5

11.2
12.4
9.9
9.7
13.9
15.9

8.0
11.8
13.0
11.3
10.5
13.9
14.4
12.8
15.6
14.7
14.0
13.3
11.8
10.4
8.7
8.4
7.8
8.6
11.3
12.0
10.0
9 .8
14.2
15.8
14.3
11.9
10.8
11.9
13.7
15.6
20.0
18.2
15.6
15.0

(FEBRUARY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

May

Apr.

Mar.

93.
1953 ...
1954. . .
1955...
1956 . . .
1957. . .
1958...
1959 . . .
I960.. .
1961 . . .
1962. . .
1963.. .
1964...
1965. . .
1966. . .
1967. . .
1968. . .
1970...
197 1 . . .
1972. . .
1973. . .
1974.. .
1975...
1976. . .
1977 . . .
19 7 8 .
1979. . .
1980.. .
1981 . . .
1982...
1983. . .
1984.. .
1985. . .
1986. . .
1987 . . .

369
-255
116
122
-59
-37 5
696

555
375
175
106
-16
144

-799
-91
153

-823
-808
-454

39
0
-2 7
6
3 24
+8
-3 35
5 17
4 34
301
89
36

503
122
-409
-316
495
-140
-2 19
486
382
269
99
-75

-4
38

441
313
167

-105

236
-315

-819
-127
91
-1,388

-781
-120
134
-1,563

1968. . .
1969. . .
1970...
197 1 . . .
1972.. .
1973. . .
1974...
1975 . . .
1976.. .
1977.. .
1978...
1979. . .
1980...
1981 . . .
1982 . . .
1983. . .
1984...
1985. . .
1986. . .
1987 . . .

650

457

-139
-383
547
-556
120

-339
-47 1
382
-536
247

- 2 14
-46 6
95

-195
-344

530
440
161
135

537
439
133
83

547
375

247
82

549
391
138
120

-180

-182

-174

-134

-154
-293
20
-433
614
517
473
33
-34
-83

-36
-133
-41
-424
669
419
268
209
168
-2

298

268

160

270

107

72

-132

-167

-245

-310

-44
-592

-795

-8
27

-18

-15
-1,668
- 2 , 386

-102

376

-241

341

213

135

-92

-38

1,164
1 , 044
390
79
61
481
994

1,241
1 ,386
1,526
500
1,395
770

1,593
761

3.00
3.25

3.00
3.25

.00
.50

.00
.50

• .00
.34
.00
.00

+ .00
• .00
+ .00
.00

.50

.50

.50
+ .50
• .50
• •50

. 50
+ .50
•.50
+.50
.00

.00
.00

6.95
8.50
6 .29
5 . 18
9.73
10.05
7 .00
6.25
7.93
11.75
15.25
20.16
15.75
11.16
11 . 0 0
10.61
9.50

.00
.00
3.50
.88
+.75
.02
.21
3.96
.75
.25
8.00
11.75
15.63
19.43
16.56
10.98
11.00
10.50
9.50

-2 ,408

-701
-322
110

-1,730
-2,869
277
-3

-149
-1,175
-169
-1 ,700
-895
-1,234
-2,526
128

-1,217
-658
-55
-1 ,708
-3,131
-293

-682
-606
-183
-1,897
-3,173

-335
-295
-352
- 1 ,624
- 3,096
-197

1,166
139
495

1,060
1,011
130
676
602
56
69

12 1
2 13
47 1
62 6
13 4
68 3
99 6
82 2
14 C
109

155
368
971
909
119
767
502
96
63

209
255

505
722
101
7 46
1,402
976
330
119

1,721
1,714

1,786
2 ,580

110
44
73
539
897

60

2 ,455
1,338
1,581
993
1 ,234
1,323
893

12 1
200

1,227
1,777
1,018
2,220
1 , 105
902
2 ,988
1 ,334
876

146
401
769

1,005
142

92 1
425
63
100

236
270
528
123
692

1 ,407
888
453
94

-872

-443

-980

-111
-1,335

-904
-357
-1,122

- 1,339
- 1,055
- 1 ,035

-1,750
-1,018
-871

-1,751
-1,201
-348

-875
-5,311

-1,127
-7,328

-943
-6,614

-332
-5,397

169

-132

-282

-95

-989

65
527
738
917
109
956
388

51
89
322

524
766
87
525

1,190
1 ,358
820
202

1 , 005
252

1 ,008
293
67
127
330

728
89
565
1,249
827
804
438

2 , 144
3,351
211
104

1,111
1,396

1,286
1,179

803

395

1 ,382
5 ,924
1,107

1,573
8,017
1,073

741

• 76
03
25
37
80
321

425
905
149
65
65
313

766
90

733
126

81 1

515

427

1,067
6 07

1,135
462
360
574

1 ,465
1,793
191
66

75
634

1 ,06 8
1 t 344
1 , 31 1
1 i • 51
'

• 41
42
89
1 ,008

\\

41

-70

-128
-257
25
-439
588
459

-

+ 18

387

L28
102
151

1 12
80
-77

.79

179

- 183

-241
- 9 36
-187
-80
-483
- 1 , 166
-1,031

350
745

_31 92 70
_7 4 3

-l,
-3,
_

133
161
117

110

520

42 1
197
107

-90
194
-207
-8 7 1
-616
-207
-128
- 1 ,455
-1,857
-11
134
-253

-1,188
-1,088
-1,601

- 1 ] 077
-508
-1,164

-1,527
-1,269
-516

-1,131
-1,141
-1,051

-164
11

-735
-1,892

-982
-6,418

-545
-3,046

230

-1

-82

-300
-3,885
- 5 02
224

-1,079
-1,587
-330

-733
-1,701
-923

-383
-3,924

-184
-2,333

226

542

1,319
1,261
2,022
1,335
1,149
6,017
1,187
841

164
1,016
744
804
486
878
142
105
119
376

246
839
688
710
557
906
87
149
304
327

611
133
569
1,241
425
407
606
1 ,399
1,285
61
84
840
722
1,906
2 , 156
695

557
238
765
1,086
321
107
1,049
1 ,298
703
127
62
558
874
1,473
1,6 17
642

912
4 , 6 17
1 ,741
752

745
3,186
1,318
827

3.25

3.25

3.00
3.50
4.00
4.50
4.00

3.00
3.50
4.00
4.50
4.00
4.50
4.50
4.50
4.50
4.50
4.92
6.00

194

37"7
866
627
277
555
785
85
76
142

477
317
423
813
984
339

51
1,538
1,194
2 14
71
83
410
989

147
421
933
975
130
788
510
72

-49 2
93

512
82

430
164

768
147

714
809
970
279
956
302

913

606
831
837
294

52

106

7 16
775
489
896
126

799
431
79

535

587

1,169

1,154

104
248
289
470
634
173
563
1,101

895
310
107

931
708
385

403
291
743

803
412
321

1,765
2,431

2 ,018
3,315

147
95
178
959

289
101
680

77

99

163

189

324
310
539
753
89

339
327
465
634
166

501
674
119
707

1 ,268

1 ,907
1,227

1,357
1 ,284
1 ,866

745
1 ,426

2,507
1 ,287

1,167
1 ,207
788

1,516
7 18
7 , 061
1,156
874

1 ,387
1,260
126

71
906
952

1 ,800
1,703
829
577
831
4,607
1,415
807

1 ,677
2,050
194
84
462
872

,338
,420
,359
,052
1 ,034
3,730
1,321
836

805

857

3.00
3.21
3.00
3.5 0
4.00
4.11

3.18
3.00
3 .00
3.72
4.00
3.6 1

3.25
3.00
3.16
3.86
4.31
3.61

3.25
3.00
3.47
4.00
4.50
4.00

3.17
3.05
3.16
3.77
4.20
3.83

5.00
4.50
4.50
4.50

5 .00
4.50
4.50
4.50
4.50
4.50
5.51
5.50
6 .40
7.74
8.00
5.39
5.01
7.03
10.94
7.32
6 .90
6 .47
8.30
11.72
16 . 32
18.93
16.50
10.50
12.31
10.20
8.61

4.78
4.50
4.50
4.50
4.50
4.50
5 .88
5.50
6 .47
8.50
7.94
5.97
5.34

4.50
4.50
4.50
4.50
4.50
4.64
6 .00
5.73
6.27
8.50
7.23
5.54
5.76

4 . 32
4.50
4.50
4.50
4.50
4.54
5.62
5.63
6.28
7 .95
7.91
5.70
5.25

11.99
7.56
7 . 09
6.90
9 . 14
12.12
11.61
2 0 . 32
14.72
10.80
12.99
9.50
7.85

11.00
7.58
6.54
7.67
10.81
15.08
16.73
17.01

10.80
7.86
6 .84
6 .82
9 .06
12.67
15.27
18.87
14.86
10.79
12 . 0 4
9.93
8.33

AVERAGE FOR PERIOD

3.25
3 . 00
3.23
3.84
4 .42
3.50
4.50
4.85
4.50
4.50

3.25
3.00
3.25
4.00
4.50
3.83
5.00
4.50
4.50
4.50

3.25
3 . 00
3.40
4.00
4.50
4.00
5 .00
4.50
4.50
4.50

4.50
4.50
5.35

4.50
4.50
5.50

4.50
4.50
5.50

4.50
4.50
5.52
5.50
6.50
8.23
8 . 00
5.50
5 .04
7.49
11.54
7 . 07
7.20
6.75
8.63
11.65
12 . 6 3
20.03
16.50
10.50
12 . 6 0
9.78
8.50

4.50
4.50
5.75

4.50
4.50
5 .88

4.50
4.50
6 .00

5.50
6.50
8.50
8.00
5.90
5 .25
8.30

5.50
6.50
8.50
8 . 00
6 . 00
5.27
9.23
12.00
7 .66
7.01
6 .83
9.01
11.91
11.12
20.50
14.39
10.89
13.00
9.50
7.90

4.50
4.50
6 .00
5.50
6 .40
8.50
7 .83
6.00
5.50
9.86
12.00
7 .88
7 . 00
7.13
9.41
12.90
12.23
20.08
13.50
11.00
12 . 9 7
9.50
7.50

4.50
4.50
4.50
4.50
4.50
4.50
6.00

5.50
6.00
8.50
7.50
5.91
5.73

5.68
6.20
8.50
7.28
5.4
5 .7 >

6.00
6.60
8.50
6.92
5.25
5.79

4.50
5.12
5.81
6.00
7 .06
8.46
5.88
4.89

11.68

10.8 3
7 . 5 3
6 .5 3
7 .7 >
10.9 +
15 . 5 )
6 .0
16.8 +
11.85
LI . 0 0
1.77
9.50
7.50

10.50
7.26
6.35
7.75
11.55
15.30
20.35
15.75
11.50
11.00
11.06
9.50
7.50

9.26
8.98
6 .83
6.25
7 .98
11.75
16 . 4 0
19.21
16.27
10.88
11.07
10.54
9.37

7.15
7 .25
6.75
9.00
11.54
11.48
20.39
16 . 2 6
10.50
13.00
9.50
8 . 16

231
+ 40
341
)28
60

-91
627
-20
-270
-323
297
-353
116

17 1
-690

158

101
-46

3.25
3 . 00
3.00
3.75
4.00
3.50
4.50
5 .00
4.50
4.50

11.98

2 80
582

- + 34

149

3.25
3.00
3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50

11.25
7 .40
6.75
6 .41
8.27
11.75
16 . 57
19.61
16.50
10.50
12 . 3 9
10.31
8.50

34

38

247

-360
-1 ,003
-733
-116
-1 ,654
-2,270
75

3.25
3 . 00
3.00
3.75
4.00
3.50
4.23
5 .00
4.50
4.50

6.50
7.50
8.00
5.42
5 .00

-156

126

3 .03
3 . 00
3.00
3.65
4.00
3 . 83
4.00
5 .00
4.50
4.50

6.20
7.50
8.00
5.25
4.98
6.60
10.02
7.50
6.75
6 .25
8 . 00
1.75
9.77
7 . 15
6.50
0.50
1 .93
0.50
8.83

Annual

©

NOTE: These series contain no revisions but are reprinted for the convenience of the user.




82
884
715

396

872

AVERAGE PRIME RATE CHARGED BY BANKS
(PERCENT)

67
849
92
88

514
1 ,861
3,287

659

1 ,417

-63
518
424
233
123

-1,258
-994

3 .00
3.13
3.00
3.50
4.00
4.00
4.00
5 .00
4.50
4.50

6.00
7.24
8.39
5.48
4.75
6.30
8.83
7.93
6.75
6.25
8.00
1 1.75
18.31
18.05
16 . 5 0
10.50
1 1.21
10.50
9.10

IV Q

AVERAGE FOR PERIOD

501

1,07 1
1 , 147
1,097

1,679

-800
-113

©

115
765
898

261
123
336

380

-49
58
-830
-1,036
-364
135
110
-384

-35
123

6
193

2 ,050
3,308

2,039
1 ,205
1 , 7 14
3,300
1 ,205

-305
-144

212

-53
12

271
120
262

1 ,788
3,000

-208
-153
-327
- 1 , 267
- 1 ,702

-292
-1,195
-1,027
229
280
-705

MEMBER BANK BORROWINGS FROM THI FEDERAL RESERVE
(MILLIONS OF DOLLARS)

1,289
884

22

-190

- 1 ,490
-835
-1,968
-745

965
370
20

12 1

272

-899
- 2 ,26
-1,13
-1,30
-51
-74

697

315

-226

-742
-2,638
-719
-1,254

237

566

457

297

-764
-1,465
-1,023
-1,414

99
256
299
402
389

-146

-82
-320

-341

-692
-999
- 1 ,028
-1,101

905
49
70

442
419
94
106

-411
-485

269

-61
261
72

451
556

91
89
-144

-459
480

-310
-109

-326

10
45
-62

313
807
406

414

- 2 06
633

175

-704

III Q

II Q

- 6 42
559

-413

160
378
155

109.
1953...
1954. . .
1955...
1956 . . .
1957...
1958. . .
1959 . . .
1960...
1961 . . .
1962. . .
1963.. .
1964...
1965. . .
1966 . . .

638

-1,176

1,202
189
463
993
834
138
601
635
70
91
155
259
416
551
199
671
918
896
319
99
1,858
1 ,352
106
58
110
344
999
2,824
994
1,611
852

IQ

AVERAGE FOR PERIOD
708

85
-62
-114

1,310
293
354
799
640
242
508
816
137
68
172
304
405
478
362
3 61
824
1,092
328
33
1,593
1,186
147
76
79
405
973
1,655
1,301
1,7 13
557

Dec.

725

-997

1 ,347
100

Nov.

770

130
433

•

Oct.

©
s)

711
168
-195
-508
484
-513
37

561
212
-504
-444
547
-319
-33
453
440

-1,564
-1,556

94.
1953. . .
1954...
1955 . . .
1956.. .
1957.. .
1958. . .
1959...
I960...
1961.. .
1962.. .
1963. . .
1964...
1965 . . •
1966. . .
1967.. .
1968. . .
1969.. .
1970...
1971. . .
1972. . .
1973.. .
1974...
1975 . . .
1976 . . .
1977 . . .
1978. . .
1979 . . .
1980.. .
1981 . . .
1982.. .
1983. . .
1984. . .
1985.. .
1986...
1987. . .

95
-533
-504
492
-259
-194
551

Sept.

Aug.

July

June

FREE RESERVES

7

)6
8
2
4
39
13. 9
18. + 5

6.
7 .
9#
14.

12.52
11.00
12.58
9.50
7.50

11.96
11.00
] \ . 80
9.50
7.50

(FEBRUARY 1988)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept,

Oct.

Nov.

Dec. I Q

441. CIVILIAN LABOR FORCE
(THOUSANDS)
1953.. .
1954...
1955...
1956.. .
1957. . .
1958. ..
1959.. .
1960...
1961.. .
1962...
1963. . .
1964...
1965.. .
1966.. .
19
1968...
1969...
1970...
1971. . .
1972...
1973. . .
1974...
1975...
1976.. .
1977.. .
1978...
1979. ..
1980...
1981. . .
1982 . . .
1983. . .
1984. ..
1985...
1986 . . .
1987...

63 ,439
63,101
63,910
66,419
66 ,428
67 ,095
67,936
68,962
70,447
70,189
71,146
72,356
73,569
75,186

63,520
63,994
63,696
66,124
66 ,879
67,201
67,649
68,949
70,420
70,409
71,262
72,683
73,857
74,954

63,657
63,793
63,882
66,175
66 ,913
67,223
68,068
68,399
70,703
70,414
71,423
72,7 13
73,949
75,075

63,167
63,934
64,564

77,578
79,523
81,981
83,850
85,978
87 ,487
91,199
93,128
94,934
97,208
100,873
104,057
106,562
108,026
109 ,089
110,695
112,213
114
116,75 1

78,230
80,019
82,151
83,603
86 ,036
88 ,364
91,485
92,776
94,998
97,785
100,837
104,502
106,697
108,242
109 ,467
110,634
112,630

62,615
63,675
64,381

63,063
63,343
64,482

AVERAGE FOR PERIOD

63,057
63,302
65,145

62,816
63,707
65,581

62 , 7 2 7
64,209
65,628

70,536
70,302

66,706
68,037
68,432
69,841
70,534
70,981

67,064
68,002
68,545
70,151
70,217
71,153

6,647
7,647
8,339
9,579
0,267
0,278
1,697
3,274

66,695
67,052
67 ,895 67 ,674
68,178
68,278
69,626
69,934
70,452
70,878
70,55 1
70,5 14
71,832
71,626
73 , 395
73,032

67,336
67,824
68,539

73,007

73,118

73,290

5,338

75,447

75,647

78,256
80,079
82 ,498
83,575
86,611
88,846
91,453
93,165
95,215
98,115
101,092
104,589
106,442
108,553
109 ,567
110,587
112 ,711

8,270
80,281
82,727
83 ,946
86,614
89,018
91,287
93,399
95 ,746
98,330
101,574
104,172
106,591
108,925
109 ,820
110,828
113,129

78, 847
80, 125
82,483
84,135
86,809
88,977
91 ,596
93,884
95,847
98 ,665
101,896
104, 17 1
106,929
109,222
110 ,451
110,796
113,620

79,120

75,736
77,464
78,970

76,046
7 7 , 7 12
78,811

76,056
77,812
78,858

82,484
83,706
87,006
89,548
91 , 8 6 8
93,575
95 , 8 8 5
99,093
102,371
104,638
106,780
108,396
110,081
111 , 8 7 9
113,831

84,340
87,143
89 , 6 0 4
9 2 , 2 12
94,021
96,583
98,913
102,399
105,002
107,159
108,556
10,342

116,95 1 117,183

117,334

117,481

118,112

18,115

82,901

11,756

82 , 9 5 4
82,880
84,731
84,673
87,392
87 , 5 1 7
89,838
89,509
92 , 4 8 8
92 , 0 5 9
94,:
9 4 , 162
96,741
99,366
102,511
105 , 0 9 6 105 ,
1 0 7 , 105 107 ,
108,725
110,514
112,231

13,947
115,311 115,881
118,150 118,345

62 ,867
63,936
65,82 1
66,546
67,066
68,045
68,821
69,884
70,492
70,917
72,281
73,308
74,838
76,199
78,194
78,913

62,949
63,759
66 ,037
66,657
67,123
67,658
68,533
70,439
70, 376
70,871
72,418
73,286
74,797
76,610
78,191
79,209

62,795
63,312
66 ,445
66,700
7,398
7 ,740
8,994
0,395
0,077
0,854
2,188
3,465
5,093
6 ,641
8,491
79,463

83 ,670
83,548
83,276
85,458 85,625
84,872
87,943
7 ,491 87,592
90,7 16 90,890
0,131
92,780
2,5 18 92,766
4,267 94,250 94,409
6,704 97,254 97,348
00,49 1
00,576
9,815
03,809
103,080 03,562
06,258
105 ,700 05,812
07 ,568 07 , 352
107,405
109 ,024 09 ,236 08,912
11,050 111,083
110,744
12,327
111,926 112,228
14,570
116,087
16,155 116,319
18,671 118,576
118,424

63,539
63,629
63 ,829
66,239
66,740
67,17
67,88
68,77
70,52
70,33
71,27
72,584
73,792
75 ,072
76,496
78,021

62 ,948
63,651
64,476
66,563
66,798
67,739
68,265
69,713
70,532
70,448
71,718
73,234
74,369
75 ,477
76,940
7 8,7 46

62 ,867
63,739
65 ,451
66,713
67,035
67,954
68,505
69,912
70,429
70,812
71,958
73,138
74,626
75 ,946
77,663
78,880

82,2 10
83 ,676
86,208
88,232
91 ,379
93,023
95,049
97,703
100,93
104,38
106 ,56
108,27
109,37
110,639
112,518
114,991
116,962

82,565
83,929
86,810
89,181
91,584
93,619
95,826
98 ,696
101 ,947
104,327
106 ,767
108,848
110,117
111,168
113,527
115 , 190
117,642

82,912
84,581
87,351
89,650
92 ,253
94,128
96 ,626
99,244
102,568
105,209
107 , 121
108,525
110,526
112,095
113,825
115 ,494
118,203

442. CIVILIAN EMPLOYMENT
(THOUSANDS)
1953...
1954...
1955.. .
1956.. .
1957.. .
1958. ..
1959...
I960...
1961. . .
1962.. .
1963.. .
1964...
1965. . .
1966...
1967 . . .
1968...
1969...
1970. . .
197 1. . .
1972...
1973.. .
1974...
1975.. .
1976. . .
1977. . .
1978. . .
1979...
1980. ..
1981...
1982...
1983.. .
1984. . .
1985...
1986 . . .
1987. . .

61,600
60,024
60,753
63,753
63,632
63,220
63,868
65,347
65,776
66,108
67,072
8, 327
9,997
2,198
4,700
6,805
8,780
8,864
80,959
83,161
86,555
85,627
87,400
89,928
94,384
97,948
99,879
99,955
99,692
99 , 161
103,197
106,296
108,904

61,884
60,663
60,727
63,518
64,257
62,898
63,684
65 ,620
65,588
66 ,538
67,024
68,751
70, 127
72,134

62,010
60,186
60,964
63,411
64,404
62,731
64,267
64,673
65 , 850
66,493
67,351
68,763
70,439
72,188

75,379
75,229
77 , 367
77,327
78,863
78,698
78,700 78,588
81,573
81,108
84,452
83,912
86,754 86 ,819
85,256
85,187
87,672 87 ,985
90,342
90,808
94,519
94,755
98,329
98 ,480
99,995
99,713
100 , 19 1 100,57 1
99,762
99,672
99,089
99 , 179
103,827 103,973
106,573 106 ,990
108,524 108,853

60,738
60,357

59,977
60,116

61,831
60,291

61 ,306
59 ,962

61,151
59 ,926

63,97
64,04

63 ,796
63 ,669
63,470
64,530
66,109
66,081

63,910
63 ,922
63,549
65,341
65,778
65 ,900
947
68,213

63,561
64,098
62,950
63,940
65,2 13
65,738
66,380
67,149

63,765
64,076
62,745
64,772
66 ,061
6 5,6 05
66,577
67,635

63,950
64,207
62,979
64,875
66 ,024
65,667
66,881
67 ,996

60,536
60,248
31 1
63,894
63,879
63,498
64,927
65 ,840
65,967
66,969
68,258

76 , 4 9 4
78,541
78,650
80,297
82 , 9 9 0
86 , 3 2 0
86,626

73,729
75 , 4 7 3
76,778
78,740
78,594
80,471
83 , 4 0 0
86,401
86,144

70,188
72,173
73,572
75,103
77,166
78,780
78,7 17
81,2 13
83,842
86,709

70,897
72,594
74,001
75,950
77,605
78,636
78,961
81,875
84,797
86,834

71,369
73,088
74,714
76, 101
78,153
78,616
79,511
82 ,450
85 , 330
87,079

7 1,827
73,657
75,216
76,499
78,575
78,643
80,229
83,002
86 ,236
86,588

93,052
97,133
99,404
99,317
100,378
99,215
102,039
105,634
107,788
110,194

93 , 7 6 1
97 , 4 8 5
99 , 5 7 4
99 , 5 4 5
100 ,2 07
99 , 1 1 2
102 , 7 2 9
105 , 9 8 5
108 , 0 0 0
1 10 , 4 5 7

89,803
94,105
97,581
99,933
99,634
99,645
99,032
102,996
106,212
108,163
110,657

87 ,686
90,359
94,553
98,25
99,862
100,239
99 ,709
99,143
103,666
106 ,620
108,760

88,591
91,661
95,835
98,371
98,953
100,801
99,745
99,945
105,045
106 ,819
109 ,223

89,16
92 ,40
96,39
99,04
98,89
100,48
99,54
101,611
105,358
107 , 190
109 ,973

89,570
93,639
97 ,400
99,637
99 ,499
100,077
99 ,120
102,588
105 ,944
107,984
110,436

1 ,044
2,254
1,465

1,278
2 ,008
1,455

1,575
1 ,876
1,439

940
1,822
1,748

931
2,140
1,615

934
2,231
1,413

1 ,299
2,046
1,453

1,710

1 ,947

2,030

2,295

2,353

1,883
2,508

2 ,201
1 ,892

1,816
1 ,928

1,940
2,103

2,085
2,385

2 ,043
1,970
1,543
1,224
1,078
1,071
933
1,003
2 ,023
2 , 166
1,791
1 ,560
2,380
3,497
3,241
2,584
2 ,2 16
2 ,449
3,550
4,026

2 ,035
1 ,908
1,596
1,204
1,119
1,089
887
1 ,062
2,192
2,178
1 ,742
1 ,628
2,727
3 , 346
3,227
2,509
2 , 330
2,435
3,332
4,280

1 ,999
2,092
1,824
1,580
1, 179
1 ,058
1,071
910
1 ,301
2,075
2,033
1,692
1 ,766
3,272
3,07 1
3,040
2,495
2,279
2 ,764
3,465

2,028
1,848
1 ,666
1,375
1,103
1,031
970
1 ,005
1,773
2,127
1,912
1,561
1,923
3,550
3,086
2,650
2,230

2 ,003
1,910
1 ,626
1,229
1 ,07 1
1,069
923
1 ,043
2 ,035
2,124
1,814

4,605
3,733
3 ,657
3,807

4,422
3,815
3,616
3,728

5,662
4,152
3,753
3,688

2,034
1,973
1,719
1 ,497
1,098
1 ,078
979
910
1 ,557
2,068
2,002
1,656
1,777
3,677
3,046
2,813
2,278
2,188
3,51
3,48
4,86
5,53
3,90
3,76
3,78

61 ,397
59,643
62,513
63,800
64,540
62,745
65,011
65 ,909
65,608

67,649

67,905

67,908

8,174

,294

68,267

1 ,034
2,497

71,025
72,775

71,460
72,860

7 1, 362
73,146

71,286
73,258

73,401

73,840

76,182
77,880
78,413
78,757
82,083
85,185
86,941

76,087
77,959
78,726
79,305
82 ,230
85,299
87,149

76,043
78,250
78,624
79,539
82,578
85 , 2 0 4
87,037

76,172
78,250
78,498
79,689
82 , 5 4 3
85,488
87,051

76,224
78,445
78,685
79,918
82,6 16
85,987
86,995

88,563
91 ,959
96,343
98,679
98,682
100,298
99,543
100,633
105 ,610
106,607
109,671

89 ,093
92,084
96 , 090
99 ,006
98,796
100,693
99 ,493
101 ,208
105,429
106,809
109,837

89 2 2 3
92 441
96 431
98 776
98 824
100 689
99 6 3 3
101 ,608
105: 167
107, 125
1 10 : 035

89,173
92,702
96,670
99,340
99,077
100,064
99,504
102,016
105,478
107,635
110,047

6,107
7,412
8,564
9,139
81,887
84 ,648
86,891
85,451
88,794
91,754
95 ,769
98,331
98,945
101,048
100,116
99,642
105 ,159
106,907
109,037

61,15 1
59 ,853
62,797
63,972
63,959
63,012
64,844
65,895
65 ,852

4 4 4 . NUMBER UNEMPLOYED, MALES 20 YEARS AND OVER
(THOUSANDS)
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...
19
1983...
1984...
1985...
1986.. .
1987.. .

1 ,078
1 ,662
1,812
1 ,442
1 ,457

905
2,280
1,464

981
2,293
1 , 354

1,512
2,985
1,811
1,968
2,569
2 ,039
1,913
1 ,743
1,404
1,105
1 ,077
1,013
923
1 ,624
2 ,06 1
1,981
1,628
1 ,800
3,627
3 , 167
2,769
2,200
2,193
3,662
3 ,526

1 ,447
3 , 027
1,850
2 ,045

1,8
2 , 1

2,093
2 ,139

1 ,994
1,900
1,663
1,394
1,121
1 , 034
962
985
1,735
2 ,079
1 ,960
1,566
1 ,833
3,611
3,136
2,698
2,232
2,302
3,820
3,365

2 ,082
1 ,839
1,633
1,386
1, 125
1,067
987
957
1,755
2,160
1 ,898
1,575
1,957
3,453
3,046
2,720
2,229
2,350
3,770
3,519

2 , 009
1 , 804

3 ,585
3,075
2,532
2 ,229
2 ,345
3,747
3,550

1 ,932
1,851
1,740
1,260
1,016
1 ,046
950
1 ,064
1,890
2 ,029
1,910
1,467
2,129
3,489
3 , 076
2 ,679
2,222
2,417
3,584
3,819

5 ,347
3,755
3,830
3,791

5,170
3,866
3,741
3,820

5 ,162
3,874
3,65 1
3,661

5,036
3,841
3,676
3,831

4,817
3,742
3,677
3,817

1,989
1,712

2,175
1,529

2,113
1,482

1,391
460
2,258
1 ,772
2,579
1,948
2 , 1 37
1 ,805
1,615
1,161
1,040
1,105
903
1,334
2,069
1 ,993
1,693
1 ,809
3,214
3,041
3 , 136
2,483
2,291
2,726
3,483

1 ,280
2,635
2,062
1,977
2,581
2 ,008
2,053
1 , 780
1,525
1 ,174
1,078
1 ,043
900
1,382
2 ,055
2 ,034
1,695
1,735
3,476
3 , 012
2,939
2 ,468
2 ,27 0
2,842
3,445

1,415
2,899
1 ,827
1,923
2,656
2 ,043
2,006
1 , 748
1,570
1,103
1,079
976
904
1 ,494
2,049
2,019
1,670
1 ,796
3,632
3 ,002
2 ,824
2,335
2,253
3,292
3,350

1,420
2 ,964
1,810
1 ,893
2,787
2 ,02 1
2,000
1,667
1,517
1,085
1,077
947
904
1,553
2,093
2 ,006
1,671
1,736
3,772
2,968
2 ,847
2,298
2,117
3,598
3,580

5,738
4,126
3,743
3,766

5,630
4,050
3,723
3,778

5,643
4,077
3,816
3,724

5 ,609
3,884
3,639
3,836

2 ,284
1 ,926
2 ,544
2 ,042
2 ,087
1,887
1 ,600
1 ,203
1,057
1,065
927
1 , 188
2,100
2 ,07 1
1 ,688
1,755
3,127
3,161
3,046
2,535
2,277
2,724
3,468
5,618
4,279
3,792
3,521

NOTE: These series contain revisions beginning with 1983.

102



61,179
60,109
62,170
63,799
64,07 1
63,036
64,630
65,778
65,746
66 ,702
67 ,762
69,305
7 1,088
72,895
74,372
75,920
77,902
78,678
79,367
82 , 153
85 ,064
86 ,794
85,846
88,752
92 ,017
96,048
98,824
99 ,303
100,397
99,526
100,834
105,005
107 , 150
109 ,597

AVERAGE FOR PERIOD

917
2,121
1 ,420

975
2,133
1,833

901
1 ,816
1,719

63,015
63,643
65 ,023
66,552
66,929
67,639
68,369
69,628
70,459
70,614
71,833
73,091
74,455
75,770
77,347
78,737
80,734
82,771
84,382
87,034
89,429
91,949
93,775
96,158
99 ,009
102,251
104,962
106 ,940
108,670
110,204
111,550
113,544
115 ,461
117,834

60,8
60,2 70

61 ,456
59,792
61,781
63,820
64,196
62,730
64,849
66,168
65 ,993

75,561
77,523
78,930
78,987
81,655
84,559
86,669
85,189
88,416
91,271
95 ,394
98,103
99,233
101,056
99,576
99,560
104,365
106,942
108,961

62 ,870
63,669
66,101
66,634
67,196
67,814
68,783
70,239
70,315
70,881
72,296
73,353
74,909
76 ,483
78,292
79,195
81,505
83,498
85,318
87,675
90,579
92 ,688
94,309
97,102
100,294
103,484
105,923
107,442
109,057
110,959
112 ,160
114,257
116,187
118,557

AVERAGE FOR PERIOD
60,906
60,282
62 ,950
64,079
64 , 12 1
63,11
64,7'
66 ,2(
65 ,5'

61,444
61,019
60,185
59,908
61,515
61 ,634
63,614 63,861
64,047
63,985
62,631
2 ,874
64,768
4 ,699
65,959
6 ,057
65 , 374
5,449
66,372
67,642
7,615
70,633
72,510

Annual

IV Q

1,703
1 , 344
1 ,063
991
962

1 ,072
1,830
2 , 142
1,878
1,543
1,978

2 ,332
3,779

3 ,478
5,320
5,123
3,860
3,689
3,771

1 ,552
2 ,412

3 ,444
3,181
2,591
2 ,256
2 ,434
3,489
4 ,042
5 ,822
4,615
3,763
3,650
3,784

1,019
2 ,035
1 ,580
1 ,442
1,541
2,681
2,022
2,060
2,518
2 ,016
1,971
1,7 18
1,435
1,120
1,060
993
963

1,638
2 ,097
1,948
1,624
1,957
3,476
3 ,098
2 ,794
2,328
2,308
3,353
3,615
5,089
5,257
3,932
3,715
3,751

(FEBRUARY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

551
1 ,07 1
848
812
828
,269
,002
, 039
,327

553
934
893
816
844
1,221
1,113
1,172
1,371

Nov.

Dec.

I Q

775
852
830
844
882

480
981
832
762

NUMBER UNEMPLOYED, FEMALES 20 YEARS AND OVER
(THOUSANDS)
1953...
1954. . .
1955 . . .
19
1957.. .
1958. ..
1959. ..
I960...
1961. . .
19
1963...
1964...
1965.. .
1966. ..
1967. . .
1968...
1969. . .
1970...
197 1...
1972. . .
1973. . .
1974...
1975. . .
1976.. .
1977 . . .
1978. . .
1979. . .
1980...
1981. . .
1982 . . .
1983.. .
1984. ..
1985 . . .
1986 . . .
1987 . . .

466
1,018
843
857
804
1,351
985
1 ,084
1,285
1,2 10
1,123
1,040
938
985
967
1,043
1 ,364
1,694
1 ,684
1 ,546
1 ,764
2,643
2,673
2 ,542
2,295
2 ,406

,657
,657
,539
,918
,600
,635
2,538
2,308
2,254

1,650
1,689
1 ,416
1 ,846
2 ,657
2,638
2,46 2
2,158
2,300

,701
,523
,518
, 166
,624
,644
,589
,281
2 ,264

1 ,674
1,512
1,573
2 ,295
2 ,638
2,597
2 ,416
2,278
2,319

1,651
1,585
1,5 14
1,593
2,655
2,571
2,595
2,274
2,288

3,627
3,539
3,180
3, 146
3,005

3,681
3,482
2,993
3,161
2,991

3 ,029
3,805
3,356
3,178
3 , 047
3,007

3,115
4,02 9
3,261
3,076
3 , 061
2,971

3,173
4,122
3,302
3,047
3 , 042
2,826

2,790
3,279
3,937
3 , 146
3,138
3,070

294
556

289
563

377
478

432
480
677
726

419
47 1
780
680
706
883

425
466
703
72 1
785
831

915
874
902
831
833
796
900
, 191
,243
,314
,268
.541
,738
,670
,681
,588
,591
,673
,738
,000
,764
,524
,409

339
437
518
538
580
684
689
723
802
791
924
851
816
792
893
806
840
,279
,294

468
46 8
492
414
564
651
720
791
737
704
841
943
857
813
841
843
845
1,259
1 ,302
1 ,289
1,288
1,614
1 ,760
1,721
1 ,46 1
1,620
1,571
1,611
1 ,814
2 ,026
1 ,607
1,496
1 ,498
1 ,365

287
535
435
475
473
612
597
679
847
771
841
864
900
816
791
808
809
965
1,233
1,377
1,185
1,310
1,739
1,721
1,708
1,612
1,563
1,569
1,779
1,914
1,897
1,555
1,481
1 ,443

783
1,225
1,140
937
1 ,408

745
,239
,137
,017
,421

7 13
,385
, 064
, 003
,447

806
1,349
1 , 040
996
1 ,456

1,201
1,272
1,069
945
1,131
1 ,061
993
1,046

1,216
1,281
1,196
879
1 ,029
1 ,052
992
1 , 160

, 167
,295
,107
884
1 ,065
1 ,006
981
1 ,284

,196
,274
,093
889
, 040
963
,029
,243

1 ,242
1,212
1,055
1,001
1 ,035
968
979
1 ,344

1 , 193
1,171
1,119
905
1 ,067
992
1,038
1 ,290

1 ,624
1,552
1 ,598
2 ,629
2,619

1 ,506
1,492
1 ,600
2,595
2,575

1 ,625
1,498
1,581
2,742
2,518

,619
,480
,579

1 ,698
1,403
1,618
2 ,838
2,384

1 ,666
1,541
1 ,670
2,753
2,498

1,220
1,161
1,038
890
1 , 05 1
989
979
1 ,380
1,610
1 ,702
1,532
1,733
2,679
2,673

2,375
2 ,262
2,380
2,824
3,131
3,987
3, 186
3,161
2,920

2,210
2,312
2,395

2,238
2 ,289
2,341

2,263
2,238
2,565

2,283
2,189

2,322
2,251

2 ,464
2, 196

3,304
3,948
3,133
3,119
3 , 180

3,403
3,876
3,119
3,134
3,109

3,544
3,735
3, 147
3,179
3,102

3,555
3,721
3,093
3,190
3, 116

3,564
3,874
2,990
3,175
3, 133

3,655
3,503
3, 156

454
59
618
567
620
845
786
870
903
780
752
798
,249
,324
,086
,291
,745
,754
,707
,579
,570
.579
,779
,908
,929
,551
.511
,406

455
1 ,058
792

1,231
1,130
967
955
1 , 199
954
1 ,074

594
957
807
842
927
,065
,017
,254
,224
, 190
,257
,157
,033
900
,102
976
,013

283
400

290
503

481
484
618
6 02
732
851

451
472
732
680
694
790

521
484
708
629
680
760

540
506
638
614
738
834

51 1
748
649
67 1
858

852
875

853
896
932

975
885
860

871
900

931
784

829
899
828

859

,265
,276
, 194
,457
,840
,657
,788
,506
.515
,780
, 740
,902
,02 5
,476
,409

904
1 ,060
1,346
1,251
1 ,207
1 ,497
1 , 837
1,681
1 ,639
1,613
1,498
1,810
1 ,643
2,011
1,875
1,496
1,591

893
814
856
,137
,280
,357

1,245
1,379
1,201
1,318
1,760
1,700
1,726
1,631
1,550
1 ,546
1 , 767
1,868
1 ,902
1,569
1 ,464
1 ,443

830
,210
,321
, 309
,243
, 747
,783
,673
,582
,578
,501
,747
,958
,890
,540
,401

1,241
1,218
1,255
1,351
,823
,701
,656
,546
,534
,762
,750
,992
,824
,484
,475

1,127
1,050
1,318
1,258
1, 168
1,226

1,112
970
980

1,088
955
977

793

1 , 174
1,147
986

1,371
1,187
1,195
1,283
1 , 124
903
1,075
1 , 040
989

3,466
3,041
2,391
2,285
2,257
2 ,088
2,427
3,902
3,933
3,402
3,567
6,059
6 , 045
5,792
5,115
4,699
5,276
6,612
7 ,830
9,804
7,517
6,938
6 ,447

3 , 377
3 , 163
2,301
2,193
2 ,333
2 , 07 1
2,663
3,868
3,843
3,441
3 ,607
6,12
5,85
5,86
5,00
4,81
5,285
6,619
8,012
9,893
7,267
6 ,864
6 ,825




1 ,662
1,661
1 ,475
1,622
2,807
2,476
2,516
2,289
2,226

641
914
843
834
884
1,138
1,060
1,248
1,284
1,177
1,238
1,133
990
945
1, 130
962
1,02 1
1,565
1,675
1,575
1,502
2,102
2,640
2,626
2,489

2,816
3,554
3,777
3,077
3,181
3,117

2,877
3,654
3,508
3,110
3,152
3,007

3,106
3,985
3,306
3,100
3 , 050
2,935

786

1,352
1,036
1,020
1 ,462
1,126
1,210
1,219
1 ,089
932
1,047
974

1,015

905
856
916
827
898
785
91 1
1,228
,275
,276
,26 1
,548
,751
,7 16
,622
, 567
,579
,7 16
, 798
,013
,714
,46 1
,575
,406

,525
,706
,888
,056
,633
,391
,437
,436

276
499
427
504
487
693
641
704
795
711
900
894
885
854
814
843
837
,080
,239
,272
,253
,350
,803
,7 14
,7 06
,545
,542
,681
, 746
,951
,913
,500
,428
,519

291
541
459
446
487
735
685
705
869
695
892
852
866
844
862
847
887
1,129
1 ,290
1,307
1,220
1 ,446
,802
,7 17
,661
,586
,551
,744
,688
,008
,854
,497
1,463
1 ,453

395
461
494
459
537
679
710
766
790
731
890
883
863
811
877
811
865
1,255
1 ,290
1,284
1,289
1,585
1,728
1 ,724
1,575
1,589
1,558
1,678
1 ,833
2, 032
1,651
1 ,449
1,503
1 ,402

2,925

3,029

3,411

3 ,227

3 , 048

3,012

2 ,417
2 , 046
2,240

2,279
2 , 388
2 , 042
2,169

2,286
2 , 347
1,934
2,190

2,347
2,243
2 ,264
2 , 062

2,361
2,273
2 ,076
2 , 098

2,246
2,266
2,112
2 , 198

4,068
3,756
3,303

3,971
3 ,832
3,175

4,102
3,474
3,391

4,091
3,420
3,422

3,885
3 ,890
3 ,412

3,922
3,883
3,321

4,045
3 , 846
3.279
4 , 022

2,261
2 , 384
2,007
2,200
3,866
4,055
3,575
3,329
4,851

6,06 0
5,398
4,600
4,923
6,645
7 ,127

6,107
5,331
4,642
4,924
6,682
7,453

6,146
5,052
4,798
4,975
6 ,509

5,916
5 ,800

6 ,877
6,46 8

6 , 056
5,362
4,769
4,856
6,720
6,740

8,919
6,992

8,999
7,000

8,707
6,890

8,357
6,982

7 ,947
6,790

7 ,748
6,913

6,691

6,553

6,792

6,704

6,672

6,481

5,861
5,583
4,753
4,636
6,423
6 ,565
8,734
9 ,492
6,976
6,792
6 ,844

6,000
5,451
4,825
4,821
6,855
6,557
9,274
8,875
6,961
6,802
6,679

6,104
5 ,260
4,680
4,941
6,612
7,491
10,111
8,017
6,895
6,714
6,619

2,985

3,053

3 ,563

3 , 146
2,794
2 ,295
2,296
2,171
2 , 162
3,193
3,928
3 ,837
3,253
3,750

2,277
2,236
2,179
2,171
3,304
4,007
3,910
3,253
3,928

2,235
2,267
2,115
2,137
3,356
4,060
3,87 1
3,280
3,889

5 ,849
5,742
4,952
4 , 7 18
5,391
6,533

5 ,864
5,626
4,769
4,768
5,992
6 ,429

5,724
5 ,539
4,82 1
4,514
6,589
6 ,640

5,995
5,585
4,670
4,627
6,687
6 ,627

5,945
5,458
4,968
4 , 7 14
6,967
6,464

5,998
5 ,534
4,738
4,893

9,735
7,281
6 ,785
6,861

9,640
7,324
6,854
6,814

9 ,447
6 ,984
6,719
6 ,926

9,388
6,619
6 , 802
6,792

510
997
823
832
821
1 ,242
1,063
1,080
1,368
1,175
1,216
1,195
1 ,056
921
1,078
985
1,015
1,349
1,658
1,625
1,507
1,777
2,684
2,588
2,535
2,292
2,276
2,615
2,895
3,613
3 ,632
3,107
3,129
3,032

307
501
450
478
497
678
654
712
828
721
884
872
874
837
839
838
853
1,106
1 ,262
1,308
1,235
1 ,422
1,767
1,7 19
1,663
1,583
1,555
1,669
1,763
1,977
1,829
1 ,499
1,468
1 ,454

AVERAGE FOR PERIOD

3,081

3 , 196
2,875
2 ,423
2,277
2 ,049
2 , 026
3,158
3,981
3,954
3,324
3,653

,ions beginning with 1983.

2,239
2,294

3 , 105
2,610
2,225
2 ,295
2 ,042
2 ,286

3 , 339
3 , 029
2 , 365
2 ,247
2 , 009
2 , 107
2,938
3,857
3,858
3,385
3 ,628

3,391
2,980
2 ,349
2,250
2,201
2 ,026
2 ,787
3,884
3,894
3,393

Annual

IOD

447. NUMBER UNEMPLOYED, FULL-TIME WORKERS
(THOUSANDS)
1953 . . .
1954. . .
1955 . . .
1956. . .
1957 ...
1958.. .
1959...
1960...
1961 ...
1962. . .
1963. . .
1964...
1965 ...
1966 . . .
1967.. .
1968. ..
1969. . .
1970...
197 1...
1972 . . .
1973. . .
1974. . .
1975. . .
1976 . . .
1977. . .
1978. . .
1979 . . .
1980...
1981.. .
1982 . . .
1983.. .
1984...
1985.. .
1986 . . .
1987 . . .

IV Q

490
1,041
827
893
823
1 ,308
1,005
1,081
1,353
1 ,207
1,223
1,140
1,016
911
1,057
961
1,030
1,393
1 ,654
1,681
1 ,539
1,805
2,641
2,660
2 ,524
2,356
2,285

435
1,050
790
846

NUMBER UNEMPLOYED, BOTH SEXES 1 6 - 1 9 YEARS OF AGE
(THOUSANDS)

831
,205
,429
,267
,322
,711
, 7 10
,691
,625
,570
,581
,791
,966
,859
,544

III Q

AVERAGE FOR PERIOD

453
1 ,035
789
1 ,009
838
1,304
1 , 029
1,120
1 ,448

851
1,058
1 , 163
1 ,003
1,283

891

520
1 , 07 1
782

446.
1953. . .
1954. ..
1955 . . .
1956. . .
1957 . . .
1958. . .
1959 . . .
1960. . .
1961...
19
1963...
1964...
1965. ..
1966 . . .
1967.. .
1968. . .
1969. . .
1970...
1971. . .
1972.. .
1973. . .
1974.. .
1975. . .
1976. . .
1977 ...
1978. ..
1979. . .
1980. . .
1981 ...
1982 . . .
1983.. .
1984. ..
1985...
1986.. .
1987 . . .

411
1 ,054
783

440
1 ,038
796
85 1
838
1,321
1 , 004
1 , 06 0
1,482

445
955
822

II Q

5 ,025
4 ,744
5,317
6 ,588
8,057
9,811
7,355
6,862
6,711

3 ,505
3,178
2,315
2 ,293
2,138
2,142
3,206
3,968
,806
3,344
4,010
6,523
5,974
5,548
4,838
4,787
6,269
6,795
9 ,006
9,075
7 ,057
6,793
6 ,708

(FEBRUARY

1988)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Fet .

1954. . .
1955 . . .
1956 . . .
1957 . . .
1958...
1959 . . .
1960. . .
1961 . . .
1962. . .
1963. . .
1964.. .
1965. . .
1966.. .
1967. . .
1968. . .
1969...
1970. . .
197 1. . .
1972...
1973. . .
1974. . .
1976 . . .
1977 . . .
1978. . .
1979. . .
1980.. .
1981 . . .
1982...
1983. . .
1984.. .
1985...
1987.

Mar.

Apr.

NUMBER OF PERSONS

448

July

Aug.

1,755
2 ,088
2,187
3,019

1 912
2 026
2 07
77 1

1,881
2,107
2,133
2 ,808

1 ,864

2,413
2,932

2,039
1,748
1,810
1.965
2,501
2 ,433

2 ,545
2,994
2,280
2,296
2 ,246
1,927
1 ,629
2 , 104
1,659
1 ,686
2., 310
2,474
2 ,520

2,403
2,249
2 ,205
1 ,983
1,706
1 ,702
1,7 14
1,7 46
2,228
2 ,482
2,387

2,577
2 ,748
2 ,290
2,288
2 , 1 3
1 ,8
1.7 37
1,8 38
1 , 8 _6
1,8 3 4
2 , 135
2 ,2 27
2 , 5 BO

2
2
2
2
2
1
1
1
1
1
?
2
2

552
727
369
179
062
986
723
850
727
750
279
421
514

2,558
2,731
2 ,288
2,419
2 ,043
1,963
1,563
1,765
1 ,705
1,875
2 , 2 14
2,443
2,548

2,755
.,647
2,390
2,381
2,114
1 ,776
1,616
1,875
1,659
1 ,907

2 ,472

2,377

2 ,667

2 ,5 77

2 610

2,745

2,917

3,288

3,247

3 , 1 70

3 220

3,279
3 ,285
3,500

3 ,266
3,234
3,370
3,373
3,922

3 ,329

3,31
3,26
3,53

3,289
3,349

3 , 4 27
3,4 + 1

3 345
3 385

3,259
3 318
3,364
3,455

5,757
6,029
5,524
5,359
5,564

5,775
5,929
5,295
5,499
5,600

5 ,7 17
5 , 9 36
5,594
5,317
5,381

5
5
5
5
5

722
868
474
308

5,909
5 ,947
5,375
5,452

88.0
87 . 9
87.4
87 .6
87.0

88. 0
87 . 8
87.2
87 . 6
87.3

8. 1
7 .7
£ 7 .6
7 .5
7. 1
I 7.0

1,678
2,091

1 , 846
2 , 034
3,334

2,31*
2,37
3,27
2 ,296
2 ,282
2,23.
1,97.

2,197
3,024
2 ,414
2,281
2,166
1 ,994

,048
,653
1,721
I ,980
,543
,487
.,043
.,525

2,07"
1,81
1,70
1,881
2,510
2,340
2,67

3,424
3,391
3,163
3,259
3,526
+ ,830
3 ,446
3,715
3 ,400

5,43
6,32
5,73
5,12

)
)
+
)

5,618
6 , 194
5,488
5,435

Nov.

Oct.

Sept.

Dec.

Q

ll Q

III Q

IV Q

Annual

FOR ECONOMIC REASONS

1,805
1 ,992
2,127
3,306

1,87' v
2,086

,847
,923
, 022
,5 11
,287
, 087
, 161
,298
,120
,108

June

May

EMPLOYED PART TIME
(THOUSANDS)

, 836
,036
,249
,646

],
2
2

2,737
2,563
2 ,398
2 ,330
2 ,119
1,859
1 ,592
1,840
1,658
1 , 897
2,377
2,500

2'
2
2
2
2,

2,424
2,975

2
3

3,42 1
3 379
3,335
3,266

3,473
3 324
3,269
3 , 339
4,234

3
3

6,385
5 ,984
5,468
5,335

6,458
5,728
5 ,476
5, 198

6
5
5
5

.,138
.,158
. , 756

2,123
2,355
2,424

1
2
2
2

872
018
378
414

864
549
485
111
025
1 , 884
1 566
2 034
1 742
1 855
2 373
2 583
437
229

541
350
3 236
3 469
2 07
356
867
387
285

1, 884
2 009
501
2 514
2
2
2
2
2
1
1
1
1
1
2
2

960
405
322
200
143
761
807
832
697
869
544
418

2 571
3 347
3
3
3
3

46 7
303
151
568
184

6
5
5
5

366
669
585
268

800
033
3 212

2

AVERAGE

FOR

1

886
090
166
778

1,864
2,021
2,376
2 ,525

1,839
1 ,967
2,169
2 ,953

1
2 116
3 220

2
2

PERIOD

2
2
2
2
2
1
1
1
1
1
2
2

5 12
891
324
278
208
936
691
881
733
762
231
394

2
2
2
2
2

1
1
1
2

288
130
290
287
173
025
687
055
740
746
944
518

622
702
349
326
073
1 908
1 634
1 830
1 697
1 844
2 205
2 406

2,854
2,506
2,402
2,269
2,096
1,835
1,655
1,902
1,699
1,874
2,431
2,500

2,560
2,813
2,337
2,291
2,137
1,928
1 ,664
1,913
1,715
1,810
2 , 198
2,451

2
3
3
3
3
3

132
557
720
320
437
251
270

2 303
2 540
685
3 255
312
3 362
3 388

2
2

2,343
2,751
3,542
3,334

5
6
5
5

295
323
646
32 1

4
5
5
5
5
5

201
750
975
471
392
515

4
6

2,477
3,184
3,338
3,494
3,326
3,219
3,459
4,208
5,087
6,393
5,755
5,483
5,250
5,344

2

3
2
2
2
2
1

3
3
3

5
5
5
5

453
757
397
300
392
348
369
293
509
005
933
439
365
258

3,298
3,373
4 , 064
4,499
5,852
5,997
5,512
5,334
5,345

. .
(PERCENT)

AVERAGE

PERIOD

I7.3
I 6 .5
I 6.5
i 6.3
I 6.3
t 5.5
I 4.6

t 8.5
i 7.9
37 . 3
38.0
87.1
86.3
36 . 2
35.9
35.9
55.2

38. 1
38.0
37 . 4
37.7
37.1
36.8
36 .2
36 . 0
35.8
34.8

37.9
38.1
37.6
37.4
36.9
37.1
36.5
36.0
5.6
54.7

87.8
87.6
87.7
87.3
86 . 6
86.6
86.4
86.2
85.4
84.5

88. 1
87 . 9
87 . 5
87.6
86 . 9
86.7
86.3
86.0
85.7
84.8

84.2
83 . 6

i 4.0
83.5

£3 . 9
£3.6

4.1
34.1

4.3
34.1

4.2
33.8

84.0
83.6

84.2
83 . 9

83.4
82.9
82 . 8

83.3
I 2 .9
I 2 .5

£2

3.4
3 . 1
.6

33.5
33.1
33.0

33.5
33.2
32.7

33.4
33.2
32.8

83.4
83.0
82.6

83.4
83.1
82.8

81 .9
81.4
I 1 .3
i30.9

1 .9

9.9

81.7
81.4
81 . 1
80.8
80.0
79.8

32 . 1
31.6
31.4
31 . 6
30.5
9.6

32 .2
31.7
31.3
31.0
30.5
9.8

32.1
31.6
31.1
30.8
30.3
9.9

81.8
81.4
81.3
80.8
79.8
79.9

82.1
81.6
81.3
81.0
80.3
79.8

9.5
9. 8
9. 3

79.6
79.7
79.2

30.0
9.5
9.2

1 .4
30.7
9.6
9.8
0.0
30.0
9.5
9.0

9.8
30.1
9.7

9.8
79.7
9.5

79.6
79.8
79.4

79.9
79.6
79.1

79.8
79.8
79.4

8.9
8.6

78.8
78.4

8.8
8.5

8. 7
8.3

78.7
8.2

8.8

8.7

8.4

78.8
8.7

78.8
78.4

78.7
78.5

7.9
8. 1

8.0
7.9

8.2
8. 1

78.2
77.9

8. 1
8.2

8.0
8. 3

8.1
8.2

8.0
8.0

78.1
78.1

78.1
78.1

34.1
34.1
35.0
36.4

4. 1
3.8
35.5
36.6

33.7
33.9
36.0
36.6

33.7
34.5
35.9
36.8

34.0
34.4
36.0
36 .6

3 .6
4.4
36 . 0
6.4

3.
4 .
36 .
36.

34.4
34.1
34.4
36 . 1

33.8
34.3
34.9
36.4

33.8
34.1
35.8
36.7

3 3.6
34.3
3 6. 1
3 6.5

33 . 9
34 . 2
35 . 3
36 . 4

37 . 0
37.2
37 . 9

37.0
37 . 1
37.9

37.2
36.9
37.9

36.8
36.9
38.1

36 . 8
37.3
37.6

36 . 6
37.0
38.2

36 .
37.
38.

36.8
36.9
36 . 7

37.0
37 . 1
37.7

37.0
37.0
38.0

36 . 7
3 7.2
3 8.0

36 . 9
37 .0
3 7.6
37 . 8

5.9
5.6
4.4

87.6
88.4
87.6
87.3
86.9
87.1
86.5
86 . 2
85.5
84.8

87 . 6
88.0
87.6
87.2
86 . 6
87.0
86 . 4
86 . 1
85 . 5
84.6

I 4.3
33.9

84 . 1
83.8

83.5
83.4
82.7

83.5
33.3
32.7

3.5
83.4
83.2
82 . 9

84.2
83.6
83.5
83.2
83.0
82.9

32 . 1
31.7
1.3
30.7
30.4
9.9
9.6
9.7
9.8
9.4

82 . 1
8 1.6
8 1.1

82 . 0
81.6
81.0
80.8
80.2

8.9
8.3

82 . 0
81.7
81 .2
80.9
80.2
9.7
9.8
9.8
9.7
9.3
8.9
8. 8
8.7

8.8
8.7

8. 7

8.2
8. 0

8.1
8. 0

8.1
8.2

34.5
34.5
34.3
36.0
36.5
36.8
37.0
36.3

34.0
34.4
35.1
36 .2
36.2
37.1
37 . 1
37.6

33 . 4
34.3
34.7
36.7
36.3
37.0
37.1
37.7

0

88.3
87 . 8
87 . 4
88.1
87. 0

88. 3
88. 1
87 . 2
87. }
87.

87.7
87 . 4
87.9
87.2

88.2
88.2
87 . 5
87.8
87.1

86.2
86 . 2
86.1
85.1

86.
86
85.
85.

3
. 3
3
3

86.3
85.6
85.9
85.3

86.4
86 . 1
85.8
84.7

86.0
85.9
85.0

85.9
85 . 8
84.8

1964...
1965.. .
1966.. .
1967 . . .
1968.. .
1969. . .

84.2
84.1
83.6
83. 7
83.1
82.9

84.
84.
83.
83.
83.
83.

84.0
1
3
3
1
1

84.1
83.6
83.3
83.0
83.0

84.5
84.1
83.7
83.5
83.1
82.8

84.5
84.3
83.6
8 3.4
83.2
82 .7

84.0
83.8

1971. . .
1972 . . .
1973. . .
1974.. .
1975 . . .
1976 . . .
1977.. .
1978. . .
1979. . .
1980...
1981 . . .
1982.. .
1983.. .

82.3
81.6
81.2
81.8
80.6
79.7
79.6
79.9
80.1
79.7

82.
81.
81.
81.
80.
79.
79.
79.
80.
79.

3
3
+
7
+
3
3
B
3
?

81.9
81.8
81.6
81.3
80.4
79.6
79.7
79.7
79.9
79.4

82 .2
81.7
81.4
81.0
80.5
9.9
9.6
9.8
9.8
9.5

82 . 3
81.6
81.2
81.1
80.7
9.8
9.6
9.8
9.5
9.6

78.6
78.2

78.
78.

7
2

78.7
78.2

8. 8
8.3

1985 . . .
1986 . . .
1987 . . .

78.1
78.3

78.
78.

3
1

78.1
78.1

1953. . .
1954. . .
1955.. .
1956. . .
1957.. .
1958...
1959. . .
1960...

34.
34.
34.
36.
36.
36.
36.
36.

3
+
3
7
8
7
9

38.

88.7

FOR

i 7 .8
87.3
i 7.8
I7.3
6 .6
£6.3
i 6.5
i 6.3
i5 .3
i 4.4

87.9
88.2
87.6
87.5
8 6.7
8 7.1
6.3
86 . 0
85.6
84.9

1953. . .
1954...
1955.. .
1956 . . .
1957 . . .
1958...
1959. . .
1960.. .
1961 . . .
1962. . .

80.9
80.4
9.9
9.7
9.6

9.7
9.4

i 8. 0
87.6
87.7

9 . 9

I0.0

81.5

8. 1
8. 1

(PERC

..

34.6
33 . 4
34.5
36.3
36.2
36.7
37.0
36.9
38.1
37 . 9

37.7

37 . 6

37 . 6

37 . 5

37 .6

38.1

38.3

37 . 9

37 . 8

37 . 8

37 . 9

37.6

38.0

37

1964...
1965 . . .
1966. . .
1967.. .

38.5
7
9 .0
39 . 8
40.7

3

38.8

39.5

39.3

39.0

38.7

38.9

38.6

38.8

38.7

38.9

38.7

39.3

38.7

3 8.8

39. D
40. 3

39.6
40.4

39.8
40.8

40.0
40.8

+ 0.9

+ 1.0

41.1

41.4

41 .7

+ 1 .6

+ 0.8
+ 1.8

39 . 7
+ 0.5

39 . 9
+0.8

+0.3
+ 1.2

40.8
4 1.7

38.9
39.4
40.2
41.1

1969. . .
1970...

42 . 0
43 . 1

42. +
43. 1

42 . 4
43 . 4

42 .6
43.5

42.5
43.0

+ 2 .8
+ 3.2

+ 2 .7
+ 3.5

42.8
43.3

42.8
43.0

42 . 9
43 . 4

+ 2.8
+ 3.4

+ 2.9
+ 3 .4

+2.3
+ 3.2

+ 2 .6
+ 3.2

+2.8
+ 3.3

42.9
43.4

42.7
43.3

1972.

. .

43.6

43. +

43.7

43.6

43 . 8

+ 3 .6

+ 3.7

43.8

43.7

43 .7

+ 3.6

+ 3 .7

+ 3.6

+ 3.7

+ 3.7

4 3.7

43.7

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

44.7
45.9

45. D
45. 3

45 .
45.9

45.1
46.0

45.1
46.0

5.3
+6.0

+ 5.8
+6.1

45.5

45.5

45.3

+ 5.5

+ 5.6

+4.9

+ 5.2

+5.6
+6.1

45.5
46.3

47 . 4
48.9
50.1
51.3
5 1.8
52.2
53.0
53.0

47 .
48.
50.
51 .
51.
52 .
53.
53.

3
1
3
3
?
4
D
4

47.9
49.1
50.5
51.2
52 .
52.5
52.9
53.4

48.0
49.4
50.2
5 1.4
52.2
52.5
52.8
53.6

48.2
49 . 4
50.2
51.3
52.4
52.8
52.8
54.1

+8.1
+9.6
30.3
5 1.2
)2 .2
52.9
53.1
53.8

+ 8.0
+9.6
30.6
31.3
32 . 2
3 2.9
33.0
34 . 0

48.1
49.5
50.8
51.4
52.1
52.9
53.3
53.8

48.5
49.9
50.8
51.2
5 1.7
52.9
53.5
53.6

48.3
50.0
50.9
51.4
52.3
52.7
53.2
53.9

+ 8.8
3O.I
1 .0
3I.6
32.4
32.9
33.3
33.9

+8.7

+ 7 .6

+ 8.1

48.2

48.6

5.3
6.0
7 .0
8. 1

31.2

30.3

51.4
32.2
33.1
33.3
34.1

31.3
51.9
52.4
53.0
53.3

30.2
51.3
52.3
52.7
52.9
33.8

50.7
51.3
52.0
52.9
53.3
53.8

51.0
51.5
52.3
52.9
53.3
54.0

50.6
5 1.3
52.1
52.7
53.1
53.7

55 . 0

55. 1

55.1

55.2

55 . 3

55.7

35 . 7

55.8

55.7

55.8

35 . 8

35.6

55.1

35.4

55.7

55.7

55.5

1962.

1986. . .
1987.. .

.8

9.5

NOTE: These series contain revisions beginning with 1983.

104



+

(FEBRUARY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

ll Q

III Q

IV Q

Annual

453
(PEE

AVERAGE FOR PERIOD

CENT)

1953...
1954...
1955...

52.4
50.9

54.0
51.4

53.1
51.7

51.8
50.1

49 .5
48.6

50.9
46.3

49.5
47.1

49.6
48.0

49.1
48.5

48.2
47.3

48.9
46.3

49.2
44.6

53.2
51.3

48.3

47.9

46.1

50.5
48.4

1956 . . .
1957 . . .

51.4
49.5
47 .4
47.5
47.2
47 .4
45.6

50.5
49.8
48 . 0
46.7
47.4
46.7
45.9

0.0
0.6
+ 7.5
l+ 6.7
+ 6 .7
+ 7.6
+ 6.8

49 .4
49 .5
/+ 8.1

52.1
49 .4
48.9
46.2
48 . 1
45.8

47 .4

52.5
50.2
46.5
46 .0
49 .7
47 .8
47.8

51.7
5 0.2
46.8
46.3
47.3
47.1
46.5

50.6
48.4
47.1
46.6
46.9
48.0
46.4

50.3
49.3
47.9
46.9
47.4
46.4
45.8

49 .7
49.3
47.9
46 .6
47 . 3
+ 6.4
+ 5.3

50.4
49.4
46 .8
46.3
47.4
47.4
44.9

50.3
49.3
47.1
47.4
46.5
45.6
44.8

50.6
50.0
47.6
47.0
47.1
47 .2
46.1

51.3
49.7
47.8
46 .6
48.8
46 .5
47.2

50.9
49.3
47.3
46.6
47.2
47.2
46.2
45.2

50.1
49 .3
47.3
46.8
47.1
46.5
45.0
44.8

50.7
49.6
47.5
46 .7
47.5
46 .8
46.1
45. 1

43.0
48 .0
48.3
46.6

45.3
43.7
46 .7
48.2
48.5

+ 5.0
+ 4. 1
+ 6 .9
+ 7.5
+ 8.2

47.9

45.6
46 .9
47.2
48.2

44.0
48.5
48.8
49.3

46.3
49.1
49.0
49. 1

45.5
49.3
49.5
49.0

46.5
47 .5
48.3
47.9

+ 4.1
+ 7.8
+ 8.2
+ 8.7
+ 8.0

50.4
49.3
51.9
53.5
55.0
54.1
54.4
55.5
56.5
58.4
57.2
56.4
53.8
52.5

49 .9
49.7
51.8
53.7
53.8
53.6
55.2
55.7
57.0
57.9
55.9
57.0
54.3
52.6

49 .7
49 .4
51.5
53.2
54.3
54.7
55.1
55.6
57.9
57.3
57.0
56.3
55.3
52.2

49 .0
47.5
51.9
54.5
55.3
53.8

49.4
50.5
51.6
53.3
54.9
54.1

49.7
50.5
52.9
53.2
53.8
53.8

50.4
49.3
51.6
54.3
55.7
54.1

50.1
49 .7
51.9
54.8
55.5
53.5

48.1
49.3
48.3
47 .8
50.4
49.8
50.6
52.8
55.1
54.4
53.8

44.9
43.6
47.2
+ 8.0
+ 7.8
+ 7.9
0.4
+ 9.7
51.5
52 .4
55.1
54.4

45 .0
47 .6
47 .9
48.5
48 .6
49.5
48.9
51.7
53.8
54.5
54 .0

46.1
48.6
48.9
48.7
5 0.2
49 .8
50.1
52.0
53.6
54.8
54.0

47.7
48.9
48.4
47.8
50.7
50.0
50.3
52.4
55.0
55.0
53.5

45.6
48.1
48.4
48.3

50.3
49.9
51.4
52.9
55.2
54.1
54.2
55.2
56.6
58.6
57.2
56.6
54.7
52.7

47 . 1
49.1
48.3
47.7
50.9
50.1
50.5
52.4
55.1
55.1
53.2

57 .0
58.5
58.0
57.0
54.0
52.5
55.2

56.1
58.4
57.7
57.3
54.5
53.2
53.8

57.2
59.3
56.8
55.9
55.2
54.2
55.1

55.9
58.1
57.8
56.3
54.8
54.0
53.8

56.5
58.3
57.5
56 .6
55.0
54.4
53.0

57.2
58.2
57.7
56.2
55.2
54.7
53.6

56.3
58.2
58.3
55.9
53.8
53.9
53.8

54.9

55.2

54.7

55.0

52.9

55.3

53.6

54.1

54.6

54.4

54.1

55.0
56.6
58.5
57.4
56 .6
54.3
53 .0
53.3
55.0
54.3

56.1
57.8
57.7
56.6
55.8
54.0
53.3
54.3
54.2
55 .3

56.4
58.6
57.4
56.5
54.8
53.8
54.2
54.1
54.3
54.8

56.7
58.2
57.8
56.2
54.7
54.3
53.5
54.1
54.4
54.2

56.0
57.8
57.9
56 .7
55.4
54.1
53.5
53.9
54.5
54.7

51.0
37.3
39.3

43.8
50.3
58.2
45.1

1958...
1959...
I960...
1961 . . .
1962...
1963. . .

1964...
1965...
1966. . .
1967. . .
1968. ..

+ 7.7
+ 8.5
+ 6.0
+ 6.5

+ 5.3
+ 7 .4
+ 7.6

j u . y

50.4
50.0
51.1
50.8
55.1
54.9
54.2
54.2
56. 7
58.5
57.7
56.7
54.4
53.7
53.2
55.0
53.4

1970...
197 1. . .
1972.. .
1973. . .

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

1984...
1985...
1986, . .
1987 . . .

96 2. DIFFUSION

INDEX OF INI TIAL CLAIMS FOR JNEMPLOYM ENT INSURANCE, STATE PROC RAMS--51 AREAS
(PERCENT DECLININC OVER 1- MONTH SPANS)

1953. . .
1954...
1955 . . .
1956 . . .
1957.. .
1958. ..
1959...
1960...
1961 .. .
1962.. .
1963. . .
1964. . .
1965.. .
1966.. .

68.6
60.8
84.3
35 .3

37.3
19.6
74.5
29.4

47 . 1
31.4
49.0
60.8

63.7
62.7
76 .5
39 .2

37.3
88.2
61.8
76 .5
23.5
11.8
74.5
96.1
47.1
47 . 1
18.6
54.9

27.5
62.7
9.8
70.6
39.2
72.5
25.5
39.2
86.3
40.2
76 . 5
76.5

36.3
57.8
86.3
77.5
47.1
17.6

1967 . . .

2 1.6
63.7
21.6
9.8
84.3
90.2
70.6
19.6
45.1
22.5
78.4
49 .0

1968. ..
1969. ..
19 71..'.
1972.. .
1973. . .
1974. ..
1975 . . .
1976. . .
1977. . .

1978. ..
1979. ..
1980.. .
1981. . .
1982 . . .
1983.. .

1984. . .
1985. ..
1986.. .
1987.. .

47 . 1
64.7
74.5
39.2
33.3
33.3

39.2
52 .9
47 . 1
29 .4
70.6
85.3
27.5
29.4
25.5
51.0
82 .4
78.4
2 7 .5

41 .2
58.8
82 .4

84.3
78.4

29.4
19.6

11.8
68.6

98.0
82.4

76.5
5.9

3.9
51.0
94.1
39.2
33.3
1 .8
23.5
86 .3
96.1
68.6
36.3
11.8
58.8

74.5
35.3
41.2
25.5
47.1
72.5
60.8
39.2
24.5
57.8
72.5
72.5
52.9

80.4
72.5
10.8
49.0
54.9
68.6
46.1
31.4
5.9
35.3
70.6
84.3
64.7

23.5
30.4
52.9
68.6
82 .4

33.3
68.6
56 .9
23.5
11.8
66.7
33.3
78.4
68.6
48.0
31.4

7.8
3.9
64.7
62.7
80.4
41.2
19.6
25.5

45 . 1
74.5

28.4
35.3
51.0
66 .7
45 . 1
17.6
25.5
74.5
68.6
76 .5
17.6
11.8
58.8
78.4
80.4
25.5

5.9
54.9
72.5
80.4
73.5

0.0
37.3
58.8
66 .7
70.6
17.6
19.6
78.4
92 .2
88.2
56.9

47.1
82.4
80.4
27.5
23.5
76.5
21.6
60.8
74.5
39.2
2 1.6
74.5
81.4
38.2
33.3
17.6
35.3
68.6
59.8
19.6
11.8
62.7
66.7
80.4
49.0
37.3
62.7
68.6
67.6
70.6
19.6
7.8
34.3

23.5
17.6
29.4
56.9
58.8
76.5
52.9
3.9
35.3
41.2
74.5
74.5
45.1
29.4
66.7
57.8
63.7
31.4
52.0
33.3
43.1
82.4
29.4
24.5
42.2
54.9
84.3
58.8
9.8
7.8
52.9
82 .4
78.4

962. DIFFUSION INDEX OF INITIAL CLAIMS FOR U N E M P L O Y M E N T I N S U R A N C E ,
(PERCENT D E C L I N I N G O V E R 9- MONTH SPANS)
1 9 5 3 ...

1954. . .
1955.. .
1956. . .
1957 . . .
1958. . .
1959 . . .
19 6 0...
1961. ..
1962. ..
1963.. .
1964. ..
1965...
1966. . .
1967. . .
1968. ..
1969...
1970...
19 7 1...
1972...
1973.. .
1974...
1975. ..
1976.. .
1977. ..
19 7 8.
1979. . .
1980...
1981.. .
1982...
1983. ..
1984...
1985 . . .
1986 . . .
1987. . .

3 7.3
3.9
41 .2
23. 5
3.9

9^8
96.1
31.4
31.4
7.8

23.5
94.1
25.5
31 .4
16.7

52.9
82.4
64.7

70.6
54.9
72.5

78.4
90.2
15.7
86.3
43.1
2.0

88.2
72.5
25.5
74.5
31.4
0.0

72.5
60.8
21.6
2.0
69.6
70.6
5 6.9
27.5
2.0
81.4
31.4
96.1
90.2
41.2
39.2

62.7
5 1.0
9.8
21.6
70.6
68.6
47.1
25.5
9.8
70.6
43.1
100.0
56.9
64.7
51.0

5 .9
17 .6

21.6

33.3

39 .2
43. 1
33. 3

43 . 1
13.7
39 .2

31 .4
9 .8
74.5

60.8
67 .6

84.3
47. 1
51.0

35.3
82.4

86.3
70.6
35.3

84.3
80.4
45 . 1

82.4
70.6
43 . 1

43.1
3.9

37.3
0.0

37 .3
2.0

84.3
37.3
21.6
5 1.0
22.5
57.8
5 2.9
56 . 9
19.6
19.6
15.7
84.3
66.7
64.7
56.9

82.4
35 .3
7 .8
5 8;8
29.4
53.9
6 0.8
49. 0

58.8
33.3
13.7
75.5
17.6
74.5
6 0.8
31.4

3.9

7.8

19 .6
23.5
90.2
72.5
58.8
56.9

5 .9

76.5
60.8
41.2
0.0
96.1

88.2
70.6
43. 1
3.9
90.2

19.6
41.2
72.5
58.8
15.7
39.2
29.4
72.5
70.6
76.5
23.5
2 1.6
64.7
80.4
71.6
56 .9
27.5
62.7
74.5
92 .2
15.7
13.7
38..
82.^
94.
86.
13.
9.8
17.6
96.1
76.5
59.8
17.6

STATE

15.7
70.6
31.4
49.0
52.9
82.4
37.3
25.5
37.3
79.4
82.4
37.3
34.3
29.4
62.7
58.8
56.9
58.8
19.6
49.0
5 1.0
29.4
94.1
29.4
41.2
29.4
53.9
96.1
49.0
60.8
35.3
72.5
74.5
80.4

27.5
90.2
52 .9
35.3
26.5
86 .3
31.4
47.1
76.5
24.5
47.1
74.5
80.4
35.3
45 . 1
49 .0

48.0
58.8
88.2
43.1
3.9
76.5
90.2
76.5
25.5
9.8
76.5
60.8
88.2
58.8
5.9
23.5
71.6

PROGRAMS —

51

80.4
54.9
78.4
88.2
11.8
6+

.7
2 .0

5
7 8.4
6 3. 7
1 0.8
2 .0
. 5
.5

73
7+
7,

•;

46 . 1

2.0
76.5

1.8
98.0
76.5
33.3
49 .0

94.1
56.9
9.8
5.9
98.0

98.0
39.2
47.1
3.9
98. 0
3.9

9.8
92 .2
36.3
68.6
67 .6

+ 1 .8
28.8
71.5

31.1
52.3
49 .0
58.2
56.9
51.6
59.5
36 .6
57.8
60.1
30.4
41.8
55.5
49.0
52 .9
52.9
48.7
37.9
45.1
5 1.0
43.5
52.3
42 .2
53.9
59.8
56.2
58.8

50.7
53.6
46 .4
60.5
47 . 1

48 .4
49 .0
51.6
53.6
52.9
57.5
47 . 1
39.9

60.1
47 .7
45.4
45 .7
57.5
36.6
43 . 1

51.0
47 . 1
35.9
53.6

50.3
68.9
54.9
51.0
52.3

30.1
47.1
60.8
47.7
32.7
64.1
34.6
45.7
60.1
52.3
39.9
56.9
63.7
49.3
57.2
44. 1
42.2
47.7
54.2
62.1
48.4
23.5
52.9
44.8
62.4
61.8
59.5
53.6
45.7
31.7
58.2
49.7
50.0
43.4

28.8
78.4
49.0
5 1.6
35.6
62.8
49.0
43.8
69.3
56.9
47.7
54.3
59.8
34.6
57.5
49 .0
40.8
58.2
61.4
58.2
3 7.9
13.1
64.1
69.9
69.3
47.1
44. 1
59.5
44. 1
75.2
5 1.6
50.0
41.8
53.3

38.4
53.3
59.3
46 .6
51.6
52.2
41.8
60.6
5 1.3
48.5
54.3
56 .7
49.3
51.1
52 . 1
47 .6

44.0
54 .4
55.9
45.2
33^
56.9
50.0
53.2
5 1.2
50.4
48.1
48 .9
49.8
58.2
53.6
49 .8
52.0

AREAS

94.1

92.2

12 .4

24.2

86.3

94.8

56.9
0.0
100.0
7.8
5.9
90.2
70.6
54.9

41.2
0.0
98.0
35.3
15.7
82.4
46 . 1
74.5

32.7
28.8
9.5
88.9

64.0

37.9
22 .2
49 .0
57.5
9 .1
77.1
47 .7
67 .0

31.4
3.3
94.8
24.9
13.1
89.5
29.4
56.8

48.4
1.3
98.7
15.7
8.5
89.6
59.2
72.5

22 . 2
56.9
72.6

25.5
80.4

45.1
17.6

17.6
72.5

96 . 1
60.8
88.2

62.7
82.4
79.4
35.3
5.9

29.4
80.4
53.9
12.7
13.7

5.9
62.7
60.8
3.9
70.6

12 .7
86.3
54.9
2.0
51.0

5.9
88.2
41.2
2.0
25.5

7.8
74.5
62.7
2.0
49.0

81.7
83.6
17.7
79.1
46.4
1.3

84. 3
73.9
41.2
77.1
39.2
2.0

89.5
32.7
75.2
64.7
7.3
30.1

83.7
8.8
83.0
52.9
2.0
41.8

78.4
7.8
9.8
92.2
17.6
65.7
5
10
J 1 . \J
2 1.6
58.8
17.6
17.6
88.2
27.5
64.7
92.2

76.5
2 1.6
2.0
82 .4
62.7
82.4
71 U6 .5J
25.5
23.5
9.8
72.5
94.1
35.3
13.7
45.1

45.1
2.0
0.0
98.0
56.9
68.6
1J.5J 7» /
47.1
96.1
27.5
82.
80.
13.
62.
90.

96.1
15.7

88.
15.
0. 3
88. 2
88.
78. +

78.4
23.5
0.0
88.2
88.2
86.3

71.2
59.5
14. 1
8.5
72.2
71.2

75.2
35.3
14.4
61.8
23.2
62.1

66.7
10.5
3.9
90.9
45.7
72.2

87.6
18.3
1.3
89.5
71.2
78.4

66 .
33.3
88.2
5.9

9Q A

33.0
4.6
76.2
28.8
98.0
74.5
46.4
46 .4

45.8
10.4
15.0

31.4
59.5
18.3
57.5
87.6
25.5
47.0
75.8

24.8
90.8
8.5
74.2
79.1
26.8
53.6
78.4

3.9
92 .2
37.3
70.6
5 1.0
35 .3
96.1
11.8
71.6
84.3
33.3
62.7
70.6

66.7
86 . 3
17.6
33.3
70.6

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
'This series contains revisions beginning with 1983.




AVERAGE FOR PERIOD
43.1
74.5
62.7
70.6
27.5
19.6
78.4
58.8
94.1
66.7
13.7
5 1.0
64.7
39.2
64.7
39.2
17.6
56.9
76 . 5
82.4
47.1
5.9
21.6
90.2
90.2
86.3
68.6
5.9
22.5
76.5
60.8
71.6
27.5
7.8

AVERAGE FOR PERIOD

96 . 1
47 . 1

49^9
49.7
51.9
53.7
54.8
54.0

5.9
88.2
7.8

84.3
66.7
29.4
64.7
94.1

16 . 3
88.9
58.5

64.0
60.5

54 .4
7 2.9
37.6
13.9
63.0
46 . 7
13.2

78.3
52.2
65.1
76 .7
84.8
49.7
54.2
68.5
26.2
18.8
75.2
30.9
8.4
62.7
53.1
71.0
53.8
33.8
41.3
29.5
44 .2
88.4
46 .3
52.8
65.3
(FEBRUARY 1988)

105

G. Experimental Data and Analyses

III

Foreign currency per U.S. d o l l a r
Year
and
month

III III

•

i

i

Japan

(D

United
Kingdom

France

West
Germany

i

Ratio scale
320

mark)

(Franc)

i

1

\

(Pound)

280

Japan (yen)

1987

A

240

rSS*

\

154.83
153.41
151.43
143.00
140.48
144.55
150.29
147.33
143.29
143.32
135.40
128.24

Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...

1.8596
1.8239
1.8355
1.8125
1.7881
1.8189
1.8482
1.8553
1.8134
1.8006
1.6821
1.6335

6.2007
6.0750
6.1091
6.0332
5.9748
6.0739
6.1530
6.1934
6.0555
6.0160
5.7099
5.5375

0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
0.6252
0.6081
0.6017
0.5633
0.5468

\

V

200

B

wsstGe^rmany(d.

s

A

1988
2

127.69
129.36

2

1.6537
1.6982

2

5.5808
5.7344

2

Italy
(Lira)

do!lar

Canada
(Dollar)

1973=100)

1987

1317.17
1297.74
1305.90
1292.96
1290.80
1316.50

Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...

1337.96
1344.18
1310.86
1302.58
1238.89
1203.74

2.4

\

2.0

B
f

Exchange value
of the U.S.
dollar1
(March

1/

t

1.3605
L.3340
L.3194
L.3183
L.3411
L.3387
L.3262
L.3256
L.3154
L.3097
L.3167
L.3075

101.13
99.46
98.99
97.09
96.05
97.78
99.36
99.43
97.23
96.65
91.49
88.70

1.2855
1.2691

2

J

y

r
1

A,

/

i

^%,

/

i

s/ \

J

S

J

^

r

/

\

B

>B

*

Canada (dollar)
k

2

1216.88
1250.77

2

89.29
91.19

•^>

n
El

Exchange value of the U.S. dollar
(index: March 1973 = 100)

^>

*\

t

y\




1200

800
1.6
1.4
1.2

140
120

\ .

B
• * >

f

'This index i s the weighted-average exchange value o f the U.S. d o l l a r against the currencies o f the other G-10 c o u n t r i e s
plus S w i t z e r l a n d . Weights are the 1972-76 global trade o f each o f the 10 c o u n t r i e s .
For a d e s c r i p t i o n o f t h i s i n d e x , see
the August 1978 FEDERAL RESERVE BULLETIN ( p . 700).
2
Average f o r February 1 through 19.

106

0.5
2000
1800
1600
1400

1.0
160

I I I III Ml III III III III IN III III III Ill III III
75 76 77 78 79 80 81 82 83 84 85 66 87 88

Source: Board o f Governors o f the Federal Reserve System.

5
0.9
0.8
0.7
0.6

1000

1988
Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...

B

\

/

Italy (lira)

1.6
10
9
8
7

**\

Unit ed K ngdoni (po jnd)

/

160
120
2.8

V \

r^

France (fran

Foreign currency per U.S

mark

0.5553
0.5700

NI
Year
and
month

i

Foreign currency per U.S. dollar—

(Yen)

Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug.. .
Sept..
Oct...
Nov...
Dec...

III III III III III

I I I ! IIII1111 I I I ! l l l l l l l

100
80

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for
unemployment1 insurance, State programs1 (thous.). .
8. Mfrs. new orders in 1982 dollars, consumer
goods and materials industries (bil. dol.).
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . .
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 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. d o l . ) . . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of 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, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101.

Commercial and industrial loans outstanding
in 1982 dollars (mil. dol.)
Ratio, consumer installment credit
outstanding to personal income (percent). .
Composite index of lagging indicators 3

95.
930.

(index: 1967=100)

Nov.
1987

Oct.
1987

Net contribution to index
Jan.
1988

Dec.
1987

Oct.
to
Nov.
1987

Nov.
to
Dec.
1987

Dec.
to
Jan.
1988

41.3

41.2

r41.0

p41.1

-0.08

-0.16

0 . 10

284

293

312

351

-0.09

-0.19

-0.43

r85.94

r85.93

r86.65

p83.01

-0.00

0.04

-0.28

70

66

71

68

-0.18

0.22

- 0 . 16

r39.11

r37.52

r41.66

p42.73

- 0 . 10

0.25

0.07

116.7

117.1

108.5

100.2

0.01

-0.25

-0.31

r22.03

r36.86

p44.21

0.39

0 . 19

rl.30

r l . 10

r0.72

0.33

-0.09

-0.16

-0.20

16

245.01

240.96

250.48

-0.91

-0.11

0.32

r2 , 5 1 6 . 4

r2,513.2

r2,511.9

p2,523.7

-0.04

-0.02

0.20

r9.3

r6.4

pl2.9

-0.17

0.37

rl92.8

rl90.7

rl91.3

P190.2

-1.09

0.31

-0.58

102,983

rl03,285

rlO3,596

pl03,703

0.24

0.25

0 . 11

r2,741.7

r2 , 7 2 2 . 3

r2,744.3

p2 , 7 3 6 . 9

-0.35

0.40

-0.17

132.5

rl33.0

rl33.6

pl33.8

0 . 10

0 . 13

0.05

r437,784

r433,948

P436,365

NA

- 0 . 19

0 . 12

rl72.4

rl71.7

rl73.0

pl72.7

-0.41

0.76

-0.17

14.1

14.0

14.2

14.4

0.05

-0.10

-0.15

1.52

1.54

pi.53

NA

0.26

-0.13

NA

r98.4

r98.5

r98.3

p98.4

0.04

-0.07

0.05

9.07

8.78

8.75

-0.20

-0.02

0.00

r 3 6 2 ,476

r362 ,655

r369,556

0.01

0.50

-0.91

15.71

15.84

pl5.84

0.50

0.00

NA

rl42.0

r l 4 2 .9

rl43.2

0.63

0.21

280.

NA

NA

8.75
p360,924

NA
pl41.8

NA

NA

NA

-0.98

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the 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, p r e l i m i nary, r, revised, e, estimated.
x

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.
3
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor
for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.
2




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
TnT

m

TnT

i m

r

Deviations
from
reference
peaks

1. Average weekly hours, manufacturing

Actual
data
for
current
cycle

• 41.0

•

40.5

• 40.0

-

-1

-

51
52

3.G
2.5

41.1
40.9

53
54
55
56

1.8
2.8
2.8
2.8

4
4
4
4

57
58
59
60

2.8
1.8
3.5
3.3

41.0
40.6
41.3
41.2

8/87
9/87
10/87
11/87

61
62

2.8
3.0

41 . 0
41. 1

12/87
1/88

•

•

0
1
1
1

Deviations
from
specific
troughs

Actual
data
for
current
cycle

2/87
3/87

.6
.0
.0
.0

4/87
5/87
6/87
7/87

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
AND
ACTUAL
TROUGH
DATA
YEAR
9/82
SERIES
1
HOURS

39.0

53
54
55
56

5.9
5.4
4.6
5.7

41.1
40.9
40.6
41.0

2/87
3/87
4/87
5/87

38.5

57
58
59
60

5.7
5.7
5.7
4.6

41.0
41.0
41.0
40.6

6/87
7/87
8/87
9/87

38.0

61
62
63
64

6.4
6.2
5 .7
5.9

41.3
41.2
41.0
41.1

10/87
11/87
12/87
1/88

-3

1. Average weekly hours, manufacturing

SERIES
1
HOURS

•39.5

•

11111111111111111111111111111111111111111111111111111111111111111111

MONTHS
DEVIFROM ATIONS CURRENT MONTH
ACTUAL
REF.
FROM
AND
DATA
TROUGH
7/81
YEAR

-I - 5

41. Employees on nonagricultural payrolls
c,c,c

Percent

Mil.

- i +16

•

106

+14

•

104

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
ACTUAL
REF.
FROM
YEAR
DATA
TROUGH
7/81

41. Employees on nonagricultural payrolls

SERIES
41
THOUSANDS
51
52

10.6 101150
10.8 101329

2/87
3/87

53
54
55
56

11.1
11.2
11.3
11.7

101598
101708
101818
102126

4/87
5/87
6/87
7/87

57
58
59
60

11.8
12.0
12.6
12.9

102275
102434
102983
103285

8/87
9/87
10/87
11/87

61
62

13.3 103596
13.4 103703

12/87
1/88

c.c.c I
18

Mil.
• 104

+ 12

•

102

16
• 102

+10
•

100

+8
• 98

• 96

+4

14
• 100

12
• 98

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
AND
SPEC.
ACTUAL
TROUGH
DATA
YEAR
12/82

10
• 96

SERIES
41
THOUSANDS

•

94

•

92

50
51
52

14.1 101150
14.3 101329
14.6 101598

2/87
3/87
4/87

•

90

53
54
55
56

14.7
14.9
15.2
15.4

101708
101818
102126
102275

5/87
6/87
7/87
8/87

•

88

57
58
59
60

15.6
16.2
16.5
16.9

102434
102983
103285
103596

9/87
10/87
11/87
12/87

61

17.0

103703

1/88

+2

-2

-

1

-4

mi n i ii 11 mi 11 mi li i I I I li mi limi I M I I I 1111111 ii I I I I n 11111

0 + 6 +12+18+24+30+36+42+48+54+60

108



• 92

• 90

I niill III ill m n l i n n

-6

Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts

• 94

liiiiiliiiiiliiniliimliiiiiliiiiiliiiiilii

0 + 6 +12+18 + 24+30+36+42+48+54+60
Months from specific troughs

p. 107 of the January 1988 iss

G. Experimental Data and Analyses—Continued
Cyclical Comparisons; Current and Selected Historical Patterns—Continued
i • 111 • i run n m p 11111111 u p m rrn 111 p 1111 p 1111 p i H i p 11 r i p

DEVIMONTHS
FROM ATIONS CURRENT MONTH
FROM
AND
ACTUAL
REF.
YEAR
7/81
DATA
TROUGH

47. Industrial production index

• 135
+1

5

#i30

47. Industrial production index
' c.c.c I

SERIES
47
1977=100
51
52

12.1
12.3

127.1
127.4

2/87
3/87

53
54
55
56

12.3
13.1
13.8
15.2

127.4
128.2
129.1
130.6

4/87
5/87
6/87
7/87

57
58
59
60

15.7
15.5
16.8
17.3

131.2
131.0
132.5
133.0

8/87
9/87
10/87
11/87

61
62

17.8
18.0

133.6
133.8

12/87
1/88

Deviations
from
specific
troughs

Actual
data
for
current
cycle

• 135
+ 10

+5

*125

• 120

• 115

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
ACTUAL
SPEC.
FROM
YEAR
DATA
TROUGH
12/82

• 105
-10

• 100
-15

53. Wages and salaries in 1982 dollars,
mining, mfg., and construction
I

• 125

SERIES
47
1977=100

• 110
-5

• 130

50
51
52

26.5
26.8
26.8

127.1
127.4
127.4

2/87
3/87
4/87

53
54
55
56

27.6
28.5
30.0
30.5

128.2
129.1
130.6
131.2

5/87
6/87
7/87
8/87

57
58
59
60

30.3
31.8
32.3
32.9

131.0
132.5
133.0
133.6

9/87
10/87
11/87
12/87

61

33.1

133.8

1/88

DEVIMONTHS
FROM ATIONS CURRENT MONTH
ACTUAL
AND
REF.
FROM
DATA
YEAR
TROUGH
7/81

- 20

• 120

- 15

• 115

- 10

• 110

- 5

• 105

-J o

53. Wages and salaries in 1982 dollars,
mining, mfg., and construction

• 620

• 600

51
52

SERIES
53
ANN. RATE
BIL. DOL.
0.3
558.6
0.0
557.4

2/87
3/87

53
54
55
56

-0.6
-0.5
-0.7
-1.0

553.7
554.3
553.4
551.9

4/87
5/87
6/87
7/87

57
58
59
60

-0.5
-0.1
0.3
0.7

554.4
556.4
558.9
561.3

8/87
9/87
10/87
11/87

61
62

0.8
0.8

561.5
561.5

12/87
1/88

• 610

• 580

-

0

• 560

• 540

- -10

• 500

• 480

- 15
• 570

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
FROM
ACTUAL
SPEC.
YEAR
TROUGH
11/82
DATA

- -5
• 520

• 590

51
52

SERIES
53
ANN. RATE
BIL.
DOL.
2/87
558 .6
11, ,3
3/87
11. .1
557 . 4

53
54
55
56

10.4
10.5
10.3
10.0

553.7
554.3
553.4
551.9

4/87
5/87
6/87
7/87

57
58
59
60

10.5
10.9
11.4
11.9

554.4
556.4
558.9
561.3

8/87
9/87
10/87
11/87

61
62

11.9
11.9

561.5
561.5

12/87
1/88

- 10

• 550

• 530

- 5

• 510
-I

0

-J - 1 5
nm

itniliiiiiliiiiiliiiiiliiiiiliinilniiiliniiliiniliimli

0 + 6 +12 + 18 + 24+30+36+42+48+54+60
Months from reference troughs

I Illl III III III III! 11 III H I M H I M H I M Illllllllllllllllllllllil

0 + 6 +12+18+24+30+36+42+48+54+60
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the January 1988 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series (page n u m b e r s >
number Charts Tables

Historical
data
(issue date)

Series
description
C)

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue

Series (page n u m b e r s )
number Charts Tables

Historical
data
(issue date)

Series
description

C)

Construction

Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars
Plant and equipment expenditures, current dollars..
Plant and equipment expenditures, 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

604

56

58
974
975
971
100
61
970
976
*978
977
972
973

22
38
38
38
24
24
38
38
38
38
38
38

65
76
76
76
67
67
76
76
76
76
76
76

6/87
8/87
8/87
8/87
11/87
11/87
11/87
8/87
8/87
8/87
8/87
8/87

20
37
37
37
'23'
23
37
37
37
37
37

616
55

56
22

92
65

10/87
9/87

56
39

10/87

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.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures—See Investment, capital.
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars.
Loans outstanding, current dollars
Loans outstanding, net change...
Business saving

Canada—See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
Capital investment—See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force—See also Employment.
Employment
Employment as percent of population
Labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, 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, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicatois
Capital investment commitments.
Inventory investment and purchasing
Money and financial flows
Profitability ..
Twelve leaders, index
Twelve leaders, rate of change

See notes at end of index.

110



93
94

33
33

72
72

2/88

35
35

29
76

13,25
24

67
67

6/87
12/87

24
12

14
12
13

33
23
23

72
65
65

6/87
1/88
1/88

34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

5/87
5/87
5/87
1/88

32
32
32
26

82
84

20
20

64
64

11/87
11/87

14
14

97
11
965
333

24
24
37
48

66
66
75
86

12/86
12/86
10/86
3/87

22
22
22
51

914
35
34

29'
29

60
70
70

1/86
9/87
9/87

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

2/88
2/88
2/88
2/88

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

60
74
60
66

1/87
1/87
12/87
11/87
6/87

5
5
21

101
72
112

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

345
280

49
45

87
82

10/87
1/88

46
46

64

30,47

70,83

9/87

46

346

49

88

10/87

46

340

49

87

8/87

5

341
348
349

49
50
50

87
88
88

8/87
7/87
7/87

5
53
53

9/87
920
920c
940

10
39
11

60

930
930c

10
39

60

10/87
10/87

5

914
915
917
916
910
910c

ll'
11
11
10
39

60
60
60
60
60

1/86
1/88
1/88
1/88
4/87
4/87

5
5
5
5
5

60'

1/87
1/87
11/87

5
"5

Building permits, new private housing
Contracts awarded, commercial and
industrial buildings..
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, 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
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....
Plant and equipment expenditures
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.

29

13,25

67

6/87

9
69

23
24

66
67

6/87
8/87

21
17

86
248
87
89
249
28
334
8
75

25
47
25
25
47
25
48
12,21
22

67
83
67
67
83
67
86
64
65

9/87
12/87
9/87
9/87
12/87
3/87
3/87
4/87
12/87

40
40
40
40
40
24
51
15
12

66
113
95
39

35
32
15,35
33

73
72
73
72

5/87
5/87
9/87
2/88

33
33
33
34

320
322
58

49
49
22

84,95
84
65

4/87
4/87
6/87

49
49
20

525

53

90

7/87

55

20

12,23

66

11/87

21

10
116

23
34

66
73

11/87
2/87

21
35

110

32

72

10/87

101
72
112

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

66
113
95
39
Ill
33

35
32
15,35
33
13,32
32

73
72
73
72
72
71

5/87
5/87
9/87
2/88
5/87
9/86

33
33
33
34
31
31

98
331

28
48

69
85

5/87
3/87

51
50

557

54

91

12/87

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

7/87
10/87
10/87
7/87
7/87
7/87

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

6/87
5/87
6/87
6/87
8/87
10/87
10/87

17
15
17
15
5
43
43

39
32

33
12,21

72
64

2/88
1/88

34
17

965
951
974
963
966

37
36
38
36
37

10/86
12/87
8/87
10/87
12/87

22
5
37
5
12

962
975
952
950
964

36
38
36
36
37

2/88
8/87
12/87
6/87
9/87

8
37
5
5
15

971
970
960
972
967

38
38
37
38
37

8/87
11/87
8/87
8/87
1/88

37
23
37
37
25

973
976
978
977
968
961

38
38
38
38
37
36

75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

8/87
8/87
8/87
8/87
2/87
8/87

37
37
37
37
25
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
cprip.

HHp

(See complete mies in "Titles and
Sources of Series," following this index)
E
Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade. Dl
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl
Employment, civilian
Employment, defense 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 1619 years of age
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

Current issue
Ser.es (page numbers)
number Charts Tables

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
1/
51
51
51
51
15,18
18,51
18
18
18
12,16

961

36'

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)

2/88
7/87
7/87

9
56
56

9/87
9/87
8/87
8/87
8/87
10/87
2/88
8/87
2/88
12/87
2/88
2/88
2/88
8/87
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
3/87
2/88
8/87

"5
5
37
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9
5

8/87

5

G
Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours....
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy....
Income on foreign investment in the United States
Income on U.S investment abroad
Interest, net.
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change

Total

F
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series
description
(*)

119

34

72

3/87

94
213
917

33
40
11

72
80
60

2/88
10/87
1/88

311

35
38
5

9/87

93

33

72

2/88

49

20

63

9/87

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/87
9/87
9/87
9/87
9/87
9/87
1/88

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

1/88
1/88
1/88
10/87
10/87
1/88
1/88
1/88
1/88
1/88

43
43
43
43
43
43
43
43
43
43

311
68

48
30

84
70

9/87
9/87

49
28

50
50b
50c
200
200b
200c
107
49
310
217

3,40

31
20
48
40

63,80
80
80
80
80
80
71
63
84
80

9/87
9/87
9/87
10/87
10/87
10/87
8/87
9/87
9/87
10/87

38
38
38
38
38
38
30
14
38
38

46
60

16
16

61
61

12/87
2/88

9
9

1

U6

8/87

5

961
21

36
16

61
77
74
61

8/87
8/87

5
5

39
40

Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures

Total
Total, components.

Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
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 Kingdom

United States
West Germany

Current issue
Serrcs (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
C)

28
25
29 13,25
89
25
249
47

67
67
67
83

3/87
6/87
9/87
12/87

310

48

84

9/87

345
280

49
45

87
82

10/87
1/88

46
46

64

30,47

24
24
40
40

3,83

9/87

46

346
49
95 15,35
286
45

88
73
82

10/87
9/87
1/88

46
33
26

287
225
224

83
80
80

1/88
10/87
10/87

26
11
11

47
40
40

10/87

227

40

340

49

87

8/87

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/87
7/87
7/87
1/88
1/88
10/87
9/87
9/87

5
57
57
47
47
46
11
11

51c

39

9/87
9/87
8/87
1/88

ii
30
47

108
282

31
45

63'
71
82

283
284

47
45

83
82

1/88
1/88

47
47

285
348
349

47
50
50

83
88
88

1/88
7/87
7/87

47
53
53

53
13
335

19
23
48

63
65
85

9/87
1/88
3/87

11
21
51

12/87
12/87
12/87
12/87
12/87
12/87

12
12
13
12
12
12

12/87
12/87

"u

79
75
69

1/88
1/88

25
25

5 12,16
962
36
45
18
288
45
289
47

61
74
62
82
83

2/88
2/88
3/87
1/88
1/88

8
8
8
47
47

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34
48

73
73
72
73
73
73
72
73
86

1/88
2/87
3/87
3/87
3/87
2/88
2/87
2/87
3/87

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

5/87
5/87
5/87
5/87
5/87
4/87
5/87

60
61
61
61
60
49
61

94
94
94
94
94
94
47 14,20,58 63,94
63,94
94
725
58

11/87
6/87
6/87
6/87
6/87
6/87
12/87
6/87

59
59
59
59
58
58
12
59

51 14,19

67
65
91
63
63
53,94
47 14,20,58 63,94
78
75
966 37

76
75
557
73
74

24
22
54
20
20

47c

39

967
23

723
726
727
728
721
722

37
28

58
58
58
58
58
58

See notes at end of index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States.
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade
Manufacturing and trade, change.
Manufacturing and trade, constant dollars.
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manufacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential producers' durable equipment,
constant dollars..
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP.
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars.
Contracts and orders, current dollars.
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
Italy—See International comparisons.

Series
number

Current issue
numbers)
Charts
Tables
(page

Historical
data
(issue date)

Series
description
(*)

745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

7/87
7/87
7/87
7/87
7/87
7/87
7/87

63
63
63
63
63
25
63

667
622

57
57

602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

56
57
56
44
44

7/87
7/87
10/87
7/87
10/87
12/87
12/87
7/87
10/87
10/87
7/87
10/87
7/87
12/87
12/87
10/87
7/87
7/87

57
57
56
57
56
44
44

56
57
44
44
56
57
57

743
746
747
748
742
19

57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

255

44

82

12/87

44

250
251

44
47

82
83

12/87
12/87

44
44

30
245
247
559
65
77
915
71
31
70
975

26,42
42
47
54
27
15,27
11
27
26
27
38

68,81
81
83
91
68
68
60
68
68
68
76

9/87
12/87
12/87
6/87
5/87
11/87
1/88
11/87
6/87
11/87
8/87

40
40
40
17
17
17
5
17
17
17
37

36

13,26

68

12/87

17

78

27

68

5/87

17

38

26

68

5/87

17

97
11
965
914
9

24
24

66

66
75

"23'

60
66

12/86
12/86
10/86
1/86
6/87

22
22

37

69

24

67

8/87

17

243
242
86
248

42
42
25
47

81
81
67
83

11/87
11/87
9/87
12/87

40
40
40
40

88
87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/87
9/87
9/87
12/87
11/87
11/87

40
40
40
40
40
40

27

23

66

11/87

15

24

23

66

11/87

15

20
10
100
61

66
66
67
76

11/87
11/87
11/87
11/87
11/87

21
21

970

12,23
23
24
24
38

23
23

652
651

57
57

93
93

7/87
7/87

57
57

57
56
56
57
56
57
44
44
56
57

67

57
56
56
57

22
5
21

Japan—See International comparisons.

Labor cost per unit of gross domestic product
Labor cost per unit of output, business sector
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit, of, nonfarm business
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.

112



68

30
30

70
70

9/87
10/87

28
28

62
26

30
15
29

70
70

10/87
10/87
10/87

28
28

930
930c
952

10
39
36

60

10/87
10/87
12/87

5

63
62

70

74

28

5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators, twelve
Composite index
Composite index, rate of change..
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

Current issue
(page numbers)
. number

Historical
data
(issue date)

Series
description
(*)

Charts

Tables

10
39
36
33
31

60
74
72
71

4/87
4/87
6/87
6/87
4/87

78

27

68

5/87

38
84
8

26
20
12,21

68
64
64

5/87
11/87
4/87

17
14
15

917

11

60

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

4/87
4/87
4/87
4/87
4/87
8/87
8/87
9/86
3/87
3/87

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

11/87
11/87
4/87

15
15
15

20

12,23

66

11/87

21

10
548
7
6

23
53
21
21

11/87
5/87
4/87
4/87

21
15
15
15

964
971

37
38

66
90
64
64
77
75
76

9/87
8/87

15
37

88
87
86
248

25
25
25
47

67
67
67
83

9/87
9/87
9/87
12/87

40
40
40
40

517
543
721

53
53
58

90
90
94

7/87
10/87
6/87

55
55
58

580

54

91

10/87

49

20

63

9/87

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
70
88
88
64
64
61

10/87
10/87
10/87
10/87
11/87
11/87
8/87

453
452
451

51
51
51

89
89
89

2/88
2/88
2/88

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87

39
39

292
293
614

46
46
56

82
83
92

1/88
1/88
10/87

48
48
56

910
910c
950
14
104

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 flows, 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 M l
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields
N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0
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

28
28
52
52
14
14

5

P
Participation rates, civilian labor force
Both sexes 16-19 years of age
Females 20 years and over
Males 20 years and over....
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income
Personal saving
Personal saving rate.
Petroleum and petroleum products, imports

9
9

9

39
39
39
39
39
39
39

39

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods.
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl.
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, D!
Retail trade, Dl
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, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars.
With IVA and CCAdj, current dollars.
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
-..
Residential fixed investment, constant dollars

Current issue
Series (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

20
10
100
61
970
90

12,23
23
24
24
38
17

66
66
67
67
76
62

11/87
11/87
11/87
11/87
11/87

320
322

49
49

84,95

4/87
4/87

49
49

311
310
26

48
48
29

84
84
70

9/87
9/87
10/87

49
38
28

330
333
331
334
335
332

48
48
48
48
48
48
28

3/87
3/87
3/87
3/87
3/87
3/87
5/87

50
51
50
51
51
50
51

967
23

37
28

79
75
69

1/88
1/88

25
25

28
13,28

69
69

5/87
5/87

51
25

19
968
26

13,28
37
29

69
75
70

7/87
2/87
10/87

25
25
28

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

8/87
8/87
8/87
7/87
2/88

37
37
37
55
35

21
21
23'
23
9

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Residential fixed investment, percent of GNP..
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

370
358
916

50
50
11

88
88
60

10/87
10/87
1/88

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

9/87
9/87
9/87
9/87

26
26
26
26

286
287
972
960
15
916
22

45
47
38
37
29
11
29

82
83
76
75
70
60
69

1/88
1/88
8/87
8/87
1/88
1/88
9/87

26
26
37
37
27
5
26

81
282

29
45

70
82

9/87
1/88

26
47

283

967
23
284

37
28
45

79
75
69
82

1/88
1/88
1/88

25
25
47

285
93
89

47
33
25

83
72
67

1/88
2/88
9/87

47
35
40

Historical
data
(issue date)

Series
description

C)

249

47

83

12/87

59
54

22
22

65
65

11/87
11/87

20
20

213

40

80

10/87

38

69
57
56
973
77
59
54

24
14.22
22
38
15,27
22
22

67
65
65
76
68
65
65

8/87
11/87
11/87
8/87
11/87
11/87
11/87

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

1/88
1/88
1/88
1/88
1/88

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

5/87
5/87
6/87

51
25
17

967
23

37
28

79
75
69

i/88
1/88

25
25

19
968

13,28
37

69
75

7/87
2/87

25
25

114
115

34
34

72
73

2/87
2/87

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

2/88
2/88
2/88
2/88

9
9
8
8

446
445
447
444
37
44
45
43
561
96
25

51
51
51
51
18,51
18
18
18
54
21
21

89
89
89
89
62,89
62
62
62
91
64
64

2/88
2/88
2/88
2/88
2/88
2/88
3/87
2/88
6/87
4/87
4/87

9
9
9
9
9
9
8
9
15
15
15

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio
Vendor performance, slower deliveries

107
108
32

31
31
12.21

71
71
64

8/87
8/87
1/88

30
30
17

Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index

1

12,16

5

36

61
77
74

8/87

961

8/87

"5

Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars.
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.
Treasury bill rate
Treasury bond yields....

9/87

Current issue
Series (page numbers)
number Charts Tables

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.

NOTE: CCAd), 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 the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series 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, 99,
106,111) (M).-Sourcel
(10,39,60)

914. Composite index of capital investment commitments
(includes series 12, 20,29) (M).-Source 1 (11,60)
915.

Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M) .-Source
1
(11,60)

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

36.

Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).-Sources 1
and 2
(13,26,68)

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.

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.
(23,65)
13.

14.

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)

40.

Corporate profits after tax in 1982 dollars (Q).—
Source 1
(28,69)

41. Employees on nonagricultural payrolls (M).—Source

20.

42.

Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)
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)

Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22.
23.

Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M)-Source
1
(11,60)

Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)
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

(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).-U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

24.

Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2

(23,66)
25.

Change in manufacturers' unfilled orders, durable
goods industries (M).—Source 2
(21,64)

26.

Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3

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
land 2
(12,21,64)

29.

Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

30.

Change in business inventories in 1982 dollars ( Q ) . Source 1
(26,42,68,81)

114



3

31. Change in manufacturing and trade inventories
(M).-Sourcesland2
(26,68)
32.

Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

(14,17,62)

Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

43.

Unemployment rate (M).-Source 3

44.

Unemployment rate, persons unemployed 15 weeks
and over (M).—Source 3
(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

48.

Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)

(18,62)

49.

Value of goods output in 1982 dollars (Q).-Source
1
(20,63)

50.

Gross national product in 1982 dollars (Q).-Source

(14,20,39,58,63,78,94)

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)

(29,70)

(12,16,61)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).-McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

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)

917.

1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3

Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source
2
(26,68)

18.

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)

940.

(18,51,62,89)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)

930.

(29,70)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

916.

920.

1

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)-Sou rce
2
(22,65)

55.

Personal consumption expenditures, automobiles
(Q).-Source 1
(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)

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

61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)

89. Gross private residential fixed investment in 1982

62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)

90. Ratio, civilian employment to population of work-

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91. Average duration of unemployment in weeks (M).—

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

93. Free reserves (M).-Source 4
(33,72)
94. Member bank borrowings from the Federal Reserve

65. Manufacturers' inventories, finished goods(EOM).—
Source 2
(27,68)

95. Ratio, consumer installment credit outstanding to

66. Consumer installment credit outstanding (EOM).—
Source4
(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)

1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)
dollars (Q).-Source 1
ing age (M).—Sources 1 and 3
Source 3

(M).-Source4

personal income (M) — Sources 1 and 4

(25,67)
(17,62)
(15,18,62)

(33,72)

(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)

98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.

(13,28,69)

70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2
(27,68)

100. New plant and equipment expenditures by business

71. Manufacturing and trade inventories in current
dollars (EOM).-Sources 1 and 2
(27,68)

101. Commercial and industrial loans outstanding in 1982

72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M).-Source4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Source 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
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order (EOM).-Source 2 (27,68)

in 1982 dollars (Q).-Source 1

dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)

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).-Sou r e e l
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)




950. Diffusion index of twelve leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
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)
963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).-Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)

102. Change in money supply M2 (M).-Source 4 (31,71) 966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
104. Change in total liquid assets (M).—Sources 1 and
4

(31,71)

105. Money supply M l in 1982 dollars (M).-Sources 1
and 4

(31,71)

106. Money supply M2 in 1982 dollars (M).-Sources 1
and 4

(13,31,71)

107. Ratio, gross national product to money supply M l
(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

79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars ( Q ) . - S o u r c e l
(29,69)

(24,67)

I-C. Diffusion Indexes

(32,72)

967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
40-82 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).-Source 1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

111. Change in business and consumer credit outstanding

972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
112. Net change in business loans (M).—Sources 1, 4,
series may not be reproduced without written
and The Federal Reserve Bank of New York (32,71)
permission from the source.)
(38,76)
113. Net change in consumer installment credit ( M ) — 973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
trade—about 1,400 businessmen reporting (Q).—
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)

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).-Source 4

(34,72)

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)

115

TITLES AND SOURCES OF SERIES—Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 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

290. Gross saving (Q).—Source 1

(Q).-Source 1

292. Personal saving (Q).-Sou r e e l

(46,82)

293. Personal saving rate (Q).—Source 1

(46,83)

247.
248.

978. Diffusion index of selling prices, retail trade-about 249.
400 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250.
source.)
(38,76)

(42,81)

Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

(46,82)

295. Business saving (Q).—Source 1
(46,82)
Gross private nonresidential fixed investment as a
298.
Government
surplus
or
deficit
(Q).—Source
1
percent of gross national product (Q).—Source
(46,83)
1
(47,83)
Gross private residential fixed investment as a
percent of gross national product (Q)—Source Il-B. Prices, Wages, and Productivity
1
(47,83) 310. Implicit price deflator for gross national product
(Q).-Sourcel
(48,84)
Net exports of goods and services in current dollars
(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
gross national product (Q).—Source 1
(47,83)

30. Change in business inventories in 1982 dollars (Q)—
Source 1
(26,42,68,81)

252.

Exports of goods and services in current dollars
(Q). -Source 1
(44,82)

50. Gross national product in 1982 dollars (Q).-Source
1
(19,39,40,63,80)

253.

imports of goods and services in current dollars

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

255.

Net exports of goods and services in 1982 dollars

200. Gross national product in current dollars (Q).—
Source 1
(40,80)

256.

Exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)

213. Final sales in 1982 dollars (Q)-Source 1

(40,80)

257.

Imports of goods and services in 1982 dollars

Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80)

260.

220. National income in current dollars (Q).—Source
1
(45,82)

Government purchases of goods and services in
current dollars (Q).—Source 1
(43,81)

261.

223. Personal income in current dollars (M).—Source
1
(40,63)

Government purchases of goods and services in
1982 dollars (Q).-Source 1
(43,81)

262.

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

Federal Government purchases of goods and services in current dollars (Q).-Source 1
(43,81)

263.

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

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)

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)

346.

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

II—A. National Income and Product

217.

(Q).-Source 1
(Q).-Sourcel

(Q).-Source 1

227. Per capita disposable personal income in 1982 dollars (Q).—Sources 1 and 2
(40,80)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)
235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1
(41,81)

241. Gross private domestic investment in 1982 dollars
(Q).-Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)

(44,82)

(44,82)

(Q).-Source 1

(47,83)

280.

Compensation of employees (Q).—Source 1

(45,82)

282.

Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).-Source 1
(47,83)
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)

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)

(44,82)

286.

287.

288.

Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

320.

Consumer price index for all urban consumers

322.

Consumer price index for all urban consumers,
food (M).-Source 3
(49,84)

(M).-Source3

(49,59,84,95)

330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).—Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
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)

Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

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.

(51,89)

Civilian employment (M).-Source 3

Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M).-Source 3
(51,89)
percent of national income (Q).—Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)
Net interest (Q).-Sou r e e l
(45,82)

116



>U.S.

G.P.O.

1988-201-^70:80002

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)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source

1

(52,90)

501. Federal Government receipts (Q).—Source 1

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct Nre employment (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

47. United States, index of industrial production ( M ) . Source4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
(M) .-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production ( M ) . —
Statistics Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M).-Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

502. Federal Government expenditures (Q).—Source
1
(52,90)

727. Italy, index of industrial production (M).—Istituto
Centrale di Statistica (Rome)
(58,94)

II—E. U.S. International Transactions

510. State and local government surplus or deficit ( Q ) . Source 1
(52,90)

728. Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)

602. Exports, excluding military aid shipments ( M ) —

511. State and local government receipts (Q).—Source
1
(52,90)

604. Exports of domestic agricultural products ( M ) —
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

(52,90)

512. State and local government expenditures ( Q ) —
Source 1
(52,90)

Source 2

(56,92)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

517. Defense Department gross obligations incurred
(M).-U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Depart
ment 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)

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).-Sourcel

(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)

548. Manufacturers' new orders, defense products ( M ) —
Source 2
(53,90)

652. Income on foreign investment in the United States
(Q).-Sourcel
(57,93)

557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1

559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




(57,93)
668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).—Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1

(57,93)

II—F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

732. United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index ( M ) . —
Statistisches Bundesamt (Wiesbaden); percent
changes seasonally adjusted by Bureau of Economic Analysis
(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)

Superintendent of Documents
U.S. Government Printing Office
Washington, D.C. 20402
OFFICIAL BUSINESS
Penalty for Private Use $300




FIRST-CLASS MAIL
POSTAGE & FEES PAID
USGPO
PERMIT No. G-26