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