Full text of Business Conditions Digest : January 1978
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U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tarnm, Editor
This report is prepared in the Statistical Indicators Division, Bureau of Economic Analysis,
Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. Tunstall—Collection and compilation of basic data.
Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is gratefully
acknowledged. Ageqcies furnishing data are indicated in the list of series and sources at the
back of this report.
This publication is prepared under the general guidance of a technical committee under
the auspices of the Office of Federal Statistical Policy and Standards. The committee
consists of the following persons:
Julius Shiskin, Chairman, Bureau of Labor Statistics, U.S. Department of Labor
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Board of Governors of the Federal Reserve System
Beatrice N. Vaccara, U.S. Department of the Treasury
ABOUT THIS
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 atl turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address
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.
Cyctical 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.
follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue
KCI»
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
6
6
7
JANUARY 1978
Data Through December
Volume 18, Number 1
PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
A1
A2
A3
A4 I
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
Chart
Table
11
13
15
16
59
—
-
17
20
22
24
27
29
32
60
62
63
64
67
68
70
37
—
40
73
75
-
CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B1
B2
B3
B4
B5
B6
B7
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit
DIFFUSION INDEXES
AND RATES OF CHANGE
C2
C3]
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has
been approved by the Director of the Office of Management and Budget through September 1,1980.
BCII
PART IIOTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
AT
A2
"701
A4
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
Table
41
42
43
44
45
46
47
48
79
79
80
80
81
81
81
82
49
50
83
86
52
88
53
54
89
89
55
56
90
91
57
53
53
92
93
94
PR ICES, WAGES,
AND PRODUCTIVITY
B1
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices
PART III APPENDIXES
A. MCD and Related Measures of Variability (December 1975 issue)
QCD and Related Measures of Variability (September 1975 issue)
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: 1854 to 1975 (September 1977 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (October 1977 issue)
G. Experimental Data and Analyses
Alphabetical Index-Series Finding Guide
Titles and Sources of Series
95
96
104
109
113
Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230
NEW
FEATURES
AND CHANGES
FOR THIS ISSUE
A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result In revisions of
data, additions or
deletions of series,
Changes in this issue are as follows:
changes in placement of
series in relation to
other series, changes
1. Series 63, 358, and 370 have been revised for the
period 1972 to date to reflect the source agency's use of new
seasonal adjustment factors in estimates of employment and
average weekly hours.
Series 345 and 346 have been revised to incorporate new
seasonal factors for 1977 only. Revised data for 1972-1976
will be published as soon as they become available.
Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Current Employment Analysis, Division
of Industry Employment Statistics.
2. Appendix C contains historical data for series 1-4,
9, 11, 15, 21, 23, 32, 40, 41, 53, 82-84, 95, 97, 548, 742,
743, 745-748, and 19 (1967=100).
3. Appendix G contains recovery comparisons for series
50,80, 93, 116, 117, 119, 320c, 322c, and 330c-335c.
The February issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on March 3.
in
in composition of
indexes, etc.
6 BEA PROJECTS
for economic
analysis
BUSINESS CONDITIONS DIGEST A monthly report for analyzing eco
nomic fluctuations over a short span ©f years,
This report brings together many of the economic time series found most useful by
business analysts and forecasters. The dominant feature is the cyclical indicators
section in which approximately 110 business cycle indicators are each assigned a
three-way timing classification according to their cyclical behavior at peaks, at
troughs, and at all turns. This section also contains other valuable aids for the
analysis of business conditions and prospects, such as composite indexes of leading,
coincident, and lagging indicators and various diffusion indexes. A second section
contains other important economic measures such as prices, wages, productivity,
government activities, U.S. international transactions, and international comparisons.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability. A computer
tape containing data for most of the series is available for purchase.
DEFENSE INDICATORS
A monthly report for analyzing the current
and prospective impact of defense activity on the national economy.
This report brings together the principal time series on defense activities which
influence short-term changes in the national economy. These include series on
obligations, contracts, orders, shipments, inventories, expenditures, employment,
and earnings. The approximately 60 time series included are grouped in accordance
with the time at which the activities they measure occur in the defense orderproduction-delivery process. Charts and analytical tables facilitate interpretation.
LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years, 1860-1970.
This report has been developed from available statistics to provide a comprehensive,
long-range view of the U.S. economy. It is t, basic research document for economists,
historians, investors, teachers, and students. It brings together under one cover, in
meaningful and convenient form, the complete statistical basis for a study of longterm economic trends. A computer tape file of the time series included in the report
is available for purchase.
COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS
The source
statements for FORTRAN IV programs used by BE A in its analysis of
time series are available on a single computer tape.
SEASONAL ADJUSTMENT PROGRAMS. -Two variants of the Census computer
program for measuring and analyzing seasonal, trading-day, cyclical, and irregular
fluctuations. They are particularly useful in analyzing economic fluctuations which
take place within a year. The X-11 variant is used for adjusting monthly data and
the X-11Q for quarterly data. These programs make additive as well as multiplicative
adjustments and compute many summary and analytical measures.
DIFFUSION INDEX PROGRAM.-A computer program for computing diffusion
indexes, cumulated diffusion indexes, and summary measures of the properties of
each index.
SURVEY OF CURRENT BUSINESS
current economic developments.
A
monthly report for analyzing
This report provides a useful combination of current data for more than 2,500
statistical series and significant articles analyzing economic developments. Those
data and analyses include such areas as the national income and product accounts,
the balance of payments accounts, plant and equipment expenditures, regional
personal income, and the input-output accounts.
BUSINESS STATISTICS
A biennial reference volume containing statistical series reported currently in the Survey of Current Business.
This report provides historical data back to 1947 for nearly 2,500 time series. The
series are accompanied by concise descriptions as to their composition, methods of
compilation, comparability, revisions, and availability. Also listed are the names and
addresses of organizations which provide the basic data for the series.
IV
METHOD OF PRESENTATION
This report is organized into two
major parts. Part I, Cyclical Indicators,
includes about 150 time series which
have been found to conform well to
broad fluctuations in comprehensive
measures of economic activity. Nearly
three-fourths of these are individual
indicators, the rest are related analytical
measures: Composite indexes, diffusion
indexes, and rates of change. Part II,
Other Important Economic Measures,
covers over 130 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 pt I
are also shown in pt. II to complete the
systematic presentation of certain sets of
data, such as real GNP and unemployment) The largest section of part tl
consists of quarterly series from the
national income and product accounts;
other sections relate t© prices, labor
force, government 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 1953, but those for the composite
indexes and their components (pt. I, sec.
A) begin with 1948, and a few charts
use a two-panel format which covers
only the period since 1967. Except for
section F in part II, the charts contain
shading which indicates periods of recession in general business activity. The
tables contain data for only the last few
years. The historical data for the various
time series are contained in the 1977
Supplement to Business Conditions
Digest
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 analytic
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.
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. Asa 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 periodic review by NBER
and on occasion are changed as a result
of revisions in important economic time
series. The dates shown in this publication for the 1948-1970 time period
are those determined by a 1974 review.
The turning dates for the 1973-1975
period are detailed in NBER's 1976
Annual Report
Part I. CYCLICAL INDICATORS
JV1CD 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
app. 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
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
1
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
>^ Economic
\Process
Cyclical^
Timing
N.
1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
LEADING (L)
INDICATORS
(62 series)
ROUGHLY
TIMING
UNCLASSIFIED
(U)
IV.
V.
VI.
CAPITAL
INVESTMENT
(18 series)
INVENTORIES
AND
INVENTORY
INVESTMENT
PRICES.COSTS,
AND PROFITS
Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)
FIXED
Capacity
utilization
(2 series)
New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)
Formation of
business
enterprises
(2 series)
Business
Investment
commitments
(5 series)
Residential
construction
(3 series)
Comprehensive
employment
(1 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(4 series)
Consumption
and trade
(4 series)
Backlog of
Investment
commitments
(1 series)
Business
investment
expenditures
(5 series)
(23 series)
(18 series)
III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
COINCIDENT(C)
INDICATORS
LAGGING (Lg)
INDICATORS
It.
PRODUCTION
INCOME
(10 series)
AND
Duration of
unemployment
(2 series)
Business
investment
expenditures
(1 series)
Comprehensive
employment
(3 series)
Trade
(1 series)
(8 series)
(17 series)
VII.
MONEY
AND CREDIT
(26 series)
(9 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)
inventories on
hand and on
order
(4 series)
Business
investment
commitments
(1 series)
Unit labor costs
and labor share
(4 series)
1 nterest rates
(4 series)
Outstanding
debt
(3 series)
Commodity
prices
(1 series)
Profit share
(1 series)
Interest rates
(1 series)
B. Timing at Business Cycle Troughs
X
Economic
XProcess
CyellcalV
Timing
X^
1.
II.
III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
PRODUCTION
AND
INCOME
(10 series)
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)
Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
Consumption
and trade
(3 series)
Business
investment
commitments
{1 series)
Unfilled orders
(1 series)
Business
Investment
commitments
(2 series)
Business
investment
expenditures
(6 series)
V.
VI.
VII.
INVENTORIES
AND
INVENTORY
PRICES, COSTS
AND PROFITS
(17 series)
MONEY
AND CREDIT
(26 series)
Inventory
investment
(4 series)
Stock prices
(1 series)
Commodity
prices
(2 series)
Profits arid
profit margins
(6 series)
Cash flows
(2 series)
Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Profits
(2 series)
Money flow
(1 series)
Velocity of
money
(1 series)
Unit tabor costs
and labor share
(4 series)
Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)
INVESTMENT
(9 series)
\
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(40 series)
TIMING
UNCLASSIFIED
(U)
(1 series)
Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)
Inventories on
hand and on
order
(5 series)
Bank reserves
(1 series)
out by the Bureau of Economic Analysis
(BEA) with the cooperation of the
NBER research staff. The present format and content of part ( 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 the 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
p. 2 and text below relating to sec. 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
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 month-to-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 long-term 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 monthto-month percent changes (without
regard to sign) are approximately
equal to those of the coincident index.
(For a more detailed description of
the method of constructing the composite indexes, see the 1977 Supplement to BCD.)
In addition to these principal composite indexes, differentiated according
to cyclical timing, there are five indexes
based on leading indicators which have
been grouped by economic process.
Taken together, these additional indexes
include all 12 component series of the
overall leading index, plus a few related
series. Also shown in this section is the
ratio of the index of roughly coincident
indicators to the index of lagging
indicators, a series known to have a
useful pattern of early cyclical timing.
Numbers entered on the charts of the
composite indexes show the length, in
months, of leads (-) and lags (+) at each
of the reference turning dates covered.
The next set of data consists of
series included in the principal composite indexes. These are the 12 components of the leading index, the 4
components of the coincident index,
and the 6 components of the lagging
index. Following the title of each series,
its typical timing is identified by three
letter symbols in a small box. The first
of these letters refers to the timing of
the given indicator at business cycle
peaks, the second to its timing at
business cycle troughs, and the third
to its timing at all turns, i.e., at peaks
and troughs combined. "L" denotes a
tendency to lead, "C" a tendency to
roughly coincide with the business
cycle turns (as represented by the
NBER-designated reference dates), and
"Lg" a tendency to lag. Since these
series have been selected for the consistency of their timing at both peaks
and troughs, all components of the
leading index are denoted "L,L,L", all
components of the coincident index
"C,C,C", and all components of the
lagging index "Lg,Lg,Lg." It should be
remembered that these classifications
are based on limited evidence, namely
the performance of the indicators
during the business cycles of the 194870 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 post-1970 period
can be determined by inspection of the
charts where the 1973-75 recession is
shaded according to the dates of the
NBER reference cycle chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 111 individual
time series, including the 22 indicators
used in the construction of the composite indexes. The peak and trough
timing classifications are shown on the
charts in the same manner as described
above, but this section includes series
with different timing at peaks and at
troughs, as well as series where the
timing is not sufficiently consistent to
be classified as either L,C, or Lg according to the probabilistic measures
and scoring criteria adopted. Such .series
are labeled U, i.e., unclassified as to
timing at turning points of the given
3
type. Eight series are unclassified at
peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have
definite but different timing at peaks
and at troughs). No series that is
classified as U both at peaks and at
troughs is included in the list of
cyclical indicators.
The classification scheme which
groups the indicators of this section by
economic process and cyclical timing is
summarized in the two tabulations on
page 2. Cross-classification A is based on
the observed behavior of the series at
five business cycle peaks (November'48,
July '53, August '57, April '60, and
December '69); cross-classification B, on
their behavior at five business cycle
troughs (October '49, May '54, April '5&,
February '61, and November '70). Each
tabulation distinguishes seven major
economic processes and four types of
cyclical timing. The titles in the cells
identify subgroups of the given economic process with the given timing
characteristic. The number of series in
each such group is given in parentheses
following the title. Complete information on how individual indicators are
classified by timing at peaks, troughs,
and all turns, along with selected measures and scores, is provided in the
1977 Supplement to BCD.
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 time span 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 6.
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 the 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 M 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, obligations, and purchases;
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 A1 shows the gross national
product, final sales, and personal and
disposable personal income. The four
major components of the gross national
product—personal
consumption expenditures, gross private domestic investment, government purchases of
goods and services, and net exports of
goods and services—are presented in
sections A2 through A5. Most of the
series in section A are presented in
current as well as constant dollars.
There are also a few per capita series.
The national income and product
accounts, briefly defined below, are
described more fully in the Survey of
Current Business, Part I, January 1976,
Gross national product (GNP) is the
market value of final goods and services
produced by the labor and property
supplied by residents of the United
States, before deduction of allowances
for the consumption of fixed capital
goods. It is the most comprehensive
measure of aggregate economic output.
Final sales is GNP less change in business
inventories.
Personal income is the income received by persons (individuals, owners
of unincorporated businesses, nonprofit institutions, private trust funds,
and private noninsured welfare funds)
from all sources. It is the sum of wage
and salary disbursements, other labor
income, proprietors' income, rental income of persons, dividends, personal
interest income, and transfer payments,
less personal contributions for social
insurance.
Disposable personal income is the
personal income available for spending
or saving. It consists of personal income
less personal taxes and nontax payments
to government.
Personal consumption expenditures
(A2) is goods and services purchased by
individuals, operating expenses of nonprofit institutions, and the value of
food, fuel, clothing, rent of dwellings,
and financial services received in kind
by individuals. Net purchases of used
goods are also included.
Gross private domestic investment
(A3) is fixed capital goods purchased by
private business and nonprofit institutions and the value of the change in the
physical volume of inventories held by
private business. The former include all
private purchases of dwellings, whether
purchased for tenant or owner occupancy. Net purchases of used goods are
also included.
Government purchases of goods and
services (A4) is the compensation of
government employees and purchases
from business and from abroad. It excludes transfer payments, interest paid
by government, and subsidies. It includes gross investment by government
enterprises, but excludes their current
outlays. It includes net purchases of
used goods and excludes sales and purchases of land and financial assets.
Net exports of goods and services
(A5) is exports less imports of goods
and services. Exports are part of the
national production; imports are not,
but are included in the components of
GNP and are therefore deducted. More
detail on U.S. international transactions
is provided in section E.
National income (A6) is the incomes
that originate in the production of
goods and services attributable to labor
and property supplied by residents of
the United States. Thus, it measures the
factor costs of the goods and services
produced. It consists of the compensation of employees, proprietors' income,
rental income of persons, corporate
profits, and net interest.
Saving (A7) is the difference between
income and expenditures during an
accounting period. Total gross saving
includes personal saving, business saving
(mainly undistributed corporate profits
and capital consumption allowances),
and government surplus or deficit.
Shares of GNP and national income
(A8). The major expenditure components of GNP (consumption, investment, etc.) are expressed as percentages
of GNP, and the major income components of national income (compensation of employees, corporate profits,
etc.) are expressed as percentages of
national income.
Section B. Prices, Wages, and Productivity
The important data on price movements include the monthly consumer
and wholesale 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 fixed-weighted price index for
the gross business product. Data on
both levels and percent changes are
presented for the period since 1967.
The group of series on wages and
productivity consists of data on average
hourly earnings and average hourly
compensation (including earnings and
other benefits) in current and constant
dollars, output per hour of work in the
business sector, and rates of change for
most of these measures.
Section C. Labor Force, Employment,
and Unemployment
This section contains measures of the
civilian labor force and its major components: Total numbers of employed
and unemployed persons. The number
of unemployed is subdivided into
selected categories defined by sex,
age, and class of worker. Also included
are data on participation rates for a few
principal segments of the labor force.
Section D. Government Activities
Receipts, expenditures, and their
balance (surplus or deficit) are shown
quarterly on two levels: (1) Federal
Government and (2) State and local
government. Defense series relating to
obligations, contracts,
and orders
(monthly) and purchases (quarterly)
are also shown. (For a more comprehensive picture of defense activities,
see Defense Indicators, a monthly
BEA publication.)
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 1967) provide important
measures of the rates of inflation in
the major industrialized countries.
Stock prices (also shown beginning in
1967) tend to be significant as leading
indicators.
HOW TO READ CHARTS
Basic Data
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
(Nov.)
(Dee.) (Nov.)
p
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
(Mar.)
r
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 s
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
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 1-2" is a- logarithmic scale with two cycles
in that distance, etc.
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans,
Broken line indicates monthly
data over 1-month spans.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates quarterly
data over 1-quarter spans.
Roman number indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Solid line indicates percent
changes over 3- or 6-month
spans.
. Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
•srjr
Hi—!i|
.Ife^ftty^^
t
i—v#Li'.iif> .
B^
>^
f^
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-or4-quarterspans.
Roman number indicates
latest quarter used in computing the changes.
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Basic data1
Series title
Timing
classification3
Percent change
Unit
Average
of
Oct.
measure
1976
2dQ
3d Q
4th Q
1977
1977
1977
1977
Nov.
1977
Oct.
1977
Dec.
1977
Nov.
to
to
Nov.
1977
Dec.
1977
2dQ
to
3dQ
3d Q
to
4th Q
1977
1977
Series number
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
I. CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916 Profitability
917. Money and financial flows
L,L,L
c,c,c
Lg,ig,Lg
L,L,L
U,L
L.L.L |
L,L,L
L,L,L
1967=100 ..
do. ...
do. ...
124.7
122.3
120.7
do.
do.
do.
do.
do.
96.2
96.9
97.1
96.2
97.6
96.8
106.7
102.0
108.1
107.9
111.9
102.7
108.1
112.3
111.0
103.4
108.3
110.5
112.7
102.5
109.4
113.1
114.3
102.9
108.1
115.5
113.7
103.0
108.1
116.1
40.0
40.3
40.4
40.3
40.4
40.4
40.5
40.3
...
...
. ..
...
...
131.1
130.1
126.7
130.2
129.6
124.6
131.8
130.8
127.9
134.6
133.0
132.1
134.2
132.4
131,1
134.3
132.9
132.6
135.3
133.8
132.5
0.1
0.4
1.1
97.6
98.3
114.4
102.3
108.1
115.0
114.9
103.4
108.1
115.3
0.8
0.6
-0.7
0.0
-0.9
0.7
0.7
-0.1
0.7
0.4
1.1
0.0
0.3
1.2
0.9
2.6
-0.9
1.5
-0..9
1.0
2.4
2.1
1.7
3.3
91
92
93
1.5
1.4
0.4
91
91
91
91
91
-1.2
2.1
B. Cyclical Indicators by Economic Process
B1 . Employment and Unemployment
Marginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
21. Avg. weakly overtime, prod, workers, rnfg.2 ..
2. Accession rate, per 100 employees, mfg.2
5. Avg. weekly initial claims (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4. Quit rate, per 1 00 employees, rnfg.2
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46 Help-wanted advertising
L,L,L
L.C.L
L,L,L
L.C.L
L,L,L
L,Lg,u
L,Lg,U
Ug,U
Comprehensive Employment:
48. Employee hours in nonagri. establishments . . . u,c,c
42. Persons engaged in nonagri. activities
u,c,c
*41 . Employees on nonagri. payrolls
C,C,C
40. Employees in mfg., mining, construction
L.C.U
90. Ratio, civilian employment to total population of work ing age2
U,Lg,U
Comprehensive Unemployment:
37. Total unemployed (inverted 4 }
ULg,LJ
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U
45. Avg, weekly insured unemploy-rate (inv. 4 ) 2 . . Ug,U
*91 . Avg. duration of unemployment (inverted 4 ) . . Lg,lg,Lg
44. Unemploy. rate, 15 weeks and over (inv, 4 ) 2 .. Lg,Lg,Lg
Hours
do. ...
3.3
3.8
383
1.3
1.8
3.5
4.0
351
1,0
1.9
3.5
3.8
372
1.1
1.8
3.5
3.9
349
0.9
1.9
3.4
4.4
331
0.9
2.1
0.2
0.0
0.1
6.2
0.2
0.1
0.488
0.528
0.598
0.555
0.026
0.077
0.040
121
134
128
0.581
133
0.658
112
140
3.9
5.3
8.0
156.49
87,302
82,140
24,232
156.41
87,042
81,871
24,265
157.08
87,582
82,548
24,359
158.27
88,678
83,188
24,505
158.69
87,958
82,902
24,436
0.1
0.5
0.3
0.1
0.4
0.6
0.8
0.4
3.1
3.9
384
1.3
1.7
3.4
4.0
371
1.2
1.9
Ratio
1967-100...
0.389
95
0.515
118
A.r.,bil. hrs..
Thousands. .
151.50
84,188
79,443
23,332
Percent
Thousands. .
Percent
do. . . .
do. ...
do. . . .
3.4
4.0
366
1.1
1.9
1 5 7 . 9 9 158.12
8 8 , 8 1 88 9 , 2 5 8
83,222 83,439
24,526 24,553
Percent
56.06
57.10
57.12
57.15
57.67
57.26
57.79
57.96
Thousands , .
Percent
7,288
6,855
6.8
3.8
7.0
4.0
6,818
6.9
3.8
6,337
7.0
3.9
6,814
7.0
3.9
6,872
7.7
4.5
6,816
7.0
3.7
6,676
do. ...
Weeks
Percent
15.8
14.5
13.9
13.9
2.5
14.3
2.0
1.9
1.9
1.9
13.8
1.9
13.8
2.0
6.4
3.7
14.1
1.9
-0.4
1.0
0.4
0.4
0.53
0.8
0.1
0.2
0.0
-0.1
-0.5
-0.1
0.5
5.2
0.0
0.2
0.17
-0.2
-0.1
-0.2
-4.6
-0.2
-0.1
0.03
0.2
0.2
0.2
8.4
0.3
0.1
0.070
10.7
0.8
1.3
0.8
0.6
0.52
2
6
4
4
4
4
4
9
0.1
4.1
0.0
2.0
0.2
0.1
0.0
0.0
0.6
0.7
1.3
0.8
0.7
1.0
2.1
2.3
5
5
5
0.3
1.4
5
1.0
1.7
0.8
1.4
0.6
0.8
0.7
1.1
4
7
7
4
7.1
0.5
0.1
-2.2
0.0
0.0
-0.2
3
4
4
9
4
B2. Production and Income
Comprehensive Output and Income:
50 GNPin1972dollafs
52. Personal income in 1 972 dollars
*51. Pers. income less transfer pay., 1972 dollars ..
53. Wages and salaries in mining, mfg., and construction 1972 dollars
Industrial Production:
*47 industrial production total
73 Industrial production durable mfrs
74. Industrial production, nondurable mfrs,
49 Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA2
84. Capacity utilization rate, materials, FRB2 ....
c,c,c
c,c,c
c,c,c
A.r.,bil.dol.
c,c,c
do
221.8
233.9
234.4
235.1
238.4
238.4
239.2
237.6
C,C,C
1967-100...
129.8
121.7
140.9
580.1
137.1
129.4
148.1
612.9
137.0
129.3
148.0
608.5
138.4
131.5
149.2
617.0
139.2
132.5
150.3
623.7
138.8
132.3
149.4
139.3
132.2
150.3
139.6
133.0
151.1
80.2
82.4
82.7
83.0
82.8
c,c,c
do
do. . . .
do. ...
do. ...
C,L,L
C,C,C
A.r., bit. dol.
uc.u
Percent
L,C,U
do. . . .
do. ...
1 2 7 4 . 7 1 3 3 7 . 6 1330.7 1347.4 1361.4
1038.1 1092.6 1086.1 1095.3 1118.1 1112.2 1117.8 1124.3
893.3
94*5.4
940.8
947.8
964.1
969.7
968.9
976.0
81
NA
84
82
0.5
0.5
0.3
0.4
-0.1
0.6
-0.7
0.2
0.6
0.5
0.3
-2
NA
80.4
81.9
82.6
82.4
82.1
Bil. dol
50.79
do. ...
do. . . .
do. . . .
Bil. dol., EOP
Percent
35.01
32.35
59.06
38.01
34.99
58.74
38.28
34.96
57.78
36.96
34.70
63.28
39.58
35.48
62.50
39.34
34.98
61.98
38.76
35.36
65.37
40.63
-0.8
-1.5
36.10
0.31
1.44
1.72
-0.06
3.29
3.24
2.83
3.80
1.1
-0.41
1.6
-6
-0.2
-0.2
NA
-0.3
8
8
8
B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. ,
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance 2
L,L,L
L.L.L
L,L,L
L,L,L
l,lg,U
L.L.L
Consumption and Trade:
,CC,C
56 Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars .. C,C,C
CLC
75 Industrial production consumer goods . .
C.L.U
54 Sales of retail stores
.
59 Sales of retail stores, 1972 dollars
U,L,U
L,C,C
55. Personal consumption expend., autos
L,L,L
58. Index of consumer sentiment ©
Bil dol
do. . . .
1967=100..,
Mil. dol
do ...
A.r., bil.dol.
1 Q 1966=100
1 6 7 . 2 6 1 8 4 . 5 5 1 7 4 . 8 6 174.68 1 8 4 . 5 5 177.92 180.75 184.55
54
55
NA
NA
136.2
143.6
53,542 58,924
39,813 41,540
199.77
133.47
55.0
85.4
63.8
86.8
57
58
54
56
50
NA 2 2 7 . 5 4
NA 1 4 2 . 9 4
143.3
145.0
145.7
145.2
5 7 , 9 9 0 5 8 , 8 6 2 61,103 6 0 , 7 7 8
4 1 , 3 8 4 41,187 4 2 , 3 3 5 4 2 , 3 2 5
229.90
142.66
221.58 223.03
140.14 141.04
65.1
89.1
62.3
87.6
56
NA
NA
145.7
146.2
61,482 61,048
42,607 42,073
1.0
-0.2
0.3
1.2
0.7
5.5
4.8
2.1
0.97
-1.6
-3.4
-0.7
-1.78
2.1
6
-0.1
NA
NA
0.3
0.7
0.6
1.2
1.5
-0.7
-1.3
62.8
83.1
1
-0.5
-4.3
-1.7
9.5
7 .1
2.2
3.35
5.7
-4
NA
NA
0.5
3.8
2.8
0.8
-5.1
2
9
3
5
5
7
5
5
5
5
B4. Fixed Capital Investment
Formation of Business Enterprises:
*12 Net business formation
.
1 3. New business incorporations
U,l
U,L
1967=100...
Number. . . .
117.6
31,244
NA 123.8
128.9
NA 3 5 , 0 2 2 3 7 , 6 9 5
NA 131.9
133.4
NA 3 8 . 9 4 3 3 8 . 4 7 2
NA
NA
1.1
-1 .?
NA
MA
4.1
1 .fi
NA
NA
1
l
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 1
Series title
Timing
classification3
Unit
of
measure
Average
1976
1977
Percent change
Oct.
?d n
3dQ
4th Q
Oct.
1977
1977
1977
1977
Now,
19;?
Dee.
19/7
fto.
to
to
NOT.
1977
Dee.
197?
U Q
t§
3d Q
Is
4th 0
1977
19/7
3(10
m
11
8
£
I. CYCLICAL INDICATORS-Con.
84. Fixed Capital Investment—Con.
Business In vest man t Commit men ts:
10. Contracts and orders, plant and equipment . . „ L,L,l
*20, Contr. and orders, plant and equip.,
197? do(
LLI
24. New orders, cap, goods indus., nondefense . . . L.L.L
27. New orders, capital pods industries, nondefpitso 197? dollars
1 I L
9. Construction con tracts, eommerdat and industrial buildings, floor spaeo
L.C.U
1 1. Hew capital appropriations, rnfg
U,U),U
07. Backlog of capital appropriations, mfg. s
C,Ul,lg
Business Investment ('Expenditures:
61. Business ospcmd., new plant (.md equipment . .
09. Machinery and equip moot sal as arid business
construction expenditures
76. Industrial production, tousinussatiuip
88. Nonresid. fixed investment, total, 1072 dol.
Residential Construction Commitments and
Investment:
28. Now private housing units started, total
*?0 Now b nil dinq permits private housing
89 Fixed investtnont residpntiul 197? dol
15.56
18.39
18.81
19.13
18.86
17.73
18.23
20.63
11.02
12.84
12.28
15.31
12.71
15.07
12.66
15.09
12.26
16.61
11.69
16.50
11.84
15.88
13.24
17.44
-3.8
9.8
do
9.15
10.27
10.25
10.05
10.82
10.90
10.34
11.21
-5.1
8.4
Mil. sq.ft. ,.
Bil. dol
Bil. dol., EOF
51.43
12.45
47.53
62.96
NA
NA
60.07
15.05
50.74
65.78
17.72
54.32
68.57
NA
NA
63.06
70.62
72.04
12.0
2.0
Bil do!
do. ...
do. . . .
C,Lg,Lg A.r.,bil. dol.
120.49 137.02 134.24 140.38 142.38
do. . . .
C,Lg,Lg
C,Lg,U 1967=100. . .
C,Lt),C A.r., bil. dol.
175.55
136.3
116.8
L,L,L
l,L,L
L,L,L
A,r., thous. .
1987-100...
A.r., bil. dol.
L,l,L
2.8
13.2
1.3
11.8
1.7
-1.4
10
-3.2
10.1
20
24
1.7
27
7.1
4.2
NA
NA
9
11
97
4.6
1.4
61
NA
0.4
4.6
1.9
0.9
NA
0.9
2.0
69
76
BC
8.2
8.1
4.3
= 0.2
7.1
8.7
4.0
20
29
89
-0.4
0.1
™2.Q
9.3
17.7
NA 191.94 2 0 0 . 6 9
149.1 148.7
151.5
127.1 126.4
127.6
NA 2 0 8 . 6 1 2 0 5 . 5 4
152.8
152.3
152.7
130.2
153.3
1,538
112.2
1,986
144.4
1,905
140.7
2,059
146.7
2,206
159.5
2,203
159.4
2,121
163.1
2,295
156.1
47.7
56.9
57.6
57.5
59.8
14.05
11.16
NA
-1.5
0.3
-3.7
2.3
-4.3
BG. Inventories and Inventory Investment
Inventory Invijstmnnt:
30. Of 19. in business inventories, 1972 dol.2 . . . . .
*3B, Change in inventories on hand and on order,
1972 do liars (smoothed 0 ) 2
31. Chg. in book voluo, mfg. and trade invent.2 . .
30. Chg. in mtl. stocks on lumci and on order 2 . . .
Inventories on Hand and on Order:
71 Mffj and trade inventories, total 3
*7Q. Mf(j. and trade invent., total, 1972 do!.3
OB. Mfrs,' inventories of finished goods 3
77. Hatio, inventories to sales, mffj, find trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order3 ,
do. . . .
8.5
do ...
LL I
L,l,l .....do. ...
Bil.
dol
1,1,1
8.18
24.5
0.51
Bil. dol., EOF
do. . . .
do. ...
306.32
225.90
53.75
LLg.Lg Bil. dol., EOF
131.72
Lfl,lg,Lg
Lg.Lg.Lg
Ls.La.Lg
Ul.Ml.Lg Ratio
1.67
11.6
NA
NA
NA
13.2
15.7
7.7
12.38
14.54
32.1
0.85
26.4
0.38
NA
NA
NA
2.5
11.4
0.68
NA 3 2 2 . 9 0 3 2 9 . 5 1
NA 231.61 2 3 5 . 3 6
NA 5 6 . 6 7
57.48
NA 3 3 0 . 4 6
NA 2 3 5 . 4 5
NA
58.53
NA
NA
1.65
1.66
NA 1 3 8 . 4 5 139.60
1.65
NA 1 4 0 . 2 9
18.3
0.67
331.99
235.99
58.96
1.65
141.16
NA
NA
NA
-2.89
6.9
-0.01
NA
NA
$h
NA
NA
NA
0.5
0.2
0.7
NA
NA
0.0
0.6
-8.Q
30
= 5.7
-0.47
NA
NA
NA
36
31
38
NA
NA
NA
2.0
1.6
1.4
NA
NA
NA
71
70
63
NA
0.01
NA
7?
NA
Q.8
NA
78
2.16
BO. Prices, Costs, and Profits
Sensitiws Commodity Prices;
*9? Chfj in sensitive prices (smoothed 6 ) 2
23. Industrie! materials prices @
L,UL
Percent
1987-100, . .
1.17
0.69
1.36
0.03
0.72
0.69
0.55
0.93
-0.14
Ul,L
200.7
210.4
215.5
203.2
206.5
204.7
203.8
210 ,,9
-0.4
Stock Prices:
*19 Stock prices, §00 common stocks@
L,U
194143-100.
102.01
98.20
99.03
98.05
93.95
93.74
94.28
93.82
Profits and Profit Margins:
10. Corporate profits after taxes
,
IB. Corp. profits sifter taxes, 1972 dollars
78. Corp. profits after taxes, with IVA and CCA . .
80
do
in 1972 do!.,..
1 B. Profits (after taxosj pur dol, of stilus, mfg,2 , . .
17 Ratio, price to unit labor cost, mfcj. ,
L,L,L
L,L,L
l,C,L
L,C,L
L,L,L
U,l
A.r., bil. dol,
, . . . .do, , . .
do. . . .
do. ...
Cents
1967-100...
104.3
103.4
73.2
70.5
49.9
71.5
79.7
55.4
5.4
123.1
102.9
NA
NA
NA
NA
122.9
5.5
123.3
5.0
123.7
NA
NA
NA
NA
NA
122.7
Cash Flows:
34 Net cash flow corporate
35 Not cash flow corporate, 107? dollars
L 1 L A r bil dol
L1 L
do
153.5
109.0
NA
NA
167.6
113.8
167.0
111.2
NA
NA
Ml.U.M? 1967*100...
168.7
179.0
178.5
179.7
182.2
U.lg.lg Dollars
Lfl.Lg.Lg 19B7-1QO...
0.890
145.4
0.947
154.6
0.943
154.0
0.949
154.7
NA
157.9
76.0
75.8
0.68
0.87
Unit Labor Costs and labor Share:
03. Unit labor cost, private bo si ness sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), mmfin. corp
*62. labor cost per unit of output, mfij
(M, Compensation of employees as percent of
national income2
LQ Ltj Lo Permit
92.1
67.5
63.3
46.8
76.0
NA
0.6
0.38
3.5
= 0.5
-1.33
-S.7
-1.0
-0.9
13.0
11.0
-0.5
122.8
122.6
122.8
= 0.2
0.2
0.3
158.0
158.4
0.5
1.6
-4.2
NA
NA
NA
NA
NA
-0.8
92
23
19
16
18
79
80
15
I?
NA
NA
34
3P»
0.7
1.4
63
0.6
0.5
NA
2.1
68
62
-0.2
NA
64
0.75
0,19
"0.37
3fi
0.08
0.13
0.12
.1.0
-0.29
»0.4
-2.3
157.2
0.69
0.3
NA
87. Money and Credit
Money:
05. Clutfujo in money supply (Ml } 3
102. Change in money supply plus time deposits at
commercial hanks (fel2)3
*104. Chy. in total liquid assets (WI7) {smoothed 6 ) 1 ,
*10§. Money supply (Ml), 1972 dollars
106. Monuy supply (M2), 1972 dollars
L,C,U
L,L,L
L,L,L
L.L.L
Velocity of Money:
107, Ratio, GNP to money supply (Ml)2
108. Ratio, pers. income to money supply {M2) 2 . .
C,Lg,C
Credit
33
112
1 13.
1 10.
53.47
A.r., bil. dol.
L,L,L
do. . . . - 5 . 0 5
1LL
do. ...
19.98
L,L,L
do. . . . 1 9 9 . 2 5
L.L.L
Flows:
Cliamjo in mortgage debt 2
Chanqe in business loons2 , . .
Clwnge in consumer installment debt2
Total private borrowing
l.L.L
c.c.c
Percent. . . .
do. ...
do. ...
0.48
0.91
0.84
0.60
0 .72
0.50
1.00
-0.12
0.63
-1.12
0.95
0.73
0.85
0.86
0.97
0.57
1.09
0.84
1.10
0.39
1.10
0.47
1.08
-0.45
0.0
do. ...
223.5
517.1
223.9
536.5
222.4
532.3
224.7
538.9
226.2
543.4
226.9
543.6
225.5
543.1
226.1
543.6
-0.6
-0.1
-0.02
0,3
0,1
do. ...
5.610
1.965
5.825
1.975
5.825
1.975
5.832
1.967
5.882
1.993
1.981
1.993
2.006
0.012
0.013
NA
87.47
85.69
88.28
21.78
31.51
85.56
23.89
34.24
-2.72
NA
3.94
NA
17.88
NA
5.29
7.96
NA
2,11
2.73
-15.93
NA
Bil. dol. . . . .
Ratio
8.11
NA 3 1 . 9 0
29.86
NA 2 7 9 . 6 7 2 8 6 . 1 0
NA
NA
1.2
0.7
0.8
102
104
105
106
0.007
•0.008
0.050
0.026
107
108
-1.78
-1.35
-2.04
2.3
NA
13.94
NA
NA
33
112
113
0.12
1.10
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data'
Series title
Timing
classification3
Unit
of
measure
Percent change
Average
1976
1977
2d Q
3d Q
1977
1977
4th Q
1977
Nov.
1977
Oct.
1977
Nov.
Oct.
Dec.
1977
to
to
Nov.
1977
Dec.
1977
2d Q
to
3dQ
1977
1
"
3dQ
to
4th Q
1977
f.
3
1
I. CYCLICAL INDICATORS~Con.
B7, Money and Credit— Con.
Credit Difficulties:
14. Liabilities of business failures (inv.4)©
39. Delinquency rate, instal. loans (inv.4)2 s
L,L,L
L.L.L
Mil. do!
Percent, EOF
Bank Reserves:
93. Free reserves (inverted 4 ) 2 ®
94. Borrowing from the Federal Reserve 2 ©
L,U,U
L,Lg,U
Mil. dot
Interest Rates:
119. Federal funds rate 2 ©
114. Treasury bill rate 2 ©
115. Treasury bond yields 2 ©.
1 16. Corporate bond yields2©
117. Municipal bond yields2©
1 1 8. Mortgage yields, residential2 ©
67. Bank rates on short-term bus. loans2©
*109. Average prime rate charged by banks 2 ©
do. ...
L,Lg,Lg Percent
do.
C,Lg,Lg
do.
C,Lg,Lg
do.
Lg.Lg.Lg
do.
U,Lg,Lg
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.
...
...
...
...
...
...
...
Outstanding Debt:
66. Consumer installment debt5 . . . '
Lg,Lg,Lg Bil.dol., EOF
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,Lg,tg Bil. dol
*95. Ratio, consumer install, debt to pers. income 2 . Lg,Lg,Lg Percent
250.94
2.40
134
84
5.05
5.00
6.78
8.59
6.64
8.82
7.52
6.84
179.93
NA 3 2 9 . 0 1 3 3 7 . 6 9
NA
2.38
2.36
-251
462
5.54
5.26
7.06
8.20
5.68
8.68
NA
6.82
-46
178
5.16
4.83
7.10
8.25
5.70
NA
7.61
6.47
-434
680
5.82
5.47
6.98
8.10
5.59
8.73
8.02
6.90
NA 195.01 2 0 2 . 4 8
NA
NA
-681
906
6.51
6.14
7.16
8.29
5.57
8.82
NA
7.67
NA
NA
-980
NA
NA
-705
1,319
840
6.47
6.19
7.08
8.21
5.64
8.78
8.35
7.52
6.51
6.16
7.16
8.26
5.49
8.78
NA
7.75
NA 205.11 2 0 7 . 9 6
NA
NA
-357
558
6.56
6.06
7.24
8.39
5.57
8.91
NA
7.75
NA
NA
-275
-479
0.04
-0.03
0.08
0.05
-0.15
0.0
NA
0.23
NA
NA
-348
-282
-2.6
0.02
388
502
NA
NA
247
226
9
9
11
11
11
11
11
11
6
10
0.66
0.64
0.69
0.67
0.08
0.13
0.08
0.13
-0.12
-0.15
-0.11
NA
0.18
0.19
NA
0.0
0.41
0.43
0.05
-0.10
1
3
-0.02
0.09
NA
0.77
NA
1.4
NA
3.8
NA
6
116.42 121.81 1 2 0 . 3 3 121.77 1 2 5 . 8 5 1 2 4 . 3 0 126.29 1 2 6 . 9 5
12.33
NA 12.69
12.91
NA 12.95
13.00
NA
1.6
0.5
NA
1.2
3.4
NA
7
9
1.5
1.1
0.1
0.7
31
32
32
32
1.2
2.8
1.5
2.6
1.1
33
33
33
33
33
0.05
0.22
II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1 . Price Movements
310.
320.
320c.
322
330.
331
332.
333,
334
Implicit price deflator, GNP
Consumer prices (CPI}, all items©
Change in CPI, all items, S/A 2
CPI food
Wholesale prices {WPI), all commodities® . . .
WPI crude materials
WPI, intermediate materials
WPI, producer finished goods
WPI consumer finished goods
1972=100...
1967=100, . .
Percent
1967-100...
133.9
170.5
0.4
180.8
141.3
181.5
0.5
192.2
140.5
180.7
0.7
192.4
142.2
183.3
0.3
194.4
144.3
185.3
0.4
195.8
184.5
0.3
194.9
185.4
0.5
196.1
186.1
0.4
196.5
0.5
0.2
0.6
do.
do.
do.
do.
do.
183.0
205.1
189.3
173.2
169.0
194.2
214.3
201.7
184.5
178.9
194.7
223.9
201.6
182.7
179.6
194.9
205.9
202.4
185.2
179.8
197.2
211.6
205.4
190.1
181.8
196.3
206.0
204.4
188.9
181.0
197.0
213.0
205.4
190.2
181.6
198.2
215.8
206.3
191.2
182.7
0.4
3.4
0.5
0.7
0.3
0.6
1.3
0.4
0.5
0.6
do. . . .
185.0
198.5
196.5
200.2
204.0
203.3
204.0
204.8
0.3
0.4
1.9
1.9
34
do.
do.
da.
do.
108.5
192.6
113.0
116.5
109.4
209.6
115.4
119.3
108.6
207.8
114.9
118.6
109.3
211.4
115.4
120.2
110.2
215.2
116.2
120.6
110.3
110.1
110.2
-0.2
0.1
0.6
1.7
0.4
1.3
0.8
1.8
0.7
0.3
34
34
34
37
9 4 , 7 7 3 9 7 , 4 0 1 97,186 9 7 , 6 2 3 9 8 , 6 7 5 98,102 9 8 , 9 9 8 9 8 , 9 2 6
8 7 , 4 8 5 9 0 , 5 4 6 90,370 9 0 , 8 0 9 9 2 , 0 0 0 91,230 92,180 9 2 , 5 8 9
7,288
6,814
6,872
6,855
6,816
6,676
6,818
6,337
3,041
2,727
2,671 2 , 6 6 9
2,630
2,801 2,612
2,476
2,546
2,512 2 , 4 8 8
2,584
2,486
2,458
2,457
2,424
1,701
1,642 1,687
1,634
1,622
1,558
1,614
1,437
1.1
1.3
-0.8
-6.7
44
44
3
44
44
44
...
.. .
...
...
...
0.4
-0.1
0.2
1.2
1.4
-0.4
1.0
0.1
-8.0
0.4
1.4
0.1
82. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345, Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector
...
...
.. .
...
C. Labor Force, Employment, and
Unemployment
441 .
442.
37.
444.
445.
446.
Labor
451.
452.
453.
Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
Thousands. .
do. . . .
do. . . .
do. . . .
do. ...
do. . . .
Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over2
Both sexes, 16-19 years of age 2
Percent
do. ...
do. . . .
79.8
47.0
54.6
79.7
48.1
56.2
79.7
48.1
56.5
A.r.,bil.dol.
do. . . .
do. ...
do. . . .
do. . . .
do. . . .
332.3
386.3
-54.0
264.7
246.2
373.9
423.5
-49.6
294.5
265.3
18.4
29.2
Mil. dol
do. . . .
Bil.dol
A.r.,bil.dol.
9,217
4,235
79.6
48.3
56.1
80.0
48.6
57.0
371.2
411.5
-40.3
288.1
262.6
373.2
432.1
-58.9
301.6
268.7
25.4
32.9
NA
446.7
NA
NA
276.2
NA
79.9
48.2
56.6
80.0
48.9
57.5
80.1
48.7
57.0
0.9
1.0
-0.1
0.4
0.4
0.5
0.0
-0.1
5.2
0.5
-7.1
-5.2
-6.2
-11.4
-3.1
0.1
0.7
0.9
-0.2
-0.5
0.1
2.2
-2.0
-1.5
-1.0
-4.7
-0.4
0.4
0 .3
0.9
45
45
45
0.5
5.0
-18.6
4.7
2.3
7.5
NA
3.4
NA
NA
2.8
NA
50
50
50
51
51
51
NA
NA
-38.7
2.4
NA
NA
119.5
3.1
51
52
54
56
0.5
-11.2
3.9
0.5
NA
NA
NA
NA
NA
NA
60
60
60
61
61
61
-0.1
0 .2
D. Government Activities
D1. Receipts and Expenditures
501. Federal Government receipts
502. Federal Government expenditures
500. Federal Government surplus or deficit 2
51 1 . State and local government receipts
512. State and local government expenditures . . . .
51 0. State and local govt. surplus or deficit 2
D2. Defense Indicators
516.
525
548.
564.
Defense Department obligations, total
Military prime contract awards in U S
New orders, defense products
National defense purchases
2.46
86.8
NA
NA
2.74
94.3
NA
NA
3.02
93.4
NA
NA
1.85
95.6
NA
NA
4.06
98.6
NA
NA
4.27
NA
NA
3.57
NA
NA
4.33
NA
NA
-16.4
NA
NA
21.3
E. U.S. International Transactions
El. Merchandise Trade
602.
604.
606.
612.
614.
616.
Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts
Mil. dol. ...
do.
do.
do.
do.
do.
...
...
...
...
...
9,572
1,925
1,838
10,044
2,658
1,096
NA 10,159 10,210
NA 2,193
1,947
NA 1,837
1,909
NA 1 2 , 3 8 0 1 2 , 4 4 6
NA 3 , 5 4 0
3,440
NA 1,270
1,357
NA
9,190 9 , 3 0 4
1,717
NA 1,654
1,782
NA 1,556
NA 1 2 , 2 8 8 11,386
NA 3 , 3 2 5
3,647
NA 1,426
1,423
NA
NA
NA
NA
NA
NA
1.2
3.8
14.5
-7.3
9.7
-0.2
NA
NA
NA
NA
NA
NA
-2.8
6.9
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Unit
Average
01
Series title
Percent change
measure
3d Q
4th Q
1st Q
2dQ
3tfQ
4th Q
1976
1976
197?
1977
1977
197?
1975
1976
26,772
24,511
2,261
4,332
2,844
36,900
32,860
4,041
28,674
31,004
-2,330
5,342
2,890
40,817
39,918
899
NA
NA
NA
NA
NA
NA
NA
NA
29,603
32,411
-2,808
5,483
2,816
42,196
41,321
875
29,711
33,305
-3,594
5,421
2,997
42,243
42,580
1202.1
1528.8
1212.0
1084.4
857.3
5,629
4,014
1274.7
1706.5
1266.2
1185.8
890.3
5,923
4,137
1337.6
1890.4
1326.1
1308.6
930.3
6,168
4,290
1283.7
1727.3
1269.8
1193.3
890.7
5,960
4,135
1287.4
1755.4
1289.2
1222.6
901.5
5,965
4,177
1977
1st Q
to
2dQ
?.<! Q
3d Q
t§
ua
10
4iN Q
1977
19??
1171
t-
A
II, OTHER IMPORTANT ECONOMIC
MEASURES-Con,
E2. Goods and Services Movements Except
Transfers Under Military Grants
GIB
B?0
(12?
Gbl
66?
GOB,
G69.
607
Morohundise exports
WlBreluintiiso imports
Merchandise trtido hahineo'2
In no mo on U S investments ah road
Inconu) on foroitjn invustmont in tho U.S
Exports of pods and sorvicos
Imports of tjootls and sorvictss
Hiilonco on goods and snrviees2
Mil dol
do
do
do
do . .
do
do . .
do
29,458
36,561
-7,103
6,133
2,881
43,074
46,069
»2,995
30,590
38,347
-7,757
6,660
3,156
44,951
48,340
-3,389
30,869
38,378
-7,509
6,430
3,215
45,402
48,352
-2,950
NA
NA
NA
NA
NA
NA
NA
NA
1311.0
1810.8
1301.2
1252.4
908.4
6,064
4,202
1330.7
1869.9
1317.5
1292.5
924.5
6,143
4,268
1347.4
1915.9
1331.8
1323.8
934.4
6,207
4,305
1361.4
1965.1
1353.8
1365.9
953.6
6,258
4,383
1.5
3.3
1.3
3.2
1.8
1.3
1.6
775.1
821.3
860.3
850.4
822.7
839.8
860.4
854.1
876.4
112.7
127.5
138.0
127.1
130.7
136.9
137.9
136.5
140.8
307.6
321.6
329.4
333.3
321.5
329.7
332.4
330.0
340.9
354.8
372.2
389.0
379.7
374.0
383.8
391.4
394.7
386.3
9 8 0 . 4 1 0 9 4 . 0 1210.1 1102.2 1139.0 1172.4 1194.0 1218.9 1 2 5 5 . 3
132.9
158.9
179.4
166.3
159.3
177.0
177.6
178.6
184.6
409.3
442.7
480.1
444.7
458.8
466.6
474.4
481.8
497.7
438.2
492.3
550.6
498.2
513.9
528.8
541.1
572.9
559.5
0.4
0.7
0.1
0.7
1.8
0.9
1.7
2.3
141.6
151.5
1.8
0.6
2.5
3.0
2.5
1.9
1.1
5.4
-11.7
241
243
30
240
242
243
1.5
2.2
1.1
2.6
3.1
2.4
1.0
0.8
1.2
3.2
3.8
2.7
261
263
267
260
262
266
-337
3.8
4.9
-654
8.6
9.5
4.4
4.9
-394
0.9
0.1
248
1.9
1.0
0.0
439
NA
NA
NA
NA
NA
NA
NA
NA
618
6 20
622
611
653
668
669
667
1.3
2.5
1.1
2.4
1.1
1.0
0.9
1.0
2.6
1.7
3.2
2.1
0.8
1.8
50
200
213
224
225
217
227
0.7
1.9
3.2
2.6
0.8
3.0
3.9
3.3
-3.5
A. National Income and Product
A1. GNPand Personal Income
50.
?00
?13
22A.
??li.
?17.
WL
GNP in 1972 dollars
6NP iti current dollars
Final sales 197? dollars
DisposibJo personal in some, currant dollars . . .
Disposable personal income, 1972 dollars
Per capilfi CiNP in 197? dollars
Per capita disposable pers. ineome, 1972 del. . .
A.f., oil. dol
do
do
do
do
A.r., dollars
. . .do
A2. Personal Consumption Expenditures
?31.
?33
?38,
?39
?3Q
?3?
?3G
237
Total, 1972 dollars
Purahlt! qoods 197? dollars
Nondurable (jowls, 1972 dollars
Services 1972 dollars
Total current dollars
Duroljlo (joods current dollars
Nondurablo (|i)ods our rent dollars
SiKvicos fjturont dollars ,
A.r., bil. dol
do
. . . . . . . do
do
do
do
do
do .
-1.0
0.7
1.3
2.1
-0.6
1.6
3.4
2.4
2,11
213
23 tl
239
230
23 2
236
237
A3. Gross Private Domestic Investment
?41,
243
30.
240
24?.
?4f)
Total, 1972 dollars
Total fixed investment 107? dollars
Clumjjo in business inventories, 1972 dol.1
Total currfiMt dollars
Total fixed in vestment, current dollars
01 it) in bus inventories current dol 2
do
do
do.
do
do.
do
-9.9
189.1
200.6
-11.5
173,0
164.5
8.5
243.3
230.0
195.6
184.0
11.6
13.8
-1.8
294.3
276.6
254.3
232.8
13.3
17.8
264.4
179.4
165.6
169.2
171.0
13.2
15.7
243.4
244.3
186.7
177.0
9.7
271.8
258.0
294.9
273.2
303.6
280.0
197.6
190. Q
7.7
307.0
295.1
21.5
-0.9
13.8
21.7
23.6
11.9
5.6
4.0
3.5
8.5
5.9
7.9
264.6
264.6
263.3
270.0
101.1
168.9
390.6
143.6
247.0
274.0
103.3
170.7
400.9
148.1
252.9
276.8
104.1
172.8
413.6
153.8
259.8
2.5
4.2
1.5
4.2
3.4
3.6
98.5
89.1
99.8
87.6
12.2
96.8
86.2
10.6
1.7
3.2
197.2
184.0
200.8
185.1
-1.6
2.6
-8.0
A4. Government Purchases
of Goods and Services
?B1
263.
?U7
?00
202.
?BB
Total 197? dollars
t'Bdordl Govormneni, 1972 dolhirfi
State and local qtivfimments, 197? dollars . . .
Total, current dollars
Rid oral Government, current dollars
Stiito and local governments, current dollars . .
do
do
. . .do
, . .do. . . . . .
do,
. , .do
263.0
96.7
96.5
97.1
97.0
167.9
361.4
130,1
231.2
271.1
101.4
169.7
395.0
145.4
249.5
96.7
166.3
338.9
123.3
215.6
168.0
363.0
130.2
232.7
167.5
370.0
134.2
235.8
166.4
374.9
136.3
238.5
89.9
67.4
22.5
95.8
79.8
16.0
98.0
87.3
10.7
97.9
80.9
17.0
96.9
83.1
13.8
96.9
86.3
10.6
147.3
126.9
162.9
155.1
7.8
168.4
160.6
7.9
168.5
165.6
3.0
A6. Foreign Trade
?5G
257.
268.
?6?
253.
250,
Exports of ijoods and services, 1972 dollars . .
Imports of yoodsond services, 1972 dollars . . .
Nut oxports of pods and sorv., 1872 dol.3
Exports of pods and sorvieos current dol
Imports of goods and services, current dol
Net exports of goods and sorv., current dol.2 . .
. . do
, ..do
do
do
do
do
20.4
175.6
184.7
-9.0
170.4
178.6
9.4
178.1
187.7
179.9
187.4
-8.2
-9.7
-7.5
174.3
185.1
-10.8
-1.2
4.5
5.1
-1.5
1.3
-1.7
2.8
1.0
-0.2
2.2
™3.0
-1.6
-1.6
-3.1
-1.2
-3.3
256
257
253
252
253
250
A6. National Income and Its Components
??Q
280
28?
?80
284.
288
National income . .
....
Compensation of employees .
Proprietors' income with IVAand CCA . . . .
Corporate profits with 1 VA and CCA . . . . .
Mental income of persons with CCA
Wet interest
do .
1217.0 1 3 6 4 . 1 1520.3 1 3 7 9 . 6 1402.1 1 4 5 0 . 2 1 5 0 5 . 7 1 5 4 0 . 5
NA
. . do . . . .
9 3 0 . 3 1 0 3 6 . 3 1155.8 1 0 4 6 . 5 1 0 7 4 . 2 1109.9 1144.7 1167.4 1201.3
. . .do . . . .
86.0
88.0
97.9
88.7
86.2
95.1
97.0
95.5
104.2
. . .do
99.3
128.1
140.3
133.5
125.4
123.1
140.2
149.0
NA
do
22.3
23.3
24.1
25.3
23.3
24.5
24.9
26.4
25.5
. . .do
79.1
88.4
100.9
90.1
92.0
95.3
98.9
106.4
103.1
3.8
3.1
2.0
11.8
1.6
3.8
2.3
2.0
-1.5
6.3
2.4
4.2
NA
2.9
9.1
NA
3.5
3.2
220
280
282
286
284
288
NA
NA
6.1
NA
0.2
290
295
292
298
293
A7. Saving
290
29B
292
290.
293.
Gross saving (private and pvt )
Businpss saving
Personal saving
Government surplus or deficit 2
Personal saving rate 2
do .
. . do . .
. . .do . . . .
do
Percent . . . . . . . . .
195.1
179.2
237.0
206.6
274.3
NA
244.8
212.5
232.2
205.3
251.4
211.5
277 .2
223.6
284.5
237.2
80.2
65.9
67.8
64.8
56.3
51.4
68.5
73.3
-64.3
7.4
-35.6
5.6
-20.4
5.2
-32.4
5.4
-29.4
4.6
-11.5
4.1
-14.9
5.3
-26.0
5.5
NA
NA
77 .8
NA
5.7
10.3
5.7
33.3
-3.4
1,2
2.6
6.1
7.0
-11.1
0.2
NOTE: Series aro seasonally adjusted except tor those indicated by©, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values ore in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. N A = not available, a - anticipated.
EQP n end of period, A.r. n annual rate, S/A - seasonally adjusted (used for special emphasis). IVA ~ inventory valuation adjustment. CCA = capital consumption adjustment. Nl A - national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
' Differences rather than percent changes are shown for this series.
3
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.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4 term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.
10
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes
(Nov.) (Oct.)
P
(JulyXMay)
T
P
T
(Aug.)(Apr.)
P
T
(Apr.){Feb.)
P
T
(Dec.) (Nov.)
P T
(Nov.) (Mar.)
P
T
12
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
ISO140«
130-
4^
120110100-
90-
920. Index of four roughly coincident indicators
930. Index of six lagging indicators (series 62,70,72,91,95,109)
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
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 59.
KCII
JANUARY 1978
11
CYCLICAL INDICATORS
AI
COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart Al. Composite Indexes—Con.
(Nov.)(0et.)
P
T
(JulyXMay)
P T
(Aug.)(Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P T
.) (Mar.)
T
913. Marginal employment adjustments (series 1, 2, 3, 5)
too90
914. Capital investnett commitments (series 12,20,29)
-o
110-
-30
-to
100-
*
•wl
90
915, Inventory investment and purchasing (series 8, 32, 36, 92)
uu-
916. Profitability (series 17, 19, 80)
-n
""""*
HH
/*%-*»».
J**^*^^*
110100-
_n
^^
r
^~- /^S ^
90-
"3
«
flll-
/
-7
-5
V
^\*f
-10
H
/v
6
"
917. Money and fiiancial flows (series 104, 105, 110)
_^i.
/v/\v/
"ffl
-3
X^'V
m
—*^
/>y
|12
~A
V^'
,.A
-i
*
130i
120
110100-
90-
* /^^^ f\^^^
MU
940. Ratio, coincident index to lagging index
-«f-
Jli
«
a
120^
-11
110*
J
100-
90
-4
-2
an-2
1948 49 50
51 52 53 54 55 56 57 58 59 60
61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
NOTE: Number* entftrsd on tho chart Indicate length of leads <•) and lags ( + } fn months from reference turning dates.
Current data for thes» tertas ar» shown on page 59.
12
JANUARY 1978
BCII
CYCLICAL INDICATORS
A]
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components
(Nov.) (Oct.)
P
T
(July)(May)
P T
(Aug.) (Apr.)
P I
(Apr.) (Feb.)
P T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
T
1. Average workweek, production workers,
manufacturing (hours)
3, Layoff rate, manufacturing (per 100 employees-inverted scale)
8. New orders for consumer goods and materials, 1972 dollars (Ml. to
32. Vendor performance, percent of companies
reporting slower deliveries r[TT
12. Net business formation (index: 1967=100)
20. Contracts and orders for plant and equipment,
1972 dollars (fell dot.)
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
Current data for these series are shown on pages 60, 63, 64, and 65.
BCD
JANUARY
1978
13
CYCLICAL INDICATORS
IA
COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart A2. Leading Index Components—Con.
(Nov.XOct.)
P
T
(JulyXMiy)
P T
(Aug.) (Apt)
F T
(Dee.) (Nov.)
P T
(Apr.) (Feb.)
F T
.) (Mar)
29 NRW building mrmits. private housing units (index: 1967-1001
^
38. Net change in inventories on hart and on order. 1972 dollars, smoothed1 (ann. rate, fail, dol.)
92. Change in sensitive prices, smoothed1 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
100-
80-
104. Change in total liquid assets, smoothed1 (percent)
4-1.0*
o.oJ
2SQ-I
240-
105. Money $upply-M1-in 1972 dollars (bil. dol.)
230220210200-
1948 49 50
51 53 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 1978
'This series 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 66, 67, 68, and 70.
14
JANUARY 1978
BCII
CYCLICAL INDICATORS
j Al
COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart A3. Coincident Index Components
(Nov.) (Oct.)
P
T
(July)(May)
P
T
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
- T
90-
41. Employees on nonagricultural payrolls (millions)
65-
1100-
51. Personal Income less Irantfer payments
47. Industrial production, total (index: 1967=100)
57. Manufacturing and trade sales, 1972 dollars (til,
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
Current data for these series are shown on pages 61, 62, and 64.
BCII
JANUARY 1978
15
CYCLICAL INDICATORS
A]
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A4. Lagging Index Components
(Nov.) (Oct.)
P
T
(July)(May)
P
T
(Aug.)(Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.)(Feb.)
P
T
91. Average duration of unemployment (weeks-inverted scale)
|Lg,Lg,Lgt
\
(Nov.) (Mar.)
P
T
10-
te
12141618-
70. Manufactarinf aid trade inventories, 1972 dollars (bil. dol
Lorloi
62. Lator cost per unit of output, manufacturing (index: 1967=100)
. Average prime rate charged by banks (percent)
72. Commercial and indastrial loans outstanding, weekly reporting
large commercial banks (bil. dol.
95. Ratio, consumer installment debt to personal income (perc^tt)
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
Current (lota for these series are shown on pages 61, 67, 69, and 72.
16
JANUARY
1978
IICII
CYCLICAL
B |
INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
[Marginal Employment Adjiistments [
1. Average workweek, production workers, manufacturing (hours)
42-i
414039-
38-J
21. Average weekly overtime hours, production workers, manufacturing (hours)
3-
2. Accession rate, manufacturing (per 100 employees)
wwv/r
**
5. Average weekly initial claims, State unemployment insurance (thousands-inverted scale)
m
200-1
Layoff rate, manufacturing (per 100 employees-inverted scale)
1234-
4. Quit rate, manufacturing (per 100 employees)
32-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data lor these series are shown on page 60.
ItCII
JANUARY 1978
17
CYCLICAL INDICATORS
BI
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart Bl. Employment and Unemployment—Con.
(Dee.) (Nov.)
P
T
(Apr.) (Feb.)
(Aug.) (Apr.)
P I
F
T
(NOT.)
[ Job Vacancies]
(Mar.)
\
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)
fEKi
1.2-
0.8-
0.4-
0.0-
46. Help-wanted advertising (index: 1967=1001
[Comprehensive Employment |
48. Employee-hours in nonagricuitural establishiints
(anu. rate, bil. hours)
in nonagricultural activities (milliNs)
uitl
41. Employees on nonagricultural payrolls
(millions)
Employees in goods-producing industries—minim
manufacturing, construction (millions)
195§ §6
S7
98
§9
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 60 and 61.
18
JANUARY 1978
BCI»
CYCLICAL INDICATORS
Bj
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (NOT.)
P
T
(Nov.)
P
T
[ Comprehensive Employment-Con. [
90. Ratio, civilian employment to total population, working age (percent)
§8-
J
2
SS
•F
| Comprehensive Unemployment]
37. Number unemployed, total (millions-inverted scale)
A/^^V
f+fJ\
•AiVr..V7^in^rf1 _
U |_g yl
rAA
y^A/^
\ A/\ '
VtXwi/h-nr
^^
V/ \/
"-
I.rn.r^tr:
A
\
\\
^n ,
.,..,„_*__
„
^X_. .,_ ^m
/A^^A.
\\
\
\V/^^'^
^w
;i
E
, ^""^
43. Unemploment rate, total (percent—inverted scale)
--M.-I-JVJ AtA „ '
^^w^v^—^\
:
.
^^\
fU&OI
y—
^
/ ^V'
A A/\ s***s* '~
A
^/
\w/
V_ ^^
^\
\
>w'
^
\ A^
V
7-
45. Average weekly insured unemployment rate (percent-inverted scale)
2-
-PL
1
91. Average duration of unemployment (weeks— inverted scale)
B"
\ U.L&U 1 -..S^V^
/\y^V\
vi/ *
^*~\
X. /"
/V.A/'^
\
/^"M-i
^^
^A r-,. .
^ _rA/V
\
\V.
:
V»
10-
A
-i^/^"
v/ v
12-
Il2l
18«
44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale)
iLg,Lg,Lg| _
i«
A
V
1418-
34-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 61.
ncn
JANUARY 1978
19
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income
(Aug.) (Apr.)
P T
(Dee.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
160015001400JIVJ
1300-
[Comprehensive Output and Income|
SO. 6NP in 1972 dollars, Q (ann. rate, bit, ITT
1200110010009008001300-
IMF
52, Personal income in 1972 dollars (m. rate, bil. dolj
11001000*
-T
[tWl
1200-
900800-
700-
6001100*
1000900-
51. Personal income less transfer paymnts,
1972 dollars (ann. rate, hil. dol.)
800-
700600500-
260*
53. Wages and salaries in mining, mannfacturiij, and construction,
1972 dollars (ann. rate, bil. dol.)
"7s
[12J
240220200180160140-
1955 56
57
SB
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for theso lerlec are shown on page 62.
20
JANUARY 1978
BCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income—Con.
(Aug.) (Apr.)
P I
(Apr.) (Feb.)
P T
I inausinaMirroouciton |
(>
(Dec.) (Nov.)
P
T
;
'
)
(Nov.)
P
.
,
.
.
.
.
.
;
'
(Mar.)
T
150-1
11
1 12 1
UJ
p
47. Industrial nrod^ifn,fofo((indeif: 1987=100)
Itwl
-
i
S
X" ~" V
-S
~*
/"
i \J
S^ *~~v^
100-J
170-,
160
150140-
74. Industrial production, nondurable manufactures
(index: 1967=100) fclll
130j\/v
120110-
100
700'
73. Industrial production, durable manufactures
(index: 1967=100) r
650'
GOO'
550500'
450nf gflflrfg niifniil
400-
(ann. rate, kil.-dok)
350-
[Capacity ptilizationl
ruu««
83. Rate of capacity utilization, manufacturing (SEA), Q (percent)
90J
**^-*
^*^*w^* " *^^* v*'*l^||IIft.
-J*
fl
"\^'*
'
'
*^* f "\ ^
'
*^^
V
_^ _.>^*v
pj
r——i
^^~
8070100
82. Rate of capacity utilization, manufacturing (FRB), Q (percent)
908070-J
^narjiui|lili7o{iiinn
motoriile fl
100<
90'
80'
/
1955
56
57
58
70
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 62 and 63.
KCII
JANUARY 1978
21
CYCLICAL
B I
INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.) (Apr.)
Dee.) (Nov.)
P
T
(Apr.) (Feb.)
F T
P
T
(Now.) (Mar)
P
T
[ Orders and Deliveries]
7. Hew orders, durable goods industries, 1972 dollars (bil. tol.
6. New orders, durable goods industries
current dollars (bil. dol.)
8. Hew orders for consumer goods aid materials
1972 dollars (bil. dol.)
Pull
' /*
25. Change in unfilled orders, durable goods industries
(bil. dol.; HCD moving avg.-4-tem)
96. Manufacturers' unfilled orders, durable goods industries (bil. dol.) /
32. Vendor performance, percent of companies
reporting slower deliveries
1955 §6
67
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for the*e series are shown on page 63.
22
JANUARY 1978
licit
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(Aug.) (Apr.)
P
T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
260*
240«
220-
| Consumption and Trade |
200186*
160-
56. Manufacturing and trade sales, current dollars (bit. dol.)
11
C,C,C
140120-
100-
57. Manufacturing and trade sales,
I 1972 dollars (bil. doU
75. Industrial production, consumer goods (index: 1987=100)
54. Sales of retail stores, cirrent dollars (bil. dol.)~~^
Sales of retail stores, 1972 dollars (fail, do).)
55. Personal consumption expenditures, automobiles.
Q (ann. rate, Ml. dol.)
58. Index of consumer sentiment. Q (1st Q 1966=100)
19§§ S6
57
58
59
60
61
62
63
64
65
66
67
68
69
7©
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 64.
BCII JANUARY
1978
23
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment
(Aug.) (Apr.)
P
T
(Apr,) (Fab.)
P
T
(Dec.) (Nov.)
P
T
[Formation of Business Enterprises]
(Nov.)
P
(Mar.)
T
12. Net business formation (index: 1967=100)
20. Contracts and orders lor plant and equipment,
1972 dollars
Business Investment Commitments |
10. Contracts and orders for plant and equipment
27. Manufacturers' new orders, capital goods inOETTtE
nondefense, 1972 dollars (bil. dol.) ^
\
"^
24. Manufacturers1 new orders, capital goods industries
noiHJefense, current dollars (bil. dol.)
9. Construction contracts, commercial and industrial
(mil. sq. ft. of floor area; MCD moving avg.-6-term)
LOU
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This t* 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 64 and 65,
24
JANUARY 1978
ItCIt
CYCLICAL INDICATORS
B|
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
T
P
(Nov.) (Mar)
T
P
T
20-i
[Business Investment Comrnitments-Con.|
18
16
1412-
11. New capital appropriations, manufacturing,! Q (bil. dol.)1
10-
Zk
X\^
eJ
m
y
7
/
/
:
^
61. Business expenditures, new plant and equipment,
5040-
97. Backlog of capital appropriations, manufacturing,
Q (bil. doi.;
6Q-i
y>
30-
20-1
i
:!
:
'•
:
^x
IOU""
I
.••••
160140120-
Jxj**^^
10080-
*•**•*•
240-i
220
200180-
| Business Investment Expenditures [
160
140-
Machinery and equipment sales and
business construction expenditures
(ann. rate, hit, dot.)
120- &
^
K
10080-
M
76. Industrial production, business equipment
(index: 1967=100)
120-^
100- &
80-
60-J
S V
56
57
58
59
160140'
Z.
1955
200-1
180-
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This is a copyrighted series used by permission; It may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on pages 65 and 66.
ItCII
JANUARY 1978
25
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B4. Fixed Capital Investment—Con.
ir.)
(Dee.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Now.)
P
(Mar.)
T
I Business Investment Expenditures—ConT]
140*
NotiresidMtial fixed investment, 1972 dollars, Q (ann. rate, bil. del.)
120-
86. Total, Q
100-
88. Producers' durable mlmmd. fl
40-
20-
[Residential Construction Commitments and Investment)
i
28. New private dousing units started, total (ann. rate, millions^
MCO moving avg.-4-term)
17771
-?F^
sn
\
2.62,42.22.0*
1.8l.fi1.4-
y*
1.2-
29. New building permits, private housing units (index: 1967=100)
89. Residential fixed investment, total, 1972 dollars, 0 (ann. rate, bil. doL)
IV
If!*
60-
4030§6
57
§8
Si
m
61
62
83
64
65
6S
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for thate tartos *r« shown on page 66.
26
JANUARY 1978
ItCIt
CYCLICAL INDICATORS
Bl
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B5. Inventories and Inventory Investment
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Hm.)
(Mar.)
P
T
| Inventory ^Investment|
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dot.)
+20*
BS
+10-
0-10-20-
36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. do!.; moving avg.-4-term1)
+70 -
+60-
31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.-6-tertn)
+50 -
+40+30+20+10-
4=4 =
38. Change in stocks of materials and supplies on hand and on order, mfg.
(bil. doL; moving avg.»4-term)
*3+2+1-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This series 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 67.
BCII
JANUARY 1978
27
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B5. Inventories and Inventory Investment—Con.
(Aug.) (Apr.)
P T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
400-
[Inventories'on Hand and on Order]
350300H
250-
70. Book value, manufacturing and trade inventories,
1972 dollars (hil. dol.)
200-
150-
71. Mvalue'fflanufactyriifgand trade Inventories,
went dollars (bil. dol.) (UEffTTl
'\
70-1
6560555045-
65. Book value of manufacturers' inventories.
4035302520-
77. Ratio, deflated inventories to sales, manufacturing and trade (ratio)
1.8-
11
1.71.61.5-
160140-
78. Stocks of materials and supplies on hand
and on order, infg. (bil. dol.)
120-
/
/
100-
80-
60-
401955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Currant data for thai* i«r|at «r» thown on page 67.
28
JANUARY 1978
B€ll
CYCLICAL INDICATORS
BJ
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
[Sensitive ;Commodity Prices]
(Mar.)
T
+6-
[IT
+4-
92. Change in sensitive prices (percent; moving avg.-4-termr
+2i
f*t#*n$ f*k_
r
r<kfa
• f • >TT
0-
" «
'•/••-\
;
, /
A
23. Industrial materials prices (index: liftf-lM)
.. li
-.
•
1;
-
'
••
:-•
-
^^v^
.
^^^.^^
J^
!!
[UH]
.
.
.
V,
7
;
/
;i
>7\7"
\^/
v
t
I
*"
"
^OU"
240220200180160-
,
140-
^/
120-
/^^^S
\rn\~*
19. Stock prices, 580 common stocks; (index: 1941-43-10)
Profits arid Profit Margin^
18. Corporate profits after taxes, 1972 dollars, Q (ann. rate, HI. dot.)
16. Corporate profits after taxes, current dollars,
Q (ann. rate, bil. dol.
Corporate profits after taxes wjtfc IVA and CCA,
1972 dollars, Q (ann. rate, bit. dol.)
79. Corporate profits after taxes with IVA and CCA
current dollars, Q (ann, rate, bil. dol.)
L,C1
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This series 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.
K€l> JANUARY
1978
29
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
| Profits and Profit Margins-Con. |
22. Ratio, corporate profits (after taxes) to total corporate
14-
12-
10-
^u
81. Ratio, corporate profits (after taxes) with inventory valuation
and cMJtai consumption adjustments to total corporate domestic
income, Q (percent)
15. Profits (after taxes) per dollar of sales, all manufacturing corporations. Q (cents)
3J
130-
120*
17. Ratio, price to unit labor cost, manufacturing (imfex: 1967=100)
110-
100200180160-
[Cash Flows]
140-
35. Net cash flow, corporate, 1972 dollarc,.
Q (ann. rate, bil. doi.) ~j~f
in
120100-
8060-
34. Net cash flow, cwporale, cirrent dollars,
0 {ann. rale, Ml. dol.) r---i
40-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data (or these series are shown on pages 68 and 69.
30
JANUARY 1978
ItCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
?
(Mar.)
T
200-1
190-
IV
I Unit Labo;r Costs and Labor Share]
180170160*
7
150140-
63. Unit labor cost, private business sector, a (index: 1967=11
130-
120-
110-
1.051.00III
0.950.900.850.80-
L
z
68. Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinancial corporations (dollars)
0.750.700.65-J
62. Labor cost per unit of output, manufacturing (index: 1967=100)
64. Compensation of employees as a percent of national income, Q (percent)
75-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 69.
ItCII JANUARY
1978
31
CYCLICAL INDICATORS
Bl
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Now.)
P
T
(Nov.)
P
(Mar.)
T
+1,8
85. Change in money supply-demand deposits plus currency (Ml)
(percent; MGD moving avg.-G-terml
+U
+0.8"
+0,4 «
0.0-
102. Change id money supply plus time deposits at commercial banks (M2)
j • (percent; HOP moving avg."C"lernt)
J\
+1.2
^
V'. '< L rflff... vl 't.
if..M'.
0.0-
iw. Change in total liquid assets (percent; moving avg.-4-terw1)
105. Money supply--M1--in 1972 douars (on. uou
600560
920-
106. Money supply--M2-in 1972 dollars II. ia\.) /
480-
"^~>
107. Ratio, GHP to money supply Ml, Q (ratio)
liv)
Do9"
GO-
5,5-
^**~~'
§J-
LMcj .. __^~-~^
dR2J
2.01.9-
v^ >^
/
1Jt7'
108. Ratio, personal income to moaey supply M2 (ratio) | C,Lg,C f
S6
S7
58
§9
60
61
63
63
64
65
66
67
68
6i
70
71
72
73
74
7§
76
77
78 1979
tThis series 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 70.
32
JANUARY 1978
ItCIt
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con,
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
[Credit Flows
33. Change in mortgage debt (ann. rate, bil. do).!
2010112. Change in bank loans to businesses (ann. rate, bil. dol.; jl ] 11
MCO moving avg.-6-term)
~ ~ ~ * — A -
113. Change in consumer installment debt (ann. rate, bil. doL)
110. Total private borrowing, B (ann. rate, bil. dol.)
.
400-i
350300250-
\t
/
200150100-
50-J
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 70 and 71.
JANUARY 1978
33
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS^-Con.
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P T
(Nov.)
P
(Dee.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
[Credit Difficulties |
14. Liabilities of business failures (mil. tol.-inverted scale;
MCD moving avg.-4-ten)
39. Deliquency rate, 30 days and over, consumer installment loans
{percent-inverted scale) li'ii
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for theie series are shown on page 71.
34
JANUARY 1978
ItCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
119. Federal funds rate (percent)
114. treasury DIM rate (percent)
116. Corporate bond yields (percent) <—--
115. Treasury bond yields (percent)
117. Municipal bond yields (percent)
6-
a-
/w
4310-
118. Secondary market yields on FHA mortgages j
;
(percent) <
«/n
r
\
\
v765-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 71 and 72.
Ml*
JANUARY 1978
35
CYCLICAL
B I
INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
(Nov.)
(Mar.)
P
T
I
[interest Rates—Con. |
67. Bank rates on short-term business loins (percent)
109. Average prime rate charged by banks (percent)
Outstanding Debt
66. Consumer installment debt (bil. dol.)
Lg,Lg,Lg
72. Commercial and industrial loans outstanding,
weekly reporting large commercial
banks (bil. dol.)
35. Ratio, consumer installment
19SS 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
to personal income (percent)
71
72
73
74
7g
76
77
711 1979
Current data for these series are shown on page 72.
36
JANUARY 1978
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE
Chart Cl. Diffusion Indexes
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
950. Twelve leading indicator components (6-mo. span—, 1-mo. span —)
100-1
50-
o-
951 Four roughly coincident indicator components (6-mo. span—, 1-mo. span—)
ram
rww if f m
100-
50-
o-
952. Six lagging indicator components (6-mo. span—, 1-mo. span —)
100-
50o-
961. Average workweek, production workers, manufacturing--21 industries (9-mo. span—, 1-uio. span — )
100-1
50-
0-
962. Initial claims, State unemployment insurance-4? areas (percent declining; 9-mo. span—, 1-mo. span—)
100-
50-
0-
Employees on private nonagricultura! payrolls-172 industries (6-mo. span—, 1-mo. span
100-
50-
o1955 56
57
58
59
60
61
62
63
64
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 73.
ItCII
JANUARY
1978
37
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes^Con.
(Aug.) (Apr.)
P T
(Dee.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
964. New orders, durable goods industries-SB industries (9-mo, spa*—, 1-reo. span—
965. Newly approved capital appropriations, deflated--17 industries' (4-fi moving avg,•*•, 1-Q
7050-
30 J
6. Industrial proriuction--24 industries (6-mo. span—, 1-mo. span---
100-1
so-
967. Industrial materials prices-13 industrial materials (9-mo. span—, 1-mo. span—)
968. Stock prices, 500 common stocks-62-82 industries (9-mo. span—, 1-mo. span---)
969. Profits, manufacturing-about 1,000 corporations (4-Q span~~, 1-Q span—)
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'Thli It a copyrighted serle* mad by permission; It may not be reproduced without written permission from The Conference Board.
Current data for these «r!es are thown on page 74.
38
JANUARY 1978
ItCII
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE-Con.
Chart Cl. Diffusion Indexes—Con.
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
(Dec.) (Nov.)
P
T
(H/lar.)
T
(Nov.)
P
. , . , ;. .
1
Percent rising
i
Actual
•—
Anticipated ••--
Ii
I!
;•
970. Business expenditures for new plan! and
equipment-IB industries (1-Q span)
(a) Actual expenditures
974. Number of employees, manufacturing and trade (4-Q span)1
«.
975: Level of inventories, manufac uring and trade (4-Q span)1
60-
976* Selling prices, manufacturing (4-Q span)1
971 New orders, manufacturing (4-Q span)1
^
1
972. Net profits, manufacturing and trade (4-Q span)
6Q-J
1
977. Selling prices, wholesale trade (4-Q span)
90-
>/
I1
*
70-
973; Net sales, manufacturing and trade (4-Q span)1
i 978. Selling prices, retail trade (4-Q span)1
60J
1968
69
70
71
72
73
74
75
76
77 1978
1968
69
70
71
72
73
74
75
76
77 1978
'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 75.
ItCII JANUARY
1978
39
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE-Con.
Chart C3. Rates of Change
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dee.) (Nov.)
P
T
(Mar.)
T
910c. Composite index of twelve leading indicators
(series 1,3 f 8, 12, 19,20,29,32,36,92, 104, 105)
920c. Composite index of four roughly coincident indicators
(series 41,47, 51,5/1
+3Q-1
...L
+20-
+100«
10-20-
-30J
930c. Composite index of six lagging indicators
50c. GKP in constant dollars (1-Q spaR)
47c. Index of industrial production
48c. Employee-hours in nonagricultural establishreents
51c. Personal income less transfer payments is 1972 dollars j
1955 56
57
40
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
JANUARY 1978
BCII
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(Aug.) (Apr.)
P T
(Apr) (Fab.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
2200n
2QQO<
180Q<
1600<
1400'
1200-
200. GNP in current dollars, Q (ann. rate, bil. dot.)
1000HOODOO'
,1500140013001200'
1100<
1000*
^S *T
'jno-
/
223. Personal income in current dollars
(ann. rate, bil. dol.)
ss
800700-
\
600J
224. Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)
213. Final sales in 1972 dollars, 0 (ann. rate, fail, dol.)
IV
15001400*
13001200*
11001000*
900*
800700-
225. Disposable personal income in 1972
dollars, Q (ann, rate, bil. dol.)
6007.0-
6.05.55.04.5-
217. Per capita GNP in 1972 dollars. Q (ann. rate, ttious. dot.) _.
^*^*^^**^^^**'^^^^^^^^?T;ir7^^^^^^arir-''^^
4.0<
3.5-
Per capita disoosable nersonal, income in
1972 dollars, Q (ann. rate, thous. dol.)
2.51955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
1979
Current data for these series are shown on pages 62 and 79.
ItCII JANUARY
1978
41
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT—Con.
Chart A2. Personal Consumption Expenditures
(Aug.) (Apr.)
P T
(Oae.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
Annual rate, billion dollars (current)
Personal consumption expenditures—
Annual rate, billion dollars (1972)
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
7i 1S79
Current data for thete *erles are shown on pagat 79 and 80.
42
JANUARY 1978
KCII
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT—Con.
Chart A3. Gross Private Domestic Investment
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Annual rate, billion dollars (current)
Gross private domestic investment-
240. Total, D^xv
//
245. Change in business inventories, 0
Annual rate, billion dollars (1972)
—v
1955
56
57
58
30. Change in business inventories, IT
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
1979
Current data for these series are shown on page 80.
UCII
JANUARY 1978
43
OTHER IMPORTANT ECONOMIC MEASURES
A]
NATIONAL INCOME AND PRODUCT-Con.
Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P
(Dae.) (Nov.)
P
T
(Apr.) (Feb.)
T
P
T
(Nov.)
P
((War.)
T
Annual rate, billion dollars (current)
500-t
460420-
380-
Government purchases of goods and services-
340-
SYJ
300260-
260. Total,
220180-
266. State aad heal governneits, Q
140-
100-
262. Federal Government, Q
60J
Annual rate, billion dollars (1972)
. Maie aaa rocai governments, u
\
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Currant data for these tarfet arc shown on page 80.
44
JANUARY 1978
ItCII
OTHER IMPORTANT
IA
I
ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
•P
T
.)
(Mar.)
T
Annual rate, billion dollars (current)
JffiL
240T
220200180160140120-
252. Exports of goods and services, Q
x
253. Imports of goods and services
250. Net exports of goods and services, Q
Annual rate, billion dollars (1972)
256. Exports of goods and services, Q
\
257. Imports of goods and services. Q
255. Net exports of goods and services, I)
S6
57
58
59
6©
SI
62
§7
88
§9
?©
71
75
76
77
78
1979
Current data for these series are shown on page 81.
JANUARY 1978
45
IMPORTANT ECONOMIC
A I
NATIONAL INCOME AND PRODUCT-Con.
Chart A6. National Income and Its Components
(Aug.) (Apr,)
P I
(Apr.) (Feb.)
IP
T
Annual rate, billion dollars (current)
20001800*
1400-
«-
280. Compensation of employees, Q
40Q*
Hill-
286. Corporate profits with inventory valuation and capital consumption adjustments, Q
^K—
X>\
fc^f
"
^i/
.r^^^r/^r
282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
284. Rental income of persons with capital
consumption adjustment, Q
Current data for thete series are shown on page 81.
46
JANUARY 1978
ICCII
R
|A|
NATIONAL INCOME AND PRODUCT—Con.
Chart A7. Saving
(Dec.) (Nov.)
P
T
P
T
P "
T
(Nov.)
P
Par.)
T
Annual rate, billion dollars (current)
Current data for these series are shown on pages 81 and 82.
!!€!» JANUARY
1978
47
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A8. Shares of GNP and National Income
(Aug.) (Apr,)
F
T
(Apr.) (Feb.)
P
(NOT.)
P
(Dee.) (Nov.)
P
T
T
T
Percent of GNP
70-
235. Personal consumption expfinditsres, Q
OS-
Stale and local government pmkases
of pods and services, Q
Y
26S. Federal Government purchases of goods and services, Q
\
248. Nonresidential fixed investment, Q
249. Residential fixed investment,
^>^^^
251 Net exports of goods and services, Q
247. Change in business inventories, Q
Percent
[Percent of National Income|
64. Compensation of employees, Q
Proprietors' income with inventory valuation antT
capital consumption adjustments, Q
287. Corporate profits with inventory valuation and
10-
285. Rental income of persons with capital consumption adjustment, Q ^
ss w
ss
ss m i
§3
64
63
ig
67
Current data for these series are shown on page 82.
48
JANUARY 1978
HCII
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Percent changes at annual rate
310c. Implicit price deflator,
^E
310. Implicit price deflator, GNP, Q
+15-
IV
+10+5-
0-
311c. Fixed weighted price index, gross
business product (1-Q \
+15+10+5-
311, Fixed weighted price
gross business product,
Wholesale prices330c. All commodities
333c. PitHlucer finished goods /
+10*
0-
334c. Consumer finished goods
1968 69
70
71
72
73
74
75
76
77 1978
1968 69
70
71
72
73
74
75
76
77 1978
Current data for these series are shown on pages S3, 84, and 85.
IICII JANUARY
1978
49
IMPORTANT ECONOMIC
B I
PRICES, WAGES, AND PRODUCTIVITY-Con.
Chart Bl. Price Movements—Con.
(Aug.) (Apr,)
P T
(Dee.) (Mov.)
P
T
(Apr,) (Feb.)
F T
(Nov.)
P
(Mar.)
T
Consumer prices-
"10-
Chart B2. Wages and Productivity
241220200180-
345. Average hourly compensation, all employees,
nontarm business sector (cmreflt dollars). Q
IGO*
140-
120-
340. Average dourly earnings of production workers, private
nonfarm economy (current dollars)'
100130-
346. Real avenge hourly compensation, all employees,
nonfara business sector, 8
N
IV
120110100-
341. Real average hourly earnings gf production workers,
private nonfarm economy'
1955 S6
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
90-
76 1979
1 Adjusted for overtime (In manufacturing only) and interindustry employment shifts and seasonally.
Current data for these series are shown on pages 83, 86, and 87.
50
JANUARY 1978
ItCII
MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart B2. Wages and Productivity—Con.
P
T
P
I Wages-Con. |
(Dec.) (Mow.)
P
T
T
(Nov.)
P
(fc)
T
'
Six-month
spans (ann. rate)
aaefn-Mi-.? ^»r ^r*k^« ^^essasr.-- -^rax^/
Change in average hourly earnings of
workers, private nonfarm economy^-
348e. Current dollar earnings m?r l ''*/
\ i i t ' l V ' f f ' l '/T T >r'T*.'»'
^^f^^tfHff^
rT*i~J^\f,
'
^!
•m^QaB^:^^*"!-!^^
*-Ji- ^XjU-U^-k..*
s
ft
4
I {i.
Change in average hourly compensation, all
nonfarm business sector, 8S45c. Current dollar compensation
Negotiate wage and benefit decisions, ati industries348. First year avg. changes, Q (ann.ep*349. Average changes over life
contract, 0 (ann. rate)
370. Output per hour, all persons,
private business sector, Q
Output per hour, all persons, nonfarm business sector, Q
; 370c. Change in output per hour, private business sector. Q
^^
1955 56
57
58
59
60
61
62
63
64
rA..» «..«««Ar
MnH»
65
67
66
68
^
*
69
70
i 'V
71
72
73
74
75
76
77
78 1979
'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonafity. 2One-month percent changes have been multiplied by a constant < 12) so that they may be shown against
the background of the annualized changes over 6-month spans. See basic data table for actual 1-month percent changes.
Current data for these series are shown on pages 86 and 87.
IICII JANUARY 1978
51
OTHER IMPORTANT ECONOMIC MEASURES
C I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
F T
(Nov.)
P
(Dee.) (Nov.)
P
T
(Mar.)
T
441. Civilian labor force, total (millions)
Labor force participation rates (percent)85807560-
453, Both sexes, 16-19 years of age
OK5045-
452. Females 20 years and over
40, . ,,,.,,..i ^ ^ ii .
Number unemployed (millions)"
/
/
~- •
V
-
-
Jp-V
-
- - -
x
-Mr-,-
- -----
T-njn-n- - - n
A v/ -v~r
v/V
37. Total unemployed
jar
V_ ^
/x
x
^
. n
-.
,. i
V_X*A»
^"^V
/
|12]
~"Vwv^
/
444. Males 20 years and over
AZ7N
\r^fY>
446. Both sexes, 16-19 years of age
8S-
447. Nwibflf unemployea, niii-ume /
446. HumbOT employed part-time for economic
reasons (millions)
19§S 56
57
§8
S9
60
61
62
63
64
6S
4-
66
67
68
69
70
71
72
73
74
7S
76
77
78 1979
Currant d«t« for than tar)« «r» thown on pig« 86.
52
JANUARY 1978
BCII
OTHER IMPORTANT ECONOMIC MEASURES
D I
1
GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures
(Aug.) (Apr.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
Annual rate, billion dollars (current)
!QO
J
500. Federal Government surplus or deficit, Q
+10T
£
400*
350*
300250-
511. State and local government
200*
150-
512. State and local government
expenditures, Q
100*
50-
510. State and local government surplus or deficit, Q
+20+10-
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 89.
BCII
JANUARY 1978
53
OTHER IMPORTANT ECONOMIC
D I
GOVERNMENT ACTIVITIES-^Con.
Chart D2. Defense Indicators
(Aug.) (Apr.)
F T
(Apt) (Feb.)
P T
(Dee.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
516. Defense Department obligations, total (bif. dol.; MCD moving avg.-6-tenn)
525. Military prime contract awards in U.S. (bit. dol,; MCD moving avg.-6~term)
r$
\
548. Manufacturers' new orders, defense products
(Ml. dol.; MCD moving
fijiriir
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data far these series arc shown on page 89.
54
JANUARY 1978
KCII
OTHER IMPORTANT ECONOMIC MEASURES
El
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
(Aug.) (Apt)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
(Nov.)
P
I
(Mar.)
I
Z
602. Exports, excluding military aid shipments (bil. do!.; il CD moving avg.--6-term)
:;--6-tennr/
_i.^/_
604. Exports ol agricultural products.
total (bil. dot.)
of nonelectrical machinery (bil. do).
612. General imports (bil. dol.; MOD moving avg.-4-term)
6.0.
5.53.53.02.52.0-
614. Imports o! petroleum and petroleum
products p. ooi.)
1.51.0-
616. Imports of automobiles and parts (bil. dot.
0.90,40.30.2-
0.1 J
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 90.
ltd*
JANUARY
1978
55
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS-Con.
Chart E2. Goods and Services Movements
(Aug.) (Apr.)
P T
(Nov.)
P
(Dee,) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mat)
T
Ai**i rate, billion dollars
Excess of receipts
I T l Excess of payments
Certs aN Mrvioo3
667. Balance on goods and services, Q
Merchandise, adjustetf622. Merchandise trade balance, Q
\
620. Imports, Q
Investftwflt income—
651. Income m U.S. investments abroad, Q
652. Income on foreigs iivestmeats in the U.S., 9
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
MOTE: Annual tot*U arc thown for the porlod prior to 1960.
Current dat* for these sarles are shown on page 91.
56
JANUARY 1978
KCII
OTHER IMPORTANT ECONOMIC MEASURES
F
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
(Aug.) (Apr.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
240-.
220-
10
728, Japan^
200180160-
721. OECO European countries.
140120-
100-
722. United Kingdom
80-f
sn-
40-
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 92.
ItCII JANUARY 1978
57
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS—Con.
Chart F2. Consumer Prices
(Dec,) (Nov.)
P I
(Nov.)
P
Chart F3. Stock Prices
(Mir.)
I
(Nov.)
P
(Die.) (Nov.)
P
T
Consumer prices: percent changes over
6-montti spans (annual rate)-
(fc)
T
Stock prices19. United States
140-
V
m
80 10
** y y «
I T1
748. Japan /
1
/\
'
\-i
" \f^"
i-^~~
400 «
3503002SO-s*
208-
f*
X"
745. West Germany
735c. West Germany
T.
-J\
(^^^
\_ ^_
\/ s/
/^^V
. Au.X^N- .A*ry_..
'^v / ^
QJ
140120100HII-
746, France
736c, France s\
180^
m/V,
. - A .-, /^.^v.\ 1|v
/Vv** -Y/
+10-
ff/n- ...... -^V
AJ
/y
V/"^ A^
V
.. i ,
111
1
J
Vv
. ,...y-..y.. -
742. United Kingdom
« --
f
.-.
r/
,(,.
^^
.../r\ .. .../_..
/
^^Yv'
j.
1
\
/
r,_«
ITT
/\/.. _..LiJ
/v V
\iV
180140120100-
240^20«s
200
1BO16014012010080K!l-
747. Italy
+20-
743. Canada
733c.
.^vy^
+10'
0
1968 69
70
71
72
73
74
7S
76
77 1978
^Ax^\ y^V
V
v
yX^
\
-^
^f^J AXW
[Jj
ftri-
1968 69
70
71
72
73
74
75
76
77 1978
Currant data for these series are shown on pages 93 and 94.
58
140120100-
JANUARY 1978
^
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
PR COMPOSITE INDEXES
Year
and
month
910. Index of
12 lead ing indicators (series
1,3,8, 12,19,
20,29,32,36,
92, 104, 105)
920. Index of
4 roughly
coincident indicators (series
41,47,51,57}
(1967=100)
(1967=100)
930. Index of 6
lagging indicators (series
62, 70, 72,
91,95, 109)
(1967=100)
Leading Indicator Subgroups
913. Marginal
employment
adjustments
(series 1,2, 3,
5}
914. Capital
investment
commitments
(series 1-2, 20,
29)
915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)
916. Profitability (series
17, 19,80)
917. Money
and financial
flows (series
104,105, 110)
(1967=100)
(1967=100)
(1967=100)
(1967=100)
(1967=100)
940. Ratio,
coincident,
index to
lagging index
(1967=100)
1975
106.5
106.2
107.1
113.9
112.3
110.9
143.4
138.1
134.5
90.4
90.0
90.7
97.8
97.5
97.6
94.6
93.5
92.9
93.7
95.0
96.0
102.2
100.5
102.0
79.4
81.3
82.5
111.4
111.8
112.7
130.8
128.5
124.1
92.0
91.3
92.4
99.6
100.8
102.8
94.0
95.4
96.6
98.3
June
109.4
111.7
115.2
100.6
102.6
102.5
103.5
105.4
85.2
87.0
90.8
July
August
September
117.8
118,6
118.9
113.7
115.4
116.3
124.2
124.5
124.4
95.2
94.9
94.3
103.8
103.9
103.7
104.2
104.3
104.2
106.1
106.8
106.5
91.5
92.7
93.5
October
November
December
119.0
119.3
119.6
116.7
116.9
117.6
125.3
123.1
122.0
94.3
95.2
96.9
103.6
103.8
104.3
104.4
105.2
105.6
105.9
107.5
107.3
93.1
95.0
96.4
January
February
March
121.2
122.0
123.2
118.7
120,0
121.2
120.8
120.1
119.8
97.5
97.9
97.9
105.4
104.9
106.0
100.3
101.4
107.2
108.5
108.3
106.7
106.3
106.2
98.3
99.9
101.2
April
May
June
123.0
124.5
125.6
121.9
122.0
122.5
119.2
119.7
121.0
96.0
96.5
96.1
104.9
104.9
106.5
102.1
103.0
103.6
108.4
108.0
108.3
107.6
108.0
107.4
102.3
101.9
101.2
July
August
September
125,7
125.6
125.3
122.7
123.2
123.0
121.1
120.9
121.9
95.7
95.5
94.3
106.7
106.5
107.9
103.2
103.3
102.3
109.2
109.3
108.6
107.7
107.9
107.9
101.3
101.9
100.9
October
November
December
126.1
127.0
127.7
122.7
123.9
126.0
121.7
121.2
120.9
94.5
96.0
96.8
109.3
109.0
108.7
101.3
102.0
102.2
107.4
106.7
107.5
109.4
109.7
110.5
100.8
102.2
104.2
March
126.3
127.3
r!29.8
125.2
126.5
128.8
121.6
122.4
123.1
95.6
96.6
97.9
H08.S
H09.6
110.6
101.0
101.6
103.3
106.8
106.2
107.0
110.3
109.9
110.4
103.0
103.3
104.6
April
May
June
130.4
130.2
129.9
129.1
129.5
130.2
123.3
124.1
126.4
97.1
97.1
97.0
110.2
rl 11 . 1
111.7
[H>103.9
103.6
102.8
107.7
108.4
108.7
111.4
110.3
109.8
0)104.7
104.4
103.0
July
August
September
130.0
132.3
133.1
130.5
130.6
131.3
126.6
128.0
129.0
96.1
96.1
96.4
rlll.l
113.5
rl!3.5
102.2
102.6
r!02.8
109.5
(R>109.6
r!09.2
111.8
113.0
114.6
October
November
December
H34.2
134.3
(EDM35.3
96.8
rll3.7
rl!4.4
H>pll4.9
r!03.0
H02.3
p!03.4
rlOS.l
rlOS.l
plOS.l
H>rll6.1
rllB.O
p!15.3
January
February
March
..
...
April
May
98.1
99.1
100.6
101.0
100.0
99.2
1976
99.3
1977
January
February
r!32.4
132.9
E> 133.8
2
131.1
0)132.6
3
132.5
r97.6
Dp98.3
103.1
102.0
101.8
rlOl.O
rlOO.2
plOl.O
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (§). Current high values are indicated by(H); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 11 and 12.
Excludes series 12 and 36 for which data are not yet available.
2
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.
JANUARY 1978
59
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
^B EMPLOYMENT AND UNEMPLOYMENT
Minor Economic
Process
'firming Class
Year
and
month
L, L, L
1 . Average
workweek of
production
workers,
manufacturing
1, C, I
L, L,L
L,C,L
2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
5. Average
weekly initial
claims, State
unemployment
insurance1
(Per TOO em-
{Hours)
(Hours)
ployees}
(Thous.)
Comprehensive
Employment
Job Vacancies
Marginal Employment Adjustments
I, L, I
3. Layoff rate,
manufacturing
L, Lg, U
4. Quit rate,
manufacturing
(Per 100 em-
(Per 100 em-
ployees)
ployees)
L, Lg, U
L, Lg, U
U, C, C
60. Ratio, helpwanted advertising to persons
unemployed
46. Index of
help-wanted
advertising
in newspapers
48. Employeehours in nonagricultural
establishments
(Ratfo)
(1967-100}
(Ann. rate,
bil. hours)
1975
January .
February
March
39.2
38.9
38.8
2.4
2.4
2.3
3.1
3.2
3.2
521
533
526
2.9
2.9
2.6
1.4
1.3
1.2
0.315
0.307
0.283
77
76
74
147.79
146.14
145.47
April
May
June
39.1
39.0
39.2
2.3
2.3
2.4
3.7
3.6
3.7
510
503
502
2.5
2.5
2.2
1.2
1.3
1.3
0.277
0.265
0.298
74
74
81
145.66
145.76
145.34
July
August
September
39.4
39.7
39.9
2.6
2.7
2.8
4,0
4.0
3.8
419
467
467
1.7
1.7
1.7
1.4
1.4
1.3
0.310
0.312
0.308
84
83
S3
145.60
146.88
147.45
October .
November
December
39.8
39.9
40.3
2.8
2.8
3.0
3.7
3.8
3.9
445
398
348
1.6
1.5
1.3
1.5
1.6
1.6
0.307
0.332
0.340
83
87
88
148.41
148.59
149.51
January
February
March
40.4
40.3
40.2
3.1
3.1
3.2
4.1
4.2
4.3
359
342
347
1.1
1.0
1.2
1.6
1.7
1.8
0.357
0.388
0.399
87
93
94
150.47
150.19
150.50
April
May
June
39.4
40.3
40.2
2.5
3.3
3.1
4.1
4.0
3.8
360
392
397
1.3
1.3
1.4
1.8
1.7
1.7
0.384
0.405
0.399
91
94
96
149.81
151.49
161. OS
July ....
August
September
40.1
40.0
39.7
3.1
3.0
3.0
3.8
3.8
3.7
403
408
424
1.4
1.5
1.5
1.7
1.6
1.6
0.394
0.384
0.376
98
97
94
151.74
151.71
152.08
October
November
December
39.9
40.1
40.0
3.0
3.1
3.2
3.6
3.9
4.1
428
393
349
1.5
1.3
1.2
1.6
1.5
1.7
0.378
0.385
0.416
96
99
105
15^.70
152.62
153.61
January
February
March ...
39.5
40.3
40.4
3.2
3.3
3.3
4.0
E>4.6
4.2
386
431
H>329
1.2
1.4
1.1
1.8
1.9
1.9
0.449
0.439
0.455
105
106
108
152.15
154.92
155.51
April
May
June
40.3
40.4
40.5
3.4
3.4
3.4
4.0
4,1
3.9
358
378
363
1.1
1.1
1.2
1.9
1.9
1.8
0.482
0.494
0.487
109
112
114
156.00
156.65
156.58
July
August ...
September
40.2
40.3
40.3
3.4
3.3
3.3
3.8
3.8
3.9
382
391
377
1.3
1.3
1.3
1.8
1.8
1.8
0.534
0.524
0.527
121
122
120
157.11
156.99
157.14
3.8
372
349
1.1
0.9
®p0.9
1.8
1.9
E>p2.1
0.555
0.581
P)p0.658
128
133
B>pl40
[H)r 158.69
" H57.99
p!58.12
1976
1977
October
November
December
40.4
[®40.5
p40.3
iH)3."5
p3.4
r3.9
p4.4
p331
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated byfH). Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,17, and 18.
Data exclude Puerto Kieo which is included ,in figures published by the source agency.
60
JANUARY
1978
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
Kfl EMPLOYMENT AND UNEMPLOYMENT-Con.
Minor Economic
Process
Comprehensive Unemployment
Comprehensive Employment-Con.
Timing Class
Year
and
month
u,c,c
C,C,C
L, C, U
U, Lg, U
L, Lg, U
L, Lg, U
L, Lg, U
Lg, Lg, Lg
Lg, Lg, Lg
42. Persons
engaged in. nonagricultural
activities, labor
force survey
41. Employees
on nonagricuttural payrolls,
establishment
survey
40. Employees
in goodsproducing industries (mining, mfg., construction)
90. Ratio,
civilian employment to total
population of
work ing age
37. Number of
persons unemployed, civilian
labor force
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate
State programs 1
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.)
(Thous.)
(Thous.)
(Percent)
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
1975
January
February
March
81 ,336
80,973
80,942
77 280
76 832
76 507
23 232
22 728
22 447
55 62
55 27
55 19
7 280
7 362
7 777
7 9
8*0
8 5
5 4
5 8
6 2
April
May
June
80,963
80 940
81 ,135
76 441
76 524
76 460
22 348
55 12
cc
22 273
55 1 3
7 964
8 0,1 A
8 099
8 6
q n
8 7
6 4
99
July
August
September
81 421
81 697
81 609
76 720
77 nfid.
77 ?fid
99 °cn
99 d7R
99 fifiR
cc
pc
Q nci
CC
OO
7
cc
pc
R mi
8 7
8 C
Q
C.
f)
October
November
December
81 698
81 897
82 188
77 626
77 749
7R m?
99 7^0
99 7RQ
99 QDft
CC
I C
cc
-i /-
cc
po
7 7n .
January
February
March
82 921
83 273
83 630
po r\cQ
cc
££
70 ccn
70 qpq
P Q
CC
7C
7 9A7
7 1 PK
7017
April
May
June
83 931
84 308
84 220
July
August
September
84 450
84 462
QA
October
November
December
84 428
84 S 972
85 184
79 835
80 127
80 370
23 356
55 96
23 484
23 528
56 19
56 27
January
February
March
85 468
85 872
86 359
80 574
80 870
81 331
9"\ tjftR
23 763
24 01 7
56 45
April
May
June
QC
0/1
-3RQ
iq
091
r\AQ
7010
8
c
C
fi
fi
Q
Q
^
0
7
fl
C
C
i n P,
11 7
11 5
1 7
9 n
2 2
ip q
9 f\
1 0, C
2
6 5
in q
C
0
1
H
6
g
1C A
1C
1
0
p q
3 1
3 . AU
3 1
C
0
I C C
2
q
C
0
1C Q
0
A
Q
ic q
3
0
0
4
4
A
1C
0
1 C
A
1
1 b . 06
i£ n
4
4
4
1
1C
n
0
1r
•]
/1
1C
1976
R1 fi
70
Al 0
I/IO
7 fi
?? 944.
en qi
PPQ
OO
O.71
CC
1 C
70 pc o
7
(1/1
po
OCO
CC
OO
C,
Q1 1
7 n A no
9t
"5^7
CC
1 A
7 1 7 1
7 A
7Q ^9C\
po
oci
CC
OO
£H£
9 1 903
70
PQ£
00
7 /1 HK
7 ,bC 11 /7
/1 /I Q
7 ,44o
7 R
7Q
7Q
A'} A
CC
bo
. 11 7/
cc
bo . nc.
Oo
7
7 ^fid.
7 651
7
R
7
R
7
3
7/ .Q0
4 C
4 0
4 .y
7 Q
5 1
7 Q
8 n
Q
d 7
/i
A
1 b. o
i b .Qy
3 . nU
2 . 7/
2 c
2.^
2 . 9C.
2 .J
0
0
i1 c
b .eb
2/i
1 b ./I4
2 . rb
2 .4/i
1C
•ir
n
1 b. 4
1 c -3
1b. J
I C C
.4
2 .5(C
2 .0
7 Rl Q
7 n
4 .4
ic
a
1 D. D
6
7 . 0J
4.11
41
1/i
3
Q
.b
14.0
2.4
2. 3
2.0
-7
. /
14.3
14. 9
14.4
1.9
1 .9
03)1 .8
2.6
1977
July
August
September
....
October
November
December
7CO
on
07 n99
01
Q0.7
07
op
i c?
O/M
con
I -fC
cc 07
cc 71
QCQ
7100
7 nfid
5
70.7
CC
QQ
9A. 9f,A
9A "3RC.
C.7
1 A
C7
oo
b/ . £j
6 7cn
6 ,yfa<:
24 412
QC 0
7 £.
7 T
7
Q
. U
.9
7. 1
3
3. 7
3.7
6
Q
87,348
87,519
87 880
82 407
82 474
82 763
24 305
24 360
57 07
57 12
57 25
6 744
6 926
6 773
fi q
7 1
fi q
4 n
A n
87,958
88,818
[0)89,258
r82 902
r83,222
JH>p83 439
r24 436
r24 526
Iu\n24 553
57 26
57 79
[H>57 96
6 872
6 818
|H)6 337
7 Q
6 9
lw\fi 4
4 0
3 8
fuXn?
[H/PJ- 7/
0
0
15.5
7
14./
1/1 i
fu\
[n/ l1 oo .cb
1/1
9
1
Q
I.y
i.y
1 .y
1
Q
Q
T O O
1 Q
T O O
2
1A
1
1
A
i .Qy
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (§). Current high values are indicated by (H); 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 shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15,16,18, and 19.
l
Data exclude Puerto Rico which is included in figures published by the source agency.
IICII JANUARY
1978
61
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
^9 PRODUCTION AND INCOME
Minor Economic
Process
Industrial Production
Comprehensive Output and Income
c,c,c
C,C,C
Ti niinq Class
50. Gross national product
in 1972 dollars
Year
and
month
VO'IP
Persona income
223, Current
dollars
(Ann. rate,
bil.dol.)
52. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
c,c,c
c,c,e
C,C,C
53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
(Ann. rate,
bil.dol.}
51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil.dol.)
c,c,c
47. Index of
industrial
production,
total
(1967-100)
C, I, I
73. Index of
industrial
production,
durable manufactures
74. Index of
industrial
production,
nondurable
manufactures
(1967-100)
(1967-100)
C,C,C
49. Value of
goods output
in 1972 dollars
(Ann. rate,
bil.dol.)
1975
January
Februory
March
1J69 8
1 199 6
192Q4 7
1,211 0
972 9
973 9
975 0
844 0
840 1
840 5
213 1
208 1
207 5
115 2
112 7
111 7
109 0
105 6
104 7
119 8
118.4
116 1
516.8
April
May
Juno .
1 216 6
1 ,228 9
1 258 6
974 8
980 8
998 1
839 5
844 8
846 7
206 4
206 7
206 2
112 6
1 , 1 88 2
1137
116 4
105 4
105 5
107 0
118 8
120.8
1?5 5
529.7
1 256 ?
1 271 3
1 001 i:
989 1
995 5
i nm 9
847 6
853 2
205 9
?nR l
118 4
109 3
] 2?Q 7
121 0
1123
OHO Q
1 99 1
m
128 1
1 10 5
0
1,229.8
1,294.9
1,304.4
1,312.9
1,006.9
1,010.4
1,011.5
863.5
867.3
867.9
210.9
211.6
213.8
122.2
123.5
124.4
112.7
113.4
114.4
133.6
136.2
136.9
554.7
January
February
March
1,256.0
1,326.9
1,338.9
1,348.3
1,015.2
1,023.6
1,029.2
871.5
877.6
882.6
217.1
218.7
221.0
125.9
127.6
128.3
116.0
118.4
119.5
137.5
139.9
140.3
571.8
April
May
June
1,271.5
1/359.5
1,367.9
1,372.7
1,033.1
1,033.9
1,033.7
888.9
891.8
891.7
222.1
222.3
221.9
128.7
129.7
129.8
120.3
122.2
122.4
140.4
140.6
140.6
579.8
July
Auijust
September
i ?£n ?
i nio i
i n/in i
i nd.i R
on A 6a
o94.
BQQ Q
oyj.
y
ooo 3^
Ice.
130.7
131 .3
1 30.6
124,0
125.0
122.4
140.3
140.4
142.3
586.9
ifidfifi
QAO
f)f)f) n
Hi. 0
Ql Q C
225.0
225.9
130.2
1 31 . 5
133.0
12] .4
123.4
125.0
141 .9
143.0
143.3
581.9
i1 Q^ 33 . 4i\
602 . 4
I^D.o
143.4
145.3
147,0
128.0
129.3
130.5
147.0
1 48 . 5
148.4
608.5
148.6
149.4
rl 49 . 5
617.6
r!49.4
rlbO.3
|H)p151 .1
[H)p62J.7
......
July
August
September
....
October
Novombor
December
,
QCD
K
•\f\f)
553 9
Q
1976
October
Nuvombsr
December
1
IRfi 9
1
"30*3 7
i Am a
..... .
1 287 4
1 dl 4 9
1 419 1
1 &RH 9
i1 ,Uob
nfi^. bR
1 454 3
1 477 0
1 499 1
1 060 0
1 070 3
1 fi^ P
] 5iQ ]
1 517 3
1 flAfi d
iflftfii
t
AE£
1
220.8
6Q7 A
oy
/.u
"JOO
£
lie . o
yu^ .1i
QflQ U
yoy . o
9 1 o. o
1977
Jonuory
February
March , . . ,
1,311 0
April .
May
Juno ...
1 330 7
July
August
September
1 147 4
October
November
December
fuNnl ^fil 4
]
eo/i
-a
1 R1Q ?
i E/IQ n
i CIAI i
rl
Rft^ fl.
^1 C1QQ fi
FLAnl
IH/P i » o fill
i / . Qy
59-3 o
997 A
909 9
gi q o
Q9^
f
Q*3^
7
gqo
9
)
9^1 t9
£33.
9 °)fl
^34,
3"3
o/in o
1 Aft^ 7
Q/l ^ O
y4
J. c
235.6
1 HQl A
Q/l/L 7
HQ "3 Q
i ,uyj.
y
0 QC C
c3b.
6
946.6
952. 1
234.0
235.6
1
1 , 1 UU. 3
1 HA
Q
1 1199
r 1
v*QTd
r 1 1 1 7 fl
u,ne o n
fi i\ r» 1 19/1 1
[H)pl » It^- J
15 «ie-
ryo t. i
rybo. y
fiT\r>Q7^ A
[H)p9/b.O
fTj\
g
238.4
9
„, F\ -^ n
[H/r239.^
„ O "37 £
pc3/ .0
1 qg
o
1 61 , 3
1
1 J3.91
Q-3
1 IK
Q
1 3b. 3
1 "3f
I 36 .11
137.0
1 37.8
138.7
138.1
r!38.5
r!38.8
rl 39. 3
[R)pl39.6
m . o0
1 f\£
Q
1 31 .6
131 .3
rl 31 . 7
r132.3
rl32.2
(B)pl33.0
NOTfi: Series aro seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated bylH); for
series that move counter to movements in general business activity,current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "0", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 20, 21, and 41.
62
JANUARY 1978
\\i\\
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
H
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
PRODUCTION AND
INCOME-Con.
Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Capacity Utilization
L,C,U
Timing Class
83. Rate of
capacity
utilization,
manufacturing
(BEA)
Year
and
month
82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)
(Percent)
Orders and Deliveries
L,C,U
84. Rate of
capacity
utilization,
materials
(Percent)
L, L, I
U L,L
7. Constant
(1972) dollars
8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)
(Bil.dol.}
Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)
L, L, L
L, L, L
U Lg, U
25. Change in
96. Manufacunfilled orders, turers' unfilled
durable goods
orders, durable
industries
goods industries
(Bil.dol.)
(Bil.dol.)
L, 1,1
32. Vendor
performance,
companies reporting slower
deliveries®
(Percent
reporting)
1975
January
February
March
7CK9
7K5
40.16
40.16
38.59
29.97
29.75
28.52
26.65
26.76
26.45
-2.90
-2.70
-3.65
181.80
179.10
175.44
18
16
17
71 '.3
7CK7
40.72
41.16
40.37
29.99
30.28
29.71
27.66
28.22
28.14
-2.68
-1.41
-2.59
172.76
171.35
168.76
22
24
26
75.*3
74."9
43.53
43.37
44.18
32.01
31.79
32.20
29.67
30.00
30.50
-0.43
-1.18
-1.11
168.33
167.15
166.04
30
36
44
76.9
77." 1
43.84
44.28
45.98
31.63
31.72
32.73
30.44
30.21
31.56
-1.40
-0.27
-0.79
164.63
164.37
163.58
45
44
39
79 !i
79.*3
45.90
47.93
51.11
32.51
33.75
35.84
31.31
31.87
33.45
-1.38
-0.50
0.73
162.20
161.70
162.43
42
50
52
*75
April
May
June
75
July
August
September
.
. .
*79
October
November
December
*79
1976
January
February
March
, .
. .
"82
April
May
June .
8CK3
80 .'?
50.24
51.35
51.25
35.14
35.84
35.57
32.46
33.20
32.88
0.10
0.80
0.64
162.52
163.32
163.96
58
58
62
81 .2
51.18
50.38
50.07
35.34
34.62
34.11
32.44
32.13
31.22
0.09
80.*8
-1.27
0.01
164.06
162.79
162.80
60
D64
60
*82
July
August
September
"so
October
November
December
. .
80.' 6
8CK3
50.75
52.24
57.04
34.27
35.06
38.03
30.56
32.09
34.64
1.73
1.00
1.74
164.52
165.52
167.26
50
48
45
81.2
8o!i
55.04
55.13
59.16
36.52
36.39
38.79
33.62
34,12
D36.69
1.70
0.43
0.31
168.96
169.39
169.70
44
55
56
82.*7
[H>82.'6
58.65
59.18
58.38
38,31
38.58
37.96
34.97
35.04
r34.86
1.88
2.46
0.81
171.59
174.05
174.86
58
56
58
82.*4
56.03
58.27
59.05
36.10
37.30
37.47
34.08
35.24
34.79
-0.79
E>83.*6
174.07
174.24
174.68
59
58
56
p82!8
p82!l
62.50
r61.98
H>P65.37
39.34
r38.76
E>p40.63
34.98
r35.36
p36.10
177.92
H80.75
Dpi 84. 55
56
50
56
*81
1977
January
February
March
April
May
June
*83
...
0)84
July
August
September
'82
October
November
December
(NA)
0.17
0.44
3.24
r2.83
E>p3.80
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (fi>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,21, and 22.
JANUARY
1978
63
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCFSS . .
ffi|
Minor Economic
Process
Timing Class
C,C,C
C,C,C
56. Current
dollars
(Mil. dol.)
57. Constant
(1972) dollars
c.uc
75. Index of industrial producgoods
C,L(U
U, I, U
Sales of retail stores
54. Current
dollars
(Mil. dol.)
(1967-100)
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and trade
Manufacturing and trade sales
Year
and
month
D
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.
59. Constant
(1972) dollars
(Mil. do!.)
L,C,C
55. Personal
consumption
L,L,L
58. Index of
consumer
sentiment ®
L, U L
L, U, L
12. Index of
net business
formation
13. Number of
new business
incorporations
automobiles
(Ann. rate,
bil.dol.)
(IstQ
1966=100)
(1967-100)
(Number)
1975
January
February
March . . .
175,264
176,135
171,969
122,885
123,608
120,641
117.0
116.1
117.0
45,517
46,585
45,814
36,265
36,943
36,049
36!3
58^6
102.9
101.7
103.0
24,406
24,298
24,922
April
May
Juris . . . . .
175,389
175,546
177,561
122,508
122,523
123,767
119.0
120.4
124.3
46,335
48,042
47,994
36,678
37,516
37,685
37'. 2
72^9
103.4
104.8
110.7
26,506
26,634
26,231
July
August
September
180,974
183,268
184,770
125,810
126,669
126,998
126.6
127.5
129.0
48,792
49,293
49,331
37,892
37,966
37,867
42^8
75.*8
113.7
112.6
113.1
28,571
28,632
29,000
October . . .
November
December
186,127
186,253
189,382
127,042
126,069
128,622
128.7
131.1
132.3
49,727
50,718
51,454
37,990
38,326
39,045
46.6
75!i
112.0
112,5
116.0
29,469
28,799
29,704
January
February . . .
March
191,810
194,335
196,915
129,942
131,732
133,398
132.6
134.6
135.2
51,669
52,076
52,174
38,704
39,461
39,958
52^7
84 '.5
115.4
114.5
116.3
29,639
29.043
31,027
April
May
Juno
198,492
197,848
200,067
133,325
132,406
133,651
135.4
136.5
136.0
52,600
52,298
52,916
40,012
39,132
39,810
54.' 5
82^2
115.7
114.9
118.6
29,876
28,637
31 ,600
July
Auqust . . . . , . „ .
September
200,482
200,823
201 ,093
133,424
134,962
133,701
136.1
137.0
135.7
52,946
53,197
53,370
39,525
40,061
39,431
54^8
ssia
117.8
117.8
118.3
30,114
32,746
32,368
October
November
December
199,569
203,731
212,095
132,414
133,823
138,905
135.9
138.4
141.3
54,171
54,822
56,685
39,705
40,241
41,713
5SJ
8e!6
120.1
121.3
121.0
32,887
33,496
33,495
January
February
March
209,950
215,281
221,903
136,769
138,674
142,141
139.9
140.5
142.9
55,703
57,291
57,990
40,471
41,288
42,006
65!6
87 '.5
123.3
123.0
124.3
34,519
33,173
35,300
April
May
June
221,167
221,327
222,240
140,076
139,895
140,459
142.9
143.1
143.8
58,142
58,003
57,825
41,818
41,472
40,861
H>65'.1
E>89J
122.4
123.2
125.8
33,394
34,442
37,229
July
Auqust
September
221,255
223,604
224,242
140,084
141,406
rl41,616
145.4
144.7
144.9
58,552
59,020
59,014
41,165
41,186
41,211
62^3
87^6
126.6
130.6
H29.6
35,749
(H}39,525
37,812
October
November
December
r227,536
H>229,9Q3
H)rl42,944
~ pl42,662
r!45.2
r!45.7
H>pl46.2
r60,778
H)r61,482
p61,048
r42,325
@>r42,607
p42,073
p62^8
83! 1
r!31.9
[R>pl33.4
r 38, 943
p38,472
1976
1977
(NA)
(NA)
(NA)
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by[H); 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 shown at the back of the book. The "r" indicates revised; "p", preliminary; "e". estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,15,23, and 24.
64
JANUARY 1978
ltd*
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
^H FIXED CAPITAL INVESTMENT-Con.
Minor Economic
Process
Business Investment Commitments
L, L,L
Timing Class
L, L, L
Contracts and orders for plant
and equipment
Year
and
month
10. Current
dollars
(Bil.dol.)
20. Constant
(1972) dollars
(Bil.dol.)
L, L, L
L, L, L
Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.}
27. Constant
(1972) dollars
(Bil.dol.}
L,C,U
U, Lg, U
C, Lg, Lg
9. Construction contracts for commercial and industrial buildings, floor
space1
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations1
97. Backlog of
capital appropriations, manufactur-
(Bil.dol.)
{Bil.dol.)
Square feet
(Millions)
Square meters2
(Millions)
ing
1
1975
January
February
March
13.06
12.21
11.88
9.90
9.22
8.91
11.62
10.59
10.15
"8.87
8.08
7.70
54.39
46.54
39.69
5.05
4.32
3.69
Ih39
April
May
June
13.36
14.07
13.87
9.93
10.45
10.26
10.75
10.56
10.30
8.09
7.98
7.74
56.90
44.79
50.54
5.29
4.16
4.70
10^98
July
August
September
13.19
14.47
12.75
10.67
8.43
8.17
8.24
52.60
43.25
50.12
4.89
4.02
4.66
10J8
9.42
11.32
10.92
11.07
October
November
December
12.64
12.68
12.37
9.25
9.22
9.03
11.19
11.37
11.05
8.23
8.29
8.10
54.10
41.99
50.71
5.03
3.90
4.71
12.*87
14.88
14.43 •
15.39
10.79
10.52
10.93
11.66
11.90
12.17
8.55
4.11
4.73
4.86
1 1 .' 38
8.69
44.27
50.95
52.32
April
May
June
14.91
13.86
16.08
10.84
9.15
9.09
8.95
52.83
52.65
53.85
4.91
4.89
5.00
12.22
11.34
12.48
12.67
12.61
July
August
September
16.85
15.15
16.66
11.91
10.72
11.64
13.78
12.69
13.47
9.79
9.02
9.44
52.21
50.78
48.53
4.85
4.72
4.51
n!s3
October
November
December
17.17
15.65
H5.63
11.98
10.86
rlO.85
14.12
12.73
13.84
9.89
8.85
9.62
51.47
52.53
54.81
4.78
4.88
5.09
14.' 36
17.08
16.70
16.49
11.75
11.43
11.26
14.62
14.25
14.56
10.08
9.79
9.98
53.56
51.27
67.45
4.98
4.76
6.27
14^63
17.89
19.76
18.79
12.20
13.36
12.57
14.68
15.00
15.54
10.07
10.23
10.45
55.88
63.20
61.12
5.19
5.87
5.68
15!65
July
August
September
17.04
19.06
1)21.29
rll.36
r!2.70
[H>rl3.93
14.41
14.68
16.19
9.64
9.86
5.43
6.60
6.30
B)P17*.72
10.64
58.48
71.07
67.79
October
November
December
17.73
rl8.23
p20.63
rll.69
rll.84
p!3.24
16.50
r!5.88
E)Pl7.44
10.90
rlO.34
E>pH-21
63.06
70.62
0)72.04
5.86
6.56
9.74
49JO
47.59
45. * 3 4
46 .'45
1976
January
February
March
.
...
9.92
8.75"
4e!o7
46.39
45!S9
47.53
1977
January
February
March
.
..
April
May
June
D6.69
49^29
5o!?4
E)p54;32
(NA)
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <u). Current high values are indicated byw; for
series that move counter to movements in general business activity, current low values are indicated by EX Series numbers are for identification only and do not reflect series relationships or
order Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e". estimated; "a", anticipated; and "NA", not available.
. o y s . y , i o n ; it may not be reproduced without written permission from the source agency :
McGraw-Hill Information Systems Company, F.W. Dodge Division (series 9) or The Conference Board fseries 11 and 97).
Converted
to metric units by the Bureau of Economic Analysis.
JANUARY 1978
65
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
jffi FIXED CAPITAL INVESTMENT-Con.
Minor Economic
Process
Residential Construction
Commitments and Investment
Business Investment Expenditures
C, Lg, Lg
Timing Class
61. Business
expenditures
for new plant
and equipment,
total
Year
and
month
(Ann. rats,
bil.dol.)
C, Lg, Lg
C, Lg, U
69. Machinery
76. Index of
industrial proand equipment
sales and business
construction
equipment
expenditures
(Ann. rate,
bil.dol.)
(1967-100)
C, Lg, C
Lg, Lg, Lg
C, Lg, C
Nonresidential fixed investment in 1972 dollars
86. Total
(Ann, rate,
bil. dol.)
87. Structures
(Ann. rate,
bil.dol.}
88. Producers'
durable equip.
(Ann. rate,
bil.dol.)
L,L(L
28. New
private housing
units startsd,
total
(Ann. rate,
thous.)
I, L, L
L,L,L
89. Residential
fixed investment, total, in
1972 dollars
29. Index of
new private
housing units
authorized by
local building
permits
(Ann. rate,
bil.dol.)
(1967-100)
1976
January . . .
February , ,
March
114*. 72
166.47
171.03
172.03
131.4
132.8
134,2
11^7
36,*8
76,'s
1 ,259
1,478
1 ,426
102.1
101,3
101.8
April
May
Juno
ns'.ia
175.66
175.35
172.85
134.4
134.8
136.2
ns.'g
37 J
78^9
1,385
1,435
1,494
101.9
100,8
122^55
177,04
178.36
176.25
137.9
137.6
137.0
nsls
37!i
81 ii
1,413
1 ,530
1,768
105.9
112.7
127. a
4?!i
125.*22
177,31
177.76
186.53
135,7
140.1
142.3
ii9!6
37^3
si!?
1,715
1,706
1,889
127,6
136.4
132.0
52.'6
13o!l6
181.53
184.12
191.29
142.3
143.5
144.8
124!3
3?!6
87^3
1,384
1,802
2,089
114.9
131.5
145.4
52! 7
134.' 24
191.94
193.22
190.66
147.1
148.9
150.1
126^4
38!2
88J
1,880
1,937
1,897
138,3
139.2
144.6
57^6
July
Auqust
September
[H> 140*. 38
197.09
202.12
202,85
151.2
151.1
r152.1
127*.6
38*. 9
88 '.7
2,083
2,029
2,065
141.2
152.7
146.1
5?!5
October . .
November
December
a!42*,38
[H)r208.61
P205.54
r!52.3
H52.7
p) P1S3.3
[R)pl3b'.2
RPSO:?
r2s2Q3
r2,121
159.4
PO 163.1
" 156.1
[H)pS9.*S
July
August ,
September
,
October
November
December
44 '.8
96.5
47 J
1977
January
February ...
March
April
May
June
„
...
(MA)
& P39.6
ra>p2,295
1978
January . . . . . . . .
February
March
a!46*.26
April
May
June
July
Auflust
September
October
November
December ,
. . .
NOTE: Series ore seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by @. Current high values aro indicated by[H); for
series thot 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 shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 25, and 28.
66
JANUARY
1978
KCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
|^ INVENTORIES AND INVENTORY INVESTMENT
Minor Economic
Process
Inventory Investment
L, L, L
Timing Class
L, L, L
36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
Monthly
dollars
Smoothed
data
data1
Year
and
month
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.}
(Ann. rate,
bil.dol.)
Inventories on Hand and on Order
L,L,L
L,L,L
31. Change
in book value
of mfg. and
trade inventories, total
38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.
(Ann. rate,
bil.dol.)
(Bil.dol.).
Lg, Lg, Lg
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories, book value
71. Current
dollars
(Bil.dol.}
65. Mfrs/
inventories of
finished
70. Constant goods, book
(1972) dollars value
(Bil.dol.)
(Bil.dol.)
Lg, Lg, Lg
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
(Ratio)
L, Lg, Lg
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil.dol.)
1975
January
February
March
-20."6
-42.41
-46.31
-34.75
-21.48
-31.25
-38.40
4.1
-17.3
-13.8
-1.84
-1.70
-2.88
285.62
284.18
283.03
223.93
221.96
220.49
49.42
49.54
49.72
1.82
1.80
1.83
139.22
137.52
134.64
April
May
June
-28.01
-22.31
-19.81
-38.76
-32.36
-25.87
-8.2
-18.0
-18.6
-11.3
-3.41
-1.40
-1.81
282.35
280.80
279.87
219.46
217.82
217.00
49.63
49.65
49.38
1.79
1.78
1.75
131.23
129.83
128.02
-0.37
-18.77
-9.32
-1.87
-0.58
-0.92
-0.75
279.93
281.76
282.35
216.89
217.65
217.62
48.90
49.24
49.61
1.72
1.72
1.71
127.43
126.51
125.76
0.12
0.24
284.18
283.04
281.84
218.32
217.29
216.16
49.89
49.81
49.87
1.72
1.72
1.68
125.88
126.12
125.66
283.37
285.27
287.63
216.93
217.66
218.75
49.83
49.97
50.07
1.67
1.65
1.64
125.80
125.29
126.78
289.81
292.55
296.08
219.59
220.52
222.25
50.52
50.96
51.71
1.65
1.67
1.66
126.78
128.52
128.94
0.59
297.90
300.43
303.47
222.90
224.48
225.76
51.96
52.74
53.36
1.67
1.66
1.69
129.19
128.23
128.82
1.13
1.53
0.24
305.23
306.15
306.32
226.27
226.25
225.90
53.60
53.78
53.75
EDI. 71
1.69
1.63
129.95
131.48
131.72
1.93
0.58
1.65
309.06
311.23
314.88
227.06
227.47
228.47
54.36
54.48
54.48
1.66
1.64
1.61
133.65
134.23
135.88
0.42
317.87
320.49
322.90
229.10
230.24
231.61
55.00
56.18
56.67
1.64
1.65
1.65
136.30
138.44
138.45
324.11
326.85
329.51
232.73
234.40
r235.36
56.97
57.14
57.48
1.66
1.66
1.66
137.92
138.52
139.60
r235.45
58.53
DS8.96
... .
July
August
September
2*.9
October
November
December
-4.*6
6.74
-4.15
6.10
-8.99
-10.91
1.82
0.27
-3.47
0.7
22.0
7.2
22.0
-13.7
-14.4
-0.47
1976
4
January
February
March
...
9^7
-4.61
-1.66
5.81
18.4
22.8
28.3
10.65
12.66
14.89 '
26.1
33.0
42.3
15.04
13.48
10.82
21.8
30.3
36.5
9.49
7.75
3.81
21.2
11.0
9.35
3.85
7.42
32.9
26.0
13.22
11.38
7.45
r20.50
rlO.93
11.94
rll . 86
r!3.34
36.0
31.4
28.9
rll.17
i>23.71
rll.05
H3.58
H4.74
D H5.29
14.5
32.9
31.9
-0.53
r3.60
p!3.96
r!4.05
pll.16
rll.4
p!8.3
0.68
0.67
(NA)
6.04
8.75
16.22
April
May
June
12.'i
18.89
19.49
July
August
September
13.*8
11.88
10.56
October
November
December
-l.*8
7.93
5.56
6.50
0.53
-1.76
2.1
0.15
-0.51
1.49
-0.01
1.74
0.42
0.26
-0.96
1977
19.07
January
February
March
..
9*. 7
April
May
June . .
ia!z
July
August
September
..
H>15.'7
October
November
December
p7'-7
(NA)
(NA)
D43.7
(NA)
D2.14
0.00
0.60
1.08
r330.46
!>P331.99
(NA)
23
9
a" ?* ?
(NA)
1.65
pi. 65
(NA)
140.29
B)140.95
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by(H); 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 shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 16,27, and 28.
1
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
JANUARY 1978
67
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCfSS .
RB PRICES, COSTS, AND PROFITS
Minor Economic
Process
U, I, I
1, 1, L
Timing Class ,
92. Change in sensitive prices
Year
and
month
Stock
Prices
Sensitive Commodity Prices
Smoothed
data2
Monthly
data
(Percent)
(Percent)
23. Index of
industrial
materials
prices©
(1967=100)
L, L, L
19. Index of
stock prices,
500 common
stocks©
(1941-43-10)
Profits and Profit Margins
L,L(L
L, L, L
Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bil.dol.)
18. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
L,C,L
Corporate profits after taxes
with IVA and CCA 1
79. Current
dollars
(Ann. rate,
bil.dol.)
L, 1,1
l,C, I
80. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
1976
i.n
January
February
March
183.6
186.6
193.2
96.86
100.64
101.08
90 A
6?'.2
63.'i
4?! 5
2.81
0.73
0.74
0.45
2.23
0.49
1.11
0.66
1.35
1.56
200.9
202.7
205.2
101.93
101.16
101.77
93*.!
68*. 6
63*. 1
46°8
2.39
0.67
1.30
1.36
1.12
214.1
209.6
206.2
104.20
103.29
(H>105,45
94^6
6B.S
67*.6
49!e
lO.'i
1.06
1.75
|fi> 1.96
201.6
201.0
203.2
101.89
101.19
104.66
9CK9
65.'6
59.2
43.' 1
9,'g
0.88
0.13
0,94
210.2
216.4
B>222.8
103.81
100.96
100.57
97^2
69.*2
61*.' 6
43.*8
l6!6
1.93
1.66
99.05
98.76
99.29
H>104.*3
E>73!2
7(X5
49^9
rO.48
221.9
218.1
206.4
io!2
1.87
0.32
-0.22
r-0.09
rO.41
204.1
202.7
202.9
100.18
97.75
96.23
103'.4
71 '.5
^79/7
K»S5*.4
lo'.o
-0.25
rO.69
204.7
203.8
210.9
93.74
94.28
93.82
(NA)
(NA)
219.7
"90.80
-2,49
April
May
June
July
August
September
-0.51
October
November
December
3.67
3.51
-2.10
1CL3
B>l6i5
1977
January
February
March
....
-1.24
[H}3.96
2.31
April
May
June
0,29
rO.79
-1.59
July
August
September
October
November
December
rO.OO
. .
1.27
3.21
0.55
0.93
(NA)
(NA)
(NA)
1978
January . .
February
March
3
April ,
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by [H); 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 shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "N A", not available,
Graphs of these series are shown on pages 14, 29, and 30. XIVA means inventory valuation adj.ustmentj CCA means capital consumption adjustment.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 9Average for
January 3, 10, 17, and 24. ^Average for January 4, 11t 18, and 25.
2
68
JANUARY 1978
IMJ)
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
B| PRICES, COSTS, AND PROFITS-Con.
Minor Economic
Process
Profits and Profit Margins-Con.
Timing Class
Year
and
month
Cash Flows
U, L, L
L, L, L
L, L, L
81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1
15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations
17. Ratio, price
to unit labor
cost index,
manufacturing
(Percent)
(Cents)
(1967=100)
L, L, L
Unit Labor Costs and Labor Share
U L, L
Net cash flow, corporate
34. Current
dollars
(Ann. rate,
bil.dol.)
35. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
Lg, Lg, Lg
63. Index of
unit labor cost,
private business
sector
(1967-100)
Lg, Lg, Lg
68. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations
(Dollars)
Lg. Lg, Lg
Lg, Lg, Lg
62. Index of
labor cost per
unit of output,
manufacturing
64. Compensation of employees as a percent
of national
income
(1967=100)
(Percent)
(2)
1975
4.'o
3*. 8
117.1
115.9
113.8
115.*3
90.3
161 J
0.859
143.6
145.0
147.4
78!3
5.'8
4^4
115.9
116.7
119.3
124^5
94^4
160.*4
0.844
145.5
145.3
142.6
76.'8
July
August
September
7*. 2
s!6
121.8
123.3
124.0
139J
103^5
159.*!
0.838
140.7
139.7
139.5
75!2
October
November
December
6.7
5*.i
123.6
124.0
123.0
142*.8
104*.6
163^6
0.857
141,2
140.7
142.0
75.*7
6\9
5.5
121.9
122.7
122.4
151 ".6
109^3
165.1
0.870
143.9
143.1
143.8
75^7
6\8
H>5!e
122.4
123.0
123.5
15416
no.'a
r!67.1
0.880
144.7
144.5
144.8
75.'?
July
August
September
7.'l
5.*3
H> 124.4
124.3
123.3
156.' 2
11CL2
169.4
0.892
144.5
144.7
146.7
75.*9
October
November
December
6.'l
5."6
123.1
123.0
123.5
153.'6
106\3
173.0
0.916
147.4
147.9
148.4
1>76.'6
January
February
March
5.*9
5.3
122.1
121.5
122.3
16£K7
no.'s
175.*2
0.930
150.8
152.6
152.8
76 '.5
April
May
June
eie
S!B
123.1
123.6
123.2
H>167;6
Dnsis
rl78!5
0.943
153.4
153.9
154.6
7e!6
i>7;5
5.'6
167!6
ni!2
rl79!i
[H> 0.949
154.5
154.4
H55.1
75.*8
(NA)
(NA)
January
February
March
April
May
June
1976
January
February ...
March
April
May
June
..
...
1977
July
August
September .
October
November
December
123.6
123.8
r!23.7
(NA)
(NA)
r!22.8
r!22.6
p!22.8
(H)pl82;2
(NA)
r!57.2
H58.0
Dpl58.4
(NA)
iries tare seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by®; for
NOTE: Series
ove cou
counter to movements in general
business activity,., current low values are indicated by[H>.
series that move
„
. _ Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs
of these series are shown on pages 16,30,and 31.
1
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
2
See "New Features and Changes for This Issue," page iii.
JANUARY 1978
69
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.
MAJOR ECONOMIC
PROCESS
M MONEY AND CREDIT
Minor Economic
Process
Timing Class
Velocity of Money
Money
L, l,L
....
8b. Change in
money supply
(Ml!
Year
and
month
(Percent)
L, C, U
102. Change
in money
supply plus
time deposits
at commercial
banks (M2)
(Percent)
L,L,L
L,L,L
104, Change in total liquid assets
Monthly
data
Smoothed
data1
(Percent)
(Percent)
105. Money
supply (M1)
in 1972
dollars
L, L, L
106. Money
supply (M2)
in 1972
dollars
c,c,c.
107. Ratio,
gross national
product to
money supply
(M1)
(Bil.dol.)
(Bil.dol.}
(Ratio)
Credit Flows
C, Lg( C
L, L, L
33. Net change
108. Ratio,
personal income in mortgage deb^
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil.dol.)
1978
January ,
February
March
.........
0.17
0.51
0.44
0.90
1.18
0.65
0.78
0.87
0.64
0.98
0.88
0.78
221.4
222.3
222.7
502.6
507.9
510,0
5.5(55
1.980
1,974
1,975
49,37
49.30
57.23
April
May
Juns
1.24
0.56
0.98
0.80
0.77
0.80
0,82
0.83
224.6
224.3
223.2
513.8
514.3
514.0
5.588
1.969
1.966
1.966
49,90
43.86
46,91
,
-0.10
1.17
0.74
0,36
July
August
September ...
0.59
0,49
0.13
1.00
0.74
0.83
0.99
0.67
0.74
0.85
0.83
0.80
223.5
223.5
223.1
516.7
518.1
520.6
5.643
1.966
1.962
1.957
54.91
52.67
50.84
1.14
0.00
0.64
1.34
0.88
1.09
1.15
0.73
0.76
0.83
0.86
0.88
224.8
224.2
224.7
525.7
528.9
532.5
5.643
1.948
1.956
1.959
55,31
66.38
64.94
0.45
0.06
0.45
0.81
0.59
0.72
1.04
1.05
0.74
0.86
0.90
0.95
223.9
221.9
221.5
532.5
530.5
531.0
5.760
1.949
1.967
1.983
50,54
61.42
71.46
1.12
0.39
0.68
0.98
0.55
0.86
0.93
0.84
0.78
223.3
222.1
221.7
532.8
531.7
532.4
5.825
1,975
1.977
1.972
81,37
84,29
[H}96.74
1.32
0.97
1.02
0.85
0.98
1.08
224.3
224.6
225.2
537.6
538.7
540.5
5,832
1.965
1.966
1.969
77.04
85.87
94,15
D226.9
r225.S
p226.1
543.6
r543.1
g)p5.882
rl.981
rl.993
[RNp2.0Q6
r88.28
p85.56
....
October
November
December
1977
January
February
March
April
May
June
B>1.62
0.06
0.37
July
August
September
1.52
0.49
0,61
October
November
December
r-0.12
pQ.63
|H)1.38
0.54
0.66
0.84
1.00
rO.39
pO.47
iXl - 32
rO.95
pO.91
rl.10
H>rMQ
pi. 08
(NA)
1978
a
January
February
March
1.02
2
0.77
April
May
June
July
August
September
October
November
December .
....
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by(H); 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 shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 32, and 33.
l
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
3
Average for weeks ended January 4, 11, and 18.
70
JANUARY 1978
ItCII
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
^9 MONEY AND CREDIT-Con.
Minor Economic
Process
Credit Flows-Con.
UL, L
Timing Class
11 2. Net change
in bank loans
to businesses
Year
and
month
(Ann. rate,
bil.dol.)
UUL
113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)
Credit Difficulties
L, U L
UUL
110. Total
private
borrowing
14. Current
liabilities
of business
failures©
(Ann. rate,
mil.dol.)
(Mil.dol.)
Bank Reserves
UUL
u u, u
L, Lg, U
39. Delinquency 93. Free
rate, 30 days
reserves®
and over, consumer installment loans
(Percent)
Interest Rates
94. Member
bank borrowing from the
Federal
Reserve @
(Mil.dol.)
(Mil.dol.)
U Lg, Lg
C, Lg, Lg
119. Federal
funds rate©
114, Treasury
bill rate®
(Percent)
(Percent)
1976
January
February
March
-28.04
-0.68
-39.37
15.97
21.14
20.45
177,260
257.07
211.76
247.65
2.49
2.46
2.45
130
-62
378
79
76
58
4,87
4.77
4.84
4.96
4.85
5.05
April .
May
June
-47.33
-1.98
22.93
21.13
18.41
185,504
206.42
233.28
373.64
2.34
2.41
2.40
45
261
-3
44
121
120
4.82
5.29
5.48
4.88
5.18
5.44
July
August
September
-18.68
-4,94
10.72
17.36
18.34
21.97
204,444
305.55
263.96
250.32
2.39
2.39
2.36
-53
193
212
123
104
75
5.31
5.29
5.25
5.28
5.15
5.08
21.94
H)28.00
10.25
13.09
19.61
29.30
183.57
277.60
200.44
2.53
229,796
123
280
66
84
62
5.03
4.95
4.65
4.93
4.81
4.35
January
February
March
-9.52
18.92
25.87
23.81
D35.65
433
61
79
4.61;
258,992
4.60
4.66
4.61
April
May
June
-6.53
34.78
31.86
29.06
279,668
July
August
September
-8.74
15.38
29.57
31.81
28.21
E>286,l64
October
November
December
r21.78
r23.89
p7.96
...'..
9.56
....
October
November
December
16)2.19
2.40
no
1977
6.62
2.76
19.63
5.18
31.51
34.24
(NA)
168.54
194.20
248.20
2.37
2.37
2.37
207.27
473.89
305.86
2.40
2.43
2.38
-149
577.82
338.25
(H)96.99
2.41
2.34
2.36
-872
-443
(NA)
(NA)
(NA)
-114
4.68
155
no
4.69-
-62
72
73
200
262
4.73*
5.35:
12
i>-980
-705
-357
5,39
4.54
4.94
5.00
336
1,071
634
5.42
5.90
6.14
5.15
5.50
5.77
1)1,319
840
558
6.47
6.51
E)6.19
6.16
6.06
D6.56
1978
January
February
March
M2.38
'-m
1
455
2
6.70
3
6.45
April
May
June
July
August
September
October
November
December
adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©.Current high values are indicated by H); for
NOTE: Series are seasonally ad
ements iin. general
tow values are indicated byjH).
Series numbers are for identification only and do not reflect series relationships or
series that move counter to movements
. „ . . . business
_ . . - _activity,
. _ , , current
.
.
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 33,34, and 35.
l
Average for weeks ended January 4, 11, and 18. 2Average for weeks ended January 4, 11, 18, and 25. 3Average for weeks ended
January 5, 12, 19, and 26.
ItCII
JANUARY 1978
71
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
Rj MONEY AND CREDIT-Con.
Minor Economic
Process
Timing Class
Outstanding Debt
Interest Rates-Con.
Lg, Lg, Lg
U, Lg, Lg
C, Lg, Lg
11 6. Corporate 11 5. Treasury
bond yields® bond yields®
Lg, Lg, Lg
117. Municipal
bond yields®
Year
and
month
Lg, Lg, Lg
11 8. Secondary 67. Bank rates
on short-term
market yields
onFHA
business loans 1
mortgages®
®
(Percent)
(Percent)
(Percent)
Lg, Lg, Lg
109. Average
prime rate
charged by
banks®
66. Consumer
installment
debt
(Percent)
(Percent)
(Percent)
Lg, Lg, Lg
(Mii.doU
1=9, Lg, Lg
M), LQ, Lg
72. Commercial
end industrial
loans outstan ding, weekly
reporting large
commercial
banks
(Mil.dol.)
9b. Ratio,
consumer installment debt
to personal
income
(Percent)
1978
January
February
March
8 97
6 93
7 07
9 06
8,71
8.73
6.92
6 88
6.94
6.92
9.04
(NA)
April
May
June
8 68
9,00
8 90
6 73
7 01
6 92
6 60
6 87
6 87
July
August
September
8 76
8 59
8 37
6 85
6 82
6 70
6 79
6 61
6 51
October
November . .
December
B
pc
1?
7 Qfl
6
6
6
CC
January
February
March
,. , .
7 Q6
8 1R
A Qq
6
£Q
16
April
May
June
710
c 70
7 17
5
7ir
...
8 ^n
8 ^0
B
fift
6
QQ
C
CO
8
8
8
5
f\£
6 no
7 m
6
£O
August
September . .
C
£0
5
C1
October
November
December
Q pi
pe
7 n&
£A
7 i c.
5
B
8.39
7.24
8
en
op
6
6
5
qn
9Q
161 ,283
163,045
164,749
1?1 ,550
121,493
118,21?
12,15
12.18
12,22
7 20
166,660
168 S 421
169,955
114,268
114,103
114,900
12.26
IP. 31
12,38
7 25
7 01
7 00
171 ,402
172,930
174 761
113 343
112,931
113 824
12 36
12.41
12 47
17q ocp
m
m
m
i P /n
7 00
7.54
6.75
6.75
8 82
9 03
9 05
7 44
6.75
8 99
8 93
8 82
7 80
8
8
7
6 75
c 70
EC
/IE
OQ
QA
p oc
c
07
C
pQ
/in
en
7 dR
5
on
8
8
S
CO
7 Rn
8
C7
7
6
6
CA
m
OC
1 70. Q?R
6
5
6
OC
TOP nRd
184 068
/IQC
&%9
oee
oqq
1P
"3Q
i p AT
1977
.
July
19
19
7
7 ?n
QA
°c
pc
m
nafi
119 621
i pn i7R
W
n-JQ
pc
1QQ
Q'37
/11
7C
i no coo
IQC niid
m
11Q
7 *37
7 Q-D
6
6
6
7/1
7 Qfi
/ .yo
6 .7n
/O
1Q7 A7A
1 9H 7AQ
7/1
6pq
pnn i pq
i 99 n^i
79
7 A7
oo
B
710
pnp /l^n
199 A A ^
70
o
7 R9
70
^^IMM/
Nfl^
8
8
8
n AQ
8
8
5.57
8. SI
R9
on
7
7^
7.75
12 46
'1 9 AR
fi^l
\Wf\)
87A
/MA \
IP R?
19
EO
1 9 fiQ
19 70
flfil
191 AQ7
1 9 A1^
1 p op
i p 07
pnR Tfifi
r19d. 9QR
«1 P OK
ru\pn7 QRQ
rl?6 289
E>pl26,952
rtiSni i nn
(NA)
(NA)
1978
January
February
March
"8 70
2
7 50
9
5 71
^ 7 Ql
3
TO?
QQ/I
April
May
Jung
July
August
September
October
November ,
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted sertesare indicated by ®. Current high values are indicated bylH); for
series that move counter to movements in general business activity, current low values are indicated by [R>, Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16,35, and 36. Beginning February 1977, data are monthly and represent the banking system. "Average
for weeks ended January 6, 13, 20, and 27. 3Average for weeks ended January 5, 12, 19, and 26. * Average for January 1 through
24. 9Average for weeks ended January 4, 11, and 18.
72
JANUARY
1978
CYCLICAL
INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
2J DIFFUSION INDEXES
Year
and
month
950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
20,29,32,36,92,104,
951. Four ro ughly
coincident in dicator
components (series
41,47,51,5 7)
952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)
961. Average workweek
of production workers,
manufacturing (21
industries)
105)
1 -month
span
6-month
span
1-month
span
8.3
25.0
41.7
66.7
25.0
25.0
962. Initial claims for
State unemployment
insurance, week including the 12th
(47 areas)1
1-month
span
6- mo nth
span
12.8
36.2
15.1
15.7
25.6
12.8
11.9
17.7
44.7
66.0
46.8
70.2
68.1
57.4
39.0
51.2
40.7
28.2
41.6
56.7
100.0
68.1
42.6
28.7
80.9
97.9
97.9
58.1
73.0
80.8
67.2
70.1
75.3
6-month
span
1 -mo nth
span
6-month
span
1-month
span
9-month
span
1-month
span
0.0
0.0
16.7
25.0
33.3
16.7
16.7
16.7
19.0
11.9
40.5
21.4
19.0
55.3
29.8
55.3
61.9
45.2
85.7
59.5
69.0
76.2
78.6
90.5
92.9
90.5
88.1
9-month
span
963. Number of employees on private
nonagricultural payrolls
(172 industries)
1975
6.4
January
February
March
50.0
66.7
April
May
June
83.3
87.5
91.7
91.7
62.5
75.0
100.0
100.0
91.7
75.0
100.0
100.0
July
August
September
83.3
54.2
58.3
83.3
75.0
66.7
100.0
100.0
100.0
100.0
100.0
100.0
50.0
33.3
33.3
16.7
16.7
50.0
58.3
58.3
41.7
83.3
66.7
75.0
100.0
62.5
87.5
100.0
100.0
100.0
83.3
33.3
33.3
16.7
50.0
59.5
69.0
85.7
95.2
90.5
47.6
61.7
61.7
89.4
97.9
85.1
70.2
66.9
62.2
74.1
82.3
83.4
81.7
January
February
March
58.3
66.7
70.8
75.0
91.7
79.2
100.0
100.0
100.0
100.0
100.0
100.0
50.0
33.3
75.0
16.7
66.7
58.3
73.8
33.3
31.0
90.5
64.3
59.5
68.1
36.2
42.6
76.6
78.7
76.6
78.5
77.9
74.1
83.1
81.7
79.9
April
May
June
50.0
54.2
54.2
75.0
66.7
62.5
100.0
62.5
100.0
100.0
100.0
75.0
75.0
75.0
83.3
83.3
83.3
83.3
11.9
92.9
23.8
52.4
19.0
11.9
55.3
27.7
48.9
53.2
23.4
14.9
79.4
66.6
54.1
79.4
70.9
68.6
July
August
September
41.7
37.5
33.3
50.0
54.2
66.7
50.0
66.7
75.0
100.0
66.7
83.3
38.1
23.8
23.8
40.5
50.0
52.4
51.1
27.7
38.3
29.8
63.8
44.7
57.3
47.1
69.8
57.0
57.3
63.7
October
November
December
54.2
58.3
58.3
50.0
58.3
58.3
25.0
100.0
100.0
100.0
100.0
100.0
66.7
41.7
50.0
83.3
83.3
83.3
69.0
73.8
54.8
61.9
71.4
71.4
69.1
55.3
83.0
66.0
72.3
53.2
42.4
69.5
73.0
69.8
73.5
78.5
29.2
50.0
75,0
83.3
66.7
62.5
25.0
100.0
100.0
100.0
100.0
100.0
66.7
75.0
91.7
83.3
83.3
100.0
97.6
47.6
88.1
92.9
81.0
29.8
55.3
66.0
80.9
74.5
74.5
75.0
73.5
82.3
89.0
86.6
83.1
45.8
45.8
50.0
58.3
79.2
54.2
75.0
75.0
100.0
100.0
58.3
83.3
100.0
100.0
100.0
75.0
100.0
42.9
57.1
73.8
69.0
69.0
95.2
29.8
42.6
46.8
61.7
38.3
(NA)
77.6
68.6
63.7
80.5
71.5
68.0
July
August
September
50.0
79.2
50.0
62.5
58.3
75.0
75.0
r61.9
p57.1
70,0
100.0
59.6
42.6
63.8
65.7
50.0
61.3
r68.3
r70.2
p74.3
October
November
December
r70.8
(NA)
r59.9
r73.7
p77.8
October
November
December
..
0.0
25.0
0.0
0.0
0.0
0.0
0.0
0.0
8.3
0.0
1976
75.0
75.0
100.0
100.0
100.0
50.0
1977
January
February
March
April
May
June
2
62.5
55.0
2
100.0
3
75.0
100.0
100.0
100.0
3
100.0
58.3
83.3
83.3
83.3
91.7
"62. 5
83.3
100.0
100.0
"100.0
7.1
9.5
54.8
57.1
rSl.O
r57.1
p35.7
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, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950,951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p"f preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
1
Component data are not available for publication and therefore are not shown in table C2.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
"Excludes series 70 and 95 for which data are not yet available.
ltd)
JANUARY
1978
73
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
|B DIFFUSION INDEXES-Con.
Year
and
month
964. Value of manufacturers' new orders,
durable goods industries (38 industries)
1 -mo nth
span
9-month
span
965. Newly approved
capital appropriations,
deflated, The
Conference Board1
(17 industries)
1 -quarter
span
966. Index of industrial
production (24
industries)
967. Index of industrial
materials prices (13
industrial materials)
1 -mo nth
span
9-month
span
968. Index of stock
prices, 500 common
stocks® {62-65
industries) 2
969. Profits, manufacturing, Citibank
(about 1,000 corporations)
1 -quarter
span
4-Q moving
avg.
1 -mo nth
span
6-month
span
83.3
83.3
83.3
76.9
42,3
88.5
53.8
69.2
65.4
100.0
83.1
53.1
90.8
93.8
95.4
62
'57
68.8
83.3
64.6
68.8
66.7
70.8
53.8
61.5
84.6
69.2
69,2
61.5
31.5
41.5
50.8
89.2
93.8
64.6
57
*55
66.7
68.8
52.1
70.8
70.8
75.0
73,1
46.2
50.0
84.6
76.9
84.6
80.0
43.1
56.2
45.4
56.5
62.9
55
*54
52.1
62.5
60.4
66.7
77.1
83.3
61.5
69.2
61.5
84.6
69.2
42.3
15.4
50.8
91.9
57.3
56.5
48.4
52
*57
50.0
58.3
54.2
81.2
91.7
85.4
69.2
38.5
61.5
53.8
53.8
42.3
46.0
27.4
43.5
33.0
43.5
54.8
54
p56
37.5
75.0
58.3
83.3
75.0
83.3
30.8
34.6
23.1
46.2
38.5
46,2
49.2
37.0
46.0
54.8
29.0
17.7
60
(NA)
60.4
72,9
58.3
62.5
43.8
r62,5
87.5
79.2
p70.8
30.8
42.3
61.5
41.7
45.8
"58.3
56.5
23.4
15.3
26.6
27.4
53
1 -month
span
9-month
span
4-quartor
span ®
1976
54.3
68.6
62.9
97.1
82.9
87,1
56
April
May
June
55.7
50.0
50.0
82.9
82.9
82.9
62
July
August
September
64.3
47.1
50.0
68.6
71.4
80.0
44
October
November
December
40.0
51.4
71.4
85.7
84.3
74.3
59
January
February
March
54.3
54,3
62.9
85.7
82.9
74.3
50
April
May . .
June
37.1
55.7
44.3
80.0
71.4
80.0
74
July
August
September
51.4
71.4
62.9
r82.9
p82.9
P 39
October
November
December
62.9
r62.9
p71.4
January
February
March
. .
*69
*65
'64
*73
1977
(NA)
r54.2
r72.9
p77.1
3
61.5
66.7
61.5
3
9
3
*72
(NA)
(NA)
11.3
66.9
46.8
1978
January
February
March
"80.8
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, 6-month 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, 3-quarter indexes on
the 1st month of the 3d quarter, end 4-quart@r indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index {1-quarter span only). Unadjusted series are indicated by®. The 'Vindicates revised ;"p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
l
This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference
Board.
*Based on 65 components through November 1976, and on 62 components thereafter. Component data are not shown in table C2
but are available from the source agency.
9
Based on 12 components (excluding print cloth),
**Average for January 3, 10, 17, and 24.
74
JANUARY
1978
ItCIt
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
DIFFUSION INDEXES-Con.
Year
and
quarter
971. New orders, manufacturing1®
970. Business expenditures for new plant and
equipment (18 industries)
a. Actual
expenditures
(1-Qspan)
c. Early
anticipations
b. Later "
anticipations
(1-Qspan)
(1-Qspan)
Anticipated
Actual
972. Net profits, manufacturing
and trade 1 ®
973. Net sales, manufacturing
and trade 1 ®
Actual
Actual
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
Anticipated
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
38.9
44.4
38.9
36.1
36.1
41.7
50.0
61.1
66.7
52.8
66.7
61.1
50
54
64
71
72
59
70
73
52
53
58
66
58
66
67
57
58
66
70
75
62
73
74
66.7
80.6
72.2
47.2
61.1
77.8
72.2
63.9
75.0
61.1
66.7
83.3
80
80
78
78
82
84
88
86
76
74
72
74
76
80
84
82
82
81
80
80
82
84
90
87
66.7
75.0
88.9
61.1
72.2
69.4
58.3
66.7
66.7
66.7
72.2
80
83
82
80
86
88
84
71
74
74
78
80
84
82
80
81
84
82
86
90
86
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
(NA)
(NA)
(NA)
(NA)
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
79
82
61.1
86
DIFFUSION INDEXES-Con.
Year
and
quarter
974. Number of employees,
manufacturing and trade1®
975. Level of inventories,
manufacturing and trade1®
976. Selling prices, manufacturing1 ®
977. Selling prices, wholesale
trade 1 ®
978. Selling prices, retail
trade1 ®
Actual
Actual
Actual
Actual
Actual
Anticipated
Anticipated
Anticipated
Anticipated
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
44
44
48
52
53
48
54
54
58
52
56
57
64
54
50
54
81
78
78
78
86
76
68
74
80
79
81
81
87
74
70
76
80
84
86
57
58
58
58
56
60
62
60
62
65
68
69
60
64
70
80
82
80
82
75
78
80
80
84
80
80
80
82
82
84
86
86
92
86
81
82
84
86
60
59
61
(NA)
59
60
61
59
74
72
74
(NA)
65
68
72
70
86
86
87
(NA)
78
81
86
82
87
86
88
(NA)
80
86
86
84
90
86
92
(NA)
86
84
89
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span;
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
75
72
79
1976
First quarter ..
Second quarter
Third quarter.,
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
59
67
82
84
90
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The Vindicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 39.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
IICII JANUARY
1978
75
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
^J SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components
1977
May
June
July
August
September
Novemberr
October
December'3
961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING '
(Average weekly hours)
All manufacturing industries
+
Psrcsnt rising of 21 compononts
40.4 +
40.5
40.2
(57)
(74)
(10)
(55)
40.8
39.9 +
38.9
40.3
40.4
38.8
40.2
39.6
39.0
+
40.3
o
+
40.3
(57)
+
40.4
(81)
40.5
40.3
(57)
(36)
Durable goods industries:
Ordnance and accessories
...
L u nib or and wood products
Furniture and fixtures
+
o
+
41.1
40.0
38.7 +
Stone clay and glass products. . . .
Primary metal industries
+
41.6
41.5
o
o
41.6
41.5
41,4
41.1
+
+
41.0 +
41.6 +
41.3
42.0
41.0
41.8
o
40.9
41.8
+
+
40.2 +
42.5 +
40.4
42,8
40.2
42.0
+
+
+
o
40,4 +
39.0 +
40.7
39.3
40.3
38.7
o
+
Food and kindred products
Tobacco manufactures
+
40.0 o
38.4 +
40.0
38.7
39.8
38.6
Textile mill products
Apparel and other textile products .
o
+
40.5
35.6 +
40.3
35.8
40.1
35.3
43.1
37.7 +
42.7
37.8
41.7 +
42.6 +
41.9
43.1
41.7
42.8
+
+
41.8
43.0
41.3
37.1 +
41.2
37.2
40.6
36.8
+
+
40.8
37.3
Fabricated metal products .
Machinery except electrical
.
....
Electrical equipment gnd supplies
Transportation equipment
.
Instruments and related products
Miscellaneous manufacturing industries
+
o
+
+
+
40.6
40.0
39.2
+
+
+
r40.8
r40.1
r39.5
+
o
40.2
40.5
39.5
41.0
40.9
+
+
r41.1
r41.3
+
o
41.7
41.3
o
o
40.9
41.8
+
+
41.1
42.0
o
41.1
41.9
40.3
42.3
o
+
40.3
42.6
o
+
r42.7
40.3
38.8
o
+
40.3
39.0
+
+
40.6
39.1
39.7
37.8
+
39.5
38.6
o
-
41.4
41.0
40.3
+
40.8
39.9
0
39. 5
o
41.4
41.3
41,0
41.8
+
40.2
42.5
40.5
41.5
+
40.4
39.2
r38.2
+
+
39.8
38.7
+
+
40.6
35.7
+
+
40.7
35.8
+
43.1
37.8
o
40.0
39.2
Nondurable goods industries:
Papur and allied products
Printing and publishing
...
,
42.9
37.6
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products n e c
I eather and leather products
o
+
+
+
+
40.2
35.5
+
40.3
35.3
+
+
r40.5
r35.6
42.4
37.7
+
+
42.7
38.0
+
-
r37.9
o
42.7
37.9
41.7
42.8
41.6
+
r43.2
+
+
41.7
43.3
40.7
37.6
+
+
r37.7
o
o
40.9
37.7
+
62,503
-
+
964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES'
(Millions of dollars)
+
All durable goods industries
PQrcGnt rising of 35 components
Primary metals
..
Fabricated metal products
....
.
Machinery except electrical
Electrical machinery . .
Transportation equipment
..
Other durable goods industries
.,
59,176 (56)
+
9,079
7,337
58,378 (44)
56,031
+
(51)
39.5
58,270
+
59,048
40.9
+
41.4
43.6
40.8
37.2
2
(63)
(71)
42.8
39.5
37.6
(63)
61,984
+
(63)
65,373
(71)
7,959 «7,236
8,311
6,798
+
+
8,576
7,346
+
-
8,692
7,204
+
8,094
7,759
+
+
8,901
8,051
-
8S772
7,674
+
+
10,143 +
7,163
10,394 6,866 »-
10,130
6,901
+
+
10,897
6,973
+
10,823
7,070
+
+
11,162
7,112
+
10,717
7,762
+
-
11,902
7,748
...... ....
-
14,179 +
11,275 -
14,725 11,198 i-
12,667
11,224
+
12,417
12,061
+
+
13,145
12,114
+
+
16,141
12,235
-
14,413
12,140
+
+
16,557
12,720
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: 1+) - rising, (o) = unchanged, and H - falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Data for most of the 35 diffusion index components are not available for publication; however, thay are all included in the
totals and directions of change for six major industry groups shown here.
76
JANUARY
1978
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
1977
Diffusion index components
August
July
June
May
September
1
October "
November
r
December13
966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100}
All industrial production
+
2
Percent rising of 24 components
Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
. ..
....
Paper and printing
Paper and products
Printing and publishing
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products
Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
. ..
137.8
+
(58)
138.7
138.5 +
(62)
(44)
138.8 + 139.3 +
(54)
(73)
139.6
(77)
- 109.0 +
- H33.6 +
111.9 111.2
113.7 134.4 + 135.2 + 136.0
145.7
143.6
125.6
159.0
+
-
+
147.4 +
+ r!44.6
+ 125.5
+ 160.3 +
148.2
144.2
124.1
161.8
+
+
148.0
132.9
+ 148.8 - 145.5 +
- 131.8 + H37.1
139.9
148.4
+
+
143.0
150.4
142.9 + 145.6 +
- 147.5 + 150.7
135.4
122.1
+
137.2
121.1
- 136.6 + H40.7 +
+ 124.1 + 127.7 +
+ 74.5
74.0 +
143.2 + 143.6
129.2
(NA)
76.8 o 76.8
+ 140.3
+ 125.0
137.7 + 138.0 +
124.8 - 124.7 +
139.4
126.5
180.8
141.2
237.2
142.0
+
114.7
130.8
+
114.4
132.0
+
+
142.6
141.8
120.3
157.4
+
+
+
+
144.0
142.6
123.7
158.2
+
+
+
+
o
+
145.0
133.0
+
-
147.7
132.4
+
+
137.5
148.0
+
+
+
+
+
136.0
123.5
-
+
+
139.5
124.4
-
+
182.8
142.4
232.4
+
+
+
+
138.1 +
- 112.5
+ 134.0
117.1
128.2
0
74.1
139.3
124.1
+
139.2
124.9
+
+
183.5
140.0
235.2
+
o
182.6
140,4
235.2
138.3
105.2
+
136.9
119.2
122.4
118.3
+
+
133.4
121.3
120.5
123.0
+
-
121.3
122.5
76.2
-
(62)
+
+
....
Lumber, clay, and glass
Clay, glass and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
+
(73)
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products
Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments
137.0
74.1
+
+
138.3
114.5
145.2
143.9
124.3
158.3
- 139.1
- H24.2 +
o 182.6 - H81.3
139.9 + 141.9
+
237.4 + r239.5
+ 139.3
+ 117.0
-
r!38.3
113.5 0
+
148.9 +
+ 145.1 +
121.9 +
- 161.3 +
147.3 + 150.9
136.2 +
137.4
146.5 + 146.6
149.9 + 151.2 +
+ 183.0
+ 141.5 +
+
240.0
137.6 +
113.5
138.4
(NA)
120,7
120.6
- 113.6 + 133.0 +
- 119.3 + rl!9.6
141.4
118.9
101.9
126.7
70.0 + 71.4 +
- 125.0 + 126.7 o
79.8 + 84.6
126.7 + 128.3
- 140.6
- 117.2 +
150.4
146.6
122,2
162.0
(NA)
(NA)
(NA)
152.5
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
74.6
117.8
(NA)
(NA)
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) - falling. The "r " indicates revised;
"p", preliminary; and "NA", not available.
1
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
JANUARY 1978
77
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE-Con.
H| SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Chango-Cun.
Diffusion index components
1978
1977
May
August
July
June
September
October
November
January 1
December
967. INDEX OF INDUSTRIAL MATERIALS PRICES 2
Industrial materials price index (1967^100) . . . . Porcont rising of 13 components
218.1 (35)
206.4
-
(23)
204.1
-
202.7 +
(42)
(31)
202.9 +
(62)
204.7 (62)
203.8 +
3
(67)
+ 219,7
210.9
(62)
(81)
Dollars
Copper scrap
(pound). . (kilogram). .
0.433 0.955
0.425
0.937
-
0.400
0.882
-
0.362 +
0.798
0.400 +
0.882
0.422 +
0.930
0.431 +
0,950
0.482
1.063
+
0.522
1.151
Lead scrap
(pound). . (kilogram). .
0.119 0.262
0,112
0.247
-
0.110
0.243
0
0.110 +
0.243
0.112 o
0.247
0.112 +
0.247
0.121 +
0.267
0.128
0.282
-
0..127
0.280
Steel scrap
(U S ton)
(metric ton). .
62.644 69.052
60.380
66.557
- 55.877
61.593
+
56.256 +
62.011
60,190 66.347
51.760 57,055
48.574 +
53.543
64.835
71.468
+ 75.789
83.542
(pound). . +
(kilogram). .
4.341 9.570
4.269
9.411
+
4.601
10.143
+
5.038 +
11.107
5.254 +
11.583
5.935 +
13.084
6.189 13.644
6.154
13.567
-
5,810
12,809
(pound). . (kilogram), .
0.351 0.774
0.342
0.754
+
0.343
0.756
-
0.341 +
0,752
0.344 0,758
0.319 0.703
0,311 0.686
0.304
0.670
+
0.305
0.672
(yard). . o
(meter). .
0.176 +
0.192
0.181
0.198
+
0.188
0.206
+
0.196 +
0.214
0.203 +
0.222
0.247 0.270
0.217 +
0.237
0.234
0,256
+
0.237
0.259
(pound), . (kilogram). ,
0.710 1,565
0.597
1.316
-
0.564
1.243
-
0.504 1.111
0.476 +
1,049
0.480 +
1.058
0.488 +
1.076
0.490
1.080
+
0,516
1.138
(yard). . (meter). .
0.586 f
0.641
0.593
0.649
-
0.588
0.643
-
0.587 0.642
0.583 o
0.638
0.583
0.638
0.526
0.575
0
0.526
0.575
Wool tops
(pound)
(kilogram). .
2.616 5.767
2.604
5.741
-
2.534
5.586
-
2.512 5.538
2.502 +
5.516
2.544 +
5.608
2.579 t5.686
2,597
5.725
+
2.643
5,827
Hides
(pound). . +
(kilogram). .
0.415 0.915
0.377
0.831
-
0.359
0.791
+
0.394 0.869
0.371 +
0.818
0,385 +
0,849
0.405 *•
0.893
0.451
0,994
+
0,498
1.098
(100 pounds). +
(100 kilograms). .
29.261 «•
64.509
29.812
65.723
- 28.905
63.724
-
28.614 63.082
28,274 62.333
28.190 62.148
27.996 61.720
27.832
61.358
Rubber
(pound). . (kilogram). .
0.386 0.851
0.374
0,825
+
0.393
0.866
+
0.409 +
0.902
0.468 1.032
0.461 +
1.016
0.473 1.043
0.431
0,950
+
0.439
0.968
Tallow
(pound). . +
(kilogram). .
0.185 0.408
0.166
0.366
-
0.162
0.357
-
0.135 +
0.298
0.145 +
0.320
0.153 ^
0.337
0,161 «•
0.355
0.164
0.362
+
0.170
0.375
Tin
,.
Zinc
Burlap
,
Cotton, 12-market average
Print cloth, average
Rosin . .
..
...
.
..
(NA)
(NA)
+ 27.859
61.418
NOTE: Ta facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) s rising, (o) ~ unchanged, and (-) ~ falling. The "r" indicates revised;
"p", preliminary; and "NA", not available,
Average for January 3, 10, 17, and 24.
'Series components arc seasonally adjusted by the Bureau of Economic Analysis. The industrial materials price index is not
seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.
"Based on 12 components.
78
JANUARY
1978
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT
GNPAND PERSONAL INCOME
Year
and
quarter
50. Gross national product in 1972 dollars
200. Gross national product in current dollars
c. Percent
change at
annual rate
b. Difference
a. Total
(Ann. rate,
bil. dol.)
b. Difference
a. Total
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
c. Percent
change at
annual rate
(Ann. rate,
bil. dol.)
217. Per capita
GNPin1972
dollars
213. Final sales
in 1972 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil. dol.)
1974
First quarter ..,
Second quarter ,
Third quarter..,
Fourth quarter
4.2
9.4
8.9
6.4
1,230.2
1,224.5
1,216.9
1,199.7
-12.4
0.2
1,169.8
1,188.2
1,220.7
1,229.8
-29.9
1,256.0
1,271.5
1,283.7
1,287.4
26.2
1,311.0
1,330.7
1,347.4
pi,361.4
23.6
1,369.0
1,400.1
1,430.1
1,452,4
13,9
31.1
30.0
22,3
1,453.0
1,496.6
1,564.9
1,600.7
0.6
43.6
68,3
35.8
1,651.2
1,691.9
1,727.3
1,755.4
50.5
40.7
35.4
28,1
13.2
10.2
1,810.8
1,869.9
1,915.9
pi,965.1
55.4
59.1
46.0
13.2
13.7
10.2
p49.2
plO,7
-5.7
-7.6
-17,2
-3.9
-1.8
-2,4
-5.5
5,820
5,784
5,736
5,644
1,216.2
1,215.3
1,214,9
1,192,9
-9.6
6.4
3.0
5,495
5,571
5,709
5,740
1,189.7
1,206.2
1,217.8
1,234.4
5.1
3.9
1.2
5,853
5,915
5,960
5,965
1,246.3
1,259.4
1,269.8
1,289,2
7.5
6.2
6,064
6,143
1,301.2
1,317.5
1,331.8
pi,353.8
1975
First quarter ..
Second quarter
Third quarter.,
Fourth quarter
12.5
19.5
9.5
18.4
32.5
11.4
9.1
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
8.6
6.7
15.5
12.2
3.7
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
19.7
16.7
p!4.0
GNP AMD PERSONAL INCOME-Con.
Year
and
quarter
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
6,207
p6,258
PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars
Disposable personal income
224. Current dollars 225. Constant
(1972) dollars
5.1
p4.2
231. Total in 1972
dollars
232. Durable goods
in current dollars
233. Durable goods
in 1972 dollars
227. Per capita in
1972 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil, dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil.dol.)
1974
First quarter ..
Second quarter
Third quarter..
Fourth quarter
949.5
973.1
999.7
1,016.2
846.7
843.1
843.0
835.1
4,006
3,982
3,974
3,929
854.0
879.2
909.0
916.2
761.6
761,7
766.6
752.9
119.5
122.1
127.7
118,7
115.4
114.8
115.6
104.3
1S025.4
1,092.2
1,095.7
1,124.1
828.8
871.1
859.1
870.2
3,893
4,084
4,018
4,062
936.5
965.9
995.1
1,024.1
756.9
770.4
780.2
792.8
122.8
127.8
136.7
144.3
106.2
109.0
115.4
120.2
1,153.3
1,174.1
1,193.3
1,222.6
881.5
887.8
890.7
901.5
4,107
4,130
4,135
4,177
1,056.0
1,078.5
1,102.2
1,139.0
807.2
815.5
822.7
839.8
153.3
156.7
159.3
166.3
125.4
126.7
127.1
130.7
1,252.4
1,292.5
1,323.8
pi,365.9
908.4
924.5
934.4
p953.6
4,202
4,268
4,305
p4,383
1,172.4
1,194.0
1,218.9
pi,255.3
850.4
854.1
860.4
177,0
178.6
177.6
p!84.6
136.9
137.9
136.5
p!40,8
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
p876.4
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41 and 42.
ItCII
JANUARY
1978
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
^flj GROSS PRIVATE DOMESTIC INVESTMENT
|Q PERSONAL CONSUMPTION EXPENDITURES-Con.
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil.dol.)
238. Nondurable
goods in 1972
dollars
(Ann. rate,
bil.dol.)
237. Services in
current dollars
(Ann. rate,
bil.dol.}
239. Services in
1972 dollars
(Ann. rate,
bil.dol.)
240. Total in
current dollars
(Ann. rate,
bil.dol.)
241. Total In
1972 dollars
(Ann. rate,
bil.dol.}
242. Fixed investment, total, in
current dollars
243. Fixed investment, total, in
1972 dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
1974
First quarter ...-,...
Second quarter
Third quarter
Fourth quarter
360.6
372.1
383.9
388.5
305.0
303.8
305,3
301.2
374.0
385.0
397.4
408.9
341.1
343.2
345.6
347.4
217.3
219.9
210.7
210.4
197.4
189.8
176,6
170.6
203.6
207.0
208.4
203.6
183.5
180.6
174.6
163.8
394.0
406.4
415.0
421.9
301.8
308.4
308.6
311.5
419.7
431.7
443,4
457.9
349.0
353.0
356.2
361,2
175.1
171,2
205.4
204.7
133.0
130.9
153.1
149.2
197.1
196.3
200.5
208.4
152,9
148,9
150.2
153.8
430.4
437.1
444.7
458.8
316.1
319,3
321.5
329.4
472.4
484.6
498.2
513,9
365.6
369.6
374.0
379.7
231.3
244.4
254,3
243.4
168.1
175.2
179.4
169.2
216.8
226.1
232.8
244.3
158.4
163,1
165.6
171.0
466.6
474.4
481.8
p497.7
329,7
330.0
332.4
P340.9
528.8
541.1
559.5
P572.9
383.8
386.3
391.4
p394.7
271.8
294.9
303.6
p307.0
186,7
197.2
200.8
p!97.6
258,0
273,2
280.0
p295,l
177.0
184.0
185.1
p!90.0
1975
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Sscond quarter
Third quarter
Fourth quarter
B
Year
and
quarter
GROSS PRIVATE
DOMESTIC INVEST ,-Con.
245. Change in
business inventories in current
dollars
(Ann. rate,
bil.dol.)
KM GOVERNMENT PURCHASES OF GOODS AMD SERVICES
30. Change in
business inventories in 1972
dollars
260. Total in
current dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil.dol.)
261. Total in
1972 dollars
(Ann. rate,
bil.dol.)
262. Federal
Government in
current dollars
263. Federal
Government in
1972 dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
266. State and
local government
in current dollars
267. State and
local government
in 1972 dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
1974
First quarter
Second quarter
Third quarter
Fourth quarter
13.7
12,9
2.3
6.8
13.9
9.2
2.0
6.8
287.3
297.8
308.0
317.5
256.2
257.6
258.5
258.3
105,7
108.9
113.0
116.9
95.8
95.4
96.4
95.7
181,6
188.9
195.0
200.7
160.4
162.2
162.1
162.6
326.0
335.2
343.5
351.0
259.4
262.3
264,8
265.4
119.6
121.8
123.8
128.1
96.0
96.5
96.9
97.4
206.4
213.3
219.7
222.9
163.4
165.8
167.8
168.0
353.6
358.9
363.0
370.0
263.9
264.5
264.6
264,6
127.6
128.5
130.2
134.2
96.4
96.1
96.7
97.1
225,9
230.4
232.7
235.8
167.5
168.4
168.0
167,5
374.9
390.6
400.9
p413.6
263.3
270.0
274.0
p276.8
136.3
143.6
148.1
p!53.8
97.0
238.5
247.0
252,9
p2S9.8
166.4
168.9
170.7
p!72,8
1975
First quarter
Seeond quarter
Third quarter
Fourth quarter
-22,0
-25.1
4.9
-3.6
-20.0
-18.0
2.9
-4.6
1976
First quarter ...
Second quarter
Third quarter .
Fourth quarter
14,5
18.3
21.5
-0.9
12.1
13.8
-1.8
13.8
21.7
23,6
pll.9
13,2
15.7
p7.7
9.7
1977
First quarter
Second quarter
Third quarter
Fourth quarter
9.7
101.1
103.3
p!04.1
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 42,43, and 44.
JANUARY
1978
ICCII
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT—Con.
I
FOREIGN TRADE
Year
and
quarter
Net exports of
goods and services
252. Current
dollars
255. Constant
(1972) dollars
250. Current
dollars
(Ann. rate,
bil.dol.)
Imports of goods
and services
Exports of goods
and services
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
256. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
NATIONAL INCOME
AND ITS COMPONENTS
220. National income in current
dollars
280. Compensation of
employees
257. Constant
(1972) dollars
253. Current
dollars
(Ann. rate,
bil.dol.)
{Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
1974
First quarter ..
Second quarter
Third quarter..
Fourth quarter
10.4
3.2
2.4
8.2
15.0
15.4
15.3
17.9
126.4
134.2
140.6
150.5
92.9
93.3
91.7
94.1
116.0
131.0
138.2
142.3
77.9
77.9
76.4
76.2
1,108.5
1,128.4
1,147.1
1,159.9
845.9
866.8
888.2
902.2
15.4
24.3
20.8
20.8
20.5
24.5
22.7
22.3
147.4
142.7
146.9
152.1
89.7
87.4
89.7
92.8
131.9
118.3
126.1
131.3
69.2
62.9
67.0
70.6
1,156.0
1,191,4
1,244.9
1,275.7
904.6
914.4
936.7
965.6
10.2
10.2
16.8
16.4
17.0
13.8
153.9
160.6
168.4
168.5
93.1
95.2
97,9
96.9
143.7
150.4
160.6
165.6
76.3
78.9
80.9
83.1
1,321.0
1,353.9
1,379.6
1,402.1
999,6
1,024.9
1,046.5
1,074.2
10.6
170.4
178.1
179.9
p!74.3
96.9
98.5
99.8
p'96.8
178.6
86.3
187.7
187.4
p!85.1
89.1
1,450.2
1,505.7
1,540.5
(MA)
1,109.9
1,144.7
1,167.4
pi,201,3
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
7.9
3.0
1977
-8.2
-9.7
-7.5
First quarter ..
Second quarter
Third quarter..
Fourth quarter
p-10.8
9,4
12.2
plO.6
87.6
p86.2
NATIONAL INCOME AND ITS COMPONENTS-Con.
Year
and
quarter
282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann, rate,
bil.dol.)
284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil.dol.)
286. Corporate
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)
SAVING
288. Net interest
(Ann. rate,
bil.dol.)
290. Gross saving
(private and government)
(Ann. rate,
bil.dol.)
295. Business
saving
292. Personal
saving
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
1974
First quarter ..
Second quarter
Third quarter..
Fourth quarter
91.0
86.1
84.7
83.3
21.1
21.0
21.5
21.9
90.1
86.3
80.1
77.6
60.3
68.2
72.6
74.9
208.2
209.4
198.4
201.4
139.3
137.3
131.9
142.9
73.0
70.9
66.9
75.9
78.9
84.3
90.4
90.4
22,1
22.3
22.2
22.6
74.0
92.7
115.6
114.7
76.4
77.6
79.9
82.3
175.6
183.6
209.8
211.4
155.1
175.2
192.1
194.5
103.1
76.7
75.5
86.9
90.4
86,2
88.7
23.0
22.9
23.3
24.1
126.5
129.2
133.5
123.1
85.0
86.5
90.1
92.0
228.9
242.1
244.8
232.2
203.6
205.0
212.5
205.3
72.4
70.3
64.8
56.3
95.1
24,5.
24.9
25.5
p26.4
125.4
140.2
149.0
(NA)
95.3
98.9
211.5
277.2
51.4
68.5
73.3
p77,8
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
65.4
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
97.0
95.5
p!04.2
103.1
p!06.4
251.4
284.5
(NA)
223.6
237.2
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 45,46, and 47.
ItCII
JANUARY 1978
81
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT—Con.
i
i
| SHARES OF GNP AND NATIONAL INCOME
Q SAVING=Con.
Yoar
and
quarter
298. Government
surplus or deficit,
total
(Ann. rate,
bil.dol.)
293. Personal
saving rate
(percent of disposable personal
income)
(Percent)
Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)
248. Nonrssidential
fixed investment
249. Residential
fixed investment
24?. Change in
business inventories
(Percent)
(Percent)
(Percent)
(Percent)
251. Net ex parts of
goods and services
1974
First quarter
Second quarter .
Third quarter
Fourth quarter
-17.4
7.7
7.3
6.7
7.5
62.4
62.8
63.6
63.1
10.6
10.7
10.7
10.5
4.3
4.0
3.8
3.5
-44.9
-94.7
-59,0
-58.7
6.4
9,4
7.0
6.7
64.5
64.5
63.6
64.0
10.3
9.9
9.5
9.4
3.3
3.2
3.3
3.6
-47.1
-33.3
-32.4
-29.4
6.3
6.0
5.4
4.6
64.0
63.7
63.8
64.9
9.4
9.4
9.5
9.5
3.7
3.9
3.9
4.4
-11.5
-14.9
-26.0
4.1
5.3
5.5
64.7
63.9
63.6
9.8
9.8
9.8
4.5
4.9
4.8
4.0
1.2
-0.3
0.8
0.2
0.2
0.6
1.0
0.9
0.2
0.5
1975
First quarter
Second quarter
Third quarter .....
Fourth quarter
1.1
1.6
1.3
1.3
-1.5
-1.7
0,3
-0.2
1976
First quarter
Second quarter
Third quarter
Fourth quarter
0.6
0.6
0,5
0.2
0.9
1.1
1.2
-0.1
1977
First quarter ......
Second quarter
Third quartor
Fourth quarter
p5.7
(NA)
p63.9
0.8
1.2
1.2
p5,l
p9.9
-0.4
-0.5
-0.4
p-0.5
pO.6
^9 SHARES OF GNP AND NATIONAL INCOME-Con.
Year
and
quarter
Percent of GNP-Con.
265. Federal Govt.
purchases of goods
and services
(Percent)
Percent of National Income
268. State and
local govt. purchases of goods
and services
(Percent)
64. Compensation of
employees
(Percent)
283. Proprietors'
income with IVA
and CCA 1
285. Rental income
of persons with
CCA
1
(Percent)
(Percent)
287. Corporate
profits with IVA
and CCA 1
389. Net interest
(Percent)
(Percent)
1974
First quarter
Second quarter .
Third quarter
Fourth quarter . . .
7.7
7.8
7.9
8.0
13.3
13.5
13.6
13.8
76.3
76.8
77.4
77.8
8.2
7.6
7.4
7.2
1.9
1.9
1.9
1.9
8.1
7.6
7.0
6.7
5.4
6.0
6.3
6.5
8.2
8.1
7.9
8.0
14.2
14.3
14.0
13.9
78.3
76.8
75.2
75.7
6.8
7.1
7.3
7.1
1.9
1.9
1.8
1.8
6.4
7.8
9.3
9.0
6.6
6,5
6.4
6.5
7.7
7.6
7.5
7.6
13.7
13.6
13.5
13.4
75.7
75.7
75.9
76.6
6.6
6.7
6.2
6.3
1.7
1.7
1.7
1.7
9.6
9.5
9.7
8.8
6.4
6.4
6.6
6.6
7.5
7.7
7.7
13.2
13.2
13.2
76.5
76.0
75.8
(NA)
6.6
6,4
6.2
1.7
1.7
1.7
8.6
9.3
9.7
6.6
6,6
6.7
1975
First quarter
Second quarter
Third quarter ,
Fourth quarter
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
p7.8
p!3.2
(NA)
(NA)
(NA)
(NA)
IMOTi: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 47 and 48.
X
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
82
JANUARY
1978
KCIt
OTHER IMPORTANT ECONOMIC MEASURES
B
PRICES, WAGES, AND PRODUCTIVITY
Q| PRICE MOVEMENTS
Implicit price deflator,
gross national product
Year
and
month
310. Index
(1972=100)
310c. Change
over 1-quarter
spans1
(Ann. rate,
percent)
Fixed weighted price index,
gross business product
311. Index
(1972=100)
31 1c. Change
over 1-quarter
spans1
Consumer prices, all items
320. Index ® 320c. Change
over 1-month
spans1
Consumer prices, food
320c. Change
over 6-month
spans1
322. Index
322c. Change
over 1-month
spans1
322c. Change
over 6-month
spans1
(Percent)
(Ann. rate,
percent)
(1967-100)
(Percent)
156.1
157.2
157.8
0.8
0.6
0.4
8.0
7.1
7.1
171.1
171.2
171.0
0.6
0,1
-0.1
5.7
4.9
5,5
6.6
158.6
159.3
160.6
0.5
0.4
0.8
7.4
6.8
7.0
171.3
172.5
174.6
0,2
0.7
1.2
8.0
7.5
8.2
7.6
162.3
162.8
163.6
0.9
0.3
0.4
7.2
7.4
6.8
177.8
177,5
177.9
1.8
0.2
9.8
9.2
7.5
5.9
164.6
165.6
166.3
0.6
0.5
0.5
6.1
5.7
5.3
179.5
180.3
181.0
0.9
0.4
0.4
3.7
2.3
0,7
4.3
166.7
167.1
167.5
0,6
0.1
0.2
4.9
5.1
5.0
181.1
179.5
178.5
5.3
168.2
169.2
170.1
0.4
0.7
0.4
4.7
5.5
5.7
179.4
180.8
181.2
0.5
0.8
0.2
0.3
2.6
3.8
4.5
171.1
171.9
172.6
0.5
0.5
0.3
5.5
4.8
4.8
181.4
181.8
181.9
0.1
0.2
0.1
3.1
1.0
0.8
5.5
173.3
173.8
174.3
0.3
0.3
0.4
5.5
6.5
7.1
182.2
181.7
181.9
0.2
-0.3
0.1
2.3
5.9
7.0
175.3
177.1
178.2
0.8
1.0
0.6
8.0
8.7
9.0
183.5
187.1
188.2
0.9
2,0
0,6
12.1
13.6
179.6
180.6
181.8
0.8
0.6
0.6
8.1
6.8
6.1
191.0
192.4
193.9
1.5
0.7
0.8
182.6
183.3
184.0
0,4
0.3
0.3
5.1
4.8
4.4
194,0
194.5
194.7
0.1
0.3
0,1
184.5
185.4
186.1
0.3
0.5
0.4
194.9
196.1
196.5
0.1
0.6
0.2
(Ann. rate,
percent)
(1967=100)
(Ann. rate,
percent)
1975
January
February
March
124.*2
April
May
June
126!6
9.0
10.8
124*.5
5.7
126!5
7.3
July
126\8
12&\2
August
September
October
November
December
6.3
13C)'.2
130 '.7
-0.2
1976
January
February
March
....
4.1
132J
13K5
April
May
June
133J
July
August
September
134^6
October
November
December
136\4
4.9
133^8
4.6
135.*3
5.4
137.'i
0.1
-0,9
-0.6
-0.1
0.6
0.2
1977
6.8
5.3
January
February
March
138J
April
May
June
140.5
July
August
September
142.2
October
November
December
pl44!3
139.'i
7.5
7.1
141.9
5.0
4.8
143.6
p5.2
p6.2
pl45.*5
9.9
11.8
8.1
7.0
4.1
3.9
2.7
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
1
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
JANUARY 1978
83
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Q| PRICE MOVEMENTS-Con.
Wholesale prices, all commodities
Year
and
month
330. Index®
(1967-100)
330e. Change
over 1 -month
spans1
(Percent)
Wholesale prices, industrial commodities
330e. Change
over 6-month
spans1
(Ann. rate,
percent)
335. Index®
335c. Change
over 1 -month
spans1
(1967=100)
(Percent)
335c. Change
over 6-month
spans1
(Ann. rate,
percent)
Wholesale prices, crude materials
331. Index
331 c. Change
over 1-month
spans1
331 c. Change
over 6-month
spans1
(1967-100)
(Percent)
(Ann. rate,
percent)
1975
2.1
0.3
1.4
167.5
168.4
168.9
0.9
0.3
0.1
5,5
4.1
4.2
189.8
187.9
182.8
-2.5
-1.0
-2,7
-7.3
-3.2
2.0
0.9
0.5
0.1
2.8
5.4
7.6
169.7
170.3
170.7
0.3
0.2
0.3
2.8
3.5
4.8
192.6
198.8
196.5
5.4
3.2
10.9
13.5
23,3
175.7
176.7
177.7
0.8
0.8
0.6
8.2
7.2
7.2
171.2
172.2
173.1
0.2
0.6
0,8
6.4
7.3
7.9
199.9
200.2
203.0
178.9
178.2
178.7
1.2
0.0
0.1
6.0
4.0
3.2
174.7
175.4
176.1
1.0
0.6
0.6
9,0
8.1
7.3
205.3
202.9
201.6
0.3
0.2
2.6
3.0
3.9
177.4
178.1
179.0
0.7
0.2
0.4
5.9
5.0
5.0
201.9
202.4
199.4
0.9
0.2
0.5
4.2
4.2
5.1
180.1
180.5
181.5
0.4
0.2
0.6
4.8
5.6
6.4
208.9
208.2
309.7
-0.3
0.7
7.1
0.0
2.7
0,4
182.7
183.8
184.8
0.6
0,6
0,8
7.4
8,4
7.8
208.9
202,4
202.1
-0.4
-3.1
-0.1
-6,3
-1.1
-1.4
186.3
187.1
187.4
0.9
0.6
0.3
7.7
7.9
7.8
202, .2
207 J
208 ,,2
0.0
2.4
0.5
-0.1
16,6
19.4
188.4
190.1
191.7
0.5
0.7
0.7
7.3
6.7
r6.7
208.8
218.6
220.8
0.3
4.7
1.0
29.3
20.0
6.5
4.1
1,6
-13.3
-15.0
January
February
March . .
171.8
171.3
170.4
April
May
June
172.1
173.2
173.7
July
August
September
October
November
December
0.1
-0.5
-0.4
-1.2
1.7
0.2
1.4
13.6
4.2
5,3
1.1
2.0
2.2
-3.5
-1.2
-0.6
1976
January
February
March
179.4
179.4
179.7
April
May
June
181.3
181.9
183.2
July
August
September
184.4
183.8
184.8
0.7
4.2
5.0
5.3
October
November
December
185.3
185.6
187.1
0.5
0,6
0.6
5,5
8.0
8.9
188.1
190.2
192.0
0.5
1.0
1.1
194.3
195.2
H94.5
1.1
0.4
r-0.6
5.7
3.7
2.5
193.3
194.2
r194.7
0.6
0.4
0.3
6.6
6.2
6.4
229.9
226.9
214.9
July
August
September . .
194.9
194.6
195.3
r-Q.2
0.1
0.5
2,0
2.7
4.8
195,8
196.9
197.8
0.5
0.5
0.8
6.2
6.3
6.7
210.5
203.6
203.6
October
November
December
196.3
197.0
198.2
0.8
0.7
0,5
199.1
199.2
200.0
0.6
0.4
0.5
-0.2
-0.2
0.1
0,2
3.5
5.3
8.2
-1.5
4.8
1977
January
February
March
April
May
June
10.2
9.7
r7.0
206.0
213.0
215.8
-1.3
-5.3
-2,0
-3.3
-19.9
-11.9
0,8
0.0
1.2
3.4
1.3
NOTS; Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
Percent changeB are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.
84
JANUARY
1978
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Q| PRICE MOVEMENTS~Con.
Wholesale prices, intermediate materials
Year
and
month
332. Index
(1967=100)
332c. Change
over 1 -month
spans1
(Percent)
332c. Change
over 6-month
spans1
(Ann. rate,
percent)
Wholesale prices, producer finished goods
333. Index
(1967=100)
333c. Change
over 1 -month
spans1
(Percent)
333c. Change
over 6-month
spans1
(Ann. rate,
percent)
Wholesale prices, consumer finished goods
334. Index
(1967=100)
334c. Change
over 1 -month
spans1
(Percent)
334c. Change
over 6-month
spans1
(Ann, rate,
percent)
1975
January
February
March
April
May
June
.
157.0
158.3
159.8
1.3
0.8
0.9
0,2
1.8
160.8
161.4
161.9
179.6
179.4
178.6
0.4
2.7
-0.1
-0.4
-0.7
-1.1
179.3
178.5
177.9
-0.4
-0.3
0.4
-0.9
9.1
159.3
158.7
158.3
0.6
0.4
0.3
7.7
6.3
5.8
160.3
161.9
163.3
1.3
1.0
0,9
12.8
10.3
0.4
-0.4
-0,3
5.7
3.8
6.0
6.8
8.5
10.9
July
August
September
178.8
179.6
180.2
0.5
0.4
0,3
3.3
4.8
6.0
162.9
163.2
164.4
0.6
0.2
0.7
6.4
6.9
7.3
164.6
165.3
166.7
0,8
0.4
0,8
9.8
7.7
6.1
October
November
December
182.2
182.7
183.2
1.1
0.3
0.3
6.5
6.6
6.9
165.9
166.9
167.7
0.9
0,6
0.5
7.6
8.3
7.8
168.0
168.0
168.2
0,8
0.0
0.1
4,4
2.1
0.0
January
February
March
184.5
185.4
186.3
0.7
0.5
0.5
5.3
5.4
6.1
169.0
169.8
170.7
0.8
0.5
0.5
6.9
6.0
5.8
168.2
167.0
166.7
0.0
1.0
1.6
1.6
April
May
June
187.0
187.6
188.7
0.4
0.3
0.6
5.9
4.8
5.9
171.5
171.8
172.5
0,5
0.2
0.4
4.9
4.5
4.5
168.8
169.3
169.5
July
August
September
189,9
189.8
191.7
0.6
-0.1
1.0
6.2
6.5
6.6
173.1
173.6
174.5
0.3
0.3
0.5
5.7
8.1
7.0
169.2
168.5
169.3
October
November
December
192.7
193.6
194.8
0.5
0,5
0.6
6.3
8.2
8.0
176.3
177.0
178.4
1.0
0.4
0.8
6.9
7.6
7.4
January
February
March
195.8
197.4
199.2
0.5
0.8
9.1
8.9
7.1
179.0
180.1
180.8
0.3
0.6
0.4
6.3
6.7
April
May
June
201.3
202.0
201.6
6,3
4.7
4.3
181.8
182.8
H83.5
0.6
0.6
0.4
July
August
September
201.9
202.0
203.4
0.1
0.0
0.7
3.0
3.4
4.7
184.4
185.2
186.1
rO.5
October
November
December
204.4
205.4
206.3
0.5
0.5
0.4
188.9
190.2
191.2
1.5
0.7
0.5
1976
-0.7
-0.2
1.3
0.3
0.1
1.2
1.8
3.1
0.5
1.0
0.7
2.9
169.6
169.9
171.9
0.2
0.2
1.2
4.5
7.4
8,1
173.0
174.6
176.0
0,6
0.9
0.8
10.6
12.6
r9.6
6.1
5.7
5.9
178.4
180.3
H80.0
1.4
1.1
7.9
5.7
4.7
8.0
8.3
8.6
179.7
179.5
180.1
-0.2
-0.4
1977
rl.O
1.1
0.3
-0.2
0.4
0.5
r5,8
181.0
181.6
182.7
-0.2
r-0.2
-0.1
0.3
2.9
1.4
3.0
0.5
0.3
0.6
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
1
Percent 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.
JANUARY
1978
85
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Bl WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
rtonfarm business sector
Average hourly sarnings, production workers, private nonfarrn economy, adjusted1
Year
and
month
340. Index
(1967-100)
340c. Change
over 1 -month
spans2
(Percent)
Current dollar compensation
Real earnings
Current dollar earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
341. Index
(1967-100)
341c. Change
over 1 -month
spans2
(Percent)
341c. Change
over 6-month
spans2
(Ann. rate,
percent)
1975
345. Index
(1967-100)
345e. Change
over 1-quarter
spans2
(Ann. rate,
percent)
(9)
C)
Januory
February
March
166.1
167.5
169.1
0.5
0.8
1.0
8.1
8.2
8.4
106.1
106.4
107.0
-0.3
0.3
0.6
0.1
1.0
1.2
us'.o
April ,
May
June
169.5
170.5
172.0
0.2
0.6
0.9
8,3
8.3
7.1
106.8
106.9
107.0
-0.2
0.1
0.1
0.8
1.4
0,1
UO
172.9
174.3
175.0
0.5
0.8
0.4
8.2
8,8
7.5
106.6
107.1
107.1
-0.4
0.5
0.0
1.0
1.3
0.5
17s!s
176.4
177.8
178.3
0.8
0.8
0.3
7.9
7.3
7.4
107.3
107.6
107.3
0.2
0.3
-0.3
1.7
1.4
2.0
181.'9
179.6
180.5
181.4
0.7
0.5
0.5
7,0
6.6
6.8
107,5
107.9
108.2
0.2
0.4
0.3
1.9
1.4
1.7
186*.7
0,6
0.7
0.3
6.8
6.9
6.8
108,3
108.3
108.2
0.1
0.0
-0.1
1.9
1.4
1.0
19Q//
June
182.4
183.6
184,2
July
August
September
185.5
186.6
187.5
0.7
0.6
0.5
6.7
6.7
7.1
108.5
108.6
108.7
0.3
0.1
0.1
1.1
1.9
2,2
194^7
October
November
December
188.4
189,7
190.7
0,5
0.7
0.5
7.7
7.1
7.3
108.9
109.3
109.4
0.2
0,4
0.1
2.1
0.6
0.2
198.*3
January
February
March
192.6
193,2
194.2
1.0
0.3
0.5
7.7
7.2
7.2
109.6
109.0
108.8
0.2
-0.5
-0,2
-0.3
-1.3
-1.6
r204.0
April
195.6
196.4
197.4
7.3
7.1
7.4
199.4
199,9
201,2
0.7
0.4
0.5
1.0
0.3
0.7
108.8
108.6
108,5
109.2
109.1
109.5
0.0
-0.2
-0.1
0,6
-0.1
0.4
-0.8
0.3
1.1
r2.8
r2.9
p3.0
r203.3
r2Q4.Q
p204.8
rl.O
rO.3
pO.4
rllO.3
rllO.l
pllO.2
rO.7
-0.2
pO.l
July
Auqust
September
,.
October
November
Deesmber
345c. Change
over 4-quarter
spans2
(Ann, rate,
percent)
(">
12.1
9*.4
7.0
8'.2
6.6
7*.9
7.1
8^4
1976
January
February
March
,
April
May
•
10.9
9.0
s.'a
g!o
8,5
r9.3
7.6
e.'g
1977
May
June .
July
August
September .
October
November
December
.
rB.O
r7.B
p7.6
H2.2
r8.6
r7.8
p8.'6
r207.*8
r7.0
r211.4
p7.4
p215*.2
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Ths "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 61,
^Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
^Percent changes are centered within th© 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 Hi.
JANUARY 1978
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
B
PRICES, WAGES, AND PRODUCTIVITY—Con.
KI WAGES AND PROOUCTIVITY-Con.
Average hourly compensation, all employees,
nonfarm business sector-Con.
Year
and
month
Real compensation
^346. Index
(1967=100)
(2)
1975
January
February
March
116*6
April
May
June
Il6l3
July
August
September
109*8
October
November
December
109*9
346c. Change
over 1-quarter
spans1
(Ann. rate,
percent)
(2)
3.5
346c. Change
over4-quarter
spans1
(Ann. rate,
percent)
Negotiated wage and benefit
decisions, all industries®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)
(Ann. rate,
percent)
370. Index
(1967=100)
2
( )
(2)
o',6
12.9
0.4
370c. Change
over4-quarter
spans1
(Ann. rate,
percent)
(Ann. rate,
percent)
2
Revised
1.3
7,7
10.6
7.3
111*7
6". 8
ili
370c. Change
over 1-quarter
spans1
108*. 9
8.9
0.8
-1.6
Output per hour, all persons, private
business sector
11.3
8.7
14.0
(1967=100)
(2)
( )
-ill
106*9
i.'i
rl09.'6
7-7
113.*8
8.7
-1.9
113*3
2*2
2
358. Index of
output per hour,
all persons,
nonfarm
business sector
5.*9
11216
i!z
rllllo
3*0
112*9
3*5
rll4.*5
I'd
115.*2
1*9
H14l6
r2.5
rliell
p2.*9
rll6.*3
1976
January
February
March
nils
April
May
June
112!i
10.5
6.1
8.9
4.2
July
August
.
September
October
November
December
2.9
114*2
10.0
i.*9
7.8
3.5
rllS.'i
2.8
7.4
117*2
3.*2
113*3
nsli
7.2
3*8
2.3
...
8,0
$'.2
6.8
5.2
-0.1
117*2
1977
January
February
March
rll5*.2
April
May
June
rl!4.9
July
August
September
rl!5.4
October
November
December .
pl!6.2
r3.8
p8.5
r-0.9
1.7
pi .'9
6.1
p6.7
118*9
rils
p8.7
plO.2
p5.5
riis.'e
-1.0
5.4
p6.1
rl!7*.4
H20.2
p3,0
p8.3
pi. 4
p6.0
pl20.*6
pll7*.8
...
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
"Percent 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.
2
See "New Features and Changes for This Issue," page ii'i.
ltd)
JANUARY 1978
87
OTHER IMPORTANT ECONOMIC MEASURES
C I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Q| CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month
441. Total
442. Em-
ployed
(Thous.)
(Thous.}
January . , ,
February
March
91,953
91,621
92,020
April
451. Males
20 years
and over
462. Females 453. Both
20 years
sexes, 16-19
and over
years of age
448. Num-
Number unemployed
Labor force participat on rates
37. Total
(Thous.)
444. Males
445. Females 446. Both
20 years and 20 years and sexes, 16-19
over
over
years of age
447. Fulltime
workers
ber employed
part-time
for economic
reasons
(Percent)
(Percent)
(Percent)
84,673
84,259
84,243
80.5
80.3
80.3
45.8
45.5
45.8
54.9
54.0
54.1
7,280
7,362
7,777
2,995
3,127
3,338
2,559
2,537
2,683
1,726
1,698
1,756
5,895
6,015
6,327
3,614
3,579
3,725
Juno
92,210
92,789
92,595
84,246
84,475
84,496
80.3
80.7
80.3
46.0
46.0
46.0
53.7
54.9
54.4
7,964
8,314
8,099
3,473
3,710
3,536
2,768
2,794
2,728
1,723
1,810
1,835
6,594
6,936
6,636
3,750
3,676
3,479
July
August
September
92,917
93,035
93,126
84,856
85,114
85,115
80.6
80.4
80.4
46.0
46.1
46.1
54.2
54.2
54.0
8,061
7,921
8,011
3,604
3,470
3,683
2,648
2,638
2,597
1,809
1,813
1,731
6,658
6,472
6,685
3,381
3,344
3,320
October
November
December
93,135
93,025
93,148
85,087
85,212
85,443
80.2
80.0
79.7
46.2
46.1
46.2
53.5
53.2
53.9
8,048
7,813
7,705
3,663
3,538
3,334
2,648
2,618
2,628
1,737
1,657
1,743
6,685
6,484
6,263
3,352
3,322
3,290
93,473
93,597
93,862
86,226
86,471
86,845
79.5
79.5
79.5
46.5
46.5
46.7
54.2
54.1
54.5
7,247
7,126
7,017
3,003
2,938
2,874
2,519
2,493
2,444
1,725
1,695
1,699
5,813
5,702
5,637
3,336
3,201
3,173
April
May
Juno
94,376
94,551
94,704
87,329
87,640
87,533
79.7
79.9
79.8
46.8
46.7
47.0
55.4
55.5
54.3
7,047
6,911
7,171
2,822
2,893
3,049
2,467
2,328
2,477
1,758
1,690
1,645
§,626
5,573
5,830
3,194
3,287
3,150
July
August
September
95,189
95,351
95,242
87,783
87,834
87,794
80.0
79.9
80.0
47.3
47.3
47.2
54.9
55.3
53.8
7,406
7,517
7,448
3,131
3,060
3,150
2,634
2,679
2,634
1,641
1,778
1,664
5,878
6,085
6,098
3,136
3,178
3,376
October
Novembsr
December
95,302
95,871
95,960
87,738
88,220
88,441
80.0
80.1
79.9
47.0
47.5
47.6
54.4
54,4
54.4
7,564
7,651
7,519
3,228
3,293
3,219
2,633
2,640
2,598
1,703
1,718
1,702
6,162
6,185
6,125
3,448
3,545
3,454
January ...
February
March
95,516
96,145
96,539
88,558
88,962
89,475
79.5
79.7
79.6
47.2
47.5
47.9
54.3
55.1
55.8
6,958
7,183
7,064
2,881
3,001
2,794
2,409
2,505
2,545
1,668
1,677
1,725
5 S 507
5 S 651
5,468
3,320
3,438
3,276
April
96,760
97,158
97,641
90,023
90,408
90,679
79.5
79,6
79.9
48.0
48,2
48.1
56.0
56.1
57.4
6,737
6,750
6,962
2,624
2,751
2,638
2,470
2,346
2,559
1,643
1,653
1,765
5,343
5,389
5,401
3,174
3,290
3,368
July
August
September
97,305
97,697
97,868
90,561
90,771
91,095
79.7
79.7
79.4
48,1
48.1
48.6
55.5
56.9
55.9
6,744
6,926
6,773
2,700
2,734
2,573
2,455
2,551
2,529
1,589
1,641
1,671
5,407
5,633
5,407
3,371
3,199
3,315
October
November
December
98,102
98,998
98,926
91,230
92,180
92,589
79.9
80.0
48.2
48.9
48.7
56.6
57,5
57.0
6,872
6,818
6,337
2,801
2,612
2,476
2,457
2,584
2,424
1,614
1,622
1,437
5,500
5,383
4,995
3,298
3,366
3,278
(Thous.)
(Thous.)
(Thous.)
(Thous.)
(Thous,)
1975
May
1976
January
February
March
., , .
1977
May
JUF16
80.1
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted serissare indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e"( estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 52.
JANUARY 1978
ItO
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
H DEFENSE INDICATORS
Q| RECEIPTS AND EXPENDITURES
Federal Government1
Year
and
month
500. Surplus
or deficit
501. Receipts
516. Defense
Department
obligations,
512. Expendi- total, extures
cluding
military
assistance
State and local governments1
502. Expendi- 510. Surplus
or deficit
tures
511. Receipts
(Ann. rate,
bil.dol.)
525. Military
prime contract awards
toU.S.
business
firms and
institutions
548. Value
of manufacturers' new
orders, defense
products
(Mil.dol.)
(Bil.dol.}
564. Federal
purchases
of goods
and services
for national
defense
(Ann. rate,
bil.dol,)
(Ann. rate,
bil.dol.}
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
January
February
March
-48 ."5
287 '.4
335".9
3.7
223!7
220 1 6
7,609
7,508
8,223
3,693
3,987
2,817
1,40
2,58
2.00
silo
April
May
June
-99 .'2
255'.i
354*3
4.' 5
231 '.8
22?l3
7,952
8,235
8,450
4,122
3,926
3,773
2.44
2.27
1,80
8316
July
August
September
-65*. 5
298.' 2
363.' 7
6.6
240*8
234 1 2
8,718
9,077
7,791
3,842
5,072
3,080
2.37
2.13
2.56
84! 4
October
November
December
-6?l6
307 .'6
374*. 5
8.9
246 '.4
237 1 5
8,623
7,533
8,135
2,961
2,872
3,130
1.61
2.10
1.94
86*. 7
January
February
March
-60.* 3
318.*4
378 1 7
13.*3
253.' 8
240 15
8,152
8,020
9,040
3,407
2,993
6,309
1.44
2,19
2.82
86 '.3
April
May
June
-46 '.2
329! i
375.' 3
12.*9
258 .'4
245 1 5
9,480
8,348
8,611
3,586
3,565
3,817
2.69
2.40
2.61
86.'6
July
August
September
-53l5
337 ll
390 1 6
21 ll
269 16
247 1 9
8,248
6,602
10,314
2,234
3,665
4,929
1.24
1.92
2.15
86l4
October
November
December .
-55*.9
344 '.5
400 ."4
26'.5
277*. 5
251 1 1
11,908
10,387
11,496
5,942
5,175
5,198
2.84
3.14
4,05
88.' 4
January
February
March
-3B.B
3641 9
403! 7
27l3
281 16
253*.7
9,409
9,999
9,652
3,478
4,472
4,843
1.95
1.89
2.21
89*. 7
April
May
June
-40.3
371.2
411.'5
25.4
288.1
262.' 6
10,606
10,182
2
(9,460)
5,513
5,351
(3,349)
3.29
2.18
432.1
32.9
301 1 6
268.7
(3,696)
(3,750)
(7,371)
1.93
2.00
1.63
p446.7
(NA)
(NA)
(Mil.dol.)
(Ann. rate,
bil.dol.)
1975
1976
...
...
1977
July
August
September
-58.9
373.*2
October
November
December
(NA)
(NA)
2
2
2
2
(8,297)
(8S743)
2
(11,651)
2
p276.2
2
2
(13,809)
(11,008)
(NA)
2
(NA)
3.60
93.4
95.6
4.27
r3.57
p4.33
p98.6
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 53 and 54.
1
Based on national income and product accounts.
2
Not seasonally adjusted. See "New Features and Changes for This Issue," page iv, in the August 1977 issue.
JANUARY
1978
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS
^| MERCHANDISE TRADE
Year
and
month
602. Exports, excluding
military aid shipments,
total
(Mil, do).}
604. Exports of agricultural products
(Mil.dol.)
606. Exports of nonelectrical machinery
{Mil.dol.)
612. General imports,
total
(Mil.dol.)
614. Imports of
petroleum and
petroleum products
616. Imports of
automobiles and parts
(Mil.dol.)
{Mil.dol.)
1975
January
February
March
9,374
8,756
8,681
2,369
1,830
1,703
1,672
1,632
1,626
9,632
7,927
7,466
3,080
1,781
1,211
742
654
823
April .
May
Juno ,
8,649
8,222
8,716
1,723
1,575
1,480
1,760
1,720
1,772
7,959
7,263
7,102
2,387
1,746
1,354
776
731
782
July
August
September
8,871
8,980
9,104
1,735
1,872
1,932
1,770
1,752
1,750
7,832
7,877
8,196
1,990
2,008
2,515
879
938
861
9,226
9,409
9,250
2,060
1,821
1,776
1,814
1,770
1,843
8,169
8,201
8,522
2,320
2,140
2 ? 360
888
873
1,013
January
February
March
9,097
8,919
9,020
1,917
1,630
1,668
1,780
1,817
1,806
9,001
9,032
9,469
2,471
2,129
2,334
1,085
1,041
1,117
April
May
Juno
9,369
9,564
9,722
1,892
1,950
1,948
1,818
1,836
1,871
9,643
9,182
10,154
2,699
1,874
2,739
1,221
976
U69
July
Auijust
September
9,956
9,733
9,796
2,039
2,058
2,160
1,952
1,675
1,883
10,717
10,477
10,651
2,824
2,803
3,053
1,025
1,055
1,238
October
November
December
9,698
9,594
10,397
2,231
1,750
1,860
1,821
1,814
1,983
10,555
10,623
11,020
2,753
3,134
3,087
871
1,128
1,221
January
February
March
9,599
9,808
10,072
1,762
2,004
2,112
1,831
1,892
1,859
11,269
11,674
12,459
3,075
3,247
4,171
1,083
1,248
1,299
April .
May
June
9,970
10,395
10,112
2,142
2,360
2,077
1,808
1,835
1,868
12,593
11,616
12,932
3,803
2,885
3,933
1,266
1,183
1,360
Juty
10,150
9,563
10,916
1,976
1,801
2,064
1,862
1,732
2,133
12,476
12,232
12,631
3,212
3,318
3,789
1,315
1,328
1 ,428
9,190
9,304
1,654
1,717
1,556
1,782
12,288
11,386
3,325
3,647
1,436
1,423
(NA)
(NA)
(NA)
(NA)
(NA)
October
November
December
.
1976
1977
AlKJUSt
September
October
November
December
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 55.
90
JANUARY
1978
licit
OTHER IMPORTANT ECONOMIC MEASURES
E
I
U.S. INTERNATIONAL TRANSACTIONS—Con.
19 GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1
Goods and services
Year
and
month
667. Balance
(Mil.dol.)
668. Exports
(Mil.dol.)
669. Imports
{Mil.dol.)
622. Balance
(Mil.dol.)
618. Exports
(Mil.dol.)
Income on investments
620. Imports
(Mil.dol.)
651. U.S. invest- 652. Foreign
investments in
ments abroad
the U.S.
(Mil. dol.)
(Mil.dol.)
1975
January
February
March
2,708
36,907
34,199
1,455
27,018
25,563
4,283
3,052
April
May
June
5,031
35,719
30,688
3,285
25,851
22,566
4,306
2,799
July
August
September
4,135
36,780
32,645
2,079
26,562
24,483
4,403
2,784
October
November
December
4,289
38,195
33,906
2,226
27,657
25,431
4,338
2,741
1,552
38,591
37,039
-1,343
27,666
28,343
5,298
2,861
1,505
40,237
38,732
-1,575
28,380
29,955
5,167
2,887
875
42,196
41,321
-2,808
29,603
32,41*1
5,483
2,81*6
42,243
42,580
-3,594
29,7l'l
33,305
5,421
2,997
1976
January
February
March
April
May
June
. .
July
August
September
October
November
December
-337
1977
January
February
March
-2,995
43,074
46,069
-7,i6i
29,458
36,561
6,133
2,881
April
May
June
-3,389
44,951
48,340
-7,757
30,590
38,347
6,660
3,155
p-2,950
p45,402
p48,352
-7,1569
30,869
38,378
p6,430
p3,215
(NA)
(NA)
(NA)
(NA)
(NA)
July
August
September .
October
November .
December .
(NA)
(NA)
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonaf movement. Unadjusted series are indicated by ©.Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56,
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).
JANUARY
1978
91
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS
Q INDUSTRIAL PRODUCTION
Year
and
month
47. United States,
index of industrial production
(1967-100)
721.0ECD 1
European countries, index of
industrial
production
(1967-100)
728. Japan,
index of industrial production
725. West
Germany, index
of industrial
production
726. France,
index of industrial production
722. United
Kingdom, index
of industrial
production
(1967-100)
(1967^100)
(1967-100)
(1967=100)
727. Italy, index
of industrial
production
(1987=100)
723. Canada,
index of industrial production
(1967-100)
1978
January , . ......
February
March
115.2
112.7
111.7
137
137
137
162.8
160.7
161.3
138.0
136.9
141.9
140
140
138
119
119
117
128.5
131.9
125.8
140.3
140.5
139.6
April
May
Juno
112.6
113.7
116.4
134
132
133
166.0
164.9
168.4
134.7
136.7
134.4
138
133
137
113
111
m
127.7
120.5
127.1
139.8
138.6
139.8
July
Auyust
September
118.4
121.0
122.1
132
132
134
170,6
168.7
171.2
130.4
138,0
137.2
134
134
137
111
110
112
129,0
114.4
128.1
139,7
139.9
138,9
122.2
123.5
124.4
137
138
139
171.3
169.5
173.0
140.1
143.1
143,5
139
138
144
113
113
112
130.6
132.0
125.8
138.7
142,5
142,7
January
February
March
125.9
127.6
128.3
141
142
143
176.8
180.6
186.3
145.6
147.0
144,8
149
148
150
113
116
115
130.9
138.9
139.2
144.0
145.3
146.3
April
June
128.7
129.7
129.8
144
146
146
191.0
187.3
190.7
147.6
146.1
148.9
150
150
151
116
119
113
138.7
145.1
139,8
147.3
149.3
146.9
July
August
September
130.7
131.3
130.6
144
146
148
193.2
192.3
192.9
143.6
148.1
151.1
153
153
159
116
116
117
143.5
139,1
147.8
146,4
148.1
147,3
130.2
131.5
133.0
149
149
149
193.2
197.9
197.7
154.1
149.1
147.3
151
159
154
117
118
118
143,6
150,4
154,7
146.9
148,6
149,5
January
February
March
132.3
133.2
135.3
153
152
152
198.3
194.8
199.1
157.7
152.3
152.4
159
H56
159
120
119
r!20
r!53,7
H53.6
r153.9
152.0
151.0
151.4
April
136.1
137.0
137.8
r!50
r!49
200.8
196.7
199.4
155.7
153.0
151.6
r154
r151
118
119
115
r!44.1
r!47.3
H37.3
151.0
151.9
r!53.0
138.7
138.1
r!38.5
r!47
195.4
197.7
198.6
151.1
152.4
153.7
rl!8
148
148
r!38.6
139.3
143.9
rl51.3
r!52.5
1ST. 8
r!38.8
r!39.3
p!39.6
pi 49
p!97.9
152.4
p153.7
p!37.7
152.4
P153.4
October
November
. .
December
1976
May
October
November
December
....
1977
May
June
July . .
August
September
..
October .
November
December
148
(NA)
(NA)
157
153
153
154
p!51
(NA)
118
118
p!16
(NA)
(NA)
(NA)
(NA)
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by <§). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
Organization for Economic Cooperation and Development.
92
JANUARY 1978
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS—Con.
Q CONSUMER PRICES
Year
and
month
United States
Japan
West Germany
France
United Kingdom
320. Index® 320c. Change
over 6-month
spans1
738. Index® 738c. Change
over 6-month
spans1
735. Index® 735c. Change
over 6-month
spans1
736. Index® 736c. Change
over 6-month
spans1
732. Index® 732c. Change
over 6-month
spans1
(1967=100)
(Ann. rate,
percent)
(1967=100)
(Ann. rate,
percent)
(1967=100)
January
February
March
156.1
157.2
157.8
8.0
7.1
7.1
198.8
198.8
200.8
9.2
6.6
6.3
140.6
141.3
142.0
April
May
June
158.6
159.3
160.6
7.4
6.8
7.0
204.5
205.1
204.9
6.2
8.0
8.4
July
August
September
162.3
162.8
163.6
7.2
7.4
6.8
205.3
204.9
209.5
October
November
December
164.6
165.6
166.3
6.1
5.7
5.3
January
February
March
166.7
167.1
167.5
April
May
June
July
August
September
(1967-100)
(Ann. rate,
percent)
(1967=100)
(Ann. rate,
percent)
5.9
5.7
6.8
170.8
172.1
173.5
11.0
10.5
10.1
192.6
195.8
199.7
27.3
32.0
32.4
143.0
143.9
145.0
6.2
6.0
6.2
175.0
176.3
177.6
9.5
9.4
9.2
207.4
216.1
220.2
30.6
29.8
28.0
9.9
10.0
9.1
145.0
144.8
145.5
5.7
5.1
4.1
178.9
180.1
181.6
9.5
9.2
9.3
222.5
223.8
225.7
24.5
18.9
18.0
213.0
211.9
211.7
11.1
10.6
8.8
145.9
146.4
146.8
4.3
4.9
4.6
183.0
184.1
185.2
9.7
9.7
9.9
228.9
231.6
234.5
16.6
16.3
14.7
4.9
5.1
5.0
216.0
217.3
218.1
8.4
8.5
10.1
148.0
149.0
149.6
4.8
5.0
4.9
187.2
188.5
190.1
9.7
9.8
9.1
237.6
240.6
241.9
13.5
11.8
168.2
169.2
170.1
4.7
5.5
5.7
223.5
224.1
224.5
8.8
8.2
10.5
150.5
151.1
151.5
3.8
4.2
3.6
191.8
193.0
193.9
9.1
9.4
9.7
246.6
249.3
250.6
11.5
14.0
171.1
171.9
172.6
5,5
4.8
4.8
225.7
223.9
229.8
8.8
9.8
11.0
150.9
151.4
151 ,,4
3.0
2.4
2.9
195.7
197.1
199.3
251.1
254.6
258.0
16.0
18.2
20.7
173.3
173.8
174.3
5.5
6.5
7.1
231.3
231.3
233.7
9.8
10.2
8.4
151.5
151.8
152,6
4.2
3.7
4.3
201.1
202.8
203.5
9.0
8.7
8.4
262.7
266.3
269.9
24.2
21.4
19.8
January
February
March
175.3
177.1
178.2
8.0
8.7
9.0
236.0
237.2
238.7
8.2
8.8
6.1
154.0
154.9
155.5
4.7
5.3
5.2
204.1
205.5
207.3
8.8
9.1
9.7
276.9
279.7
282.4
18.9
16.0
14.7
April
May
June
179.6
180.6
181.8
8.1
6.8
6.1
242.6
244.9
243.6
5.6
7,1
7.2
156.2
156.9
157.6
4.5
4.2
3.2
210.0
212.0
213.6
11.3
11.2
11.0
289.6
291.9
294.9
11.2
11.9
11.6
July
August
September
182.6
183.3
184.0
5.1
4.8
4.4
243.0
243.0
247.3
6.9
3.7
(NA)
157.4
157.3
157.1
3.1
2.2
1.8
215.5
216.7
218.6
10.3
295.3
296.7
298.3
10.2
(Ann. rate,
percent)
1975
1976
October
November
December
....
10.2
10.6
10.6
9.8
9.3
1977
... .
October
November
December
184.5
185.4
186.1
248.6
245.7
(NA)
157.3
157,5
157.9
220.3
221.1
(NA)
9.0
(NA)
9.4
9.5
299.6
301.0
302.6
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
Changes over 6-month spans are centered on the 4th month.
JANUARY
1978
93
OTHER IMPORTANT ECONOMIC MEASURES
F |
INTERNATIONAL COMPARISONS—Con.
^9 STOCK PRICES
Q CONSUMER PRICES-Con.
19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733e. Change prices, 500
over 6-month
over 6-month common
stocks®
spans1
spans1
Canada
Italy
Year
arid
month
(1967-100)
(Ann. rate,
percent)
(1967-100)
(Ann. rate,
percent)
(1967=100)
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®
(1967-100)
(1967=100)
(1967-100)
(1967-100)
(1987-100)
(1967-100)
1976
197.7
202.1
206.1
21.2
23.2
22.0
167.7
168.3
169,0
6.5
5.7
6.0
105.4
109.5
110.0
305.2
304.9
309.2
132.0
135.0
136.7
143.5
150.8
146.7
150.7
152.6
152.6
60.1
62.6
58.2
112.1
121.8
123.6
April
May
Juno
211.6
215.8
216.8
21.4
19.8
17.9
169.7
171,1
171.9
5.3
4.7
5.1
110.9
110.0
110.7
302.7
308.7
318.9
132.7
126.8
127.3
140.1
136.9
135.4
154.1
155.9
145.9
52.9
53.6
56.6
122.5
123.8
121.6
July
August
September
217.9
220.3
224.0
18.9
19.4
22.1
172.6
173.4
174.2
5.7
5.6
5.7
113.3
112.4
114.7
317.9
321.3
321.2
124.9
122.1
122.4
129.8
130.5
126.7
146.5
140,2
132.1
64.3
63.9
59.5
119.4
115.9
115.9
October
November
December
230.5
235.5
238.6
20.1
21.1
21.4
175.4
176.0
176.5
7.0
9.0
9.6
110.8
110.1
113.8
318.2
313.9
330.2
116.0
115.8
117.2
112.5
108.4
115.3
116.7
121.5
132.8
51.6
50,3
55.7
108.9
104.0
103.2
January
February
March
238.8
243.4
246.5
17.0
14.8
12.7
178.0
179.7
181.5
9.3
9.5
10.0
112.9
109.8
109.4
343.5
344.4
341.1
119.6
118.3
118.1
116.0
109.7
101.7
149.6
157.2
164.6
52.9
50.0
48,7
107.0
108.1
110.2
April
Mpy .
June
249.5
252.6
254.3
r!4.7
r!3.4
14.4
182.5
184.0
185.3
9.8
7.8
7.3
107.7
107.4
108.0
338.9
342.9
340,2
124.1
128.6
125.2
93.9
97.2
104.0
164.9
180.3
178.6
46.1
44.3
43,4
108.5
105.6
104.6
July
August
September
r255.8
r258.2
263.9
14.4
15.1
15.4
187.1
187.9
188.9
8.2
8.6
9.1
109.0
106.3
104.7
339.3
344.7
350.7
124.4
126.2
125.1
99.7
105.4
109.7
178.5
191.7
208.8
43.9
45.4
50.3
106.6
104.4
99.9
October
November
December
266.7
270.7
272.0
102.0
102.6
102.1
344.7
332.2
328.1
126.4
128.7
125.4
pl08.3
p!04.8
rp95.3
r210.S
r!97.8
rp!98.6
46.3
r44.1
39.9
r96.8
96,3
rplOO.5
p98.8
p337.3
p!26.7
p!04.2
p!98.8
p40.5
p99.0
January
February
March
... .
1977
190.8
192.0
193.3
1978
January
February
March
....
April .
May
June
......
,
July
August
September .
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
1
Changes over 6-month spans are centered on the 4th month.
94
JANUARY 1978
IICII
APPENDIXES
B. Current Adjustment Factors
19'11
Series
5. Average weekly initial claims, State
unemployment insurance
13. New business incorporations
1
Apr.
Jan.
Feb.
Mar.
154 7
113 5
97 0
89 5
98 1
91 7
112 5
105 2
1 5. Profits (after taxes) per dollar of sales,
manufacturing2
May
June
July
Aug.
79.2
73 2
84 2
100 3
139 1
106 2
107 2
100 6
99 1
95 5
94 3
90 2
100 2
100 7
-1218
-196
no
672
72. Commercial and industrial loans outstanding. .
100.0
98.3
99.3
100.4
100.5
99.9
100.7
99.9
516. Defense Department obligations, total
104.4
87.4
92.2
95.0
79.7
129.6
115.4
525. Military prime contract awards in U.S
96 6
82 4
89 3
73 3
70 6
177 9
in& ?
102 1
108 6
im i
Q"3 ?
90 6
606. Exports of nonelectrical machinery
96.2
94.1
110.2
105.6
106.3
614. Imports of petroleum and products
107 2
93 4
106 4
101 1
616. fmports of automobiles and parts
104 5
92 4
112 8
105 9
969. Profits, manufacturing (Citibank)* . ..
-8
18
Dec.
103.7
-1448
..
Nov.
85.3
33, Net change in mortgage debt held by financial
institutions and life insurance companies1 3
604. Exports of agricultural products
Oct.
79.9
105 4
94 5
Sept.
781
766
99 8
-2
-497
354
100.1
100.0
100.1
111.4
97.5
107.3
93.5
86.1
115 5
107 1
101 4
111 0
86 7
87 4
88 R
85 6
84 0
103 1
121 2
111 9
101.8
95.8
95.5
91.8
104.3
99.1
99.1
103 7
96 1
103 7
107 2
93 4
95 4
91 1
100 9
112 0
108 4
93 9
84 2
83 6
97 3
104 1
100 6
1119
-8
261
100.8
-2
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments
are kept current by the Bureau of Economic Analysis. 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-11 Variant of the Census Method II Seasonal Adjustment Program.
1
Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
These quantities; in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. These factors are
computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program.
11
1 -quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11
variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
2
3
95
C. Historical Data for Selected Series
Quarterly
Monthly
Year
Jan.
Annual
Fob.
Mar.
i,
Apr.
AVERAGE W O R K W E E K
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
II Q
OF PRODUCTION WORKERS, MANUFACTURING 1
(HOURS)
IIIQ
IV Q
AVERAGE FOR PERIOD
1947...
1948...
1949...
1950...
19 S I . . .
19 § 2 . . .
1953,..
1954...
1955...
1956...
1957...
40.5
40.4
39.4
39.6
40,8
40.7
41.0
39.5
40,3
40,8
40.3
40.4
40.2
39.4
39.7
40.8
40.7
40.9
39.6
40,5
40.6
40,4
40.4
40.4
39.1
39.7
41.0
40.6
41.1
39.5
40.7
40.4
40,2
40.6
40.5
38.7
40. 1
41.2
40.1
41.1
39.4
40.6
40.6
40,1
40.5
40.2
38.9
40.2
40.9
40.4
40.8
39.5
40.9
40.2
39.8
40.4
40.3
38.9
40.5
40.7
40.5
40.7
39.6
40.6
40,1
39.9
40.2
40.1
39.1
40.8
40.6
40,2
40.6
39.6
40.6
40.2
39.8
39.9
40.0
39.1
41.1
40.2
40.5
40.4
39.7
40.6
40.1
39.8
40.2
39.6 ,
39.4
40.7
40.4
41.1
39.8
39. S
40.7
40.5
39.7
40.3
39.7
39.4
41.0
40.2
41.1
40.0
39.6
40.9
40.5
39.3
40.4
39.7
39.0
41.0
40.4
41.0
39.8
40.1
41.0
40.4
39.2
40.6
39. S
39.2
40.8
40.6
41.1
39.7
40.0
40.3
40.5
39.0
40.4
40.3
39.3
39.7
40.9
40.7
41.0
39. S
40.5
40.6
40.3
40.5
40.3
38.8
40.3
40.9
40.3
40.9
39,5
40.7
40.3
39.9
40.1
39.9
39.2
4Q.9
40.4
40.6
40.3
39.6
40.6
40.3
39.8
40.4
39.6
39.2
40.9
40.4
41.1
39.8
39.9
40.9
40.5
39.2
40,4
40,0
39.1
40.3
40.6
40,7
40.5
39,6
40.7
4Q,4
39.8
1958...
1959...
1960...
1961...
1962...
1963.,.
1964...
1965...
1966...
1967...
1968...
38.8
40.1
40.5
39.2
40.0
40.4
40,1
41.2
41.5
41.0
40.2
38.6
40.2
40.1
39.3
40,3
40,3
40.6
41.3
41.6
40.4
41.0
38.7
40.4
39,9
39.4
40.5
40.3
40.6
41.4
41.5
40.4
40.7
38.6
40.5
39.7
39.6
40.7
40.2
40.8
41.0
41.5
40.5
40.1
38.7
40.6
40.0
39.6
40.5
40.5
40.7
41.2
41.5
40.5
40.9
39.0
40.5
39.8
39.9
40.
40.
40.
41.
41.
40.
40.9
39.2
40.2
39.8
40.0
40.4
40.5
40.7
41.1
41.2
40.5
40.8
39,4
40.3
39.7
40.0
40.3
40.4
40.9
41.0
41.4
40.6
40.7
39.6
40.1
39.4
39.6
40.5
40.6
40.5
40.8
41.2
40.7
40.9
39.5
40.1
39.6
40.2
40.2
40.6
40.6
41.2
41.3
40.6
40.9
39.8
39.9
39.2
40.5
40.3
40.4
40.8
41.2
41.2
40.6
40.8
39.8
40.2
38.4
40.3
40.2
40.6
41.1
41.4
40.9
40.7
40.7
38.7
40.2
40.2
39.3
40.3
40.3
40.4
41.3
41,5
40.6
40.6
38.8
40.5
39.8
39.7
40.5
40.4
40.7
41.1
41.5
40.5
40.6
39.4
40.2
39.6
39.9
40.4
40.3
40.7
41.0
41.3
40.6
40.8
39.7
40.1
39.1
40.3
40,2
40.5
40.8
41.3
41.1
4Q.6
40.8
39,2
40.3
39,7
39.8
40.4
40. 5
40.7
41.2
41.3
40,6
40.7
1969,..
1970...
1971. ..
1972...
1973,..
1974...
1975...
1976...
1977...
1978. , .
40.7
40,4
39,9
40,2
40.4
40.4
39.2
40.4
40.4
40.2
39.7
40.5
41.0
40.4
38.5
40.3
40.8
40.1
39.8
4Q,4
40.9
40.4
38.8
40,2
40.7
39.9
39.7
40.7
41.0
39,3
39.1
39.4
40.7
39.8
40.0
40.5
40.8
40.3
39.0
40.3
40.7
39.9
40.0
40.6
40.6
40.2
39.2
40.2
40.6
40.0
39.9
40.6
40.7
40.2
39.4
40.1
40.6
39.8
39,8
40.6
40.5
40.1
39.7
40.0
40.7
39.3
39.4
40.7
40.7
40.0
39.9
39.7
40.S
39.5
39.9
40.7
40.6
40.0
39.8
39.9
40.4
39.5
40.0
40.9
40.6
39.5
39.9
40.1
40.5
39.5
40.2
40. 6
40.6
39.3
40.3
40.0
40.6
40.2
39,8
40.4
40.8
40.4
39.0
40.3
40.7
39.9
39,9
4Q.6
40.8
39.9
39. 1
40.0
40.6
39.7
39.7
40.6
40.6
40.1
39.7
39.9
40.5
39.5
40.0
40.7
40.6
39.6
40.0
40.0
40.6
39.8
39.9
40.6
40.7
40.0
39.4
40.0
6.5
5.7
4.4
5.1
5.5
4.9
5.3
3.4
4.5
2. ACCESSION RATE, MANUFACTURING 1
( P E R 100 EMPLOYEES)
AVERAGE FQR PERIOD
1947...
1948...
1949...
1950...
1951,,.
1952...
1953...
1954...
1935...
1956...
1957...
7.0
5.6
3,9
4.4
6.4
5.4
S.7
3.5
4,1
4.2
4.1
6.9
6.5
4.0
4.4
6.2
5.2
5.8
3.3
4.3
4.2
3.9
6.9
5.2
3.9
4.8
6.0
5.0
5.7
3.5
4.6
4.1
3.8
6.9
S.5
4.0
4.8
5.8
4.8
5.6
3.2
4.7
4.3
3.6
6.4
5.3
4.4
5.3
5.5
4.9
5.2
6.1
6.2
4.7
5.2
5.1
S.O
5.0
5.7
5.6
4.3
S.6
5.0
5.2
4.8
5.9
5.2
4.4
6.6
4.7
6.3
4.6
6.0
5.1
4.3
6.0
4.6
5.7
4.1
5.9
5.1
4.1
5.8
4.8
5.8
3.7
6.0
4.8
4.2
5.1
5.2
S.5
5.4
5.6
4.5
5.4
5.3
5.2
5.8
3.5
4.S
4.1
3.6
4.3
4.1
3.8
4.2
3.9
3.8
4.5
3.9
3.3
6.9
5.8
3,9
4.5
6.2
S.2
5.7
3,4
4.3
4.3
3.2
3.3
3.1
2.8
3.9
3.7
1958...
1959.,.
1960...
1961...
1962...
1963...
1964...
196S...
1966...
1967.,,
1968...
3.1
4,2
4.4
3.7
4,3
3,8
3.8
4.1
4.9
4,8
3.0
4.4
4.0
3.7
4.3
3.9
3.9
4,2
5.0
4.4
3.1
4.6
3.7
4.3
4.2
3.9
3,9
4.3
5.3
3.2
4.4
3.7
4.2
4.1
3,9
4.0
4.1
5.1
3.6
4.3
3.7
4.2
4.2
3.8
4.0
4.1
5.0
3.8
4.1
3.8
4.1
4.1
3.9
3.9
4.2
4.9
3.9
4.0
3.6
4.1
4.2
3,9
4.1
4.2
4.9
4,1
4.1
3.8
4.1
4.0
3.8
4.1
4.3
5.0
3.9
4.0
3.8
3.8
4.0
3.9
3.9
4.5
5.0
.9
.8
.5
.2
.8
.9
.1
3.9
4.1
3.6
4.2
3.8
3.7
3.9
4.0
5.4
3.6
4.2
3.8
3.8
4.0
3.1
4.4
4.0
3.9
4.3
3.9
3.9
.9
.4
.8
4.7
4.5
4.9
4.7
4.6
4.9
5.1
4.4
4.5
3.5
4.3
3.7
4.2
4.1
3.9
<1.0
4.1
5.0
4.4
4.6
1969...
1970...
1971...
1972...
1973...
1974...
1973...
1976...
1977...
1978...
4.9
4,4
3.8
4.3
5.0
4,7
3.1
4.1
4.8
4.4
3.7
4.3
5.1
4.6
3.2
4,2
4.9
4.0
3.7
4.9
4.0
3.8
4.7
5.0
4.7
4.5
3.8
3.8
3.8
4.0
4.7
3.9
4.0
5.0
4.5
3.2
4.3
4.8
4.S
3.7
4.1
4,7
4.6
3.6
4.0
4.6
4.3
3.7
3.8
4.6
4.2
4.0
3.8
4.6
4.1
4.0
3.8
4.7
.6
.8
.9
.6
.8
4.5
3.7
4.0
4.6
4.9
4.6
3.8
4.2
4.9
4.7
4.9
4.3
3.7
4,3
5.0
3,8
3.7
3.7
3.6
3.8
3.9
3.9
4.1
1.0
1.0
1.1
0.8
1.8
1.3
1.0
1.7
0.9
2 9
1.0
1.7
0.8
1.1
1.8
2.8
1.2
1.7
0.8
3.
4.0
4.0
3.7
4.0
4.1
3.9
4.0
4,3
5.0
4.4
4,6
3.9
4.4
3.6
4.2
3.8
3.8
4.0
4.7
4.3
4.5
4.9
.6
.2
.8
.1
.1
.9
4.9
4.1
3.S
4.3
4,7
4.6
4.0
3,9
4,4
4.6
3.2
4.2
3.7
4.0
3.9
3.8
4.6
3.8
4.0
4.7
4.8
3.3
3.8
3.9
1.0
1.6
2.9
1.8
1.0
1.5
1.0
2.8
1.5
1.9
1.6
1.3
1,3
3,2
1,2
1.2
1.5
1.2
2.5
l.S
1.9
1.8
1.1
1.5
2,7
0.9
1.8
1.7
1.7
2,1
1.6
1.7
2.1
1.1
1.9
2,6
1.2
1.6
0.9
2.4
1.8
1.4
1.6
2.8
1.1
1.6
2.9
1.3
1.4
1.4
1.6
2.3
1.5
1.7
2.1
2,0
2.4
2.7
1,9
2.0
1.8
1.6
1.4
1.2
1.2
1.1
2.6
2.0
2.4
2.2
2.0
1.8
1.7
1.4
1,2
1.4
1.2
1.3
2.0
1.4
0.9
0.9
2.3
1,5
1.3
1.2
1.8
1.6
1.1
0.9
1.5
2.1
1.3
LAYOFF H A T E , M A N U F A C T U R I N G 3
( P E R 100 EMPLOYEES)
1.1
1.6
1.1
2.7
1.3
1,3
1.2
2.4
1.1
1.3
1.5
1.2
2.3
0.8
1.8
3.0
1.4
2.1
1.8
1.5
1.6
1.7
2.2
2.0
1.8
1.7
1.7
1.8
2.2
1.7
1.5
2.1
2.1
1.4
1.8
2.3
1.9
1.5
1.6
2.7
1.8
1.3
1.6
2.9
3.2
1.7
1.9
3.0
2.0
1.8
1.9
1.4
1.1
1.5
1,3
3.S
3.3
3.1
2.4
2.4
2.5
1.8
1.9
1.8
1.4
1.1
1.6
1.2
2.3
2.1
1.8
1.9
1.6
1.5
1.2
1.5
1,2
2.3
2.3
2.0
1.8
1.7
2.S
2.2
2.0
1.8
1.6
2.5
1.8
2.4
2.3
2.0
1.7
1.6
2.3
2.0
2.6
1.9
2.2
1.9
1.5
2.2
2.1
2.4
2.2
2.0
1.9
1.6
2.0
2.9
2.6
1.8
2.1
1.9
2.4
2.6
1.9
1.9
2.0
1.9
2.8
1.9
1.9
3,3
1.7
1.9
2.7
1.9
2.9
1.7
2.4
2.2
1,9
1.7
1.5
1.1
1.3
1.4
1.2
1.2
1.2
1.3
1.4
1.0
1.3
1.2
1.1
1.3
1.2
1.2
1.2
1.1
1.6
1.4
1.3
1.2
1.1
1.8
1.4
1.1
1.5
1.3
1,6
1.4
1,2
1.4
1.2
2.3
2,0
2.5
2.1
2.1
1.8
1.6
1.5
1.2
1.3
1.3
1.1
1.7
1.5
1.2
0.7
1.2
2.9
1.0
1.1
1.8
1.5
1.1
0,8
1.1
2.6
1.2
1.0
1.9
1.5
1.2
0.8
1.1
2.5
1.3
1.1
1.9
1.6
1.1
0.8
1.1
2.5
1.3
1.1
1.9
1.5
1.4
0.8
1.2
2.2
1.4
1.1
1.5
1.5
1.3
1.1
1.2
1.7
1.4
1.1
1.9
2.0
1.1
0.9
1.4
1.7
1.5
1.2
1.9
1.7
1.0
0.8
1.4
1.7
1.5
1.3
2.2
1.5
1.0
0.8
1.9
1.6
1.5
1.3
2.0
1.4
0.9
0.9
2.4
1.5
1.3
1.4
1.7
1.3
0.9
1.1
2.5
1.3
1.2
1.1
1.7
1.6
1.2
0.8
1.2
2.8
1.1
1.1
1.9
1.5
1.2
0.8
1.1
2.4
1.3
1.1
1.8
1.7
1.1
0.9
1.3
1.7
1.5
1,0
1.5
1.0
2.7
1.4
2.2
1.7
195S...
1959...
1960...
1961...
1962...
1963...
1964...
1965.,.
1966...
1967...
1968...
3.3
1.8
1.5
2.7
1.9
2.0
1.7
1.4
1,2
1.4
1.4
1969...
1970. . .
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1.1
1.5
1.7
1.2
0.8
1.3
2.9
1.1
1.0
2.0
1.1
1.4
1.1
1.4
1.5
1.2
1.3
1.3
1.3
,0
.3
.0
.4
,6
.7
.0
.9
,4
.8
,2
3.7
3.9
AVERAGE FOR PERIOD
1.0
1.4
1.0
2.8
1.0
1.4
3.0
1.8
1.1
1.5
0.9
2,9
1.5
1.6
1.5
'This scries contains revisions beginning with 1972. 3This series contains revisions beginning with 1973.
96
6.2
5.4
4.3
5,3
5.3
5.4
4.8
3.6
4.5
4.2
3.6
1.0
2.4
2.1
1.3
1.5
1.0
2.6
1.8
1.5
1.5
2.8
1947, .,
1948...
1949..,
1950...
3,951,.,
1952...
1953...
1954...
1955..,
1956...
1957.;.
3.4
5,8
4.8
4.6
5.4
5.1
5.7
4.2
4.2
4,5
4.3
3.1
5.9
5.3
4.3
6.1
4.8
5.7
4.5
3.6
4,4
(JANUARY 1978)
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Annual
Nov.
Oct.
Dec.
1 Q
II Q
III Q
IV Q
4 . QUIT R A T E , MANUFACTURING T
(PER 100 E M P L O Y E E S )
AVERAGE FOR PERIOD
3.7
3.6
3.7
3.6
3.5
3.7
3.5
3.3
3.2
3.0
3^0
3 7
2^8
1 5
1952...
1953...
1.6
3.2
2.8
3.1
1.5
3.3
2.8
3.2
1.6
3.4
2.8
3.5
1.6
3.4
2.7
3.3
1.9
3.3
2.6
3.3
2!l
3.0
2.7
3.2
2.2
3.0
2.6
2.7
2.8
2.7
2.9
2.7
3.0
2.9
2.6
3.0
2.7
1 3
1955* . .
1956...
1.6
2.1
1.8
1.9
1.9
1.9
1.8
2.0
2!l
1.9
2!o
1.9
1.9
1.8
2.0
1957 . . .
1.6
2.0
1.9
i!g
2.2
1.5
3.0
2.5
3.1
3.0
1 3
2.8
2.5
2.8
2.4
1958. . .
1.1
1.4
1.5
1.1
1.4
1.3
1.4
1.0
1.5
1.5
1.1
0.9
1.1
1.5
1.3
1.1
1.5
1.3
1.2
1.6
1.4
1.1
1.0
1.5
1.4
1.2
1.0
1.5
1.5
1.1
0.9
1.5
1.2
1.5
1.1
1.6
1.1
1.4
1.4
1.
1.
1.4
1.5
1.5
1.5
1.4
1.5
1.3
1.6
1.
2.
2.
2.
1.8
2.6
2.3
2.4
1.8
2.6
2.2
2.5
1.9
2.5
2.2
2.6
1.4
1.5
2.0.
1.4
1.6
1.7
2.6
2.4
2.4
1.4
1.4
1.8
2.6
2.4
2.4
1.4
1.5
1.7
2.3
2.5
2.4
1.1
1.3
1.6
1.1
1.5
1.3
1.4
1.7
2.3
2.5
2.4
2.6
2.3
2.6
2.0
2.6
2.3
2.5
2.1
2.6
2.4
2.6
2.2
2.7
2.4
2.6
2.7
2.4
1.8
2.1
2.7
2.7
1.4
1.6
2.7
2.5
1.7
2.1
2.9
2.7
1.3
1.7
2.8
2.3
1.7
2.1
2.8
2.7
1.2
1.8
2.8
2.3
1.7
2.2
2.8
2.7
1.2
1.8
2.7
2.1
1.8
2.2
2.7
2.6
1.3
1.7
2.7
2.2
1.8
2.2
2.7
2.5
1.3
1.7
2.7
2.1
1.8
2.2
2.8
2.4
1.4
1.7
2.7
2.0
1.8
2.2
2.7
2.3
1.4
1.6
2.7
2.0
1.8
2.2
2.6
2.2
1.3
1.6
2.7
1.9
1.8
2.3
2.8
2.0
1.5
1.6
2.7
1.8
1.9
2.4
2.8
1.8
1.6
1.5
2.6
1.9
1.9
2.6
2.8
1.6
1.6
1.7
19 47
1948.. .
1951. ..
1959.. .
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970.. .
1971. ..
1972. ..
1973...
1974, ,,
1975...
1976. . .
1977. ..
1978. ..
1 .8
2!o
1.9
1.9
1.6
1.5
1.4
1.2
1. 6
2.3
1.3
4.2
3!e
a!s
2^9
2\&
3.3
2.8
ll9
3.2
2.7
2.0
1 5
3.3
1 .6
3.3
1 .3
2.7
1.3
1.8
2!o
1.9
1.7
2.0
1.8
1.9
2.0
1.9
2.9
2.6
3.0
2.2
1.4
2.0
1.9
1.3
1.2
1.3
1.1
1.4
19 49 ...
1950...
4.6
2\\
3^7
2.3
lie
2.0
1. 7
0.9
2.8
2.7
1.6
1.1
3.4
2\3
2.9
2.8
2.8
1.4
U9
1.9
1.6
1.1
l.S
1.3
1.2
1.4
1.4
1.5
1.5
1.2
1.5
1.5
1.4
1.4
1.4
1.4
1.7
2.4
2.5
2.4
1,4
1.5
1.8
2.6
2.4
2.4
1.9
2.6
2.2
2.6
1.6
2.1
2.6
2.4
2.6
2.7
2.4
1.7
2.1
2.8
2.7
1.3
1.7
2.7
2.2
1.8
2.2
2.7
2.6
1.3
1.7
2.7
2.0
1.8
2.2
2.7
2.3
1.4
1.6
2.7
1.9
1.9
2.4
2.8
1.8
1,6
1.6
2.7
2.1
1.8
2.2
2.7
2.3
1,4
1.7
62.18
52.81
1.5
1.9
2.6
2,3
2.5
9 . CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL BUILDINGS 2
TOTAL FOR PERIOD
( M I L L I O N SQUARE FEET OF FLOOR S P A C E )
1948...
1949. ..
1950.. .
1951.. .
1952.. .
1953. ..
1954.. .
1955. . .
1956. ..
1957. ..
1958...
1959...
1960...
1961. . .
1962...
1963.. .
1964. . .
1965. ..
1966...
1967.. .
1968.. .
1969...
1970. ..
1971. . .
1972.. .
1973...
1974...
1975...
1976...
1977.. .
115.15
119.25
77.69
47.73
92.98
69.91
67.11
92.45
81.87
113.25
109.18
98.44
93.67
63.37
85.27
80.80
88.94
106.98
100.12
96.38
300.34
209.89
328.75
320.29
272.48
326.46
330.57
417.01
436.51
422.57
30.76
29.06
39.44
36.03
39.44
38.15
41.61 ' 41.69
42.20
41.89
43.73
45.43
52.57
57.91
61.74
64.13
64.42
60.21
63.17
64.08
71.47
69.70
91.07
99.20
110.98
110.19
127.35
129.14
148.63
162.89
200.70
163.07
192.51
80.49
114.66
118.29
107.51
128.52
138.62
145.97
172.98
198.13
175.29
180.40
94.47
110.16
117.21
114.62
124.21
134.59
153.89
171.65
191.46
178.83
199.39
92.89
116.91
117.03
117.18
125.17
139,97
163.94
186.42
179.39
185.67
220.80
358.92
440.93
463.51
449.50
505.25
542.32
612.43
693.94
769.68
702.86
793.10
86.89
54.69
66.83
79.42
69.51
54.25
50.71
54.81
227.91
236.92
166.99
193.99
258.08
232.27
140.62
147.54
231.79
176.66
184.00
221.47
253.13
236.58
152.23
159.33
214.56
191.65
184.48
213.84
268.99
232.51
145.97
151.52
231.16
160.40
196.69
234.96
248.58
173,43
146.80
158.81
905.42
765.63
732.16
864.26
1028.78
874.79
585.62
617.20
23.39
18.95
31.05
25.26
21.34
27.37
28.28
40.27
36.81
31.51
23.18
16.90
31.55
19.42
24.32
31.05
31.17
34.45
30.90
30.98
20.72
17.82
34.19
18.21
26.95
31.30
26.15
37.36
35.91
32.67
18.28
18.09
27.93
25.74
34.00
18.45
31.62
35.17
33.31
32.73-
79.64
55.98
59.06
109.81
55.54
19.44
29.77
34.64
35.68
40.66
22.89
12.56
34.46
22.32
24.16
25.90
27-62
35.49
37.06
33.38
28.70
38.55
39.25
35.16
44.64
47.00
46.86
57.52
64.00
54.72
66.96
25.54
34.19
40.31
36.73
41.16
51.39
49.99
57.72
65.85
62.30
66.35
30.12
37.64
38.87
36.57
40.56
45.78
53.40
56.68
63.54
56.72
71.65
34.02
34.14
39.38
39.32
42.69
44.93
49.28
52.00
63.52
61.66
66.15
30.33
38.38
38.96
38.73
40.96
43.88
51.21
62.97
64.40
60.45
33.07
41.44
39.44
33.88
41.08
50.81
53.46
60.55
54.76
58.42
79.63
85.60
58.19
51.26
83.01
83.73
77.98
44.79
52.65
80.37
54.47
65.00
71.50
85.79
75.83
50.54
53.85
73.70
70.45
61.77
68.44
95.42
76.64
52.60
52.21
71.96
61.04
54.62
72.05
89.80
82.17
43.25
50.78
es. 90
79.96
51.71
63.45
75.61
91.60
62.47
54.10
51.47
64.31
54.00
66.41
79.93
87.47
56.71
41.99
52.53
17.52
17.29
36.59
19.21
28.67
22.22
35.09
38.65
40.20
22.51
19.66
23.84
30.42
19.71
24.35
23.99
32.04
42.51
37.83
25.63
19.16
27.04
27.22
21.44
26.66
27.18
31.51
42.21
31.94
30.12
16.54
28.14
25.27
19.26
29.92
29.81
31.37
34.17
35.90
31.53
31.93
37.32
36.21
38.70
44.61
50.88
53.00
62,29
49.09
64.51
29.91
32.16
36.93
36.49
42.75
45.11
49.10
55.12
70.42
57.84
61.39
29.63
35.11
36.73
37.49
45.90
39.42
48.65
54.77
67.99
56.14
66.61
26.25
41.92
38.73
35.62
42.72
40.23
49.12
57.74
68.28
58.27
47.09
94.43
88.86
54.37
60.61
87.48
76.53
54.39
44.27
69.98
80.95
50.04
66.25
85.89
80.67
46.54
50.95
63.50
67.11
62.58
67.13
84.71
75.07
39.69
52.32
65.82
64.00
57.74
66.96
83.61
82.77
56.90
52.83
29.14
80.83
53.37
83.04
77.20
64.56
76.02
86.76
97.52
112.06
108.50
31.41
16.22
27.47
22.33
21.61
39.18
25.97
37.49
35.31
33.55
27,99
18.80
17.93
42.80
16.62
24.17
26.79
32.13
33.99
41.22
25.08
17.67
27.86
24.71
23.86
61. se-
bO.Ki
68.09
73.35
83.77
73.70
50.12
48.53
77.19
73.00
99.26
1978. ..
1
9 . CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL B U I L D I N G S
3
TOTAL FOR P E R I O D
( M I L L I O N SQUARE METERS OP FLOOR SPACE)
1948. . .
1949. ..
1950. ..
1951...
1952...
1953...
1954. . .
1955. . .
1956...
1957...
1958 . . .
1959 . . .
1960. ..
1961.. .
1962...
1963. .
1964 . .
1965. .
1966. .
1967 . .
.
.
.
.
.
1968...
1969.
1970.
1971.
1972.
1973,
1974.
..
..
..
..
..
..
1975...
1976. ..
1977. . .
2.60
1.75
1.67
3.98
1.54
2.25
2.49
2,98
3.16
3.83
1.63
1.61
3.40
1.78
2.66
2.06
3.26
3.59
3.73
2.09
1.83
2.21
2.83
1.83
2.26
2.23
2.98
3.95
3.51
2.38
1.78
2.51
2.53
1.99
2.48
2.53
2.93
3.92
2.97
2.80
1.54
2.61
2.35
1.79
2.78
2.77
2.91
3.17
3.34
2.33
1.64
2.59
2.30
2.22
1.81
2.77
3.22
3.31
3.78
2.92
1.51
2.55
2.07
2.01
3.64
2.41
3.48
3.2$
3.12
2.13
1.17
3.20
2.07
2.24
2.41
2.57
3.30
3.44
3.10
2.17
1.76
2.88
2.35
1.98
2.54
2.63
3.74
3.42
2.93
2.15
1.57
2.93
1.80
2.26
2.88
2.90
3.20
2.87
2.88
1.92
1.66
3.18
1.69
2.50
2.91
2.43
3.47
3.34
3.04
1.70
1.68
2.59
2.39
3.16
1.71
2.94
3.27
3.09
3.04
5.21
5.49
10.21
5.15
7.17
6.78
9.22
10.70
11.07
7.51
4.96
7.71
7.18
6.00
7.07
8.07
9.06
10.40
10.09
7.22
4.44
8.63
6.49
6.23
8.59
7.61
10.52
10.14
9.15
5.77
4.91
8.70
5.88
7.92
7.50
8.27
9.94
9.30
8.96
27.90
19.52
30.53
29.76
25.30
30.33
30.73
38.74
40.54
39.27
2.93
2.97
3.47
3.36
3.60
4 .14
4.73
4 .92
5.79
4 .56
5.99
2.78
2.99
3.43
3.39
3.97
4.19
4.56
5 .12
6.54
5.37
5.70
2.75
3.26
3.41
3.48
4.26
3.66
4.52
5.09
6.32
5.22
6.19
2.44
3.89
3.60
3.31
3.97
3.74
4.56
5.36
6.34
5.41
4.37
2.67
3.58
3.65
3.27
4.15
4.37
4.35
5.34
5.95
5.08
6.22
2.37
3.18
3.74
3.41
3.82
4.77
4.64
5.36
6.12
5.79
6.16
2.80
3.50
3.61
3.40
3.77
4.25
4.96
5.27
5.90
5.27
6.66
3.16
3.17
3.66
3.65
3.97
4.17
4.58
4.83
5.90
5.73
6.15
2.82
3.57
3.81
4.08
4.76
5.85
5.98
5.62
5.72
3.07
3.85
3.66
3.15
3.82
4.72
4.97
5.63
5.09
5.43
7.40
2.86
3.35
3.66
3.87
3.92
4.06
4.88
5.74
5.98
5.87
6.48
2.70
3.66
3.54
3.873.89
4.22
5.38
5.96
5.59
5.95
6.64
8.46
9.22
10.31
10.23
11.83
11.99
13.81
15.13
18.65
15.15
17.88
7.48
10.65
10.99
9.99
11.94
12.88
13.55
16.06
18.41
16.28
16.75
8.78
10.24
10.89
10.65
11.55
12.50
14.30
15.95
17.78
16.62
18.53
8.63
10.86
10.86
10.89
11.63
13.00
15.23
17.33
16.66
17.25
20.52
33.35
40.97
43.05
41.76
46.95
50,37
56.89
64.47
71.50
65.30
73.68
8 .77
8.26
5.05
5.63
8.13
7.11
5.05
4.11
6.50
7.52
4.65
6.15
7.98
7.49
4.32
4.73
5.90
6.23
5.81
6.24
7.87
6.97
3.69
4.86
6.11
5.95
5.36
6.22
7.77
7.69
5.29
4.91
7.95
5.41
5.69
7.71
7.78
7.24
4.16
4.89
7.47
5.06
6.04
6.64
7.97
7.04
4.70
5.00
6.85
6.54
5.74
6.36
8.86
7.12
4.89
4.85
6.69
5.67
5.07
6.69
8.34
7.63
4.02
4.72
6.40
5.59
6.33
6.81
7.78
6.85
4,66
4 ,,51
7.43
4.80
5.89
7.02
8.51
5.80
5.03
4.78
5.97
5.02
6.17
7.43
8.13
5.27
3.90
4.88
8.07
5.08
6.21
7.38
6.46
5.04
4.71
5.09
21.17
22.01
15.51
18.02
23.98
21.57
13.06
13.70
21.53
16.42
17.09
20.57
23.52
21.97
14.15
14.80
19.94
17.80
17.14
19.86
24.98
21.60
13.57
14.08
21.47
14.90
18.27
21.83
23.10
16.11
13.64
14.75
84.11
71.13
68.01
80.28
95.58
81.25
54.42
57.33
2.71
3. (5 2
3.60
7.40
1978...
NOTE: Unless otherwise noted, these seriesi contain no revisions but are reprinted for the convenience of the user. 'This series contains revisions
;eries used by
permission;
not be reproduced without. written
beginning with 1973. 'This is a copyrighted ser
, it may
„ ......
. , •• permission from McGraw-Hill Information
J r_
Systems Company, F.W. Dodge Division. "Data have been converted to metric units by the Bureau of Economic Analysis.
(JANUARY 1978)
97
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Annual
Feb.
Jan.
Apr.
Mar.
May
Juns
July
Sept.
Aug.
Oct.
Nov.
Dec.
IQ
II Q
21. AVERAGE WEEKLY OVERTIME E1QURS OF PRODOCTION WORKERS, MANUFACTURING1
(HOURS)
IIIQ
IV Q
AVERAGE FOR PERIOD
1954 . . ,
1956...
1957,..
3.2
2.9
3.0
2,7
2.8
2.6
2.8
2.5
2,7
2.3
2.7
2.3
2.7
2.3
2.5
2.2
2.7
2.2
2.8
2.1
2.8
2.1
2.8
1.9
3.0
2.7
2.7
2.4
2,6
2.2
2.8
2.0
1958...
1959...
1960...
1961...
1962. ..
1963...
1964...
1965..,
1966...
1967,..
1968.,,
1.9
2.5
3.0
2.1
2.8
2.7
2.9
3.5
3.9
3.5
3.4
1.9
2.6
2.8
2,1
2,7
2.7
2.9
3.6
4.1
3.4
3.5
1.7
2,8
2,7
2.1
2.8
2.8
3.0
3.7
4.1
3,3
3.3
1.7
2,8
2,4
2.2
2,8
2,3
3.0
3,3
4,1
3.3
3.1
1,8
2.9
2.6
2.2
2.8
1.9
2.8
2.4
2.5
2.8
2.9
3.0
3.5
4.0
3.3
3.6
2.1
2.9
2.4
2.5
2.7
2.8
3.2
3,5
3.9
3.3
3.5
2.2
2.7
2.3
2.6
2,8
2.9
3.2
3.5
3.8
3.4
3.7
2.2
2,6
2.4
2.7
2.7
2,9
3.2
3.7
3.9
2.4
2.S
2.1
2.8
2.8
2.9
3.2
3.8
3.8
2.5
2.5
2.0
2.8
2.8
3.0
3.4
3.8
3.5
1.8
2.6
2.8
2.1
2.8
2.7
2.9
3.6
4.0
3.7
3.8
3.7
3.5
1.8
2.9
2.S
2.2
2.8
2.7
3.0
3.4
4.0
3.3
3.5
2.1
2.8
2.4
2.3
2.8
2.9
3.1
3.S
3.9
3.3
3.6
2.4
3.0
3.5
4.1
3.3
3.7
1.9
2.9
2.5
2.3
2.8
2.9
3,1
3.5
3,9
3.2
3.6
1969...
1970,,,
1971...
1972...
1973...
1974...
1973...
1976...
1977...
1978...
3.7
3.3
2.8
3.0
3.8
3.6
2.4
3,1
3.5
3.2
2.8
3.2
4,0
3.5
2.4
3.1
3.2
2,8
3.3
3,9
3.6
2.3
3.2
3.0
2.8
3.5
4.1
2.9
2.3
2.5
3.0
2.9
3.4
3.9
3.5
2.3
3,3
3.0
3.0
3.4
3.8
3.4
2,4
3.1
3,0
2.9
3.4
3.7
3.3
2.6
3,1
2.9
2.9
3.5
3.6
3.3
2.7
3.0
2.8
2.8
3.5
3.8
3.2
2.8
3.0
2.8
2.9
3.6
2.7
2.9
3.7
2.7
3.0
3.7
3.2
2.8
3,2
3.0
2.9
3.4
3.1
2.8
3.0
2.8
2.8
3.1
2.6
3.0
3.2
3.6
2.4
3.1
3.3
2.3
3.0
2.9
2.9
3.5
3.7
3.3
2.7
3.0
2. a
23. INDEX OF INDUSTRIAL MATERIALS PRICES'
(1967=100)
a!s
2.3
2.8
2.8
2.9
3.3
3.8
3.7
3.3
3.7
2.0
2,7
2.4
2 .4
2,8
2.8
3,1
3.6
3,9
3.4
3.6
3.5
2.7
2.9
3.7
3.7
2.8
2.9
3.1
3.6
3.0
2.0
3,5
3.8
3,2
2.6
3,1
a!a
®
AVERAGES FOR PERIOD
1947, ..
1948., .
1949.,,
1950...
1951,,.
1952. . ,
1953,,.
1054...
195S. ..
1956...
1957,..
112.4
129.1
116,6
94.1
173,0
130,3
102,2
91.6
101.7
112.2
109,0
116,7
124.2
110.3
§3.2
174.3
123,3
101,5
91.0
103.3
110,4
105.6
122.5
119.2
101.8
02.9
160.4
118.4
102,6
92,3
101.4
110,7
105,3
119.6
120.7
91.2
94.0
167.1
115.0
97.8
95,7
103.0
111.2
104.3
110.7
119.9
89,9
08,2
164,7
113.3
97.1
96.7
101.7
107.3
103.4
108.6
121.3
87.0
101.8
156.8
110.4
96.6
07,4
103.0
104,4
104.0
109,7
121.1
88.6
112.8
139.0
108,9
95.9
96,3
106.8
104.9
103.4
111.2
121.9
93.5
127.7
134.1
108.4
95.4
95.9
108.2
107.8
102.7
115.8
120.2
95.0
142,7
132.6
108.8
93.3
97.3
109.6
109.8
99.6
122.8
118.0
91.1
148,1
135.5
105.7
90.4
99.0
108.8
109.0
96,5
128.0
121.3
93.8
158.8
133.5
10S.7
92.8
99.5
110.3
111.9
94.5
128.6
119.4
92.8
164.0
133.3
104.8
92.7
99.3
113.5
112.0
93.9
117.2
124.2
109.6
93.4
172,2
124.0
102.1
91,6
102,1
111.1
106.6
113. Q
120,6
89.4
93.0
162.9
112.9
97.2
96.6
102.6
107 .6
103.9
112.2
121.1
92.4
127.7
135.2
108.7
94.9
96.5
108.2
107.5
101.0
126.5
119.6
92.6
157.0
134.1
105.4
02.0
09.3
110.9
111.0
95.0
117,2
121.4
96.0
119.0
IS 1.1
112.8
96.5
96.0
105.9
109.3
101.8
1958...
1959...
I960...
1961...
1962.,.
1163. ,,
1964...
1965...
1066...
1967...
1968...
92.8
99.2
105.3
96,9
102.5
95.1
98.1
110.2
120.0
106.4
19.4
93.0
99.1
103.9
98,9
100,2
94.7
08.1
110.3
122.4
104.8
90.1
92,2
100.7
102.0
102.7
100. 0
94.0
98.5
112,7
123.0
102.1
99.7
89.8
101.7
103.4
103.7
97.9
94.1
102.0
116,2
121.0
99.7
97.9
90.2
102.4
103.7
104.0
§7.4
94,8
100.5
116.4
117,8
99.2
9S.7
01.7
102,8
102.3
100.6
95.0
93.5
101.0
114.8
117.9
99.4
95.2
94.3
102.8
101.2
101.3
93.8
93.8
102.1
114.1
118,3
97.9
94,0
96.0
103.3
101.7
102.5
94.1
93,8
105.3
114.7
111.3
07.7
94.5
95. 9
104.7
100,8
102.5
93.6
93.7
107.8
114.3
108.5
97.4
95.7
98.9
105.4
99.3
101,9
94.5
95.9
111.6
114. S
105.9
97.3
97.1
101.4
105.5
98.1
98.5
96.0
96.9
112.7
115.0
105.5
98.7
99.9
99.9
104.4
96.4
100.6
95.4
97.3
112.1
116.6
105.4
99.7
100.3
92.7
99,7
103.7
99.5
100.9
94.6
98.2
111.1
121.8
104,4
99.4
9C.6
102.3
103.1
102.8
96. 8
94.1
101.2
115.8
118.9
99.4
96. 3
95.4
103.6
101.2
102.1
93.8
105.1
114.4
112.7
97.7
04.7
100.1
105,1
97,0
100.3
93.3
06.7
112.1
115.4
105,6
08.6
99.1
94.7
102.7
101.5
101.2
96,7
94,8
104.2
114.2
114.8
100.0
97.4
1969...
1970...
1971., .
1972. ..
1973,..
1974...
1975...
1976...
1977...
1978...
103. Q
118.0
105.9
110.7
130.3
215.9
180.1
183.6
105.9
119.5
107.2
113,0
147,5
232.0
181.1
186.6
106.5
118.7
107.8
117.2
153.3
237.2
182.3
133.2
108.9
118.2
116.2
119.5
1S8.2
238.4
116.4
200.9
110.0
117.5
108.6
124.3
162.9
226.2
184.2
202.7
111.2
114.8
106.1
123.8
170.1
227. S
173.2
205.2
112.0
112.4
104.7
123.7
178.1
228.2
171.5
214.1
114.5
111.2
106.1
124.6
189.8
224.2
179.6
209.6
116.9
110.5
107.5
124.8
186.3
214.7
184.2
206.2
115.1
109.5
107.4
128.1
188.1
204.4
181.9
201.6
115.1
108.8
106.9
131,6
192.4
196,4
179.8
201.0
116.7
106.4
106.8
134.8
208. 9
183.4
180.6
203.2
105.1
119.0
107.0
113.6
147 .4
228.4
181.2
187.8
110.0
116.8
108,3
122.5
163.7
230 ..7
181.3
202,0
114.5
111.4
106.1
124,4
184.7
222.4
178.4
210,0
115.6
108.2
107.0
131.5
196.5
104.7
180.8
201,9
111.3
113.9
107.1
123.0
173.1
219.0
180.4
200,7
32. VENDOR PERFORMANCE, PERCENT DP COMPANIES REPORTING SLOWER DELIVERIES3
(PERCENT REPORTING)
93. a
@>
AVERAGE FOR PERIOD
1947...
1948...
1949,.,
1950,..
1951.. ,
1952...
1953...
1954...
1955...
1956. , .
1957...
37
35
16
54
84
28
37
21
54
40
33
42
34
12
62
85
22
37
24
60
46
28
34
26
10
60
74
18
40
27
66
49
25
25
36
14
60
58
19
38
30
71
50
28
20
31
12
66
46
23
3S
35
70
39
30
24
30
12
64
38
34
34
36
6S
40
29
22
36
22
88
34
50
30
40
70
S6
38
25
36
38
94
38
47
30
41
72
52
34
30
38
53
96
50
46
23
47
72
47
32
31
38
60
33
50
46
22
53
72
44
36
38
32
58
87
34
44
20
52
66
46
29
41
17
SO
34
31
40
20
50
56
36
25
38
32
13
59
81
23
38
24
60
48
29
23
32
13
63
47
2S
36
34
69
43
29
26
37
38
93
41
48
28
43
71
52
35
37
20
56
86
38
43
21
52
65
42
30
31
32
30
75
52
3S
31
38
66
46
31
1958..,
1959...
I960,,.
1961...
1962,,,
1963...
1964...
1965...
1966...
1967. ..
1968...
28
§8
44
38
56
50
55
63
74
48
SO
28
62
30
40
56
52
54
72
85
SI
5S
32
62
27
40
55
34
60
66
86
38
34
34
62
28
47
48
60
60
72
82
39
38
62
32
48
4g
58
63
70
75
36
52
38
62
34
48
42
54
55
66
69
38
52
44
60
36
49
44
42
59
62
70
41
56
49
62
40
52
44
48
65
64
73
43
46
51
64
41
55
48
52
74
62
72
44
46
58
64
39
55
43
48
72
60
70
50
52
S8
56
38
51
48
48
70
66
64
51
60
S2
SO
38
53
43
46
66
72
57
43
5S
29
61
34
39
56
52
56
69
82
46
53
37
62
311
4S
57
59
6^
71
38
§2
50
62
39
52
45
47
66
63
72
43
49
56
57
38
53
4g
47
69
66
64
SO
36
43
60
36
48
49
51
63
67
73
44
53
1969...
1970...
1971. .,
1972...
1973...
1974. .,
197S...
1976...
1977...
1978...
62
56
38
S2
78
85
18
42
61
B8
44
52
84
88
16
SO
61
50
46
88
88
88
17
52
68
52
52
58
90
84
22
58
69
72
53
60
92
79
24
58
70
69
50
60
89
76
26
62
66
50
48
63
63
45
49
63
88
68
36
64
66
45
48
65
90
52
44
60
65
38
50
73
90
46
45
50
62
36
43
70
91
32
44
48
64
36
51
77
3§
22
39
45
61
55
43
S4
83
87
17
48
69
64
52
59
90
80
24
S9
67
47
48
64
89
64
37
61
64
37
50
73
90
33
43
48
65
31
48
63
31
66
30
54
'This series contains revisions beginning with 1972.
8i
72
30
60
'This series contains no revisions but is reprinted for the convenience of the user
48
(JANUARY 1978)
C. Historical Data for Selected Series—Continued
Quarterly
Monthly
Annual
Year
Feb.
Jan.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
1 Q
Dec.
40. NUMBER OF EMPLOYEES IN NONAGRI CULTURAL GOODS-PRODUCING INDUSTRIES — MINING , MANUFACTURING
AND CONSTRUCTION, ESTABLISHMENT SURVEY1
(THOUSANDS)
III Q
II Q
IV Q
AVERAGE FOR PERIOD
1947...
1948...
1949...
1950...
1951...
1952.,.
1953...
1954...
1955...
1956...
1957...
18,428
18,876
18,362
17,351
19,805
19,998
21,056
20,177
19,782
20,953
21,164
18,479
18,707
18,193
17,097
19,930
20,073
21,220
20,116
19,939
21,044
21,244
18,461
18,780
17,966
17,558
20,024
20,037
21,271
19,988
20,157
20,994
21,242
18,413
18,465
17,765
17,807
20,081
20,062
21,287
19,836
20,327
21,095
21,158
18,346
18,635
17,539
18,193
20,058
20,015
21,269
19,688
20,489
21,093
21,093
18,371
18,768
17,385
18,419
20,066
19,606
21,248
19,623
20,609
21,159
21,049
18,267
18,874
17,320
18,635
19,992
19,433
21,244
19,455
20,607
20,577
20,981
18,409
18,770
17,342
19,032
19,867
20,087
21,101
19,415
20,642
21,111
20,914
18,491
18,843
17,431
19,157
19,767
20,428
20,967
19,470
20,653
21,114
20,812
18,606
18,775
16,711
19,367
19,766
20,549
20,834
19,494
20,756
21,193
20,703
18,662
18,761
17,093
19,469
19,828
20,759
20,605
19,649
20,819
21,160
20,491
18,807
18,657
17,342
19,519
19,962
20,931
20,452
19,688
20,890
21,246
20,371
18,456
18,788
18,174
17,335
19,920
20,036
21,182
20,094
19,959
20,997
21,217
18,377
18,623
17,563
18,140
20,068
19,894
21,268
19,716
20,475
21,116
21,100
18,389
18,829
17,364
18,941
19,875
19,983
21,104
19,447
20,634
20,934
20,902
18,692
18,731
17,049
19,452
19,852
20,746
20,630
19,610
20,822
21,200
20,522
18,482
18,745
17,536
18,475
19,925
20,164
21,038
19,717
20,476
21,064
20,925
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
20,152
20,020
20,751
19,638
20,076
20,417
20,558
21,414
22,555
23,450
23,290
19,695
20,080
20,862
19,530
20,262
20,379
20,771
21,481
22,690
23,353
23,481
19,476
20,276
20,601
19,581
20,278
20,391
20,780
21,549
22,877
23,279
23,493
19,235
20,474
20,684
19,594
20,480
20,569
20,830
21,599
22,958
23,244
23,610
19,126
20,599
20,614
19,706
20,471
20,634
20,871
21,722
23,030
23,175
23,648
19,129
20,714
20,498
19,838
20,429
20,598
20,915
21,816
23,207
23,156
23,674
19,165
20,752
20,398
19,842
20,477
20,651
20,989
21,905
23,267
23,190
23,721
19,275
20,242
20,326
19,929
20,491
20,664
21,032
21,986
23,346
23,229
23,758
19,466
20,210
20,227
19,890
20,508
20,705
21,173
22,091
23,307
23,162
23,803
19,379
20,071
20,104
19,957
20,503
20,726
20,945
22,177
23,349
23,151
23,832
19,766
20,291
19,967
20,097
20,461
20,657
21,266
22,338
23,395
23,404
23,931
19,795
20,672
19,708
20,155
20,382
20,672
21,341
22,480
23,422
23,436
24,045
19,774
20,125
20,738
19,583
20,205
20,396
20,703
21,481
22,707
23,361
23,421
19,163
20,596
20,599
19,713
20,460
20,600
20,872
21,712
23,065
23,192
23,644
19,302
20,401
20,317
19,887
20,492
20,673
21,065
21,994
23,307
23,194
23,761
19,647
20,345
19,926
20,070
20,449
20,685
21,184
22,332
23,389
23,330
23,936
19,474
20,367
20,393
19,814
20,405
20,593
20,958
21,880
23,116
23,268
23,693
1969...
1970...
1971...
1972...
1973...
1974. ..
1975...
1976...
1977...
1978...
24,078
24,175
22,878
23,116
24,211
25,031
23,232
23,069
24,166
24,121
22,729
23,145
24,446
25,047
22,728
23,143
24,239
24,114
22,725
23,276
24,537
24,976
22,447
23,244
24,247
23,937
22,811
23,376
24,590
24,960
22,348
23,371
24,293
23,652
22,874
23,483
24,652
24,926
22,358
23,353
24,395
23,564
22,807
23,569
24,784
24,910
22,273
23,357
24,446
23,524
22,771
23,487
24,788
24,834
22,293
23,351
24,438
23,393
22,718
23,590
24,810
24,761
22,478
23,293
24,442
23,309
22,860
23,656
24,807
24,657
22,665
23,434
24,405
22,778
22,795
23,864
24,930
24,542
22,759
23,356
24,265
22,624
22,900
23,960
25,034
24,178
22,789
23,484
24,298
22,941
22,928
24,013
25,106
23,635
22,908
23,528
24,161
24,137
22,777
23,179
24,398
25,018
22,802
23,152
24,312
23,718
22,831
23,476
24,675
24,932
22,326
23,360
24,442
23,409
22,783
23,578
24,802
24,751
22,479
23,359
24,323
22,781
22,874
23,946
25,023
24,118
22,819
23,456
24,311
23,507
22,820
23,546
24,727
24,697
22,603
23,332
41. NUMBER OF EMPLOYEES ON NONAGRI CULTURAL PAYROLLS, ESTABLISHMENT SURVEY1
(THOUSANDS)
AVERAGE FOR PERIOD
1947...
1948...
1949. ..
1950...
1951. ..
1952...
1953...
1954...
1955...
1956...
1957...
43,493
44,658
44,622
43,467
47,267
48,268
50,084
49,361
49,360
51,910
52,860
43,588
44,541
44,445
43,192
47,518
48,456
50,320
49,284
49,538
52,127
53,044
43,639
44,662
44,214
43,871
47,725
48,473
50,398
49,099
49,866
52,180
53,124
43,478
44,342
44,058
44,276
47,890
48,494
50,418
49,010
50,127
52,325
53,080
43,561
44,659
43,848
44,607
47,829
46,538
50,394
48,863
50,447
52,418
53,054
43,688
44,925
43,626
44,995
47,951
48,142
50,416
48,820
50,745
52,498
53,003
43,667
45,124
43,457
45,387
47,951
47,986
50,413
48,730
50,870
51,827
53,003
43,851
45,040
43,506
46,064
47,815
48,705
50,304
48,707
50,967
52,476
52,976
44,062
45,143
43,671
46,298
47,77C
49,146
50,173
48,802
51,144
52,510
52,869
44,272
45,087
42,811
46,522
47,815
49,451
50,115
48,838
51,336
52,691
52,718
44,345
45,094
43,163
46,652
48,049
49,719
49,845
49,109
51,511
52,760
52,495
44,557
45,051
43,525
46,784
48,188
49,993
49,673
49,250
51,739
52,901
52,307
43,573
44,620
44,427
43,510
47,503
48,399
50,267
49,248
49,588
52,072
53,009
43,576
44,642
43,844
44,626
47,890
48,391
50,409
48,898
50,440
52,414
53,046
43,860
45,102
43,545
45,916
47,845
48,612
50,297
48,746
50,994
52,271
52,949
44,391
45,077
43,166
46,653
48,017
49,721
49,878
49,066
51,529
52,784
52,507
43,881
44,891
43,778
45,222
47,849
48,825
50,232
49,022
50,675
52,408
52,894
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966. ..
1967...
1968...
52,054
52,456
54,221
53,573
54,745
55,960
57,326
59,467
62,454
65,284
66,701
51,486
52,602
54,452
53,423
55,050
56,092
57,666
59,715
62,744
65,281
67,077
51,158
52,884
54,380
53,522
55,178
56,205
57,718
59,957
63,134
65,361
67,197
50,880
53,221
54,636
53,538
55,455
56,447
57,898
60,144
63,390
65,442
67,455
50,820
53,477
54,407
53,721
55,565
56,575
58,039
60,436
63,638
65,553
67,560
50,851
53,645
54,324
53,959
55,600
56,610
58,171
60,655
64,026
65,677
67,825
50,944
53,713
54,258
54,095
55,707
56,753
58,383
60,929
64,246
65,838
68,046
51,159
53,287
54,228
54,267
55,823
56,867
58,546
61,130
64,399
66,001
68,256
51,413
53,316
54,116
54,307
55,903
57,025
58,819
61,399
64,504
66,084
68,421
51,418
53,230
54,021
54,413
55,957
57,203
58,718
61,608
64,687
66,124
68,645
51,858
53,541
53,891
54,669
55,981
57,171
59,131
61,908
64,892
66,624
68,905
52,008
54,069
53,611
54,792
55,967
57,295
59,345
62,242
65,062
66,816
69,221
51,566
52,647
54,351
53,506
54,991
56,086
57,570
59,713
62,777
65,309
66,992
50,850
53,448
54,456
53,739
55,540
56,544
58,036
60,412
63,685
65,557
67,613
51,172
53,439
54,201
54,223
55,811
56,882
58,583
61,153
64,383
65,974
68,241
51,761
53,613
53,841
54,625
55,968
57,223
59,065
61,919
64,880
66,521
68,924
51,363
53,313
54,234
54,042
55,596
56,702
58,331
60,815
63,955
65,857
67,951
1969...
1970...
1971. ..
1972...
1973...
1974...
1975...
1976...
1977...
1978...
69,381
71,156
70,807
72,366
75,464
78,043
77,280
78,413
69,618
71,219
70,698
72,543
75,910
78,219
76,832
78,650
69,835
71,353
70,786
72,923
76,217
78,251
76,507
78,929
70,008
71,304
70,987
73,133
76,402
78,372
76,441
79,228
70,228
71,008
71,163
73,432
76,622
78,512
76,524
79,263
70,520
70,902
71,142
73,681
76,954
78,627
76,460
79,402
70,693
70,960
71,180
73,723
76,987
78,663
76,720
79,520
70,798
70,797
71,174
74,012
77,195
78,731
77,064
79,606
70,873
70,865
71,502
74,191
77,303
78,7B5
77,384
79,895
71,047
70,462
71,491
74,549
77,622
78,751
77,626
79,835
71,001
70,326
71,691
74,822
77,944
78,361
77,749
80,127
71,178
70,699
71,971
75,109
78,042
77,708
78,032
80,370
69,611
71,243
70,764
72,611
75,864
78,171
76,873
78,664
70,252
71,071
71,097
73,415
76,659
78,504
76,475
79,298
70,788
70,874
71,285
73,975
77,162
78,726
77,056
79,674
71,075
70,496
71,718
74,827
77,869
78,273
77,802
80,111
70,442
70,920
71,222
73,714
76,896
78,413
77,051
79,443
95.8
100.2
100.5
98.5
115.8
121.9
136.4
129.5
135.6
148.4
153.9
96.3
99.5
96,2
105.1
118.8
121.2
137,6
128.5
140.5
150.4
152.1
96.1
101.7
95.9
111.2
119.3
123.3
136.1
127.7
143.0
150.2
150.8
98.0
102.8
94.1
115.8
118,8
132.4
132.9
132,0
146.4
154.0
147.2
96.5
101.0
96.7
107.6
118.2
124,7
135.8
129.4
141.4
150.8
151.0
140.2
150.6
158.8
150.2
161.2
166.1
173.5
186.0
198.3
206,1
212.1
136.5
155.8
157.4
153.4
164,3
168.2
177.1
187.1
202.5
205.3
215.5
141.1
153.3
155.2
155. S
165.0
169.6
180.2
189.6
205.0
206.8
217.3
145.6
153.2
151,5
159.5
165.3
171.7
181.6
194.1
140.8
153.2
155.7
154.7
164.0
168.9
178.1
189.2
203.0
206.6
216.2
221.7
220.4
210.2
218.5
233.7
232.3
209.6
218.9
223.6
215.9
211.4
222,1
234.9
230,9
206.4
222.1
225.0
214.1
210.5
223.4
235.1
228.7
208.0
221.9
223.3
206.9
53, WAGE AND SALARY INCOME IN MINING, MANUFACTURING, AND CONSTRUCTION IN 1972 DOLLARS'
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE FOR PERIOD
1947...
1948...
1949...
1950...
1951...
1952...
1953. ..
1954...
1955...
1956...
1957.,.
96.0
99.8
101.6
98.0
115.5
120.8
135.1
129.7
134.1
148.1
153.6
96.0
99.4
101.1
96.9
115.1
121.9
136.5
129.7
135.4
148.2
154.4
95.3
101.3
98.7
100.7
116.9
122.9
137.7
129.0
137.4
148.9
153.8
95.3
98.3
97.2
103.1
118.7
121.1
137.8
128.6
138.6
151.3
152.7
96.8
99.6
96.6
105.4
118.3
122.0
138.0
128.6
141.1
149.8
151,6
96.8
100.6
94.9
106.7
119.4
120.6
137.0
128.2
141.8
150.2
152.1
95.8
100.8
96.0
109.4
119.6
115.9
137.6
127.6
142,7
147.1
151.3
96,2
102.2
95.3
112.0
119.4
124.6
136.6
127.7
142.9
150.9
151.3
96.3
102.0
96.3
112.1
119.0
129.4
134.2
127.7
143.4
152.5
149.8
97.3
102.4
92.6
115.0
117.9
130.6
134.3
130.1
145.0
153.8
148.8
98.1
103.2
93.7
116.3
118.6
132.3
133.0
132.7
146.9
153.2
147.5
98.6
102.7
95.9
116.0
119.8
134.4
131.5
133,3
147.3
155.1
145.3
1958...
1959...
1960...
1961. ..
1962...
1963...
1964...
1965. ..
1966...
1967.,,
1968...
142.8
149.0
158.9
150.3
159.9
166.1
171.0
184.7
196.7
207.3
209.7
139.4
150.1
159.1
149.8
161.2
165.9
174.3
186.4
198.4
205.2
213.2
138.3
152.6
158.3
150.5
162.6
166.2
175.3
186.9
199.8
205.8
213.3
136.0
154.4
157.5
151.8
164.5
167,1
176.6
185.9
201.5
205.5
213.3
136.0
156.2
158.0
153.2
164.0
168.5
177.0
187.5
202.0
204.9
216.7
137.5
156.9
156.7
155.3
164.4
169.1
177.6
188.0
204.1
205.4
216.5
139.2
156,1
156.4
155.4
165.0
169.1
178.8
188.5
204.3
206.1
216.6
141.3
152.0
155.2
156.4
164.7
169.1
180.4
189.9
205.1
207.8
216.8
142.8
151.7
154.1
154.7
165.2
170.5
18L.5
190.5
142.1
150.6
153.7
157.7
164.8
171.0
178.9
192.5
205.8
205.9
219.2
147.1
152.2
151.9
160.0
165.4
171.4
181.5
194.1
206.1
208.9
219.9
147.7
156.8
148.9
160.8
165.8
172.6
184.3
195.8
206.2
210.5
220.9
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976. ..
1977. ..
1978...
221.1
220.9
210.7
216.5
233.0
233.3
213.1
217.1
221.1
219.9
209.8
218.4
234.1
232.5
208.1
218.7
222.8
220.3
210.1
220.6
234.0
231.1
207.5
221.0
223.0
217.8
211.1
221.7
234,9
230.8
206.4
222.1
223.5
214.9
211.8
222.0
234.6
231.1
206.7
222.3
224.2
215.1
211.3
222.7
235.2
230.8
206.2
221.9
224.9
215.3
210.7
221.3
236.7
230.1
205.9
222.3
224.9
214.6
210.3
223.8
233.5
228.9
208.1
220.8
225.2
224.5
206.6
211.0
227.0
235.3
226.7
210.9
222.0
222.4
205.5
211.5
228.8
235.8
220.5
211.6
225.0
223.0
208.7
214.7
230.1
235.7
216.9
213.8
225.9
'This series contains revisions beginning with 1972.
a
205.6
206.5
2113. 5
212.5
213.6
225.1
235.1
227.2
209.9
222.6
This series contains revisions for 1947-73 and March 1975.
1
206.0
208.4
220.0
212.4
228.6
23S.6
221.4
212.1
224.3
223.4
214.3
211.1
223.2
234.8
228.3
209.0
221,8
(JANUARY 1978)
99
C. Historical Data for Selected Series—Continued
Monthly
Year
Jan.
Feb.
Mar.
Apr.
May
June
Quarterly
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
111(1
II Q
95. RATIO, CONSUMER INSTALLMENT DEBT TO PERSONAL INCOME'
Annual
IV Q
END OF PERIOD
(PERCENT)
2.29
3.39
4.28
5.37
5.98
5.81
6.96
7.91
7.94
8.95
9.21
2.39
3.49
4.35
5.42
5.95
5,78
7.07
7.91
8.03
9.02
9.20
2.49
3.59
4.41
5.42
5.91
5.80
7.19
7.91
8.16
9.09
9.22
2.64
3.73
4,55
5.66
5.82
5.89
7.34
7.96
8.25
9.10
9.26
2.76
3.78
4.67
S.79
5.77
6.00
7.41
7.89
8.34
9.15
9.28
2,83
3.76
4.80
5.92
5.69
6.19
7.45
7.88
8.43
9.15
9.28
2.93
3.83
4.92
6.02
5.65
6.35
7.57
7.89
8.49
9.22
9.30
3.02
3.87
5.00
6.08
5.65
6.25
7.64
7.83
3.64
9.15
9.31
2.87
3.95
5.03
6.18
5.68
6.29
7.68
7.78
8.74
9.13
9.38
3.09
3.96
5.27
6.15
5.64
6.47
7.70
7.77
8.79
9.09
9.41
3.21
4.05
5.37
6.09
5.69
6.63
7.84
7.76
8.82
9.15
9.43
3.26
4.18
5.48
5.96
5.72
6.78
7.87
7.83
8.87
9.15
9.47
2.49
3.59
4,41
5.42
5.91
5.80
7.19
7.91
8.16
9.09
9.22
2.83
3.76
4.80
5.92
5.69
6.19
7.45
7.88
3.43
9.15
9.28
2.87
3.95
S.63
6.18
5.68
6.29
7,68
7.78
8.74
9.13
9.38
3.26
4.18
5.48
5.96
5,72
6.78
7.87
7,83
8,87
9.15
9.47
3.26
4.18
3.48
5.96
5,72
19 S B . . .
1959...
I960.,.
1961...
1962...
1963...
1964.,,
1965...
1966...
1967...
1968...
9.49
9.02
9.87
10.46
10.10
10.63
11.48
12.03
12,46
12,29
11,98
9.47
9.08
9.99
10.40
10.09
10.78
11.56
12.16
12.43
12.27
11.96
9.38
9.12
10.69
10.37
10.08
10.86
11.63
12.21
12,46
12.22
11.92
9,37
9.16
10.12
10,32
10.14
10. 95
11,66
12.31
12.48
12,19
11.96
9.31
9.21
10.15
10.25
10.22
11,00
11.72
12.35
12.50
12.17
11.94
9.23
9.28
10.23
10,16
10.29
11.04
11.79
12.38
12.48
12.14
11.93
9.06
9.40
10.29
10.12
10.34
11.15
11.84
12.43
12.49
12.67
11.92
9.05
9.64
10.35
10.13
10.40
11.22
11.85
12.50
12.45
12.06
11.93
8.99
9.77
10.40
10.13
16.41
11.26
11.92
12.27
12.39
12.06
11.91
8.98
9.83
16.40
10.08
10.48
11.33
12.62
12.43
12.36
12.66
11.97
3.88
9.86
10.45
10.04
10.55
11.41
12,00
12.42
12.34
12.02
11.99
8.92
9.79
10.55
10.05
10.60
11.41
11.98
12.41
12.37
11.96
12.05
9.38
9.12
10.69
16.37
16.08
16.86
11.63
12,21
12.46
12.22
11.92
9.23
9.28
10.23
16.16
10.29
11.04
11.79
12.38
12.48
12.14
11.93
8.99
9.77
10.40
10.13
10.41
11.26
11.92
12.27
12,39
12.06
11.91
8.92
9,79
10. 5S
10.05
10.60
11.41
11.98
12.41
12,37
11.96
12.65
8,92
9.79
16,55
10.05
10.66
11.41
11.98
12.41
12.37
11.96
12.05
1969...
1970. ..
1971. ..
1972...
1973...
1974...
1975. . ,
1976...
1977.. .
1978...
12.12
12.34
11.94
12.16
12.61
13.10
12.72
12.15
12.18
12.33
11.98
12.11
12.65
13.13
12.70
12.18
12.17
12.27
11.97
12.18
12.71
13.11
12.61
12.22
12.22
12,01
12.00
12.27
12.78
13.00
12.56
12.26
12.27
12.12
11.99
12.35
12.86
13.02
12.43
12.31
12.31
12.17
11.78
12.59
12.91
12.99
12.16
12.38
12.29
12.14
11.99
12.45
12.97
12.91
12.28
12.36
12.27
12.12
12.02
12.45
12.99
12.96
12.20
12.41
12.28
12.09
12.10
12.52
12.98
12.94
12.17
12.47
12.30
12.16
12.17
12.43
13.01
12.84
12.13
12.43
12.32
12.12
12.21
12.42
13.01
12.81
12.13
12.39
12.31
12.08
12.19
12.50
13.02
12.73
12.18
12.41
12.17
12.27
11.97
12.18
12.71
13.11
12.61
12.22
12.31
12.1?
11.78
12.59
12.91
12.99
12.16
12.38
12.28
12.69
12.16
12.52
12.98
12.94
12.17
12.47
12.31
12.08
12.19
12.30
13.02
12.73
12.18
12,41
12.31
12,08
12,19
12.56
13.02
12,73
12.18
12.41
1947. . .
1948...
1949...
19SO...
1951...
1952. . .
1953...
1954...
1955...
1956...
1957. ..
S 48.
VALOR OP M A N U F A C T U R E R S ' NEW ORDERS, DEFENSE PRODUCTS
(BILLIONS OF DOLLARS)
a. 78
7.87
7.83
8.87
9.15
9,47
TOTAL FOR PERIOD
1947 . . .
1948. . .
1949. . .
1991. ..
1952
1953
1954.,,
1 9 5 5 ...
1956 . , .
193'?. . .
1958. . ,
1959. . .
1960. . .
1961. . .
1962. . .
1964 .
1965. , ,
1966 , , ,
1967 , .
1908. . ,
1969. . .
1970...
1971.. ,
1972...
1973. . .
1974. . .
1975., .
1976...
1977...
1978...
2.09
0.8S
1.86
1.84
1.85
2,33
1,40
1.44
2. 10
2.66
2.24
2.65
2.73
1.36
2.70
2.88
2.50
1.96
2.23
7.62
6.94
6.69
1.93
1.69
1.73
1,52
1.36
2.44
2.58
2.19
2.31
1.74
1.25
1.25
2.00
1,34
2.00
2.82
2.S9
1.25
1.39
1.65
1.98
1.88
2.44
2.69
2.09
1.70
1.19
1.23
1.63
2.50
2.27
2.40
1.56
1.68
0.83
2.45
2.10
1.97
1.80
2.61
1.33
1.93
1.91
1.03
1.68
1.43
2.37
1.24
1.75
1.48
1.47
1.06
1.80
3.82
2.13
1.92
1.51
1.95
1.31
1.87
1.76
2.39
2.56
2.15
1.93
1.65
1.74
1.16
1.86
1.58
1.61
2.84
2.20
1.40
1.75
1.42
2. 28
2.44
2.10
3.14
2.54
1.64
1.39
1.91
1.59
2.02
1.94
4.05
6.33
4.28
4.34
4.61
5.21
6.11
5.98
6.45
6.24
4.63
3.41
5.33
5,71
6.35
6.51
7.70
4.59
5.36
4.69
3.96
§.24
7.64
7.06
5.31
6.67
4.69
4,80
4.49
5.73
6,04
5.65
10.03
7 4 2 . UNITED KINGDOMS-INDEX OF STOCK PRICES
(1967^100)
®
23.83
18.96
17.82
18.39
21.89
26,14
25,20
29.49
AVERAGE FQK PERIOD
1947...
1948...
1949. ..
1950. . .
1951...
1952, . ,
1953...
1954...
1955...
1956...
1957...
39.7
36.4
33.9
20.0
31.8
30.8
32.2
37.7
53.6
48.5
48.S
38.3
31.7
33.0
28.9
32.5
30.2
33.1
38.4
47.9
45.5
48.9
37.8
33.0
30.5
28.3
32.2
28.9
33.8
38.8
48.9
46.2
49.2
39.2
34.2
31.0
28.3
35.1
30.8
33.1
40.8
49.S
49.6
51.9
40.3
34.2
29.9
28.3
36.1
27.8
31.8
41.7
53.6
47.2
52.3
39.5
31.9
27.7
36.3
36.4
27.5
31.8
42,8
58.0
45.8
53.6
38.3
31.7
27,7
29.1
34.2
29.1
32.5
44.8
56.6
47.6
53.3
31.9
31.9
28.0
29.7
35.5
31.1
34.2
47.4
53.3
47.9
51.6
33.3
32.2
29,1
31.0
36.1
30-5
35.1
48.1
52. 3
46.9
46.9
32.8
33.0
27.5
31.6
37.1
30.5
36.1
50.7
51.2
46.9
44.2
34.2
33.6
27.7
31.4
33.5
30.8
35.8
50.1
56.3
42.8
44.9
35.8
33.3
28,5
30.8
32.8
30.8
36.4
50.7
51.9
45.8
43.8
38.6
33.7
32.5
28.4
32,2
30.0
33.0
38.3
50.1
46.7
48.9
39,7
33.4
29,5
2902
35,9
28.7
32.2
41.8
53,8
47.5
52,4
34.5
31.9
28.3
29.9
35.3
30.2
33.9
46.8
54.1
47.5
50.6
34.3
33.3
27.9
31,1
34. S
36.7
36.1
50.5
51.1
4S.2
44.3
36. e
33.1
29.5
29.6
34.4
29.9
33.8
44.3
52. 3
46,7
49.0
1958...
1959...
1960. ..
1961, ..
1962...
1963. ..
1964...
1965...
1966...
1967...
1968...
45.3
60.5
88,0
87.7
82,4
85.1
98.8
93.4
97.8
88. S
114.7
42.9
62.1
86.1
92.0
83,2
86.6
96.2
95.7
100,9
88.6
118.1
45.0
62.5
86.9
95.9
81.1
88.6
98.8
92.2
98.6
90.0
120.5
47.9
65.2
82.1
98.0
86.9
89.9
100. S
92.6
98.3
94.8
133.3
48.3
67.3
85.0
96.8
85.0
90.6
99.0
94.2
101.2
96.8
139.4
50.7
67.5
82.7
89.0
77.5
90.0
97.6
96.3
102. S
97.2
142.5
50.7
66.3
82.8
86.5
77.2
91.2
101.0
87.0
98.0
99.5
150.0
53.7
72.0
87.4
83.2
86.1
93.9
102.1
88.1
87.4
100.2
154.0
55.6
70.5
86. S
81.9
80.0
95.9
102.5
96.3
86.3
105.3
157.5
57.3
80.8
87.6
80.0
80.4
98.0
100,0
95.9
85.0
110.8
152.7
57.9
82.8
83.3
80.9
83.7
99.3
95.4
98.3
83.6
115.2
154.6
61.8
88.5
84.3
82.2
84.9
101.1
92.0
96.4
85.4
113.2
157.9
44.7
61.7
87.6
91.9
82.2
86.8
97.9
93.8
99.1
89.2
117.8
49.0
66.7
83,3
94.6
83.1
90.2
99.3
92.4
106.7
96.3
138.4
53.3
69.6
85.6
83.9
79.1
93.7
101.9
88.5
96.6
101.7
153.8
59.0
84.Q
85.1
81.6
83. Q
99.5
9S.8
96.9
84.5
113.1
155.1
51. S
7 Q . 'J
85.2
87.8
81.9
92.5
98.7
92.9
93.7
100. Q
141.3
1969...
1970...
1971...
1972. , .
1973...
1974...
1975...
1976...
1977...
1978., .
164.6
139.4
123.5
175.2
182.2
126.1
68.9
150.7
159.5
135,0
121,7
180.2
168.4
123.5
99.0
152,6
152.6
131.4
120.2
185.9
164.4
115.7
108. 8
152.6
ISO.7
128.8
130.6
191.1
168.1
111.6
114.7
154.1
143.3
115.6
146.5
194,6
166.8
112.4
125.7
155.9
133.0
112.7
147.2
184.2
171.3
103.2
126.7
14S.9
128.6
115.0
156.7
187.3
161.3
93.6
118.7
146.5
128.1
118.1
158.5
195. S
156.4
81.7
115.3
140.2
129.7
120.5
163.6
183.3
154.5
74.4
127,8
132.1
127.4
128.5
159.8
180.0
159.2
70.9
132.4
116.7
128.6
126.4
156.1
185.6
151.2
65.3
141.6
121.5
132.4
121.6
165.6
190.8
126.5
58.3
140.1
132.8
158.9
135.3
121.8
180,4
171.7
121.8
92.2
152.6
142.3
119.0
141.4
196.0
168.7
109.1
122.4
128.8
117.9
159.6
188.7
157.4
83.2
120.6
139.6
129.5
123.3
160.fi
185.5
145.6
64.3
138.0
123.7
139.9
133.9
145.8
186.1
160.9
94,7
118.3
141.8
NOTE: Unless otherwise noted, these series contain no revisions but arc reprinted for the convenience of the user,
beginning with December 1i68.
100
152. e
This series contains revisions
(JANUARY
1978)
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Feb.
Jan.
Apr.
Mar.
May
June
July
7 4 3 , CANADA — INDEX OF STOCK PRICES
(1967=100)
Sept.
Aug.
Annual
Oct.
Nov.
Dec.
IQ
II Q
III Q
IV Q
©
AVERAGE
FOR P E R I O D
1948. . .
1949.. .
1950...
1951. ..
1952...
1953...
1954. ..
1955. ..
1956...
1957. ..
19.8
21.1
22.0
29.8
36.1
33.8
30.3
40.9
51.4
54.8
18.4
19.8
21.8
32.6
35.9
33.0
31.5
42.4
51.2
52.5
18.4
19.3
21.8
31.9
35.2
33.0
31.9
42.1
55.0
53.4
20.0
19.3
23.3
32.8
34.8
31.1
33.8
43.1
56.1
56.0
21.6
19.1
24.0
32.6
33.4
30.7
35.0
44.0
54.8
58.2
22.2
17.8
24.4
31.7
33.8
30.0
34.8
47.4
54.6
58.1
21.6
18.9
23.1
32.1
34.6
31.1
35.0
48.9
57.5
57.3
20.9
19.6
25.7
33.8
34.8
31.3
36.3
48.9
59.3
52.1
20.9
19.8
27.0
35.9
33.8
29.4
37.1
51.4
56.5
48.6
21.6
20.9
27.7
36.7
31.9
29.2
37.1
48.0
54.4
44.2
22.0
21.8
27.7
34.6
32.8
29.7
39.2
49.3
52.5
44.2
21.6
21.8
27.9
34.8
32.8
29.4
40.6
49.9
53.5
43.8
18.9
20.1
21.9
31.4
35.7
33.3
31.2
41.8
52.5
53.6
21.3
18.7
23.9
32.4
34.0
30.6
34.5
44.8
55.2
57.4
21.1
19.4
25.3
33.9
34.4
30.6
36.1
49.7
57.8
52.7
21.7
21.5
27.8
35.4
32.5
29.4
39.0
49.1
53.5
44.1
20.8
19,9
24,7
33.3
34.2
31,0
35.2
46.4
54.7
51.9
1958...
1959...
1960. . .
1961...
1962...
1963...
1964...
1965. ..
1966...
1967...
1968...
43.9
57.4
57.8
61.8
74.6
71.2
80.1
99.2
102.6
93.8
101.5
44.5
58.8
55.1
64.1
75.0
70.7
80.3
99.8
102.4
96.7
94.7
45.4
59.1
53.4
67.2
76.0
70.7
81.9
101.6
99.7
97.2
91.7
44.6
58.7
55.1
69.6
74.9
73.9
86.6
102.8
101.5
98.9
98.0
46.6
58,8
56.0
73.0
71.5
76.5
90.1
104.5
97.2
99.5
99.2
48.8
59.1
56.3
71.6
63.2
75.2
89.8
98.8
97.4
99.6
100.1
50.3
62.1
54.5
73.7
62.4
72.8
92.6
93.7
96.6
101.5
103.7
52.2
60.5
56.3
76.0
66.1
71.6
92.2
96.7
91.7
103.7
103.0
53.2
56.2
56.2
75.8
64.5
74.6
93.5
99.0
86.6
104.4
106.0
55.0
56.1
53.9
72.7
62.4
75.4
96.2
99.8
84.8
102.6
108.6
55.8
56.4
56.2
74.1
66,4
74.8
97.6
100.7
87.0
100.7
109.2
55.2
59.1
58.3
75.0
68.0
76.3
94.8
98.0
88.7
101.1
112.4
44.6
58.4
55.4
64.4
75.2
70.9
80.8
100.2
101,6
95.9
96.0
46.7
58.9
55.8
71.4
69.9
75.2
88.8
102.0
98.7
99.3
99.1
51.9
59.6
55.7
75.2
64.3
73.0
92.8
96.5
91.6
103.2
104.2
55.3
57.2
56.1
73.9
65.6
75.5
96.2
99.5
86.8
101.5
110.1
49.6
58.5
55.8
71.2
68.8
73.6
89.6
99.6
94.7
100.0
102.3
1969...
1970.. .
1971.. .
1972...
1973...
1974...
1975...
1976...
1977. ..
1978...
114.4
115.5
109.8
116.9
147.0
139.1
103.0
112.1
114.2
113.6
108.5
119.9
145.0
141.0
111.3
121.8
111.3
115.9
111.2
121.0
143.3
145.4
109.8
123.6
114.0
112.6
111.3
116.4
142.7
135.5
112.6
122.5
119.9
97.4
107.9
124.6
135.9
122.5
116.6
123.8
112.0
94.1
109.7
125.8
134.7
121.8
116.7
121.6
106.7
93.5
107.0
127.3
140.3
120.2
119.5
119.4
106.4
95.6
107.6
135.2
144.6
114.6
116.3
115.9
110.2
99.3
106.5
133.5
146.9
100.8
113.X
115.9
110,2
101.3
97.7
132.3
156.2
100.9
107.2
108.9
114.6
99.8
97.3
133.0
149.2
98.9
107.3
104.0
114.2
104.7
108,8
140.4
136.8
92.8
105.9
103.2
113.3
115.0
109.8
119.3
145.1
141.8
108.0
119.2
115.3
101.4
109.6
122.3
137.8
126.6
115.3
122.6
107.8
96.1
107.0
132.0
143.9
111.9
116.3
117.1
113.0
101.9
101.3
135.2
147.4
97. S
106.8
105.4
112.3
103.6
106.9
127.2
143.6
119. S
111.6
116.1
7 4 5 . WEST GERMANY—INDEX OF STOCK PRICES
(1967=100)
8.7
9.1
8.7
16.5
13.4
15.3
25.0
30.6
28.2
30.4
10.2
17,8
13.3
16.3
27 .0
30.1
28.1
9.1
10.9
15.4
12.8
17.0
31.0
29.4
27.9
12.6
14.4
13.7
20.0
32.7
27.9
29.4
15.9
13.7
15.3
23.7
30.2
28.1
30.1
15.3
13.8
19.2
30.2
28.9
28.9
49.4
84.5
139.7
128.2
97.8
101.6
106.4
96.9
89.8
115.7
133.8
51.2
90.3
138.7
122.4
94.0
105.4
109.2
95.9
89.8
117.0
130.9
32.6
54.7
92.4
135.2
116.8
89.6
113.0
107.0
111.1
92.2
124.5
35. B
66.2
116.5
141.8
99.1
99.7
110.4
102.9
101.8
92.3
131.9
41.8
85.4
153.8
121.8
86.1
105.8
111.7
101.9
92.8
101.6
136.0
50.0
85.5
140.9
125.0
91.5
104.1
107.3
97.5
90.9
114.2
133.8
40.1
73.0
125.9
130.9
98.4
99.8
110.6
102.4
99.1
100.0
131.5
151.5
114.8
108.7
130.8
117.7
95.8
119.0
116.0
156.7
109.6
105.2
132.3
112.1
96.9
126.3
115.8
151.0
108.6
112.8
131.5
105.6
101.0
128.4
117.2
135.6
141.0
121.3
124.8
139.2
109.7
112.6
134.6
141.9
127.4
120.5
136.4
133.4
110.7
119.5
128.9
142.8
119.1
117.6
135.9
118.3
102.4
117.6
123.1
153.1
111.0
108.9
131.5
111.8
97.9
124.6
116,3
143.3
124.6
117.1
132.2
125.7
10S.2
118.6
125.7
13.6
14.9
14.5
21 .,0
33.1
27 ,,9
29.4
14.9
14.0
15.2
22.6
30.6
28.4
29.4
16.2
13.6
15.4
23.5
29.4
27.8
30.4
35.2
58.0
97.8
136.8
112.1
93.0
113.0
104.5
108.0
93.8
129.9
35.2
67.5
114.0
148.1
95.9
104.5
110.1
102.6
101.1
92.4
131.4
37.0
73.1
137.7
140.5
89.3
101.6
108.2
101.6
96.4
90.6
134.3
38.0
80.7
140.5
130.0
85.4
102.6
110.1
100.6
90.9
92.1
136.8
41.8
92.1
170.0
117.7
89.3
107.4
113.0
102.6
91.8
104.2
137.5
45.6
83.5
151.0
117.7
83.5
107.4
112.1
102,6
95.6
108.4
133.8
49.4
81.7
144.4
124.4
82.7
105.4
106.4
99.8
93.0
109.9
136.7
137.0
137.3
121.4
134.8
142.1
111.8
124.6
132.7
143.8
125.2
120.8
138.5
129.8
112.2
119.3
126.8
144.8
119.7
119,2
135.8
128.2
108.2
114.6
127.3
138.7
117.6
119.8
134.4
120.0
103.2
117.5
124.9
144.1
122.3
120.0
138.9
119.2
104.5
119.7
122.1
145.5
117.3
113.1
134.4
115.8
99.4
115.7
122.4
10.5
16.4
12.9
16.5
30.7
•30.3
28.4
1958.. .
1959...
1960, ..
1961. ..
1962...
1963. ..
1964, ..
1965. . .
1966. . .
1967.. .
1968.. .
32.3
54.1
92.1
135.8
117.7
91.1
111.1
109.2
110,3
88.3
123.8
32.3
54.1
92.1
135.8
116,8
87.4
113.0
107.4
112.3
93.6
125.3
33.3
56.0
93.0
133.9
115.8
90.3
115.0
104.5
110.6
94.6
124.3
1969. . .
1970. ..
1971. ..
1972.. .
1973. . .
1974. ..
1975, . .
1976...
1977...
1978...
134.7
144.6
115.7
117.8
138.9
110.3
105.1
132.0
136.0
140.6
123.6
126.1
136.4
110.6
112.5
135.0
136.2
137.8
124.7
130.5
142.3
108.2
120.3
136.7
7 4 6 . FRANCE — INDEX OF STOCK PRICES'
(1967=100)
*11
8 ".7
12.4
8.3
9.0
12.5
14.2
13.6
19.7
32.9
27.5
29.4
10.6
16.7
12.9
16.7
27.9
29.8
28.4
8.2
FOR P E R I O D
8.7
9.3
11.8
14.2
12.9
19.2
32.1
28.2
29.4
10.3
18.2
13.3
16.4
26.5
29.8
27.6
8.3
8.2
8.3
10.8
15.3
12.8
16.8
31.0
29.3
27.6
18.4
13.6
15.7
26.7
30.7
28.4
9.0
AVERAGE
8.3
11.3
14.5
12.8
17.8
31.2
28.6
27.6
1950. . .
1951. . .
1952...
1953...
1954.. .
1955. ..
1956. ..
1957...
9.0
9.6
®
9.1
©
AVERAGE FOR PERIOD
1947...
1948...
1949. . .
1950. . .
1951 . . .
1952...
1953.. .
1954...
1955...
1956...
1957...
21.6
24.4
24.5
22.4
22.3
35.1
37.0
41.8
68.0
67.4
77.7
20.6
23.3
22.8
21.0
24.5
37.0
37.0
41.1
68.0
65.7
84.1
22.0
23.5
21.3
21.6
24.8
34.8
36.1
42.9
75.6
69.5
93.5
20.5
23.3
21.7
21.4
25.2
34.8
35.9
45.4
76.6
72.6
95.4
20.5
22.0
20.9
21.4
25.2
32.9
36.1
47.8
67.4
73.3
104.2
23.0
21.4
20.9
22.3
26.2
35.9
37.0
46.7
68.4
76.6
108.2
23.3
24.1
22.0
20.5
25.8
35.9
37.6
50.7
71.2
83.6
117.5
26.0
24.1
23.0
21.6
28.8
36.1
38.4
55.6
71.2
81.1
117.5
26.3
26.2
23.0
22.6
30.5
34.8
39.3
59.2
75,2
80.8
110.7
25.1
27.6
22.4
21.9
31.1
34.7
39.4
61.4
71.2
80.8
101.9
26.0
25.5
21.0
21.6
30.1
34.1
38.9
68.5
67,7
71.2
103.8
23.5
25.3
21.9
19.9
31.2
34.8
38.9
73.1
69.5
78.0
99.0
21.4
23.7
22.9
21.7
23.9
35.6
36.7
41.9
70.5
67.5
85.1
21.3
22.2
21.2
21.7
25,5
34.5
36.3
46.6
70.8
74.2
102.6
25.2
24.8
22.7
21.6
28.4
35.6
38.4
55.2
72.5
81.8
115.2
24.9
26.1
21.8
21.1
30.8
34.5
39.1
67.7
69.5
76.7
101.6
23.2
24.2
22.1
21,5
27.1
35.1
37.6
52.8
70.8
7S.O
101.1
1958 . . .
1959 . . .
1960 . . .
1961. . .
1962. . .
1963 . . .
1964 . . .
1965, , .
1966 . . .
1967. ..
1968...
99.4
94.3
120.5
149.0
158.1
155.8
141.4
123.1
125.9
98.1
105.4
89.1
94.3
125.5
157.4
175.1
150.7
132.3
119.4
121.2
101.4
103.2
82.9
94.3
122.1
164.3
183.7
151.3
126 .7
124.5
116.3
96.9
111,8
83.8
100.1
129.7
165.0
183.8
145.5
126.7
123.0
112.7
94.4
116.0
84.8
107.0
132.3
165.9
167.5
141.8
120.2
121.2
109.2
98.2
109.9
80.8
107.0
138.2
160.9
158.5
137.7
112.8
115.6
108.8
96.7
105.7
79.4
113.6
142.3
152.4
163.8
144.6
128.0
112.1
106.5
92.9
101.4
80.8
117,0
149.0
153.3
162.3
150.3
128.6
116.3
107.2
98.2
104.3
83.8
117,0
140.5
148.3
1S3.5
142.9
121.2
115.2
100.4
108.9
103.9
82.0
125.5
135.5
149.0
155.2
139.1
123.5
112.0
99.4
107.9
102.4
81.5
132,3
142.3
159.2
164.3
133.4
126.3
110.9
106.3
105.3
104.3
81.5
133.0
138.2 '
163.4
159.1
133.7
126.0
115.5
101.4
101.5
107.4
90.5
94.3
122.7
156.9
172.3
152.6
133.5
122.3
121.1
98.8
106.8
83.1
104.7
133.4
163,9
169.9
141.7
119.9
119.9
110,2
96.4
110.5
81.3
115.9
143.9
151.3
163.2
145.9
125.9
114.5
104.7
100.0
103.2
81.7
130.3
138.7
157.2
159.5
135.4
125.3
112.8
102.4
104.9
104.7
84.2
111.3
134.7
157.3
166.2
143.9
126.1
117.4
109.6
100.0
106.3
1969...
1970...
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976...
1977. ..
1978...
111.8
152.8
135.7
127.7
159 .1
157.8
162.0
143.5
126.0
148.6
139.3
130.1
158 .1
152.1
122.8
150.8
135.8
145.7
136 .8
140.3
168 .8
139.4
131.1
146.7
134.4
140.3
137.0
146.9
174.8
148.7
141.8
140.1
142.1
135.8
140.8
155.4
179.5
132.5
130.2
136.9
129.8
132.5
140.0
147.1
173.4
121.7
126.6
135.4
126.7
136.5
141.2
155.6
166.7
123.5
131.3
129.8
132.9
138.2
135.2
162.0
163.9
113.9
136.9
130.5
133.3
135.0
128.1
163.1
164.6
96.8
134.0
126.7
142.1
136.8
118.4
163.8
167.3
103.8
135.9
112.5
139.8
133.8
124.1
153.1
151.9
103.3
141.1
108.4
145.3
135.5
123.7
149.3
151.7
106.5
139.6
115.3
124.5
149.0
137.3
132.7
162.0
149.8
138.6
147.0
135.4
136.2
139.3
149.8
175.9
134.3
132.9
137.5
131.0
136.6
134.8
160.2
165.1
111.4
134.1
129.0
142.4
135.4
122.1
155.4
157.0
104.5
138.9
112.1
133.3
139.3
133.4
149.5
165.0
125.0
136.1
131.4
NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for thi5 convenience of the user.
beginning with 1973.
'This series contains revisions
(JANUARY 1978}
101
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Feb.
Jan.
Mar.
Apr.
May
June
July
147. ITALY— INDEX OF STOCK PRICES
(1967=100)
Sept.
Aug.
Oct.
Nov.
27.9
24.4
26.4
29.6
38.4
38.2
53.2
57.8
61.3
27.3
23.2
27.1
30.2
36.7
38,2
50.7
S6.0
61.8
26.S
23.9
25.6
28,6
34.8
36,3
50.4
53,3
61.5
23.9
23.0
25.7
21.3
35.5
37,4
51.8
54.7
62.9
21.9
22.4
25.4
29.3
35.1
38.0
55.8
52.1
64.2
22.9
21. S
25.6
30.4
3S.2
40.3
59.°?
54.0
62.8
23.8
23.4
26.3
31.4
37.8
41,8
63.5
57.4
64,5
23.7
23.7
26.8
31.9
38.1
42.7
64.9
56.1
64.9
23.6
26.0
27.0
33.8
37.6
44.2
63.4
56.1
64.0
23.3
26.1
27.1
3S.7
37.4
45,8
62.1
56.7
65.0
1958...
1959...
I960.,,
1961. ..
1962...
1963...
1964.,,
1965...
1966...
1967...
1968...
61.7
75.3
121,5
1S7.7
152,4
131.3
110.7
82,6
109,1
105,4
99.2
61,9
78,1
119.6
167.2
151.6
121.4
104,7
88.3
113.6
104.6
96.9
60.9
82,0
117.6
164.2
153.8
119.3
98.8
98.4
115,6
94.5
98.7
60.1
89.8
121,9
164.8
147.9
123.8
89.6
97.2
106.6
95,3
100.8
60.8
91,3
128.8
174.9
149.2
123,9
95.6
93.4
105.9
98,0
100.1
59.5
94.5
143.6
179.0
138.7
128.6
86.7
90.7
106.3
96,4
98.4
60.1
102,3
149.9
165.7
136.6
124,4
84.8
88.5
108.0
95.7
100.3
61.9
110.9
176.6
166.4
137.2
120. 8
84,1
92,8
108.7
98.6
101.7
63.2
104.2
,189.4
158.8
131.6
115.9
92.9
91.5
107.5
102.7
100.7
65.4
104.0
171.2
164.2
120.4
111.6
93.0
91.1
110.1
105.9
96.9
69.1
111.5
154.3
165.7
127.5
116.2
90.0
91.0
108.8
103.1
93.7
1969...
1970...
1971.,,
1972...
1973...
1974...
1975...
1976...
1977...
1978...
99,6
115.7
91.1
78,1
82,7
106.2
71.4
60.1
9B.5
115.6
93.8
75.7
84.3
108.5
79.4
62.6
100.5
115.9
93.4
73.7
93,0
111.9
81.7
58.2
112,3
120.0
38.6
78.8
96.7
116.1
78.4
52.9
113.4
112.0
84,7
79.5
109,2
106.1
77.4
53,6
111.1
106.4
83.1
78.0
125.0
96.6
72,9
56.6
108.2
103.1
83.1
30.4
118.1
90.5
66,1
64.3
112.3
107.1
82.0
80,5
105.2
88.0
64.2
63.9
112.8
102.9
78,0
79,0
106.5
76.3
64.1
59. 5
120.0
101.1
78.1
80.6
109,0
73.7
60.2
51.6
120.7
95.9
75.1
85.7
107.7
79.3
58.9
SO. 3
IV Q
27.2
24.1
26.3
29.4
38.0
3? .8
52.2
57.0
60.4
24,1
23.1
25,6
28.7
33.1
37 ,2
52.7
S3. 4
62,9
23.5
22.9
26.2
31.2
37.4
41.6
62.7
S5.8
64.1
23,5
25.7
27.0
35.3
37. 5
46.1
61.4
57. S
63.4
24.6
23.9
26.?
31.2
37.0
40.7
57.2
SS.8
62.7
71.0
115.4
143.6
156.0
136.8
118.1
85.8
98,4
106,9
99.9
98.7
61.5
78.5
119.6
163.0
152.6
124,0
104.7
89.8
112.8
101.5
98.3
60,1
91.9
131,4
14 S. 3
12S.4
9C.6
94.4
106.3
96.6
99,8
61.7
165.8
172.0
163.6
135.1
120.4
87.3
90.9
108.1
99.0
100.9
68.3
110.3
156.4
162.0
120,2
115.3
89.6
93, §
108.6
103.0
96.4
63.0
96.6
144,8
165.4
140.3
121.3
93.1
92.2
108,9
100.0
98,8
115.2
94.5
77.0
85.6
96.9
72.3
61.0
55.7
99.5
115.7
92.8
75. S
86.7
108.9
77.5
60.3
112,3
112.8
8S.5
78,8
110.3
106,3
76.2
54.4
111.1
104.4
81.0
00. 0
109.9
84.9
64.8
62.6
118,6
97,2
76.7
84.0
104.5
75.1
60.0
52.5
110.4
107.5
84,0
79.6
102.9
93.8
69,6
57.4
23.7
24.9
26.9
36.3
37.5
48.4
58.8
58. 1
61.3
m,9
AVERAGE TOR PERIOD
2,8
8,6
7.0
7.6
12.6
29,4
25,6
26,2
30.2
40.6
4.1
8.2
7.5
8.5
13.4
30.7
25.5
26.5
30.4
40,6
4.9
10.1
7.2
9,1
12.9
25.5
23.8
25.1
31,4
40.2
4.9
10.6
6.6
8.6
13.6
23.2
23,4
24,9
33.4
41.6
4,4
12.2
6.9
8.8
15,0
24,9
23,2
24,8
34.0
38.7
4.1
11.4
6.4
9.4
16.6
24.1
23.8
25.1
35.6
37,1
4.5
10.2
6.3
9.3
17,8
25.4
24,1
25.2
35.2
35.1
11.4
7.6
9.9
18.2
28,4
24.0
26.7
35. S
36,2
11.8
7.6
10. 4
18.3
30.4
25.0
27.3
34.5
37.6
10.4
7,5
11.5
21.0
30.8
24.1
28.4
35.1
36.6
1958.,.
1959...
I960...
1961...
1962...
1963, , .
1964...
196S...
1966...
1967, , .
1968...
35,8
47,8
66.0
101.6
104,2
101.7
90.7
89,5
101.4
101.4
96.6
37,4
49.8
61.7
102. S
109.0
105.3
87.9
104.8
104.4
98.6
37,4
52. 5
72,8
108,0
105,0
109.1
87.6
83,2
109. 5
103,9
91.7
38.6
53.4
76.2
115.7
98.3
113.3
86.3
81.1
109. 2
101.5
102.3
39.7
54.9
74.5
118.6
99.4
111.2
91.2
80,8
110.4
105.0
106.0
40.7
57.1
73,6
117.4
100.9
109.9
93,7
77.2
107.3
105.1
108.5
40,4
58,9
78.0
126.4
103.2
106.0
94. S
74.0
105.0
105.1
113.4
41.4
61.1
80.4
120.4
99.9
96.7
91,2
82,5
104.5
97,9
118.7
41.6
63.2
84,7
109.2
95.2
95.2
89.0
38.6
102.7
95.0
128.4
1969. , ,
1970...
1971. ..
1972...
1973, ,.
1974...
1973,..
1976...
1977., .
1978,.,
129.2
167.1
145.3
194,8
387.2
293.4
249.9
305.2
13Q.7
164.7
151.0
203. 8
364.0
308.0
271.3
304.9
131,9
171.9
161.0
214.5
363.2
303,5
283.7
309.2
137.0
171.3
170.6
229.9
344.2
304.7
290,1
302,7
142.4
147.9
172.2
241.3
339.2
303.0
298.2
308.7
144.1
148,8
181,9
256.6
338,2
305.6
296.6
318.9
141.4
149,6
190.1
273.0
354.8
295.0
292.8
317.9
138.7
150.6
119.1
289.8
3S1.1
270,4
280.3
321.3
19.
Annual
IIIQ
®
1947...
1948, ..
1949...
1950...
1951. ..
1952...
1953...
19S4...
1955...
1956,.,
19S7...
9Q, a
no
AVERAGE FOR PERIOD
26,3
24.7
25.4
28.3
39.0
36.9
52.7
57.2
58.2
JAPAN—INDEX OF STOCK PRICES
(1917=100)
IQ
©
1947 ...
1940 , . .
1949,..
1950,,.
1951. ..
19S2. .,
1953,,.
1954...
1953.,,
1956,,,
1957.,,
748.
Dec.
INDEX OP STOCK PRICES, 500 COMMON STOCKS'
(19S7»100)
11.3
23.8
30.1
22.9
28.4
37.7
35.7
8.0
7.2
11.3
25.3
29.1
23,9
29,0
39,1
34.8
9.0
7.2
8.4
13.0
28.5
25.0
25.9
30,7
40.5
11.4
6.6
8.9
15.1
24.1
23.5
24.9
34.3
39.1
11.1
7.3
9.9
18.1
28.1
24.4
26.4
35.1
36.3
5,5
9.3
7,5
11.4
23.4
30.0
23.6
28.6
37.3
35.7
...
4!g
10.2
7.2
9.6
17.4
27.7
24,1
26. S
34.3
37.9
42.7
66.2
88,1
96.9
89.6
95.5
85.8
87.2
101.7
96.8
127.8
44.0
67.2
91.5
97,6
99.3
92.2
85.7
93.0
100.6
93.8
122.6
45.9
65.3
92.6
93.4
101.4
87.3
86.0
96.7
99.0
90.1
123.2
36.9
50.0
69.5
104.0
106.1
10S.4
89.7
86.9
105.2
103.2
98.0
39.7
5S.1
74.3
117.2
99.5
111.5
90. 4
79.7
109.6
103.9
105.6
41.1
61.1
81.0
118.7
99.4
99.3
91.6
81.7
104.1
99.3
120.2
44.2
66,2
90.7
96.0
96.8
91.7
85,8
92.3
100.4
93.6
124.5
40. S
58.1
79,0
109.0
100,4
102.0
89,4
8S.1
104.7
100.0
112,1
146.6
147,7
169.9
299.9
333,0
260,9
270.6
321.2
150.5
14S.5
165. 9
309.1
324.9
239.3
279.3
318.2
155.6
145.3
1S7.5
327.4
313.0
244.7
285.8
313.9
161.4
139.8
178.2
353.5
284.9
2S5.2
285.8
330.2
130.6
167.9
152.4
204.4
371.5
301,6
268.3
306.4
141.2
156.0
174.9
242.6
340,5
304.4
295.0
310.1
142.2
149.3
179.7
287,6
346.3
275.4
281.2
320.1
155.8
143.5
170.5
330.0
397.6
246.4
283.6
320.8
142.5
154.2
169.4
266,1
341.5
282.0
282.0
314.4
9.4
7.8
©
AVERAGE FOR PERIOD
1947.,.
1948,..
1949...
1930.,,
19S1, , ,
1952, , ,
1953...
1954, .,
1955.,,
1956...
19S7. ..
16.5
16,1
16.7
18.4
23,1
26,3
28.5
27.7
38.7
48.0
49.4
17,2
15.3
16.1
18.7
23.9
25.8
28.1
28.3
40,0
48,3
47.3
16.5
IS. 6
16.2
18.9
23.5
25.9
28.3
28.9
31.7
51.7
47.9
15.9
16.8
16,2
19,4
23.8
25,8
26.9
30.1
41.1
52.3
49.0
15.6
17.6
16.1
28. 1
23,9
25.8
27.9
31.3
40.9
50.6
50,9
16.1
18.3
15.2
20.4
23.4
26.5
26,1
31.5
43.3
SO.3
51.7
17.2
17.9
16.1
18.9
23.9
27.3
26.4
32.8
46.4
S3.1
52.8
16.8
17.3
16.6
20.0
24.9
27.4
26.5
33,4
46.2
52.7
49.9
16,4
17.1
16.9
20.8
25.5
27.0
25.3
34.2
48.2
51.0
47.8
16.8
17.6
17.3
21.6
25.4
26.4
26,1
35.0
45.8
50.3
44,9
16.6
16,6
17,5
21,6
24.7
27.2
26.7
36.4
48.9
49.3
43.9
16.3
16. S
18.0
21.5
25.5
28.3
27.0
38.0
49.4
50.5
43.9
16.7
15,7
16.3
18,7
23.5
2g.Q
28,3
28.3
39.5
49.3
48,2
15,9
17.5
15,8
20.0
23,7
26.1
26,7
30.9
41.8
51.1
50.5
16.8
17.4
16. S
19.9
24.8
27.2
26.1
33.5
46.9
52.3
SO. 2
27.3
26,6
36.5
48,0
SO. 2
44,2
16. S
16,9
16,6
20,0
24.3
26,6
26.9
32.3
44.0
50.7
48.3
19S8...
1959. .,
I960,..
1961, ,.
1962. ,,
1963,..
1964. ..
1965, ,.
1966. . .
1967. , ,
1968...
44.7
60,5
63.1
65,0
75.1
44.9
59.6
60,7
67.6
76.4
71.7
84.2
94,4
100,8
95.0
98.7
45.8
61.1
59,9
69.8
76.5
71.4
85,7
94.5
96.7
97.3
96.9
46.1
62.1
60.6
71,6
74.0
74.8
87.0
95,7
99.6
98.9
104.1
47.5
63.0
60.1
72,3
68.5
76.3
87.8
97.1
94.4
100.7
106.5
48.7
62.5
62.3
71.4
60. S
76.3
87.3
92.5
93.6
99.5
109.4
50.0
65.0
60.7
71.2
62.0
7S.1
90.5
92.4
93.4
101.2
109,1
51.9
64.6
61.5
73.7
63.7
77.2
89.2
94,1
87.7
102.8
106.7
53,3
62.1
59.6
73.2
63.1
79.2
90.7
97.2
34.6
104.2
110.2
55.4
62.0
58.4
74,0
61.1
79.4
92.3
99.4
83.9
104.1
112.9
57.1
62.3
60.3
77.3
65.3
79.0
92.9
100.2
88.1
100.8
114.7
58.2
64.2
61.8
78.0
63.1
80,7
91.3
99.8
88.5
103.7
115.8
45.1
60.4
61.2
67.4
76.0
71.3
34.4
94,2
99.7
94.7
99.7
47.4
62.6
61.0
71.8
67.7
75.8
87.4
95.1
95.9
99.7
106.6
51.7
63.9
60.6
72.7
62.9
77.2
90.2
94.6
83,6
102.7
108.7
S6.9
62.8
60.2
76,4
64.9
79.7
92.2
99.8
86.8
102.8
114.5
50.3
62.4
60.8
72.1
67,9
7g,0
88.5
9S.9
92.7
100,0
107.4
110.4
94.8
10S.6
114. S
124.2
101.7
87.1
109,5
108.0
96.4
108.3
117.1
122,3
106.0
91.1
110,0
110.2
93,5
112.1
118,4
120.0
100.6
92.2
110.9
113.8
82.7
110.6
117.1
116.6
97.5
98.9
110.0
107.8
82.2
108,5
117.5
113,9
97.7
100.5
110.7
103.0
82.4
107,7
116,6
115.1
90.1
100.6
113.3
102.4
84,8
105.8
120.8
112.9
82.7
93.2
112.4
102.8
89.8
108.1
119.0
114.9
74.1
92.1
114,7
103,9
91,8
105.8
119.2
118.9
75.5
96.3
110.8
104.7
91.7
100.9
125.2
111.0
78,0
98.0
110.1
99.1
98.0
107.9
127.8
103.1
73.0
96.5
113.8
109.8
96.5
105.2
114.7
125.1
104.1
85.7
108,3
110.6
86,2
110.4
117.7
116.8
98.6
96.9
110. S
102,8
85.7
107.2
118,8
114.3
82.3
95.3
113.5
102.6
93.8
104.9
124.0
111.0
75.5
96.9
111.6
106.4
9 0 .S
106,9
118.8
116,8
90.1
93.7
111.0
1969...
1970...
1971. ,,
1972...
1973...
1974.,,
1975..,
1976...
1977...
1978...
70. e
83,2
93.7
101.5
§1.9
103.4
m.o
98,2
101.7
112.4
128.8
104.5
78.9
105.4
NOTE: These series contain no revisions but are reprinted for the convenience of the user,
Analyst; to a 19fi7 base to facilitate comparisons with the foreign stock price indexes.
102
'This series has been converted by the Bureau of Economic
16.6
16.9
17.6
21.6
as. 2
(JANUARY 19?8}
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
1 Q
11.
IIQ
ill
Q
IQ
IV Q
NEWLY APPROVED CAPITAL APPROPRIATIONS, 1000 M F G .
CORPORATIONS
( B I L L I O N S OF DOLLARS)
1.77
1.86
2.69
4.04
3.61
2.06
1.84
3.26
3.71
3.21
2.29
1.87
3.90
3.38
2.43
2.05
2.28
4.01
3.43
2.33
1958
1959 .
1960.
1961
1962
1963
1964
1965
1966
1967 .
1968
1.95
2.69
2.87
2.39
2.99
2.76
4.12
5.08
6.54
6.03
5.95
1,94
2.94
2,52
2.46
2.52
3.27
4.66
5.54
6.77
5.98
5.72
2.20
3.13
2.27
2.72
2.82
3.66
4.91
5.58
5.96
5.89
6.35
2.23
3.13
2.71
2.70
3.15
3.94
4.34
6.15
6.02
5.95
6.64
8.32
11.89
10.37
10.27
11.48
13.63
18.03
1969
1970
1971
1972 ,
1973
1974
1975
1976
1977 .
1978 .
6.80
6.68
5.70
6.57
9.72
12.86
11.39
11.38
7.75
6.48
5.52
7.09
10.92
14.98
10.98
12.22
7.60
6.32
5.92
7.21
11.67
16.38
10.18
11.83
7.44
5.86
5.94
8.43
12.20
12.68
12.87
14.36
29.59
25.34
23.08
29.30
1947.....
RATE OF CAPACITY U T I L I Z A T I O N , MANUFACTURING ( F R B ) 1
(PERCENT)
sa?
7.85
13.86
14.56
11.58
22.35
25.29
23.85
24.66
44.51
56.90
45.42
49.79
1948
1949 . . .
1950 ....
1951
1952
1953
1954
1955
1956 ...
1957
6.1
6.4
S.3
6,4
4.8
4.3
4.3
4.5
5.4
5.2
4,8
1958
1959
1960
1961 ...
1962
1963
1964
1965 ....
1966
1967
1968
3.6
5.0
5.0
3.8
4.6
4.4
5.1
5.6
5.8
5.0
5,1
3.7
5.3
4.4
4.2
4.4
4.7
5.2
5.5
5.7
5.0
5.0
4.4
4.6
4.3
4.4
4.5
4.7
5.3
5.6
5,6
4.9
5.1
4.8
4 .4
3.9
4.7
4.7
5.0
5.3
5.6
5.4
5.1
5.1
4.1
4,8
4.4
4.3
4.6
4.7
5.2
5,6
5,6
5.0
5.1
1969
1970.
1971 ....
1972
1973 ....
1974
1975 . . .
1976 ....
1977
1973 ...
5.1
4.1
4.0
4.2
4.7
5.8
3.8
5.5
4.9
4.2
4.2
4.2
4.7
5.6
4.4
5.6
4.8
4.0
4.2
4.3
4.7
5.9
5.0
5.3
4.5
3.6
4.1
4.5
5.7
4.9
5.1
5.0
4.8
4.0
4.1
4.3
5.0
5.6
4.6
5.4
83.
AVERAGE
RATE OF CAPACITY U T I L I Z A T I O N , MANUFACTURING
(PERCENT)
1947
1948
1949
1950
1951
1952,
1953
1954
1955
1956
1957
00 '.4
72.4
87.5
83.5
89.8
84.7
80.8
88.6
86.3
79.4
82.5
74.2
82.8
85.8
85.4
89.2
80.1
87.0
86.2
83.6
1958
1959 .
1960
1961
1962
1963
1964
1965
1966
1967 .
1968
74.1
81.4
84.5
73.8
81.2
82.3
84.5
88.9
91.1
88.2
87.1
72.4
84.6
81.3
76.4
81.3
83.8
85.5
89.4
91.6
86.6
87.4
75.4
80.5
78.9
78,4
81.6
83.6
86.1
89.9
91,2
85.9
86.8
78.2
80.1
75.8
80.6
81.6
84.2
86.5
90.0
90,6
86.9
86.8
75.0
81,6
80.1
77.3
81.4
83.5
85.6
89,6
91.1
86.9
87.0
19 58
1 9 5 <) ....
87.2
86.5
8JK 1
86.4
79.0
84.8
76.3
79.0
85.8
87,7
"—"*if.$~
86.2
79.2
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1973
1974
1975
1976 .
1977
1978
84.
80.9
87.1
85.7
70.9
79.1
-
82.4
87.6
85.8
71.3
80.3
83,4
87,8
85.5
75.3
80.8
79^7'^
76.9
80.6
83.1
87.6
84.2
73.6
80.2
88.1
80.3
80.7
93.6
85.5
91.3
79.6
88.3
92.8
88.2
88.3
74.4
87.0
93.5
79.7
92.4
79.8
92.4
90.7
85.4
88.0
75.4
92.6
88,6
83.5
90.4
79.7
93.4
85.0
85.3
84.7
74.7
93.5
85.3
90.7
83.5
83.3
93.9
89.2
80.0
87.3
76.2
88.4
90.2
84.8
89.4
80.6
92.0
89.4
84.7
1958 .
19 59
1960
1961 .
1962 .
1963 .
1964 .
1965
1966 . .
1967
1968
72.6
84.8
86.6
71.9
82.9
81.8
85.7
91.0
91.8
87.3
87.7
71.1
89.5
80.9
76.5
81.1
85.0
87.1
91.2
92.0
85.3
88.8
77.1
77.8
78.0
80.7
80.7
83.6
88.7
91.7
91.9
85.5
88.4
80.8
79.8
73.7
82.6
81.3
84.8
89.8
90.2
90.1
87.1
88.5
75,4
83.0
79.8
77.9
81.5
83.8
87.8
91.0
91.4
86.3
88.4
19 69
1970 .
1971
1972
89.4
86.3
83.5
85.7
92.1
90.4
71.5
79.3
89.6
84.5
83.9
87.3
92.5
89.6
70.7
80.7
90.4
84.5
82.1
88.4
92.9
89.1
74.9
81.2
89.6
81.9
82.8
90.6
92.1
81.7
77.1
80.3
89.8
84.3
83.1
88.0
92.4
87.7
73.6
80.4
1973.. .. .
1974
1975
1976
1977
1978
for
•.
I960
....
....
....
.
86
84
85
87
83
85
86
84
84
'06
85
85
85
'ae
85
82
80
82
86
84
75
82
84
C2
81
82
86 „.
~* 8 4 '
75
82
85
79
80
83
85
84
79
80
84
80
80
85
85
78
79
81
84
80
80
85
85
78
79
81
:
BACKLOG OF CAPITAL A P P R O P R I A T I O N S , M A N U F A C T U R I N G
( B I L L I O N S OF DOLLARS)
1947 ....
1948 ....
1949
1950 ....
1951
1952
1953
1954
1955
1956
1957
85
85
85
END OF PERIOD
5.81
5.25
5.46
11.15
11.95
5.66
4.88
6.62
11.82
11.48
5.76
4.65
8.26
11.97
10.30
5.61
4.82
9.85
11.92
9.13
5.61
4.82
9.85
11.92
9.13
1964
1965 ....
1966
1967 ....
7.94
7.52
9.50
8.13
8.31
8.56
11.33
14.83
19.00
19.98
7.09
8.81
8.50
8.07
8.16
9.66
13.69
16.78
7.07
9.41
8.41
8.07
8.54
10.48
13.96
17.92
20.21
19.86
7.07
9.41
8.41
8.07
8.54
10.48
13.96
17,92
20,21
19.86
l'J68
20.03
7.24
8.13
9.09
7.96
8.19
9.05
12.41
15.91
20.21
19.83
19.93
20.28
20.85
20.85
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
21.40
23.13
22.71
23.23
22.50
23.44
20.86
20.20
19.48
18.89
19.42
20.40
29.62
44.80
47.59
46.39
21.71
19.29
21.40
23.44
20.86
23.28
23.28
33.36
37.11
37.11
50.01
49.79
46.45
47.53
49,79
46.45
47,53
1958
1959 ....
I960
....
1961
1962
1*^63
26.03
39.84
49.10
46.07
NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
IV Q 1975.
END OF PERIOD
....
1961 ....
1962 ....
1963 ....
1964
1965
1966
1967
1968
AVERAGE
1947
1948
1949
1950
1951
1952 .
1953 .
1954.
1955
1956 .
1957
(BEA)
....
....
....
....
97.
RATE OF CAPACITY U T I L I Z A T I O N , MATERIALS
(PERCENT)
AVERAGE
5.7
6.2
5.5
6.3
4.4
4.4
4.0
4.7
5.6
5.1
4.3
82.5
73,8
87.0
84.1
84.2
90.0
79.1
87.5
84.2
83.9
^^77,8^
IV Q
5.8
6.3
5.5
6.9
4.2
4.3
4.4
4.5
5,5
5.0
4.7
83.3
73.5
81.1
87.4
82.9
91.3
79.7
87.4
86.5
84.6
^--^-4^.4
777T"— '
Q
6.3
6.4
4.7
6.7
5.1
4,1
4.3
4.6
5.4
5.4
4.9
83.9
76.9
75.6
88.3
84.6
91.0
80.8
84.5
87.6
86.5
1971...yT"""
1 9 7 2 . . <..
Annual
III
6.7
6.5
5.6
5.6
5.7
4.3
4.4
4.3
5.2
5.4
5.3
19 47
1948
1949
1950
1951
1952
1953 .
1954
1955
1956 .
1957
1969
1970
II Q
I S . PROFITS (AFTER TAXES) PER DOLLAR OF SALES,
ALL M A N U F A C T U R I N G CORPORATIONS
(CENTS
TOTAL
1947
1948
1949
1950
1951
1952
1953 .
1954
1955 .
1956 .
1957.
82.
Year
Annual
20.28
19.89
45.34
45.89
'This series contains a revision
18.89
(JANUARY 1978)
103
G. Experimental Data and Analyses
Recovery Comparisons: Current and Selected Historical Patterns
HOW TO READ CYCLICAL COMPARISON CHARTS
Those charts show graphically, for selected indicators,
the path of the current business recovery. To sot the current
cyclicel movements into historical perspective, cyclical
paths over generally similar historical periods are also
shown. The selected periods are superimposed so as to compare the current business recovery with corresponding
historical patterns and to facilitate critical assessment of the
amplitude, duration, and severity of the indicators'current
movements.
1. Two cyclical comparison charts are shown for each
indicator. The- left panel shows a comparison based on
reference peak levels and reference trough dates; in the
right panel, a chart is aligned according to both the levels
and the dates of the specific troughs in each indicator. (See
charts on the following pages.)
The three-part timing code indicates the
timing classification of the series at
peaks, at troughs, and at all turns: L s
leading; C = roughly coincident; Lg ~
lagging; and U ^ unclassified.
This number indicates totust calendar
month of data plotted (1 ;^ January).
I I I I I I I I I I I I I I I | I I I I I
Series number, series title \
X
2. The vertical line represents trough dates: reference
trough dates in the left panel and specific trough dates in
the right panel. The current recovery and the corresponding
historical periods are positioned so that their reference
trough dotes (left panel) and specific trough dates (right
Percent
+5
panel) are on this vertical line,
1130
3. The horizontal line represents the level of data at reference cycle peaks (left panel) and at specific cycle troughs
{right panel). The current recovery and the corresponding
historical periods are positioned so that their reference
peaks (left panel) and specific troughs (right panel) are on
this horizontal line.
• 125
4. For most series, deviations (percent or actual differences) from the reference peak and specific trough levels
are computed and plotted. For series measured in percent
units (e.g., the unemployment rate), these units (actual data)
are plotted rather than deviations. The numerical values of
these deviations for the current cycle are shown in the
tables accompanying the charts.
••" j
• 130
-10
5. For series that move counter to movements in general
business activity (e.g., the unemployment rate), an inverted
scale is used; i.e., declines in data are shown as upward
movements in the plotted lines, and increases in data, as
downward movements in plotted lines.
6. In each chart, several curves are shown. The heavy
solid line (H describes the current recovery. The dotted
line (•••) represents the median pattern of the five postWorld War II recoveries. The remaining lines represent
selected business recoveries. In the left panel, each line
is labeled according to the year of the reference trough,
In the right panel, the label for each line indicates the
month and year of the specific trough.
7. The business cycle (reference) peaks and troughs used
in these charts are those designated by the National Bureau
of Economic Research as follows:
peaks, Nov. 1948
(IVQ 1948), July 1953 (IIQ 1953), Aug. 1957 (IIIQ 1957),
Apr. 1960 {IIQ 1980), Doc. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973); troughs, Oct. 1949 (IVQ 1949), May 1984
(IIQ 1954), Apr. 19S8 (IIQ 1958), Feb. 1961 (IQ 1961),
Nov. 1970 (IVQ 1970), Mar. 1975 (IQ 1975).
This scale measures time in months before
(-) and after {+) reference trough dates
(left panel) and specific trough dates
(right panel).
104
•us
• 110
-15
-6
0
4-6
+12
Months from troughs
This scale shows deviations (percent or
actual differences) from reference peak
levels (left panel) and specific trough
levels (right panel).
This scale shows actual series units and
applies only to the current business cycle
(jieavy solid line).
Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
320c. CPI, all items, change over
6-month spans
Actuol
data
(percent)
[10 NTH S
FROM
REF.
TROUGH
-1+12
18
19
20
-HO
+8
7.1
8.0
8.7
9.0
12/76
1/77
2/77
3/77
25
26
27
28
8.1
6,8
6.1
5.1
4/77
5/77
6/77
7/77
29
30
4.8
4.4
8/77
9/77
18
19
20
-2
MM
+12
12/76
1/77
2/77
3/77
25
26
27
28
5,7
3.7
2.5
2.0
4/77
5/77
6/77
7/77
29
2.7
4.8
8/77
9/77
18
19
20
-2
-12 -6
0
+6
+12 +18 +24 +30 +36
Months Irom reference troughs
335c. WPI, industrial commodities,
change over 6-month spans
-!+20
S E R I E S 322C
A N N . RATE
PERCENT
0.8
9/76
2.3
10/76
5.9
11/76
7.0
9.9
12.1
13.6
12/76
1/77
2/77
3/77
25
26
27
28
11.8
8.1
7.0
4.1
4/77
5/77
6/7.7
7/77
29
30
3.9
2.7
8/77
9/77
18
19
20
+5
CURRENT MONTH
AND
ACTUAL
DATA YEAR
21
22
23
24
MONTHS
FROM
REF.
TROUGH
+10
SERIES 330C
ANN. RATE
PERCENT
9/76
5.3
5.5 10/76
8,0 11/76
8,9
10.2
9,7
7,0
MONTHS
FROM
REF.
TROUGH
-1+15
CURRENT MONTH
AND
ACTUAL
DATA YEAR
21
22
23
24
30
Actual
data
(percent)
330c, WPI, all commodities, change
over 6-month spans
SERIES 320C
ANN. RAT!:
PERCENT
4.8
9/76
5.5 10/76
6.5 11/76
21
22
23
24
MONTHS
FROM
REF.
TROUGH
322c. CPI, food, change over 6-month
spans
CURRENT MONTH
AND
ACTUAL
DATA YEAR
+15
+10
CURRENT MONTH
ACTUAL
AND
DATA YEAR
+5
SERIES 335C
ANN . RATE
PERCENT
7.8
9/76
7.7
10/76
7.9
11/76
21
22
23
24
7.8
7.3
6.7
6.7
12/76
1/77
2/77
3/77
25
26
27
28
6.6
6.2
6.4
6.2
4/77
5/77
6/77
7/77
29
30
6.3
6.7
8/77
9/77
-12-6
0
+6
+12 +18 +24 +30 +36
Months from reference troughs
*In order to show more amplitude for previous cycles, very high current data have been omitted from the charts.
1
Numeral indicates latest month used in computing the series.
105
Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
331c. WPI, crude materials, change
over 6-month spans
[Actual
data
[||crcen
MONTHS
FROM
REF.
TROUGH
CURRENT MONTH
ACTUAL
AND
DATA YEAR
SERIES 331C
18
19
20
+10
19.4
29.3
20.0
6.5
12/76
1/77
2/77
3/77
25
26
27
28
1.6
-13.3
-15.0
-19.9
4/77
5/77
6/77
7/77
29
30
-11.9
0.8
8/77
9/77
18
19
20
-10
-15
-20
332c. WPI, intermediate materials,
change over 6-month spans
Wl
i
+15
+10
r
-12 -6
0
+6
+12 +18 +24 +30 +36
Months from reference troughs
SERIES 333C
A N N . RATE
PERCENT
7.0
9/76
6.9 10/76
7.6 11/76
7.4
6.3
6.7
5.8
12/76
1/77
2/77
3/77
25
26
27
28
6.1
5.7
5.9
8.0
4/77
5/77
6/77
7/77
29
30
8,3
8.6
8/77
9/77
18
19
20
334c. WPI, consumer finished goods,
change over 6-month spans
-1+15
SERIES 332C
A N N . RAT!i
PERCENT
9/76
6.6
6.3 10/76
8.2 11/76
+10
8.0
9.1
8.9
7.1
12/76
1/77
2/77
3/77
25
26
27
28
6.3
4.7
4.3
3,0
4/77
5/77
6/77
7/77
29
30
3.4
4.7
8/77
9/77
CURRENT MONTH
AND
ACTUAL
DATA YEAR
18
19
20
SERIES 334C
ANN. RATE
PERCENT
2.9
9/76
4.5
10/76
7.4
11/76
21
22
23
24
8.1
10.6
12.6
9.6
12/76
1/77
2/77
3/77
25
26
27
28
7.9
5.7
4.7
2.9
4/77
5/77
6/77
7/77
29
30
1.4
3.0
8/77
9/77
+5
-1 o
CURRENT MONTH
AMD
ACTUAL
DATA YEAR
21
22
23
24
MONTHS
FROM
REF.
TROUGH
•HO
CURRENT MONTH
ACTUAL
AND
DATA YEAR
21
22
23
24
MONTHS
FROM
REF.
TROUGH
wi
ANN. RATE
PERCENT
-1.4
9/76
-0,1
10/76
16.6
11/76
21
22
23
24
MONTHS
FROM
REF.
TROUGH
333c, WPI, producer finished goods,
change over 6-month spans
m
-J
-12-6
*In order to show more amplitude for previous cycles, very high current data have been omitted from the charts.
1
Numeral indicates latest month used in computing the series.
106
0 +6
+12 +18 +24 +30 +36
Months from reference troughs
0
Experimental Data and Analyses— Continued
Recovery Comparisons: Current and Selected Historical Patterns
93.
Free reserves (inverted)
pro
MONTHS
FROM
REF.
TROUGH
22
23
24
SERIES 93
MIL. DOL.
433.
1/77
-114.
2/77
155.
3/77
25
26
27
28
-62.
72,
-149.
12.
4/77
5/77
6/77
7/77
29
30
31
32
-872.
-443.
-980.
-705.
8/77
9/77
10/77
11/77
33
34
-357.
-113.
12/77
1/78
MONTHS
FROM
REF.
TROUGH
119.
Federal funds rate
Ctt
22
23
24
1/77
2/77
3/77
25
26
27
28
8.30
8.38
8.08
8.12
4/77
5/77
6/77
7/77
29
30
31
32
8.06
8.12
8.21
8.26
8/77
9/77
10/77
11/77
33
34
8.39
8.70
12/77
1/78
MONTHS
FROM
REF.
TROUGH
0 +6
+12 +18 +24 +30 +36
116.
Corporate bond yields
117.
Municipal bond yields
CURRENT MONTH
AND
ACTUAL
DATA YEA^l
SERIES 116
PERCENT
7.96
8.18
8.33
CURRENT MONTH
AND
ACTUAL
DATA YEAR
22
23
24
SERIES 119
PERCENT
4.61
4.68
4.69
1/77
2/77
3/77
25
26
27
28
4.73
5,35
5,39
5.42
4/77
5/77
6/77
7/77
29
30
31
32
5.90
6,14
6.47
6.51
8/77
9/77
10/77
11/77
33
34
6.56
6.70
12/77
1/78
MONTHS
FROM
REF.
TROUGH
-12-6
CURRENT MONTH
AND
ACTUAL
DATA YEAR
CURRENT MONTH
ACTUAL
AND
DATA YEAR
22
23
24
SERIES 117
PERCENT
5.87
5.89
5.89
1/77
2/77
3/77
25
26
27
28
5.73
5.73
5,62
5.63
4/77
5/77
6/77
7/77
29
30
31
32
5.62
5.51
5.64
5.49
8/77
9/77
10/77
11/77
33
34
5.57
5.71
12/77
1/78
-
5
- 4
-12 -6
Months from reference troughs
0
+6
-
3
_J
2
+12 +18 +24 +30 +36
Months from reference troughs
*In order to show more amplitude for previous cycles, very high current data have been omitted from the charts.
107
Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
IIIJIIIITJHMI j i iin j 11 in j 11 mmi i imi 1 1 1 nil
Deviations
from
ref.
peak
50. GNP in 1972 dollars
Actual
data
for
current
cycle
Deviations
from
spec,
trough
QRTRS . DEVIFROM ATIONS CURRENT QRTR,
KEF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
SERIES
Pereen
50
ANN, RATE
3.3
1283 .7 H I / 7 6
3.6
1237 .4
IV/76
5.5
1311 .0
1/77
9
7.1
1330 .7
11/77
10
8.4
1347 .4 H I / 7 7
11
9.6
1361 .4
• 1400
+10
• 1350
for
current
cycle
Percent
BIL. DOL.
+15
Actual
data
»1350
+15
• 130Q
IV/77
+10
• 1300
• 1250
QRTRS . DEVIFROM ATIONS CURRENT QRTR.
FROM ACTUAL
SPEC.
AND
TROUGH
1/75
DATA YEAR
6
SERIES 50
ANN. RATE
BIL. DOL.
9.7 1283 .7 HI/76
7
10.1
1287 .4
IV/76
3
12.1
1311 .0
1/77
9
13.8
1330 .7
11/77
10
15.2
1347 .4 HI/77
11
16.4
1361 .4
+5
• 1ZQQ
• 1200
-5
IV/77
80. Corporate profits after taxes with
IVA and CCAdj., 1972 dollars
80. Corporate profits after taxes with
IVA and CCAdj., 1972 dollars
QRTRS . DEVIFROM ATIONS CURRENT QRTR.
FROM ACTUAL
AND
REF.
TROUGH 11/73
DATA YEAR
Percent
+50
Percent
+200
S E R I E S 80
ANN. RATE
BIL. DOL,
5
+25
• 60
• 50
-0.6
46.8
11/76
6
5.3
7
-8.5
43.1
IV/76
3
-7.0
43.8
1/77
9
5.9
49.9
11/77
10
17.6
• SO
49.6 HI/76
+150
• 45
55.4 HI/77
• 40
+100
• 40
-25
• 30
-•-50
• 30
QRTRS . DEVIFROM ATIONS CURRENT QRTR.
FROM ACTUAL
AND
SPEC.
TROUGH HI/74
DATA YEAR
7
S E R I E S 80
A N N . RATE
B I L . DOL.
46 .8 11/76
142 .5
8
157 .0
49 .6 H I / 7 6
9
123 .3
43 .1
10
126 .9
43 .8
1/77
11
158 .5
49 .9
H/77
12
187 .0
55 .4 H I / 7 7
• 30
+50
• as
IV/76
• SO
-12-6
0
+6
+12 +18 +24 +30 +36
Months from reference troughs
108
• 20
-12 -6
0 +6
+12 +18 +24 +30 +36 +42
Months from specific troughs
ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Charts
Tables
Series
Historical
data descriptions
(issue date) (issue date)
A
Accession rate manufacturing
Agricultural products exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, 01 . .
Consumer sentiment index
Employees, manufacturing and trade Dl
Inventories, manufacturing and trade, Dl
New orders manufacturing Dl
Prices, selling, manufacturing, Dl
Prices selling retail trade Dl
Prices selling, wholesale trade Dl
Profits, net, manufacturing and trade, Dl
Sales net, manufacturing and trade Dl .
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts
2
604
17
55
60
90
61
970
58
974
975
971
976
978
977
972
973
25
39
23
39
39
39
39
39
39
39
39
66
75
64
75
75
75
75
75
75
75
75
55
616
23
55
64
90
1/78
6/77
8/77
8/77
1/77
8/77
8/77
8/77
8/77
8/77
8/77
8/77
8/77
10/77
8/68
11/68
11/68*
11/68*
11/68*
11/68*
11/68*
n/68*
11/68*
11/68*
11/68*
11/68*
10/69*
6/77
B
Balance of payments-See International transactions.
72
112
16,36
33
72
71
8/77
8/77
11/72
11/72
93
94
34
34
71
71
6/77
1/77
11/72
Bank rates-See Interest rates.
Bank reserves
M
h
h
k
h
'
f
F H I R
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business ex pen dim res, new plant and equipment, Dl
Business failures, current liabilities
Business incorporations
"
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving
29
76
61
970
14
66
66
66
75
71
64
64
8/77
1/77
8/77
8/77
13
14 26
25
25
39
34
13 24
24
235
47
81
12/77
n
4/69
11/68
11/68*
12/77
12/76
Mil
C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
.
...
Newly approved Dl
Capital investment-See Investment, capital.
Capital investment commitments Cl
Cash flow, corporate, constant dollars
Cash flow corporate current dollars
Civilian tabor force-See also Employment.
Employment
Employment as percent of population
Total
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 outstanding
,
Commercial and industrial loans outstanding, net change ,
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
.
...
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction
83
82
84
21
21
21
63
63
63
1/78
1/78
1/78
97
11
965
25
25
38
65
65
74
1/78
1/78
914
35
34
12
30
30
59
69
69
7/77
12/77
10/77
10/77
1/72
52
19
52
19,52
88
61
88
61,88
4/77
4/77
4/77
4/77
4/72*
920
920c
951
940
9
72
112
11
40
37
12
24
16,36
33
59
7/77
7/77
1/77
7/77
1/78
8/77
8/77
11/75*
345
50
86
6/76*
Current issue
(page numbers)
Series
number
Charts
Composite indexes
Coincident indicators
920
Four coinciders
920c
Four coinciders, rate of change
940
Ratio IQ lagging indicator index
Lagging indicators
930
Six laggers
930c
Six laggers rate of change
Leading indicators
914
Capital investment commitments
915
Inventory investment and purchasing
913
Marginal employment adjustments
917
Money and financial flows
916
Profitability
910
Twelve leaders , .
Twelve leaders rate of change
910c
Construction
Building permits new private housing
29
Contracts awarded, commercial and industrial bldgs. . . 9
Expenditures, plus machinery and equipment sales
69
Gross private domestic fixed investment
Nonresidential, as percent of GNP
....
248
Nonresidential structures, constant dollars
87
Nonresidentiat, total constant dollars
86
Residential as percent of GNP
249
Residential, total, constant dollars
89
Housing starts ....
28
Consume^ finished goods-See Wholesale prices.
Consumer goods and materials, new orders
8
Consumer goods, industrial production
75
Consumer installment debt
Debt outstanding
66
Net change
..
113
Ratio to personal income
95
Consumer installment loans, delinquency rate
39
Consumer prices-See also International comparisons.
All items index
320
Alt items percent changes
320c
Food, index
322
Food, percent changes
322c
Consumar sentiment, index
58
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
20
Contracts and orders, plant and equipment, current dol. . .
10
Corporate bond yields
116
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses net change
112
Borrowing total private
110
Commercial and industrial loans outstanding
72
Consumer installment debt
Debt outstanding
66
Net change
113
Ratio to personal income
95
Consumer installment loans, delinquency rate
39
Mortgage debt net change
..
....
33
Crude materials-See Wholesale prices.
Tables
11
40
12
59
11
40
12
12
12
12
12
Historical Series
data descriptions
(issue date (issue date)
7/77
7/77
7/77
11/75*
59
7/77
7/77
11/75*
59
59
59
59
59
59
7/77
7/77
7/77
7/77
7/77
7/77
7/77
14,26
24
25
66
65
66
8/77
1/78
8/77
4/69
48
26
26
48
26
26
82
66
66
82
66
66
11/77
10/77'
10/77
11/77
10/77
10/69*
13,22
23
63
64
4/77
1/77
36
33
16,36
34
72
71
72
71
12/77
12/77
12/77
11/72
50
50,58
50
50
23
83,93
83,93
83
83
64
3/77
3/77
3/77
3/77
1/77
5/69*
5/69*
5/69*
5/69*
11/68*
13,24
24
35
65
65
72
8/77
8/77
9/77
9/68'
33
33
16,36
71
71
72
8/77
10/77
7/64
8/77
11/72
36
33
16,36
34
33
72
71
72
71
70
12/77
12/77
10/72
10/72
525
564
548
516
54
54
54
54
89
89
89
89
39
32
34
13,22
71
63
12/77
1/78
11/72
12/74
970
965
951
974
963
967
39
38
37
39
37
38
8/77
11/68*
966
38
962
975
952
950
964
37
39
37
37
38
971
968
976
978
977
969
972
973
961
39
38
39
39
39
38
39
39
37
75
74
73
75
73
74
78
74
77
73
75
73
73
74
76
75
74
75
75
75
74
75
75
73
76
n
59
40
4/77
5/75*
9/68*
10/69*
6/72*
10/72
10/72
1/78
7/64
11/72
1/78
12/77
ii/72
4/77
D
1/72
442
90
441
37
73
59
65
72
71
Series titles
{See complete titles in "Titles and Sources of
Series," following this index)
4/72*
4/72*
11/72
11/72
10/72*
345c
280
51
46
86
81
6/76*
11/77
10/72*
10/69
64
31,48
69,82
10/77
10/69*
346
50
87
6/76*
346c
51
87
6/76*
10/72*
340
50
86
10/77
6/72*
340c
51
86
10/77
6/72*
341
50
86
10/77
6/72*
341 c
348
349
51
51
51
86
87
87
10/77
8/77
8/77
6/72*
6/72*
6/72*
53
20
62
1/78
10/72*
Debt-See Credit.
Defense
Military prime contract awards ...
....
National defense purchases
New orders defense products ...
....
Obligations incurred total
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate consumer installment loans
Delivpries vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
.
.
Employees manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices components
Industrial production
Industrial production components
Initial claims, State unemployment insurance
Inventories manufacturing and trade
Lagging indicators
Leading indicators
Wsw orders durable goods industries
New orders durable goods industries components
New orders manufacturing
.,
Prices 500 common stocks
Prices selling manufacturing
Prices selling retail trade
Prices selling wholesale trade
Profits, manufacturing
Profits net manufacturing and trade
Sales net manufacturing and trade
Workweek mfg production workers
Workweek mfg production workers components
Disposable personal income-See Income.
....
....
...
....
...
5/77
10/77
io/69*
1/78
5/77
12/77
1/77
8/77
il/68*
12/76
7/77
4/69*
12/77
9/77*
8/77
1/77
1/77
2/77
8/7?'
6/77
8/77
8/77
8/77
5/77
8/77
8/77
6/69*
11/68*
li/68*
5/69*
n/68*
11/68*
11/68*
l'i/68*
11/68*
Mil
i NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this'series has been changed since the publication date shown.
109
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(&r compkjte titles in "Titles and Sources of
Series/' following this index)
Current issue
(pegs numbers)
Series
number
Charts
Tables
Series
Historical
data descriptions
(issue date) {issue date)
E
Birninp-See Compensation.
Employment (ind unemployment
Accession rate manufacturing
Civilian iQbor forco total
Employee hours in noiuiijneultural
establishments
Employee hours in nDnagri culture I
establishments rote of chants
GmployeEs in mining oifo and construction
Employees man u f act u ring and trade Dl
Employees on nflnanricultural payrolls
f tnpltJyees on private nonas) payrolls, DI
...
Fniployrflptit ratio to population
Employment total civilian
.
Holp-wantori advertising in newspapers
Hulp-wantfid advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, Stato unemployment insurance 01
Layoff rote, rnanuf act u ring
Mtifflinal PHI ploy men t adjustments ri
Overtime hours mfg. production works^rs . .
....
Participation rate, both soxos, 1&19 years old
Pofticipotion rate fV males 20 VESTS ond ovpr
Participation rate males ?0 years and ovnr
....
P3ft°tttTO workers for economic rPiisons
Parsons enpged in nonagneulturul net ivi tins
Quit fate,
ffitjnufiicturintj
....
Unornploytd both sexes 16- 19 years old
Uiifmployfd fernalfs ?0 years and over
Unemployed full-timo workers
Unemployed males 20 years and over .
....
Unemployment, overage duration
Unomploymont rate, 1 B weeks and over
....
Unemployment rate insured average wekly
Unemployment rate total
Unemployment total civilian
Workweek, mff). production workers
Workweek oifo production workers components
Workweek mfcj production workers DI
Equipment- -Sra Investment, capital.
Exports-SfiD foreign trade and International transactions.
2
441
17
52
48
IS
48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
44G
445
447
444
91
44
41
43
37
1
40
18
39
15,18
37
19
52
18
IS
17
37
13,17
12
17
52
§2
52
52
IB
17
52
52
52
52
16,19
19
19
19
19,52
13,17
961
37
60
as
60
61 '"
75
61
73
61
88
60
60
60
73
60
59
60
88
88
88
88
61
60
88
88
88
88
61
61
61
61
61,88
60
76
73
1/78
4/77
8/68
4/72*
5/77
8/68*
7/76
1/78
8/77
1/78
8/68*
12/76
4/77
4/77
12/7?
12/77
9/77
1/78
7/77
1/78
4/77
4/77
4/77
4/77
4/77
1/78
4/77
4/77
4/77
4/77
4/77
4/77
12/77
4/77
4/77
1/78
6/69"
6/69*
8/68*
12/74
4/72"
71
9/77
94
213
917
34
41
12
71
79
59
7/77
311
311c
49
49
83
83
10/77
10/77
667
622
618
802
604
256
252
668
606
620
812
61S
257
253
669
614
255
250
251
56
56
56
55
55
45
45
56
55
56
56
55
45
45
56
55
45
45
48
91
91
91
90
90
81
81
91
90
91
90
90
81
81
91
90
81
81
82
8/77
8/77
8/77
6/77
6/77
71
....
....
311
3IU
68
49
49
31
83
83
69
10/77
10/77
10/77
SO
SOb
20,41
217
11/77
11/77
11/77
11/77
11/77
11/77
10/77
10/77
10/77
10/7?
11/77
10/69*
10/69*
10/69*
10/69
10/69
10/69
21
49
49
41
62,79
79
79
79
79
79
70
62
83
S3
79
46
60
18
18
60
60
12/77
12/74
4/77
...
21
1
17
13,17
...
961
§QE
200
2GOb
2COc
107
49
310
310c
32*"
10/69*
10/69*
10/69
6/69
4/72
4/72*
8/68
11/73
1/77
11/77
11/77
11/77
8/77
6/77
8/77
6/77
6/77
11/77
11/77
8/77
6/77
11/77
11/77
11/77
6/77
H
Help-wanted advertising in newspapers
He Ip -wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime . .
Avsrjifje workwpek
.
Avereqe workweRk components
AvsrstjB workwook DI
Housing
Housing starts
Housing units authorised by local bldg permits
Rcsidentis! GPOI constant dollars
Re'sidpntial GPDI percent of GNP
;
37
60
60
76
73
28
29
89
249
26
14,26
26
48
66
66
66
82
Mil
310
31 Qe
49
49
83
83
345
50
345c
280
64
51
46
31,48
346
346c
95
286
287
225
224
227
1/78
1/78
12/74
8/68
Mil
B/ll
6/72
4/69
10/7?
11/77
10/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69'
5/69*
5/69
10/69*
11/72
49
21
62
10/77
502
501
500
512
511
510
298
53
53
53
53
53
53
47
89
89
89
89
89
89
82
10/77
10/77
10/77
10/77
10/77
10/77
12/77
7/68*
7/68*
7/68*
263
262
265
564
267
266
268
261
260
44
44
48
54
44
44
48
44
44
80
80
82
89
80
80
82
80
80
11/77
11/77
11/77
10/77
11/77
11/77
11/77
11/77
11/77
11/73
10/69
10/69*
10/69*
11/73
10/69
10/69*
10/69
10/69
Implicit price deflator GNP
Implicit pries deflator GNP percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm businsss Doctor
Compensation, average hourly, all employees,
nonform business sector percent chsntjss
.. .
Compensation of employees
Compensation of employees, pet. of nat'I. income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector porcont changes
Consumer installment debt, ratio to personal income . .
Corporate profits with I VA and CCA
Corp. profits with IVA end CCA, pet. of nat'I. income .
Disposable personal income constant dollars
Disposable personal income current dollars
Disposable personal income, per capita, constant dol, . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
privste nonfarrn economy percent chanoss
Earnings, real average hourly, production
workers private nonfsrnn economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Income on foreign investment in the U.S
Income on U S investments abroad
.
Interest net
,
Interest net percent of national income
,, ,
National income
. . ..
,.,..,
Personal income constant dollars .
...
10/77
10/77
10/69*
10/69*
86
6/76*
10/72*
86
81
69, 8E
6/76*
11/77
10/77
10/72*
10/69
10/69*
BO
87
6/76*
10/72*
51
16,36
46
48
41
41
41
87
72
81
82.
79
79
79
6/76*
10/72*
Mill
11/77
11/77
11/77
10/69
10/69*
10/69
10/69
10/69
340
50
86
10/77
6/7i*
340e
51
86
10/77
6/72*
341
SO
86
10/77
6/72*
341 c
652
651
288
289
220
52
223
51
Sic
108
282
51
56
56
46
48
46
20
41
15,20
40
32
46
86
91
91
81
02
81
62
62
62
10/77
6/72*
S/69*
S/69*
10/69
10/69*
10/69
Personal incoms less transfers constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income ratio to money supply
Propristors' income with 1 VA and CCA
Proprietors' income with IVAand CCA, percent
SI
11/77
10/69
48
46
48
51
51
20
24
29
82
81
02
87
87
62
64
68
78
74
11/77
11/77
12/77
10/69*
10/69
10/69*
6/72*
6/72*
283
R@nt0l income of persons with CCA
284
Rental income of persons with CCA, pet. of nat'I. income 285
Wags and binsfit decisions first year
..
348
349
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction —
S3
Incorporations new businesses
. . . 13
23
Industrial materials prices
Industrial materials prices components
Industrial materials pricss 01
... 967
Industrial production • See also International comparisons.
Business Equipment
......
... 76
75
Consumer goods
73
Durable manufactures
74
Nondurable manufactures . .
47
Total
.
Total components
. .
960
Total DI
Total rate of change
47e
Installment debt-Sea Credit.
Insured unemployment
Avg. weekly initial claims, unemploy, insurance ...... S
Avg. weekly initial claims, unemploy. insurance, DI . , , 962
45
Avg. weekly insured unemployment rate
NOTE: The following abbreviations are used in this Index: Cl, composite index; DI, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product mounts.
"The identification number for this series has been changed since the publication date shown.
110
40
41
7/68*
4/72*
G
Goods output in constant dollars
....
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus er deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods ond services
Federal, constant dollars
Federal, current dollars
Federal, percent @f GNP
National defense ....
Stato and local constant dollars
Stato and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross business product
Fixed waighted price index
Fixed weighted price index psreent changes
Gross dofflsstic product Isbor cost per unit
Gross national product
GNP constant dollars
GNP constant dollars differences
Tables
1
1/77
35
34
Charts
Historical Series
(titn descriptions
(issue date) fissuo dtito)
4/77
119
93
Current issue
(page numbers)
Sarios
number
GNP current dollars
GNP current dollars differences
GNP current dollars percent ch an 953
il/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
.
Implicit price deflator
,
Implicit price deflator percent changes
4/72*
Per capita GNP, constant dollars
12/74
Gross private domestic itwast.-Sea Investment, capital.
F
Federal funds rate
Federal Government- -See Government.
Federal Reserve front her bank borrow ing fro in
Final sales in constant dollars
....
Financial flows, and money, Cl
Fixed investment-See Investment, capital.
Fixed weighted price index NIPA
Fixed weighted price index, pe remit champs, Ml PA
Food -See Consumer prices,
Foretp trade- -8«a also Internationa I transactions.
Balance on go ode and services
Ralanee on me? ehamiiss trade
,
Exports, merchandise, adjusted exe. military
Exports, nwehandise, total exc. military aid
Exports of agricultural products . , .
Exports of goods end services, constant dot., NIPA
Exports of goods and services, current del,, NIPA
Exports of pods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, atljustod, exe, military
Imports, merchandise, total
,
Imports of automobiles and parts
Imports of goods ond services, constant del., N1PA
Imports of good sand services, current dol., Ml PA .....
Imports of pods and services total
Imports of petroleum and products
Net exports, pods and services, constant dol,, NIPA . .
Net expsrts, pods and services, current dol, WIPA , . ,
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves
Series titles
(Sea complete titles in "Titles and Sources of
Series," following this index)
38
25
23
21
21
15,21,57
38
40
17
37
19
1/78
nm
8/77
8/77
12/7?
12/77
11/77
9/77
9/77
9/77
7/68*
12/77
70*"
66
64
62
62
62,92
77
74
60
73
61
9/77
8/77
8/77
1/78
1/77
1/78
4/69
Ijll
4/69*
Mil
Mil
Mil
Mil
Mill
il/68
12/77
12/77
Mill
6/69
9/77
6/69*
12/77
6/69
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See completB titles in "Titles and Sources of
Series," following this index)
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-See Wholesale prices.
International comparisons
Consumer prices
Canada index
Canada, percent changes
France, index
France percent changes
Itaty, index
Italy percent changes
Japan index
Japan percent changes
United Kingdom, index
United Kingdom percent changes
United States, index
United States percent changes
West Germany, index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
OECD European countries
United Kingdom
... .
United States
West Germany
Stock prices
Canada
France
...
Italy
Japan
United Kingdom
United States
.. .
West Germany
International transactions~See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports merchandise adjusted exc military
Exports merchandise total exc military aid
....
Exports of agricultural products
Exports of goods and services exc military
Exports of nonelectrical machinery
Imports merchandise adjusted exc military
....
Imports merchandise total
1 mports of goods and services total
Imports of petroleum and products
Income on foreign investments in U.S
Income on U.S investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories change current dollars
Business inventories change percent of GNP
Finished goods manufacturers'
..
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) —
Inventory investment and purchasing Cl
Manufacturing and trade constant dollars
Manufacturing and trade current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
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 and machinery
and equipment sales
Gross private domestic investment
Fixed investment constant dollars
Fixed investment current dollars
Inventories, business, change in-See Inventories.
Nonresidential total constant dollars
Nonresidential total percent of GNP
Producers' durable equip., nonresid., constant dol. . .
Residential, total, constant dollars
Residential total, percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars
Total current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data descriptions
(issue date) (issue date)
288
289
46
48
81
82
12/77
12/77
10/69
10/69*
67
116
119
118
117
109
114
115
36
35
35
35
35
36
35
35
72
72
71
72
72
72
71
72
5/77
9/77
9/77
9/77
9/77
9/77
9/77
9/77
12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Tables
Charts
Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders constant dollars
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U S
....
Income on U S investments abroad
Italy-See International comparisons.
Historical Series
data descriptions
(issue date) (issue date)
61
970
20
10
25
39
13,24
24
66
75
65
65
8/77
8/77
8/77
8/77
9/68*
652
651
56
56
91
91
8/77
8/77
5/69*
5/69*
68
62
63
17
31
16,31
31
30
69
69
69
69
10/77
7/68
9/77
1/77
9/77
11/68
10/72
11/68
930
930c
952
3
11
40
37
13,17
11/75*
60
7/77
7/77
1/77
1/78
8/68*
910
59
7/77
5/75*
950
14
104
11
40
37
34
14,32
73*"
71
70
Mil
12/77
12/77
913
78
12
28
59
67
38
27
67
5/77
8
84
13,22
21
63
63
4/77
1/78
917
12
59
7/77
104
105
85
106
102
107
108
33
118
117
14,32
14,32
32
32
32
32
32
33
35
35
70
70
70
70
70
70
70'
70
72
72
12/77
bill
11/68
11/68*
J
Japan-See International comparisons.
6/77
6/77
9/72*
L
bill
9/72*
Labor cost per unit of gross domestic product
Labor cost per unit of output manufacturing
Labor cost per unit of output, private business sector ....
Labor cost, price per unit of, manufacturing
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index rate of change
Diffusion index
Layoff rate manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets change in total
Loans-See Credit.
58
94
94
93
93
94
94
93
93
93
93
83,93
83,93
93
93
92
92
92
92
92
92
62,92
92
7/77
7/77
7/77
1111
47
725
57
57
57
57
57
57
15,21,57
57
743
746
747
748
742
19
745
58
58
58
58
58
58
58
94
94
94
94
94
94
94
1/78
1/78
1/78
1/78
1/78
1/78
1/78
667
622
618
602
604
668
606
620
612
616
669
614
652
651
56
56
56
55
55
56
55
56
55
55
56
55
56
•56
91
91
91
90
90
91
90
91
90
90
91
90
91
91
8/77
8/77
8/77
6/77
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
723
726
727
728
721
111.
58**'
58'"
58'"
5S'"
58""
50
50,58
6/77
bill
9/72*
6/77
6/77
6/77
6/77
3/77
3/77
6/77
6/77
9/72*
10/72*
10/72*
10/72*
10/72*
bin
im
nn
12/77
nn
9/72*
5/69*
5/69*
9/72*
M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.
Marginal employment adjustments Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
5/69*
5/69*
bill
8/77
5/69*
bill
8/77
6/77
6/77
8/77
b/11
8/77
8/77
910c
5/69*
5/69*
5/69*
5/69*
5/69*
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials rate of capacity utilization
Merchandise trade-See Foreign trade.
Military -See Defense.
Money and financial flows Cl
Money supply
Liquid assets change in total
Money supply Ml
Money supply Ml percent changes
MonEiy supply M2
Money supply M2, percent changes
Ratio GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt net change .
Mortage yields secondary market
Municipal bond yields
59
73"*
nn
nn
2/77
5/77
5/77
5/77
10/72
10/72
10/77
9/77
4/77
9/77
9/77
7/64
7/64
N
30
245
247
65
36
77
915
70
71
31
975
78
27,43
43
48
28
14,27
28
12
16,28
28
27
39
28
67,80
80
82
67
67
67
59
67
67
67
75
67
38
27
67
5/77
97
It
965
914
9
25
25
38
12
24
65
65
74
59
65
1/78
1/78
7/77
1/78
69
25
66
8/77
243
242
43
43
80
80
11/77
11/77
86
248
88
89
249
87
241
240
26
48
26
26
48
26
43
43
66
82
66
66
82
66
80
80
10/77
11/77
10/77
10/77
11/77
10/77
11/77
11/77
27
24
65
4/77
24
24
65
4/77
10/77
11/77
11/77
2/77
9/77
5/77
nn
5/77
2/77
5/77
8/77
2/77
10/69 National defense-See Defense.
10/69* National Government -See Government.
National income-See Income.
9/68
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
27
Capital goods industries nondefense current dol
24
Consumer goods and materials constant dollars
8
Contracts and orders, plant and equip., constant dol. . . 20
2/69'
Contracts and orders, plant and equip., current dol. , . . 10
2/69
Defsnse products
548
11/68*
7
Durable goods industries, constant dollars
Durable goods industries, current dollars ....
6
Diffusion index
New orders manufacturing, Dl
Nonresidential fixed investment, GPOI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total percent of GNP
12/77
964
971
38
39
65
65
63
65
65
89
63
63
76
74
75
88
87
86
248
26
26
26
48
66
66
66
82
10/77
10/77
10/77
11/77
516
721
54
57
89
92
5/77
7/77
49
62
358
370
370c
83
82
84
21
21
16,31
51
51
51
21
21
21
17
62
69
87
87
87
63
63
63
60
24
24
13,22
13,24
24
54
22
22
4/77
4/77
4/77
8/77
a/77
1/78
5/77
5/77
8/77
11/68*
10/69*
9/68
9/68*
9/68"
2/77*
9/68*
0
Qblioations incurred Defense Department
OECO European countries industrial production
Orders-See New orders and Unfilled orders,
10/69* Output-See also Gross national product and
Industrial production.
Goods output constant dollars
.
Lfjbor cost per unit of , . ,
10/69*
Per hour nonfarm business sector
Psr hour private business sector
. , ,.
10/69
Por hour, private business sector, percent changes
Ratio to capacity manufacturing (BEA)
Ratio to capacity manufacturing (FflB)
Ratio to capacity materials
9/68
Overtime hours, production workers, manufacturing
.
10/77
6/76*
6/76*
6/76*
ii/68
6/68*
10/72*
10/72*
1/78
1/78
1/78
1/78
12/74
9/77
NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPOI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.
111
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See compete titles in "Titles mid Sources of
Series," following this index}
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
lescriptions
(issue date) lissue date)
P
Participation rates, civilian labor force
Both SOXPS 1 &-19 years of wje
I'emales ?0 ypnrs and over
Personal consumption expenditures
Automobiles
Durable (pods, cons tout dollars
Durable goods current dollars
Nondurable goods, constant dollars
Nondurable goods current dollars
Services, constant dollars
Services current dollors
Total constant do Uses
Total current dollars
.
Total percent of GNP .
Personal income-See Income.
Porsonal savinn
Personal saving rate
.. .
,
Plant and equipment-See also Investment, capital.
Busing expenditures for . . , . . . . , . . , . . . „
„ . ' . 'lf
p
,
, ,', |
l>
I ' f
., , * *'tino oryurb
' ,.
tH H
', u. ' H"
oH,tJ *'& . ,
Price indexes
Consumer prices' -Si!!) also International corn par i sons.
All items index
AH items percent changes
Food index
Food pprront chanties
Offlatore WIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
453
452
451
52
52
52
88
88
88
4/77
4/77
4/77
.....
55
233
232
238
236
239
237
231
230
235
23
42
42
42
42
42
42
42
42
48
64
79
79
80
80
80
80
79
79
82
10/77
11/77
11/77
10/69*
11/77
11/77
11/77
11/77
11/77
11/77
10/69
292
293
614
47
47
55
81
82
90
12/77
12/77
10/69
7/68*
6/77
61
970
20
10
90
25
39
13,24
24
19
66
75
65
65
61
8/77
8/77
3/77
8/77
4/77
320
320e
322
322c
50
50,58
50
50
83,93
83,93
83
83
3/77
3/77
3/77
3/77
10/77
10/77
10/77
10/77
10/69*
10/69*
1/78
4/69
7/77'
4/69*
11/68
311
Slock prices -See also International comparisons.
liOQ common stocks
•.
.
1)00 common stocks, HI
Wholesale prices
All coftimuditti") in slex
All commodities percent change
Consumer finished tpods index . . ,
....
Consumer finished goods, percent changes
Crude materials, index
,
Crude maU'rials pprtwtt shatujps
Intermediate materials, index
IntenwdidU) materials percent changes
. ..
Producer finished goods, index
p,
,"
°(
i
p
" ,*'},',
'•
Prices, selling
Manufacturing Dl
Retail trade 01
Wholesale trade, Dl . .
Prime contracts military
Producer finished ijoods--Seo Wholesale prices.
Producers' durable equipment nonresid GPDI
....
Production- -See Industrial production and GM\
Productivity
Output per hour non farm bus! ness sec tor
Output per hour, private business sector . . .
....
Output per hour, private business sector, pet. changes .
Profitability Cl
Profits
Corporate after taxes constant dollars
....
Corporate, after taxes, current dollars
Corporate, after taxes, with IVAand CCA,
Corporate, after taxes, with IVAand CCA, cur. dtil. , . .
Corporate with IVA and CCA
....
Corporate, with IVA and CCA, pet. of itat'l. income . . .
Manufacturing and trade Dl
Manufacturing, Dl ,
....
Per dollar of sales manufacturing
Profitability Cl
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .
5/69*
5/69*
5/69*
5/69*
967
17
92
38
30
14,29
19
968
14,29
38
68
74
12/77
5/69
6/77
5/69*
330
330c
334
334c
331
331 c
332
332c
333
333c
17
49
49
49
49
49
49
49
49
49
49
30
84
84
85
85
84
84
85
85
85
85
69
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
9/77
6/69*
976
978
977
525
109
39
39
39
04
36
75
75
75
89
72
8/77
8/77
8/77
5/77
9/77
88
26
66
10/77
358
370
37Qe
316
51
51
51
12
87
87
87
59
6/76*
6/76*
6/76*
7/77
Unemployment
Duration of unemployment, average
Help -wan ted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, 01 ...
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes 16-18 years of age
Females, 20 years and over
Full-time workers
.
11/68
Males 20 years and over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over
,
Insured, average weekly
11/73
Total
Unfilled orders, manufacturers'
Durablefloodsindustries
. .
Durable goods industries, change in
6/68* United Kingdom --See International comparisons.
10/72*
10/72*
V
18
16
29
29
68
68
10/77
10/77
1/72
7/68
80
7S
286
68
68
81
82
75
74
69
59
68
10/77
10/77
12/77
12/77
972
969
IS
916
22
29
29
46
48
39
38
30
12
30
81
282
283
30
46
48
69
81
82
2,87
9/77
3/77
8/77
5/77
1/78
7/77
10/69
10/69*
11/68*
71
66
82
6/77
11/72
10/77
11/7?
10/69*
59
50
23
23
64
64
10/76
10/76
6/72"
213
41
79
11/77
69
57
56
973
77
59
54
25
15,23
23
39
28
23
23
66
64
64
75
67
64
64
8/77
10/76
10/76
6/72*
10/69
10/69
10/69
7/68*
2/77
8/77
5/77
2/69*
11/68*
47
47
47
47
47
81
82
81
81
82
12/77
12/77
12/77
Mill
12/77
92
14,29
68
3/77
19
968
78
14,29
38
28
68
74
67
12/77
5/69
6/77
2/77
5/69*
38
27
67
S/77
114
115
35
35
71
72
9/77
9/77
91
60
5
962
3
16,19
IB
17
37
13,17
61
60
60
73
60
4/77
4/77
446
445
447
444
37
4
52
52
52
52
19,62
17
88
88
88
88
61,88
60
4/77
4/77
4/77
4/77
4/77
1/78
44
45
43
19
19
19
61
61
61
4/77
4/72
6/69
4/72
96
25
22
22
63
63
2/77
5/77
9/6B
9/68
Personal income to money supply M2 ratio
Vendor performance
107
108
32
32
32
13,22
70
70
63
9/77
1/78
330
330c
334
334c
331
49
49
49
49
49
49
49
49
49
49
14,29
13,17
84
84
85
85
84
84
85
85
85
85
68
60
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
1/78
37
76
73
1/77
7/64
7/64
12/77
9/77
1/78
4/77
12/77
6/69"
6/69*
8/68*
4/72*
10/77
12/74
W
60
1/78
284
46
81
11/77
285
48
82
12/77
10/69* Workweek of production workers, manufacturing, Dl . . .
3/69
331c
332
332c
333
333c
92
1
961
NOTE: The following abbreviations are used in this index: Cl, composite index; 01, diffusion index; GP01, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.
112
9/68*
12/76
29E
298
290
292
293
Velocity of money
17
10/77
11/77
11/77
34
26
48
U
4
10/77
93
89
249
T
Treasury bill rate
Treasury bond yields
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
7/68"
All commodities percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude materials index
..
10/69*
Crude materials, percent changes . . .
Intermediate materials, index
.
. .
Intermediate materials, percent changes
Producer finished goods, index
. . . .
Producer finished goods percent changss
.. ,
Sensitive prices, change in
Workweek of production workers, manufacturing
.
Workweek of production workers, manufacturing,
10/69
R
Rental income of persons with CCA
Rental income of persons, with CCA, percent of national
income
9/68*
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 soles, Dl
,
Ratio, inventories to sales, mfg. and trade
Retail sales constant dollars
Retail sales current dollors
., .
Saving
Business saving
Government surplus or deficit
Gross saving private and government
Personal saving
Personal saving ratp
...
Selling prices-See Prices, selling.
Sensitive prices, Changs in
State and local government-See Government.
Stock prices-See also International comparisons.
600 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.
23
Q
Quit rate manufacturing
11/68
11/68*
...
Tables
Historical Series
data dose rations
(issue date) issue da to)
S
10/69
10/69
10/69
10/69
10/69*
Charts
83
83
83
83
68
78
74
69
68
310c
..
Reserves fret1
.
Residential fixed investment, constant dollars, 6POI
Residential fixed investment percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales current dollars
Curren issue
(page numbers}
Series
49
49
49
49
29
311c
310
Implicit price deflator, GMP percent changes
Industrial materials
Industrial materials, eomfiononts
Industrial materials, 1)1
Labor cust price per unit of
11/77
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
6/69*
8/68'
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 lr 3, 8, 12, 19, 20, 29, 32, 36, 92t 104, 105)
(M).-Source 1
(11,40,59)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (12,59)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (12,59)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(12,59)
916. Composite index of profitability (includes series 17,19,
80) (IVl).-Source 1
(12,59)
917. Composite index of money and financial flows (includes
series 104, 105, 110) (M).-Source 1
(12,59)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(11,40,59)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(11,40,59)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1(12,59)
5. Average weekly initial claims for unemployment insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysts (17,60)
6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).-Source 2 (22,63,76)
7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).-Sources 1, 2, and
3
(22,63)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(13,22,63)
9. Construction contracts awarded for commercial and industrial buildings, floor space (M).-McGraw-Hill Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(24,65)
10. Contracts and orders for plant and equipment in
current dollars (M).—Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by
Bureau of the Census and Bureau of Economic
Analysis
(24f65)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board. (Used
by permission. This series may not be reproduced
without written permission from the source.) (25,65)
12. Index of net business formation (M).-Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(13,24,64)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(24,64)
1. Average workweek of production workers, manufacturing (M).-Source 3
(13,17,60,76)
2. Accession rate, manufacturing (M).-Source 3 (17,60)
(17,60)
24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).—Source
2
(24,65)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(22,63)
27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).—Sources 1,
2, and 3
(24,65)
28. New private housing units started, total (M).—Source
2
(26,66)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(14,26,66)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(27,43,67,80)
31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2
(27,67)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management Association of Chicago
(13,22,63)
33. Net change in mortgage debt held by financial institutions and life insurance companies (M).—American
Council of Life insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban
Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S.
Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis
(33,70)
34. Net cash flow, corporate, in current dollars (Q).~
Source 1
(30,69)
15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Tra.de Commission and
Securities and Exchange Commission; seasonal adjustment by Bureau of Economic Analysis
(30,69)
35. Net cash flow, corporate, in 1972 dollars (Q).—Source
1
(30,69)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(29,68)
17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages,
salaries, and supplements to wages and salaries) per
unit of output (M).-Sources 1, 3, and 4
(30,69)
19. Index of stock prices, 500 common stocks (M).Standard & Poor's Corporation
(14,29,58,68,94)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company
(13,24,65)
3. Layoff rate, manufacturing (M).-Source 3 (13,17,60)
4. Quit rate, manufacturing (M).-Source 3
23. Index of industrial materials prices (M).-Source
3
(29,68,78)
14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(34,71)
18. Corporate profits after taxes in 1972 dollars (Q),—
Source 1
(29,68)
I-B. Cyclical Indicators
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(30,68)
21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(17,60)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(14,27,67)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19,52,61,88)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(27,67)
39. Percent of consumer installment loans delinquent 30
days and over (EOM),—American Bankers Association
(34,71)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and construction (M).-Source 3
(18,61)
41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source 3
(15,18,61)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(18,61)
43. Unemployment rate, total (M).-Sources 2 and 3(19,61)
113
TITLES AND SOURCES OF SERIES- Continued
44. Unemployment rate, 15 weeks and over (M), Sources 2
and 3
(19,61)
45. Average weekly insured unemployment rate, State
programs (M).~U.S. Department of Labor, Employment
Training Administration
(19,61)
46. Index of help-wanted advertising in newspapers (M),
The Conference Board
(18,60)
47. Index of industrial production, total (M). Source
4
(15,21,40,57,62,77,92)
48. Employee-hours
(M).-Source 3
in nonagricultural
establishments
(18,40,60)
49. Value of goods output in 1972 dollars (Q). Source
1
(21,62)
50. Gross national product in 1972 dollars (Q). Source
1
(20,40,41,62,79)
51. Personal income, less transfer payments, in 1972
dollars (M).-Source 1
(15,20,40,62)
66. Consumer installment debt (EOM),-Source 4; FRB
seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current
figure
(36,72)
67. Bank rates on short-term business loans, 35 cities
(Q).-Source 4
(36,72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(31,69)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M). - Source
2
(25,66)
70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(16,28,67)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (28,67)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1 (26,66)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).
Source 1
(26,66)
89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1
(26,66)
90. Ratio, civilian employment to total population of working age (M).-Sources 1, 2, and 3
(19,61)
91. Average (mean) duration of unemployment in weeks
(M).-Sourees 2 and 3
(16,19,61)
92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).
Sources 1 and 3
(14,29,68)
93. Free reserves (member banks excess reserves minus
borrowings) (M).™Souree 4
(34,71)
94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(34,71)
52. Personal income, total, in 1972 dollars (M). Source
1
(20,62)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis *
(16,36,72)
95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(16,36,72)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(20,62)
73. Index of industrial production, durable manufactures
(M).-Source 4
(21,62)
96. Manufacturers' unfilled orders, durable goods industries
(EOM)-Source 2
(22,63)
54. Sales of retail stores in current dollars (M). Source
2
(23,64)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(21,62)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(23,64)
75. Index of industrial production, consumer goods (M).—
Source 4
(23,64)
97. Backlog of capital appropriations, manufacturing
(EOQ).—The Conference Board. (Used by permission.
This series may not be reproduced without written permission from the source.)
(25,65)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(23,64)
76. Index of industrial production, business equipment
(M).-Sogrce4
(25,66)
102. Change in money supply M2 (demand Jeposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(32,70)
57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(15,23,64)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources 1, 2, and 3
(28,67)
104. Change in total liquid assets (smoothed) (M). Sources
1 and 4
(14,32,70)
58. Index of consumer sentiment (Q).—University of
Michigan, Survey Research Center
(23,64)
59. Sales of retail stores in 1972 dollars (M). Sources 1
and 3
(23,64)
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources l t 2, 3, and The Conference
Board
(18,60)
61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(25,66)
62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of industrial production, manufacturing (M).—Sources 1 and
4
(16,31,69)
63. Index of unit labor cost, private business sector (Q).Source 3
(31,69)
64. Compensation of employees as a percent of national income (Q).-Source 1
(31,48,69,82)
65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source
2
(28,67)
114
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).™Source 2
(28,67)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(29,68)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(29,68)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(30,69)
82. Rate of capacity utilization, manufacturing (Q).-Source
4
(21,63)
105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1, 3, and 4 (14,32,70)
106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M).-Sources I 3, and 4(32,70)
107. Ratio,gross national product to money supply Ml (Q).
Sources 1 and 4
(32,70)
108. Ratio, personal income to money supply M2 (M),
Sources 1 and 4
(32,70)
109. Average prime rate charged by banks (M). Source
4
(36,72)
110. Totaf funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(33,71)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(21,63)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysts
(33,71)
84. Rate of capacity utilization, materials (Q).-Source
4
(21,63)
113. Net change in consumer installment debt (M). -Source
4
(33,71)
85. Change in money supply Ml (demand deposits plus
currency) (M).-Source 4
(32,70)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(35,71)
86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1 (26,66)
115. Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(35,72)
TITLES AND SOURCES OF SERIES- Continued
116. Yield on new issues of high-grade corporate bonds
(M),—Citibank and U.S. Department of the
Treasury
(35,72)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(35,72)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(35,72)
119. Federal funds rate (M).-Source 4
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(41,79)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(39,75)
231. Personal consumption expenditures, total, in 1972
dollars (Q).-Source 1
(42,79)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(39,75)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(42,79)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(39,75)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(42,80)
(35,71)
I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components
(M).-Source 1
(37,73)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(37,73)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(37,73)
961. Diffusion index of average workweek of production
workers, manufacturing—21 industries (M).—Sources 1
and 3
(37,73,76)
962. Diffusion index of initial claims for unemployment insurance, State programs—47 areas (M).—Source 1 and
U.S. Department of Labor, Employment Training Administration; seasonal adjustment by Bureau of
Economic Analysis
(37,73)
963. Diffusion index of number of employees on private nonagricultural payrolls—172 industries (M).—Source
3
(37,73)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries-35 industries (M).-Sources
1 and 2
(38,74,76)
965. Diffusion index of newly approved capita) appropriations, deflated-17 industries (Q).-The Conference
Board. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,74)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(38,74,77)
967. Diffusion index of industrial materials prices—13 industrial materials (M).—Sources 1 and 3; seasonal adjustment by Bureau of Economic Analysis (38,74,78)
968. Diffusion index of stock prices, 500 common stocks—
62-82 industries (M).-Standard & Poor's Corporation
(38,74)
969. Diffusion index of profits, manufacturing-about 1,000
corporations (Q).—Citibank; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc.
(38,74)
970. Diffusion index of business expenditures for new plant
and equipment, total-18 industries (Q).-Source
1
(39,75)
971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(39,75)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
II-A. National Income and Product
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(42,79)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(42,79)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(48,82)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(42,80)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(42,80)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(42,80)
240. Gross private domestic investment, total, in current
dollars (Q).-Source 1
(43,80)
241. Gross private domestic investment, total, in 1972
dollars (Q).-Source 1
(43,80)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(43,80)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(43,80)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(27,43,67,80)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).Source 1
(43,80)
50. Gross national product in 1972 dollars (Q).—Source
1
(20,40,41,62,79)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(48,82)
64. Compensation of employees as a percent of national income (Q).-Source 1
(31,48,69,82)
200. Gross national product in current dollars (Q).—Source
1
(41,79)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(41,79)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(41,79)
220. National income in current dollars (Q).—Source
1
(46,81)
223. Personal income in current dollars (M).—Source
1
(41,62)
224. Disposable personal income in current dollars (Q).Source 1
(41,79)
225. Disposable personal income in 1972 dollars (Q), Source 1
(41,79)
248. Gross private domestic fixed investment, nonresidenttal,
as a percent of gross national product (Q).—Source
1
(48,82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(48,82)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(45,81)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(48,82)
252. Exports of goods and services in current dollars;
national income and product accounts (Q),-Source
1
(45,81)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(45,81)
115
TITLES AND SOURCES OF SERIES-
Continued
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(45,81)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (45,81)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q). Source
1
(47,81)
298. Government surplus or deficit, total (Q).—Source
1
(47,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q). Source 1 (45,81)
262. federal Government purchases of goods and services in
current dollars (Q).-Souree 1
(44,80)
263. Federal Government purchases of goods and services in
1972 dollars (Q).- Source 1
(44,80)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q). Source
1
(48,82)
266. State and local government purchases of goods and services in current dollars (Q).-Source 1
(44,80)
267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1
(44,80)
268. State and local government purchases of goods and services as a percent of gross national product (Q).
Source 1
(48,82)
280. Compensation of employees (Q), Source 1
(46,81)
282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q). Source 1
(46,81)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national income (Q).-Source 1
(48,82)
284. Rental income of persons with capital consumption adjustment (Q).-Source 1
(46,81)
285. Rental income of persons with capital consumption adjustment as a percent of national income (Q). Source
1
(48,82)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(46,81)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national income (Q).-Source 1
(48,82)
288. Net interest (Q).-Source 1
(46,81)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19,52,61,88)
441. Total civilian labor force , labor force survey (M),Sources 2 and 3
(52,88)
442. Total civilian employment, labor force survey (M),
Sources 2 and 3
(52,88)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source i
(44,80)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(44,80)
II-C. Labor Force, Employment, and Unemployment
II-B. Prices, Wages, and Productivity
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)
310. Implicit price deflator, gross national product (Q).
Source 1
(49,83)
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)
311. Fixed weighted price index, gross business product
(Q).-Source 1
(49,83)
446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sourees 2 and 3
(52,88)
320. Index of consumer prices, all items (M).—Source
3
(50,58,83,93)
447. Number unemployed, full-time workers, labor force survey (M).-Sources 2 and 3
(52,88)
448. Number employed, part-time workers for economic
reasons, labor force survey (M). Sources 2 and
3
(52,88)
322. Index of consumer prices, food (M).-Source 3(50,83)
330. Index of wholesale prices, all commodities (M).—Source
3
(49,84)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(49,84)
332. Index of wholesale prices, intermediate materials, supplies, and components (M).-Source 3
(49,85)
333. Index of wholesale prices, producer finished goods
(M).-Source 3
(49,85)
334. Index of wholesale prices, consumer finished goods
(M).-Source 3
(49,85)
335. Index of wholesale prices, industrial commodities
(M).-Source 3
(49,84)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonally (M).-Source 3
(50,86)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(52,88)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(52,88)
453. Civilian labor force participation rate, both sexe) 16-19
years of age (M).-Sourees 2 and 3
(52,88)
II-D. Government Activities
500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(53,89)
501. Federal Government receipts; national income and
product accounts (Q).-Source 1
(53,89)
502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(53,89)
510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (53,89)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment
shifts, and seasonality (M).-Source 3
(50,86)
511. State and local government receipts; national income
and product accounts (Q),—Source 1
(53,89)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(50,86)
512. State and local government expenditures; national income and product accounts (Q),- Source 1 (53,89)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).-Source
3
(50,87)
516. Defense Department obligations incurred, total, excluding military assistance (Q).—U.S. Department of
Defense, OSD, Comptroller, Directorate for Program
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,89)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(51,87)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(51,87)
525. Military prime contract awards to U.S. business firms
and institutions (M).—U.S. Department of Defense,
OSO, Comptroller, Directorate for Management Information Operation and Control; seasonal adjustment by
Bureau of Economic Analysis
(54,89)
(47,81)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(50,87)
548. Value of manufacturers' new orders, defense products
(M).-Source 2
(54,89)
293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).-Source 1 (47,82)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(50,87)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(54,89)
289. Net interest as a percent of national income {Q).—
Source 1
(48,82)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(47,81)
292. Personal saving (Q).—Source 1
116
TITLES AND SOURCES OF SERIES- Continued
II-E. U.S. International Transactions
II-F. International Comparisons
602. Exports, excluding military aid shipments, total (M).—
Source 2
(55,90)
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (14,29,58,68,94)
604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(55,90)
47. United States, index of industrial production, total
(M).-Source 4
(15,21,40,57,62,77,92)
606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
"
(55,90)
612. General imports, total (M).-Source 2
(55,90)
614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(55,90)
616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(55,90)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(56,91)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(56,91)
320. United States, index of consumer prices, all items
(M).-Source 3
(49,58,83,93)
721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and
Development (Paris)
(57,92)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(57,92)
723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(57,92)
725. West Germany, index of industrial production (M).—
Federal Statistical Office (Wiesbaden); seasonal adjustment by OECD
(57,92)
622. Balance on merchandise trade (Q).-Source 1 (56,91)
651. Income on U.S. investments abroad (Q).-Source
1
(56,91)
652. Income on foreign investments in the United States
(Q).-Source 1
(56,91)
667. Balance on goods and services (Q).—Source 1(56,91)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(57,92)
727. Italy, index of industrial production (M).-lnstituto
Centrale di Statistica (Rome)
(57,92)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(58,94)
735. West Germany, index of consumer prices (M).—Federal
Statistical Office (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic
Analysis
(58,93)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,93)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(58,94)
738. Japan, index of consumer prices (M).- Office of the
Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis
(58,93)
742. United Kingdom, index of stock prices (M).—The Financial Times (London)
(58,94)
743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
(58,94)
745. West Germany, index of stock prices (M).=Federal
Statistical Office (Wiesbaden)
(58,94)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)(58,94)
747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(58,94)
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(56,91)
669. Imports of goods and services, total (Q).-Source
1
(56,91)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (58,93)
728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(57,92)
748. Japan, index of stock prices (M).—Tokyo Stock Exchange (Tokyo)
(58,94)
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