Full text of Business Conditions Digest : January 1982
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U.S. DEPARTMENT OF COMMERCE Malcolm Baldrige, Secretary Robert G. Dederick, Assistant Secretary for Economic Affairs BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H. Young, Deputy Director Charles A. Waite, Acting Associate Director for National Analysis and Projections Feliks Tamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Morton Somer—Seasonal adjustments Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541) The cooperation of government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee under the auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of the following persons: Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of Commerce Joseph W. Duncan, Office of Management and Budget Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor J. Cortland Peret, Board of Governors of the Federal Reserve System Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce ABOUT THIS REPORT BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic time series found most useful by business analysts and forecasters. The original BCD, which began publication in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions and prospects. The report's contents were based largely on the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to business conditions analysis. Principal additions to the report were series from the national income and product accounts and series based on surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's present title was adopted. The dominant feature of the current BCD is the cyclical indicators section, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at all turns. This section is supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which begins on page 1. Annual subscription price: $60 domestic, $75 foreign. Single copy price: $5.50 domestic, $6.90 foreign. Foreign airmail rates are available upon request. Address all correspondence Most of the data contained in this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate economic activity. In this report, cyclical indicators are classified both by economic process and by their average timing at business cycle peaks, at business cycle troughs, and at peaks and troughs combined. These indicators have been selected primarily on the basis of their cyclical behavior, but they also have proven useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate economic activity. Other Economic Measures provide additional information for the evaluation of current business conditions and prospects. They include selected components of the national income and product accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with major foreign countries. concerning subscriptions to the Superintendent of Documents, U.S, Government Printing Office, Washington, D.C. 20402. Make checks payable to the Superintendent of Documents. BUSINESS CONDITIONS DIGEST BCII New Features and Changes for This issue METHOD OF PRESENTATION SeasonahAdjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures How To F^ead Charts How To Liocate a Series Summar^of Recent Data and Current Changes 1 1 1 1 4 5 5 6 JANUARY 1982 Data Through December Volume 22, Number 1 PART I. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Al A2 A3 A4 Chart Table 10 12 14 15 60 — — — 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 16 19 21 23 26 28 31 61 63 64 65 68 69 71 Diffusion Indexes Selected Diffusion Index Components 36 — 74 77 Rates of Change 39 — Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components ._ CYCLICAL INDICATORS SY Bl B2 B5 B6 B7 _ C2 C3 —f The ^ecretary 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, 1983. PART II. OTHER IMPORTANT ECONOMIC NATIONAL INCOME AiMD PRODUCT GNP and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving n Shares of GNP and National Income A5 Chart 40 41 42 43 44 45 . 46 47 0.... Table 80 80 81 81 82 82 82 83 48 49 84 87 51 89 52 . 53 90 90 56 57 92 93 . ...... . . . . 58 ............. 59 . ..... 59 94 95 96 AND PRODUCTIVITY Price Movements Wages and Productivity EMPLOYMENT, AMD UNEMPLOYMENT Civilian Labor Force and Major Components . Receipts and Expenditures Defense Indicators U.S. INTERNATIONAL TRANSACTIONS Merchandise Trade Goods and Services Movements Industrial Production ............................ Consumer Prices ..................... ........ Stock Prices ........................................ A. MCD and Related Measures of Variability {January 1981 issue) QCD and Related Measures of Variability (January 198) issue) B. Current Adjustment Factors {December 198J issue) C. Historical Data for Selected Series D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide") E. Business Cycle Expansions and Contractions (July 1981 issue) F. Specific Peak and Trough Dates for Selected Indicators (April 1981 isme) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 97 105 110 114 Readers an) 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 find- UPCOMING REVISIONS Revisions in the composite indexes of leading, coincident, and lagging indicators will be made in 1982. The revisions will incorporate changes in the composition of the indexes and t|he construction of components, updating of standardization and trend factors, and revisions to historical data. i In thje February 1982 BCD, average weekly initial claims for unemployment insurance will replace the manufacturing layoff rjate as a component of the index of leading indicators. This (is necessary because the layoff rate will no longer be prepared by the Bureau of Labor Statistics. ings 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 placement of series in relation to other series, changes in composition of Changes in this issue are as follows: i ). The National Bureau of Economic Research (NBER) has identified July 1981 as the most recent cyclical peak in U.! business activity. In accordance with established policy, neither the new reference peak nor the shading for a recession ftfill be added to the BCD charts until a new reference trough has been designated'by NBER. I 2. The series on Employee-hours in nonagricultural establishments (series 48) has been revised by the source agenciy for the period March 1979 to date. This revision reflejcts the scheduled inclusion of the latest information on average weekly hours. i "Further information concerning this revision may be obtaijned from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Productivity and Technology, Division of Productivity Research. | (Continued on page 1v The February issue of BUSINESS CONDITIONS DIGEST is schedul ed for release on March 3. indexes, etc. 3. Beginning with Fiscal Year 1982 (i.e., October 1981), data on Defense Department military prime contract awards (series 525) include military and civil functions. In Fiscal Year 1981, civil functions were not included but were less than 2 percent of the amount of military functions. Further information concerning this series may be obtained from the U.S. De|Dartment of Defense, Office of the Secretary of Defense, Summary Management Information Division. 4. Appendix C contains historical data for series 5, 23, 48, 58, 63, 93, 94, 110, 345, 346, 962, 967, and 971-978. 5. Appendix G contains cyclical comparisons for series 1, 30, 47, 50, 910, and 920. IV MEJTHOD OF PRESENTATION This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series whi^h have been found to conform well to broad flucfuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual Indicators, the rest are related analytical measures: i Composite indexes, diffusion indexes, and rates 1 of change. Part II, Other Important Economic Measures, covers over 140 series which are valuable to business analysts and forecasters but which [do not conform well enough to business cycles to qualify as cyclical indicators. (There are a few exceptions: Four series which are included in part I arei also shown in part II to complete the systematic} presentation of certain sets of data, such as re(al GNP and unemployment.) The largest section of'part II consists of quarterly series from the natiorjal income and product accounts; other sections relate to prices, labor force, government and defense-related activities, and international transactions and comparisons. The tw6 parts are further divided into sections (see tablej of contents), and each of these sections is described briefly in this introduction. Data are shown bcjth in charts and in tables. Most charts begin with 1956, but those for the composite indexes a'nd their components (part l t section A) begin witp 1948, and a few charts use a two-panel format which covers only the period since 1969. Except f<Jir section F in part II, charts contain shading which indicates periods of recession in general bjusiness activity. The tables contain data for only the last few years. The historical data for the variobs time series are contained in the 1977 Handbook of Cyclical Indicators. In addition to the charts and tables described above, e|ch issue contains a summary table which shows the current behavior of many of the series. Appendices present seasonal adjustment factors, measure! of variability, specific cycle turning dates, Cyclical comparison charts, and other informatfon of analytical interest. An index appears at the back of each issue. It should be noted that the serifes numbers used are for identification purpose? 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 i Adjustments for average seasonal fluctuations are oftqn necessary to bring out the underlying trends c|f time series. Such adjustments allow for the effjects of repetitive intrayear variations resulting primarily from normal differences in weatherj 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 holida with variable dates, such as Easter. An addition adjustment is sometimes necessary for seri which contain considerable variation due to tl number of working or trading days in each mont As used in this report, the term "season adjustment" includes trading-day and holid; adjustments where they have been made. Most of the series in this report are presented seasonally adjusted form and, in most cases, the are the official figures released by the sour agencies. However, for the special purposes of thl s report, a number of series not ordinarily publishnd in seasonally adjusted form are shown here on a seasonally adjusted basis. MCD Moving Averages Month-to-month changes in a series are or en dominated by erratic movements. MCD (months lor cyclical dominance) is an estimate of the app opriate span over which to observe cyclical movements in a monthly series. (See appendix A.) It is the smallest span of months for which Ihe average change in the cyclical factor is greater ttan 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 erra :ic. 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 witn 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 heir variation about the moving averages and to provide observations for the most recent months. Reference Turning Dates The historical business cycle turning dates used in this report are those designated by the National Bureau of Economic Research, Inc. (NBER). They mark the approximate dates when, according to IMBER, aggregate economic activity reachec its cyclical high or low levels. As a matter of geieral practice, neither new reference turning dates nor the shading for recessions will be entered or the charts until after both the new reference peal and the new reference trough bounding the shaded area have been designated. The historical reference turning dates are su iject to periodic review by NBER and on occasio are changed as a result of revisions in impcrtant economic time series. The dates shown in this publication for the 1948-1970 time period are :hose determined by a 1974 review. Since then, NBER has designated turning points for the 1973-1975 d cession and the 1980 recession. Part I. CYCLICAL INDICATORS Business cycles have been defined as sequences of expansion and contraction in various economic processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent and pervasive, business cycles of historical experience have been definitely nonperiodic and have varied greatly in duration and intensity, reflecting changes in economic systems, "conditions, policies, and outside disturbances. One of the techniques developed in business cycle research and widely used as a tool for analyzing current economic conditions and prospects is the cyclical indicators approach. This approach identifies certain economic time series as tending to lead, coincide with or lag behind the broad movements in aggregate economic activity. Such indicators have been selected and analyzed by NBER in a series of studies published between 1938 and 1967. During the 1972-75 period, a new comprehensive review of cyclical indicators was carried out by the Bureau of Economic Analysis (BEA) with the cooperation of the NBER research staff. The present format and content of part I of BCD are based on the results of that study. Section A, Composite Indexes and Their Components All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical adequacy, consistency of timing at business cycle peaks and troughs, conformity to business expansions and contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and November 1975 issues of BCD,) The resulting scores relate to cyclical behavior of the series during the period 1947-70. This analysis produced a new list of indicators classified by economic process and typical timing at business cycle peaks and troughs. (See tables on page 2 and text below relating to section B.) This information, particularly the scores relating to consistency of timing, served as a basis for the selection of series to be included in the composite indexes. The indexes incorporate the best-scoring series from many different economic-process groups and combine those with similar timing behavior, using their overall performance scores as weights. Because they use series of historically tested usefulness and given timing characteristics (for example, leading at both peaks and troughs), with diversified economic coverage and a minimum of duplication, composite indexes give more reliable signals over time than do any of the individual indicators. Furthermore, much of the 1 Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks \^ Economic \Process Cyclical^ Timing N LEADING (L) INDICATORS (62 series) ROUGHLY COINC1DENTKC) INDICATORS (23 series) LAGGING (Lg) INDICATORS (18 series) TIMING UNCLASSIFIED (U) 1. It. EMPLOYMENT AND UNEMPLOYMENT (18 series) PRODUCTION AND INCOME (10 series) Marginal employment adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 series) Comprehensive employment (1 series) IV. III. CONSUMPTION, FIXED CAPITAL TRADE, ORDERS, AND DELIVERIES (13 series) INVESTMENT (18 series) 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 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) Duration of unemployment (2 series) Business investment expenditure:; (1 series) Comprehensive employment (3 series) Trade (1 series) Business Investment commitments <!• series) Ml. IV. (8 series) V. INVENTORIES AND INVENTORY INVESTMENT (9 series) Inventory Investment (4 series) Inventories on hand and on order (1 series) VI. PRICES, COSTS, AND PROFITS (17 series) Stock prices (1 series) Commodity prices (1 series) Profits and profit margins (7 series) Cash flows (2 series) VII. MONEY AND CREDIT (26 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) Unit labor costs and labor share (4 series) Interest 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 N^ Economic X^rocess CycllcaTV Timing N. LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (40 series) TIMING UNCLASSIFIED (U) (1 series) 1. EMPLOYMENT AND UNEMPLOYMENT (18 series) II. V. V». VIL PRODUCTION INCOME (10 series) CONSUMPTION, FIXED TRADE, CAPITAL INVENTORIES AND INVENTORY INVESTMENT (9 series) PRICES, COSTS, AND PROFITS AND CREDIT Marginal employment adjustments (3 series) Industrial production (1 series) New and unfilled Formation of business orders and deliveries enterprises (5 series) (2 series) Consumption Business and trade Investment (4 series) commitments (4 series) Residential construction (3 series) Inventory Investment (4 series) Stock prices (1 series) Commodity prices (2 series) Profits and profit margins (6 series) Cash flows. (2 series) Money flows (2 series) Real money supply (2 series) Credit flows. (4 series) Credit difficulties (2 series) 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) Profits (2 series) Money flow (1 series) Velocity of money (1 series) Unfilled orders (1 series) Business Investment commitments (2 series) Business investment expenditures (6 series) Unit labor costs and labor share (4 series) Velocity of money (1 series) Bank reserves (1 series) Interest rates (8 series) Outstanding debt (3 series) Marginal employment adjustments (1 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive and duration of unemployment (5 series) AND ORDERS, AND DELIVERIES (13 series) INVESTMENT (18 series) Inventories on hand and on order (5 series) (17 series) MONEY (26 series) Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a (whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The maim composite indexes are distinguished by their cyclijcal 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 ar about the same time as the general economy, bnd an index of lagging indicators, which includes sleries that typically reached their peaks and troughs later than the corresponding business cycle turn's. The leaUing index contains series with long as well as stlort leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chanc<^, given the historical distribution of cyclical tiding. (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 w e l l - e s t a b l i s h e d differences in timing. Consequently, rough coincidences include short leads (-) and lags (+) as well as exact coincidentes (0). (For monthly series, the range is from -3 through +1 at peaks and from -1 through +3 at trloughs, where minus denotes leads and plus dencjtes lags in months.) i For purposes of constructing a composite index, each component series is standardized: The monthto-month ! percent changes in a given series are divided b^ the long-run average (without regard to sign) of those changes. Thus, the more volatile series art! prevented from dominating the index. The coincident index is calculated so that its longterm trenp (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 a^ a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximaUly equal to those of the coincident index. (For a mbre detailed description of the method of constructing the composite indexes, see the 1977 Handbook of Cyclical Indicators,) In addjtion to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have beejn 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 ea ly cyclical timing. Numbers entered on the charts of the composite indexes show the length, in mont is, of leads (-) and lags (+) at each of the reference turning dates covered. The next set of data consists of series inclu ed in the principal composite indexes. These are Ihe 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 ghen 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 tendency to roughly coincide with the busin ss cycle turns (as represented by the NB Rdesignated reference dates), and "Lg" a tende cy to lag. Since these series have been selected for he consistency of their timing at both peaks nd troughs, all components of the leading index re denoted "L,L,L," all components of the coincic nt index "C,C,C," and all components of the lagg ng index "Lg,Lg,Lg." It should be remembered at these classifications are based on limited evider ce, namely the. performance of the indicators du ng the business cycles of the 1948-70 period, wh ch included five peaks and five troughs. While he timing classifications are expected to agree v th the patterns prevailing in the near future, they not necessarily hold invariably in every instar ce. The timing of the series in the post-1970 period an be determined by inspection of the charts, where he 1973-1975 recession and the 1980 recession re shaded according to the dates of the NBER refere ce cycle chronology. Section B. Cyclical Indicators by Economic Pro ess This section covers 111 individual time.se ies, including the 22 indicators used in the construction of the composite indexes. The eak and trough timing classifications are shown on the charts in the same manner as described above but this section includes series with different timin|g at peaks and at troughs, as well as series where the timing is not sufficiently consistent to be class ied as either L,C, or Lg according to the probabilstic measures and scoring criteria adopted. Such se ies are labeled U, i.e., unclassified as to timin at turning points of the given type. Eight series are unclassified at peaks, one series at troughs, an 19 series at all turns (of the 19, 15 have definite but different timing at peaks and at troughs). No si ries that is classified as U both at peaks and at tro ghs 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 is tabulations on page 2. Cross-classification based on the observed behavior of the series at ive business cycle peaks (November '48, July 53, August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1977 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans, Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and expectations for several operating variables are presented, along with the corresponding indexes based on actual data, as the last set of diffusion series. This section also records rates of change for the three composite indexes (leading, coincident, and lagging) and for four indicators of aggregate economic activity: GNP in constant dollars (quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less transfers in constant dollars. Rates of change are shown for 1- and 3-month spans or for 1-quarter spans. Although movements in diffusion indexes and in rates of change for the same aggregates are generally positively correlated, these two measures present information about two related but distinct aspects of economic change. Diffusion indexes measure the prevailing direction or scope of change, while rates of change measure the degree as well as the overall direction. As is the case for diffusion indexes, cyclical movements in the rates of change tend to lead those of the corresponding indexes or aggregates, and thus, they tend to lead at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U,S, economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S. international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government receipts, expenditures, and defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEA, summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product, final sales, and personal and disposable personal income. The four major components of the gross national p r o d u c t — p e r s o n a l 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 (AS).-The major expenditure components of GNP (consumption, investment, etc.) are expressed as percentages of GNP, and the major income components of national income (compensation of employees, corporate profits, etc.) are expressed as percentages of national income. Section B. Prices, Wages, and Productivity The important data on price movements include the monthly consumer and producer price indexes and their major components. Based fargely 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 1969, The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. Section C. Labor Force, Employment, and Unemployment This section contains measures of the civilian labor force and its major components: Total numbers of employed and unemployed persons, The number of unemployed is subdivided into selected categories defined by sex, age, and class of worker. Also included are data on participation rates for a few principal segments of the labor force. Section D. Government Activities Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels: (1) Federal Government and (2) State and local government. Also shown is a selection of series from the discontinued Defense Indicators, These series measure defense activities which influence short-term changes in the national economy. Included are series relating to obligations, contracts, orders, production, shipments, inventories, outlays, and employment These series are grouped according to the time at which the activities they measure occur in the defense order-production-delivery process, Series measuring activities which usually precede production, such as contract awards and new orders, are classified as "advance measures of defense activity." Series measuring activities which tend to coincide with production, such as employment, and activities which usually follow production, such as shipments, are classified as "intermediate and final measures of defense activity/' Section E. U.S. International Transactions This group includes monthly series on exports (excluding military aid) and general imports, plus a few selected components of these aggregates. Also shown are the balances between receipts and expenditures for goods and services, merchandise, and investment income, Section F. International Comparisons This section is designed to facilitate a quick review of basic economic conditions in six of the nations with which we have important trade relationships. The U.S. business cycle shading has been omitted from these charts. Data on industrial production, consumer prices, and stock prices for Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series, Also included is an industrial production index for the European countries in the Organization for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1969) tend to be significant as leading indicators. TO READ CHARTS Peak (P) of cycle indicates end elf expansion and beginning of recession (shaded area) ,35 designated by NBER. Basic Data Arabic number indicates latest month for which data are plotted. ("9" = September) Solid) line indicates monthly data.I (Data may be actual monthly figures or moving averages.) Dotted line indicates anticipated data. ! Brokfen line indicates actual monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ("IV" = fourth quarter) Solid line with plotting points indicates quarterly data. Para lei lines indicates a break in continuity (data not available,, extreme value, etc.). I Diffusion Indexes Solill line indicates monthly date) over 6- or 9-month spares. Broken line indicates monthly •'•"• over 1-month spans. <en line with plotting poirfts indicates quarterly date) over 1-quarter spans. I Solid line with plotting points indicates quarterly data over various spans. I Diffusion indexes and rates of khange are centered within the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Various scales are used »to highlight the patterns of the individual series. ''Scale A" is an arithmetic scale, ''scale L-1" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Arabic number indicates latest month for which data are used in computing the indexes. Roman number indicates latest quarter for which data are used in computing the indexes. Rates of Change Soljid line indicates percent changes over 3- or 6-month spaps. I Broken line indicates percent changes over 1-month spans. Solid line with plotting points indicates percent changes over 3- ! or 4-quarter spans. Dotted line indicates anticipated quarterly data over various spans. Arabic number indicates latest month used in computing the changes. Broken line with plotting points indicates percent changes over 1-quarter spans. Roman number indicates latest quarter used in computing the changes. H0W TO LOCATE A SERIES l.jSee 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 TIT _ES AND SOURCES OF SERIES at the back of the repo 't where series are listed numerically according to series numbers within each of the report's sections. Table 1. Summary of Recent Data and Current Changes for Principal Indicators Basic data1 Sems title Timinfl classification* Unit of measure Avenge 1980 ?H n 1981' 1981 Pwomrt crroge 3dQ 4th Q 1981 1981 Oct. 1981 Nov. 1981 Dec. 1981 Oct. Nov. to to Nov. 1981 Dec. 1981 jiE 2dQ to 3dQ 3dQ to 4th Q 1981 1981 -2,0 -3.0 -2.9 -4.2 910 920 93 f -3.4 -1.4 -2.S 9,13 :a i= :3 & (.CYCLICAL INDICATORS A. Composite Indexes 910, Twelve leading indicators 920. Four coincident indicators 930. Six lagging indieatorii Leading Indicate* Subgroups: 913. Marginal employment adjustments 014. Capitol investment commitments 91 S. Inventory investment and purchasing 910 Profitability 017. Monoy and financial flows 1987" 100 l,U de. . . . c,c,c Lg.Ug.lg . , , . . d o . . . . 1,1,1 L,L,L 1,1,1 L.L.L 1L I do. do. do. do. do ... ... ... ... 131.2 140.3 176.8 92.9 107.2 101.0 90.8 135.6 133.3 141.3 187.7 92.9 135.6 142.3 186.5 94.3 132.9 142.4 193.6 128.9 138.3 185.4 128.8 139.9 189.7 93.1 89.9 90.3 138.0 102.7 102.9 NA 137.6 101.3 100.2 NA 138.6 100.5 100.9 NA 137.8 40.2 39.8 39.3 39.5 103.8 102.6 NA 138.4 105.2 104.0 39.8 94.0 128.6 138.5 184.9 129.4 136.6 181.5 90.1 89.4 101.3 102.2 99.8 99.9 NA 138.8 NA 139.2 39.3 39.1 0.6 -0.2 -1.0 -2.5 -1.4 -l.H -0.2 -0.8 0.8 -1.1 NA 0.7 0.9 0.1 NA 0.3 0.1 3.8 -1.3 -2.4 -1.1 HA -0.3 HA 0, 7 914 91b 9 It 1117 B. Cyelical Indicators by Economic Process 81. Employment aid Unemployment Marginal Employment Adjustments; *t. Average workwrok. prod, workers, mfg 21. Avg. weekly overtime, prod, workers, mfg.2 .. 2. Accession rate, per TOO employees, mfg.2 5. Avg. weekly initial cairns (inverted4) . .. *3. Layoff rate, per 100 employ., mfg. (itw.4)2 . . 4. Quit rate, por 100 enployees, mfg.2 U,L L,C,L L,L,L L.C.L L.L.L L LgU Hours do. . . . Percent Thousands. . Percent do. .. 39.7 2.8 3.5 485 1.7 1 5 2.8 3.2 447 1.6 1 3 3.0 3.3 412 1.2 1 3 2.9 3.2 434 1.4 1 4 2.5 2.9 527 2. 2 1 1 2.7 2.9 518 2 2 1 2 2.5 3.1 532 2 3 1.1 Job Vacancies: 60. Ratio, help-wanted advertising to persons unemployed2 40. Help-wanted advertising L,Lg.U L,Lg,U Ratio 1967-100... 0.520 129 0.439 119 0.449 119 0.457 118 0.365 110 0.384 110 0.367 111 u.c.c u,c,c c,c,c L,C,U A.r.,bil. hrs.. Thousands. . do. . . . do. . . . 169.83 93,960 90,564 25,718 170.83 95,001 91,548 25,676 170.91 95,507 91,546 25,741 170.05 95,412 91,938 25,933 170.21 94,538 91,512 25,408 170.64 94,880 91,832 25,662 169.96 94,662 91,499 25,411 170.04 94,072 91,206 25,151 U,lg,U Percent 58.51 58.34 58.75 58.47 57.73 58.03 57.85 57.30 Thousands . . Percent do. . . . Weeks Percent 7,448 7.1 3.9 8,080 7.9 3.4 7,900 7.4 3.3 7,708 7.2 3.3 8,995 8.4 3.8 8,520 8.0 3.6 9,004 8.4 3.9 9,462 8.9 4.0 11.9 15.0 13.7 14.0 13.2 13.7 13.2 12.8 Comprehensive Employment: 48. Employee hours in n onagri, establishments . . . 42. Persons engaged in nonagri. activities *41 . Employees on nonagt i. payrolls 40. Employees in mfg., mining, construction 90. Ratio, civilian employment to total population of working age' Comprehensive Unemployment: 37. Total unernoloyed (in«)rteda} . L,Lg(U 43. Unemployment rate, lotal ^inverted 4 } 2 L,Lg,U 48. Avg. weekly insured unernploy-rate (inv. 4 ) 2 . . L,Lg,U *91. Avg. duration of unemployment (inverted 4 ) . . Lg.Lg.Lg 44. Unemploy. rote, 16 waoks and over (inv. 4 ) 2 .. Lg,Lg,ig 1.7 2.3 2.1 2.1 2.2 2.1 2.2 2.4 2.7 531 2 3 1.1 -0.5 -0.2 0.2 -2.7 -0 1 -0.1 -0.3 -0.1 -0.4 0.2 0 2 0. 0 . 3 4 3 -0.017 - 0 . 0 2 4 0.9 109 -1.8 2.2 -0.4 -0.2 -0.4 -1.0 -0.18 -5.7 -0.4 -0.3 3.6 -0.1 0. -0.6 -0.3 -1.0 -0.55 -5.1 -0.5 -0.1 3.0 0. -1.0 -0.1 -0.1 -5.3 -0 2 e.i 0.008 -0.8 -1.3 -0.4 -0. 3 -21.4 -0 8 -0.3 -0.092 -e.e t) . i i 21 2 :i 4 SO 46 -0.9 -0.S -2.0 41! 42 4} 40 -O.i>8 -0.74 90 2.4 0. 2 0. -16.7 i7 43 45 91 44 -0.5 -0.1 ©.4 0.7 -2.2 -1.2 -0.5 5.7 0. -0.1 0.4 0.9 0.5 -1.3 -O.I 82. Production ,and Income Comprehensive Output ond Income: 50. 6NP in 1972 dollars 62. Personal income in 1972 dollars *51. Pors. income less transter pay., 1972 dollars .. 63. Wages and salaries in rrining, mfg., and construction, 1972 dollais c,c,c c.c.c c,c,c c,c,c A.r.,bil.dol. do do do 231.0 231.0 232.2 231.1 227.2 ?28.9 227.4 225.3 -0.7 -0.9 c,c,c c,c,c 1967^100... do. . . . do. . . . A.r., bil.dol. 147.0 136.7 161.2 665.2 151.0 140.5 164.8 685.1 152.5 143.1 166.0 686.3 153.0 142.6 166.8 691.9 146.3 134.4 160.3 673.1 149.2 137.9 163.2 146.4 134.4 160.5 143.3 131.0 157.2 -1.9 -2.5 -1.7 -2.1 79.1 78.4 79.8 79.3 74.8 1 4 8 0 . 7 1 5 0 9 . 6 1510.4 1515.8 1 4 9 5 . 6 1207.5 1 2 4 0 . 5 1236.6 1247.9 1 2 4 6 . 8 U'46.7 1 2 4 8 . 2 1 2 4 5 . 4 1 0 4 3 . 2 1068.7 1 0 6 7 . 3 1 0 7 3 . 0 1 0 7 3 . 3 1 0 7 3 . 7 1074.6 1071.6 Industrial Production: *47 Industrial production r ptal 73. Industrial production, durable mfrs 74. Industrial prod notion, nondurable mfrs 48. Value of goods output, 1972 dollars c,c,c Capacity Utilisation: 82. Capacity utilization raw, mfg., FRB2 83. Capacity utilization ratu, mfg., BEA2 84. Capacity utilization rate, materials, FRB2 L,C,U do. ... Orders and Deliveries: 0. Now orders, durable gocds UL.L 1, New orders, durably gocds, 1972 dollars . . . . . L,L,L *B. New orders, pens, goods end mtls., 1972 dol. . L,L,L 26. Chg. in unfilled orders, durable goods2 L,L,L 96. Mfrs.' unfilled orders, durable goods5 l,lg,U *32 Vendor performance 2 ® L,L,L Bil.dol do. ... do do. . . . Bil.dol., EOP Percent 77.80 79.22 79.18 80.52 34.74 34.31 34.71 35.21 31.39 31.71 30.85 31.60 1.26 0.10 0.62 1.00 -4.78 -2.24 -2.50 -0.48 3 0 8 . 8 2 309.97 314.48 317.46 3 0 9 . 9 7 312.68 310.44 3 0 9 . 9 7 40 45 52 46 33 32 38 30 Consumption and Trrjde: 66 Manufacturing and trade sales <* *57. Manufacturing and trade sales, 1972 dollars . . 75. Industrial production, cciTsumer goods 04 Sales of retail stores 69 Sales of retail stores, 1972 dollars 5§, Personal consumption expend., autos 68 Index of consumer sentirnant © Bil.dol do 1967=100... Mil. dol do. . . . A.r., bil. dol. 1 Q 1966-100 320.11 NA 3 5 1 . 5 4 NA 1 5 7 . 6 8 154.63 145.4 148.0 150.0 7 9 , 7 2 1 87,126 8 6 , 2 4 7 43,656 44,274 44,259 1967-100... Number. ... 121.1 44,337 C,L,L L.C.U. Percent . . . . do 78 NA 78 76 80.0 80.0 81.2 81.2 79.32 38.30 33.73 85.08 38.25 34.08 87.88 39.75 35.60 87.78 39.09 34.58 0.1 0.1 -0.2 -0.3 -2. a -2.1 NA -0 . 5 0,3 -0.3 0.5 -°3 0. 75.3 0. 50 52 51 -1.7 53 -4.4 47 73 74 49 -s.8 -3.9 -4. 5 NA 82 -5.9 84 -9.8 6 1 B 25 96 32 a3 S3. Consumption, Trade, Orders, and Deliveries c,c,c c.c.c C,L,C C,L,U U,L,U L,C,C L,L,L 61.8 64.4 67.9 70.7 63.3 73.9 353.75 NA 156.59 NA 149.4 144.7 88,213 87,145 44,492 43,305 70.2 74.8 62.5 65.7 345.29 151.78 146.9 86,660 43,222 344.57 NA 151.34 NA 145.0 142.3 87,233 87,541 43,356 43,337 1.8 1.2 -2.7 2.54 -0.7 -6 -0.2 -0.3 -1.3 0.7 0.3 1.6 1.4 2.4 1.7t> -0.2 -2 NA NA -1.9 0.4 0. -0.1 -1.7 -2.9 0. 38 0.9 -6 0.6 -0.7 -0.4 2.3 0.5 10.9 70.3 62.5 64.3 -11.1 2.9 1.2 -11.1 -9.2 -3.50 -2.4 -13 NA NA -11.0 -12.2 56 57 75 54 59 55 58 NA NA 12 13 -3.1 -1.2 -2.7 B4. Fixed Capital Investment Formation of Business Enterprises: *12. Net business formation 13 New business incorporatians UL,L U,L NA 116.0 113.1 NA 4 8 , 9 9 0 4 8 , 9 0 2 NA NA 112.3 NA NA NA NA NA NA UA NA NA -2.S -0.2 Fable 1. Summary of Recent Data and Current Changes for Principal Indicators— Continued Basic data1 Series title Unit of measure Timing classification3 Percent dwnge Average 1980 Oct. 1981 2dQ 3dQ 4th Q 1981 1981 1981 (ct. 1)81 Nov. 1981 Dec. 1981 Nov. to to Nov. 1981 Dec. 1981 2dQ to 3dQ 3dQ to 4th Q 1981 1981 -1.2 -3.5 1 -0.1 0.2 -4.3 -6.9 2 2 1.3 -7.0 2 1 CYCLICAL INDICATORS-Con. B4. Fixed Capital Investment— Con. usinjass Investment Commitments: 10 Contracts and orders, plant and equipment ... *20 Contr. and orders, plant and equip., 1972 dol 24| New orders, cap. goods indus., nondefense . . . 27i New orders/ capital goods industries, nondefense 1972 dollars 9. Construction contracts, commercial and in1 dustrial buildings, floor space 1 1L New capital appropriations, mfg 91 Backlog of capital appropriations, mfg.s usifiess Investment Expenditures: 61. Business expend., new plant and'equipment .. 61). Machinery and equipment sales and business | construction expenditures 7(p Industrial production business equip 8(ji. Nonresid. fixed investment, total, 1972 dol. .. C,Lg,Lg A.r., bil. dol. 295.63 322.61 316.73 do. . . . C,Lg,Lg C,Lg,U 1967=100... C,Lg,C A.r., bil. dol. 310.98 173.2 158.4 L,L,L A.r., thous. . L,L,L • 1967=100... L,L,L A.r., bil. dol. 1,292 1,087 96.6 48.1 78.8 45.2 esidential Construction Commitments and Investment: 26. New private housing units started, total *2B. New building permits, private housing 8^ Fixed investment, residential, 1972 dol Bil.dol L,L,L 25,90 27.11 27.71 27.38 26.42 25.17 26.98 27.12 13.26 22.34 1P.38 2L.OO 13.71 23.26 13.69 22.76 10.7 10.8 -0.1 -2.1 -2.3 7.2 L,L,L L,L,L . . . .do. . . . . . . .do. . . . 13.90 22.55 13.66 23.44 13.88 23.94 13.86 23.99 L,L,L do. . . . 12. 37 12.07 12,23 12.39 11.52 10.59 12.12 11.84 14.4 L,C,U Mil. sq.ft. . . U,Lg,U Bil.dol C,Lg,Lg Bil.dol., EOP 77.96 25.90 90.73 77.74 NA NA 81.66 28.44 96.56 72.18 26.84 96.26 72.76 NA NA 72.32 71.90 74.07 -0.6 89.3 47.8 3.0 968 70.8 42.7 NA 178.4 159.2 903 60.1 39.5 0.8 NA NA 1 9 3.6 1.2 6 1.7 1.0 1.7 NA 6 7 8 -11.6 -5.6 -U.3 328.25 332.06 NA 3 3 8 . 3 0 344.11 182.2 180.8 184.0 161.6 161.1 1 6 3 . 9 1,176 0.5 J34.01 345.08 178.4 180.5 867 58.3 863 58.4 NA 176.3 -1.2 -1.2 978 -0.5 13.3 63.7 3.3 0.2 NA 9.1 -17.7 -20.7 -10.7 -3.0 -2.9 -7.5 2 2 8 -6.4 3 -6.7 -15.1 EJ5. Inventories and Inventory Investment nv^ntory Investment: 30. Chg. in business inventories, 1972 dol. a L.L.L *3,6. Change in inventories OR hand and on order, 1972 dollars (smoothed 6 ) 2 UL.L 3)1. Chg. in book value, mfg. and trade invent.2 . . : UL,L :Chg. in mtl. stocks on hand and on order2 . . . L.L.L tories on Hand and on Order: | . .Mfg. and trade inventories, total 3 *|0. Mfg. and trade invent., total, 1972 dol. 5 W. Mfrs.' inventories of finished goodss |7. Ratio, inventories to sales, mfg. and trade, constant dollars2 . . 78. Materials and supplies, stocks on hand and on 5 order . . do. . . . -2.9 8.2 10.8 14.9 do. . . . do. . . . Bil.dol -9.62 NA NA NA 2.37 35.0 0.91 10.18 Lg,Lg,Lg Bil.dol., EOP do. . . , Lg,Lg,Lg: do. . . . Lg,Lg,Lg Lg,Lg,Lg Ratio 31.0 0.38 475.20 262.97 76.56 55.6 0.83 NA 4 9 4 . 2 3 5 0 8 . 1 3 NA 2 6 5 . 4 0 2 6 8 . 5 3 81.21 8 3 . 7 8 NA 4.1 8.5 NA NA NA -2.78 -1.77 NA NA NA 515.15 > 59.65 270.23 3 4 . 8 7 85.18 NA NA NA 1.49 1.28 1.99 0.32 283.4 288.3 286.4 NA 7 NA -0.8 NA 1.1 NA 298.0 7 222.17 220.39 222.26 224.77 NA NA NA 1.78 218.24 7 7 6 0.01 NA 1.68 NA NA NA NA 1.71 NA 2.8 1.2 3.2 NA NA NA •2.60 ill. 68 1.71 3 3 3 0.7 0.2 0.4 2.80 41.7 NA NA NA L,Lg,Lg Bil.dol., EOP -0.08 NA NA NA NA NA NA 5.58 42.6 1.79 -0.9 0.83 7.81 20.6 0.03 B6. Prices, Costs, and Profits >e(isitive Commodity Prices: *92. Chg. insensitive prices (smoothed 6 ) 2 23, Spot market prices, raw industrials © L,L,L U,L,L Percent 1967=100... t()ck Prices; *(19 Stock prices 500 common stocks@ L,L,L 1941-43=10. rpfits and Profit Margins: 16. Corporate profits after taxes 18. Corp. prof its after taxes, 1972 dollars 79. Corp. profits after taxes with IVA and CCAdj . . . 80 do in 1972 dol 1 5. Profits (after taxes) per dol. of sales, mfg.2 . . . 26. Ratio, price to unit tabor cost nonfarm bus ;|sh Flows: 34 Net cash flow corporate 35 Nat cash flow corporate 1972 dollars Jnit Labor Costs and Labor Share: 63 Unit labor cost private business sector 68, Labor cost (cur. dol.) per unit of gross domestic product (1972), nonfin. corp |*62. Labor cost per unit of output, mfg 64. Compensation of employees as percent of national income2 ... . -0.13 270.6 -0.18 270.5 -0.25 264.2 -0.22 -0.07 -1.67 277.2 -2.4 -2.3 -0.7 -5.5 9 2 118.78 1 2 8 . 0 4 1 3 2 . 8 1 1 2 5 . 6 8 122.17 19.80 122.92 123.79 2,6 -5.4 -2.8 1 L,L,L L,L,L 163.2 UC.L 100.3 , A.r., bil. dol. do. . . . do. . . . do. . . . L.C.L Cents L.L.L L,L,L 1977=100... L,L,L L LL A.r., bil.dol. do 88.8 55.1 4.9 96.3 265.4 141.8 Lg,Lg,Lg 1977 = 100... 132.4 Lg,Lg,Lg 1 Dollars Lg,Lg,Lg . 1967=100, . . 1.196 195.0 Lg,Lg,Lg Percent 75. 3 153.9 NA NA NA NA NA 152.7 156.3 0.04 0.7 -0.45 2.4 NA NA NA NA NA NA 1 1 7 8 1 2 96.9 96.8 NA NA NA NA NA NA MA NA 270,5 134.6 279.2 136.4 NA NA 3.2 1.3 NA NA 3 3 NA 141.6 145.1 NA 2.5 NA 6 1.266 207.6 1.295 211.3 NA 221.2 2.3 1.8 NA 4.7 6 6 75.5 75.3 NA NA 6 0.25 0.60 0.72 0.23 0.71 0.88 1.286 211.0 HA 77.4 76.5 113.9 117.6 58.2 58.9 5.1 4.8 -1.2 3.2 1.2 -0.3 -0.1 217.6 221.2 224.9 1.7 1.7 -0.2 B7. Money and Credit ifloney: 85 Change in money supply (Ml-B)2 ,102. Change in money supply (M2) 2 |104 Chg in total liquid assets (smoothed 6 ) 2 105 Money supply (Ml-B), 1972 dollars |106 Money supply (M2) 1972 dollars L,L,L L.C.U L,L,L L,L,L L,L,L /elocity of Money: 107 Ratio GNP to money supply (M1~8)2 108. Ratio, pers. income to money supply (M2)2 .. C,Lg,C Credit 33 1 12 113. ' 10. Flows: Change in mortgage debt2 Change in business loans2 Changs in consumer installment credit3 Total private borrowing c.c.c UL.L L,L,L L,L,L L.L.L 1 Percent. . . . do. . . . do . . Bil dol . . . do. . . . Ratio .do. .. A.r., bil. dol. do do. . . . do. . . . 0.52 0.76 0.77 0.52 0.82 0.89 204.4 813.8 198.1 809.5 201.2 813.8 6.521 1.347 6.786 1.366 6.694 1.359 61.19 19.60 2.90 292.75 1.13 1.44 0.88 0.91 0.94 0.85 193.8 805.0 195.0 812.5 195.9 816.7 1.375 1.363 1.353 31.86 20.41 12.17 NA 12.31 NA 31.26 NA 0.88 0.28 0.68 0.92 195.8 805.4 194.9 811.4 6.870 1.376 6.821 1.364 NA 4 5 . 3 4 35.73 32.88 19.53 35.80 22.43 HA 30.53 NA 3 4 9 . 2 4 3 1 7 . 6 9 NA 21.33 NA NA 0.77 1.02 4.10 0.85 0.76 -0.04 0.6 0.9 -0.22 -0.50 -0.03 0.5 0.5 -0.012 -0.010 NA -8.10 -8.07 NA 18.95 NA -0.02 0.7 8 10 10 10 10 0.176 0.017 -0.049 -0.012 10 10 -9.61 NA -14.47 NA 11A 3 11 11 11 0.11 0.16 -2.7 -1.0 2.92 8.10 -9.0 0.54 0.31 0. -0.5 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data1 Series t tie Timing classification3 Percent change Unit Average of 1 measure 1980 1981 ?H n 3dQ 1981 1981 4lhQ 1981 Oct. 1981 Nov. 1981 Oct. Nov. • Dee. to to te' 1981 Nov. 1981 Dec. 1981 1981 3dQ to 4th Q 4 1 1981 1, QYCLICAL INDICATORS-Con. B7. Money and Credit-Con, Credit Difficulties: 14. UobilitiflsQfbusingsslailuresOrw. 4 )© 39, Delinquency rate, instill, loans (inv. 4 ) 2 s . . . L,L,L L,L,L Bank Reserves: 93. Free reserves (inverted 4 ! 2 © 94, Borrowing from the Fi'deral Reserve 2 © 'Mil.dol.... L,U,U do. . . L,Lg,U Interest Rates: 119. Federal funds rate 2 ® 1 14. Treasury bill rate 2 © 1 1 6. Treasury bond yields2© 110. Corporate bond yields5 © 117, Municipal bond yields2© 1 1 8. Mortgage) yields, residential2 © 67. Bank rates on short -tern bus. loans3© *1P9. Average prime rate chafed by banks2© Outstanding Debt: 66. Consumir installment crndlt8 *72. Commercial ond indusrial loans outstanding, weekly reporting Earge comm. banks '96. Ratio, consumer initall.tr idit to pan, income- . Mil.dol Percent, EOP ULg.Lg Percent do. C,Lg,Lg do C tg Lg 1 do. lg.Lg.lg do. U,Lg,Lg do. Lg,Lg,Lg do. Lg.Lg.Lg j do. Lg,Lg,lg ... . .. ... ... ... ... ULg.Lg Bil.dol., EOP Bil dol Lg.Lg.Lg 386.26 2.57 NA 2.30 NA 2.28 -1,141 - 1 , 0 5 2 -1,591 -1,193 1,420 1,362 1,845 1,544 13.36 11.61 10.81 12.77 16.38 14.08 12.87 15.48 11.33 16.31 19.56 18.87 17.78 14.83 12.66 15.22 10.69 16.18 19.99 18.93 17.58 15.09 13.60 16.33 12.11 17.76 21.11 B.60 13.42 15.17 15.27 306.47 20.32 NA 3 1 8 . 0 5 3 2 5 . 6 9 NA NA -552 NA NA -2., 032 NA NA -380 NA NA -243 829 1,149 695 642 13.59 12.02 13.23 lb.01 12.54 16.61 17.23 17.01 15.08 13.87 14.13 16.90 12.83 17.43 13.31 11.27 12.68 15.53 11.89 15.98 12.310.93 12.88 15.5! 12.91 16.43 18.45 16.84 HA 3 2 6 . 7 0 3 2 7 . 0 4 15. 7b NA NA NA NA -652 -454 -137 -1.77 -2.60 -1.45 -1.43 -0.94 -1.45 -0.94 -0.34 -1.61 -53 0.20 0.02 1.02 0.45 -1.09 NA NA MA 14 39 -398 -301 -641 93 94 -0.20 -3.99 -3.07 -0.37 0.02 0.26 0.94 l.Al 1.42 l!i2 1.39 -713 -o. n 0.43 -1.15 -3.88 -3.31 114 113 lib 111 11. a 67 NA 0.1 NA 2.4 NA 6® 1 6 3 . 7 6 181.81 176.96 1 8 5 . 7 7 191.64 1 9 0 . 0 9 191.11 1 9 3 . 7 2 1.4 NA 5.0 3.2 NA 72 0.3 2.0 1.4 310 320 320 14.14 . Percent HA NA NA 13.35 13.22 NA 13.21 13.15 NA 0.5 -0.06 279.9 280.7 281.5 0.4 281.2 0.3 0.1 0.2 •-O.IJ II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity B1. Priee Movements 310. 320. 32Qe. 322 330. 331. 332 333 334 Implicit price deflator, GNP Consumer prices (CPI), jll items© Chango in CPI, all items S/A 2 CPI food Producer prices (PPI), all :ommodities© PPI crude materials PPI intormediate materials PPI capital equipment PPt finished consumer goods 1972-100... 1967-100... Percent 1967-100... do do do. . . . do. . . . do. . . . 177.4 193.6 191.1 195.6 199.6 246.8 272.4 269.0 276.7 280.7 0.6 271.4 1.1 276.1 0.4 0.4 0.5 280.2 279.4 280.0 329.1 294.1 333.1 296.0 3^4.6 295.5 320.0 305.8 262.3 296.0 333.6 308.9 295.8 320.2 306.0 264.3 310.3 30 9. 3 310.2 315.9 311.3 267.1 271.2 271.1 273.3 272.2 275.7 270.2 274.7 272.4 276.0 273.9 276.5 0.3 0.8 0.5 138.9 137.6 140.4 142.8 141.9 143.2 143.3 0.9 93.0 92.3 92.2 92.2 0.4 142.0 145.3 96.0 95.5 1.0 0.7 254.6 274.6 268.8 304.6 280.3 239.8 248.9 293.4 295.9 -0.2 -1.4 -0.1 0.4 0.1 2,4 2.9 0 . !* 1.7 0.4 0.6 0.2 1.0 0. 2 O.B -1.3 -0.7 1.5 322' -0,1 -4.0 33(1 0.5 1.9 0.9 331 332 3J3 334 1.7 340 -0.1 341 345 346 370 B2. Wages and Productivity 340, Average hourly earnings, production workers, private nonfarm economy Real average hourly earnings, production workers, private nonfarm economy 345. Average hourly compensation, nonfarm bus. , , 348. Real avg. hourly comp., rtonfarm business . . . 370. Output per hour, p rivals business sector 1977=100... 127.3 do. . . . do. . . . do do. ... 93.5 0.1 2.0 341. 130.5 96.0 99.3 92.6 NA NA NA 101.1 100.9 92.0 92.4 -0.2 NA NA NA -0.8 2, 3 -O.S -0.2 NA NA NA C. Labor Force, Emp ©yment, and Unemployment 441 442. 37. 444 445. 448. Labor 451. 462. 453. Total civilian labor force Total civilian employment Number of persons unerr ployed Unemployed mains ?Q yiars and over Unemployed females, 20 years and over . . . . . Unemployed persons, 1 6 1 9 years of age Force Participation Hates: Males, 20 years and over 2 Females. 20 yoars and over 2 Both soxes- 16-19 years Yt age3 Millions . . . . do. . . . Thousands. . do. . . . ' .....do. . . . do Percent do. . . . do. . . . 1 0 4 . 7 2 106. 39 1 0 6 . 7 7 1 0 6 . 4 3 1 0 6 . 8 0 1 0 6 . 7 4 1 0 7 . 0 3 1 0 6 . 6 5 97.27 98.31 98.87 98.72 97.81 98.22 98.02 97.19 7,448 8,080 7,900 8,995 8,520 7,708 9,004 9,462 3,261 3,521 3,411 4,100 3,308 3,773 4,043 4,485 2,547 2,826 2,763 2,772 3,053 2,953 3,062 3,145 1,640 1,733 1,726 1,629 79.4 51.4 56.9 79.0 52.2 55.6 79.4 52.4 56.3 78.9 52.2 54.8 78.8 52.3 54.8 540.8 602.0 624.8 686.4 668.2 638.3 694.0 -61.2 -61.6 416.8 -47.2 413.6 380.3 36.5 377.5 36.1 NA 719.4 NA NA 387.1 NA 1,841 1,793 78.8 52.3 55.2 1,899 78.8 52.5 55.4 1,832 78.9 52.1 53.8 0.3 -0.2 5.7 7.2 3.7 3.9 0. 0.2 0.2 -0.4 -0.8 5.1 10.9 2.7 -3.5 -0.3 -0.2 -2.4 -3.0 0.1 -5.6 0.1 -0.4 -1.6 0.3 -0.9 16.7 23.9 10.1 13.0 -0.1 -0.2 -1.3 0.1 0. 441 442 37 444 445 446 451 452 4 S3 D. Government Activities 01. Receipts and Expenditures 501, Federal Government rece pts b'02. Federal Govern mom expenditures 500. Federal Government surplus or deficit2 51 1 . State and local government receipts 51 2. State and local government expenditures 510. State and local govt. surplus or deficit 3 A.r.,bil.dol. do. , . , do. . . . do. . . . 1 . . . .do. . . . . . . .do. . . . | 384.0 355.0 29.1 621.0 -55.7 419.6 381.8 37.8 2.B 3.9 iis 1.1 1.7 NA 3.7 NA NA 1.4 NA 301 302 NA NA -21.1 7.6 517 523 54 B S64 NA HA HA NA NA NA 602 604 606 612 614 311 312 02. Defense Indicators 517. 525 548. 564. Defense Department oblitations Military prims contract awards New orders, defense products National defense purchases Mil.dol ....do. . . . . . . .do. . . . A.r.jbil.dol. 13,392 Mil.dol, . . . 18,390 3,435 3,788 20,417 6,961 4,662 131.7 NA 1 5 , 3 5 5 1 6 , 9 3 1 NA 7 , 7 2 0 9 , 9 4 0 5,148 4,772 5,932 153.3 148.2 154.1 NA 12,892 1 5 , 6 7 4 NA 3,!i09 9,935 4,680 3,030 4,850 NA NA 5,360 21.6 183.1 26.6 NA NA 10.5 165.8 10.3 28.8 24.3 4.0 E. U.S. International Transactions E1. Merchandise Trade B02. 804. 606. 612. 614. 616. Exports, total except military aid Exports of agricultural products Exports of nonelectrical mjichinsry General imports, total Imports of petroleum and products . Imports of automobiles anc parts do . . . .do. . . . .do. . . . .do. . . . .do. . .. . .. . .. . .. 6,139 2,030 NA 19,519 1 9 , 3 2 3 NA 3 , 5 2 3 3,285 NA 4 , 2 8 6 5,111 NA 2 1 , 8 5 8 21,521 NA 6 , 5 9 0 5,815 NA 2,199 2,229 NA 1 9 , 0 4 4 19,118 NA 3,735 3,442 NA 4 , 3 3 8 4,366 NA 2 3 , 2 3 4 2 2 , 5 2 2 NA 6,123 6,483 NA 2 , 4 6 4 2,239 NA NA NA NA NA NA 0.4 -7.8 0.6 -3.1 5.9 -9.1 NA NA NA NA NA NA -1.0 -6.8 19.2 -1 . 5 -11.8 1.4 Table 1. Summary of Recent Data and Current Changes for Principal I indicators — Continued I Basic data1 Series tilte i Unit of. measure Average 1979 1980 3dQ 1980, Percent change 4th Q IstQ 2dQ 3dQ 4th Q 1980 1981 1981 1981 1981 1981 ^, IstQ to 2dQ 2ttQ to 3dQ 3dQ to 4th Q 1981 1981 1981 1 n. BTHER IMPORTANT ECONOMIC MEASURES-Con. EJ>. Goods and Services Movements Except Transfers Under Military Grants 618'. 620) 622 6511 652J 668 669 667 Merchandise'exports Merchandise imports Merchandise trade balance2 Income on U.S. investments abroad Income on foreign investment in the U.S Exports of goods and services Imports of goods and services Balance on goods and services2 Mil. dol do do do do do do do 46,118 52,955 -6,836 16,675 55,992 62,327 -6,335 18,985 8,310 1 0 , 7 9 4 7 2 , 2 3 2 86,168 70,480 83,472 1,752 2,696 NA NA NA NA NA NA NA NA 56,252 57,149 5 9., 154 6 2 , 7 1 9 -2,902 -5,570 18,850 19,764 10,697 11,507 86,655 88,636 80,177 8 4 , 9 0 2 6,478 3,734 61,0 98 6 0 , 4 7 7 1 65,7 5 67,387 - 4 , 6 ''7 - 6 , 9 1 0 21,5 22,399 12,5 13,666 94,4 95,083 92,423 89,6 4 2853 0 1517 8 1947 8 1033 3 6 , 6 ?0 4 , 5 LI :u < 1 4 , 7 90 58,037 65,079 -7,042 23,610 14,120 94,250 90,256 2,660 3,994 NA -1.0 NA 2.5 NA - 2 , 2 3 3 NA 3.9 NA 9.2 0.7 NA NA 3.1 NA - 2 , 1 3 0 NA NA NA NA NA NA NA NA -4.0 -3.4 -132 5.4 3.3 -0.9 -2.3 1,334 618 620 622 651 652 668 669 667 A. National Income and Product A1. GNP and Personal Income 50 20(1) 213 22<1 22 ji. 21? 22^. GNP in 1972 dollars GNP in current dollars Final sales 1972 dollars Disposable personal income current dollars Disposable personal income, 1972 dollars Per capita GNP in 1972 dollars Per capita disposable pers. income, 1972 dol. . . A r bil dol do do do .......do A.r., dollars do 1483.0 2413.9 1472.9 1641.7 1011.5 6,588 4,493 1480.7 2626.1 1483.6 1821.7 1018.4 6,504 4,473 1509.6 2922.2 1501.4 2015.4 1040.2 6,567 4,525 1471.9 2637.3 1476.9 1840.6 1018.5 6,456 4,468 1485.6 2730.6 1492.7 1897.0 1025.8 6,499 4,488 A.r., bil. dol 930.9 935.1 135.8 959.1 139.4 930.8 946.8 1516 1510.4 2885.8 1499.6 1985.6 1036.8 6,580 1515.8 2965.0 1500.9 2042.0 1043.6 6,586 4,517 4 , 5 3 5 1495.6 2984.9 1487.1 2086.4 1047.1 6,482 4,538 -0.4 1.1 -1.2 1.9 0.3 -0.6 0.1 0.4 2.7 0.1 2.8 0.7 0.1 0.4 -1.3 0.8 2.1 0.5 0.7 3.0 3.9 2.2 3.5 -0.5 -5.2 0.8 -6.5 -3.8 -6.4 -4.2 -2.2 -9.9 0.7 -0.9 2.2 0.3 -1.6 0.1 50 200 213 224 225 217 227 A2. Personal Consumption Expenditures 231. 233 23JB 239 230 23'2 236 23|7 Total, 1972 dollars Durable goods 1972 dollars Nondurable goods, 1972 dollars Services 1972 dollars Total current dollars Durable goods, current dollars Nondurable goods, current dollars Services current dollars ..do . .do ...do do do do do 146.6 132.6 139.1 358.4 354.6 367.4 354.9. 3 6 0 . 4 429.6 440.9 452.4 443.3 447.3 1510.9 1 6 7 2 . 8 1858.1 1 6 8 2 . 2 1751.0 212.3 211.9 2 3 2 . 0 2 0 8 . 8 2 2 3 . 3 602.2 675.7 743.4 674.2 703.5 696.3 785. 2 882.7 799.2 824.2 ,2 955.1 962.8 958.3 ,8 137.4 140.3 133.0 369.2 ,5 367.0 368.8 ,9 450.7 453.7 456.1 1810 .1 1829.1 1 8 8 3 . 9 1909.5 236.2 226.4 238 , 3 2 2 7 . 3 760.9 7 2 6 . 0 7 3 5 . 3 751.3 866.5 896.4 922.2 845 .8 960 146 364 448 -0.5 -6.4 0.7 0.4 1.0 -4.6 1.3 2.4 0.1 0.5 1.4 -4.1 1.3 2.9 231 233 238 239 230 232 236 237 A3. Gross Private Domestic Investment 241 2^3 30. 240 242 245 Total 1972 dollars Total fixed investment 1972 dollars Change in business inventories, 1972 dol.2 Total current dollars Total fixed investment current dollars Chg in bus inventories current d o l 2 do do do do do do 232.6 222.5 10.2 398.3 17.5 401.2 do do do do do do 281.8 101.7 180.1 290.0 473,8 534.7 305.9 do do .do do do do 415.8 203.6 206.6 -2.9 395.3 -5.9 215.0 195.3 206.8 200.2 -5.0 8.2 450.6 432.4 18.2 377.1 200.5 207.6 -7.2 397.7 -16.0 415.1 -17.4 288.2 289.8 393.2 211 .6 213 .1 -1.4 4 3 7 .1 4 3 2 .7 4 .5 219.7 221.5 208.9 10.8 458.6 435.3 23.3 206.5 14.9 463.0 435.6 27.5 207.1 198.7 8.5 -2.0 12.2 443.6 426.0 17.6 18.8 3.8 4.9 0.6 -1.1 4.1 1.0 0.1 4.2 241 243 30 240 242 245 A4. Government Purchases of Goods and Services § Total 1972 dollars Federal Government 1972 dollars State and local governments, 1972 dollars 2^0 Total current dollars 2jB2 Federal Government current dollars 2S6. State and local governments, current dollars . . . i 6. 7. 255 2|52. 253 2,50. 291.2 111.0 180.2 106.9 181.3 198.9 589.6 228.6 361.1 194.9 335.8 146.9 109.2 161.1 109.1 37.7 52.0 339.8 160.0 115.8 44. 3 167.9 108.1 181.9 533.5 107.4 182.4 558.6 212.0 338.6 346.6 160.5 102.8 157.4 108.9 57.6 342.4 297.9 44.5 48.5 293.4 2 9 3 .6 111 . 2 182 .5 576 .5 221 .6 354 .9 289.5 288.3 108.7 180.7 109.6 178.8 577.4 357.9 588.9 226.4 362.5 162 .5 11J .6 5C . 9 367 . 4 338 .2 2S .2 161.5 115.4 160.1 116.9 155.9 119.2 -0.6 46.2 368.2 347.5 20.8 43.2 368.0 338.7 29.3 36.7 363.0 -4.7 16.0 -8.4 219.5 114.5 178.8 615.7 246.7 369.0 -1.4 -2.2 -1.0 0.2 -0.9 0.8 1.8 4.5 0. 4.6 9.0 1.8 -0.4 0.8 -1.1 2.0 3.1 1.3 261 263 267 260 262 266 A5. Foreign Trade Exports of goods and services, 1972 dollars . . . Imports of goods and services, 1972 dollars . . . Net exports of goods and serv 1972 dol 2 Exports of goods and services, current dol Imports of goods and services, current dol Net exports of goods and serv., current dol.2 . . 281.3 267.9 13.4 316.5 23.3 366.7 342.9 23.8 346.1 322.7 23.3 347.1 3.4 0.2 2.7 -0.9 -2.6 1.3 -3.0 -0.1 -2.5 8.5 2.0 -6.5 -1.4 2.5 -13.3 256 257 255 252 253 250 A6. National Income and Its Components JJ20 ij8Q 4 82. 486 $84 I 88. National income . Compensation of employees Proprietors' income with IVA and CCAdj Corporate profits with IVA and CCAdj Rental income of persons with CCAdj Net interest $90 295 292 ^98 fc93 Gross saving (private and govt } Business saving Personal saving Government surplus or deficit2 Personal saving rate2 do do do do do do 1963. 3 2121.4 2 3 4 3 . 7 2 1 2 2 . 4 2 2 0 4 . 8 2 2 9 J 1 4 6 0 . 9 1 5 9 6 . 5 1771.7 1597.4 1661.8 172; 131.6 130.6 134.4 129.7 134.0 13; 196.8 182.7 189.0 177.9 183.3 20; 30.5 31.8 33.6 32.0 32.4 3: 143.4 179.8 215.0 185.3 193.3 200 1 2320.9 2377.6 NA 4 1 7 5 2 . 0 1790.7 1821.7 1 134.1 137.1 134.1 0 190.3 195.7 NA 7 33.3 33.9 34.5 8 211.0 220.2 228.1 1.3 1.7 1.5 -6.3 1.8 5.1 2.4 2.2 2.2 2.8 1.8 4.4 NA 1. 7 -2.2 NA 1.8 3.6 220 280 282 286 284 288 A7. Saving do do do ...do Percent 411.9 312.7 86.2 11.9 5.2 401.9 331.6 101.3 -32.1 5.6 453.6 NA 106.6 -25.1 5.3 402.0 334.6 111.4 -45.6 6.1 406.7 339.3 97.6 -30.8 5.1 4 4 ; ? .6 36:? .2 465.3 368.7 469.4 379.3 811 .9 .7 .6 106.6 -11.2 5.4 106.9 -17.9 5.2 NA NA 124.1 NA 6.0 5.1 1.8 19.9 -1.5 0.8 0.9 2.9 0.3 -6.7 -0.2 NOTE: Series are seasonally adjusted except tor those indicated by®, which appear to contain no seasonal movement. Series indicated by an aste i >k {*) are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sot r ces of Series" at the back of BCD. NA = not available, a = anticipated, EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis}. IVA = inventory valuation adjustment. CCA = capital < onsumption adjustment. NIA = national income accounts, ' 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. f Differences rather than percent changes are shown for this series. t* The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincider t Lg = lagging; U = unclassified. s 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. NA NA 16.1 NA 0.8 290 295 292 298 293 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes (Nov.)fOct.) P (Aug.)(Apr.) (JulyMMay) T P T P T (Apr.)(Feb) P P T P 910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 1% 106) -4 (Jan.)(July) (Nov.) (Mar.) (Dec.)(No».) T P T T -9 920. Index of four roughly coincident indicators (series 41, 47, 51, 57) -6 3 -2 +t« / -i B / +r " 140130- ^ 930. Index of six lagging Indicators (series 62,70,72,91,95,109) 220210200190180170160150- 12011010090- 70- 60- 50 J 1948 49 50 51 52 53 54 55 56 NOTE: Numbers entered on the chart indicate length Current data for these secies are shown on page 60. 57 58 59 60 61 62 63 64 65 66 67 68 69 of leads (-) and lags (+) In months from reference turning dates. 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS-Continued Chart Al. Composite Indexes—Continued (JulyXMay) P T (Nov.)(0ct.) P T (Aug.)(Apr.) P T (Apr.XFeb.) P (Dec.XNov.) T P (Nov.) (Mar.) T P (Jan.)(July) T P T adjustments (series 1, 2, 3, 5) 914. Capital investment commitments (series 12, 20, 29) 915. Inventory investment and purchasing (series 8, 32, 36, 92) v^ / 916. Profitability (series 19, 26, 80) !7 917. Money and financial flows (series 104, 106, 110) \^s\/" A ^! ^\y -' a *. -4 •"i i 940. Ratio, coincident index to lagging index -r, A. "^ v^^X/"~~ ,. , i i . -5 "^ A/" " ^ \ /-^N» \/ •* N \A yKy -3 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 NOTE: Numbers entered on the chart Indicate length Current data for these series are shown on page 60. 71 72 73 74 75 76 77 78 79 80 1981 of leads (-) and lags (+) in months from reference turning dates. 11 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components (Aug.HApr.) P T (Nov.) (Mar.) P T (Apr.)(Feb.) P T 1. Average workweek, production iwit workers, fiwifwi*) matMfacturing (Jan.)Ouly) P T ». 41- *J*rv4t 40- 39- 3. Layoff rate, manufacturing (per 100 employees-inverted scale) 40 35 8. New orders for consumer goods and materials, 1972 dollars (bil. dol.) fun 30 25- 32. vendor performance, percent of companies receiving slower deliveries (percent) LTI ^k 12. Net business formation (index: 1967=100) 10 yV ^S**^\S 20. Contracts and orders for plant and equipment, 1972 1948 59 50 51 52 53 54 55 56 Current data for these series are shown on pages 61, 57 58 5S 64, 65, and 66. 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS-Continued Chart A2. Leading Index Components—Continued (Dec.MNov.) F (Nov.) (Mar } T P T 200180- 29. New building permits, private housing units (index: 1967=100) iLL.Ll 36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.) 92. Change in sensitive crude materials prices, smoothed1 (percent) |L,L,L 104. Change in total liquid assets, smoothed1 (percent) O ! 19. Stock prices, 500 common stocks (index: 1941-43=10) ^S*' 172 dollars (bil. dol.) ^ i S a ? '!•; :,0 51 •-',: S3 54 55 56 57 ;">>'< ')'•> <>•' '.:' This series a weighted 4-term moving average (with weights 1,2,2,1) placed Digitized for isFRASER Current data for these series are shown on pages 67, 68, 69, and 71. L urn •:•" on the terminal month of the span. X-r^- ^//^^~^~/~' ' llil CYCLICAL INDICATORS A[ COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index Components (Nov.)(0ct.) P (JulyMMay) P T T (Aug.)(Apr.) P T (Dec.) (Nov.) (Apr.) (Feb.) P T P (Jan.)(July) (Nov.) (Mar.) P T P T T 57. Manufacturing and trade sales, 1972 dollars (Wl. 1948 49 50 51 52 53 54 55 56 Current for dataFRASER for these series are shown on pages 62, Digitized http://fraser.stlouisfed.org/ Federal 1/1 Reserve Bank of St. Louis 57 58 63, and 65. 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components (Nov.)(0ct.) P (Aug.) (Apr.: T P (Apr.)lFeb.) T P (Dec.MNov.) T P (Jan.)(July) (Nov.) (Mar.) T P T P T 91. Average duration of unemployment (weeks-inverted scale) 70. Manufacturing and trade inventories, 1972 dollars (bil. dol.) Labor cost par unit of output, manufacturing (index: 1967=100) 109. Average prime rate charged by banks (percent) 72, Commercial and industrial loans outstanding, weekly reporting fane commercial banks (an. oat.) 95. Ratio, consumer installment credit to personal income (percent) 1948 49 50 51 52 53 54 55 56 Current data for these series are shown on pages 57 58 59 62, 68, 70, and 73. 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment (Aug.) (Apr.) P (Dec.) (Nov.) (Apr.) (Feb.) T P T P (Nov.) (Mar.) P T T (Jan.)(July) P T JMaHitial Employment Adjustments | 1. Average workweek, production ranters, manufacturing 42- 414039- 38- 21. Average weekly overtime hours, production workers, mamifaduring (hours) 432- 2. Accession rate, manufacturing (per 100 employees) 4- 5. Average weekly initial dams, State unemployment insurance (thousands-inverted scale) \ V 200- rf T* 300- 400- 500600700- 3. Layoff rate, manufacturing (per 100 1- 2- 3- 43-, 2- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 61. http://fraser.stlouisfed.org/ Federal 16 Reserve Bank of St. Louis tru CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued I Job Vacancies | 1.4- 60. Ratio, help-wanted advertising to number of persons unemployed (ratio) 1.00.60.2200-1 175150125- 46. Help-wanted advertising (Mac 1967=100) \ 10075- 180170- | Comprehensive Employment] 160- 48. Employee-hours in nonagricuttural establishments (ann. rate, btl. hours) _n***i. ^ 1501401009590- 42. Persons engaged to nonagricuttural activies (millwns) 85- iu,c,c| 807570- 41. Employees on nonagrioteal payrolls (millions) 6528272625242322- 40. Employees in goodsfTOdudng industries—minint, 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 61 and 62. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. 1982 Louis JANUARY 17 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued (Aug.)(Apr.) P T (Jan.)(July) P T (Apr.) (Feb.) P T | Comprehensive Employment—CotT] 60-, 5958- 90. Ratio, civilian employment to total population of working age (percent) 57- |U.Lg,U| 565554- |Comprehensive Unemployment! 37. Number unemployed, total (miens-inverted scale) \\ \j A/\ 1M \ V *** \/^ J--VU j^^S \ 4- /""V 5\ A^-^V. 12 \s^ V \r 67- \ 43. Unemployment rate. total (Dereent-inverted scale) 4n 45. Average weekly insured unemployment (ate (percent—inverted scale) \ u^£ 91. Average duration of uner (weeks inverted scale) |LfcLg,Lg| rflf^fim 101418J 44. Unemployment rate, persons unemployed 15 weeks and over (percent-mverted scale) 1- \/ 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 801981 Current data for these series are shown on page 62. 18 JANUARY 1982 ItCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income (Aug.HApr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P (Nov.) (Mar.) P T T (Jan.)(July) P T 1600' 1500' | Coirophensive 0|fcrt and Income 1400 50. 6NP in 1972jjo»»5, Q (ami, rate, bil. fn 1300' Ic.c.ci 1200' 11001000900800' 1300' 1200- 12 52. Personal income in 1972 dollars (ann. rate, bB. dot) (••"• _«*k. 1 |c,c,c| — .—. M 1100' 1000' 90080C' 600J 1100-j 51. Personal income less transfer payments in 1972 dollars (ann. rate, bil. dol.) ; "«1 53. Wages and salaries in mining, manufacturing, and construction in 1972 dollars (am. rate, bil. dot) ?40- 160 1956 57 58 59 60 61 data for these series are shown on DigitizedCurrent for FRASER http://fraser.stlouisfed.org/ FederalKill Reserve Bank of St. Louis IAMII&DV 1QOO 62 63 page 63. 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income—Continued 170160- I Industrial Production 1 150140- 47. industrial production, total (Wee 1967= 1 130- =t 120110- 12 tur z 49. Value of goods output in 1972 dollars, Q —(Jllll. MiB, Dll. M) | Capacity Utilization| 83. Rate ot capacity utuizaoon, manmactunng 1956 57 58 59 60 61 62 63 64 ?n 65 60 67 68 69 70 71 72 73 74 75 11 C U "?6 130120110- 73. Industrial (induction, durable manufactures (M* l«7=l Current data for these series are shown on pages 63 and 64. 150140- 74. Industrial production, nondurable manufactures ^**~'^\ / Ondex: 1967=100) [Fm—" ^- J ' H^ \ri\D;, y \|javBin/ 180170160- 7; 78 79 80 198) CYCLICAL IML»K <.K-' B | CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued Chart B3. Consumption, Trade, Orders, and Deliveries (Jan.)Uuly; P T lOO-i [Orders and Deliveries| data for these series are shown DigitizedCurrent for FRASER 6. New orders, durable goods industries, current dollars (bil. dol.) J f 3= 12 807060- ^V. 50- 7. New orders, durable goods industries, 1972 dollars ^Jr (bil. dol.)—i... i V ^^ 40- 4540- orders for consumer goods and materials " dollars (b| dol.) 35- **r 30- 12 25- 25. Change in unfilled orders, durable goods industries (bil. dol.; MCD moving avg.-4-term) 96. Manufacturers' unfilled orders, durable goods industries (wi. doi.) m^ / /_ 100- 60 J 32. Vendor performance, percent of companies receiving slower deliveries (percent) 75- on page 64. CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued (Aug.)(Apr.) P (Dec.) (Nov.) (Apr.) (Feb.) T P T P (Nov.) (Mar.) P T T (Jan.)(July) P T 380 340 ICdlimptiofianl 300 260 220 180- 56. Manufacturing and trade sates in current doMars—140- 100170 1 „ 160-4 - 75. Industrial pmducfon, consumer (Mac 140 130- 90807060 54. Sates of retail stotq fci current dollars (M, dol)-^v 40-J 59. Sates of retail stores in 1972 dollars (bil. dol) 80 70 60 50 40 30- 55. Personal consumptxxi expenditures, automobiles, Q (ana rate, bil dol.) 58. Index of consumer sentiment (1st Q 1966=100) -jiUJ 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 lOO-i 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 65. 22 JANUARY 1982 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment (Jan.)(July) P T 160- I Formation of Business Enterprises! 12. Net business formation (indec 1967=100) 140 - L.LL 12010055 50 • 4540 35- 13. New business incorporations (thousands) 30 25- [Business Investment Commitments] 20. Contracts and orders for plant and equipment in 1972 dollars (Wl. dol.). >v [771 10. Contracts and orders for plant and equipment in current dollars (bil. dot.) it § i 27. Manufacturers' new orders, capital goods industnes, nondefense, hi 1972 dollars (bil. dot.) X 24. Manufacturers' new orders, capital goods industries, HI unian uunaa \un. uui.; Ill 9. Construction contracts, commercial and industrial buildings sq. n. or noor area; ma moving avg.—o-remy cl 72 73 74 75 76 78 79 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Current data for these series are shown on pages 65 and 66. http://fraser.stlouisfed.org/ JANUARY Federal Reserve Bank of St. 1982 Louis ItCII 23 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.) (Apr.) P ( D e c . ) (Nov.) (Apr.) (Feb.) T P T P T Btisjpss Investmertt Commitments—Con. 11. New capital appropriations, manufacturing, Q (U. doL) 97. Backlog of capital appropriations, manufacturing, Q (H. dol.) Business Investment Expenditures | Machinery and equipment sates and business construction expenditures (an rate, bil. dot.) 76. Industrial production, busawss equipment (index: 1967=100) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 66 and 67. http://fraser.stlouisfed.org/ 24 Federal Reserve Bank of St. Louis JANUARY 1982 KUI CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.)(Apr.) P (Apr.)(Feb.) T P (Jan.) (July) T P T 180160- I Bigness Investntf^ Expenditures—Con.) 140- Nonresidential fixed investment in 1972 dollars, Q (ana rate, M. dolf 120100- Producers'durable equtpment, Q 40- |Residential Construction Commitments and Investment] 28. New private housing units started, total (aim. rate, mBons) 29. New building permits, private housing units (index: 1967=100) 89. Residential fixed investment, total, in 1972 dollars, Q (aim. rate, bit. dol.) |L,L,L| ^\^^ 1956 57 58 59 60 61 62 X\-^^v 63 64 65 \/ 66 f ^\ 67 6'J 70 v\ \/ ' 68 A- r-f ^ r***^V/ 71 T> 73 74 'O-i r-****^_ 75 m 76 77 78 79 80 1981 Current data for these series are shown on page 67. http://fraser.stlouisfed.org/ Federal Reserve JANUARY Bank of St.1982 Louis 25 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued Chart B5. Inventories and Inventory Investment (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Jan.) (July) P T (Mar.) T 30. Change in bushes inventories, 1972 dotes, Q (ann. rate, bil. dol) * inn ';> \Ai^s*\^f~ /+/** %P?v ^s 36. Net change in inventories on hand and on outer. 1972 dolors (aim. rate, m. dol.; moving avg.—44emr) 31. Orange in book value, manufacturing and trade inventories (ann. rate, OIL dol.; MCD moving jxfT^vr*? + 5+4- 38. Change in stocks of materials and supplies on land and on order, manufacturing (WL dot,- MCD moving +3+2+10-1-2-3- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 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. 26 JANUARY 1982 BCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued llnvfetories on Haiti and on Order] 71. Book value, manufacturing and trade inventories, current dollars (bB. dol.) 70. Manufacturing and trade inventories, 1972 dollars (bil. dol.) ,Lg,L 65. Book value of manufacturers' inventories of finished goads <b». dol.) f llg.Lg.lil S 40- 30- 20-* 77. Mo, deflated inventories to sates, manufacturing and trade (ratk>) [Lglg+gl 1.8- A n/r ^ 78. Stocks of materials and supplies on hand and on order, / manufacturing (bil. dol.) ' ~— — 80- I i ;; i.:~ 5; c .8 59 60 6! f..l fti Current data for these series are shown on page 68. 73 75 77 78 '9 80 1981 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits (Aug.)(Apr.) P T (Jan.) (July) P T (Apr.) (Feb.) P T iSensjve Commop| Prices] 92. Change in sensitive crude materials prices (percent; moving avg.-4-term1) , 19. Stock prices, 500 common stocks (index: 194143=10) PI Corporate profits after tans with IVA and CCSd], 1972 dollars, 0 (arm. rate, WL M) 79. Corporate profits after taxes with flffl and CCAdj, current dollars, Q (ana rate, bil. dol) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Beginning with June 1981, this is a copyrighted series used by permission: it may not be reproduced without written permission from Commodity Research Bureau Inc data for these series are shown on page 69. DigitizedCurrent for FRASER 2 http://fraser.stlouisfed.org/ 28 Federal Reserve Bank of St. Louis JANUARY 1982 ltd) CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.)(Apr.) P (Apr.)(Feb.) T P T (Nov.) (Mar.) P T (Jan.) (July) P T | Profits and Profit|!|rgins—Con.| 22. Ratio, corporate income, Q 14- (after taxes) to toiat corporate domestic 12- •"t logs' 81. Ratio, corporate profits (after taxes) with inventory valuation and capital consumption adjustments to total corporate domestic income, ' 2-1 15. Proflts (after taxes) per doter of sates, all manufaduring corporations, Q (carts) 7- 5- 3- 26. Ratio, price to unit labor cost, nonfarm business sector, Q (index 1977=100) 104102100989694320280- m I Cash Flows I 35. Net cash flow, corporate, in 1972 defers, Q (arm. rate, M. on.) ?40- ;oo- \f 34. Net cash flow, corporate, in current dollars, Q (ann. rate, bi. dot) {L,L,L| A^. I95S 57 58 59 60 61 62 63 64 65 66 67 6B 69 70 71 72 73 74 75 76 77 78 79 89 1981 Current data for these series are shown on pages 69 and 70. http://fraser.stlouisfed.org/ 1982 Federal ReserveJANUARY Bank of St. Louis ItCII 29 CYCLICAL B I INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Jan.) (July) P T (Mar.) T [Unit labor Costs and Labor Share! S £* S 63. Unit labor cost, private business sector, Q (inder 1977=100) 68. Labor cost (currant dollars) per unit of post domestic product (1972 dollars), nonfinancial corporations, Q (dollars) |Lg,Lg,Lg| z 62. Labor cost per unit of output, manuteinfei Cmdec 1967=100) 64. Compensation of employees as a percent of national income, Q (percent) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 7? 7.1 74 75 76 77 78 79 80 19B1 Current data for these series are shown on page 70. 30 JANUARY 1982 ItCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit 85. Change in money supply Ml-B I L.L.L (percent; MCD moving avg.—6-term) 102. Change m money supply M2 MCD moving avt-Werm) I L,C,U Change in total liquid assets (percent; moving avg.—4-term1) [UJ1 105. Money suppty-Ml-B-in 1972 dollars (bil. doL) 10& Money suppty-M2-in 1972 Mars (bil. do).) ED 108. Ratio, personal inpyne to money supply M2 (ratjo) ' This series is a weighted 4-term moving average (witn weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 71. http://fraser.stlouisfed.org/ Federal ReserveJANUARY Bank of St.1982 Louis KCI» CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Jan.) (July) P T (Apr.) (Feb.) P T (Aug.)(Apr.) P T [Crejjt Flows 33. Changs in mortgage debt (an. rate, bil. dol) I till 112 Change in bank loans to businesses (ana r^e. bil. do).: jl MCD movitif avg.-(Merm) [7TT i 113. Change in consumer installment credit (ana rate, bil. dol) 110. Total private borrowing, Q (arm. rate, bil. dol.) LTL J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 71 and 72. JANUARY 1982 CYCLICAL iNDfCAK.'K:, B I CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued Chart B7. Money and Credit— Continued [Credit Difficulties| Current data for these series are shown on page 72. 14. Current liabilities of business failures (mil. dol.inverted scale; MCD moving avg.—6-term) 5G "! 39. Delinquency rate, 30 days and over, consumer installment loans (percent-inverted scale) lUJ-l .__ J 93. Free reserves (bil. dol-inverted scale) 94. Member bank borrowing from the Federal Reserve (bil. do!.) CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Ncn/i !'.'ar 20 • 1918" [intetgst Rates | 17161514- 119. Federal funds rate (percent)—- 1) - 114. Treasury bill rate 116. Corporate bond yields (percent) 115. Treasury bond yields (percent) 118. Secondary market yields on FHA mortgages (percent) 117. Munidpal bond yields (percent) 1956 57 58 59 60 61 62 63 64 66 67 68 69 70 /a i-> so 198.; Current data for these series are shown on pages 72 and 73. http://fraser.stlouisfed.org/ Q/l Federal Reserve Bank of St. Louis I A N I I A D V 1000 urn CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued [Interest Rates—COB] 67. Bank rates on short-tern business loans (percent) 109. Average prime rate charged by banks (percent) [Outstanding Debt 66. Consumer installment credit (bil. dol.) 72. Commercial and industry loans outstanding, weekly reporting large commercial banks (bil. dol.) 95. Ratio, consumer installment credit to personal income (percent) Current data for these series are shown on page 73. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis BCII CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes (Aug.)(Apr.) P T (Nov.) P (Dec.) (Nov.) (Apr.) (Feb.) F T P T (Jan.)(July) P T (Mar.) T 950. Twelve leading indicator components Jfemo. span—, 1-mo. span—-) 100- 50- 0- 951. Four roughly coincident indicator component! (6-mo. span—, 1-ino. span—) v¥T li!; ? ii ? :j 100- si!! s 50- U 0- 952. % lagging indicator components (frmo. span—, 1-rm. 100- 50- 0- 961. Average workweek, production workers, manufacturing-20 industries (9-mo. spi«v, 1-mo. span—) 100-1 so- 962. Initial claims, State unemployment insurance-51 areas (percent declining; 9-mo. span—, 1-mo. span —) 100-1 50- 963. Employees on private nonagricultural payroHs-172 industries (6-mo. span—, 1-mo. span—) 50- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 74. JANUARY 1982 ItCII CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued 964. New orders, durable goods industries—35 industries (9-mo. span—, 1-mo. span—) 100 -i 50- (H 965. Newly approved capital appropriations, deflated-17 industries (4-Q moving avg.«-, 1-Q span <—) 90 T 966. Industrial production—24 industries (64m. span—, 1-mo. span—) 967. Spot market prices, raw industrials-13 industrial materials (9-mo. span—-, 1-mo. span—) 968. Stock prices, 500 common stocks-52-82 industries (9-mo. span—, 1-mo. span—) 960. Net profits, manufacturing-about 700 companies' (4-Q span) -,o- 1956 57 58 59 60 61 62 63 64 65 6G 67 68 69 70 71 72 73 74 75 76 77 78 73 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. data for these series are shown on page 75. DigitizedCurrent for FRASER http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis BCII 37 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued (Nov.) P (Dec.) (Nov.) F T (Mar.) T (Dec.) (Nov.) P T (Nov.) P (Mar.) T (Jan.)(July) P T 970. Business expemiures for new plant and equipmert-18 industries (1-Q span) (a) Actual expenditures 974. Number of ernptap* manufacturing and trade (44} span)' 975. Lewi of inventories, manufacturing and trade (442 span)1 (a) Actual expenditures 971. New orders, manufacturing (44} span)1 976. Selling prices, manufacturing (44] span)1 972. Net profits, manufacturing and trade (44J span)1 977. Selling prices, wholesale trade (4-Q span)1 971 Net sates, manufacturing and trade (44J span)1 978. Selling prices, retat trade (44J span)1 ; 1969 70 71 72 73 74 75 76 77 78 79 80 1981 1969 70 71 72 73 74 75 76 77 78 79 80 1981 1 This Is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion Indexes are based on surveys of about 1,400 business executives. Current data for these series are shown on page 76. 38 JANUARY 1982 BUI CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change P T Percent changes at annual rate 910t Composite index of twelve leading indicators (series 1, 3, 8, 12,19, 20, 29, 3Z 36, 9Z 104. 106) s 920c. Composite index of four roughly coincident indicators fames 41. 47. 51. 57} 930c. Composite index of six lagging indicators (series 62, 70 72, 91, 95, 109) 50c. GNP in constant (1972) dollars (1-Q span) 47c. Index of industrial production 48c. Employee-hours in nonagricultural establishments Sic. Personal income less transfer payments in 1972 dollars 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 NOTE: Data for these percent changes are shown occasionally In appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series were published. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis BCII 39 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Jan.) (July) P T T 3000280026002400220020001800- 200. GNP in current (Was, Q (am. rate, bil doJ.) 1600J 223. Personal income It current dollars (anarate,bil. dol) \ 224. Disposable personal income in current defers, Q (ana rate, bildoL) arm. rate, biL dot) personal income in 217. Per capita GNP in 1972 dollars (am. rate, thous. do).) W ' liiPfe disposable peranal mm* in Q (arm. rate, thous. dol.) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 63 and 80. JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures (Apr.) (Feb.) F T (Nov.) P (Dec.) (Nov.) P T (Mar.) T Annual rate, Won dollars (current) 2000- IV 1800160014001200- Personal consumption expenditures— 1000900800- 230. Total, Q 700- IV 600500400- -236. Nondurable foods, Q 232. Durable goods, Q 140- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 80 and 81. http://fraser.stlouisfed.org/ Federal ReserveJANUARY Bank of St. 1982 Louis BUI 41 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A3. Gross Private Domestic Investment ( J a n ) (July) P T Annual rate, billion dolan> (cumnt) Gross private domestic investment— 245. Change in business inventories, Annual rate, billion dollars (1972) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 81. 42 JANUARY 1982 BCII OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services (Dec.) (Nov.) P (Nov.) (Mar.) P T T (Jan.) (July) P T flmual rate, Utan dollars (currant) 660-1 620580540500460420- Government purchases of goods and services— 380340300 - 260. ToU, 0 260- z: 266. State and local . governments, Q 223- 262. Federal Government, Q I Annual rate, billion dollars (1972) 267. State and local governments, Q \ 1956 57 58 S>9 60 61 62 63 64 65 66 67 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 81. http://fraser.stlouisfed.org/ Federal ReserveJANUARY Bank of St.1982 Louis ltd* 43 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A5. Foreign Trade (Aug.) (Apr.) P (Apr.) (Feb.) T P (Nov.) (Mar.) P T T (Jan.) (July) P T Annual rate, billion dollars (current) 252. Exports of goods and services, Q- 213. Imports of goods and services, Q 250. Net exports of goods and services, Q o- 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, Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 j 73 IV 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 82. http://fraser.stlouisfed.org/ 44 Bank of St. Louis Federal Reserve JANUARY 1982 IICII OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components Annual rate, billion dollars (current) m IV 220. National income, Q 2800. 260024002200200018001600- 14001200iOOO900800- 280. Compensation of employees, Q inn 286. Corporate profits with inventory valuation and capital consumption adjustments, Q 7K) 7. -288. Net Merest, Q Prnpnghirt' inmme with im/Bntniy ualiiatinn and capital consumption adjustments, Q 284. Rental income of persons with capital consumption adjustment, Q 10 J • 5? 58 59 60 b.i f.-i i','. DigitizedCurrent for FRASER data for these series are shown on page 82. 69 70 71 12 74 75 76 77 78 79 80 1981 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving (Aug.)(Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Jan.) (July) P T (Mar.) T Annual rate, biion dollars (current) 290. Gross saving (private and gowmment), Q 295. Business saving, Q 29Z Personal saving, Q 298. Govemfnent surplus or deficit 0 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 82 and S3. 46 JANUARY 1982 BCD OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of GNP and National Income I Percent of GNP| 70-1 235. Personal consumption expenditures, Q 65- 268. State and local government purchases of goods and services, Q 265. Federal Government purchases of goods and services, Q \ 248. Nonresidential fixed investment, Q 249. Residential fixed investment, Q Change in business inventories, Q 251. Net exports of goods and services, Q [Percent of National Income I 64. Compensation of employees, Q 283. Proprietors' income with inventory valuation and capital consumption adjustments, Q 287. Corporate profits with inventory valuation and capital consumption adjustments, Q 285. Rental income of persons with capital consumption adjustment, Q 1956 57 58 59 60 61 62 63 Current data for these series are shown on page 83. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis ItCII 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 47 OTHER IMPORTANT ECONOMIC MEASURES B | PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements (Nov.) P (Dec.) (Nov.) P T (Mar.) T (Jan.)(July) P T (Jan.)(July) P T (Dec.) (Nov.) P T Percent changes at annual rate 310. Implicit price deflator, GNP, Q 311c. Faed-weifhted price late, product (1-Q span) 311 Foted-weigtited price index, gross business product, Q A '\^>w/\y**y VN 330c. All co yv^ 334c. Fmshed consumer goods 1969 70 71 72 73 74 75 76 77 78 79 80 1981 1969 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 84, 85, and 86. JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued Chart Bl. Price Movements—Continued Consumer prices— Percent changes at annual rate 320c. All Herns (6-month span) Chart B2. Wages and Productivity Index: 1977=1001 341. Real average hourly earnings of production workers, private nonfamt economy1 340. Average hourly earnings of production workers, private nonfarm economy (current dollars)1 346. Real average hourly compensation, all employees, nonfarm business sector, Q 345. Average hourly compensation, all employees, nonfarm business sector, Q (current dollars) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. Current data for these series are shown on pages 84, 87, and 88. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis BUI 49 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B2. Wages and Productivity—Continued Percent change |Wages-Con.| Change in average hourly earnings of production workers, private nntfaiiii economy1 — 6-month spans (am. rate) t \ « !• ji jig . i \.... .juka^J^fflm^ .1. .rJ|jLL ?., • ',\j : i ' ' V >i .* if i ' • 340c. Current-dollar earnings /^b^TI 341c. Real earnings -'iLL.jJ.5iii Change in average hourly compensation, all employees, nonfami business sector, Q— 345c. Current-dollar compensatkN 6-month spins (arm. rate) . 1-quarter spans (am. rate) 346c. Real compensatiffl 1-quarter sow (ana rate) Negotiated wage and benefit decisions, all industries— 348. First year average changes, Q (arm. rate)—^ 349. Average changes over He of contract, Q (ana rate) I Productivity I m 358. Output per hour, all persons, mnfarm business sector, Q per tour, aH persons, private business sector, Q 370c. Change in output per hour, private business sector, Q Percent change 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 •Adjusted for overtime (In manufacturing only) and Interindustry employment ihlfts and teatonallty. 'One-month percent changes have been multiplied by a constant (12) to make them comparable to the annuallzed 6-month changes. See the current data table for actual 1-month percent changes. Current data for these series are shown on pages 87 and 88. 50 JANUARY 1982 BCII OTHER IMPORTANT '-rONOMK; MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart Cl. Civilian Labor Force and Major Components no10510095- 441. Civilian labor force, total (millions) 90- Labor force participation rates (percent)— 453. Both sexes 16-19 years of age Number unemployed (millions)— 37. Total unemployed 44Yloth sexes IS-'lSI years' of age 448. Number employed part-time for economic reasons ^minions; JL •i >• "•:! 58 59 60 '>i '';' •:• Digitized for data FRASER Current for these series are shown on page 89. 447. Number unemployed, full-time workers (millions) ;h 7S MO 1981 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures (Aug.) (Apr.) P T (Apr.) (Feb.) P T Annual rate, bilion dollars (current) 502. Federal Government expenomes, Q X SOL Federal Government receipts, Q 500. Federal Government surplus or deficit, Q 51L State and local government receipts, Q 512 State and local government expenditures, Q 510. State and local government surplus or deficft, Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 90. 52 JANUARY 1982 BCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators 18- [Advance Measures of Defense Activity! 517. Defense Department gross obligations incurred (bil. dol.; MCD moving avg.-&-term) 525. Defense Department military prime contract awards (bil. dol.; MCD moving avg,-6-term) 543. Defense Department gross unpaid obligations outstanding (bil. dol.) 548. Manufacturers new orders, defense products (Ml. dol.; MCD moving avg.-6-term) 195f S: W. V- '','• S.I K: Current data for these series are shown on page 90. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis ItCII 53 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued |Intermediate and Final Measures of Defense Activity! 557. Output of defense and space equipment (Mac 1967=100) _E1 120-„ 110100907060- 559. Manufacturers' inventories, defense products (bil. dol.) 561. Manufacturers' unfitted orders, defense products (bil. dol.) *—v^ *• 580. Defense Department net outlays, military functions and military assistance (bil. doL; MED moving avg.-6-term) 588. Manufacturers' shipments, defense products (bil. dol.; MCD movfef «g.-44emi) 9'";6 57 58 59 6'; •''• . '•... ;; . Current data for these series are shown on page 91. 54 JANUARY 1982 ItCII OTHER IMPORTANT ECONOMIC MEASURES £) I 1 GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued [Intermediate and Final Measures of Defense Activity—Con7| 570. Employment in defense products industries (miffions) Defense Department personnel (millions)577. Military, active duty 578. Civilian, direct hire employment [National Defense Purchases] 564. Federal Government purchases of goods and services for j defense, Q (ann. rate, bil. dd) 565. National defense purchases as a percent of GNP, Q (percent) Current data for these series are shown on page 91. http://fraser.stlouisfed.org/ Federal ReserveJANUARY Bank of St.1982 Louis 55 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade (Jan.) (July) P T 602. Exports, excluding military aid shipments (bil. dot; MCD moving avg—5-term) 604. Exports of agricultural products, total (bil. dol.) 606. Exports of nonelectrical machinery (U. dd.) 612. General imports (bil. dd.; MCD moving avg.-4-term) 614. Imports of petroleum and petroleum products (bil. dd.) 616. Imports of automobiles and parts (bil. dol.) ^56 07 58 59 60 :ii 62 63 *:•• Current data for these series are shown on page 92. 56 JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements I Excess of receipts I Excess of payments < W ,J Goods and services— 667. Balance on goods and services, Q Investment income— 651. Income on U.S. investments abroad, Q ^~652. Income on foreign investments in the U.S., Q 1956 ~>7 OW V' NOTE: Annual totals are shown for the period prior to 1960. Current data for these series are shown on page 93. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis BUI 57 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS Chart Fl. Industrial Production (Aug.)(Apr.) P T (Apr)iFeb.) P T 280 260 240 220 Industrial production— 200 728. Japan -*~ M 180 160- 721. OECD European countries v 140120100- 722. United Kingdom i956 57 58 59 60 61 62 63 64 6f> 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 94. 58 JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued Chart F2. Consumer Prices Chart F3. Stock Prices (Dec.) (Nov.) P T (Nov.) P (Mar.) T (Jan.)Ouiy) P T Percent changes at annual rate Stock prices- Consumer prices- J - ^V-^ y^v ~/\^ ~~"w UI rou " 1 x/ w V /~*"'Vi">^f*\f^"~ 748. Japan A. S^AS / i /X,-. v -r-' V^ 160 140 123 100 /v*s\ "«"«*» ^w X^" *f " |_L 80 - ***r~~_fi \11 i 1 745. West Germany 60 5M 500 450 400 350 300 bl-j 735c. West Germany ilO -j 1 I1 UJ France t 71 'i 733c. Canada Current data for these series are shown on pages 95 and 96. http://fraser.stlouisfed.org/ JANUARY 1982 Federal Reserve Bank of St. Louis IHU 59 CYCLICAL INDICATORS COMPOSilTE INDEXES AND THEIR COMPONENTS Q COMPOSITE INDEXED 910. Index of 12 leading indicators (series 1, 3,8, 12, 19, 20, 29, 32, 36, 92, 104, 106) Year and month 920. Index of 4 roughly coincident indicators (series 41, 47, 51, 57) 930. Index of 6 lagging indicators (series 62, 70, 72, 91, 95, 109) 940. Ratio, coincident index to lagging index Leading indicator subgroups 913. Marginal employment adjustments (series 1, 2, 3, 5) (1967-100) (1967-100) (1967-100) (1967-100) (1967-100) 914. Capital investment commitments (series 12, 20, 29) 915. Inventory investment and purchasing (series 8, 32, 36, 92) (1967-100) (1967-100) 916. Profitability (series 19, 26, 80} (1967-100) 917. Money and financial flows (series 104, 106, 110) (1967-11)0) 1980 January February March 134.7 134.1 131.5 146.1 145.2 143.5 178.4 180.8 190.0 81.9 80.3 75.5 96.3 96.4 94.5 111.6 109.9 107.8 102.7 102.1 101.6 90.9 91.6 89,6 137.2 138.7 136.4 April May Jung 126.2 123,0 123.9 140.5 138.0 136.7 196.2 183.5 168.5 71,6 75.2 81.1 90.3 88.3 89.6 104.3 103.2 104.5 100.3 98.8 97.7 88.7 ' 88.5 89.7 131,8 126.4 128.9 July August September . . . . . . . 128.1 130.7 134.4 136.5 136.7 138.1 163.6 161.7 164.2 83.4 K84.5 84,1 91.7 92.2 92.9 106.1 107.0 D108.8 98.5 99.5 101.5 90.6 91.3 91.5 133.5 137.4 139.0 October . . . . . . . . . November . .. December 135,0 136.5 136.4 139.7 140.8 141.3 168.5 175.6 191.0 82.9 80.2 74.0 93.6 94.2 94.5 107.3 108.2 108.3 103.1 103.4 103.2 91,8 92.2 93.0 139.4 [H)139.9 138,8 ... . . 135.2 135.2 136.7 142.0 142.5 142.4 189.1 186.1 181.0 75.1 76.6 78.7 94.2 94.1 93.9 106.7 r!05.3 r!06.3 102,1 103.3 104.0 93.9 94.4 (H)94.5 139.4 139.3 139.6 April May . . . . . . . . . . . June H>137.5 135.3 134.1 142.2 142.2 142.5 179.1 189.4 190.9 79.4 75.1 74.6 94.7 94.0 94.2 106.4 105.3 r!03.9 (H)104.6 103.9 103.4 94.4 93,7 93.8 139.0 137,7 137.4 July August September . . . . . . . r!34.3 r!33.3 131.1 142.6 [©142.6 142.0 192.8 193,5 D194.4 74.0 73.7 73.0 D94.8 93.6 91.0 103.1 r!02.2 r!02.7 103.6 102.9 102.2 93.5 93,5 (NA) 137.4 137,9 137.5 128.8 128.6 !29.4 r!39.9 138.5 3 136.6 r!89.7 184.9 "181.5 r73.7 r74.9 p75.3 90.3 r90,l p89.4 rlOO.5 rl01.3 p!02.2 rlOO.9 99,8 P99.9 1981 January . . . February March October November December 1 a 137.8 r!38.8 p!39.2 1982 January February . . . . . . . . March , ., April May June July August September . . , , , , , October November . ... December . . . . . . . NOTE: Series are seasonally adjusted except for those, indicated by ©, that appear to contain no seasonal movement. Current high values are indicated by (fi); for series that move (counter to movements in general business activity, current low values are indicated by®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series atre shown on pages 10 and 11, Hixcludes series 12 for which data are not yet available. 2 Excludes series 12 and 36 for which data are not yet available. 3 Exclude.s series 57 for which data are not yet available. **Excludes series 70 and 95 for which data are not yet available. 60 JANUARY 1982 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS Q EMPLOYMENT AND UNE flPLOYMENT , i Minor Economic Process Timing Ctass ( L, L, L 1. Average workweek of production workers, manufacturing Year and month L, C, L 21. Average weekly overtime hours, production workers, manufacturing L, L, L 2. Accession rate, manufacturing L, C, L L, L, L 5. Average weekly initial claims, State unemployment insurancel 3. Layoff rate, manufacturing (Per 100 em- (Hours) 1 (Hours) ployees) (Thous.) Comprehensive Employment Job Vacancies Marginal Employment Adjustments 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 (Ratio) (1967-100) (Ann. rate, bil, hours) Revised 2 1980 j|nuary February March t . .. l . . . . June jily Apgust September .. October November December 40.1 40.0 39.7 3.1 2.9 3.0 3.9 3.8 3.7 402 375 440 1.4 1.3 1.4 1.9 1.9 1.8 0.705 0.696 0.660 154 151 145 172.48 172.12 171.17 39.8 39.5 39.3 3.0 2.6 2.5 3.2 3.1 3.4 569 635 617 2.7 3.2 2.6 1.6 1.5 1.4 0.504 0.420 0.438 122 112 115 170.18 169.03 167.96 39.2 39.5 39.6 2.5 2.7 2.7 3.5 3.6 3.7 535 502 501 1.6 1.8 1.5 1.4 1.4 1.3 0.438 0.439 0.466 118 117 122 167.03 168.11 169.05 39.7 39.8 39.9 2.8 3.0 3.0 B>3.7 3.6 3.5 439 409 396 1.5 1.3 1.2 1.3 1.4 1.5 0.475 DO. 502 0.497 127 g>134 130 169.65 170.04 171.11 40.1 39.8 39.9 3.0 2.8 2.8 3.5 3.5 3.4 417 402 421 1.4 1.3 1.3 1.4 1.4 1.3 0.486 0.495 0.479 128 129 125 [H}172.81 171.59 172.08 40.2 3.4 3.1 3.4 408 411 418 1.1 1.3 1.3 1.3 1.3 1.4 0.453 0.430 0.463 118 118 121 170.50 171.37 170.86 E>1.5 1.3 1.3 0.488 0.463 0.419 123 119 112 171.03 171.23 167.88 1.2 1.1 0.384 0.367 pO.343 110 111 170.64 169.96 P170.04 1981 Jajnuary February March t l June 40.1 2.9 E>3.2 3.0 July August September 40.0 40.0 39.3 3.0 3.0 2.7 3.4 3.2 2.9 H)392 417 492 E>1.0 1.4 1.7 October November December 39.5 39.3 2.7 2.5 2.9 3.1 518 r532 2.2 2.3 [H>40.3 p39.1 p2.4 P2.7 p531 P 2.1 pl.l p!09 1982 Jafiuary February Mirch April M<)y Jufie July August September October November December . See note on page 60. Graphs of these series are shown on pages 12, 16, and 17. 1 2 Data exclude Puerto Rico, which is included in figures published by the source agenty. £Jee "New Features and Changes for This Issue," page ii:L. JANUARY 1982 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q| EMPLOYMENT AND UNEMPLOYMENT-Continued Minor Economic Process Timing Class Year and month Comprehensive Unemployment Comprehensive Employment— Continued U,C, C C,C,C L C, U U, Lgr U 42. Persons engaged in nonagricultural activities, labor force survey 41. Employees on nonagricultural payrolls, establishment survey 40. Employees in goodsproducing industries (mining, mfg., construction) 90. Ratio, civilian employment to total population of working age (Thous.) (Thous,) (Thous.) (Percent) L, Lg, U I, Lg, U Lg, Lg, Lg Lg, Lg, Lg 37. Number of persons unemployed, labor force survey 43. Unemployment rate, total 45. Average weekly insured unemployment rate, State programs ' 91. Average duration of unemployment 44. Unemployment rate, persons unemployed 15 weeks and over (Thous.) (Percent) (Percent) (Weeks) (Percent) 1, Lg, U 1980 January February March 94,421 94,488 94,291 90,687 90,865 90,871 26,385 26,363 26,238 59.18 59.18 58.99 6,500 6,454 6,543 6.2 6.2 6.3 3.2 3.2 3.4 10.6 10.7 11.0 1,3 1,2 1,3 April May June 93,963 93,764 93,548 90,817 90,446 90,087 25,971 25,662 25,402 58.68 58.54 58.26 7,202 7,944 7,811 6.9 7.6 7.5 3.7 4.2 4.6 11.2 10.6 11.7 1.5 1.6 1.7 July August September 93,732 93,793 93,781 89,960 90,219 90,461 25,151 25,322 25,445 58.30 58.23 58.27 8,021 7,942 7,800 7.6 7.6 7.4 4.4 4.3 4.3 11.8 12.5 13.0 1.8 2.0 2.2 October . November December 93,887 93,999 93,888 90,668 90,844 90,949 25,521 25,629 25,631 58.21 58.22 58.11 7,961 7,946 7,785 7.6 7.5 7.4 4.1 3.8 3.5 13.3 13.6 13.5 2.2 2.2 2.3 94,294 94,646 95,136 91,091 91,258 91,347 25,647 25,657 25,705 58.30 58.38 58.61 7,847 7,754 7,764 7.4 7.3 7,3 3.4 3.2 3.3 14.4 14.4 14,0 2.2 2.1 2.1 95,513 [H) 95, 882 95,127 91,458 91,564 91,615 25,700 25,705 25,818 58,89 E>58.97 58.40 7,746 8,171 7,784 7.3 7.6 7.3 3.3 3.3 3.4 13.7 13.2 14,2 2.0 2.0 2.2 July . August September 95,704 95,574 94,959 91,880 91,901 (H>92,033 E>25,939 25,931 25,930 58.67 58.60 58.13 D7,502 7,657 7,966 E)7.0 7.2 7.5 |H}3,2 3.3 3.5 13.9 14.5 13.7 [H)2.0 2.1 2.1 October November December , , . 94,880 94,662 94,072 r91,832 r91,499 p91,206 r25,662 r25,411 p25,151 58.03 57.85 57.30 8,520 9,004 9,462 8.0 8.4 8.9 3.6 3.9 13.7 13.2 2.1 2.2 2.2 1981 January . . . . . . February March April May . . . . June p4.0 [8>12.8 1982 January February March . . April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 14, 15, 17, and 18. *Data exclude Puerto Rico, which is included in figures published by the source agency. 62 JANUARY 1982 ICO CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued ivJAJOR ECONOMIC Q PRODUCTION AND INCOME PROCESS IVjinor Economic process Tilming Class Year and month Industrial Production Comprehensive Output and Income C, C, C C, C , C 50. Gross national product in 1972 dollars Personal income 223. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 52. Constant (1972) dollars (Ann. rate, bil. dol.) C, C, C 51. Personal income, less . transfer payments, in 1972 dollars (Ann. rate, bil. dol.) C, C, C 53. Wages and salaries in mining, mfg., and construction in 1972 dollars (Ann. rate, bil. dol.) C, C, C 47. Index of industrial production, total (1967 = 100) C, C, C 73. Index of industrial production, durable manufactures (1967 = 100) C, L, L 74. Index of industrial production, nondurable manufactures (1967-100) C, C, C 49. Value of goods output in 1972 dollars (Ann. rate, bil, dol,) 1980 January February March l,50l!9 2,077.2 2,086.4 2,101.0 1,216.2 1,207.4 1,199.2 1,056.5 1,050.9 1,044.0 240.6 239.2 236.3 153.0 152.8 152.1 144.8 144.4 143.5 166.0 165.8 164.3 682 11 April May Jul'ie 1,4631s 2,102,1 2,114.1 2,127.1 1,194.4 1,195.1 1,195.0 1,037.6 1,036.0 1,035.1 231.9 228.2 225.1 148.2 143.8 141.4 138.5 133.3 129.9 161.6 158.1 155.1 658^1 July August September 1,471.9 2,161.2 2,179.4 2,205.7 1,206.7 1,207.4 1,208.6 1,033.8 1,036.2 1,036.9 224.2 226.2 227.7 140.3 142.2 144.4 128.7 129.9 132.1 154.6 157,6 161.0 657^5 October November December 1, 485^6 2,234.3 2,257.6 2,276.6 1,216.3 1,221.0 1,222.7 1,045.5 1,051.6 1,053,7 229.4 231.5 232.1 146.6 149.2 150.4 135.7 139.2 140.3 162.1 163.0 165.0 662^9 Dl, 516^4 2,300.7 2,318.2 2,340.4 1,227.7 1,231.1 1,233.1 1,057.8 1,062.0 1,063.5 [H>234.9 232.6 232.5 151.4 151.8 152.1 141.0 140.8 142.1 165.6 166.2 165.3 688^9 i,5i(L4 2,353.8 2,367.4 2,384.3 1,234.9 1,236.2 1,238.6 1,065.7 1,067.3 1,069.0 232.2 232.2 232.1 151.9 152.7 152.9 142.5 143.5 143.2 165.9 166.4 165.8 686 '.3 July; August September i.sisis 2,419.2 2,443.4 2,462.6 1,243.8 E>1,250.5 1,249.4 1,068.0 0)1,075.6 1,075.4 231.9 231.8 229.7 H>153. 9 153.6 rl51.6 D143.6 143.4 140.9 167.1 D167.3 r!65.9 D69i!9 October November December pl,495'.6 r2,473.5 r2,487.6 E>p2,492.1 rl,246.7 rl.248.2 pi,245. 4 rl, 073.7 rl,074.6 pi,071. 6 r228.9 r227.4 p225.3 r!49.2 r!46.4 P143.3 r!37.9 r!34.4 plSl.O r!63.2 r!60.5 p!57.2 p673!i 1 1981 January . . . , February March April Ma;/ June F 1982 1 January February Marfch Aprif May June! July August September I October November December See ijiote on page 60. Graphs of these series are shown on pages 14, 19, 20, and 40. JANUARY 1982 63 CYCLICAL INDICATORS B I CYCLICAL, INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Minor Economic Process Q PRODUCTION AND INCOME- Continued JQ CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization Orders and Deliveries . Timing Class . . . . . . L, C, U 83. Rate of capacity utilization, manufacturing (BEA) Year and month (Percent) 82. Rate of capacity utilization, manufacturing (FRB) (Percent) L,C, U 84. Rate of capacity utilization, materials (Percent) L.L.L L, Lg, U 7. Constant (1972) dollars 8. New orders for consumer goods and materials in 1972 dollars 25. Change in unfilled orders, durable goods industries 96. Manufacturers' unfilled orders, durable goods industries (Bil. dol.) (Bil. dol.) (Bil. dol.) {Bil. dol.) Value of manufacturers' new orders, durable goods industries 6. Current dollars (Bil. dol.) 1, L, L U,L L, L, L 1, L, I 32. Vendor performance, companies receiving slower deliveries © (Percent reporting) 1980 January February . . , , March 83^4 85^8 83.58 83,15 79,39 41.75 41.10 39.26 36.67 36.84 33.95 3.92 2.50 1.88 297.58 300.08 301.96 48 42 45 77!9 78^8 73.38 69.00 70.33 36.16 33.89 34.21 31.22 30.26 30.04 -1.34 -3,30 -1.58 300.62 297.33 295,75 40 32 28 75^2 80.21 76.78 82.16 38.66 36.76 39.11 32.53 32.71 34.39 ®4.66 75^9 1.30 2.43 300,40 301/70 304.13 32 34 39 79.' 1 8o!i 83.36 83.97 86,58 39.21 39.31 L8>40.19 35.74 35.35 35.03 0.84 0.74 3.10 304.98 305.72 308.82 44 45 47 ^79^9 [H}82!2 84.21 85.45 86.73 38.95 39.41 39.84 33.72 35.59 34.92 0.88 1.23 1.67 309.70 310.93 312.60 46 50 52 79.'8 8K2 87.18 88.16 88.30 39.70 39.86 39.69 35.52 35.45 E>35.83 0.85 1.50 -0.48 313.45 314.95 314.48 |H)56 62 48 2.38 0.52 0.09 316.85 317,37 B)317.46 46 48 43 312.68 rSlQ.44 P309.97 38 32 30 *80 April May , June *76 July August September *76 October November December *78 1981 January February . . . . . . . . March April . , May June , July August September October November . . . . . . December *78 6378 79^3 8l!2 (H>89.70 87.35 86.28 40.10 r38.89 38.28 35.64 r34.13 33.98 p74!s p7S.*3 77.80 r79.22 p80.52 34.31 r34.71 P35.21 31.71 r30.85 P31.60 p76 (NA) -4.78 r-2,24 p-0.48 1982 January February , . . March April . . . May June July August September . . . . . . . October . . . November . . . . . . . December See note on page SO, Graphs of these series are shown on pages 12, 20, and 21. 64 JANUARY 1982 ItUI CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS . . . Minor Economic Process i Timing Class C, C , C c, c, c 56. Current dollars (Mil. dol.) 57. Constant (1972) dollars (Mil. dol.) C, L, C 75. Index of industrial production, consumer goods (1967 = 100) C, L, U U. L, U Sales of retail stores 54. Current dollars (Mil. dol.) FIXED CAPITAL INVESTMENT Formation of Business Enterprises Consumption and Trade Manufacturing and trade sales Year and month H ^J CONSUMPTION, TRADE, ORDERS, AND DELIVER! ES-Continued 59. Constant (1972) dollars (Mil. dol.) L, C, C 55. Personal consumption expenditures, automobiles (Ann. rate, bil. dol.) L, L, L 58. Index of consumer, sentiment © (IstQ 1966=100) L, L, L 12. Index of net business formation (1967-100) L, L, L 13. Number of new business incorporations (Number) 1980 Januaryj February March ! 318,101 317,901 312,469 161,064 159,458 155,104 147.9 148.2 148.0 79,561 78,899 77,603 45,751 44,931 43,524 7i!e 67.0 66.9 56.5 131.0 129.8 125.8 44,447 44,583 42,615 April . 1 May { June 305,440 302,071 305,326 151,464 149,048 150,115 145.2 142.1 141.8 76,404 75,975 77,843 42,660 42,279 43,007 50.*7 52.7 51.7 58.7 120.5 117.8 114.8 42,461 41,974 39,746 July . .j August September 315,633 317,906 327,758 152,645 150,945 154,613 142.1 142.9 144.5 79,491 79,829 80,620 43,700 43,433 43,251 5B.7 62.3 67.3 73.7 115.3 117.7 120.6 44,058 43,266 46,488 October* November December . 335,873 339,049 343,752 156,734 156,772 157,566 146,3 148.1 147,1 81,552 82,764 83,443 43,518 43,907 43,917 eeii 75.0 76.7 64.5 119.6 119.2 E>121.3 47,225 46,888 48,297 349,018 350,334 349,898 158,527 H>159,522 158,775 146.9 147,8 148.3 85,463 86,810 87,608 44,768 45,166 1R>45,182 H>75!6 71.4 66.9 66.5 118.1 117.2 117.8 45,864 47,662 47,927 350,923 349,245 354,442 157,941 156,601 158,501 148.9 150.7 150.3 85,855 85,501 87,384 44,164 43,892 44,721 63.*3 72.4 76.3 73.1 118.2 115.5 114.4 49,574 48,907 48,489 0)354,759 352,783 353,717 157,406 156,178 156,182 D150.7 149.6 r!47.8 87,350 88,591 [H>88,699 44,273 44,788 44,416 74.1 76!2 113.4 111.9 114.1 E>50,433 47,483 p48,791 r345,287 p344,573 r!51,783 p!51,337 r!46.9 r!45.Q p!42.3 r86,660 r87,233 p87,541 r43,222 r43,356 p43,337 1981 January i February March . f 1 April May . . [ June . . | July . . i August < . . . September i October Novembef" December (NA) (NA) E>77.2 73.1 p62!<S 70.3 62.5 64.3 e!12.3 (NA) (NA) 1)982 January J February j March ' 1 April.... May . . J June . . . | July . , . ! August . j September October . « November! December j See note dn page 60. Graphs of [these series are shown on pages 12, 14, 22, and 23. 110 JANUARY 1982 65 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q FIXED CAPITAL INVESTMENT-Continued Minor Economic Process ... Timing Class Business Investment Commitments 1,1,1 L, I, I 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.) L, C, U 9. Construction contracts for commercial and industrial buildings ' 27. Constant (1972) dollars Square feet of floor space (Bil. dol.) (Millions) Square meters of floor space * (Millions) U, Lg, U C, Lg, Lg 11. Newly approved capital appropriations, 1,000 manufacturing corpora tions 97. Backlog of capital appropriations, 1,600 manufacturing corporations (Bil. dol.) (Bil. dol.) 1980 January . February March . . 28.27 24.20 26.63 15.47 13.29 14.23 24,84 21.98 23.09 13.83 12.24 12.57 94.57 84.27 80.55 8.79 7.83 7.48 2'/! 50 April May June 24.43 21.83 24.43 13.10 11.87 13.41 22.44 20.23 21.10 12.18 11.13 11.90 73.39 67.09 71.39 6.82 6.23 6.63 m'.Bl 26.83 25.90 25.44 14.81 13.62 13.74 23.52 21.28 22.52 H>13.32 11.54 12.43 71.40 68.63 68.47 6.63 6.38 6.36 n.iz 24,73 28.80 i)r29.36 12.81 15.14 Drl5.30 21.62 23.35 24.66 11.42 12.71 13.22 72.12 86.15 H)97.4S 6.70 8.00 ®9.05 26.1% January . . , February . March . . 27.70 24.33 28.71 14.26 12.27 14.36 E>24.82 21.18 24.46 13.00 10.90 12.51 78.70 84.41 90.00 7,31 7.84 8.36 27." 75 April May June . , . 27.83 26.69 28.62 13.94 13.51 14.18 24.72 23.86 23.23 12.58 12.28 11.83 77.53 82.86 84.60 7.20 7.70 7.86 [H)28!44 July August . , , , September 28.01 27.59 26.53 14.00 r!3.91 r!3.67 24.23 24.70 23.03 12.36 12.66 12.16 71.02 76.97 68.55 6.60 7.15 6.37 p26!84 25.17 r26.98 p27.12 r!2.38 rl3.71 P13.69 21.00 r23.26 P22.76 10.59 r!2.12 pll.84 72.32 71.90 74.07 6.72 6.68 6.88 (NA) July . . . August September , October November December 82! 36 seise 88.' 12 90/73 1981 October November December . 93,* 34 [H)96i56 p96!26 (NA) 1982 January . February March . April May June . . . July August September October . . November . December See note on page 60. Graphs of these series are shown on pages 12, 23, and 24. x This is a copyrighted scries used by permission; it may not be reproduced without written permission from McGraw-Hill Information System*. Company, F.W. Dodge Division. a Converted to metric units by the Bureau of Economic Analysis. 66 JANUARY 1982 110 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJdR ECONOMIC PROCESS ^g FIXED CAPITAL INVESTMENT-Continued Minor Economic Process Residential Construction Commitments and Investment Business Investment Expenditures i Timing Class Year and month C, Lg, Lg C, Lg, Lg C, Lg, U 61. Business expenditures for new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures 76. Index of industrial production, business equipment (Ann, rate, bil. dol.) (Ann. rate, bil. dol.) (1967 = 100) C, Lg, C Lg, Lg, Lg C, Lg, C Nonresidentia 1 fixed investment iri 1972 dollars 86. Total (Ann. rate, bil. dol.) 87. Structures (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann, rate, bil. dol.) L t t, L 28. New private housing units started, total (Ann. rate, thous.) L, L, L 29. Index of new private housing units authorized by local building permits (1967 = 100) L, L, L 89. Residential fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) I 1 1980 i January February March ( 291.89 306.87 313.92 311.56 175.2 176.5 176.2 165 !o 5CK5 114*5 1,389 1,273 1,040 , .. April . May June . 294.36 303.73 305.60 305.91 174.5 171.8 169.7 156.1 48.7 107.4 1,044 938 1,184 296.23 307.06 299.58 317.20 169.5 171.1 170.7 155.5 46.8 108.8 1,277 1,411 1,482 299*58 317.03 320.32 322.93 171.9 173.9 177.1 157!6 47!8 109!3 1,519 1,550 1,535 January . February March . ! . . I 312.* 24 326.16 325.22 336 68 177.7 177.5 179 3 162*6 49*6 112*4 April i May . . .i June j 316 73 334 62 336 38 343 91 181 0 182 0 183 6 161 1 50 4 110 7 1 332 1,158 1 039 95 8 94 3 77 g E>328 25 338 38 346 89 [H)347.05 [0)184 8 184 4 r!82.7 [H)163 9 [H)51 5 [M>112 4 1,047 941 916 73 7 69 9 r334.01 p345.08 r!80.5 r!78.4 p!76.3 p!59!2 i , ' J i July | August j September October 1 Novembfer December 105.2 96.6 80.6 66.6 69.8 88.4 99 5 109 5 E)122 6 109.1 110.3 100.9 54*2 43.1 44.7 50*6 1981 ., July . ' August September i October . j November] Oecember ( a332"66 (MA) p5].*4 p!07*8 1)1,660 1,215 1,297 r867 r863 p978 98.1 94.1 E>5l"6 93 1 47 8 42 7 68.7 58.3 58.4 63.7 p39*5 1982 ! January . [ February i March , 9345 46 .. April May June ' ' i July . . . .,i August . .) September, a354*83 October . .' November i December f See note onj page 60. Graphs of these series are shown on pages 13, 24, and 25. JANUARY 1982 67 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued B MAJOR ECONOMIC PROCESS . . . Minor Economic Process . . . . . . . . Timing Class Year and month INVENTORIES ANC INVENTORY INVESTMENT Inventory Investmerit Inventories on Hand and on Order L, L, L L, L L L, L, L L, 1, L 30. Change in business inventories in 1972 dollars 36. Change in inventories on hand and on order, 1972 dollars 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, bit. dol.) Monthly data Smoothed data 1 (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Bil dol.) Lgr Ig, Lg Lg, Lg, Lg Manufacturing and trade inventories 71. Current dollars (Bil dol.) 70. Constant (1972) dollars (Bil dol.) Ig, Lg, Ig Lg, Ig, Lg L, Lg, Lg 65, Manufacturers' inventories of finished goods, book value 77. Ratio, constantdollar inventories to sales, mfg. and trade 78. Stocks of materials and supplies on hand and on order, mfg, (Bil dol.) (Ratio) (Bil dol.) 1980 January February March -<X9 -16.88 -13.13 2.39 April May June July August September , October November . December . -13.28 -15.97 -12.72 51.7 51.2 37.4 2.14 2.84 1.14 448.54 452.80 455.92 264.77 264.14 264.60 72.43 73.42 74.52 1.64 1.66 1.71 215.80 218.72 219.86 i.°3 -4.62 -24.04 -23.92 -7,16 -6.94 -13.14 66.3 18.4 14.5 -0.92 -2.35 -2.24 461.44 462.98 464.19 266.02 265.24 264.73 75.99 76.67 77.10 1.76 1.78 1.76 218,94 216.09 214.35 -s!6 -5.04 -7.49 -0.65 -17.60 -14.91 -8.27 31.7 25.4 30.7 2.07 -1.05 1.01 466.83 468.94 471.50 264.79 264.39 264.24 77.60 77.73 77.49 1.73 1.75 1.71 216.41 215.36 216.37 4.10 -2.87 -0.54 -2.08 25.4 15.2 0.96 0.29 0.62 473.62 474.88 475.20 264.33 264.10 262.97 77.25 77.44 76.56 1.69 1.68 1.67 217.33 217.62 218.24 -7.72 -9.44 -6.15 39.0 67.4 16.8 0.13 1.40 -0.25 478.45 484.07 485.47 262.81 262.86 262.64 76.20 77.47 79.25 1.66 1.65 1.65 21R.37 219.78 219.52 -1.17 19.1 38.3 47.7 1.16 1.18 0.40 487.06 490.25 494.23 263.16 263.94 265.40 79.19 80.39 81.21 1.67 1,69 1.67 220.69 221.86 222.26 1.91 498.10 502.46 508.13 266.46 267.05 268.53 81.22 82.58 83.78 1.69 1.71 1.72 224.18 222.59 |H)224.77 r511.68 [H>p515.15 r269.65 (H)p270.23 84.87 [H)p85.18 1.78 222.17 P220.39 (NA) -7.'2 -2.64 -14.74 3.8 1981 January , February , . March ,. April May June -15.65 ... .. July August September . October November . December -L4 6.78 -4.40 io!s 3.85 7.70 P)17.58 Dl^g p8!5 2.23 6.05 10.87 rl.08 rlO.84 10.88 [H>rl0.95 r8.72 B>68.1 -1.59 0)2.18 r-1.20 p-3.56 r5.58 p2.80 r42.6 p41.7 -2.60 p-1.77 (NA) (NA) (NA) 46.5 52.3 (NA) (NA) (NA) (NA) ns 1982 January February March April May June , ., July . . . . . . . . August . . . . September . . October November December See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. x This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. JANUARY 1982 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAj'OR ECONOMIC PROCESS Q| PRICES, COSTS, AND PROFITS Min^r Economic Process Sensitive Commodity Prices Timing Class L,L, L U, L, L 92. Change in sensitive crude materials prices Year and month Monthly data Stock Prices 23. Index of spot market prices, raw industrials3® Smoothed data 2 L, L, L 19. Index of stock prices, 500 common stocks @ 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.) 1,0,1 L, C . L Corporate profits after taxes with IVA and CCAdj ' 79. Current dollars (Ann. rate, bil. dol.) 80. Constant (1972) dollars (Ann. rate, bil. dol.) L, L, L 22. Ratio, profits (after taxes) to total corporate domestic income (1967-100) (1941-43 = 10) 2.33 2.44 1.96 316.2 322.5 316.9 110.87 115.34 104.69 182^9 102^6 ioe!6 60.1 11.5 -0.09 0.94 0.07 8CK3 97!8 54^1 9^4 -0.14 102.97 107.69 114.55 146 !5 0.02 301.9 278.5 267.5 2.26 2.35 1.98 0.40 1.14 1.87 277.6 292.1 298.3 119.83 123.50 126.51 159^1 85!5 99^4 54^6 io!6 2.60 2.45 1.56 2.25 2.33 2.27 300.8 E>304.7 298. 4 130.22 E>135.65 133.48 164^3 86^6 98.' i 52^2 ibis 2.49 2.18 3.06 291.6 284.2 289.8 132.97 128.40 133.19 E>169!2 E>87!8 llB.'i E>6(X2 E>l6.*3 3.11 1,94 0.91 293.0 288.9 282.9 134.43 131.73 132.28 152 '.7 11 A ii3\9 58.2 9!2 0.75 286.6 289.5 283.0 129.13 129.63 118.27 156.3 76.5 E>ii7!e 58!9 g.'i 277.2. 270.5 264.2 119.80 122.92 123.79 (NA) (NA) (Percent) (Percent) (Percent) 1980 I! Janusiry February Marcl1! 1 April May f June ; ) July j August September i October November Oecemlber 2.99 2.43 -1.22 0.26 1981 Januar^ February March i [H>7.84 -0.43 April J May ' June 1.34 1.96 -0.72 July i August September October! November December i 0.69 r-0.77 rO.98 -0.88 -0.49 0.24 E)3.63 rO.19 rO.02 0.04 r-0.18 -0.25 (NA) (NA) (NA) 1982 January February March "264.7 5 116.44 April 1 May . . j June . 1 July . .j August ,. September 1 October | Novembtjr December i See notejon page 60, Graphs of these series are shown on pages 13, 28, and 29. 1 2 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Beginning with data for June 1981, this series is based on copyrighted data used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. ''Average for January 1 3 through JL9, excluding weekends. Average for January 6, 13, and 20. (P JANUARY 1982 69 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Minor Economic Process . . . . . . . . Timing Class Year and month [|Q| PRICES, COSTS, AND PROFITS-Continued U, L, L 81, Ratio, profits (after taxes) with IVA and CCAdj to corp, domestic income ' (Percent) Unit Labor Costs and Labor Share Cash Flows Profits and Profit Margins— Continued L, 1, L L, L, L 15. Profits (after taxes) per dollar of sales, all manufacturing corporations 26. Ratio, price to unit labor cost, nonfarm business sector (Cents) (1977-100) L, L, L L, L, L Net cash flow, corporate 34. Current dollars (Ann. rate, bil.dol.) 35. Constant (1972) dollars (Ann. rate, bil.dol.) Lg, Lg, Lg Lg, Lg, Lg IS, Lg, U Lg, l\l, Lg 63. Index of unit labor cost, private business sector 68. Labor cost per unit of real gross domestic product, nonfinancial corporations 62. Index of labor ccst per unit of output, manufacturing 64. Compensation of employees as a percent of national income (1977-100) (Dollars) (1967 100} (Percent) 1980 January . . . . . . . . . February March s!s sle 96L5 280 ! 7 155^2 127.'6 1.158 182.8 184,8 186.9 74.'e April May June S!B 4^4 95.'a 246 !l 132^2 13i.*3 i.iw 190.3 194.7 198.7 7s!e July August September 5.*4 4.*6 96^4 262^9 138^6 133^9 1.203 200.3 200.5 199.9 75 !3 October November December . 5!3 4^9 96^4 272^0 14l!i 137i6 1.230 199.7 200.3 200.6 nA 6A s!6 [H>97!3 E>282!4 ^144^7 139.'4 1.244 202.8 204.1 n\?, IDsis B>s:i 96^9 27CK5 134!e 141.' 6 1.266 206,5 207,5 208.8 75 !li e'.i p4^8 p9e!e 279^2 136 A Dpl45!i 209.2 210.8 214.0 75 '. 3 (NAJ (NA) (NA) (NA) 1981 January . . , . , . . . . February March April May June . . . . July August September . . . October November December (NAJ (NA) H>1.295 (NAJ m. 8 r217.6 r221.2 [H}p224.9 1982 January February March April May June July August . . September October November December See note on page 60, Graphs of these series are shown on pages 15, 29, and 30. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 70 JANUARY 1982 (NA) CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PR'OCESS R» MONEY AND CREDIT Minjjr Economic process Money Timing Class L, L, L Year and month 85. Change in money supply fhlt] D\ (Im-B) L, c, u 102. Change in money cunnlu fW)\ supply (MZ; L, L, L L, L, L 104. Change in t otal liquid assets 105. Money supply (Ml-B) 106. Money supply (M2) in 1Q79 in 1Q7? dollars dollars Monthly data (Percent) (Percent) Smoothed data 1 (Percent) Credit Flows Velocity of Money (Percent) (Bit. dol.) U Lr L (Bii. dol.) c, c r c 107. Ratio, gross national product to money supply (Ml-B) C, Lg, C L, L, L 108. Ratio, personal income 33. Net change in mortgage debt (M2) institutions and life insurance companies (Ann. rate, bil.dot.) (Ratio) (Ratio) 1980 1.10 1.11 0.52 0.57 0.78 0.91 210.2 209.7 206.9 823.6 820.9 813.2 6.504 -0.05 0.89 0.96 0.40 1.350 1.343 1.347 98.03 67.72 70.62 -1.44 -0.38 0.08 0.92 0.94 1.35 0.36 0.60 0.65 0.79 0.58 0.52 202.1 200,5 200.4 803.1 803.7 806.5 6.536 .353 .348 .338 50.44 15.62 .339 .334 1.341 43.60 63.96 75.91 0.56 1.07 January February Marcrj ( April .1 May i June .[ July .| August September 8.45 1.11 D1.55 H>1.90 1.20 0.70 0.79 1.19 0.77 0.61 0.78 0.90 202.5 204.8 205.1 818.4 E>822.0 819.2 6.496 0.55 0.88 0.05 0.74 1.27 0.97 0.91 0.91 0.96 H>205.2 204.3 200 7 815.3 813.5 806.1 6.548 1.351 1.353 1.364 g>95.42 76.79 67.67 1.08 805.7 805.1 811.0 6.761 1.369 1.367 1.362 58.92 64 28 43.25 1.20 October November December 1.09 0.67 -0.84 i 1981 j January) February March < i April May ! June . .' |: July ' August ' September i October November December 0.47 1.01 1.12 0.32 0.35 0,50 0.92 0.92 0.80 0.65 0.70 203 6 201.3 198.8 816.7 813.8 810.9 6.694 1.355 1.358 1.363 54.54 34.99 46.48 0.62 0.97 0.54 0.66 1.25 0.93 0.81 0.89 0.94 197.0 196.6 193.9 806.3 807.4 802.4 D6.870 1.374 1.375 H>1.378 42.32 r34,19 r30.67 193.8 r!95.0 p!95.9 805.0 r812.5 P816.7 rl.375 rl.363 pi. 353 P31.86 P6.821 1.07 1 79 -0.46 -0.58 0.30 0.63 0 48 -0.23 0.28 rl.13 pO.91 B>1.27 1 03 200.9 200 0 200.9 0.68 0.89 1.34 0.87 rO.68 rl.44 pO.94 reO.49 rel.16 eO.85 H>1 13 eO.92 reO.88 eO.85 (NA) 1982 2 January ! February1 March . .' i April . . J May i June 2.08 July . . August September October ' November 1 December' .. ! See note on page 60. Graphs of "these series are shown on pages 13, 31, and 32. 1 This s'eries is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 2 Average for weeks ended January 6 and 13. ItCII JANUARY 1982 71 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Ql MONEY AND CREOIT-Continued Minor Economic Process Timing Class . . . . . . Year and month Credit Flows—Continued L, L, L 112, Net change in bank loans to businesses L, L, L 113. Net change in consumer installment credit (Ann. rate, bil, dol.) (Ann. rate, bil. dol.) L, L, L 110. Total private borrowing (Ann. rate, mil. dol.) L, L, L 14, Current liabilities of business failures ® (Mil. dol.) Interest Rates Bank Reserves Credit Difficulties L, L, L 39, Delinquency rate, 30 days and over, consumer installment loans (Percent) L, U, U L, Lg( U 93. Free reserves ® 94. Member bank borrowing from the Federal Reserve <g) (Mil. dol.) (Mil. dol.) I, Lg( Lg 119. Federal funds rate @ (Percent) C, IK, U 114. Treasury bill rate © (Percent) 1980 55.48 35.83 -1.52 32.72 28.84 7.85 351,964 243.15 190.79 274.24 2.37 2.32 2.53 -999 -1,465 -2,638 1,241 1,655 2,824 13.82 14.13 17.19 12.04 12.81 15.53 2.47 -38.96 2.14 -20.05 -32.12 -24.54 192,976 428.15 381.15 436.68 2,53 2.64 2.74 -2,261 -835 -169 2,455 1,018 380 17.61 10.98 9.47 14.00 9.15 7. CO July . . . . . August . . . . September 13.06 30.23 29.86 -14.39 5.87 12.66 284, 148 445.69 345.41 1,002.94 2.77 2.94 2,70 -111 -357 -1,055 395 659 1,311 9.03 9.61 10.87 8.13 9.26 10.32 October November December 29.81 35,66 41.15 8.42 10.07 19.43 341, 9i2 359.24 33)239.34 288.30 2.53 2.66 2,57 p-1,018 p-1,201 p-1,587 pi, 335 [H)p2,156 pi, 617 12.81 15.85 18.90 11.58 13.89 15.66 January . . . . , February March 0,66 -13.32 -23.04 10.43 23.95 E>37.30 306,492 341.36 789.20 485.34 2.42 2.51 2.53 p-916 p-1,076 p-624 pi, 405 pi, 278 pi, 004 19.08 15,93 14.70 14.7?, 14.90 13.48 April May . . . . . . . . June . , , 29.32 E>49.61 19.72 27.97 16,15 23.16 1)349,240 536.88 428.20 (NA) 2.40 2.40 2.30 p-1,261 [H)p-2,023 p-1,488 pi, 343 p2,154 p2,038 15.72 18.52 [H>19.1Q 13.63 [M>16.30 14.56 July August September 45.16 30.36 r31.87 23.45 34.31 33.83 p317,692 i>2.22 2.35 2.28 p-1,369 p-1,137 p-1,073 pi, 751 pi, 408 pl,473 19,04 17.82 15.87 14.70 15,61 14.95 October . . . . . November December r20.41 ria.31 P31.26 12.17 4.10 (NA) (NA) p- 1,032 p-380 p-243 pi, 149 p695 p642 IB. 08 13.31 12.37 13.87 11.27 10.93 January February . . . . . . . March April May June 1981 (NA) 1982 January February . . March . . 2 MO. 32 -711 a l,135 2 12.79 April May . , June . . . . . . . July . . August . . . . . . . . . September October November December See note on poge 60. Graphs of these series are shown on pages 32, 1 Averagc for weeks ended January a Average for weeks ended January 3 Average for weeks ended January 72 33, and 34. 6 and 13. 6, 13, and 20, 7, 14, 21, and 28. JANUARY 1982 y !2.41 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued MAJOR ECONOMIC PROCESS Q MONEY AND CREDIT-Cantinued Minor Economic Process Outstanding Debt Interest Rates— Continued Timing Class Lg, I* Lg C, Lg, Lg U, Lg, Lg Lg, lg, Lg Lg, Lg, Lg Lg, Lg, Lg 116. Corporate bond yields © 115. Treasury bond yields ® 117. Municipal bond yields © 118. Secondary market yields on FHA mortgages @ 67. Bank rates on short-term business loans ® 109. Average prime rate charged by foanks © (Percent) (Percent) (Percent) (Percent) (Percent) (Percent) Year and month Lg, Lg, Lg 66. Consumer installment credit (Mil. dol.) Lg, Lg, Lg Lg, Lg, Lg 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (Mil. dol.) 95. Ratio, consumer installment credit to personal income (Percent) 1980 January February Marcti 11.65 13.23 14.08 10.03 11.55 11.87 7.35 8.16 9.17 12.60 April May ; June i 13.36 11.61 11.12 10.83 8.63 7.59 7.63 July I August September . . i October November . . . December 11.48 12.31 12.74 10.53 10.94 8.13 8.67 13.17 14.10 14.38 11.20 11.83 11.89 10.20 14.01 14.60 14.49 11.65 12.23 12.15 15.00 15.68 14.97 15!67 15.25 15.63 18.31 306,305 308,708 309,362 159,215 162,201 162,074 14.75 14.80 14.72 13.45 11.99 11.85 17^75 19.77 16.57 12.63 307,691 305,014 302,969 162,280 159,033 159,211 14.64 14.43 14.24 12.39 13.54 14.26 1K56 11.48 11.12 12.23 301,770 302,259 303,314 160,299 162,818 165,306 13.96 13.87 13.75 14.38 14.47 14.08 15.*71 13.79 16.06 20.35 304,016 304,855 306,474 167,790 170,762 174,191 13.61 13.50 13.46 10.10 10.16 14.23 14.79 15.04 19'! 91 20.16 19,43 18.05 307,343 309,339 312,447 174,246 173,136 171,216 13.36 13.34 13.35 12.62 12.96 12.39 10.62 10.78 10.67 15.91 16.33 16.31 19i99 17.15 19.61 20.03 314,778 316,124 318,054 173,659 177,793 179,436 13.37 13.35 13.34 15.67 16.34 D16.97 13.05 13.61 E>14.14 11.14 12.26 1)12.92 16.76 17.96 D18.55 E>2i!ii 20.39 H>20.50 20.08 320,008 322,867 325,686 183,199 185,729 r 188, 385 13.23 13.21 13.23 16.96 15.53 15.55 14.13 12.68 12.88 12.83 11.89 12.91 17.43 15.98 16.43 r!7l23 18.45 16.84 15.75 326,700 0)327,042 r!90,086 r!91,112 H>pl93 f 717 '16.38 M3.65 9.82 9.40 9.83 8 0 94 9.11 9.56 (NA) 14.63 1981 January February March I April i May i June 1 July . 1 August, September October November . . . . December i '1982 i Januarys February March 9.68 2 13.32 3 15.75 (NA) r!3.21 P13.15 (NA) "197,588 April May June July August September .. October | Novembepr Decembef See note) on page 60. Graphs o,f these series are shown on pages 15, 34, and 35. 1 Average for weeks ended January 1, 8, 15, and 22. 2 Average for weeks ended January 7, 14, and 21. 3 Average for January 1 through 25. "Average for weeks ended January 6 and 13. licit JANUARY 1982 73 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE 1 Year and month ^| DIFFUSION INDEXES 950. Twelve leading indicator components (series 1 , 3 , 8 , 12, 19, 20, 29, 32, 36, 92, 104, 106) 1-month span 6-month span 952. Six lagging indicator components (series 62, 70, 72, 91, 95, 109) 951. Four roughly coincident indicator components (series 41, 47, 51, 57) 1-month span 6-month span 1-month span 6-month span 961. Average workweek of production workers, manufacturing (20 industries) 1-morth span 9-month span 963, Number of employees on private nonagrieultural payrolls (172 industries) 962. Initial claims for State unemployment insurance, week including the 12th1 (51 areas) 1-month span 9-month span 1 -month span 6 -month span 1980 January February March 41.7 29.2 33.3 0.0 16.7 8.3 100.0 25.0 0.0 25.0 0.0 0.0 41.7 66.7 50.0 50.0 58.3 33.3 65.0 32.5 5.0 15.0 2.5 0.0 23.5 60.8 46.1 2.0 2.0 9.8 52.6 53.2 49.4 40.4 33.4 30.8 April May . June 12.5 33.3 50.0 16.7 45.8 41.7 0.0 0.0 25.0 0.0 0.0 0.0 66,7 33.3 33.3 41.7 50.0 33.3 70.0 22.5 25.0 15.0 7.5 20.0 3.9 33.3 70.6 19,6 3,9 7.8 34.6 32.8 31.4 24.7 26.2 28.2 July August . . . . . . . . . September , . . . 83.3 83.3 91.7 75.0 100.0 91.7 25.0 75.0 100.0 50.0 100.0 100.0 41.7 33.3 33.3 33.3 33.3 50.0 25.0 92.5 fi2.5 32.5 72.5 75.0 62.7 84.3 13.7 58.8 21.6 96.1 36.9 64.8 64.0 35.2 45.1 61,0 October November December , 62.5 70.8 50.0 75.0 66.7 75.0 100.0 87.5 100.0 100.0 100.0 100.0 50.0 50.0 66.7 50.0 50.0 50.0 62.5 80.0 67.5 85.0 92.5 95.0 76.5 96.1 5.9 96.1 90.2 88.2 61.3 63.4 56.7 73. 5 72.7 65,4 January . . . . . . . February March 16.7 41.7 70.8 66.7 45.8 41.7 100.0 100.0 75.0 100.0 75.0 100.0 33.3 33.3 50.0 50.0 66.7 50.0 77.5 17.5 60.0 100.0 97.5 82.5 86.3 39.2 31.4 76.5 81.4 70.6 59.6 55.8 52.3 68.6 68.6 67.2 April May . , June 75.0 16.7 45.8 37.5 41.7 8.3 50.0 75.0 100.0 75.0 75.0 50.0 83.3 83.3 66.7 83.3 66.7 83.3 75.0 72.5 15.0 67.5 25.0 12.5 64.7 76.5 17.6 19.6 19.6 5.9 69.8 62,5 51.5 70.3 67.7 71.8 July . . , August September 25.0 45.8 16.7 16.7 27.3 20.0 50.0 37.5 50.0 50.0 25.0 "33.3 83.3 66.7 83.3 75.0 58.3 75.0 40.0 55.0 15.0 r!2.5 p22.5 68.6 58.8 9.8 p!7.6 (NA) 67.2 49.7 59.3 r52.9 r37.6 p35.B 1981 October November December . . 2 9 33.3 36.4 50.0 2 3 0.0 25.0 "0.0 5 58.3 66.7 75.0 S 62,5 r!7.5 p27.5 61.8 p49.0 (NA) r30.2 r27.3 p33.4 1982 January February . . , . March 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 and 4-quarter indexes on the ^d month of the 3d quarter Series are seasonally adjusted except for those, indicated by (g), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue, The "r" indicates revised; "p", preliminary; "e", estimated; "a', anticipated; and "NA", not available. Graphs of these scries are shown on page 36. l Figures are the percent of components declining. 2 Excludes series 12 for which data are not yet available. 9 Exeludes scries 12 and 36 for which data are not yet available. ''Excludes series 57 for which data are not yet available, 5 Excludes series 70 and 9S for which data are not yet available. 74 JANUARY 1982 IICII CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj DIFFUSION INDEXES-Continued Year and month 964. Value of manufacturers' new orders, durable goods industries (35 industries)l 965. Newly approved capital appropriations, deflated (17 manufacturing industries) 1-month span 9-month span January February Marcjh 68.6 48.6 37.1 22.9 22.9 42.9 65 April, May i Junet f July August September 17.1 37.1 45.7 45.7 62.9 37.1 18 77.1 42.9 82.9 45.7 62.9 82.9 27 October November December 71.4 57.1 58.6 . 85.7 53 January February March 45.7 42.9 52.9 85.3 70.6 73.5 50 April May June . 65.7 50.0 50.0 52.9 44.1 29.4 65 July August1 September 41.2 35.3 44.1 r26.5 p29.4 Octobe'r November December i r52.9 p55.9 1 -quarter span 966. Index of industrial production (24 industries) 967. index of spot market piices, raw industrials © (13 industrial materials) 1 -month span 6-month span 1 -month span 25.0 16.7 12.5 50.0 73.1 61.5 "58.3 "50.0 '41 70.8 20.8 41.7 16.7 12.5 16.7 11.5 15.4 *41 16.7 16.7 14.6 50.0 46.2 46.2 *37 39.6 70.8 66.7 37.5 70.8 87.5 53.8 76.9 57.7 *49 79,2 91.7 66.7 95.8 95.8 95.8 p52 83.3 62.5 45.8 56.2 62.5 45.8 r45.8 87.5 52.1 12.5 r!6.7 p!6.7 4-Q moving average 9-month span 968. Index of stock prices, 500 common stocks 2 © 1-month span 960. Net profits, manufacturing 3 © (about 700 companies) 9-month span (4-quarter span) 1980 88.6 82.9 74.1 52.8 39,6 47.2 77.4 *56 26.4 92.5 89.6 90.6 94.3 86.8 *56 46.2 42.3 38.5 92.5 88.7 76.4 84.9 96.2 94.3 *60 65.4 53.8 46.2 61.5 65.4 65.4 43.4 55.7 15.1 90.6 88.7 86.8 *64 79.2 70.8 58.3 30.8 30.8 65.4 38.5 38.5 46.2 66.0 42.5 85.8 79.2 67.3 59.6 'eo 54.2 58.3 69.2 26.9 38.5 46.2 46.2 53.8 81.1 30.2 67.3 59.6 44.2 42.3 61.5 42.3 19.2 40.4 46.2 32.7 53.8 0.0 3.8 1981 38.2 (NA) P 39 (NA) 61.5 61.5 42.3 29.2 r22.9 r!6.7 p!6.7 38.5 26.9 46.2 5 23.1 (NA) 0.0 58.7 65.4 67.3 1982 5 January February March 50.0 April May June July August September October November December See not(* on page 74. Graphs of these series are shown on page 37. 1 Based on 35 industries through April 1981 and on 34 industries thereafter. 2 Based on 54 industries for January 1980, on 53 industries through May 1981, and on 52 industries thereafter. Data for component industries aj-e not shown in table C2 but are available from the source. 3 Thisiis a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. "Base4 on 12 components (excluding rosin). 5 Base4 on average for January 5, 12, and 19. ItCII I JANUARY 1982 75 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued ^^ DIFFUSION INDtXES Continued Year and quarter 971. New orders, manufacturing ' © 970. Business expenditures for new plant and equipment (18 industries) a. Actual expenditures (1*Q span) b. Later anticipations 973. Net sales, manufacturing and trade 1 © Actual Actual Anticipated (4-Q span) (4-Q span) (4-Q span) (1-Q span) (1-Q span) Anticipated Actual c. Early anticipations 972. Net profits, manufacturing and trade 1 ® Anticipated {4-Q span) (4-Q span) (4-Q span) 1979 First quarter Second quarter . . . . Third quarter ... Fourth quarter . . . . 86.4 68.2 68 2 88.6 52.3 63.6 63 6 47.7 63.6 50.0 68.2 77.3 85 81 73 78 80 84 80 72 78 74 70 72 78 82 80 70 87 84 8H 82 85 88 84 78 77.3 59.1 50.0 54,5 54.5 45,5 36.4 40.9 81.8 59.1 81.8 77.3 74 63 60 60 66 75 57 62 62 54 57 56 66 73 59 61 73 62 68 66 80 63 67 72.7 63,6 72.7 (NA) 72.7 40.9 54.5 59.1 70.5 68,2 77.3 68.2 68 70 62 74 74 76 76 60 66 60 70 69 74 72 70 74 71 1980 First quarter Second quarter . . . . Third quarter Fourth quarter n 1981 First quarter . . . . . . Second quarter . . . . Third quarter Fourth quarter . . . . (NA) (NA) 78 76 80 80 (NA) 1982 First quarter .... Second quarter Third quarter Fourth quarter 60 59.1 HH DIFFUSION INDtX^ and quarter 54 65 Continued 974. Number of employees, manufacturing and trade l @ 975. Level of inventories, manufacturing and trade ' ® 976. Selling prices, manufacturing ' ® 977. Selling prices, wholesale trade ' © 9/8. Selling prices, retail trade ' © Actual Actual Actual Actual Aelual Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) Anticipated (4»Q span) (4<Q span) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter , . , , 62 60 60 58 60 60 58 56 80 76 73 75 70 74 71 68 92 93 92 94 86 88 88 86 96 95 95 96 88 90 92 90 94 95 94 96 90 92 92 90 58 54 53 51 54 56 48 50 67 61 64 60 62 70 53 56 90 88 90 90 87 90 83 86 92 90 92 90 90 92 87 88 92 91 94 90 90 93 84 90 51 53 52 56 54 56 55 62 64 62 63 61 66 64 88 86 84 88 90 89 84 90 88 84 90 89 89 84 94 90 86 90 90 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . 1981 First quarter . . . . . . Second quarter . . . . Third quarter Fourth quarter . . . . (NA) (NA) (NA) (NA) (NA) 87 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 50 54 80 82 82 NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those, indicated by©, that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 38. l This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun f, Bradstreet, Ine. Bradstroet diffusion indexes are based on surveys of about 1,400 business executives. 76 JANUARY 1982 Dun f< ItCII CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE-Continued K9I SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change 1981 Diffusion index components May June August July September October December'3 November^ 961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING ' (Average weekly hours) 40.3 40.1 40.0 (72) (15) (40) 39.8 39.0 39.0 38.9 38.8 38.5 41.0 41.0 40.8 40.8 o + 40.9 41.4 40.7 41.1 + 40.4 41.8 40.2 41.4 + 40.4 39.1 + + 40.5 39.2 + 39.8 38.5 + 39.4 38.6 40.2 + 36.1 42.7 37.4 o 41.7 43.4 + + All manufacturing industries Percent rising of 20 components Ouratile goods industries; i Dumber and wood products FJurniture and fixtures . Stone, clay, and glass products Primary metal industries f Fabricated metal products Machinery, except electrical Electric and electronic equipment Transportation equipment 1 Instruments and related products [miscellaneous manufacturing ... + + + + 40.4 39.2 + 40.0 38.6 t + 40.5 36.0 o + o o 40.0 39.3 (55) (15) + 38.6 38.6 37.3 37.5 40.9 40.5 + 40.8 40.7 40.3 40.6 40.5 41.1 o + 40.5 41.2 39.5 40.3 + + 40.0 40.7 40.5 41.2 + 40.4 41.3 39.6 39.9 + + r39.9 r40.5 40.8 39.1 40.5 38.4 + r40.4 r39.0 o + 39.4 40.7 39.2 40.2 + 39.5 r39.4 40.4 35.9 + 40.3 36.1 38.9 35.2 + + r39.3 r35.7 38.9 35.6 42.7 37.3 o o 42.7 37.3 + 43.1 37.1 o r42,4 37,1 41.9 36.9 + 41.6 37.2 41.7 42.8 + + 42.3 43.3 r41.5 r42.1 + 41.3 42.3 + + 41.6 43.6 + + r40.0 36.8 o 39.7 36.8 - 77,804 + 79,215 + + + 39.5 39.3 39.1 (62) (18) (28) r37.6 rSB.l 37.5 37.8 r40.0 39.8 + + 37.7 37.7 40.2 39.6 39.9 39.0 39.6 40.6 39.3 40.3 : 39.3 40.3 39.2 39.5 40.3 39.0 o o 40.3 38.5 39.5 38.8 + 39.7 38.7 Nondurable goods industries: Fc)od and kindred products Tcibacco manufacturers . . Textile mill products Apiparel and other textile products i Paper and allied products Printing and publishing 1 Chiemicals and allied products Petroleum and coal products + 42. a + 37.6 + 41.7 43.8 . Rubber and miscellaneous plastics products Leather and leather products i + + + o 41.3 37.1 + 41.0 37.4 41.8 43.1 40.5 36.5 + + 40.6 36.9 39.6 36.1 o 38.3 35.1 39.4 36.5 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ' 2 (Millions of dollars) All durable goods industries + Percent rising of 34 components Primary 'metals Fabricated metal products i! Machinery, except electrical Electrical machinery ! Transportation equipment Other durable goods industries 88,164 + (50) 88,303 + (50) 89,696 - - (35) (41) 11,809 10,607 11,324 10,979 + - 12,466 10,804 - + - 17,082 11,721 + + 17,303 12,600 - 16,376 12,055 + - 20,093 16,852 + 19,057 17,040 + + 20,909 17,086 + 87,350 86,278 (38) (44) 11,602 9,901 + 11,422 10,054 - + - 17,658 11,920 + 17,498 12,487 - 15,984 10,370 - 20,375 15,894 + 18,627 16,190 + 15,780 16,218 + (53) 80,518 (56) 10,032 9,262 + 9,978 9,741 + + 16,731 11,873 + + 17,325 11,881 - 15,429 15,888 + + 15,645 15,948 10,170 9,282 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and (—) = falling. The "r" indicates revised; "p", preliminary; and "NA", not • Bailable. J Data are seasonally adjusted by the source agency. 2 Data'for most of the diffusion index components are not available for publication, but they are included in the totals and directions of change for the six major industry groups shown here. JANUARY 1982 77 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE-Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change- Continued Diffusion index components 1981 June May July Aucjust September1" Octoberr Novemberr December P - - 966. INDEX OF INDUSTRIAL PRODUCTION ' (1967-100) All industrial production Percent rising of 24 components + 2 152.7 + (62) 152.9 + (46) 153.9 - (88) 153.6 - (52) 151.6 - 149.2 (23) (12) 146.4 143.3 (17) (17) Durable manufactures: Lumber and products Furniture and fixtures + 126.2 158.9 + 122.5 162.4 + + 122.9 164.9 - 119.1 163.3 - 113.2 159.9 - 109.6 157.2 - 106,2 154.5 (NA) (NA) Clay, glass, and stone products Primary metals + 151.7 111.9 - 148.1 107.4 + + 148.7 109.4 + 148.2 113.1 - 147.3 108.6 - 143.5 102,0 - 139.5 96.3 (NA) 89.9 Fabricated metal products Nonelectrical machinery + 138.4 172.1 + + 139.3 174.1 + + 140.1 176.7 - 140.0 176.4 - 136.8 173.9 - 133,7 170.2 - 129.0 168.1 - 125.1 164.3 Electrical machinery Transportation equipment + + 179.9 123.7 + - 180.1 123.4 + - 180.9 119.8 + - 182.6 115.4 - 180.0 114.2 - 179.6 110.6 - 175.7 105.4 - 170.2 103,9 Instruments Miscellaneous mar ufactures + - 170.6 157.0 + + 171.3 158.8 + + 172.1 159.4 + - 172.3 158.6 - 169.7 154.2 - 168.6 152.5 + 167.0 154.3 - 165,0 153.0 Foods , , , Tobacco products + + 152,2 122.3 - 151.3 120.9 + + 151.6 121.3 + + 151.9 123.8 - 150.7 122.4 + - 151.6 122.0 + 152,4 (NA) (NA) (NA) Textile mill products Apparel products + 138.8 122.6 - 138.3 121.1 + + 139.4 122.6 + o 140.7 122.6 - 136.3 122,5 - 132.4 118,4 - 127.9 (NA) (NA) (NA) Paper and products Printing and publishing - 155.9 141.3 + 153.4 143.1 + + 154.9 144.4 + + 156.7 146.1 + - 158.6 145.9 o 153.3 145.9 - 152.3 143.5 Chemicals and products Petroleum products + - 220.6 129.8 - 218.4 129.3 + - 221.5 128.7 + 219.2 130.4 - 216.3 129.1 - 209.7 128.3 + 203.7 1Z8.4 Rubber and plastics products Leather and products + + 280.3 69.8 + 285.1 68.4 + + 285.3 70.1 + 286.7 69.6 + 282.2 69.7 + 276.3 71.2 - 257.5 69.7 Metal mining Coal . . . . . + + 125.0 77.0 + 123.5 122.9 + + 123.6 170,0 + - 124.1 167.4 - 121.5 161.9 + 119.3 166.9 - 108.3 160.8 Oil and gas extraction Stone and earth minerals . . , + - 146.2 132.2 + + 148.2 132.7 + 147.7 133.3 + - 148.2 128.2 + - 148.8 123.4 + + 149.2 124.0 + 148.9 124.2 Nondurable manufactures: + 152. a + 144,0 + (NA) 129.1 (NA) (NA) Mining: NOTE; To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) ™ rising, (o) = unchanged, and (=) = falling. preliminary; and "NA", not available. 1 Data are seasonally adjusted by the source agency. a Where actual data for separate industries are not available, estimates are used to compute the percent rising. 7,8 + (NA) 158.8 149.3 (NA) The "r" indicates revised; "pM JANUARY 1982 ICO CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1981 May June August July 1982 September 967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS Raw industrials price index (1967 = 100) . . . . - 288.9 - (27) Percent rising of 13 components 282.9 + (38) 286.6 + (62) 289.5 - (62) October November December - - January 1 2 283.0 - (42) 277.2 (38) 270.5 (27) 264.2 + (46) 264.7 (50) Dollars (pound) . . (kilogram) . . - 0.664 1.464 - 0.646 1.424 - 0.635 1.400 + 0.650 1.433 - Lead scrap , (pound) . . (kilogram) . . o 0.249 0.549 + 0.250 0.551 + 0.269 0.593 + 0.292 0.644 - Steel scrap (U.S. ton)., (metric ton).. - 99.000 109.128 -• 93.800 103.396 + 95.750 105.545 + 102.000 112.435 - 98.000 108.025 Tin (pound) (kilogram) . . - 5.945 13.106 - 5.796 12.778 + 6.030 13.294 + 6.528 14.392 + Zinc .' i (pound)., (kilogram) . . + 0.463 1.021 o 0.463 1.021 + 0.466 1.027 + 0.495 1.091 Burlap ' f Cottoni . . (yard) . . (meter) . . - 0.267 0.292 - 0.251 0.274 0.246 0.269 - (pound).. (kilogram) . . - 0.782 1.724 + 0.790 1.742 - 0.751 1.656 (yard).. (meter) . . + 0.841 0.920 0.820 0.897 + 0.822 0.899 (pound) . . (kilogram),. 0 3.600 7.937 o 3.600 7.937 o . (pound) .. (kilogram) . . - 0.522 1.151 - 0.458 1.010 . ... (100 pounds). . (100 kilograms).. o 45.000 99.207 + (pound). . (kilogram) . , - 0.590 1.301 (pound).. (kilogram). , - 0.175 0.386 Copper scrap .. - 0.609 1.343 - 0.591 1.303 - 0.578 1.274 - 0.573 1.263 0.271 0.597 0.247 0.545 - 0.221 0.487 0.180 0.397 - 0.170 0.375 - 88.500 97.554 - 80.000 88.184 + 81.600 89.948 + 88.000 97.002 6.746 14.872 + 6.820 15.035 + 7.040 15.520 + 7.120 15.697 + 7.160 15.785 + 0.499 1.100 - 0.479 1.056 o 0.479 1.056 - 0.451 0.994 0.434 0.957 0.243 0.266 + 0.246 0.269 - 0.242 0.265 - 0.238 0.260 - 0.229 0.250 + 0.234 0.256 0.669 1.475 - 0.609 1.343 - 0.608 1.340 0.574 1.265 - 0.553 1.219 + 0.576 1.270 + 0.845 0.924 0 0.845 0.924 - 0.820 0.897 - 0.780 0.853 - 0.734 0.803 - 0.710 0.776 3.600 7.937 o 3.600 7.937 + 3.630 8.003 - 3.600 7.937 o 3.600 7.937 o 3.600 7.937 - 3 . 580 7.892 + 0.472 1.041 + 0.474 1.045 + 0.486 1.071 + 0.525 1.157 + 0.558 1.230 + 0.584 1.287 + 0.590 1.301 46.500 102.514 o 46.500 102.514 o 46.500 102.514 - 46.100) + 47.000 101.632 103.616 o 47.000 103.616 o 47.000 103.616 0 47.000 103.616 - 0.584 1.287 - 0.554 1.221 - 0.538 1.186 - 0.450 0.992 + 0.464 1.023 - 0.462 1.019 + 0.484 1.067 + 0.486 1.071 + 0.178 0.392 + 0.192 0.423 - 0.190 0.419 - 0.187 0.412 + 0.190 0.419 - 0.179 0.395 + 0.180 0.397 - 0.169 0.373 0.620 1.367 [ ( Print cloth i i Wool tpps Hides J t Rosin . i Rubben Tallow " i NOTE: jTo 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. l Averfage for January 5, 12, and 19. 2 Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis. Beginning with data for June 1981, these series are based on copyrighted data used bypermission; they may not be reproduced without written permission from Commodity Research Bureau, Inc. IICII JANUARY 1982 79 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT MM GNP AND PERSONAL INCOME and quarter b. Difference a. Total (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) b. Difference a. Total c. Percent change at annual rate (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 213, Final sales in 1972 dollars 217. Per capita GNP in 1972 A II ooiiars 50. Gross national product in 1972 dollars 200. Gross national product in current dollars Year c. Percent change at annual rate (Ann. rate, (Ann. rate. dollars) bil. del.) 1979 First Quarter Second quarter . . . . Third quarter „ , fourth quarter . . . . 1,479.9 1,473.4 1,488.2 1,490.6 8,340.6 2,374.6 2,444.1 2,496.3 68.7 34.0 69.5 52.2 12.7 2,571.7 2,564.8 2,637.3 2,730.6 75.4 -6.9 72.5 93.3 12.6 -1.1 11.8 14.9 1,501.9 1,463.3 1,471.9 1,485.6 2,853.0 2,885.8 2,965.0 p2,984.9 122.4 19.2 1,516.4 1,510.4 1,515.8 pi,495. 6 5.9 12.2 8.8 3.9 14.1 -6.5 14.8 6,602 6,556 6,602 6,592 1,464.4 1,455.0 1,480.6 1,491.3 6,624 6,437 6,456 6,499 1,502.8 1,462.0 1,476.9 1,492.7 6,6HO 6,680 6,586 p6,482 1,517.8 1,499.6 1,500.9 pi, 487.1 -1.7 4.1 0.6 2.4 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . 3.1 11.3 -38.6 8.6 -9.9 2.4 3.8 13.7 1981 First quarter , . . Second quarter Third quarter ,.. Fourth quarter . . . . 32.8 79.2 p!9.9 4.7 11.4 p2.7 8.6 30.8 -6.0 -1.6 5.4 p-20.2 1.4 p-5.2 1982 First quarter . . . . . Second quarter . . . . Third quarter Fourth quarter Qj PERSONAL CONSUMPTION EXPENDITURES Qj GNP AND PERSONAL INCOME -Continued 230. Total in current dollars Disposable personal income Year and quarter 224. Current dollars (Ann. rate, bil. dol.) 225. Constant (1972) dollars {Ann. rate, bil. dol.) 231. Total in 1972 dollars 232. Durable pods 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. del.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1,580.2 1,612.8 1,663.8 1,710.1 1,005.7 1,006.9 1,015.7 1,017.7 4,487 4,480 4,506 4,501 1,454.1 1,478.0 1,529,1 1,582 .,3 925.5 922.8 933.4 941.6 212.5 207.4 213.3 216.1 149.6 144.2 146.7 146.0 1,765.1 1,021.0 vJUO 4 , en? i JL ,fi^i D J 1n i U Q/n 4 34 J . f 00 A Q C, £ U . 3 1 1A'I^a A . H- l,784.'l 1,840.6 1,897.0 l!o08!2 1,018.5 1,025.8 4,435 4,468 4,488 1,626,8 1,682,2 1,751.0 919.3 930.8 946.8 194.4 208. 8 223.3 126.2 132,6 139.1 1,947.8 1,985.6 2,042.0 p2,086.4 1,033.3 4,511 4^517 4,535 p4,538 1 Qlfl 1 JL , Q J.U . 1 Qfin :?uu .9c. £, OO* <j 1980 First quarter Second quarter . . . . Third quarter Fourth quarter ... 1981 First quarter Second quarter . . . Third quarter . . . . Fourth quarter . . . i, oasis 1,043.6 pi, 047.1 1,829.1 1,883.9 pi, 909. 5 955.1 962.8 p958.3 000 1A(i -3 A'tO 227.3 236.2 p226«4 0 uO 137 ,,4 140,3 p!33,0 1982 First quarter , . Second quarter Third quarter . Fourth quarter ..., .... .. . .. . NOTE: Series are seasonally adjusted except for those, indicated by ©, that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 40 and 41. JANUARY 1982 ItUI OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Qj GROSS PRIVATE DOMESTIC INVESTMENT ^H PERSONAL CONSUMPTION EXPENDlTURES-Continued Year j 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 239. Services in 1972 dollars (Ann. rate, bil. dol.) (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.) 1979 First quarter Second quarter . . . . Thir;d quarter Fourth quarter . . . . 571.8 586.4 611.5 639.2 351.1 350.6 355.4 361.3 669.9 684.2 704.3 727.0 424.8 428.0 431.3 434.3 408.3 423.2 421.7 410.0 237.7 238.7 232.6 221.5 384.0 390.1 408.3 410.8 222.3 220.4 225.0 222.2 661.1 1980 i First quarter Secind quarter . . . . Third quarter Fouijth quarter . . . . 664.0 674.2 703.5 361.5 356.6 354.9 360.4 749.0 768.4 799.2 824.2 436.5 436.5 443.3 447.3 415.6 390.9 377.1 397.7 218.3 200.5 195.3 200.5 413.1 383.5 393.2 415.1 219.2 199.2 200.2 207.6 Firsf quarter Second quarter . . . . Thirll quarter Foufith quarter . . . . 726.0 735.3 751.3 p760.9 364.5 367.0 368.8 P369.2 845.8 866.5 896.4 P922.2 448.9 450.7 453.7 p456.1 437.1 458.6 463.0 P443.6 211.6 219.7 221.5 p207.1 432.7 435.3 435.6 P426.0 213.1 208.9 206.5 p!98.7 1982 First! quarter Second quarter Thiri quarter Fourth quarter . . . . H rear and quarter GROSS PRIVATE DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars (Ann. rate, bil. dol.) 30. Change in business inventories in 1972 dollars (Ann. rate, bil. dol.) JQ GOVERNMENT PURCHASES OF GOODS AND SERVICES 260. Total in current dollars (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 (Ann. rate, bil. dol,) 267. State and local government in 1972 dollars (Ann. rate, bit. dol.) 1979 First Quarter , . . Secor(d quarter . . . . Third quarter, Fourth quarter . . . . -0.7 458.2 465^1 475.4 496.4 280.6 280^3 281.1 285.3 164.8 163^6 165.1 178.1 2.5 7.4 -16.0 -17.4 -0.9 516.8 290. 1 -5.0 -7.2 533!5 558.6 190.0 198^7 194.9 212.0 107.6 291^9 288,2 289.8 4.5 -1.4 10.8 14.9 p8.5 576.5 577.4 588,9 P615.7 293.6 289.5 288.3 p293.4 221.6 219.5 226.4 p246.7 24.3 33.1 13.3 -0.8 15.4 18.4 7.6 102.9 100 ! 8 293.4 30U6 310.4 318.3 177.7 179^4 181.2 182.2 106.9 107.4 326.8 33K3 338.6 346.6 182.5 181 ! 2 181.3 182.4 111.2 108.7 109.6 P114.5 354.9 357.9 362.5 p369.0 99.9 103.1 1980 First quarter Second quarter . . . . Third quarter Fourttl quarter . . . . 1 1.3 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . I 23.3 27.5 p!7.6 182,5 180.7 178.8 p!78.8 1982 First quarter . . . . . . Secon() quarter . . . . Third quarter Fourth quarter . . . . i See note on page 80. Graphs of these series are shown on pages 41, 42, and 43. urn JANUARY 1982 81 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Continued D Q| FOREIGN TRADE Year and quarter (Anrt. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann, rate, bil. dol.) (Ann. rate, bil dol.) (Ann. rate, bil. dol.) 220. National income in current dollars 280. Compensation of employees 257. Constant (1972) dollars 253. Current dollars 256. Constant (1972) dollars 252. Current dollars 255. Constant (1972) dollars 250. Current dollars Imports of goods and services Exports of goods and services Net exports of goods and services NATIONAL INCOME AND ITS COMPONENTS (Ann. rate, bil. dol.) (Ann. rate, bit. dol.) (Ann. rate, bil. dol.) 1979 First quarter . . Second quarter . Third quarter , Fourth quarter 19.9 8,2 17.9 7.6 36.0 31.6 41.1 42.2 259,1 266.8 293.1 306.3 141.1 140.5 151,3 154.8 239.2 258.6 275.2 298.7 105.1 108.8 110.2 112.6 1,903.6 1,932.0 1,986.2 2,031.3 1,409.9 1,439,0 1,476.7 1,518.1 50.1 51.7 57.6 48.5 337.3 333.3 342.4 346.1 165,9 160.5 160.5 157.4 329.1 316.2 297.9 322.7 115.8 108.9 102.8 108.9 2,088.5 2,070,0 2,122,4 2,204,8 1,558.0 1,669.0 1,597.4 1,661.8 50.9 46^2 43.2 p36)7 367.4 368!2 368.0 p363!o 162.5 16L5 160.1 p!55!9 338.2 347. * 5 338.7 3347 !l 111.6 115!4 116.9 pll9)2 2,291,1 2,320!9 2 377 6 (NA) 1,722.4 1,752.0 1,790.7 pi, 821 ! 7 1980 First quarter ... Second quarter . . . . Third quarter Fourth quarter . . . . 8.2 17,1 44.5 23.3 1981 First quarter Second quarter Third quarter . . . . Fourth quarter . . . . 29.2 2o!s 29.3 pie!o 1982 First quarter . . Second quarter Third quarter . . Fourth quarter ^9 NATIONAL INCOME AND ITS COMPONENTS-Continued Vpar I COI and quarter 282. Proprietors' income with inventory valuation and capital consumption adjustments (Ann. rate, bit, 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.) Q SAVING 288. Net interest (Ann. rate, bil. dol.) 290. Gross saving (private and government) (Ann. rate, bit. dol.) 295. Business saving 292. Persona! saving (Ann. rate, bil. dol.) (Ann, rate, bil. del.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter 127.8 129,4 132.9 136.3 30.7 30.1 30.3 31.0 201.9 196.6 199.5 189.4 133.4 136.9 146.8 156.5 407.4 416.2 422,3 402.0 304.4 310.3 320.5 315.7 Fourth quarter . . . 133.7 124.9 129.7 134.0 31.2 31.5 32.0 32.4 200.2 169^3 177.9 183.3 165.4 175.'3 185.3 193.3 404.5 394 ,*5 402.0 406.7 326,7 325*. 8 334.6 339 ,,3 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 132.1 134.1 137.1 P134.1 32.7 33.3 33.9 p34.5 203.0 190.3 195.7 (NA) 200.8 211.0 220.2 p228.1 442.6 465.3 469.4 (NA) 362,2 368,7 379,3 (NA) 83.8 90.9 09.3 80.7 1980 First quarter .. Second quarter . . . . Third quarter 86. & no.'o 111.4 97.6 88.9 106.6 106.9 pl24.1 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . See note on page 80 Graphs of these series are shown on pages 44, 45, and 46. 82 JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Q Year and quarter Q SHARES OF GNP AND NATIONAL INCOME SAVING-Continued 298. Government surplus or deficit, total (Ann. rate, bil. dol.) 293. Personal saving rate (percent of disposable personal income) Percent of gross national product 235. Personal consumption expenditures, total (Percent) (Percent) 248. Nonresidential fixed investment 249. Residential fixed investment (Percent) (Percent) 247. Change in business inventories 251. Net exports of goods and services (Percent) (Percent) I 1979 First quarter Secfmd quarter . . . . Third quarter Fourth quarter . . . . 18.1 13.9 11.3 4.4 5.3 5.6 5.4 4.7 62.1 62.2 62.6 63.4 11.4 11.5 11.8 11.6 5.0 4.9 4.9 4.8 1.0 1.4 0,5 0.0 0.9 0.3 0.7 0.3 4.9 6.2 6.1 5.1 63.4 63.4 63.8 64.1 11.6 11.3 11.1 11.1 4.5 3.6 3.8 4.1 0.1 0.3 0.3 0.7 1.7 0.9 4.6 5.4 5.2 63.4 63.4 63.5 11.1 11.2 11.3 4.1 3.8 3.4 p64.0 pll.l 1980 Firsf quarter Second quarter . . . . Third quarter Fouflth quarter . . . . -9.6 -42.5 -45.6 -30.8 -0.6 -0.6 1981 Firsf quarter Second quarter . . . . Thirst quarter Fourth quarter . . . . ( -9.7 -11.2 -17.9 p6.0 (NA) p3.1 1.0 0.7 1.0 0.2 0.8 0.9 pO.6 pO.5 1982 First^quarter Second quarter . . . . Thira quarter Fourth quarter . . . . PJ SHARES OF GNP AND NATIONAL INCQME-Continued Year and quarter Percent of GNP— Continued 265. Federal Government purchases of goods and services (Percent) Percent of national income 268. State and local government purchases of goods and services 64. Compensation of employees (Percent) (Percent) 283. Proprietors' income with IVA and CCAdj ' 285. Rental income of persons with CCAdj ' (Percent) (Percent) 287. Corporate profits with IVA and CCAdj ' 289. Net interest (Percent) (Percent) 1979 First Quarter Second quarter . . . . Third Quarter Fourtrl quarter . . . . 9.3 7.0 7.1 7.4 7,7 1.5 1.5 1.5 1.5 9.6 8.2 8.4 8.3 7.9 8.5 8.7 8.8 1.4 1.4 1.4 8.9 8.2 8.2 8.8 9.1 9.3 7.0 6.9 6.8 7.1 12.5 12.7 12.7 12.8 74.1 74.5 74.3 74.7 6.7 6.7 6.7 6.7 1.6 1.6 1.5 1.5 7.4 7.7 7.4 7.8 12.7 12.9 12.8 12.7 74.6 75.8 75.3 75,4 6.4 6.0 6.1 6.1 7.8 7.6 7.6 12.4 12.4 12.2 75.2 75.5 75.3 (NA) 5.8 5.8 5.8 10.6 10.2 10.0 1980 First quarter Secon^ quarter . . . . Third cjuarter . , , Fourthjquarter . . . . 1981 First quarter Second! quarter . . . . Third quarter Fourth quarter . . . . p8.3 p!2.4 (NA) (NA) (NA) (NA) 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . See note on page 80. Graphs of these series are shown on pages 46 and 47. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. JANUARY 1982 83 OTHER IMPORTANT ECONOMIC MEASURES B I 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 spansl (Ann. rate, percent) Fixed-weighted price index, gross business product 311. Index (1972-100) 311c. Change over 1-quarter spans ' (Ann. rate, percent) Consumer prices, food Consumer prices, all items 320. Index ® 320c. Change over 1-month spans ' 320c. Change over 6-month spans ' (1967-100) (Percent) (Ann. rate, percent) 322e Change over 1-month spansl 322e, Change over 6 month spans ' (1967-100) (Percent) (Ann. rate, percent) -0.2 322. Index 1980 l?i!2 April May June . , 17EL3 July August September 179.2 October November December 1B3.B 233.2 236.4 239.8 1.4 1.3 1.3 15.3 14.8 14.3 245.3 244.9 247.0 9.8 242.5 244.9 247.6 0.9 0.9 1.0 11.4 10.3 9.6 9.6 247.8 249.4 251.7 0.1 0.8 1.0 9.3 253.9 256.2 258.4 10.5 10.1 9.3 January February . . . . . . . . March 178^2 9.8 182^4 9.2 186.' 7 10.7 19CL9 0.9 6.9 6.1 4.5 248.3 249.3 250.5 0.5 0.4 0.5 6.3 10.6 12.5 10.0 10.5 10.5 252.9 257.6 262.0 1.0 1.9 1.7 13.4 IS. 2 16.3 1.0 1.1 1.0 11.9 12.3 11.4 264.4 267.6 270.2 0.9 1.2 1.0 13. B 10.3 7.5 260.5 263.2 265.1 0.7 1.0 0.6 10.0 269.8 270.6 271.6 -0.1 5.5 2.6 1.0 266.8 269.0 271.3 0.4 0.7 0.7 274.4 276.5 279.3 1.2 0.8 1.2 279.9 280.7 281.5 0.4 0.5 0.4 0.1 1981 January ,,.. February , . , March . . . , , IBB.l April May . . , June 19l!l July August September . . . October November December 9.8 195!7 8.2 6.4 199.'5 9.9 195^6 9.9 204^3 p8.4 pl99^6 P 7.1 p207.*8 9.1 8.5 9.5 9.2 10.4 10.3 9.9 9.3 0.3 0.4 0.2 3.0 4.0 5,2 273.8 275.9 278.6 0.8 0.8 1.0 5.8 6.8 7,3 279.4 280.0 281.2 0.3 0.2 0.4 271.6 271.0 271.5 0.0 -0.2 1982 January February March . . April May June July , August September , October November December See note on page 80. Graphs of these series are shown on pages 48 and 49. Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and 1-quarter changes are placed on the 1st month of the 2d quarter. JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued IH PRICE MOVEMENTS-Continued Producer prices, all commodities Year and month 330. Index © (1967 = 100) 330c. Change over 1-month spans ' © (Percent) Producer prices, industrial commodities 330c. Change over 6-month spansl @ (Ann. rate, percent) 335. Index © 335c. Change over 1 -month spans ' © (1967=100) (Percent) Producer prices, crude materials 335c. Change over 6-month spans ' © (Ann. rate, percent) 331. Index (1967 = 100) 331c. Change over 1-month spans ' (Percent) 331c. Change over 6-month spans ' (Ann. rate, percent) 1980 January February March 254.9 260.2 261.9 2.1 2.1 0.7 14.5 14.2 13.1 260.6 265.9 268.6 3.0 2.0 1.0 18.7 17.7 16.8 288.8 295.1 288.4 -0.7 April % Jgne \ July August September 262.8 264.2 265.6 0.3 0.5 0.5 12.5 10.7 271.3 271.9 273.5 1.0 0.2 0.6 12.3 283.1 286.1 288.3 -1.8 9.5 7.7 270.4 273.8 274.6 1.8 1.3 0.3 11.7 11.8 276.2 278.2 278.8 1.0 0.7 0.2 8.0 8.6 9.8 Obtober November December 277.8 279.1 280.8 1.2 0.5 0.6 10.9 10.3 11.8 282.0 283.4 286.6 1.1 0.5 1.1 284.8 287.6 290.3 1.4 1.0 0.9 11.5 11.0 10.2 291.5 295.7 299.6 293.4 294.1 294.8 1.1 0.2 0.2 r6.2 July August September 296.2 r296.4 295.5 0.5 rO.l r-0.3 October November Defember 296.0 295.5 295.9 0.2 -0.2 0.1 2.2 -2.3 -0,4 -0.8 -1.8 1.1 0.8 10.5 15.8 24.5 303.6 317.5 321.8 5.3 4.6 1.4 33.6 33,6 29.5 11.4 13.0 15.5 327.2 330.7 328.1 1.7 1.1 17.3 1.7 1.4 1.3 15.8 15.6 13.3 328.8 332.4 328.1 1.3 0.4 0.1 10.3 r7.9 3.6 303.5 304.7 305.1 5.1 332.8 331.3 335.2 1.8 1.0 0.7 306.2 r307.2 307.2 0.4 0.3 3.5 2.9 3.3 336.9 r333.8 330.2 -0.9 -1.1 324.6 320.0 315.9 -1.7 -1.4 -1.3 9.9 11.6. -0.8 9.6 4.0 1981 January February March |i April 1% Jufie 8.2 308.8 309.1 310.1 rO.O 0.5 0.1 0.3 0.2 1.1 -1.3 1.4 -0.5 1.2 0.5 . 3.5 0.4 4.4 5.0 rO.8 1.3 -4.9 -6.7 -11.2 1982 Janjuary February March 1 April May June Jut)| August September i October November December .. See note on page 80. Graphs of these series are shown on page 48. Changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. !!€!» JANUARY 1982 85 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY-Continued Rl PRICE MOVEMENTS-Cortinued Year and month 332, Index (1967-100) 332c. Change over 1-month spans ' (Percent) Producer prices, finished consumer goods Producer prices, capital equipment Producer prices, intermediate materials 332c, Change over 6-month spans ' (Ann. rate, percent) 333. Index (1967-100) 333c. Change over 1-month spans ' (Percent) 333c. Change over 6-month spans ' (Ann. rate, percent) 334. Index (1967-100) 334c. Change over 1-month spans ' (Percent) 334c. Change over 6 -month spans ' (Ann. rate, percent) 1980 January February •March . . . . . . . . . 267.3 272.0 274.0 2.6 1.8 0.7 15.6 14.9 14.1 April May June .. .. 274.7 276.4 278.4 0.3 0.6 0.7 10.5 8.8 8.3 July August September . . . . . . . 281.0 283.7 285.2 0.9 1.0 0.5 October .. November . . . . . . December . . 287.6 290.2 293.5 January February March . . . . . . . . . April May June 228.2 230.0 232.1 1.5 0.8 0.9 13.4 12.5 12.3 235.8 239.3 242.1 1,7 1.5 1.2 IB. 3 13.0 13.1 235.8 236.6 238.2 1.6 0.3 0.7 11.6 12.2 10.4 243.3 244.5 246.6 0.5 0.5 0.9 13.5 12.9 11.0 9.6 10.2 11.1 241.1 243.6 243.9 1.2 1.0 0.1 10,7 11.4 10.9 251.2 254.3 255.1 1,9 1.2 0.3 11.7 12.1 10.9 0.8 0.9 1.1 12.0 10.7 11.8 248.1 249.7 250.8 1.7 0.6 0.4 10.7 10.5 11.9 257.1 258.9 259.7 0.8 0.7 0.3 9.4 8.3 10.5 297.4 298.5 301.6 1.3 0.4 1.0 12.2 11.3 9.3 253.7 256.1 258.0 1.2 0.9 0.7 10.2 10.3 10.9 262.7 264.6 268.1 1.2 0.7 1.3 10.4 9.5 9.8 304.6 306.1 306.8 1.0 0.5 0.2 7.1 r7.4 5.2 260.4 262.3 264.1 0.9 0.7 0.7 9.8 r9.2 7.7 270.2 270.9 272.1 0,8 0.3 0.4 8.0 r6.7 4.1 July August . September . . . . . . . 307.8 r309.4 309.4 0.3 0.5 rO.O 3.1 2.7 3.0 265.9 r267.6 267.8 0.7 rO.6 rO.l 7.7 7.8 7.6 273.0 r273.3 273.5 0.3 rO.l rO.l 3.4 3.8 3.3 October . . . . . . . . . November . December . . , , . . . 309.3 310.2 311.3 0.0 0.3 0.4 270.2 272.4 273.9 0.9 0.8 0.6 274.7 276.0 276.5 0.4 0.8 0.2 " 1981 . .. 1982 January . . . . ... February March . . April May , , . . , . . . , . . June . . July ....... August September . October . , November December . . . . . . . See note on page 80. Graphs of these series are shown on page 48. 'Changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. JANUARY 1982 ItCII OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Rl WAGES AND PRODUCTIVITY Average hourly compensation, u ' employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted ' Year and month 340. Index (1977 = 100) ! 340c. Change over 1-month spans 2 (Percent) Current-dollar compensation Real earnings Current-dollar earnings 340c. Change over 6-month spans 2 (Ann. rate, percent) 341. Index (1977 = 100) 341c. Change over 1-month spans 2 (Percent) 341c. Change over 6-month spans 2 (Ann. rate, percent) 345. Index (1977-100) 345c. Change over 1-quarter spans 2 (Ann, rate, percent) 345c. Change over 4-quarter spans 2 (Ann. rate, percent) 1980 January February March 121.7 122.8 124.1 0.3 0.9 1.1 April May Jfjne 124.7 125.8 127.0 0.5 0.9 1.0 July August September 127.6 128.7 129.4 0.5 0.9 0.5 dctober November December 130.6 132.1 132.6 0.9 1.1 0.4 January February March 133.8 135.0 135.8 0.9 0.9 0.6 9.5 8.6 8.9 92.8 92.7 92.8 April 136.7 137.7 138.4 0.7 0.7 0.5 7.9 8.7 8.5 93.0 93.1 92.9 139.0 140.7 141.5 0.4 1.2 0.6 7.7 August September October November December r!41.9 r!43.2 p!43.3 rO.3 9.6 9.4 9.5 10.0 9.9 8.7 9.8 10.4 9.1 9.9 9.9 10.2 10.0 94.3 93.9 93.7 -1.0 -0.4 -0.2 -5.0 -4.6 -3.9 125.'7 93.3 93.4 93.4 -0.4 -1.0 -0.1 -0.9 129*. 1 -0.2 -0.3 -1.6 132 .*0 -2.2 -2.5 -1.1 135 '.i 93.8 93.9 93.3 93.2 93.2 92.7 0.1 0.0 0.4 0.1 -0.6 -0.1 0.0 -0.5 9*.9 11.5 ib!i 9.1 1CL4 9.7 9'.9 • 1981 June ^ Jifiy 0.9 pO.l r8.1 p7.3 0.1 -0.1 0.1 0.2 0.1 -0.4 -0.4 0.0 92.2 92.7 92.1 -0,8 r-2.2 r-1.5 p-1.6 92.0 -0.1 rO.4 r92.4 p92.2 9.5 -1.2 -1.5 -0.6 pib.i 0.6 -0.2 0.5 11.5 13&\8 142! 6 (NA) P9.7 p!45!3 (NA) (NA) p-0.2 1982 January February Mbrch Aflril May June July August September October November December Seje note on page 80. Graphs of these series are shown on pages 49 and 50. Adjusted for overtime (in manufacturing only) and interindustry employment shifts. 2 thanges are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. ItCll JANUARY 1982 87 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY-Continued ^9 WAGES AND PRODUCTIVITY-Continued Negotiated wage and benefit decisions, all industries © Average hourly compensation, all employees, nonfarrn business sector-Continued Year and month 348. First year average changes Real compensation 346. Index (1977-100) 346c. Change over l°quarter spans ' (Ann. rate, percent) 346c. Change over 4-quarter spans ' (Ann. rate, percent) (Ann. rate, percent) 349. Average changes over life of contract (Ann. rate, percent) Output per hour, alt persons, private business sector 370. Index (1977=100) 358. Index of output per Siour, all persons, nonfarm business sector 370c. Change over 1 -quarter spans ' 370c, Change over 4-quarter spans ' (Ann. rate, percent) (Ann. rate, percent) (1977-100) 6!b 98^9 6!6 98^2 6!? 99.'6 2.1 99!6 PUS IOCKO (NA) ioo!4 1980 January . . . . February March 96\2 April May June 95^8 July August September , . 9o!i October November . . December 95!4 -5.6 -zie 8.8 -2.8 -6!s 6!2 -1.8 7.4 99!i -2.*2 1.2 1.6 99!s 10.2 -1.5 6.7 11.4 7.2 1.3 99!4 8.5 6.1 -1.1 99!i 1981 January February . . . March 9515 April May . , June 96.'6 0.1 9.2 2.3 July . . August September . . 7.8 p-6'.6 11.9 9.7 (NA) p-2.0 p!2.1 p9.4 p95.*5 October November December (NA) (NA) 4.6 10CU (NA) ioi."i piob!9 (NA) 3.5 p-1.0 p9<L9 (NA) (NA) (NA) 1982 January . . . . . . . . . February . . . March , April May . . June . July August September . . . . . . . October . . . . November . . . . . . . December . . . . . . . See note on page 80. Graphs of these series are shown on pages 49 and 50. l Changes are centered within the spans: 1-quarter changes are placed on the 1st mont'i of the 2d quarter and 4-quarter changes are placed on the middle month of the 3d quarter. JANUARY 1982 ItCII OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month Labor force participation rates Number unemployed 441. Total 442. Employed 451. Males 20 years and over 452. Females 20 years and over 453. Both sexes, 16-19 years of age (Thous.) {Thous.) (Percent) (Percent) (Percent) 37. Total (Thous.) 444. Males 20 years and over 445. Females 20 years and over 446. Both sexes, 16-19 years of age 447. Fulltime workers (Thous.) (Thous.) (Thous.) (Thous.) 448, Number employed part-time for economic reasons (Thous.) 1980 January February March 104,208 104,271 104,171 97,708 97,817 97,628 79.5 79.6 79.4 51.3 51.3 51.2 58.0 57.5 57.4 6,500 6,454 6,543 2,629 2,581 2,736 2,314 2,311 2,295 1,557 1,562 1,512 5,130 5,114 5,265 3,549 3,454 3,470 April! May June 104,427 105,060 104,591 97,225 97,116 96,780 79.5 79.9 79.4 51.4 51.5 51.4 56.5 57.9 56.7 7,202 7,944 7,811 3,192 3,569 3,558 2,501 2,593 2,569 1,509 1,782 1,684 5,825 6,586 6,430 3,803 4,276 3,969 July Augiist September 105,020 104,945 104,980 96,999 97,003 97,180 79.4 79.4 79.4 51.5 51.6 51.3 57.1 55.5 56.7 8,021 7,942 7,800 3,630 3,612 3,652 2,655 2,633 2,513 1,736 1,697 1,635 6,631 6,553 6,516 4,086 4,143 4,183 October November December 105,167 105,285 105,067 97,206 97,339 97,282 79.3 79.2 79.0 51.4 51.5 51.4 56.8 56.5 56.0 7,961 7,946 7,785 3,532 3,532 3,425 2,732 2,720 2,750 1,697 1,694 1,610 6,559 6,632 6,549 4,220 4,176 4,218 January February March 105,543 105,681 106,177 97,696 97,927 98,412 78.8 78.7 79.2 51.8 51.9 52.1 57.0 57.0 56.6 7,847 7,754 7,764 3,352 3,312 3,305 2,750 2,680 2,725 1,744 1,762 1,734 6,460 6,396 6,407 4,474 4,145 4,227 April! May June 106,722 107,406 106,176 98,976 99,235 98,392 79.4 79.8 78.9 52.3 52.6 52.4 57.7 57.4 53.7 7,746 8,171 7,784 3,262 3,546 3,425 2,721 2,838 2,731 1,763 1,787 1,628 6,293 6,690 6,322 4,044 4,143 3,798 July Augiist September 106,464 106,602 106,236 98,962 98,944 98,270 78.9 79.0 78.9 52.5 52.4 51.8 54.2 54.8 55.4 7,502 7,657 7,966 3,147 3,321 3,455 2,797 2,701 2,819 1,559 1,635 1,692 6,101 6,102 6,506 4,225 4,187 4,537 October November December 106,736 107,029 106,650 98,217 98,025 97,188 78.8 78.8 78.9 52.3 52.5 52.1 55.2 55.4 53.8 8,520 9,004 9,462 3,773 4,043 4,485 2,953 3,062 3,145 1,793 1,899 1,832 7,029 7,403 8,018 5,026 4,988 5,350 1981 . ., 1982 January February March April May| June July August September October November December See note on page 80. Graphs of these series are shown on page 51. BUI JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES |Q DEFENSE INDICATORS Q RECEIPTS AND EXPENDITURES State and local governments ' Federal Government ' Year and month Advance measures of defense activity 500. Surplus or deficit 501. Receipts 502. Expenditures 510. Surplus or deficit 511. Receipts 512. Expenditures (Ann. rate, bil. dnl.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 517. Defense Department gross obligations incurred 525. Defense Department military prime contract awards 643. Defense Department gross unpaid obligations outstanding 548, Value of manufacturers' new orders, defense products (Mil. dol.) (Mil, dol.) (Mil. dol.) (Mil, dol.) C2) 1980 January February March -36.3 528.'4 564.' 7 26\e 372.1 345^4 12,578 12,399 13,806 5,515 7,152 5,781 70,088 68,497 72,961 3,773 4,224 5.1B2 April . . . . . . . . . . May . June -66\5 526!9 587^3 23!9- 373^9 35b!6 13,722 13,718 12,809 7S572 7,483 7,184 73,766 74,848 75,204 4,474 4,044 4,546 July August September -74! 2 540.' 8 eisib 28.6 386! 8 358^2 12,677 13,728 13,552 6,768 7,633 7,410 76,366 76,606 79,260 6,815 4,915 5,669 -6?!9 573.'2 641 !l 37!i 403 .*4 366^3 13,014 12,876 15,825 4,572 6S794 9,663 77,930 76,530 79,312 3,986 3,357 4,991 January . . , . . . . . , February . . March , . . . , -46\6 617.*4 664.6 36^9 411.7 374.8 14,808 15,741 15,560 7S430 7,598 7,866 80,829 85,032 83,966 4,530 6,261 4,848 April . . . . . . . . . . . May June -4?!2 62LO 668^2 36A 413^6 377^5 15,210 15,699 15,156 8,916 7,975 6,269 83,672 85,589 06,301 3,976 5,383 4,956 July August . . . . . . . . . September . . . . . . . -55*.7 638 !i 694 .'6 37^8 419.*6 333L8 16,836 17,374 16,584 9 S 771 10,142 9,907 88,424 90,913 93,228 5,482 5,759 6,554 October November . . . . . . . December . . . . . . (NA) (NA) (NA) 12,892 p!5,674 3,509 9,935 91,535 (NA) 92, m (NA) (NA) 3,830 r4,850 p5,360 ,. October November December 1981 p719.*4 p337.'i (NA) 1982 January . . . February March ... April . May , , , . June July August September October November Oecembef See note on page 80. Graphs of these series are shown on pages 52 and 53. 1 Based on national income and product accounts. Scc "New Features and Changes for This Issue," page iii. 2 90 JANUARY 1982 ICO OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES-Continued Q| DEFENSE INDICATORS-Continued National defense purchases Intermediate and final measures of defense activity Year and month 1 557. Output of defense and space equipment 559. Manufacturers' inventories, defense products 561. Manufacturers' unfilled orders, defense products 580, Defense Department net outlays (1967-100) (Mil.dol.) (Mil.dol.) (Mil.dol,) 588. Manufacturers' shipments, defense products 570. Employment in defense products industries (Mil.dol.) (Thous.) Defense Department personnel 577. Military, active duty @ 578. Civilian, direct hire employment ® (Thous.) ahous.) 564. Federal purchases of goods and services (Ann, rate, bil, dol.) 565. Federal purchases as a percent of GNP (Percent) 1980 Janyary February Mai'ch 97.2 97.6 97.4 8,762 8,819 9,246 54,323 55,318 57,151 11,341 10,632 11,235 2,983 3,229 3,319 1,348 1,353 1,363 2,029 2,032 2,033 964 965 966 125!b 4^9 Aprjl . May Jun£ 97.6 97.4 97.7 9,415 9,576 9,749 58,345 59,024 60,207 11,356 11,061 11,480 3,280 3,366 3,363 1,359 1,361 1,354 2,028 2,031 2,034 969 975 988 128!7 5!b July! August September 97.9 97.7 98.1 10,034 10,337 10,447 63,573 65,097 67,113 11,303 11,135 11,648 3,450 3,391 3,653 1,357 1,364 1,369 2,044 2,049 2,051 990 973 971 13U4 slo October November December 99.2 100.3 101.0 10,698 10,815 11,021 67,445 67,046 68,355 12,371 11,209 13,055 3,653 3,757 3,683 1,380 1,382 1,386 2,053 2,056 2,051 971 972 973 14U6 5.*2 January Febiiuary March 100.9 100.5 100.7 11,418 11,628 11,984 69,321 71,711 72,398 12,769 12,959 12,631 3,564 3,861 4,161 1,384 1,379 1,383 2,056 2,061 2,062 973 972 974 145^2 s!i April May . June1 101.5 102.0 101.7 12,165 12,273 12,700 72,410 73,852 74,696 12,609 13,541 13,277 3,964 3,941 4,112 1,383 1,382 1,381 2,060 2,064 2,070 980 990 1,008 148.'2 SA July 1 August September 102.6 102.8 r!03.0 12,681 12,689 13,019 75,952 77,294 79,632 14,135 13,723 13,886 4,229 4,419 4,214 1,382 1,385 1,387 2,082 2,084 2,083 1,023 1,017 984 isiii 5^2 October November December r!04.5 r!04.9 p!05.4 13,068 p!3,541 79,127 r79,473 p80,238 14,206 r!4,427 p!5,260 4,337 r4,502 p4,596 r 1,382 pi ,376 2,090 r2,097 p2,093 998 1,006 pi, 009 p!65".8 ps!e 1981 (NA) (NA) 1982 January February March April May! June July Augu&t September Octolier Novefnber December See note on | Graphs of these series are shown on pages 54 and 55. JANUARY 1982 91 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS ^| MERCHANDISE TRADE Year and month 602. Exports, excluding military aid shipments, total (Mil. dol.) 604. Exports of agricultural products (Mil. dol.) 606. Exports of nonelectrical machinery (Mil.doi.) 612. General imports, total (Mil. dol.) 614. Imports of petroleum and petroleum products 616. Imports of automobiles and parts (Mil. dol,) (Mil. dol.) 1980 January . . , . . . . „ , February March 17,419 16,984 18,265 3,442 3,484 3,325 3,297 3,454 3,423 21,142 21,779 20,947 5,614 7,741 6,991 1 3 899 2,035 1,960 April May June 18,567 17,647 18,440 3,329 3,326 3,085 3,571 3,620 3,943 19,766 20,587 20,353 5,185 7,191 6,611 1,710 1,999 1,843 July August September 18,267 19,086 18,828 3,286 3,557 3,596 3,985 4,230 4,027 19,139 19,713 19,940 5,153 6,018 4,982 2, 103 2,139 2,270 October November December 19,214 18,715 19,251 3,485 3,464 3,838 4,117 3,968 3,819 20,347 19,860 21,436 5,876 6,051 6,254 2,189 2,314 1,897 January . . . . . . . . February , March 18,825 19,764 21,434 4,295 3,977 4,201 4,058 4,155 4,352 23,194 21,922 20,949 7,359 8,018 5,992 2,264 1,742 2,125 April May . June 19,818 18,869 19,870 3,604 3,708 3,256 4,311 4,160 4,388 22,289 21,310 21,975 6,919 6,329 6,521 2,042 2,299 2,257 July , . August September . , 19,264 19,050 19,655 3,089 3,202 3,563 4,567 6,207 4,559 19,807 23,528 21,229 5,400 6,335 5,709 2,108 2,635 1,943 October . . . . . . November December 19,044 19,118 (NA) 3,735 3,442 (NA) 4,338 4,366 23,234 22,522 6,123 6,483 2,464 2,239 (NA) (NA) 1981 (NA) (NA) 1982 January . . . . February March . . . , , April May June July August September . . October November December See note on page 80. Graphs of these serits are shown on paje 56. 92 JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Continued ^J GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise adjusted ' Goods and services Year and month 668. Exports 667. Balance (Mil.dol.) (Mil.dol.) 669. Imports (Mil.dol.) 622. Balance (Mil.dol.) 618. Exports (Mil.dol.) Income on investments 620. Imports (Mil.dol.) 651. U.S. investments abroad (Mil.dol.) 652. Foreign investments in the United States (Mil.dol.) 1980 January February Marqh 85,764 85,981 -10,126 54,898 65,024 20,465 10,629 787 83, 617 82,830 -6,744 55,667 62,411 16,860 10,342 July August September 6,478 86,655 80,177 -2,902 56,252 59,154 18,850 10,697 October November December 3,734 88,636 84,902 -5,570 57,149 62,719 19,764 11,507 January February Marcfi 4,790 94,431 89,641 -4,677 61,098 65,775 21,566 12,5i3 April May June 2,660 95,083 92,423 -6,9i6 60,477 67,387 22,399 13,666 p3,994 p94,250 p90,256 -7,042 58,037 65,079 p23,6i6 P14J20 -217 , . . April' May June .... 1981 July August September i: October November December f (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 1982 Januaty February March April May .' June ., July Angus! September October November December See ndte on page 80. Graphs of these series are shown on page 57. 1 Balance of payments basis: Excludes transfers under military grants and Department of befense sales contracts (exports) and Department of Defense purchases (imports). JANUARY 1982 93 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS Q INDUSTRIAL PRODUCTION 47. United States, index of industrial production Year and month ; (1967-100) 721. OECD 1 European countries, index of industrial production 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) (1967-100) 727. Italy, index of industrial production (1967-100) 723. Canada, index of Industrial production (1967-100) 1980 January February March 153.0 152.8 152.1 163 163 163 230.7 241.0 235.0 164 167 164 166 167 166 130 128 125 168.9 176.1 174.6 162,9 161.9 164.8 April May June 148.2 143.8 141.4 163 158 159 238.2 235.7 234.4 164 161 160 167 160 160 124 124 124 176.1 162.3 167.4 160.8 158.4 158.1 July August September 140.3 142.2 144,4 161 154 155 234.5 225.3 233.4 161 157 157 166 166 r!56 123 120 r!18 165.2 141.5 160.8 157.5 IBS. 8 160.9 October November December . . . , , . , 146.6 149.2 150.4 r!56 156 155 235,7 232.6 236.4 160 157 154 160 r!56 r!61 118 117 rl!7 163.2 169.5 159. 4 162.0 162.7 163.1 January February . . March ., 151.4 151.8 152.1 r!54 158 156 238.3 239.8 237.9 156 164 160 r!52 r!48 156 116 117 117 IBS. 2 170.1 168.9 161.7 164.1 167.1 April May ... June 151.9 152.7 152.9 156 155 r!55 239.0 234.5 240.3 r!60 r!60 156 r!50 r!50 r!54 rl!7 116 rl!8 167.5 157.6 158.0 166.7 169.1 170.0 July . August September . . . . . . . 153.9 153.6 rl51.6 156 151 r!56 243.1 236.0 r245.1 160 157 r!60 156 156 156 117 117 118 162.8 137.2 r!63.i 166.1 r!63.0 r!61.2 October . . November December . . , r!49.2 r!46.4 P143.3 p!56 (NA) p248.8 (NA) p!60 (NA) p!57 (NA) p!21 (NA) P158.2 (NA) r!58.9 P158.1 (NA) 1981 , 1982 January . . . February March . . . . . . . . . . April . . . . . . . . . . . May June . . July August . . . September . . . . . . . October November December . . . . . . . See note on page 80. Graphs of these series are shown on page 58. 1 Organication for Economic Cooperation and Development. 94 JANUARY 1982 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS-Continued Q CONSUMER PRICES Year and month 320. Index © 320c. Change over 6-month spans ' 738. Index © 738c. Change over 6-month spans ' 735. Index © United Kingdom France West Germany Japan United States 735c. Change over 6-morth spans ' 736. Index © 736c. Change over 6-month spans ' 732. Index © 732c. Change over 6-month spansl (1967 = 100) (Ann. rate, percent) (1967 = 100) (Ann. rate, percent) (1967-100) (Ann. rate, percent) 171.0 172.8 173.8 5.6 5.6 5.7 277.2 280.2 283.4 15.0 15.0 14.1 394.1 399.7 405.1 20.4 20.5 20.5 8.9 7.8 7.8 174.9 175.6 176.5 6.9 5.5 4.7 286.7 289.3 291.1 12.9 12.3 11.6 419.0 422.8 426.8 18.5 15.8 14.1 284.0 283.2 288.3 5.9 7.6 4.7 176.8 177.0 177.0 4.6 5.0 5.2 295.5 298.4 301.0 11.8 12.2 13.2 430.4 431.3 434.1 10.6 10.4 11.9 12.3 11.4 288.8 289.4 288.3 6.1 5.4 4.8 177.3 178.3 179.4 4.9 5.4 6.3 304.3 306.4 309.1 12.7 12.7 13.0 436.8 440.3 442.7 11.1 10.0 291.1 290.8 292.2 4.4 2.4 4.3 180.9 182.3 183.5 6.6 6.3 6.0 312.7 315.6 318.8 13.6 13.2 13.0 445.5 449.5 456.2 13.4 13.0 12.7 294.5 297.0 297.3 2.2 2.3 3.0 184.7 185.4 186.3 6.5 6.7 6-9 323.1 326.0 329.2 13.8 14.0 15.1 469.4 472.4 475.2 13.0 12.8 11.2 296.4 294.7 299.5 4.1 4.7 (NA) 187.1 187.7 188.6 6.9 6.9 6.9 334.9 339.0 342.9 14.9 15.9 (NA) 477.3 480.8 483.5 9.8 rll.l (1967 = 100) (Ann. rate, percent) (1967 = 100) January February March i; Apri[i May June, 233.2 236.4 239.8 15.3 14.8 14.3 271.3 273.3 275.0 242.5 244.9 247.6 11.4 10.3 280.1 282.6 284.0 July August September 247.8 249.4 251.7 10.0 10.5 10.5 October November December 253.9 256.2 258.4 260.5 263.2 265.1 (Ann. rate, percent) 1980 9.6 9.9 9.4 10.3 9.9 8.2 9.7 1981 January February March April May June 266.8 269.0 271.3 :.. July August September 274.4 276.5 279.3 October . . . . November December 279.9 280.7 281.5 9.1 8.5 9.5 9.2 10.4 10.3 9.9 9.3 300.7 299.8 (NA) 189.2 190.1 190.7 347.1 350.3 (NA) 11.8 487.9 r493.0 496.1 1982 January February Marcfi ; April May June , July August September October November December See note on page 80. Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. JANUARY 1982 95 OTHER IMPORTANT ECONOMIC MEASURES F INTERNATIONAL COMPARISONS-Continued E Qj CONSUMER PRICES Continued Year and month Italy Canada 737. Index © 737c. Change over 6-month spans ' 733. Index © 733c. Change over 6-month spans l | STOCK PRICES 19. United States, index of stock prices, 500 common stocks ® 748. Japan, index of stock prices © 745. West Germany, index of stock prices © 746. France, index of stock prices © 742. United Kingdom, index of stock prices © 747. Italy, index of stock prices @ 743, Canada, index of stock prices ® (1967-100) (1967-100) (1967-100) (1967-100) (1967-100) (1967-100) (1967-100) (1967 = 100) (Ann, rate, percent) January February March 367.9 374.3 378.2 23.0 22.6 20.4 231.3 233.3 235.8 10.3 9.9 10.6 120.6 125.5 113.9 420.1 425,5 413,0 117.2 123,3 118.1 203.8 207.4 185.4 224.3 239.4 231,6 59.8 61.1 61.1 224.7 256.3 203.2 April May , , . June 384,3 388.2 391.7 18.4 18.1 19.6 237.2 240.0 242.7 10.0 11.0 11.5 112.0 117.1 124.6 417.6 422.9 423.8 116.5 118.8 120.6 189.0 201.1 201.4 228.1 230.3 240.7 61.0 61.5 64.8 212.8 216.4 227.5 July August September 398.7 403.5 411.6 19.1 21.6 22.9 244.5 246.8 249.0 11.7 12.7 12.0 130.4 134.3 137.6 424.9 429.1 437.6 121.2 121.7 120.0 198.9 199.9 203.0 255.9 256.7 262.6 66.0 74,4 82.7 240.0 232.3 233.5 October November December 418.5 427.3 432.5 21.2 21.7 20.7 251.2 254.3 255,8 14.1 13.3 13.2 141.7 147.6 145.2 447.5 447.8 443.5 120.6 117.2 116.3 218.0 215.2 206.6 267,4 277.5 267.6 93.5 99.2 96.0 223, 3 23B.2 219.9 January . . , f February March , , . , . . . 440.7 449.1 455.4 20.8 20.1 19.3 259.1 261.7 265.2 13.6 12.0 13.7 144,6 139.7 144,9 457.9 458.2 467.3 115.3 114.0 116.3 191.1 201.1 209.4 259.0 269.0 273.2 110,0 122.1 125.9 223,7 218,6 233.9 April May June 461.3 468.7 473.9 18.4 17.0 16.1 267.2 269.6 273.8 11.9 12.3 11,9 146.2 143.3 143,9 494.6 502.8 515.2 122.7 122,1 126.1 197.7 162.5 152.3 293,2 295.6 289.0 132.4 135.9 123.5 232,,3 245.7 242.9 July . . . . August September 477.7 481.0 487.7 17.7 16.8 (NA) 276.2 278.2 280.2 12.0 12.2 10.5 140.5 141.0 128.7 534.4 540.7 511.3 127.5 122.5 122.5 168.9 177.4 176.5 284.8 298.6 278.9 99.1 112.0 99.1 232.3 231.6 192,3 October November December 497.5 506.0 (NA) 130.3 133.7 134,7 493.8 505.6 rp512.0 118.8 118.0 117.7 163,9 169.2 rp!78,6 259.5 278.0 284.2 91.2 93.8 96.9 190.4 208.9 rp212.0 p!26.7 p512.5 pl!5.7 p209.9 p286.3 p83.1 p200.3 (1967-100) (Ann. rate, percent) 1980 1981 , 283.0 285.4 286.7 1982 January . . . . . . . . . February March April May June July August September October November December . . . . . . . See note on page 80, Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. 96 JANUARY 1982 ItCIt C. Historical Data for Selected Series Year Jan. Feb. Mar. Apr. June May July Aug. Sept. 23. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIAL MATERIALS Oct. IV ov. Dec. IQ II Q III Q 129.1 116.6 94.1 173.0 130.3 102.2 91.6 101.7 112.2 109.0 92.8 99.2 105.3 96.9 102.5 95.1 98.1 124.2 110.3 93.2 174.3 123.3 101.5 91.0 103.3 110.4 105.6 93.0 99.1 103.9 98.9 100.2 94.7 98.1 119.2 101.8 92.9 169,4 118.4 102.6 92.3 101.4 110.7 105.3 92.2 100.7 102.0 102.7 100.0 94.0 98.5 120.7 91.2 94.0 167.1 115.0 97.8 95.7 103.0 111.2 104.3 89.8 101.7 103.4 103.7 97.9 94.1 102.0 119.9 89.9 98.2 164.7 113.3 97.1 96.7 101.7 107.3 103.4 90.2 102.4 103.7 104.0 97.4 94.8 100.5 121.3 87.0 101.8 156.8 110.4 96.6 97.4 103.0 104.4 104.0 91.7 102.8 102.3 100.6 95.0 93.5 101.0 121.1 88.6 112.8 139.0 108.9 95.9 96.3 106.8 104.9 103.4 94.3 102.8 101.2 101.3 93.8 93.8 102.1 121.9 93.5 127.7 134.1 108.4 95.4 95.9 108.2 107.8 102.7 96.0 103.3 101.7 102.5 94.1 93.8 105.3 120.2 95.0 142.7 132.6 108.8 93.3 97.3 109.6 109.8 99.6 95.9 104.7 100.8 102.5 93.6 93.7 107.8 118.0 91.1 148.1 135.5 105.7 90.4 99.0 108.8 109.0 96.5 98.9 105.4 99.3 101.9 94.5 95.9 111.6 1 1.3 3.8 1 8.8 1 3.5 1 5.7 2.8 9.5 1 0.3 1 1.9 4.5 1 1.4 1 5.5 8.1 8.5 6.0 6.9 1 2.7 119.4 92.8 164.0 133.3 104.8 92.7 99.3 113.5 112.0 93.9 99.9 104.4 96.4 100.6 95.4 97.3 112.1 124.2 109.6 93.4 172.2 124.0 102.1 91.6 102,1 111.1 106.6 92,7 99.7 103.7 99.5 100.9 94,6 98.2 120.6 89.4 98.0 162.9 112.9 97.2 96.6 102.6 107.6 103.9 90.6 102.3 103.1 102.8 96.8 94.1 101.2 121.1 92.4 127.7 135.2 108.7 94.9 96.5 108.2 107.5 101.9 95.4 103.6 101.2 102.1 93.8 93.8 105.1 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976.,. 1977... 1978... 1979... 1980... 1981... 110.2 120.0 106.4 99.4 103.0 118.9 105.9 110.7 139.3 215.9 180.1 183.6 210.2 219.7 110.3 122.4 104.8 99.1 105.9 119.5 107.2 113.0 147.5 112.7 123.0 102.1 99.7 106.5 118.7 107.8 117.2 155.3 116.2 121.0 99.7 97.9 108.9 118.2 110.2 119.5 158.2 116.4 117.8 99.2 95.7 110.0 117.5 108.6 124.3 162.9 114.8 117.9 99.4 95.2 111.2 114.8 106.1 123.8 170.1 114.1 118.3 97.9 94.0 112.0 112.4 104.7 123.7 178.1 114.7 111.3 97.7 94.5 114.5 111.2 106.1 124.6 189.8 114.3 108.5 97.4 95.7 116.9 110.5 107.5 124.8 186.3 214.7 184.2 1 5.0 1 5.5 8.7 9.9 1 5.1 1 8.8 1 6.9 1 1.6 1 2.4 1 6.4 1 9.8 2 1.0 2 3.8 2 4.8 ; 4.0 ; 4.7 116.6 105.4 99.7 100.3 116.7 106.4 106.8 134.8 111.1 121.8 104.4 99.4 105.1 119,0 107.0 113.6 147.4 115.8 118.9 99.4 96.3 110.0 116.8 108.3 122.5 163.7 114,4 112.7 97.7 94.7 114.5 111.4 106.1 124.4 184.7 258.3 316.2 967. 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... 1978. .. 1979... 1980... 1981... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970. .. 1971... 1972. .. 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 239.1 298.1 292.1 297.3 298.3 307.7 300.8 237.2 238.4 226.2 227.5 228.2 224.2 182.3 193.2 186.4 184.2 173.2 179.6 200.9 202.7 222.8 221.9 219.8 273.5 322.5 288.5 220.3 294.5 218.1 217.8 205.2 206.4 171.5 214.1 204.1 316.9 301.9 293.9 267.5 224.7 297.3 277.6 DIFFUSION INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS — 13 INDUSTRIAL MATERIALS (PERCENT RISING OVER 1-MONTH SPANS) 23.1 7.7 26.9 65.4 26.9 46.2 34.6 65.4 50.0 30.8 38.5 50.0 46.2 73.1 34.6 61,5 50.0 23.1 26.9 57.7 34.6 30.8 46.2 73.1 42.3 50.0 46.2 38.5 73.1 42.3 80.8 46.2 46.2 46.2 53.8 19.2 61.5 46.2 23.1 3.8 73.1 65.4 42.3 46.2 38.5 50.0 50.0 69.2 38.5 50.0 69.2 53.8 42.3 73.1 30.8 42.3 57.7 46.2 38.5 23.1 42.3 61.5 57.7 42.3 57.7 53.8 46.2 26.9 42.3 34.6 76.9 30.8 50.0 46.2 69.2 73.1 26.9 50.0 73.1 57.7 57.7 42.3 30.8 61.5 26.9 46.2 53.8 88.5 11.5 42.3 42.3 30.8 76.9 46.2 38.5 92.3 53.8 46.2 53.8 30.8 34,6 61.5 50.0 88.5 96.2 26.9 46.2 46.2 42.3 53.8 73.1 42.3 76.9 57.7 46.2 76,9 46.2 42,3 73..1 38.5 69.2 92.3 46.2 53.8 30.8 80.8 69.2 73.1 26.9 34,6 '65.4 34.6 53.8 50.0 46.2 65.4 50.0 23.1 73.1 61.5 34.6 26.9 53.8 38.5 61.5 34.6 69,2 53.8 23.1 42.3 57.7 73.1 88.5 26.9 69.2 53.8 50.0 50.0 57.7 34.6 76.9 84.6 73.1 38.5 65.4 69.2 69.2 61.5 50.0 50.0 50.0 34.6 38.5 73.1 46.2 61.5 73.1 92,3 73.1 69.2 61.5 73.1 34.6 76.9 73.1 73.1 57.7 26.9 57.7 53.8 50.0 73.1 84.6 69.2 53.8 30.8 73.1 80.8 46.2 76.9 61.5 84.6 50.0 34.6 34.6 80.8 50.0 76.9 69.2 65.4 61.5 57.7 65.4 34.6 50.0 69.2 11.5 57.7 23.1 34.6 26.9 50.0 46.2 38.5 57.7 73.1 34.6 30.8 65.4 34.6 61.5 42.3 15.4 46.2 34.6 57.7 42.3 69.2 30.8 46.2 53.8 73.1 46.2 46.2 69.2 15.4 80.8 53.8 0. 38.5 34.6 26.9 30.8 73.1 30.8 46.2 61.5 69.2 38.5 57.7 73.1 34.6 65.4 46.2 53.8 50.0 19.2 50.0 65.4 69.2 34.6 61.5 69.2 61.5 34.6 53.8 34.6 50.0 69.2 30.8 76.9 53.8 7.7 42.3 65.4 50.0 30.8 53.8 57.7 34.6 50.0 57.7 34.6 50.0 76.9 53.8 57.7 61.5 26.9 53.8 76.9 46.2 34.6 50.0 61.5 42.3 26.9 34.6 50.0 50.0 88.5 62.5 65.4 DIFFUSION INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS— 13 INDUSTRIAL MATERIALS (PERCENT RISING OVER 9-MONTH SPANS) 1948. . . 1958. .. 206.2 202.9 232.0 ... 30." 8 61.5 92.3 23.1 26.9 46.2 76.9 46.2 34.6 46.2 42.3 65.4 38.5 69.2 53.8 57.7 967. 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 209.6 202.7 232.6 114.5 105.9 97.3 97.1 115.1 109.5 107.4 128.1 188. 204. 181. 201. 204. 249. 181.1 186.6 216.4 219.9 293.8 278.5 69.2 76.9 19.2 84.6 42.3 26.9 15.4 61.5 73.1 50.0 46.2 46.2 61.5 46.2 53.8 30.8 69.2 61.5 3.8 92.3 30.8 23.1 15.4 61.5 69.2 46.2 30.8 65.4 53.8 30.8 53.8 15.4 61.5 69.2 0. 92.3 23.1 23.1 15.4 57.7 76.9 46.2 23.1 50,0 57.7 38.5 69.2 11.5 65.4 76.9 80.8 38.5 19.2 53.8 76.9 61.5 46.2 84.6 92.3 76.9 15.4 65.4 50.0 66.7 96.2 50.0 61.5 34.6 15.4 30.8 76.9 34.6 46.2 92.3 92.3 61.5 19.2 80.8 50.0 58.3 88.5 53,8 42.3 38.5 11.5 46.2 76.9 30.8 46.2 92.3 92.3 61.5 50.0 69.2 50.0 69.2 80.8 50.0 50.0 26.9 19.2 42.3 76.9 26.9 61.5 84.6 80.8 46.2 42.3 73.1 46.2 80.8 84.6 46.2 11.5 61.5 92.3 26.9 23.1 46.2 53.8 53.8 46.2 26.9 69.2 53.8 61.5 30.8 65.4 76.9 11.5 61.5 76.9 19.2 15.4 53.8 69.2 46.2 46.2 34.6 69.2 53.8 61.5 73.1 53.8 7.7 38.5 76.9 69.2 46.2 84.6 100.0 69.2 19.2 65.4 57.7 66.7 96.2 58.3 34^6 208.9 183.4 180.6 203.2 210.9 251.8 309.6 298.4 228.4 230.7 222.4 181.2 187.8 216.5 219.8 181.3 178.4 210.0 273.4 215.5 220.1 294.1 318.5 282.6 ® 50.0 50.0 80.8 53.8 50.0 50.0 53.8 69.2 50.0 50.0 30.8 53.8 26.9 61.5 34.6 61.5 50.0 2.3 61.5 42.3 61.5 53.8 65.4 42.3 53.8 76.9 73.1 23.1 57.7 65.4 57.7 42.3 76.9 46.2 6.9 5.4 2.3 3.8 3.8 3.1 :3.l 3.8 1.5 7.5 0.8 1.5 3.8 203.2 121.4 96.0 119.0 151.1 112.8 96.5 96.0 105.9 109.3 101.8 94.7 102.7 101.5 101.2 96.7 94.8 104.2 1.15.4 114.2 114.8 100.0 97.4 111.3 113.9 107.1 123.0 173.1 219.0 180.4 105.6 98.6 99.1 115.6 108.2 107.0 13K5 196.5 194.7 180.8 201.9 232.1 206.5 252.0 297.6 289.3 307.1 301.3 200.7 210.4 23,1.0 293.0 298.0 AVERAGE FOR PERIOD 9.2 !9.2 )4.6 iO.O t2.3 51. 5 >0.0 14.6 ,5.4 18.5 18.5 il.5 6.2 S6.9 '6.9 i5.4 19.2 >7 .7 \1 .7 202.9 119.6 92.6 157.0 134.1 105.4 92.0 99.3 110.9 111.0 95.0 100.1 105.1 97.9 100.3 95.3 96.7 112.1 21 .8 48.7 64.1 26.9 39.8 51.3 61.5 48,7 37.2 41.1 55.1 51.3 64.1 50.0 53.8 51,3 50.0 32.0 70.5 35.9 38.5 35.9 62.8 59,0 30.8 46.2 57.7 55.1 50.0 56.4 41.0 52.6 41.0 44.9 70.5 92.3 28.2 47.4 39.8 51.3 66.6 64.1 35.9 67.9 59.0 42.3 61.5 42.3 41.0 66.7 56.4 47.4 79.5 55.1 42.3 46.1 52.5 64.1 59.0 41.0 62.8 56.4 32.1 43.6 56.4 66.7 69.2 4 2 . *9 72.8 45.8 38.8 40.4 54.5 62.8 SO. 6 40.1 57.4 56.4 43.9 56.4 47.4 53.5 57.0 50.0 59.0 38.4 48.7 59.0 51.3 56.4 78.2 82.0 66.7 46.2 66.7 74.4 50.0 71.8 61.5 62.8 35.9 42.3 34.6 66.7 42.3 53.9 60.2 70.5 47.4 44.9 66.7 28.2 64.1 55.1 9.0 47.4 20.5 39.7 53.9 64.1 32.1 53.8 62.8 55.1 41.0 56.4 47.4 44.9 70.5 43.6 62.8 55.1 42.3 57.7 69.2 59.0 39.7 52.5 64.1 62.8 24.4 48.7 59.0 48.4 70.5 67.0 55.1 53.8 39.4 44.5 51.6 62.2 41.4 54.2 66.3 67.6 44.9 49.0 59.9 49.0 63.8 59.4 47,1 3 AVERAGE FOR PERIOD 46.2 7.7 100.0 23.1 30.8 26.9 61.5 73.1 57.7 23.1 69.2 76.9 46,2 69.2 19,2 53.8 80.8 38 .5 23.1 100.0 23.1 30.8 30.8 53.8 76.9 53.8 15.4 84.6 61.5 34.6 50.0 30.8 53.8 84.6 53.8 34.6 100.0 15.4 34.6 30.8 61.5 84.6 57.7 15.4 76.9 61.5 23.1 53.8 38.5 53.8 76.9 53.8 61.5 100.0 15.4 42.3 38.5 69.2 84.6 53.8 23.1 76.9 61.5 30.8 69.2 34.6 57.7 61.5 42 ,3 61.5 100.0 15.4 46.2 38.5 61.5 84.6 42.3 23.1 76.9 53.8 . 38.5 53.8 34.6 53.8 69.2 9.2 5.4 J 0.0 3.1 2.3 8.5 1.5 3.1 7.7 3.1 3.1 6.2 6.2 3.8 0.0 9.2 6.9 11.5 76.9 100.0 30.8 23.1 46.2 61.5 69.2 42.3 19.2 69.2 46.2 53.8 38.5 65.4 80.8 80.8 14.1 69.2 70.5 24.3 18.0 53.8 65.4 50.0 46.2 35.9 66.6 51.3 58.9 32.1 67.9 71.8 3.8 94.9 25.7 25.7 19.2 60.2 73.1 50.0 25.7 61.5 62.8 38.5 64.. I 15.4 60.2 75.6 48.7 39.7 100.0 18.0 35.9 33.4 61.5 82.0 55.1 18.0 79,5 61.5 29,5 57.7 34.6 55.1 74.3 24.3 67.9 100.0 23.1 37.2 41.1 61.5 75.6 47.4 21.8 73.1 48.7 46.2 48.7 50.0 67.9 75. 6 31.4 91.0 34.3 30 .8 27.9 59.3 74.0 50.6 27.9 62.5 59.9 41.4 57.3 33.0 62.8 74.3 50.0 11,5 11,5 61.5 84.6 34,6 69.2 80,8 80,8 46,2 57.7 11.5 34.6 65.4 80.8 23.1 53.8 69.2 80.8 38.5 34.6 57.7 45.8 88.5 66.7 46.2 57.7 11.5 30.8 57.7 76.9 19.2 53.8 61.5 88.5 23.1 50.0 61.5 29.2 92.3 66.7 42.3 50.0 3.8 38.5 80.8 69.2 26.9 46.2 61.5 88.5 23.1 42.3 76.9 41.7 88.5 58.3 38.5 57.7 3.8 38.5 92.3 69.2 23.1 53.8 76.9 92.3 23.1 42.3 76.9 45.8 88.5 66.7 61.5 7.7 3.8 8.5 2.3 6.9 8.5 4.6 6.9 4.6 9.2 5.4 3.1 2.5 8.5 8.3 5.4 50.0 3.8 42.3 84.6 69.2 46.2 84.6 92.3 76.9 19.2 65.4 69.2 75.0 92.3 58.3 65.4 71.8 42,3 14.1 41.0 76.9 55.1 46,2 87.2 94.9 69.2 17.9 70.5 52.6 63.9 93.6 54.0 47.4 25.6 14.1 50.0 79.5 30.8 59.0 85.9 84.6 51.3 50.0 69.2 47.5 78.2 85.7 47.5 55.1 8.9 34.6 68.0 75.6 23.1 51.3 64.1 85.9 28.2 42.3 65.4 38.9 89.8 63.9 42.3 55.1 3.8 39.8 89.7 71.8 35.9 74.3 82.0 84.6 20.5 57.7 73.1 61.1 89.8 61.1 64.1 57.4 20.2 25.6 62.2 75.9 36.2 57.7 79.8 87.5 42.3 42.0 69.6 50.0 80.4 76.1 52.0 5707 65 = 4 46.2 84. .6 91,7 46,2 NOTE: These series contain no revisions but are reprinted for the convenience of the user. Annual AVERAGE FOR PERIOD (1967=100) 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 222.1 IV Q ® (JANUARY 1982) 97 C. Historical Data for Selected Series—Continued Year Jan. Mar. Feb. Apr. June May July Aug. Sept. Oct. Nov, Dec. IQ NQ 48. EMPLOYEE HOURS IN NQNAGRICULTURAL ESTABLISHMENTS (ANNUAL RATE, BILLIONS OF EMPLOYEE HOURS ) 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958. .. 1959... 1960... 1961... 1962... 19b3... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971.,. 1972... 1973... 1974.., 1975... 1976... 1977... 1978... 1979... 1900... 1981... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972 . 1973!!'. 1974.., 197S. > . 1976... 1977... 1970 1979!]! 1980... 1981... IV Q Annual AVERAGE b'OH PSHXOB ( 93.57 92,44 89.16 98,69 100.52 103,81 100.48 101.24 106.83 107.71 104.90 106.43 110.00 107.72 109.91 113.23 114.80 92.96 92.04 88.72 98,99 101.00 104.34 100.86 101.87 107.09 108.51 103.14 106.64 110.14 107.81 111.36 113,40 116.59 93,48 91.28 90.40 99.38 100.48 104.67 100. S9 103.1,1 106.67 108,22 102,80 107.65 10y.74J 107.82 112.02 113.SU 116.75 92.60 90.94 90.99 99. 9S 100.02 104.59 100.13 103.21 107,38 107.63 101,83 108.57 110.32 107. 6S 112.58 114,34 117.43 93.11 90.41 92,32 99.75 100.46 104.06 99.67 104.41 107.12 107. 65 102.04 108.94 110.03 108.27 112.80 114.66 117.47 93.84 89.69 93.32 99.74 99.70 104.19 99.69 104.58 107.39 107.56 102.14 109.42 109.89 108.91 112.90 114,91 117,72 94.06 89.32 94.33 99.71 99.19 104.05 99.45 104.80 106.10 107.61 102.45 109.08 109. B9 109.29 11?. 94 115.11 118.06 94.00 89.37 96.34 99.42 100.72 103.35 99.26 104.98 107.39 107.64 103.01 108.18 109.81 109.70 113.22 11S.18 118.31 93.93 89.54 96.33 99.19 102.35 102.57 99.36 105.62 107.53 107.19 104,03 107.84 109.24 109.24 113. S7 115.56 118.31 93.53 93.65 88.89 88.48 87.91 97.19 97.44 96.89 99.93 99.60 99.16 102.80 103.12 103.94 103.29 102.29 101.66 99.79 100.93 101.20 105.89 106.46 106.80 108.08 108.23 108.56 106.06 105, 72 10S.S4 104.07 105. C3 10S.42 107.71 108. iO 109.95 108.99 109.^2 106.79 110.06 110. t? 110.68 113.09 113. il 8 113.21 US. 93 115. «7 115.84 lib. 72 119. ft? 120.60 93.34 91.92 89.43 99.02 100.67 104.27 100.64 102.07 106.88 108. IS 103.61 106.91 109.97 107.78 111.10 113.38 116.05 93.18 90.35 92.21 99.81 100.06 104.28 99.83 104.07 107.30 107.61 102.00 108.98 110.08 108,28 112.76 114,64 117.54 94.00 89.41 95.67 99.44 100.75 103.32 99,36 105,13 107.01 107.48 103.16 108.37 109.65 109.41 113.24 115.28 118.23 >3.Sti da. 43 97.17 99.56 103.29 102.41 190.64 196. 38 108.29 10S.77 104.84 108.62 108.4.3 119,66 93, S 2 90.03 93.62 99.4fe 101.19 103. S? 100.12 104,41 107.37 107. 2 !i 103,40 108,2^ 109,53 109.00 112. 58 114.79 117.87 120.96 126.60 131.41 132.44 137.62 139.91 137.97 141.16 146.64 151.12 147,82 151.04 152.36 159.54 168.70 172.48 121,64 127,74 130.70 133,68 137.82 139.97 137.34 141.86 147.91 151.55 146.29 ISO. 70 154.86 160.91 168.89 172.12 122.06 128.42 130.61 133,61 138.52 140.26 137,84 142.06 148.61 1S1.22 145.31 ISO. 49 1S4.76 162.44 170.04 171.17 122.11 128.38 130.55 133.76 138.72 139.83 137. 9S 142.87 148.82 149.09 145.37 149.63 155.40 164.10 166.24 170,18 122. B7 122.76 128.58 129.53 130.92 131.23 134.48 134.9? 139,38 139.58 139.07 138.75 138.33 138. S6 142.93 143.53 149.19 149.52 151.73 1S1.58 145.76 145,31 1S1.29 151,07 156.36 156.89 164.01 164.83 169.23 169.80 169.03 167.96 123,13 129.49 131.43 135.52 139.83 139.04 138.09 143. 2S 149.87 151.43 145.59 151.61 1S7.36 165.11 169.87 167.03 123.62 129.86 131.77 135.86 140.33 138. S4 138.63 143.92 150.01 151.33 147.13 151.52 157.75 165.42 170.01 168.11 123.88 129.80 132.34 136.14 140.46 134.34 138.41 144.89 150.29 151.47 147.54 152.00 1S8.41 165,70 170,48 169.05 124.60 130.44 132.07 136.46 140.56 137.31 138.02 144.96 149.81 151.91 147.80 152.00 159.16 166.20 170.40 169.65 126.16 130.98 133.11 136.90 140.73 137.77 140.26 146,10 151.44 148.06 149.22 153.14 159.44 168.03 171.25 171.11 121.55 127.59 130.91 133.24 137,99 140. OS 137.72 141.69 147,72 151.30 146.47 150.74 153.99 160.96 169.21 171.92 122.58 128.83 130.90 134.40 139.23 139.22 138.28 143.11 149.18 ISO. 80 145.48 150.66 1S6.22 164.31 168.42 169,06 123.^4 129.72 131.85 135. U4 140.21 137.31 138.38 144.02 150.06 151.41 146.75 125.3? 130.73 132.73 136, 5 «J 14.0,50 137.29 139.3ft 1 4 5, 6 y 1^0.94 149.95* 148.44) l!i2.SV l!i9.3H J(t7.37 JV0.7V 17 0.27 123.26 129.22 131.60 135.02 139. 4 M 138. 4fc 138,43 143.63 149,47 150. 8b 146, 79 151, 4 « 156. Bto 164. Si 169,63 169. 8 J -1.5 5.7 -3.0 4.0 10.0 -7.1 3.3 3.9 3.7 -2.0 4.5 21.2 -26.1 —2 0 -l.*8 —0 . 3 9*. 7 0.7 -9.2 7.7 9.6 2.4 2.9 -3.9 7,9 -0.4 -1.0 -9.8 8.8 -0.6 4.0 s!4 1.0 3*. 9 2.0 -6.8 13.6 1.5 -2.9 -1.8 -3.5 6.0 2.8 -2.4 -2.4 6.8 O.S 4.2 3!2 5.1 3*. 4 7.9 2.0 0.8 4.3 4.6 9.0 4.0 Q 8 4.9 7,4 -1.0 1.8 4.9 -1.3 0.3 5,3 7*.l -O.S 2.4 3.6 2.0 4.2 3.1 -4.2 2.1 4.3 2! 5 2.2 Q 1 2*.0 5.6 6.2 1*,4 -7.3 -2.6 93.55 125.36 130. ''6 133.02 136.42 140. ;>Q 136.78 139.5)0 146.1)0 151. S7 149.78 148. 17 152. 56 159. 55 167.38 170.5)7 170.34 48-C. CHANGE IN EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS OVER 1-MONTH SPANS (COMPOUND ANNUAL RATE, PERCENT) 1948... 1949... 1950... 1951... 1952... 1953... 1954... 19SS... 1956... 1957... 1958... 1959... 1960... 1 ftftl ISO J. ... 1962... 1 963 1964.".'. III Q 2.6 -13.1 3.7 20,2 7.3 -1.5 -13.1 0.5 0.9 -9,0 -7,0 12.1 0.3 -s!o 0 2 -10.' 3 -7.5 -S.I -5.8 3.7 S.9 6,3 4.6 7.7 2.4 9.3 -18.4 2.4 1.5 1.0 17.0 1 8 20!4 7.0 3.6 11.4 4.3 4.0 -6.3 -5.9 11.8 6.5 1.8 «6.8 0.5 -5.3 1.8 8 Q 4!5 10.9 3.5 »2.5 — 1 . 9 — 11 . 7 -2.7 IS. 7 -5.9 21.6 10 . 8 1.4 4!9 -2,5 9.0 -8,2 12.6 6,9 -9.S 25,2 4.8 -6.0 3,9 -3.2 15,6 -4.6 -3.2 -3.9 12.0 -3.9 -10.7 -4.4 8.1 7,1 -S.4 -0,9 -5.4 1.2 8.3 -6.3 -10.8 10,8 6.1 6.8 -6.8 19.0 -2.4 5.4 -5.9 -5.4 14.9 -2.9 0,2 2.5 4,2 -3.1 9.8 -9.1 13.8 -0.1 -8.7 1.5 0.2 2.0 3.1 -1.0 1.2 5.4 -1.5 2.8 -4.8 13.8 -0.4 -6.0 -1.6 -2.9 2.6 -13.5 0.6 3.7 -3.7 0. -0.8 0.7 28.8 -3.4 20.2 -7,8 -2.3 2.1 15.6 0.3 6.8 -9.5 -0,9 7.3 1 1 -0.9 2.3 -0.1 -2.7 21.2 -8.7 1.2 7.6 1.6 -4.9 12.6 -3.7 -6.1 6,2 2.4 1.1 0.4 3.0 3\B ii? 7.2 0.4 2.6 3.5 2.6 0. 4.2 6.6 -0,8 -0.6 6.3 2.5 4.5 0.5 -0.4 -O.S 1.4 1.7 -3.6 1.0 7.7 1.9 3.5 6.7 5.9 -6.3 3.4 -1.1 9.2 2.9 4.5 1.7 -2.7 2.0 3.7 -0.4 1,8 5,0 2.2 2,S -4.0 4.9 3.5 3,1 3.1 4.4 -4.2 4.8 2.6 -0.6 5.3 2.5 1.1 -30.9 -1.9 8 4 2,7 -1.2 -3.6 -1.7 4.1 6.2 4.0 -7.3 -3.5 2,8 -1.2 2.3 4,4 3.7 1.1 -0.8 13.5 -0.7 3.0 2\3 -3ia 1.1 3.4 3.9 S.I 3.5 -15.6 -12,9 0. S.8 <uS 3,0 4?7 -0.8 1.0 8.0 1.4 3.4 6.9 -21.1 -0,6 4.3 21.6 :.,9 ;j.8 4.2 7.8 0.6 5.8 -2.6 —7 . 7 -1,7 -0.8 12,0 8.5 -6.4 3.5 3.0 1.7 -15.7 23.4 0. 5 3, 3 14.2 -6.6 7.7 5.1 13 , 0 * —0 . 7 -23.8 23.9 -6.7 -7.8 -10. S 6.3 O.fa -6,4 1.2 10 !o 7.6 3.0 9.0 -e.4 -2.0 -«.5 ie . 6 li/.o -4.7 -i!o 3.8 5.0 7.9 4,* 9 0. 2.6 48-C. CHANGE IN EMPLOYEE HOUR9 IN NONAGRICOLTURAL ESTABLISHMENTS OVER 3-MONTH SPANS (COMPOUND ANNUAL RATE, PERCENT) 1948... 1949... 1950... 1951... 1952... 1953... 1954 1955.. 1956., 1957.. 19S8.. 1939.. I960., 1961. . 1962., 1963,. 1964.. 0.8 *-6.7 1.1 6.5 5.7 4,8 0.5 -9.3 7.0 9.3 2.2 2.8 -4.1 -6.3 8,5 5.2 -2.0 3.0 0.6 -6.9 17.2 3.1 -2,1 -1.1 1.5 -6.8 13.6 1.5 -3,1 -1.8 6.5 -6,9 15.5 -1.0 -3.3 -2.0 3.9 -4.5 18.6 -1.3 1.0 -2.7 0.4 -0.7 13.5 -2.2 11.1 -6.1 -2.2 -6.2 11.3 -2.2 15.4 -2.9 3.8 2.4 1.0 -3,4 6.3 7.4 7,8 -0,5 -1.2 -10.0 8.7 -0.6 8,0 1.9 -0.3 -11.2 8.3 1.2 10.4 0.1 -3.1 -4.2 8.9 -0.4 5.8 2.7 -2.4 -2.5 6.7 0.4 6.3 -4,7 -0.1 2.5 1.9 -1.6 2.2 1.0 0. 3.9 -2.8 -0.8 4.0 0.5 -1.4 7. 6 -5.7 -2.3 4.2 7.7 -S.6 6.S -4.9 -3.2 1.8 0.1 2,5 4,9 1,0 3,2 10.1 4.0 9,5 1965... 1966.,. 1967 1968,'!! 1969... 1970... 1971... 1972.., 1973... 1974... 1975... 1976. .. 1977... 1978... 1979... 1980... 1981... 6.7 7.8 4.9 7.4 2.0 4.2 -0.7 1.6 6.0 5.3 -Q.I -9.0 6,4 6.2 3.5 2,4 3.4 3.7 4.8 -1.3 0.2 S.2 7.1 -0.6 = 7.2 3.4 4.3 7.7 4.9 -0.2 2.3 3.9 5.7 —2 . 6 4,0 3.2 -0.2 -0.1 4.9 6.1 -5.3 -6.S -3.7 8.2 11.9 -5.7 -5.2 -3.2 i!s s!s 0.5 2.9 2.3 3.2 -6.9 B.I 0.1 -1.1 <1. 3 0.6 2.4 4.7 0,4 -0,6 14.2 -2.2 11.8 -6.0 -1.3 4.1 1.2 -1.3 7.7 -5.6 -2,3 1.3 2.4 2, 3 2.0 3.7 0.8 3,4 3.5 2.6 -10.9 -0,4 4. 0 2*.l -0.3 0.3 -4.fc 9.B 3.0 4.4 -2,0 -0.3 S.? 1,9 -!.(> -2.0 3.7 3.0 6.4 -3.1 7.7 4.fo 3.9 -5,9 S.'* 8.(} -7,b -2,b 0. J 4.ti -2.1> 3 , ij 2 , <» 2. 4 4..! ™1 J 1. H e'.« 4,i» 3.'* 1.7 2.9 2.9 -1.2 2.0 4, J 3.8 ?.b 3, 7 2.(? 2.3 Q . !?S 11. () s.y 3. '•> 3!4 -8. -) -i. ; 1.0 2*. 5 3.9 2. 2 l',6 2.8 -6.2 2! a 3*. I 2 . 'I S , (i I'.H 4.3 S. 5 2.4 0,1 -0,1 s.i) 5, u AVERAGE FOR PKIUOl) -.1.7 -^.9 3.6 J.O <3.4 -J.5 7. 6 4.5 J.9 -S.O 5.5 8.1 -a. 7 3. 4 -4.7 5,8 7.6 5.6 4.0 -10.4 5.9 3.8 -1.4 -4.3 9.4 8.8 -4. fa -0. 5 0.5 -3.8 7.8 -0.9 -7,4 5.5 7.0 2.0 3.5 —3 . 7 §!s 1.3 -0.2 -10.2 7.8 2.7 -0. 8 S.6 1.7 5.1 2.9 -6.9 IS. 4 1.2 -2.8 -1.6 — 3.6 0.7 -3.8 14. S -1,9 9,2 -3.9 -0. S -0.6 -1.9 -1.4 S.8 -0.5 4.0 3.3 4.1 2,9 3.1 -2.3 6.0 -4.S -2.1 3.1 l.S 2.3 2.4 ?!s sis -2. a 6. a -6 . I) 6. 8 4.7 1.9 -5 . 7 7.7 5. 7 -4.8 3.1 -0.1 -0.1 6.8 4.5 3.1 S.I 3.4 2.7 2.2 1.8 2.9 4.1 2.7 2.3 3.5 3.4 3.S 2.5 4.0 3.7 O.tt 4.9 3.0 5.8 2.8 7.6 3.7 6.6 3.0 S.2 7.0 3.3 3,2 3.7 2.6 6.7 3.2 2.4 4.6 -2.5 2.9 4.1 3.1 -4.2 2.1 5.4 3.2 -2.2 0.4 4.2 2.8 -l.S 3.5 2.5 -12.1 2.8 2.1 -4.9 1.7 -0.4 -5.0 2.3 0.8 10.6 3.4 -1.8 1.9 2.5 4.1 -0.7 0.6 4.0 3.6 -3.0 1.8 3.5 0.5 -1,4 1.6 3.9 7.9 0.8 -7,0 -0.5 2.5 1.0 0, 1.6 S.6 6.0 -Q,§ -7.3 -2,8 2.9 6.4 0.6 5.4 S.I 2.5 9,0 -7,2 1.2 2.2 -1.1 3.8 0.6 3.6 3,S 1.9 -2.2 -0.3 2.1 -0.3 6.3 2.5 3.9 2.1 1.6 2.6 -6.8 -0.2 1.3 6.2 1.0 4.7 2.7 1.3 €.4 -0.9 4.2 -4.0 3.4 2.8 4.6 6.1 1.6 4.7 -2.9 3.1 -8.7 4.6 3.0 2.6 5.7 1.8 5.0 5.2 3.5 -10.3 9.1 1.0 1.0 6.2 S.O 7.7 6.2 -2,0 -7. fa 2.0 6.2 7.7 0.5 -0.7 0.3 3.0 2.6 -0.3 2.9 4.9 S.S 3,1 -7.2 -0.7 3. a 2.5 -6,2 0.1 3.8 1.4 0, 5.4 1.4 4.1 2.8 1.6 2.3 -2.7 2.S -0.5 2.3 6.1 4.7 3.6 -7.7 5.7 2.3 2.7 6oO 2.H -1.3 1.0 b.O Q. -0, i 5. 3 3.1 2.4 2.3 2.U NOTE: These series contain revisions beginning with 1979. -1.5 -3.9 4.6 0.7 9.9 -4.0 6. 9 157,84 165.41 170.12 168,06 AVERAGE FOR PIJHXOD 1.3 -4.7 8.1 -19.8 7.0 7.2 5.5 -U.4 S.4 3.8 -11.0 8.8 14.6 5.3 6.7 3.1 fa. 3 1.7 -3.8 -11.9 11.6 0.5 S.6 -1.4 6.0 -2.7 9 2 9 4 3!l -5*.0 —0 6 3 9 4*. 2 7.2 6.1 -2.4 2.9 0.9 30.0 -3.3 0 6 isi.n lie. s 4 113.23 iis.ee -4,6 ID. 2 2.4 3.8 -2.0 —0 , 2 5,6 1.4 -2.5 0,5 3,7 -1.2 2.3 2,fe 2.0 4.3 4.7 4.0 1o4 sii 2,4 -1.8 2.1 4*2 J.S -l.U 0,8 2a 4,5 *j>. S 5. a (JANUARY 2.0 0.1 C. Historical Data for Selected Series—Continued Jan. Mar. Feb. Apr. May June July 58. INDEX OF CONSUMER SENTIMENT (FIRST QUARTER 1966=100} Aug. Sept. Oct. N ov. > 7 1957. 3,7 )8 IV Q Annual ... ... 91.4 98.1 1965. . . 1966. . . 1967... 1968... 1969... 101.5 100.0 92.2 95,0 95.1 1971. 1972, . . 1973. . 1974. 1975. . . 78,2 87.5 4.4 92. 3 94.8 99.0 102.2 95.7 94.9 92.4 91.6 72.9 78. b 68.4 56.5 84.3 73.9 66.9 81. fa 66.0 52.7 82.9 68.1 51.7 6.9 9. 4 103.2 91.2 96.5 92.9 86.4 2.9 8. 3 2.9 2.1 9.7 80.0 65.8 5b.7 82.4 60. 4 62.3 78.4 64.5 67.3 94.8 94.8 99.2 2. 2 0.8 5 7 8. 4 5. 4 82.4 94. 0 71 8 64 5 75.8 81.6 89. 3 60 9 83.7 72.1 67.0 96. 2 100.2 80.4 66,7 73.7 y3. FREE RESERVES (MEMBER BANKS EXCESS RESERVES MINUS BORROWINGS) (MILLIONS OF DOLLARS) ... 79.3 b2.1 75.0 5.0 ,3.3 6.7 66.1 61.0 64.5 82.3 71.5 63.5 81.5 66.6 54.4 © 73.5 62.1 72.1 80.4 63.9 67.8 102.4 93.8 94.1 93.1 88.2 76.5 81.1 90.4 76.1 64.0 70.5 85.4 86. 8 79.4 66.0 64.4 AVERAGE FOR PERIOD oNj-Jvooo^ow-JCouiNJCuio^cffU! 95.3 696 706 676 467 -66 -91 627 -20 -270 -323 297 -353 116 520 421 197 107 -90 -276 194 -207 -871 -616 -207 -128 -1,455 -1,857 -11 134 -253 -679 -1,131 -1,141 0oi-cotna>uJNju'N)O*occci-'<T>«fcio-j ... 91.1 c«N)UHD-JhJwa a:oc<»u 4a.~J-J^i \o--JEx;oHiO(-'aiiuio--J<y>vj^^--i 1959 1961. . . 560 600 614 298 330 -672 339 270 -267 -126 324 -48 -365 517 434 301 89 552 546 655 471 578 -614 503 122 -409 -316 495 -140 -219 486 382 269 99 700 608 593 672 283 -631 626 95 -533 -504 492 -259 -194 551 441 313 167 599 601 624 152 65 -353 561 212 -504 -444 547 -319 -33 453 440 247 82 752 658 700 664 130 365 711 168 -195 -308 484 -513 37 549 391 138 120 111 ' 910 623 562 -468 366 770 92 -139 -383 547 -556 120 530 440 161 135 750 861 483 412 -383 -7 725 -189 -339 -471 382 -536 247 537 439 133 83 756 «47 669 383 95 250 708 -286 -214 -466 95 -493 414 547 375 91 89 706 816 775 821 -400 390 638 -359 -195 -344 96 -459 480 442 419 94 106 655 677 586 389 875 198 650 492 154 293 20 433 614 517 473 33 -34 663 685 885 169 -870 252 457 -245 -36 -133 -41 -424 669 419 268 209 168 683 605 723 461 544 -642 559 254 -310 -109 314 -82 -320 566 457 315 121 684 622 639 496 159 -206 633 158 -411 -485 508 -364 -63 518 424 233 123 743 873 592 452 -252 203 734 -128 -231 -440 341 -528 260 538 418 128 102 106 36 -107 -4 38 -596 -819 -127 91 -1,388 -997 85 -62 -114 -272 -764 -1,465 -75 -246 236 -315 -701 -781 -120 134 -1,563 -1,176 160 378 155 -38 -742 -2,638 -105 -268 175 -413 -844 -704 -8 27 -1,564 -1,556 10 45 -62 -475 -899 -2,261 -180 -352 269 -326 -1,102 -795 -18 -15 -1,668 -2,386 -61 261 72 -975 -1,490 -835 -182 -352 297 -341 -1,064 -701 -322 110 -1,730 -2,869 277 -3 -149 -974 -1,175 -169 -174 -362 272 -226 -1,074 -1,217 -658 -55 -1,708 -3,131 -293 -53 12 -1,146 -989 -111 -134-390 298 -190 -94b -6«2 -606 -183 -1,897 -3,173 6 193 -872 -885 -904 -357 -144 -368 268 -132 -831 -335 -295 -352 -1,624 -3,096 -197 212 -443 -993 -1,339 -1,055 -146 -431 160 -167 -83 222 27U 245 988 305 144 292 195 027 229 280 705 417 751 201 -2 -165 107 -310 -49 58 -830 -1,036 -364 135 110 -384 -749 -1,079 -1,587 22 -132 72 -44 -592 -800 -113 126 -1,258 -994 -70 149 158 -162 -733 -1,701 -156 -324 247 -360 -1,003 -733 -116 41 -1,654 -2,270 75 101 -46 -808 -1,188 -1,088 -151 -373 279 -183 -950 -745 -520 -197 -1,743 -3,133 -161 117 -434 -1,008 -1,077 -508 111 118 46 134 67 145 95 340 1,048 A ,532 362 486 82 16'4 884' 1,016 715 744 811 804 425 4B6 905 «78 149 142 65 105 65 119 313 376 309 430 134 118 142 657 1,593 441 246 839 688 710 557 906 87 149 304 327 243 219 142 95 261 294 1,286 194 377 866 627 277 555 785 85 76 142 273 118 125 83 256 503 844 147 421 933 975 130 788 510 72 77 189 24b 103 93 128 275 931 512 82 714 809 970 279 956 302 52 99 324 310 121 99 118 364 1,391 430 164 913 716 775 489 896 126 106 163 339 327 140 115 106 289 780 768 147 606 831 837 294 799 431 79 104 248 289 490 733 126 427 1,135 462 360 574 1,465 1,793 191 66 1,319 1,261 2,022 1,335 454 557 238 765 1,086 321 107 1,049 1,298 703 127 62 558 874 1,473 1,617 373 477 317 423 813 984 339 51 1,538 1,194 214 71 83 410 989 1,907 501 674 119 707 1,268 895 310 107 1,765 2,431 147 95 178 959 1,357 1,284 539 753 89 535 1,169 931 708 385 2,018 3,315 289 101 680 1,167 1,207 788 465 634 166 587 1,154 403 291 743 1,387 1,260 126 71 906 952 1,800 1,703 470 634 173 563 1,101 803 412 321 1,677 2,0 SO 194 84 462 872 1,338 1,420 94. MEMBER BANK BORROWINGS FROM THE FEDERAL RESERVE (MILLIONS OF DOLLARS) - i i i ii 1- u> «>. in *> i t -T.T t i i i i - ® AVERAGE FOR PERIOD « 1948... 1949... 1950... 1951... 1952. .. 1953... 1954... 1955... 1956. .. 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 143 169 35 212 210 1,347 100 313 807 406 451 556 905 49 70 99 256 244 110 123 330 365 1,310 293 354 799 640 242 508 816 137 68 172 304 270 148 128 242 307 1,202 189 463 993 834 138 601 635 70 91 155 259 111 98 101 161 367 1,166 139 495 1,060 1,011 130 676 602 56 69 121 213 144 176 80 438 563 944 155 368 971 909 119 767 502 96 63 209 255 100 100 68 17U 579 423 146 401 769 1,005 142 921 425 63 100 236 270 95 109 123 194 1,077 418 65 527 738 917 109 95fa 388 51 89 322 265 87 94 164 292 1,032 651 115 765 898 1,005 252 1,008 293 67 127 330 334 128 75 96 338 683 468 67 1965... 1966. .. 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975. .. 1976... 1977... 1978... 1979... 1980... 1981... 299 402 389 237 697 965 370 20 1,164 1,044 390 79 61 481 994 1,241 405 478 362 361 824 1,092 328 33 1,593 1,186 147 76 79 405 973 1,655 416 551 199 671 918 896 319 99 1,858 1,352 106 58 110 344 999 2,824 471 626 134 683 996 822 148 109 1,721 1,714 110 44 73 539 897 2,455 505 722 101 746 1,402 976 330 119 1,786 2,580 60 121 200 1,227 1,777 1,1)18 528 674 123 692 1,407 888 453 94 1,788 3,000 271 120 262 1,111 1,396 380 524 766 87 525 1,190 1,358 820 202 2,050 3,308 261 123 336 1,286 1,179 395 564 728 89 565 1,249 827 804 438 2,144 3,351 211 104 1,071 1,147 1,097 528 766 90 515 1,067 607 501 514 1,861 3,287 396 75 634 1,068 1,344 1,311 792 988 476 903 225 37 80 321 331 NOTE: These series contain no revisions but are reprinted for the convenience of tha user. -20b -153 -327 -1,267 -1,702 -35 123 -980 -1,049 -1,750 -1,018 1 1 -16 144 -480 -799 -91 153 -823 -808 -454 130 433 -176 -69? -999 K)(-iU>01N>-J*»'J-Jm 938 669 900 613 723 -640 836 369 -255 116 122 -59 -375 696 555 375 175 W U i - J « J i l - ' l - C Iv- ' * . | M ^) i O l - K J l iii; II Q | III Q > 2 1955. . L978... 1979... 1980... 1981... IQ AVERAGE FOR PERIOD 1948. . . 1949, . . 1950. . . 1951. i 1952. . . 1963... 1964. . . Dec. © ^.r i i Year 452 611 133 569 1,241 425 407 606 1,399 1,285 61 84 840 722 1,906 2,156 (JANUARY 1982} 99 C. Historical Data for Selected Series—Continued Year II Q IQ HI Q IV Q Annual 1 63. UNIT LABOR COST, PRIVATE BUSINESS SECTOR (INDEX: 1977=100) AVERAGE 1948 1949 1950 1951 1952 19S3 1954 1955 1956 1957 1958 1959 1960 1961 1962...., 1963 1964 39.7 40.4 39.9 42.0 43,1 44.9 46.0 45.0 46.8 49.1 &0.5 50.0 51. 5 S.2.7 52,5 52.9 52.9 39.2 40.0 39.6 42.9 43.4 45.0 46.3 45.1 47.6 49.4 50.2 50.0 52.1 52.3 53.0 52.5 53.0 40.7 39.7 39.6 42.5 43,8 45.5 45.6 45,1 48.0 49.7 50.3 51.2 52.2 52.3 52.6 52.5 53.2 40.9 40.2 40.1 42.7 44.7 4S.4 45.6 45.7 48.4 50.1 49.8 51.5 52.6 52.1 52.7 52.8 53,4 40.0 40.1 39, B 42.5 43.8 45.2 45.9 45,2 47.7 49.6 50.2 51.5 52.1 52.3 52,7 52.7 53.1 1965 1966. . . 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 53.2 54,0 56.8 58.4 61.3 66.8 68.5 71.1 72.8 80.2 90.3 92.4 97.7 10§.4 115.4 127.0 53.4 55.2 56.8 59.1 62,8 67,2 69.6 71.2 74.4 82.9 89.6 93.9 99.5 107.3 118.5 131.3 53.4 55.7 57.1 59.6 64.1 67.5 69.8 71.7 76.2 85.8 89.3 95.6 100.2 109.4 121.4 133.9 53.3 56. 3 57.3 60.7 65.5 68,7 70.1 72.0 77.4 88.1 91.6 97.4 102,4 112.1 124.3 137.0 S3. 3 5S.3 57.1 S9.5 63.5 67.6 69.5 71. S 75.2 84.2 90.2 94.8 100.0 108.6 119,9 132.4 971. DIFFUSION INDEX OF NRH ORDERS, MANUFACTURING — ACTUAL9 ® (PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949 1950 1951, .... 19S2 19§3 1954 1955 19S6 19S7 1958 1939 1960 1961 1962 19g3 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977..... 1978 1979 1980 1981 68 89 60 77 50 76 82 65 42 83 74 52 81 71 80 76 78 62 76 54 84 76 67 50 84 65 62 77 74 84 82 88 71 78 81 66 68 82 88 84 50 80 80 83 85 74 84 88 72 78 80 64 70 84 90 82 54 80 83 86 81 63 80 68 70 72 56 82 77 58 86 68 1965 19gg 1967, . , , 1968. , . 19g9 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 S4 82 38 60 49 71 72 §9 38 74 68 48 73 64 74 *62 69 45 64 52 74 70 §8 42 78 58 52 72 68 78 78 82 65 70 70 61 63 74 78 74 ;32 76 71 73 78 62 80 82 65 73 74 56 64 76 79 76 53 74 74 76 74 54 *78 76 '"71 56 82 77 *62 79 60 72 76 76 83 *58 66 84 72 53 68 74 52 75 72 74 82 88 84 69 79 76 €0 70 86 88 74 64 78 82 86 73 60 86 82 72 80 72 55 74 84 86 59 71 78 82 86 78 60 85 86 71 79 77 61 70 84 88 75 60 79 82 85 79 64 972. DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE — ACTUAL3 <g) (PKHCRN'l RISING OVER 4-QUARTER SPANS) 1948 1949 1950 1951 19<i2 1953 1954 19S5 1956 1957 1958 19§g I960, .. 1961. .. 1962 1963. . . . 19g4 AVERAGE 78 57 48 56 52 76 69 40 81 50 *56 80 63 65 76 74 82 AVERAGE '69 64 'SB 76 52 62 70 70 79 *54 62 78 66 46 60 72 50 68 68 70 79 *48 7S 57 58 71 68 78 80 78 64 72 68 5S 66 79 76 71 58 72 74 78 70 57 83 76 69 74 66 56 70 80 76 63 66 74 76 78 72 56 80 80 66 72 70 57 66 77 77 71 57 74 74 76 74 57 "si 54 75 69 Year 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 19S8 1959 I960 1961 1962. .... 1963 1964 1965 1966 1967 1968. . . 1969 1970 1971 1972 1973 1974 197S 1976 1977 1978 1979 1980 1981 25, -148 27,056 20,l)b4 34,U40 38,tl32 34,1)96 28, ^84 45,040 45,768 36,508 45,!»68 50,500 60,;t40 75,V56 77,944 65,<>48 78,060 100,876 88,:i24 119, (164 153, (,16 217,^164 191,952 101, £08 193,9011 246,^92 302, eoo 3 37, £84 351 ,£'64 Annual IV Q NOH FINANCIAL BORROWERS MILLIONS OF DOLLARS) 27,244 22,732 28,188 41,036 35,676 32,204 30,020 48,896 38,400 43,832 47,652 55,796 65,368 29,800 16,3<j8 29,792 43,432 34,280 28,188 43,072 40,916 34,748 47,688 50,872 58,528 63,348 28,075 22,332 2S,322 3U,?84 35,637 32,800 32,949 46,452 3M,660 40,B34 48,305 55,466 62,742 66,944 81,872 64,712 78,372 103,324 87,948 124,356 149,380 191,520 208,392 102,864 194,196 265,244 342,256 372,076 192,976 71,352 58,136 72,928 85,004 94,536 86,440 144,236 153,668 194,392 176,672 135,864 201,344 305,924 332,996 392,408 284,148 66,788 44,456 89,936 99,668 92,412 94,236 127,708 190,360 173,340 141,160 161}, §80 228,992 302,064 389,956 296,108 341,912 70, 210 65,602 71,131 85,276 97,787 89,237 129,041 161,706 194,154 179,544 126,429 <?04,()10 <*79,y81 .441,952 971. DIFFUSION INDEX OF NEW ORDERS, MANUFACTURING— ANTICIPATED3® {PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961, 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971, 1972. . 1973 1974 1975. . . . 1976 1977 1978. 1979 1980 1981 65 82 70 74 64 72 79 76 *80 77 67 83 69 80 71 82 72 75 83 66 *S8 82 80 76 58 82 81 67 82 76 82 *63 80 76 68 61 82 ?6 77 82 76 84 52 34 72 72 72 65 85 73 71 72 82 70 76 74 7t3 83 86 88 82 83 8S 71 78 86 90 80 59 84 86 83 84 75 84 H8 80 82 83 74 85 88 88 85 70 88 88 88 80 57 85 84 81 81 80 74 81 8« 8? 80 73 86 84 86 72 62 84 S6 82 30 32 76 76 32 38 36 72 32 ni 132 •it) 1)6 972. DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE— ANTICIPATED^ © (PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949. . 19SO 1951 1952 1953. . 1954 1955 1956 1957 195B 1959 1960 1961 1962 1963 1964..... 1965 1966 1967 1968 1969. . 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 AVERAGE 29,808 23,972 23,244 36,628 33,760 35,912 29,720 50,956 39,724 35,308 48,728 57,040 62,012 50 74 !i4 1*6 ^6 Ii6 75 €»8 '"J2 13 60 78 68 ?7 60 72 SO 67 74 48 *58 74 72 69 52 77 75 64 79 72 80 *S8 76 71 63 54 78 74 74 78 72 82 *36 7B 58 49 64 bO 78 70 64 62 79 66 73 71 76 81 84 36 74 80 79 66 74 82 85 74 58 80 80 82 82 73 83 84 76 78 77 70 30 84 84 79 66 84 84 84 80 59 84 82 76 73 76 66 78 83 80 77 67 82 82 83 70 61 80 84 75 74 78 70 71 76 82 go 68 76 78 79 7B 66 NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user. ^his series contains revisions beginning with the first year shown. 2This series contains revisions beginning with 1977, copyrighted series ustni by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. 100 ill Q II Q IQ 110. TOTAL FUNDS RAISED BY PRIVATE IN CREDIT MARKETS 2 {ANNUAL RATE, 3 This is a 349,619 />92,7SQ AVERAGE *74 80 70 *62 80 78 73 *82 76 72 80 7S 82 H5 86 81 82 $2 74 ao 86 88 83 68 BS 84 85 79 65 AVERAGE *64 70 bQ ^8 74 72 bb 7b ?2 68 76 72 80 63 84 75 76 78 68 76 81 83 78 b5 80 81 82 78 65 (JANUARY 1962) C. Historical Data for Selected Series—Continued Year 1Q II Q III Q IV Q £73. DIFFUSION INDEX OF NET SALES, MFG. AND TRADE — ACTUAL <g) (PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949: 1950 1951 1952 . . . , 1953 1954 1955 1956 1957 1958 1959 I960 196J 1962J 1963 1964 196$ 1966 1967 1968 1969 1970 197J. 197? 1973 ... 1974 1973 1976 1977 1978 1979 1980. ... 1981 1965 1966 1967 1968 1969 igi70 1971 1972 1973 1974 1^75 ... 1976 1977 1^78 1979 1^80 1$81 1965 4.966 1967 1968 J.969 JL970 1971 1972 J.973 1974 1975 1976 1977 ,1978 1979 1980 i!981 *70 54 82 78 58 82 58 70 78 76 84 61 64 84 74 52 68 78 52 72 76 75 84 87 85 72 82 78 64 74 85 86 80 66 80 84 88 82 68 86 82 74 84 76 62 76 86 85 70 70 80 85 88 82 66 85 86 72 82 80 66 73 84 86 79 63 81 82 86 84 67 40 88 67 67 71 53 82 78 82 88 71 79 80 70 70 82 86 82 57 82 80 84 87 73 84 88 70 82 84 66 72 82 89 84 58 81 81 86 84 62 44 50 64 55 56 48 54 58 54 40 56 56 47 56 54 55 44 56 62 56 58 46 56 57 53 44 60 54 50 55 56 58 44 64 58 58 58 49 58 58 60 65 58 57 59 54 48 56 63 58 44 57 60 62 62 58 61 66 58 60 60 54 52 58 62 59 44 58 59 64 60 54 *53 82 61 62 78 74 83 AVERAGE 48 64 58 '45 58 60 56 49 57 58 48 59 52 54 56 55 59 51 52 60 57 49 49 58 50 53 55 56 60 *45 58 53 51 56 55 58 64 63 58 58 58 51 53 62 60 56 48 58 61 64 60 53 64 62 58 60 58 50 55 6U 60 49 52 58 62 63 58 51 62 64 58 59 59 52 52 59 61 56 47 58 60 63 60 54 AVERAGE 39 78 58 *42 62 74 *56 49 61 67 48 64 56 56 62 62 67 52 50 65 65 53 50 62 54 56 61 63 65 *47 64 59 53 62 62 66 72 73 65 70 70 62 62 72 75 78 56 68 74 76 73 64 73 74 64 70 68 58 60 71 76 69 57 69 75 78 75 60 71 74 66 69 70 62 62 68 75 76 56 66 74 76 76 63 47 48 84 54 53 51 54 68 63 43 62 66 50 64 60 64 44 53 80 48 60 48 62 68 59 46 68 60 50 62 62 66 37 68 72 50 58 47 62 68 68 74 68 68 71 66 62 64 73 78 58 62 74 76 80 67 71 74 66 68 70 61 62 66 76 79 52 65 72 76 76 61 l AVERAGE 973, DIFFUSION IN DE4 OF NET SALES, MFG. AND TRADE — ANTICIPATED © (P ER:ENT RISING OVER 4-QUARTER SPANS) *42 76 76 43 69 79 60 74 50 84 78 67 46 87 63 58 78 74 83 975. DIP. INDEX OF LEVEL OF INVENTORIES, MFG. AND TRADE — ACTUAL © (PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 X961 ] 962 ]j963 1964 Year 47 88 68 39 60 90 54 72 50 76 80 64 40 82 72 49 80 71 80 974. DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADE — ACTUAL <§) (PERCENT RISING OVER 4-QUARTER SPANS) 1948 194J9 1930 1951 19cj2 1953 19$4 19lp5 1956 1957 1958 1959 I960 1961 1962 1963 1964 Annual ' 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 1978 1979 1980 1981 II Q 1 Q 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 84 80 68 86 72 82 57 82 81 79 58 87 84 66 84 82 86 62 84 79 72 61 86 81 82 86 78 86 45 86 71 73 74 63 86 78 74 72 86 72 82 78 80 86 85 88 80 82 86 74 78 83 88 86 75 82 82 86 85 72 87 90 82 86 88 73 80 88 90 78 62 84 86 87 88 80 88 90 82 86 86 78 86 90 90 86 73 90 90 92 84 63 89 86 82 84 83 76 84 88 88 82 74 87 86 90 78 67 F NO. OF EMPLOYEES, MFG. AND TRADE — CENT RISING OVER 4-QUARTER SPANS) .... i ) ,,. *52 62 56 *54 62 54 *46 56 56 56 50 56 56 52 56 55 56 *50 56 56 53 50 56 56 54 57 54 57 46 59 57 56 54 48 58 56 54 51 57 52 54 54 55 58 58 63 60 60 60 56 58 60 63 56 48 60 60 60 60 56 59 63 60 58 60 56 58 61 62 60 54 62 61 62 58 48 59 62 60 60 59 54 56 60 60 58 54 60 59 62 56 50 975. DIF. INDEX OF L VEL OF INVENTORIES, MFG. AND TRADE — ANTICIPATED ® (P RCENT RISING OVEK 4-QUARTER SPANS) 1948 .... 1949 1950 1951 1952 1953 1954 1955 .... 1956 1957 1958 1959 .... I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 .... 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 NOTE: These series contain no revisions but are reprinted for the convenience of the user. These are copyright! they may not be reproduced without written permission from Dun & Bradstreet, Inc. Annual *74 82 68 974. DIFFUSION INDE ANTICIPATED ® ( 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 IV Q *67 85 70 *58 86 68 75 65 72 82 77 . III Q 42 65 47 *50 69 47 ~46 58 61 59 48 62 60 53 63 60 63 *48 57 61 54 48 63 58 57 62 58 63 32 57 56 45 54 47 62 58 56 52 62 54 56 58 60 63 64 68 66 66 68 61 62 66 72 67 54 64 68 70 74 70 64 69 63 67 66 64 65 66 72 72 50 70 72 73 71 53 66 69 62 66 66 58 65 66 70 72 54 68 70 74 68 56 series used by permission; AVERAGE *71 81 70 '62 81 80 76 *86 79 74 84 78 85 87 88 82 84 86 75 82 87 89 83 71 86 86 89 84 70 AVERAGE *S4 61 SS 49 S6 56 55 *56 55 53 56 54 56 58 62 60 60 60 56 57 60 61 59 52 60 60 61 58 52 AVERAGE *47 64 48 *48 57 60 57 'ei 58 54 61 58 62 64 68 64 66 66 61 63 65 71 7U 56 66 69 71 71 60 (JANUARY 1982) 101 C. Historical Data for Selected Series—Continued Q Annual IV Q 976, DIFFUSION INDEX OF SKI-LING PRICES, MANUFACTURING — ACTUAL <g) (PERCENT RISING OVER 4-QUARTER SPANS) 1548. . . , . 1949 1950 1931.,... 19S^. . . » . 1953 19§0 1955 1956 1957 1958 19SI I960 1961 1962 1963 1964 196S 1966 1967 1968 1969. 1970 1971 1972 1973..... 1974 197§ 1976 1977 1978 1979 198U. ... a 41 92 50 53 44 SO 70 70 52 58 58 52 54 50 56 52 86 46 58 44 56 68 64 52 60 55 50 53 54 54 82 73 52 60 47 64 72 58 70 70 74 82 80 74 70 82 92 81 80 36 87 92 90 61 72 70 76 80 80 76 72 84 96 78 82 86 88 93 88 AVERAGE 32 92 63 *67 78 56 46 60 71 53 60 54 54 54 55 56 51 48 68 74 60 56 58 52 §2 53 55 56 *53 59 55 52 54 54 56 64 78 72 78 82 78 68 72 86 94 78 80 87 90 92 90 65 76 73 80 82 75 70 74 90 89 78 82 87 91 94 90 62 74 71 77 82 78 72 lit 86 93 79 81 86 89 93 90 1981, . . 977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRADE — ACTUAL (g) (PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949 1950 1951 1952 19S3 1954 1955 1956 1957 1958 1959 1960 1961 1962. 1963 19g4 90 78 58 60 48 69 79 1965, .... 1966, * * . . 1967 1968 1969 1970 1971 1972 1971 1974 1975 197g 1977 1978 1979 1980 1981 29 94 68 *54 47 63 74 59 65 54 54 50 60 58 68 82 80 82 86 86 73 82 92 94 81 80 88 93 95 92 70 78 82 85 85 84 74 80 9t» 91 81 88 90 94 96 90 65 78 78 82 85 86 80 81 92 94 80 83 88 92 96 91 85 76 52 56 44 66 72 *57 64 55 52 53 56 58 AVERAGE 23 95 64 5& 62 56 57 54 58 60 SO 52 64 70 58 S9 59 54 S4 54 61 58 67 84 84 88 90 85 73 79 93 96 86 92 92 94 94 94 70 80 37 92 89 86 74 81 93 92 88 8€ 92 93 96 90 *67 79 534658 68 *56 62 S6 53 54 56 58 65 30 81 , 89 90 86 79 78 91 94 84 88 90 93 95 92 1Q III Q II Q AVKRA6K 1948... 1949... 1950, .. 1951.. 1952.. 1953. . 1954.. 1955.. 1956. . 1957,. 1958.. 1959.. I960.. 1961.. 1962.. 1963.. 1964.. *48 82 55 55 67 66 'b6 60 55 55 !*5 M 1965.. 1966.. 1967.. 1968.. 1969,. 1970.. 1971.. 1972.. 1973.. 1974.. 1975., 1976.. 1977. . 1978.. 1979,. 1980,, 1981.. 60 68 7i 7S 78 77 76 70 80 ay 76 76 82 8S (17 86 977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRAflB— ANTICIPATED ® (PERCENT RISING OVER 4 -QUARTER Sl'A&J'l) 1948.. 1949.. 1950.. 1951.. 1952.. 1953.. 1954.. 1955.. 1956.. 1957.. 1958.. 1959.. I960.. 1961.. 1962.. 1963.. 1964.. 1965, . 1966.. 1967.. 1968.. 1969.. 1970.. 1971.. 1972, . 1973,. 1974,. 1975., 1976.. 1977.. 1978.. 1979.. 1980.. 1981.. 30 92 68 56 53 51 71 72 62 65 55 59 52 61 62 68 76 78 79 77 80 70 80 88 87 80 80 84 88 90 r 44 90 56 48 84 SO 50 54 70 74 62 66 68 55 58 55 45 56 68 66 54 64 60 S6 59 55 59 22 73 M> bO 56 48 64 08 70 59 69 S6 56 54 §4 58 64 76 69 78 80 82 82 80 88 92 70 82 86 60 72 74 78 80 80 82 74 84 91 7& 4J4 34 60 62 72 73 82 80 80 82 78 86 94 74 82 86 90 90 92 87 92 87 AVEKAmj '49 «'2 fJ6 *ii fj& b9 70 63 62 S6 !*« S4 60 62 72 71 79 60 80 Bi? 7b 84 91 I'l 8i? n.; yo 8tt 90 89 9U tfB 978. DIFFUSION INDEX OF SELLING PRICKS, RETAIL TRAOB— > ANTICIPATED (g) (PERCENT RISING OVER 4-QUAHTER SPANS) 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. 1978. 1979. 1980. 1981. NOTE: These :;«Hes contain no revisions but are reprinted fpr the convenience of the user, These are copyrighted series used by permission; they may net be reproduced without written permission from Dun & Bradstreet, Inc. 102 Annual IV Q 976. DIFFUSION INDEX OF SELLING PRICBS, MANUFACTURING — ANTICIPATED © (PERCENT RISING OVER 4-QUARTER SPANS) j 196S 196g 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 *72 81 50 50 70 78 66 62 64 52 54 54 58 bO 978. DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADE — ACTUAL <§) ( PERCENT RISING OVER 4-QUARTER SPANS) 1948 1949 1950 1951, 1952 1953, .... 1954. .... 1955 1956. .... 19S7 1956 19S9 I960..... 1961 1962 1963 1964 AVERAGE Year 44 S3 66 60 52 62 56 SS 55 54 §7 12 65 64 45 &2 42 5S 66 g4 52 66 57 $2 55 57 S7 60 76 72 86 84 81 80 74 88 92 72 84 89 92 92 84 bi 7S 3B «7 Ub Ut) &0 74 83 93 71) 86 88 92 9© 90 42 88 44 AVERACiH j III oe * «r «ne t^ • '^-^^^- 3- * sss . . II Q iBMO-^^aeo^^Octmio-je-o 1 Q ! Year (JANUARY C. Historical Data for Selected Series—Continued Year |Q II Q III Q IV Q 345. AVERAGE HOURLY COMPENSATION, ALL EMPLOYEES, NONFARM BUSINESS SECTOR (INDEX: 1977=100) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 .... 1965 1966 1967 1968 1969 1970 1971 1972..., 1973 1974 19-75 1976 1977 1978.... 1979 1980 1981.... I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 19.9 20.7 21.6 23.6 24.9 26.4 27.2 28.2 29.9 31.7 32.8 34.2 35.7 37.0 38.3 39.5 41.3 20.3 20.7 22.0 24.0 25.1 26.6 27.4 28.5 30.3 32.0 33.2 34.5 35.9 37.2 38.5 39.9 41.9 20.6 20.7 22.6 24.3 25.7 26.9 27.6 28.8 30.8 32.4 33.6 34.8 36.2 37.5 39.0 40.4 42.2 20.1 20.7 21,9 23.8 25.1 26.5 27.3 28.3 30.1 31.8 33.0 34.3 35.8 37.0 38.5 39.7 41.5 42.3 44.4 47.1 50,2 53.5 57.1 61.2 65.2 69,9 75.3 83.7 90.0 97.1 105.1 114.7 125.7 42.7 45.2 47.7 51.0 54.4 58.2 62.2 66.1 70.9 77.5 85.1 91.8 99.0 107,1 117.6 129.1 43.2 45.9 48.3 51.8 55.2 59.5 63.2 67.0 72.3 79.6 86.5 93.7 100.7 109.3 120.0 132.0 43.7 46.4 48.9 52.8 56.2 60.2 63.5 68.1 73.7 81.7 88.1 95.4 102.6 111.8 122.7 135.1 43.0 45.5 48.0 51,5 54,9 58.7 62.6 66.7 71.8 78.5 86.0 92.9 100.0 108.4 118.8 130.5 I960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1SJ76 19:78 1979 1S80 1981 . ,, IQ II Q IIIQ IV Q 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976, 1977 1978 1979 1980. 1981 346. ., , , ,, . , Annual PERCENT 1 CHANGE 10.3 1.5 10.9 10.1 5.2 4.5 3.3 3.8 7,4 6.6 2.5 4.4 8.2 4.1 6.5 4.1 5.5 6.7 0.5 6.3 8.5 4.6 6.0 2.1 4,1 7.5 4.7 3.5 3.5 3.0 4.3 2.6 1.2 3.5 9.5 1.0 7.7 6.7 4.0 4.3 3.0 5.2 6.2 4.9 5.0 3.0 2.2 2.1 2,2 4.0 6.2 4.6 0.4 10.9 5.3 9.4 3.2 3.2 4.3 6.1 4.3 4.0 3.7 3.1 3.7 4.4 5.4 2.5 8.5 3.0 5.8 8.7 5.5 5.5 3.2 3.7 6.1 5,8 3.8 4.0 4.3 3.3 3.9 3.3 4.5 1.6 6.7 5.7 11.7 5.5 6.6 7.3 10.7 10.7 9.1 10.2 8.6 7.4 10.2 10.8 10.0 3.3 7.5 5.3 6.7 6.5 7.6 6.6 5.6 5.9 12.2 6,9 8.5 7.9 8.0 10.4 11.5 4.8 5.9 5.0 5.9 6.7 9.1 6.6 5.5 8.0 11.1 6.3 8.4 7.2 8.5 8.6 9.1 5.2 4.5 5.1 8.0 7.4 4.8 2.0 7.2 7.9 11.3 7.9 7.5 7.5 9.4 9.3 9.7 3,4 5.9 5.5 7.3 6.6 6.9 6.6 6.6 7.6 9.3 9.6 8.0 7.6 8.4 9.6 9.8 REAL AVERAGE HOURLY COMPENSATION, ALL EMPLOYEES, NONFARM BUSINESS SECTOR ( I N D E X : 1977=100) AVERAGE 7.8 0.8 8.9 7.6 5.8 4.5 2.9 4.3 6.8 5.1 3.7 3.7 4.1 3.5 3.9 3.7 4.4 5.5 3,1 8.7 6.4 5.6 4.2 3.0 5.3 6.6 4.1 4.2 4.6 3.1 4.1 3.3 4.0 3.4 4.0 4.5 9.3 5.5 5.9 3.2 3.5 6.1 5.9 3.8 4.2 4.4 3.4 3.7 3.0 4.6 3.4 6.5 2.6 8.3 7.1 5.5 4.5 3.1 5.0 6.4 4.6 4.0 4.1 3.7 3.7 3.5 3.9 4.1 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 .... 50.2 52.2 54.7 54.5 56.5 59.1 60.9 63.1 66.2 68.3 68.6 70.9 73.1 74.3 76.6 78.2 80.2 50.2 52.3 55.1 55.1 56.9 59.8 61.3 63.8 67.0 68.4 68.8 71.4 73.2 75.1 76.9 78.3 80.7 50,5 52.9 55.1 56.1 57.1 60.1 61.9 64.5 67.3 68.7 69.6 71.6 73.6 75.2 77.1 78.6 81.8 51.5 53.1 55.4 56.0 58.4 60.5 62.6 65.0 67.7 69.1 70.3 71,8 73.7 75.8 77.7 79.4 81,9 50.6 52.6 55.1 55.4 57.2 60.0 61,6 64,1 67.1 68.6 69.2 71.4 73.4 75.0 77.0 78.6 81.1 3.0 6.3 5.2 7.3 6.7 7.6 6.3 5.9 8.0 10.1 8.6 8.4 7.5 8.5 9.8 3.7 6.1 5.3 8.0 6.5 7.0 5.6 7.2 8.1 10.9 7.8 8.3 7.5 9.0 9.8 10.1 5.0 5.9 6.8 6.5 6.8 7.2 6.5 7.2 7.7 11.2 7.4 8.0 8.2 9.2 9.6 10.4 6.0 5.4 7.1 6.5 7.0 6.9 6.2 7.3 9.3 9.9 7.8 7.8 8.2 9.8 9.8 9.9 4.4 5.9 6.1 7.1 6.8 7.2 6.2 6.9 8.3 10.5 7.9 8.1 '7.8 9.1 9.8 10.1 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 .... 1979 1980 1981 82.0 84.0 86.4 89.0 90.4 90.9 92.9 95.6 98,3 96.5 96.5 97.5 99.4 100.9 100.3 96.2 82.1 84.8 87.1 89.6 90.4 91.3 93.5 96.2 97,8 96.6 97.0 98.6 99.6 100.5 99.9 95.8 82.8 85.2 87.3 89.7 90,6 92.3 94.1 96.7 97.7 96.5 96.5 99.1 99.9 100.4 98.7 96.1 83.4 85.5 87.5 90.3 90.9 92,1 94.0 97.5 97.3 96.2 96.5 99.6 100.3 100.4 97.6 95.4 82,5 84.9 87.1 89.7 90.7 91.5 93.6 96.6 97.9 96.4 96.8 98.9 100.0 100.7 99.2 96.0 346-C. CHANGE FROM PRECEDING PERIOD IN REAL AVERAGE HOURLY COMPENSATION, LMONFARM BUSINESS (ANNUAL RATE, PERCENT) 1961 1962 1963 1964 AVERAGE Year 345-C. CHANGE FROM P-RECEDING PERIOD IN AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS ( A N N . RATE, PERCENT) 8.8 1.9 6.2 9.0 4.8 6.0 2.9 4.1 6.4 5.5 3.8 3.7 4.2 3.4 3.7 3.4 5.1 s.y 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 AVERAGE 19.6 20.6 21.3 23.1 24.6 26.0 27.1 27.9 29.4 31,3 32,6 33.9 35.5 36.6 38.1 39.4 40.9 345-C. 4-QUARTER PERCENT CHANGE IN AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS 2 (ANN. RATE, PERCENT) 1948 1949 1950 1951 1952 1953 .... 1954 1955 1956 1957 1958 1959 Annual PERCENT 1 CHANGE 346-C. 4-QUARTER PERCENT CHANGES IN REAL AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS 2 (ANNUAL RATE, PERCENT) AVERAGE 1.5 5.3 12.3 -6.1 3.S 5.3 2.5 3.4 7.4 3.2 -2.4 3.7 7.7 3.1 4.8 2.9 3.8 -0.1 0.9 2.9 4.3 3.3 4.6 2.6 4.3 4.7 1.1 0.8 2.7 0.5 4.4 1.1 0.5 2.9 2.5 4.4 0.2 7.1 1.4 2.4 4.0 5.1 2.0 1.3 5.1 1.0 2.1 0.5 1.2 1.4 5.3 8.7 1.5 2.4 -0.8 9.0 2.4 4.5 3.1 2.5 2.3 3.7 1.2 0.5 3.2 3.2 4.1 0.6 0.8 4. 0 4.8 0.7 3.3 4.8 2.8 4.0 4.6 2.3 1.0 3.1 2.7 2.2 2.7 2.1 3.2 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 0.2 4.8 4.1 1.8 1.9 5.3 2.9 4.3 4.3 2.0 1.4 2.8 2.8 2.1 2.6 2.0 4.0 3.1 3.0 4.4 1.0 4.3 3.6 3.4 4.0 4.1 2.0 1.8 2.2 2.6 2,8 2.6 2.2 3.1 4.1 4.7 -0.2 3.5 4.7 2.9 3.6 4.9 3,1 0.6 3,3 3.1 1.5 3.2 2,1 2.4 2.2 4.3 5.2 0.1 3.3 5.0 2.5 4.1 5.1 2.2 0.5 3.8 2.6 2.5 2.4 1.9 3.1 1.7 2.9 4.4 2.1 2,4 4.0 3.6 3.5 4 .6 3.4 1.3 2.6 2.7 2,4 2.6 2.3 2.4 2.8 0.3 2.7 4.4 7.0 0.6 -0.1 3.7 6.7 3.4 -3.3 .3 3.8 -0.5 2.3 -0,4 -5.S 0.7 3.7 3.1 2.7 0. 1.6 2.4 2.6 -2.2 0.6 2.0 4.9 0.7 -1.4 -1.8 -1.5 3.6 2.3 0.9 0.7 1.0 4.4 2.6 2.1 0. -0.6 -1.9 2.0 1.3 -0.6 -4.7 1.2 3.0 1.0 1.1 2.4 1.2 -0.6 -0.3 3.4 -1.8 -1.2 0.1 1.8 1.6 0. -4.3 -2.8 1.7 2.9 2.6 3.0 1.1 0,9 2.3 3.2 1.3 -1.5 0.5 2.2 1.1 0.7 -1.5 -3.2 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1.3 2.9 2.4 2.8 1.0 1.8 2.0 2.7 1.9 2.4 2.4 3.2 0.7 1.3 2.1 3.7 -0.2 -1.1 0.3 3.1 0.8 0. -2.6 -2.2 2.5 2.9 3.0 1.6 0.5 2.3 2,8 2.9 -1.8 0. 1.0 2.0 1.5 -0.6 -4.1 -0.8 3.2 2.7 2.9 0.9 0.9 2.4 2.9 1.6 -1.1 0.4 1.7 1.0 0.9 -0.8 -4.0 0.2 2.2 2.7 2.7 2.1 0.8 2.0 2.4 2.7 -0.5 -0.5 0.8 2.2 1.0 -0.2 -3.1 -1,3 NOTE: These series contain revisions beginning with the first year shown. 'Year-to-year changes are computed from annual data. 2 Changes are centered on the 3d quarter of the span. Annual figures are averages of the centered changes. i.: -1.3 0. 2.7 0.8 0.4 -1.7 -2.6 (JANUARY 1982) 103 C. Historical Data for Selected Series—Continued Jan. Year Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ 5 . AVERAGE WEEKLY INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE , STATE PROGRAMS (THOUSANDS) 1948... 1949... 19SO... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... U>6 ;ws ( : 94 174 ;>n :to3 ;M>6 175 H8 ;?<i2 :»54 ;i!J2 :?oi 393 :toi :uo 383 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 343 ;?22 :uj6 ;>36 .179 ;MO ;?92 ;?64 :?26 :i94 :>22 360 394 338 144 432 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... AVERAGE FOR PERIOD 239 377 250 199 213 198 313 222 236 244 400 246 316 358 301 288 262 219 359 252 209 242 195 314 222 227 246 410 258 322 334 304 284 257 194 340 223 236 315 207 294 223 245 267 350 264 335 348 303 282 260 202 385 170 254 207 229 319 233 224 235 363 291 363 316 305 290 244 218 320 182 242 168 238 322 204 236 305 338 271 351 329 300 285 245 203 386 194 234 175 251 315 224 214 302 314 311 373 304 304 282 249 211 344 200 210 169 298 276 215 223 320 311 351 385 305 299 276 262 234 298 197 213 190 280 253 214 230 355 320 275 381 296 310 301 251 191 308 286 174 210 180 314 241 222 229 399 278 285 400 294 300 277 223 372 255 202 225 191 313 224 229 243 416 249 311 358 296 288 261 205 341) 192 244 230 22!> 312 220 235 269 350 27!> 350 331 303 286 250 216 343 197 219 178 276 281 218 222 326 315 312 380 302 304 286 254 209 343 232 210 211 218 30S 226 227 267 370 279 331 348 299 290 260 248 219 231 196 186 256 286 262 223 315 532 340 427 364 334 375 237 182 256 194 185 262 294 258 227 302 536 358 346 335 347 440 237 179 259 193 181 326 281 260 238 289 521 371 371 334 434 569 224 192 236 195 182 302 290 262 234 294 496 392 378 330 350 635 224 194 231 194 197 291 289 286 233 314 491 394 358 341 375 617 231 199 231 192 195 273 285 272 232 294 442 393 370 362 395 535 248 195 212 199 196 287 325 246 247 350 449 389 368 345 390 502 218 197 217 194 195 319 307 245 241 374 447 410 363 328 387 501 209 203 220 188 202 329 294 250 244 419 420 409 357 323 395 439 212 208 209 190 211 322 283 241 251 473 393 390 347 334 409 409 206 219 204 190 210 299 265 236 284 494 364 361 342 334 407 396 243 208 228 199 183 253 291 261 225 304 530 353 389 346 342 406 228 188 242 194 187 306 287 269 235 299 503 386 369 335 386 607 232 197 229 19r) 193 293 306 254 24<i) 339 446 397 367 345 391 513 209 210 211 189 208 317 281 242 260 462 392 387 349 330 404 415 228 201 225 194 193 292 291 257 240 351 468 381 368 339 381 485 AVERAGE FOR PGKUGO 51. 0 79.4 37.3 19.6 74.5 29.4 86.3 21.6 63.7 21.6 9.8 84.3 90.2 70.6 85.3 41.2 47.1 31,4 49.0 60.8 63.7 27.5 62.7 9.8 70.6 39,2 72.5 25.5 25.5 26.5 63.7 62.7 76.5 39.2 15.7 36.3 57.8 86.3 77.5 47.1 17.6 47.1 45.1 58.8 39.2 52,9 47.1 29.4 35.3 70.6 85.3 27.5 29.4 25.5 51.0 82.4 66.7 49.0 28.4 35.3 51,0 66.7 83.3 45.1 17.6 25.5 74.5 68.6 76.5 17.6 31.4 41.2 47.1 82.4 80.4 27. S 23.5 76.5 21.6 60.8 74.5 39.2 21.6 74.5 74,5 27.5 92.2 23.5 17.6 29.4 56.9 58.8 76.5 52.9 3.9 35.3 41.2 74.5 74.5 58.8 68.6 62.7 19.6 41.2 72.5 58.8 15.7 39.2 29.4 72.5 70.6 76.5 23,5 21.6 41.2 39r2 54.9 27.5 90.2 52.9 35.3 26.5 86.3 31.4 47.1 76.5 24,5 47.1 74.5 45.1 60.8 54.9 15.7 70.6 31.4 49.0 52.9 82.4 37.3 25.5 37.3 79.4 82.4 37.3 72,5 48.0 11.8 43.1 74.5 62.7 70.6 27.5 19.6 78.4 58. « 94.1 66.7 13.7 51.0 47.4 51.0 37.3 69.3 41.8 52.6 28.8 71.5 31.1 52.3 49.0 58.2 56.9 45.8 44.8 43.8 50.3 58.2 45.1 44.8 50.7 53.6 46.4 60.5 47.1 48.4 49.0 42.5 65.4 30,1 47.1 60.8 47.7 32.7 64.1 34.6 45.7 60.1 52.3 39.9 56.9 96.1 47.1 47,1 18.6 54.9 17.6 84.3 78.4 37.3 3.9 51.0 94.1 39.2 33.3 11.8 23.5 19.6 45.1 22.5 78.4 49.0 48.0 29.4 19.6 78.4 74.5 35.3 41.2 25.5 47,1 72.5 60.8 39.2 86.3 40.2 76.5 76.5 25.5 11.8 68.6 31.4 80.4 72.5 10.8 49.0 S4.9 68.6 46.1 64.7 74.5 39.2 33.3 33.3 19.6 98.0 82.4 35.3 23.5 30.4 52.9 68.6 82.4 7.8 3.9 78.4 27.5 41,2 58.8 82.4 72.5 76.5 5.9 28.4 33,3 68.6 56.9 23,5 11.8 66.7 33.3 11.8 58.8 78.4 80.4 25.5 27.5 5.9 54.9 72.5 80.4 73.5 0, 37.3 58.8 66.7 70.6 81.4 38.2 33.3 17.6 35.3 66.7 63.6 59.8 19.6 11.8 62.7 66.7 80.4 49.0 37.3 62.7 45.1 29.4 66.7 57.8 63.7 62.7 31.4 52.0 33.3 43.1 82.4 29.4 24.5 42.2 54.9 84.3 64.7 80.4 71.6 56.9 27.5 13.7 62.7 74.5 92.2 15.7 13.7 38.2 82.4 94.1 86.3 13,7 80.4 35.3 4S.1 49.0 48.0 58.8 88.2 43.1 15.7 3.9 76.5 90.2 76.5 25.5 9.8 76.5 34.3 29.4 62.7 58.8 56.9 58.8 19.6 49.0 51.0 29.4 94.1 29.4 41.2 29.4 53.9 9b.l 64.7 39.2 64.7 39.2 17.6 56.9 76.5 82.4 47.1 5.9 21.6 90.2 90.2 86.3 68.6 5.9 51.6 59.5 36.6 57.8 60.1 30.4 41.8 55.5 49.0 52.9 52.9 48.7 37.9 45.1 51.0 43.5 51.6 53.6 52.9 57.5 47.1 39.9 60.1 47.7 45.4 45,7 57.5 36.6 43.1 51.0 47.1 35.9 63.7 49.3 57.2 44,1 42.2 47.7 54.2 62,1 48.4 23.5 52,9 44, U t»2.4 61. U 59. S 53. b £2.9 60.8 37 3 3l9 S'6.0 41.2 2 3. 5 3.9 Sifl.l 39.6 4.7.1 Ml. 4 54.9 7(i.S 54.9 43.1 20 6 9*. 8 96.1 31.4 31.4 7.8 94.1 15.7 52.9 82.4 64.7 74.5 41.2 31.4 24 5 23!s 94.1 25.5 31.4 16.7 76.5 31.4 70.6 54.9 72.5 88.2 78. 4 fit). 2 78.4 90.2 15.7 86.3 43.1 2.0 60.8 72.5 60.8 21.6 2.0 69.6 70.6 56.9 27. S 2.0 88.2 72,5 25.5 74,5 31.4 0. 70.6 62.7 51.0 9.8 21.6 70,6 68.6 47.1 25.5 9.8 76.5 t.4.7 2.0 j.a.9 70.4 (i<>.7 3,0.8 «.o 76.5 74.5 76.5 '16.1 2.0 NOTE: 104 Annual 210 379 263 199 219 179 313 228 223 239 438 244 294 381 283 293 265 33.3 21.6 68.6 60.8 64.3 3b,3 7.8 37.3 88.2 61.8 76.5 23.5 11.8 74.5 u.e IV Q 201 333 276 166 209 188 320 228 221 219 436 258 303 379 287 288 277 seis 962. DIFFUSION INDEX OF INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE. STATE PROGRAMS — SI; AREAS (PERCENT DECLINING OVER 9-MONTH SPANS) 1948... 1949... 1950., , 1951... 1952... 1953. 19541!! 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... IIIQ 206 305 288 181 201 177 318 240 226 225 407 284 271 429 295 301 270 962. 3IFFUSION INDEX OP INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PROGRAMS — 51 AREAS {PERCENT DECLINING OVER 1-MONTH SPANS) 1948. . , 1949... 1950* . , 1951... 1952... 1953... 1954... 1955.., 1956... 1957. .. 1958... 1959... 1960... 1961... 1962... 1963.., 1964... MQ 35.3 74.5 33.3 84.3 41.2 76.5 25.5 47.1 21.6 82.4 35.3 60.8 17*. 6 80.4 39.2 43.1 33.3 53.8 17.6 68.6 60.8 67.6 80.4 35.3 70.6 11.8 21.6 94.1 43.1 13.7 39.2 76.5 5.9 84.3 47.1 51.0 34.3 33.3 86.3 31.4 9.8 74.5 37.3 3.9 78.4 35.3 82.4 86.3 76.5 60.8 41.2 0. 96.1 15.7 5.9 86.3 25.5 80.4 61.8 88.2 70.6 43.1 3.9 90.2 27.5 23.5 94.1 45.1 17.6 64.7 94.1 56.9 9.8 5.9 98.0 31.4 9.8 88.2 17.6 72.5 100.0 98.0 39.2 47.1 3.9 98.0 3,9 3.9 96.1 60.8 88.2 64.7 25.5 58.6 9.8 94.1 60.8 56.9 0, 100.0 7.8 5.9 90.2 70,6 54.9 72,5 86.3 70.6 35.3 68.6 43.1 3.9 4S.1 84.3 37.3 21.6 51.0 22.5 57.8 52.9 56.9 19.6 84.3 80.4 45.1 68.6 37.3 0. 47,1 82.4 35.3 7.8 58.8 29.4 53.9 60.3 49.0 3.9 82.4 70.6 43.1 94.1 37.3 2.0 52.9 58.8 33.3 13.7 75.5 17.6 74.5 60.8 31,4 7.8 90.2 62.7 82.4 79.4 35.3 5.9 41.2 78.4 7.8 9.8 92.2 17.6 65.7 51.0 21.6. 58.8 90.2 29.4 80.4 53.9 12.7 13.7 84.3 76.5 21.6 2.0 82.4 62.7 82.4 76.5 25.5 21.6 88.2 5.9 62.7 60.8 3.9 70.6 70.6 45.1 2.0 0. 98.0 5b.9 68.6 15.7 47.1 96.1 62.7 12.7 86.3 54.9 2.0 51,0 41.2 96.1 15,7 3.9 92.2 37.3 70.6 51.0 35.3 96.1 96.1 5.9 88.2 41.2 2.0 25.5 84.3 88.2 15.7 U. 88.2 88.2 78.4 66.7 33.3 90.2 &2,9 49.3 40.5 28.8 78.4 49.0 51.6 35.6 62.8 49.0 43.8 69.3 56.9 47.7 U4.3 59.8 34.6 57. <> 49.0 40. 8 58. 2 61.4 !>8.2 37.9 13.1 64.1 69,9 69.3 47.1 44.1 59. s 48. S 49. 5 38.4 b3.3 59.3 46.6 41.4 51.6 52.2 41.8 60.6 fil.3 48.5 54.3 S6.7 49,3 Jil.l 92.1 47.6 44.0 54.4 !»S.9 45,2 33.B 56.9 iiO.O S3. 2 51.2 50.4 48.1 AVERAGE r©R PERIOD 60, 8 21.6 70.6 2.0 92.2 37.3 41.2 0. 98.0 35.3 15.7 82.4 46.1 74.5 66.7 92. *2 7.8 74.5 62.7 2,0 49.0 90.2 7b.4 23.5 0. «8.2 88.2 86.3 29.4 s.y 88.2 49.7 45.1 27, 5 12.4 96.1 32.7 28.8 9.5 88.9 22.2 56.9 72.6 64. 0 79.7 34.6 76.5 7. 9 24^2 86.9 37.9 22.2 49.0 57.5 9.1 77.1 47,7 67.0 83.7 20.4 60.7 2, 6 86.3 62.11 31.4 3.3 94.8 24. !) 13.X 8 9.5 29.4 56.8 75.5 27.3 63.4 6.3 94.8 45.8 48.4 1.3 98.7 15.7 8.5 89.6 59.2 72.5 68.0 35!l 63.4 11 . 3 54 !4 72. S 37.6 13.9 63.0 46.7 13.2 78.3 52. 2 65.1 76.7 81.7 83.6 17.7 79.1 46.4 1.3 61.4 71.2 59.5 14.1 8,5 72.2 71.2 60.2 33.0 4.6 84.3 73.9 41.2 77.1 39.2 2.0 48.4 75.2 35.3 14.4 61.8 23.2 62.1 58.2 45.8 10.4 89. !j 32 ., 7 75,2 64,7 17.3 30.1 65.4 66 . 7 10. ,5 3.9 90.9 45.7 7202 47.7 31,4 58,8 83.7 84. 8 49.7 54.? 68.5 26.2 8.8 83.0 52.9 2.0 41.8 71.9 87.6 18.3 1.3 89.5 71.2 78.4 49.0 24.8 91. S I8.ii 6i, e 75. J 30,9 8.0 62,? 53.1 71.0 53, U 33. 8 41.3 (JANUARY i G. Experimental Data and Analyses <D«c.) (Nov.) , P T Year and quarter Implicit pricedeflator, gross nonfarm business product1 (Index: 1977=100) Unit labor cost, all persons, nonfarm business sector 1 (Nov.) (Mir,) P T (Jan.) (July) P T Components of BCD series 26 (Index: 1977=100) 1979 I Q.... 11 Q . . . qi Q.. IV Q . . . 112.6 115.1 117.4 119.7 115.4 118.7 121.5 124.4 122.9 126.3 128.8 131.9 127.4 131.8 133.6 136.8 Implicit price deflator, business Q (index: 1977 = 100) 1980 I Q.... II Q... HI Q . . IV Q . . . 1981 139.1 141.9 pi 45. 7 (NA) 135.3 137.5 p!41.1 (NA) I Q.... ii q... Ill Q.. IV Q . . . Inventory-sales ratios in 1972 dollars 2 Year and month Manufacturing (Ratio) Merchant wholesalers (Ratio) Retail trade Unit labor cos! all business seqtor, Q (index: 197^=100) I lnventor/-sales in 1972 dollars (ratio) fill Man factur ng (Ratio) 1980 Jan Feb.... Mar.... Apr May.... June. . . 1.91 1.92 1.99 2.07 2.11 2.10 1.36 1.37 1.39 1.42 1.44 1.42 1.37 1.39 1.43 1.47 1.48 1.46 July... Aug Sept... Oct.... Nov..., Dec.... 2.06 2.07 1.98 1.94 1.95 1.95 1.41 1.45 1.41 1.39 1.40 1.36 1.44 1.43 1.43 1.45 1.42 1.41 'Jan. Feb. 'Mar. , Apr. iMay. June 1.97 1.96 1.96 1.96 1.98 1.93 1.33 1.32 1.35 1.36 1.38 1.41 1.38 1.36 1.36 1.39 1.40 1.41 July Aug. Sept Oct. Nov. Dec. 1.97 1.99 2.01 2.09 p2.13 (NA) 1.38 1.43 1.42 rl.45 pi. 45 (NA) 1.45 1.42 1.42 1.49 pi. 48 (NA) Merchant wholesalers 1981 ill 111••£»: I I I i l l I I I ti* i l l i l l i l l i l l i l l 1968 1969 1970 19J|l 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 NOTE: The "r 1 indicates revised; "p", preliminary; and "NA", not available. "Source: U.S. Department of Labor, Bureau of Labor Statistics. 2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. 105 G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Net contribution to index Basic data (and Series title unit of measure) LEADING INDICATORS 1. Average workweek, production workers, manufacturing (hours) 3. Layoff rate, manufacturing 1 (per TOO employees) 8. New orders for consumer goods and materials in 1972 dollars (billion dollars) 32. Vendor performance, companies receiving slower deliveries (percent) 12. Net business formation (index: 1967=100) 20. Contracts and orders for plant and equipment in 1972 dollars (billion dollars) 29. New building permits, private housing units (index: 1§67=1QO) 36. Change in inventories on hand and on order in 1972 dol., smoothed 2 (ann. rate, bil. dol.) . 92. Change in sensitive crude materials prices, smoothed2 (percent) 19. Stock prices. » 500 common stocks (index: 19<-1-43=10) 104. Change in total liquid assets, smoothed2 (percent) 106. Money supply (M2) in 1972 dollars (billion dollars) 910. Composite index of 12 leading indicators 3 (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls (thousands) 51. Personal income less transfers in 1972 dollars (annual rate, billion dollars). . . . 47, Industrial production, total (index: 1967=100) 57. Manufacturing and trade sales in 1972 dollars (million dollars) 920. Composite index of 4 roughly coincident indicators 3 (index: 1967=100) . . . LAGGING INDICATORS 91. Average duration of unemployment1 (weeks) . . , 70. Manufacturing and trade inventories, total, in 1972 dollars (billion dollars) 62. Labor cost per unit of output, manufacturing (index: 1967-100) 109. Average prime rate charged by banks (percent) 72. Commercial and industrial loans outstanding (million dollars) 95. Ratio, consumar installment credit to personal income (percent) . . . . 930. Composite index of 6 lagging indicators 3 (index: 1967-100) Sept. 1981 39.3 Nov. 1981 Oct. 1981 39.5 Sept. to Oct. 1981 Dec. 1981 39.3 Oct. to Nov. 1981 Nov. to Dec. 1981 p39.1 0.17 -0.19 -0.21 1.7 2.2 2.3 p2.1 -0.50 -0.11 0.24 33.98 31.71 r30.85 p31.60 -0.36 -0.16 0.15 43 38 32 30 -0.18 -0.23 -O.OB 114.1 el!2.3 NA NA -0.23 NA NA r!3.67 r!2.38 r!3.71 p!3.69 -0.23 0.2!j -0.00 -0.48 0.01 o. ;u -0.20 -0.19 NA 0.01 -0.10 -0.04 68.7 58.3 58.4 r8.72 r5.58 p2.80 NA rO.02 0.04 r-0.18 -0.25 119.80 122.92 123.79 0.08 0.17 0.94 60.92 re 0 . 8 8 eo.85 -0.06 -0.14 -O.X2 802.4 805.0 r812.5 p816.7 0.13 0.30 0.24 r!31.1 r!28.8 rl.28.6 p!29.4 -1.75 -0.16 0.62 92,033 r91,832 r91,499 p91,206 -0.17 -0.29 -0.33 1,075.4 rl,073.7 rl,074.6 -0.08 0.04 -O.ltt rl51.6 r!49.2 r!46.4 p!43.3 -0.44 -0.52 -0.76 156,182 rl51,783 p!51,337 NA -0.62 -0.06 NA r!39. 9 r!38.5 p!36.6 -1.48 -1.00 -1,37 0.0 0.23 0.29 NA 118.27 142.0 13.7 268.53 214.0 20.08 r!88,385 13.7 13.2 63.7 pi, 071. 6 12.8 0.05 r269.65 p270.23 NA 0.20 0.10 r217.6 r221.2 p224.9 0.52 0.52 15.75 -3.17 -3,13 -3. IB 0.20 0.12 0.45 18.45 16.84 r!90,086 rl91,112 p!93,717 13.23 r!3.21 pl'.MS NA -0.07 -0.21 194.4 r!89.7 rl«4.9 pl81.5 -2.42 -2.53 0.78 NA -1.84 NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised. e s estimated. l lhis 2 series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor for the leading index is 0.099; for the coincident index, -0.164; for the Tagging index, -0.170. 106 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns IM |M"Tnfi| |IMM|TT!II|UU!|I 1. Average workweek, production workers, manufacturing tul Deviations from reference peaks Actual data for current cycle DEVIMONTHS FROM ATIONS CURRENT MONTH AND FROM ACTUAL REF. DATA YEAR 1/80 TROUGH 1. Average workweek, production workers, manufacturing SERIES 1 HOURS Deviations from specific Actual HI 6 7 8 0. -0.7 -0.5 40.1 39.8 39.9 1/81 2/81 3/81 9 10 11 12 0.2 0.5 0. -0.2 40.2 40.3 40.1 40.0 4/81 5/81 6/81 7/81 13 14 15 16 -0.2 -2.0 -1.5 -2.0 40.0 39.3 39.5 39.3 8/81 9/81 10/81 11/81 17 -2.5 39.1 12/81 MONTHS DEVIFROM ATIONS CURRENT MONTH FROM ACTUAL AND SPEC. DATA YEAR TROUGH 7/80 SERIES 1 HOURS 6 7 8 2.3 1.5 1.8 40.1 39.8 39.9 1/81 2/81 3/81 9 10 11 12 2.6 2.8 2.3 2.0 40.2 40.3 40.1 40.0 4/81 5/81 6/81 7/81 13 14 15 16 2.0 0.3 0.8 0.3 40.0 39.3 39.5 39.3 8/81 9/81 10/81 11/81 17 -0.3 39.1 12/81 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH DATA YEAR 1/80 47. Industrial production index SERIES 47 1967=100 47. 'Industrial production index 6 7 8 -1.0 -0.8 -0.6 151.4 151.8 152.1 1/81 2/81 3/81 9 10 11 12 -0.7 -0.2 -0.1 0.6 151.9 152.7 152.9 153.9 4/81 5/81 6/81 7/81 13 14 15 16 0.4 -0.9 -2.5 -4.3 153.6 8/81 151.6 9/81 149.2, 10/81 146.4 11/81 17 -6.3 143.3 • 175 • 170 12/81 • 165 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM .ACTUAL AND DATA YEAR TROUGH 7/80 • 160 SERIES 47 1967=100 • 140 • 135 1 - I.,M,I -12 -6 ..tl.l.Mlllllll.l 0 +6 +12 +18 +24 -15 •130 • 155 6 7 8 7.9 8.2 8.4 151.4 151.8 152.1 1/81 2/81 3/81 9 10 11 12 8.3 8.8 9.0 9.7 151.9 152.7 152.9 153.9 4/81 5/81 6/81 7/81 13 14 15 16 9.5 8.1 6.3 4.3 153.6 151.6 149.2 146.4 8/81 9/81 10/81 11/81 17 2.1 143.3 12/81 Months from reference troughs NOTE: • 150 - +5 • H5 0 -12 -6 0 +6 +12 +18 •HO +24 Months from specific troughs For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1981 issue. 107 G. Experimental Data and Analyses—Continued Cyclical Comparisons; Current and Selected Historical Patterns-Continued Actual data 30. Change in business inventories, 1972 dollars QRTRS . FROM REF. TROUGH ull -1 CURRENT QHTR, ACTUAL AND DATA YEAR | SERIES 30 ANN. RATE BIL. DOL. 1.3 II/8C 0 ryn 30. Change in business inventories, 1972 dollars mi Deviations from specific troughs Actual data for current cycle -5.0 III/8Q 8.5 IV/81 QRTRS . DEVIFROM ATIONS CURRENT QRTR. AND FROM ACTUAL SPEC. DATA YEAR TROUGH IV/bO + 15 + 10 T -7.2 IV/80 -1.4 1/81 10.8 11/81 14.9 111/81 + 25 +20 T -2 -1 SERIES 30 ANN. RATE BIL. DOL. 8.5 1.3 11/80 2.2 -5.0 111/80 0. 1 +5 5.8 18.0 22.1 15.7 -7.2 IV/80 -1.4 1/81 10.8 11/81 14.9 HI/81 8.5 IV/81 •D -* 50. GNP in 1972 dollars c,c,c I 50, GNP, in 1972 dollars I c,c,c I P«reent QRTRS. DEVIFROM ATIONS CURRENT QRTR. REF. FROM ACTUAL AND TROUGH DATA YEAR i/ao -1 +15 SERIES ' 50 : ANN . RAT UPL. DOL 1463.3 11/80 -2.6 0 -2.0 1471.9 111/80 1 2 3 4 -1.1 1.0 0.6 0.9 1485.6 IV/80 .1516.4 1/81 1510,4 11/81 1515.8 111/81 5 -0.4 1495.6 HG25 + 10 IV/81 QRTRS. DEVIFROM ATIONS CURRENT QRTR. SPEC. FROM ACTUAL AND TROUGH 11/80 DATA YEAR 0 IIIIII mil 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -12 -6 0 0 +8 +12 SERIES 50 ANN. RATE BIL. DOL. 0. T 1463.3 11/80 0.6 1.5 3.6 3.2 1471.9 HI/80 1485.6 IV/80 1516.4 1/81 1510.4 11/81 3.6 2.2 1515.8 1495.6 +18 Months from reference troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1981 issue. 108 +5 • 1475 HI/81 IV/81 -12 -6 0 +6 +12 +18 Months from specific troughs + 24 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns-Continued yrmTTnif i|ini11 n 1 1 1 1 1 Actual 910. Composite index of 12 leading indicators feu EE ations from reference peaks for current cycle MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 1/80 DATA YEAR 910. Composite index of 12 indicators SERIES 910 1967=100 Percent -1 +15 • 150 + 10 +5 • no 6 7 8 0.4 0.4 1.5 135.2 135.2 136.7 1/81 2/81 3/81 9 10 11 12 2.1 0.4 -0.4 -0.3 137.5 135.3 134.1 134.3 4/81 5/81 6/81 7/81 13 14 15 16 -1.0 -2.7 -4.4 -4.5 133.3 131.1 128.8 128.6 8/81 9/81 10/81 11/81 17 -3.9 129.4 12/81 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 5/80 DATA YEAR SERIES 910 1967=100 • 130 -10 • 120 -15 • no -20 7 8 10.9 9.9 136.4 135.2 12/80 1/81 9 10 11 12 9.9 11.1 11.8 10.0 135.2 136.7 137.5 135.3 2/81 3/81 4/81 5/81 13 14 15 16 9.0 9.2 8.4 6.6 134.1 134.3 133.3 131.1 6/81 7/81 8/81 9/81 17 18 19 4.7 4.6 5.2 128.8 128.6 129.4 10/81 11/81 12/81 Percent -t +10 • 155 +5 • 130 • 125 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 1/80 DATA YEAR SERIES 920 1967=100 920. Composite index of 4 coincident indicators CAC] • 135 6 7 8 -2.8 -2.5 -2.5 142.0 142.5 142.4 1/81 2/81 3/81 9 10 11 12 -2.7 -2.7 -2.5 -2.4 142.2 142.2 142.5 142.6 4/81 5/81 6/81 7/81 13 14 15 16 -2.4 -2.8 -4.2 -5.2 142.6 142.0 139.9 138.5 8/81 9/81 10/81 11/81 17 -6.5 136.6 12/81 920. Composite index of 4 coincident indicators • 160 • 155 • 145 MONTHS DEVIFROM ATIONS CURRENT MONTH AND FROM ACTUAL SPEC. 7/80 DATA YEAR TROUGH H +10 •150 SERIES 920 1967=100 -5 • 135 -10 -15 ...II.....I.....I.....I -12 -6 0 +6 I..i.ill..1.1. +12 • 145 6 7 8 4.0 4.4 4.3 142.0 142.5 142.4 1/81 2/81 3/81 9 10 11 12 4.2 4.2 4.4 4.5 142.2 142.2 142.5 142.6 4/81 - 5/81 6/81 7/81 13 14 15 16 4.5 4.0 2.5 1.5 142.6 142.0 139.9 138.5 8/81 9/81 10/81 11/81 17 0.1 136.6 12/81 +18 +24 Months from reference troughs H +5 • 140 -J 12 -6 0 + 6 +12 o +18 +24 Months from specific troughs NOTE:; For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1981 issue. 109 ALPHABETICAL INDEX-SERIES FINDING GUIDE Series trios (See complete titles in "Tillies and Sources of 1 Series, " following this index) Current issue (page numbers) Series number Charts Tables Series Historical descriptions data (issue date] {*) A Accession to IB oianufiitturinfi Agricultural products exports Anticipations and intentions Business expenditure, new pl.ir.t and equipment . . . . . Business expenditures, new plant and equipment, 01 Consumer sent i men* indrx Fniploypos manufacturing and tfado Dl Inventories nifinul£if*turinfj ami trado Dl New orders nwmfustufinsj 03 Prices, selling tniitiufticturint], 01 . Prices sollifui rotail tnido Dl Prices, selling, wholesale trade, Dl Profits net fiianufacstuf ini and trade Dl SfilBB not nwnufocHirinf) and Tide Dl Automobiles Expenditures personal consumption Imports of automobiles and parts 2 604 16 56 61 92 8/81 12/81 18 64 61 970 58 974 975 971 976 978 977 972 973 24 38 22 38 38 38 38 38 38 38 38 67 76 65 76 76 76 76 76 76 76 76 3/81 3/81 1/82 1/82 1/82 1/82 1/82 1/82 1/82 1/82 1/82 34 34 31 48 48 48 43 49 48 48 48 55 316 23 56 65 92 4/81 50 64 12/81 11 Balance of payments -Sen Internet tonal transactions, Bank loans to businesses, lonns outstanding B'mk loans to husinpss^s net chaiHjp (lank rates- -Sfie Interest rates. Bank reserves Free reserves Member bank borrowing from Federal Reserve Bonds~See Interest rotas. Borrowing -SftO Credit. Budget --See Government. Building-Son Construction. Business equipment, industrial production Business expenditures, tiew plant ;wtl equipment Business expenditures, new plant K id equipment, Dl Business formation , , , . . . „ Business incorporations . . . „ Business inventories- -Sea Inwsntoiiiss, Business loans-See Bank loans. Business savinq 72 112 15,35 32 73 72 93 94 33 33 72 72 12/80 12/80 43 43 1/82 1/82 45 45 29 76 61 970 14 12 13 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 7/81 7/81 3/81 3/81 12/81 12/81 12/81 35 24 34 34 44 32 32 295 46 82 5/81 37 C Canada-See International comparisons. Capacity utilization Manufacturing (B(-A) Manufacturing (FRO) Materials Capital appropriations, manufacturing Backlog Wewly approved Newly approved, 1)1 . Capital investment-See Investment capital. Capital investment eimtmilments, Cl Cash flow, corporate constant dollars • Cash flow, corporate, current doIUt^ Civilian lahur force-So; also tirnploymsfU. (•mployiTient Employment as porwnt of population Total Unemployed , Coincident indicators, four Composite index Composite index, rotu of ehansji] Diffusion index , Ratio to lugging indicators, eom;»site index Commercial and industrial buildings, contracts awarded . , Commercial and industrial loans oi'tsKmding ...... Commercial and industrial loans 01 ^landing, net ehanp . Compensation Compensation, overage hourly, all employees, nonfarm business sector .... Compensation, average hourly, all employees, nonfarm business sector percent ehanqes Compensation of employees . . , Compensation of employees, porcint of national income Compensation, real average hourly, all employees, nonfar m business sector Compensation, real average hour 'y, all employees, nonfarm business see tor, pereerrt changes Earnings, average hourly, production workers, private nonfarm economy Earnings, average hourly, product ion workers, private nonfarm economy, pereant changes Earnings, real average hourly, production workers, private nonfarm esonc my . . Earnings, real average hourly, production workers, private nonfacm esonomy, percent changes . Wage end benefit decisions, first /ear , Wage and benefit decisions life cf contract Wages and salaries, mining, manufacturing, and construction 83 82 84 20 20 20 64 64 64 8/81 8/81 8/81 25 25 25 97 11 965 24 24 37 66 66 75 10/81 10/81 10/81 33 33 33 914 35 34 11 29 29 60 70 70 11/81 4/81 4/81 15 37 37 442 90 441 37 51 IS 51 18,51 89 62 89 920 920e 951 940 9 72 112 10 39 36 11 23 15,35 32 60 74" 60 66 73 72 3/81 12/80 12/80 15" 15 32 43 43 345 49 87 1/82 56 345c 280 50 45 87 82 1/82 5/81 56 56 64 30,47 70,83 4/81 56 346 49 88 1/82 56 346e 50 83 1/82 56 62,89 2/81 2/81 2/81 2/81 20 20 20 20 11/81 11/81 12/80 11/81 15 340 49 87 11/81 15 340e 50 87 11/81 ' 15 341 49 87 11/81 15 341c 348 349 50 SO 50 87 88 88 11/81 8/81 8/81 15 62 62 S3 19 63 6/81 22 Series ' itles (See complete titles in '"Titles and Sources of Series," follow! ig this index) Current issue (pap numhBfsl Series number Charts Composite indexes Coincident indicators Four coincides Four coinciders rate of change Ratio to lagging indicator index .... Lagging indicators Six loggers Six laggers rate of change Leading indicators Capital investment commitments ... Inventory investment and purchasing Marginal employment ad jist fronts Money ond financial flows .. Profitability Twelve Iradsrs .. . Twelve leaders rate of change Construction Building permits, new private housing Contracts awarded, commercial and industrial hldgs, . . Expenditures, plus machinery and equipment sales Gross private domestic fixed investment Nonresidontial as percent sf GNP .... Nonresidential structures, constant dollars Nonresidential total eons ant dollars Residential as percent of GNP Residential, total, constanl dollars Housing starts Consumer finished goods-See Wholesale prices. Consumer goods and materials, lew orders Consumer goods, industrial prat uction Consumer installment debt Debt outstanding Met changs Ratio to personal income . . Consumer installment loans, del nquency rate Consumer prices-See also Internationa! comparisons. All items, index All items pprcBnt changes Food, index Food, percent changes Consumption expenditures- -See Personal consumption expenditures. Contracts and orders, plant and uquipment, constant dol. . Contracts and orders, plant and isquipment, current dol. . . Corporate bond yields ,. , Corporate profits-See Profits. Costs-Sea Labor costs and Price indexes. Credit Bank loans to businesses not dhangu . .. Borrowing, total private Commercial and industrial loais outstanding Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans d]Iino,uency ratfi Mortgage debt net change Crude materials-See Wholesale prices. 920 920c 940 10 39 11 60 930 930c 10 39 60 11/81 11/81 10 914 915 913 917 916 910 11 60 60 60 60 60 60 11/81 11/81 11/81 11/81 15 16 15 15 If) 15 n 11 11 n 60" IS 11/81 11/81 ill/81 is" :i/ai n/8i n/8i y/8i 91Qc 10 39 29 9 69 13,25 23 24 67 66 67 248 87 86 249 89 28 47 25 25 47 25 25 83 67 67 83 67 67 8 75 12,21 22 64 65 9/81 y/Bl 66 113 95 39 35 32 15,35 33 73 72 73 n 'Ml 4 '81 ts'81 Ul/80 43 43 43 45 320 320e 322 322c 58 49 49,59 49 49 22 84,95 84,9!J 84 84 65 1/81 rn 59 §9 59 59 31 20 10 116 12,23 23 34 66 66 73 *)/«! 11/80 32 32 46 112 110 72 32 32 15,35 72 72 73 1.790 l,e? 11780 43 44 43 66 113 95 39 33 35 32 15,35 33 32 73 72 73 72 71 ,V«1 7/81 43 43 43 45 42 525 564 548 517 53 55 53 53 90 91 90 90 1«7«1 b fil 64 53 39 32 33 12,21 72 64 Kl/80 1-0/80 45 970 965 951 974 963 967 38 37 36 38 36 37 76 75 74 76 74 75 79 3/81 Mm 34 33 IS 40 15 36 966 37 1 i/80 gT' 962 975 952 950 964 36 38 36 36 37 3B 32 3/81 9/81 ?M 51 51 51 51 51 35 4/81 a/81 a/ 81 4/81 . 4/81 3/81 ' 26 24 ;vfli .''01 *'B1 c vai 4 /81 ivm iiyoo D Debt-See Credit. Defense Military prime contract award! National defense purchaws New orders, defense products Obligations incurred Deficit-See Government. Deflators-See Price indexes. Delinquency rate, consumer installment loans Deliveries vendor performance Diffusion indexes Business expenditures, new plant and equipment Capital appropriations manufacturing Coincident indicators . ... Employees, manufacturing and trade Employees on private nonagricaltural payrolls Industrial materials prices Industrial materials prices conrponents Industrial production Industrial production components Initial claims, State unemployment insurance Inventories manufacturing and trede Lagging indicators Loading indicators New orders durable goods industries New orders, durable goods indistries, components New orders manufacturing Prices 500 common stocks Prices selling manufacturing .. , Prices selling retail trade Prices selling wholessli trade Profits manufacturing Profits net manufacturing and trade Sales net manufacturing and ttade Workweek, mfg. production workers Workweek, mfg. production workers, components Disposable personal income-See Income. . 971 968 976 978 977 960 972 973 961 38 " 37 38 38 38 37 38 38 .36 NOTE: CI, composite Index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts. *The number shown Indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL WDICATOMS (1977). 110 Tables li'isterfeil &r;rs data deseriptims i'stiii daw (*) !i 74 76 74 74 7S 77 76 75 76 76 76 75 76 76 74 77 111/81 > 3; 01 10/81 1 ?/80 1/82 9/31 i/&? 1/32 12/80 W80 9/81 i/92 • m m ii*° 48 15 15 26 1A'*2 48*' 36 48 49 48 8/81 1/82 1/82 9/81 48" 48 15 12/80 1/02 l/«2 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued 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) (*) E Earnings-See Compensation. Employment and unemployment Accession rate, manufacturing Civilian labor force, total Ettiployee hours in nonagricultural establishments Employee hours in nonagricultural establishments, rate of change Employees in mining, mfg., and construction Employees manufacturing and trade Dl Employees on nonagricultural payrolls Employees on private nonag payrolls, Dl Employment ratio to population Employment, total civilian Help-wanted advertising in newspapers Hglp-wanted advertising, ratio to unemployment Initial claims. State unemployment insurance Initial claims, State unemployment insurance, 01 Layoff rate manufacturing Marginal employment adjustments, Cl Overtime hours, mfg. production workers Participation rate, both sexes, 16-1 9 years old Participation rate, females 20 years and over Participation rate, males 20 years and over Pgrt-time workers for economic reasons Persons engaged in nonagricultural activities Quit rate manufacturing Unemployed, both sexes, 16-19 years old Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment, average duration Unemployment rate 15 weeks and over Unemployment rate, insured, sverage weekly Unemployment rate, total . Unemployment total civilian Workweek, mfg. production workers Workweek, mfg production workers components Workweek, mfg. production workers, Dl . . : Equipment-See Investment, capital. Exports-See Foreign trade and International transactions. 2 441 16 51 48 17 48c 40 974 41 963 90 442 46 60 5 962 3 913 21 453 452 451 448 42 4 446 445 447 444 91 44 45 43 37 1 39 17 38 14,17 36 18 51 17 17 16 36 12,16 11 16 51 51 51 51 17 16 51 51 51 51 15,18 18 18 18 18,51 12,16 961 36 61 89 61 62*' 76 62 74 62 89 61 61 61 74 61 60 61 89 89 89 89 62 61 89 89 89 89 62 62 62 62 62,89 61 77 74 8/81 2/81 18 20 1/82 15 1/82 8/81 1/82 8/81 9/81 2/81 2/81 11/80 3/81 1/82 1/82 8/81 11/81 8/81 , 2/81 2/81 2/81 2/81 2/81 8/81 2/81 2/81 2/81 2/81 2/81 , 2/81 2/81 2/81 2/81 8/81 9/81 is" 48 15 15 20 20 19 19 18 18 18 15 15 20 20 20 20 20 18 20 20 20 20 •20 20 18 20 20 15 is" F Federal funds rate 119 Federal Government— See Government. Federal Reserve, member bank borrowing from 94 Fingl sales in constant dollars 213 Financial flows, and money, Cl 917 Fixed investment-See Investment, capital. Fixed weighted price index NIPA 311 Fixed weighted price index, percent changes, NIPA 311c Food-See Consumer prices. Foreign trade-See also International transactions. Balance on goods and services 667 Balance on merchandise trade 622 Exports, merchandise, adjusted exc. military 618 Exports merchandise total exc military aid 602 Exports of agricultural products 604 Exports of goods and services, constant dol., NIPA 256 Exports of goods and services, current dol., NIPA 252 Exports of goods and services, exc. military 668 Exports of nonelectrical machinery . ... 606 Imports merchandise adjusted exc military 620 Imports, merchandise, total 612 1 mports of automobiles and parts 616 Imports of goods and services, constant dol., NIPA 257 Ifnports of goods and services, current dol., NIPA 253 Imports of goods and services total 669 614 Imports of petroleum and products Net exports, goods and services, constant dol., NIPA 255 Net exports, goods and services, current dol., NIPA . . . 250 Net exports, goods and services, percent of GNP, NIPA 251 France-See International comparisons. Fref3 reserves 93 34 72 11/80 46 33 40 11 72 80 60 .1/82 11/81 45 49 15 48 48 84 84 5/81 5/81 58 59 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 44 44 47 93 93 93 92 92 82 82 93 92 93 92 92 82 82 93 92 82 82 83 8/81 3/81 8/81 5/81 4/81 4/81 65 65 65 64 64 54 54 65 64 65 64 64 54 54 65 64 54 54 54 33 72 1/82 45 5/81 12/81 12/81 5/81 4/81 8/81 12/81 8/81 12/81 12/81 5/81 5/81 8/81 12/81 G Goods output in constant dollars Government budget, NIPA Federal expenditures Federal receipts Federal surplus or deficit State and local expenditures State and local receipts State and local surplus or deficit Surplus or deficit, total Government purchases of goods and services Federal constant dollars Federal current dollars Federal, percent of GNP National defense . . . . . . State and local constant dollars State and local current dollars State and local percent of GNP Total, constant dollars Total, current dollars 49 20 63 4/81 25 502 501 500 512 511 510 298 . 52 52 52 52 52 52 46 90 90 90 90 90 90 83 5/81 5/81 5/81 5/81 5/81 5/81 5/81 62 62 62 62 62 62 58 263 262 265 564 267 266 268 261 260 43 43 47 55 43 43 47 43 43 81 81 83 91 81 81 83 81 81 5/81 5/81 5/81 5/81 5/81 5/81 5/81 5/81 5/81 53 53 53 53 53 53 53 53 53 Series titles (See complete titles in Titles and Sources of Series," follow ng this index) Gross business product Fixed weighted price index Fixed weighted price index Gross domestic product, labo Gross national product GNP constant dollars GNP, constant dollars, diff GNP, constant dollars, per GNP current dollars GNP, current dollars, diffe GNP, current dollars, perce GNP, ratio to money supp Goods output in constant c Implicit price deflator Implicit price deflator, per Per capita GNP, constant d Gross private domestic invest Current issue (page numbers) Series number Charts 48 48 30 84 84 70 5/81 5/81 4/81 58 59 39 19,40 217 31 " 20 48 48 40 63,80 80 80 80 80 80 71 63 84 84 80 5/81 5/81 5/81 5/81 5/81 5/81 8/81 4/81 5/81 5/81 8/81 49 49 49 49 49 49 40 25 49 49 49 46 60 17 17 61 61 11/80 3/81 19 19 21 1 16 12,16 8/81 8/81 15 15 961 36 61 61 77 74 9/81 15** 28 29 89 249 25 13,25 25 47 67 67 67 83 3/81 7/81 4/81 4/81 35 35 51 51 310 310c 48 48 84 84 5/81 5/81 49 49 345 49 87 1/82 56 345c 280 64 50 45 30,47 87 82 70,83 1/82 5/81 4/81 56 56 56 346 49 88 1/82 56 1/82 6/81 5/81 5/81 4/81 4/81 8/81 56 43 37 37 22 22 22 311 percent changes cost per unit 311c 68 50 50b 50c 200 200b 200c 107 49 310 'ences int changes inces it changes illars >nt changes liars -See Investment, capital, Tables Series Historical data descriptions (issue date) {*) 310c 39" 40 : H Help-wanted advertising in ne jspapers Help-wanted advertising, ratio to unemployment Hours of production workers manufacturing Average weekly overtime . Average workweek, compo ients Average workweek D 1 Housing Housing starts Housing units authorized b ' local bldg. permits Residential GPOI, constant dollars . Residential GPDI, percent f GNP ... Implicit price deflator, GNP Implicit price deflator, GNP, lercent changes Imports-See Foreign trade a d International transactions. Income Compensation, average hou rly, all employees, nonfarm business sector Compensation, average hou rly, all employees, nonfarm business sector, ercent changes Compensation of employee Compensation of employee s, pet. of nat'l. income Compensation, real average hourly, all employees, nonfarm business sector Compensation, real average hourly, all employees, nonfarm business sector, f ercent changes Consumer installment debt ratio to personal income .. Corporate profits with IVA and CCA Corp. profits with IVA and CCA, pet. of nat'l. income '. Disposable personal income , constant dollars Disposable personal income .current dollars Disposable personal income , per capita, constant dol. . . Earnings, average hourly, p oduction workers, private nonfarm economy Earnings, average hourly, p oduction workers, private nonfarm economy percent changes Earnings, real average hour y, production workers, private nonfarm conomy Earnings, real average hour y, production workers, private nonfarm conomy, percent changes Income on foreign investm nt in the U.S. Income on U.S. investmen abroad Interest net Interest, net, percent of na onal income National income Personal income, constant oflars Personal income, current d lars .....: Personal income, less trans rs, constant dollars Personal income, lesstrans rs, constant dots, rate of chg. Personal income, ratio to r oney supply Proprietors' income with 1 A and CCA Proprietors' income with, 1 A and CCA, percent of national income Rental income of persons \ th CCA Rental income of persons v th CCA, pet. of nat'l, income ........... Wage and benefit decisions first year Wage and benefit decisions life of contract mfg., and construction Wages and salaries, mining Incorporations, new business Industrial materials prices Industrial materials prices, co Industrial materials prices, D Industrial production • See al International comparisons. Business equipment Consumer goods Durable manufactures Nondurable manufactures Total Total components Total Dl Total rate of change Installment debt-See Credit Insured unemployment Avg. weekly initial claims, nemploy. insurance ...... Avg. weekly initial claims, nemploy. insurance, Dl . . . Avg. weekly insured unem oyment rate 346c 95 286 287 225 224 227 50 15,35 45 47 40 40 40 88 73 82 83 80 80 80 340 49 87 11/81 34Qc 50 87 n/8i 15 341 49 87 11/81 15 341 c 652 651 288 289 220 52 223 51 51c 108 282 50 57 57 45 47 45 19 40 14,19 39 31 45 87 93 93 82 83 82 63 63 63 11/81 8/81 8/81 5/81 5/81 4/81 6/81 6/81 15 65 65 57 57 55 22 22 22 71 " 82 8/81 5/81 46" 56 283 284 285 348 349 53 13 23 47 45 47 50 50 19 23 28 5/81 5/81 5/81 8/81 8/81 6/81 56 57 57 62 62 22 32 36 967 37 83 82 83 88 88 63 65 69 79 75 1/82 36" 67 65 63 63 63,94 78 75 7/81 7/81 7/81 7/81 7/81 24 24 24 24 24 12/80 24" 76 75 73 74 47 24 22 20 20 14,20,581 966 47c 37 39 5 962 45 16 36 18 10/81 10/81 12/81 1/82 15 7/81 61 74 62 1/82 1/82 2/81 18 18 18 NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, natio al income and product accounts. *The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLI AL INDICATORS (1977). 111 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued 57 57 93 93 68 62 63 26 30 15,30 30 29 70 70 70 70 930 930c 952 3 10 39 36 12,16 60 910 10 39 36 33 13,31 60 950 14 104 913 78 11 27 60 68 38 26 68 8 84 12,21 20 64 64 917 n 60 104 105 85 106 102 107 108 33 118 117 13,31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 27 24 8 20 10 548 7 6 23 23 12,21 12,23 23 53 21 21 , 964 971 37 38 66 66 64 66 66 90 64 64 77 75 76 ... 88 87 86 248 25 25 25 47 67 67 67 83 517 721 53 58 90 94 49 62 358 370 370c 83 82 84 21 20 15,30 50 50 50 20 20 20 16 63 70 88 88 88 64 64 64 61 58 58 58 58 58 58 14,20,58 58 94 94 94 94 94 94 63,94 94 12/81 12/81 12/81 12/81 12/81 12/81 12/81 66 66 66 66 66 66 24 66 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 7/81 7/81 7/81 7/81 7/81 6/79 7/81 70 70 70 70 70 36 70 667 622 618 602 604 668 606 620 612 616 669 614 652 651 57 57 57 56 56 57 56 57 56 56 57 56 57 57 93 93 93 92 92 93 92 93 92 92 93 92 93 93 8/81 8/81 8/81 65 65 65 64 64 65 64 65 64 64 65 64 65 65 30 245 247 65 36 77 915 70 71 31 975 78 26,42 42 47 27 13,26 27 11 15,27 27 26 38 27 68,81 81 83 68 68 68 60 68 68 68 76 68 9/81 1/82 9/81 51 51 51 28 28 28 15 28 28 28 48 28 59" 59*' 49 49,59 n/80 11/80 n/8o 11/80 n/80 n/ao 11/80 n/ao 11/80 3/81 3/81 11/80 11/80 7/81 12/81 12/81 8/81 12/81 8/81 12/81 12/81 8/81 12/81 8/81 8/81 68 68 68 68 69 69 69 69 68 68 59 59 68 68 L 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 nunfarm businsss Labor force-See Employment and unemployment. Lagging indicators, six Composite index . ...... Composite index rate of coonge Diffusion index . Layoff rate manufacturing Leading indicators, twelve Composite index . ... Composite index rate of change Diffusion indsx Liabilities of business failures Liquid assets change in total . . . . Loans-See Credit. 910c 61 74*' 72 71 M Man -hours -See Employment and unemployment. Marginal employment adjustments Cl Materials and supplies on hand ijnd on order mfg Materials and supplies on hand md on order, mfg. changs . ... Materials, crude and intermediate-See Wholesale prices. Materials, industrial-See Price indexes. Materials, new orders for consu Tier goods and Materials rate of capacity utilisation 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 .... Money supply M2 Money supply M2 percent changes Ratio GNP to money supply Ml Mortgage debt net change Mortage yields secondary markdt Municipal bond yields . 39 39 39 15 15" 18 15 is" 44 40 15 28 28 26 25 15 40 40 40 40 40 40 40 42 46 46 23 3/81 33 33 33 15 32 69 24 67 9/81 28 n 243 242 42 42 81 81 4/81 4/81 51 51 86 248 88 89 249 87 241 240 25 47 25 25 47 25 42 42 67 83 67 67 83 67 81 81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 51 51 51 51 51 51 51 51 27 23 66 9/81 26 24 23 66 9/81 26 Diffusion index New orders manufacturing 01 .. Nonresidential fixed investment, GP01 Producers' durable equipment, constant dollars Structures constant dollars Total constant dollars Total psrcentof GNP . . , 0 OECD European countries ind istfial production Orders-See New orders and Unbilled orders. Output-See also Gross national product and Industrial production. Goods output constant dollars Labor cost per unit of Per hour nonfarm business sector Per hour private business sector Per hour, private business sector, percent changes Ratio to capacity, manufacturing (BEA) Ratio to capacity materials . , Overtime hours, production woikers, manufacturing . . . . <» <0 — CO <» tflno ^ffl 28 10/81 10/81 10/81 11/81 C°i?* 9/81 66 66 75 60 66 »«»» 68 24 24 37 &&.J&4* 26 26 26 26 32 32 26 26 26 26*' 48 51 51 51 51 SP 38 97 11 965 914 9 — S*s 10/81 11/81 10/81 10/81 National defense-See Defense. National Government-See Government. National income-See Income. New orders, manufacturers' Capital goods industries, noniefonse, constant dol Capital goods industries, non defense, current dol Consumer goods and rr.oteria s, constant dollars Contracts and orders, plant aid equip., constant dol. . , Contracts and orders, plant aid equip., current dol. . . . Defense products Durable goods industries, eurstant dollars Durable goods industries current dollars ««: ««§£»««» N 4/81 4/81 4/81 9/81 9/81 NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; MIPA, national income and product accounts. *The number shown Indicates the page on which the series description appears in the HANDBOOK OF WClXCAt, INDICATORS (1977). 112 74*' ^C^-f 59" 723 726 727 728 721 722 47 725 59*' 11/80 ^ 59" 96 96 95 95 96 96 95 95 95 95 84,95 84,95 95 95 59*' SisB Japan-See international comparisons. 733 733c 736 736c 737 737c 738 738c 732 732c 320 320c 735 735c 65 65 —® J «»SS 652 651 34 34 32 32 »» 67 76 66 66 VZUSX^^ 24 38 12,23 23 S^SSS 11/80 11/80 11/80 11/80 11/80 11/80 11/80 61 970 20 10 ^^±ll 46 46 46 46 46 46 46 46 •5«3S£ 8/81 ,®^WS — — 73 73 72 73 73 73 72 73 2£ 35 34 34 34 34 35 34 34 2 67 116 119 118 117 109 114 115 Plant and equipment Business expenditures new Business expenditures, new, Dl Contracts and orders, constant dollars Contracts and orders currant dollars Investment, foreign Income on foreign investmerts in U S Income on U S investments abroad Italy-See International compaiisons. S^± 57 57 22 5/81 5/81 Tables 3S«» 5£ 82 83 Charts Historical Series data descriptions (issuo date) (*) - 45 47 Current issue (page numbers) Series number ££22222S2f 288 289 Series litles (See complete titles in 'Titles and Sources of Series," following this index) t^^S^SS^-S^o Tables Charts Historical Series data descriptions (issue date (*) C B C B S S ® - ' - ' ' — <=>,& Interest, net , Interest, net percent of national income , . Interest rotes Bank rates on short-term business loans , ... Corporate bond yields Federal funds rote » Mortgage yields secondary fnErket 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 Prance, index , France percent changes Italy, 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 chanties Industrial production Canada , . . France , Italy „ Japan ,..,.., OECD European countries United Kingdom Unitod States ...„ West Germany Stock prices Canada Franco , , 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 r military aid Exports of agricultural produces . . . . Exports of goods and services, exc. military Exports of nonelectrical machinery Imports, merchandise, adjusted, exc. military Imports merchandise totol Imports of automobiles and parts 1 mports of good$ 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 c instant dollars Business inventories, change, cjrrent dollars Business inventories ehanip, pareent of GNP Finished pods, 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, rnfg Materials and supplies on hand and on order, rnfg., change , Investment, capital Capital appropriations, manufacturing, backlog Capital appropriations, manufacturing, new Capital appropriations, manufacturing, now, Dl Capital investment eammitmerts. 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, tola), percent of GNP Producers' durable equip,, nonresid., constant dol. . . Residential, total, constant dollars Residential, total, percent of GNP Structures, no tires idential, constant dollars Total, constant dollars , Total, current dollars ,. New orders, capital goods, nondofense, constant dollars New orders, capital goods, nondofense, current dollars „ Current issue {page numbers) Series number 66" hs«^S^%S Series thlra (See complete titles in "Titles and Sources of Series," following (Shis index) 25 39 61 61 61 25 25 25 15 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) (*) P Participation rates, civilian labor force Both sexes, 1 6-1 9 years of age Females 20 years and over , Males 210 years and over Personal consumption expenditures Automobiles Durable goods constant dollars Durably goods, current dollars Nondurable goods constant dollars Nondurable goods, current dollars Services constant dollars Services current dollars Total, constant dollars Total current dollars Total percent of GNP Personal income-See Income. Personal saving Personal saving rate Petroleum and products imports Plant and equipment-See also Investment, capital. Business expenditures for Business expenditues for Dl Contracts and orders for constant dollars Contracts and orders for current dollars . . . Price indexes Consumer prices-See also International comparisons. All items index All items percent changes . ... Food index Food percent changes Deflators NIPA Fixed weighted, gross business product, index Fix^d weighted, gross business product, pet. changes Implicit price deflator GNP index Implicit price deflator, GNP, percent changes Industrial materials Industrial materials components Industrial materials 01 Labor cost, price per unit of Sensitive prices change in Stock prices-See also International comparisons. 500 common stocks 500 common stocks Dl Wholesale prices All commodities index All commodities percent change Conjsumer finished goods index Consumer finished goods, percent changes Crude materials index Crude materials, percent changes Intermediate materials index Intermediate materials, percent changes Producer finished goods index Price to unit labor cost nonfarm business Prices, selling Retail trade 01 Wholesale trade Dl p. h ' ri h h k Producer finished goods-See Wholesale prices. Producers' durable equipment nonresid GPDI Production -See Industrial production and GNP. Productivity Outpiit per hour nonfarm business sector 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, with IVAand CCA, constant dollar Corporate, after taxes, with 1 VA and CCA, cur. dol. . . . Corporate, with IVA and CCA Corporate, with IVA and CCA, pet. of nat'l. income . . . Manufacturing and trade 01 Manufacturing, D 1 Per dollar of sales, manufacturing Profitability, Cl Ratio, profits to corporate domestic income Ratio, profits with IVA and CCA to corporate domestic Proprietors' income with IVA and CCA Proprietors' income with IVA and CCA, pet. of nat'l. iric. . 453 452 451 51 51 51 89 89 89 2/81 2/81 2/81 20 20 20 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 65 80 80 81 81 81 81 80 80 83 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 50 50 50 50 50 50 50 50 50 50 292 293 614 46 46 56 82 83 92 5/81 5/81 12/81 : 58 58 64 61 970 20 10 90 24 38 12,23 23 18 67 76 66 66 62 3/81 3/81 9/81 9/81 2/81 34 34 32 32 20 320 320c 322 322c 49 49,59 49 49 84,95 84,95 84 84 3/81 3/81 3/81 3/81 59 59 59 59 311 23 48 48 48 48 28 5/81 5/81 5/81 5/81 1/82 58 59 49 49 36 967 26 92 37 29 13,28 84 84 84 84 69 79 75 70 69 19 968 13,28 37 330 330c 334 334c 331 331 c 332 332c 333 333c 26 311c 310 310c l"/82 12/81 36*' 4/81 60*' 69 75 3/81 12/80 36 36 48 48 48 48 48 48 48 48 48 48 29 85 85 86 86 85 85 86 86 86 86 70 6/81 6/81 6/81 6/81 6/81 6/81 6/81 6/81 6/81 6/81 59 59 60 60 60 60 60 60 60 60 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 1/82 1/82 . 1/82 12/81 11/80 48 49 48 64 46 88 25 67 4/81 51 358 370 370c 916 50 50 50 11 88 88 88 60 12/81 10/81 12/81 12/81 11/81 61 61 61 15 18 16 28 28 80 79 286 287 972 960 15 916 22 28 28 45 47 38 37 29 11 29 69 69 82 83 76 75 70 60 69 4/81 4/81 5/81 5/81 1/82 8/81 7/80 4/81 38" 15 37 81 282 283 29 45 47 70 82 83 4/81 5/81 5/81 37 56 56 4 16 61 8/81 18 284 45 82 5/81 57 285 47 83 5/81 57 69 69 4/81 4/81 11/81 37 37 37 37 37 37 48 Q 1 R Rental income of persons with CCA Rental income of persons, with CCA, percent of national incomg Series title s (See complete titles in "Tit(sand Sources of Series," following t f is index) Reserves free Residential fixed investment, const int dollars, GPDI Residential fixed investment, perce nt of GNP Residential structures-See Hous n Retail sales, constant dollars Retail sates, current dollars Current issue (page numbers) Series number Charts Series Historical data descriptions (issue date) (*) Tables 93 89 249 33 25 47 72 67 83 1/82 4/81 4/81 59 . 54 22 22 65 65 10/81 10/81 31 31 40 80 5/81 49 24 ' 14,22 22 38 27 22 22 67 65 65 76 68 65 65 9/81 10/81 10/81 10/81 28 28 28 48 28 31 31 46 46 46 46 46 82 83 82 82 83 5/81 5/81 5/81 5/81 5/81 37 58 58 58 58 13,28 69 4/81 60 13,28 37 27 69 75 68 3/81 12/80 9/81 36 36 28 26 68 9/81 28 114 115 34 34 72 73 11/80 11/80 46 46 91 60 5 962 3 15,18 17 16 36 12,16 62 61 61 74 61 2/81 3/81 1/82 1/82 8/81 20 19 18 18 18 446 445 447 444 37 4 51 51 51 51 18,51 16 89 89 89 89 62,89 61 2/81 2/81 2/81 2/81 2/81 8/81 20 20 20 20 20 18 44 45 43 18 18 18 62 62 62 2/81 2/81 2/81 20 18 20 96 25 21 21 64 64 10/81 26 26 107 108 32 31 31 12,21 71 71 64 8/81 8/81 330 330c 334 334c 331 331 c 332 332c 333 333c 92 1 48 48 48 48 48 48 48 48 48 48 13,28 12,16 85 85 86 86 85 85 86 86 86 86 69 61 6/81 6/81 6/81 6/81 6/81 6/81 6/81 6/81 6/81 6/81 961 36 77 74 , 45 51 51 S Salaries-See Compensation. Sales Final sales, constant dollars . . . 213 Machinery and equipment sales < nd business construction expenditures . . . 69 Manufacturing and trade sales, c instant dollars 57 Manufacturing and trade sales, c irrent dollars 56 Manufacturing and trade sales, 0 973 Ratio, inventories to sales, mfg. nd trade 77 Retail sales constant dollars 59 54 Retail sales current dollars Saving Business saving . ... 295 298 Government surplus or deficit . Gross saving, private and govern nent 290 292 Personal saving Personal saving rate 293 Selling prices-See Prices, selling. 92 Sensitive prices, change in State and local government-See G jvernment. Stock prices-See also Internationa comparisons. 19 500 common stocks 968 500 common stocks, Dl Stocks of materials and supplies on hand and on order . . . 78 Stocks of materials and supplies on hand and on order, 38 change Surplus-See Government. 10/81 10/81 1/82 T Treasury bill rate Treasury bond yields u Unemployment Duration of unemployment, ave rage Help-wanted advertising to uner iployment, ratio Initial claims, avg. weekly, unen ploy, insurance Initial claims, avg. weekly, unen ploy, insurance, Dl . . . Layoff rate, manufacturing . . . Number unemployed, civilian la bor force Both sexes, 1 6-1 9 years of ag Females, 20 years and over . Full-time workers Males 20 years and over Total unemployed Quit rate, manufacturing Unemployment rates 15 weeks and over Insured, average weekly .... Total Unfilled orders, manufacturers' Durable goods industries Durable goods industries, chang in United Kingdom-See Internatiom comparisons. 9/81 V Velocity of money GNP to money supply Ml, rat id Personal income to money supo y M2 ratio Vendor performance t . .\ 10/80 40 40 28 W Wages and salaries-See Compensaf ion. West Germany-See International omparisons. Wholesale prices All commodities index All commodities, percent chant JS Consumer finished goods, inde;: Consumer finished goods, perct it changes Crude materials index Crude materials, percent chang is Intermediate materials, index Intermediate materials, percent changes Producer finished goods, index Producer finished goods, perce it changes Sensitive prices change in Workweek of production workers, manufacturing Workweek of production workers, manufacturing, components Workweek of production workers, manufacturing, 01 ; 8/81 59 59 60 60 60 60 60 60 60 60 60 15 9/81* 15" 4/81 NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts. *The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977). 113 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. "M" following a series title indicates monthly data; "Q" indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter). To save space, the commonly used sources listed below are referred to by number: Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department of Labor, Bureau of Labor Statistics; Source 4—Board of Governors of the Federal Reserve System. 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.) (23,66) 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 Anaysis (23,66) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board (24,66) 12. Index of net business formation (M).—Source 1; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (12,23,65) 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 arid 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 (32,71) 34. Net cash flow, corporate, in current dollars (Q). Source 1 (29,70) 35. Net cash flow, corporate, in 1972 dollars (Q). Soime 1 (29,70) 36. Net change in inventories on hand and on order in 1972 dollars (smoothed) (M),-Sources 1, 2, and 3(13,26,68) 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. 13. Number of new business incorporations (M).—Dun & Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (23,65) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) I-A. Composite Indexes 14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (33,72) 910. Composite index of twelve leading indicators (includes series i, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) (M).-Source 1 (10,39,60) 913. Composite index of marginal employment adjustments (includes series 1, 2, 3, 5) (M).-Source 1 (11,60) 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission; seasonal adjustment by Bureau of Economic Analysis (29,70) 39. Percent of consumer installment loans delinquent 30 days and over (EOM).—American Bankers Association (33,72) 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M).-Source 1 (11,60) 16. Corporate profits after taxes in current dollars (Q).Source 1 (28,69) 915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 92) (M).-Source 1 (H60) 916. Composite indo of profitability (includes series 19, 26, 80) (M).-Source 1 (11,60) 18. Corporate profits after taxes in 1972 dollars (Q).Source 1 (28,69) 38. Change in stocks of materials and supplies on hand and on order, manufacturing (M).—Source 2 (26,68) 40. Number of employees in nonagricultural goodiiproducing industries—mining, manufacturing, and construction (M).-Source 3 (17,62) 41. Number of employees on nonagricultural payroll;!, establishment survey (M). -Source 3 (14,17,62) 42. Number of persons engaged in nonagricultural activities labor force survey (M).-Sourees 2 and 3 (17,62) 43. Unemployment rate, total (M).-Sources 2 and 3(18,62) 19. Index of stock prices, 500 common stocks (M).Standard & Poor's Corporation (13,28,59,69,96) 44. Unemployment rate, persons unemployed 15 weeks and over(M).-Sources2 and 3 (18,62) 917. Composite index of money and financial flows (includes series 104, 106, 110) (M).-Source 1 (Ilt60) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (12,23,66) 45. Average weekly insured unemployment rate, Stats programs (M).—U*S, Department of Labor, Employment and Training Administration (1S.62) 920. Composite indeit of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source 1 (10,39,60) 21. Average weekly overtime hours of production workers, manufacturing (M).-Source 3 (16,61) 46. Index of help-wanted advertising in newspapers (M). The Conference Board (17,61) 930, Composite index of six tagging indicators (includes series 62, 70, 72, 91, 95, 109) (M).-Source 1 (10,39,60) 22. Ratio of profits (after taxes) to total corponte domestic income (Q).-Source 1 (29,69) 47. Index of industrial production, total (M).-Source 4 (14,20,39,58,63,78,94) 23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau, Inc. (Used by permission. Beginning with June 1981, this series may not be reproduced without written permission from Commodity Research Bureau, Inc.) (28,69,79) 24. Value of manufacturer's new orders, capital goods industries, nondefense, in current dollars (M).—Source 2 (23,66) 48. Employee-hours in nonagricultural (M).-Source 3 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) 1-B. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (12,16,61,77) 2. Accession rate, manufacturing (M).—Source 3 (16,61) 3. Layoff rate, manufacturing (M).-Source 3 (12,16,61) 4. Quit rate, manufacturing (M).—Source 3 (16,61) 5. Average weekly initial claims for unemployment insurance, State programs (M), U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (16,61) 6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).-Source 2(21,64,77) 7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).—Sources 1, 2, and 3 (21,64) 25. Change in manufacturers' unfilled orders, durable goods industries (M).-Source 2 (21,64) 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector (Q).-Sources 1 and 3 (29,70) 27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).—Sources 1, 2, and 3 (23,66) 28. New private housing units started, total (M).—Source 2 (25,67) 29. Index of new private housing units authorized by local building permits (M).-Source 2 (13,25,67) 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).—Source 1 C'6,42,68,81) 8. Value of manufacturers' new orders for consumer goods and materials in 1972 dollars (M).-Sources 1, 2, and 3 (12,21,64) 31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2 (26,68) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M).-McGraw-Hill Information Systems Company; seasonal adjustment by 32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago (12,21,64) 114 establishments (17,39,61) 49. Value of goods output in 1972 dollars (Q).- Sojrcc 1 * (20,63) 50. Gross national product in 1972 dollars (Q).—Source 1 (19,39,40,63,80) 51. Personal income, less transfer payments, in 1972 dot lars (M).-Source 1 (14,19,39,63) 52. Personal income, total, in 1972 dollars (M).-Source 1 (19,63) 53. Wage and salary income in mining, manufacturing, ami construction in 1972 dollars (M).—Sources 1 and 3 (19,63) 54. Sales of retail stores in current dollars (M),-$oura; 2 (22,65) 55. Personal consumption expenditures, automobiles (Q). Source 1 (22,65) 56. Manufacturing and trade sales in current dollars (M). Sources 1 and 2 (22,65) 57. Manufacturing and trade sales in 1972 dollars (M). Sources 1, 2, and 3 (14,22,65) 58. Index of consumer sentiment (Q,M), -University of Michigan, Survey Research Center (22,65) 59. Sales of retail stores in 1972 dollars (M),-Sourc0s 1 2, and 3 (22,65) TITLES AND SOURCES OF SERIES- Continued 60. Ratio, help-wanted advertising in newspapers (series 46) to number -of persons unemployed (series 37) (M).—Sources 1, 2, 3, and The Conference Board (17,61) 84. Rate of capacity utilization, materials (Q).—Sour 61. Business expenditures for new plant and equipment, total (Q).-Source 1 (24,67) 86. Gross private domestic fixed investment, to nonresidential, in 1972 dollars (Q).-Source 1(25,6 ) 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 (15,30,70) 87. Gross private domestic fixed investment, nonresident! il structures, in 1972 dollars (Q).-Source 1 (25,6 ) 63. Index of unit labor cost, private business sector (Q).— Source 3 (30,70) 89. Gross private domestic fixed investment, to residential, in 1972 dollars (Q).-Source 1 (25,6 ) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 90. Ratio, civilian employment to total population if working age (M).-Sources 1, 2, and 3 (18,61!) 65. Manufacturers' inventories of finished goods, book value, all manufacturing industries (EOM),—Source 2 (27,68) 91. Average (mean) duration of unemployment in weeks (M).-Sources 2 and 3 (15,18,6;!) 66. Consumer installment credit (EOM).-Source 4; FRB seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current figure (35,73) 4 88. Gross private domestic fixed investment, nonresident producers' durable equipment, in 1972 dollars (Q) Source 1 (25,6 ) 92. Change in sensitive crude materials prices (PPI of crik e materials less agricultural products) (smoothed) (M) Sources 1 and 3 (13,28,6 93. Free reserves (member banks excess reserves min borrowings) (M)-Source 4 (33, 94. Member bank borrowings from the Federal Reser e (M).-Source 4 (33,7 ) 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 (30,70) 95. Ratio, consumer installment credit to personal inco (EOM).-Sources 1 and 4 (15,35,7^) 70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1, 2, and 3 (15,27,68) 71. Manufacturing and trade inventories, total book value, in current dollars (EOM)-Sources 1 and 2 (27,68) 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (M).—Source 4; seasonal adjustment by Bureau of Economic Analysis (15,35,73) 73. Index of industrial production, durable manufactures (M).-Source 4 (20,63) 74. Index of industrial production, manufactures (M).-Source 4 nondurable (20,63) 75. Index of industrial production, consumer goods (M).— Source 4 (22,65) 76. Index of industrial production, business equipment (M).^Source 4 (24,67) 77. Ratio, constant-dollar inventories (series 70) to sales (series 57), manufacturing and trade, total (EOM).Sourcfcj 1, 2, and 3 (27,68) 78. Stocks of materials and supplies on hand and on order, manufacturing (EOM).—Source 2 (27,68) 79. Corporate profits after taxes with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1 (28,69) 80. Corporate profits after taxes with inventory valuation and capital consumption adjustments in 1972 dollars (Q).-Source 1 (28,69) 81. Ratio of profits (after taxes) with inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—Source 1 (29,70) 82. Rate of capacity utilization, manufacturing (Q).—Source 4 (20,64) 83. Rate of capacity utilization, manufacturing (EOQ).Source 1 (20,64) (34,72) 1-C. Diffusion Indexes 85. Change in money supply Ml-B (M).-Source 4(31, 67. Bank rates on short-term business loans (Q).—Source 4 (35,73) 69. Manufacturers' machinery and equipment sales and business construction expenditures (industrial and commercial construction put in place) (M).-Source 2 (24,67) 119. Federal funds rate (M).-Source 4 (20,6 ) 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2 (21,6^) 97. Backlog of capital appropriations, 1,000 manufacturi corporations (EOQ).-The Conference Board (24,66) 102. Change in money supply M2 (M).-Source 4 (31, 104. Change in total liquid assets (smoothed) (M).-Soun 1 and 4 (13,31,; 950. Diffusion index of twelve leading indicator components (M).-Source 1 (36,74) 951. Diffusion index of four roughly coincident indicator components (M)-Source 1 (36,74) 952. Diffusion index of six lagging indicator components (M).-Source 1 (36,74) 960. Diffusion index of net profits, manufacturing—about 700 companies (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (35,75) 961. Diffusion index of average workweek of production workers, manufacturing—20 industries (M).—Sources 1 and 3 (36,74,77) 962. Diffusion index of initial claims for unemployment insurance, State programs—51 areas (M).-Source 1 and U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (36,74) 963. Diffusion index of number of employees on private nonagricultural payrolls—172 industries (M).—Source 3 (36,74) 964. Diffusion index of value of manufacturers' new orders, durable goods industries—35 industries (M),—Sources 1 and 2 (37,75,77) 965. Diffusion index of newly approved capital appropriations, deflated—17 manufacturing industries (Q).-The Conference Board (37,75) 966. Diffusion index of industrial production—24 industries (M).-Sources 1 and 4 (37,75,78) 967. Diffusion index of spot market prices, raw industrials— 13 industrial materials (M).-Sources 1, 3, and Commodity Research Bureau, Inc. (35,75,79) 105. Money supply Ml-B in 1972 dollars (M)-Sources 1 and 4 (31,; 968. Diffusion index of stock prices, 500 common stocks53-82 industries (M).-Standard & Poor's Corporation (37,75) 106. Money supply M2 in 1972 dollars (M).-Sources 1 (13,31, and 4 970. Diffusion index of business expenditures for new plant and equipment, total—18 industries (Q).—Source 1 (38,76) 107. Ratio, gross national product to money supply M (Q).-Sources 1 and 4 (31, 108. Ratio, personal income to money supply M2 (M) Sources 1 and 4 (31, 109. Average prime rate charged by banks (M).-Sou 4 (35, 110. Total funds raised by private nonfinancial borrowers credit markets (Q).-Source 4 (32,7 112. Net change in bank loans to businesses (M).—Source seasonal adjustment by Bureau of Econorr Analysis . (32, 113. Net change in consumer installment credit (M).—Sou (32, 2) 4 114. Discount rate on new issues of 91-day Treasury b (34, 2) (M).—Source < 115. Yield on long-term Treasury bonds (M).—L (34, Department of the Treasury 116. Yield on new issues of high-grade corporate boi (M).-Citibank and U.S. Department of 1 (34, Treasury 117. Yield on municipal bonds, 20-bond average (M).— (34, Bond Buyer 118. Secondary market yields on FHA mortgages (M).—I Department of Housing and Urban Development, Fed< Housing Administration (34, 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.) (38,76) 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.) (38,76) 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.) (38,76) 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.) (38,76) 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.) (38,76) 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.) (38,76) 115 TITLES AND SOURCES OF SERIES- Continued 977, Diffusion index of selling prices, wholesale trade—about 450 businessman reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 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.) (38,76) 11-A. National Income and Product 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).-Source 1 (26, 42, 68, 81) 50. Gross national product in 1972 dollars (Q).-Source 1 (19,39,40,63,80) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 200. Gross national product in current dollars (Q).-Source 1 (40,80) 213. Final sales (series 50 minus series 30) in 1972 dollars (Q).-Source 1 (40,80) 217. Per capita gross national product in 1972 dollars (Q).— Sources 1 and I (40,80) 220, National income in current dollars (Q).-Source 1 (45,82) 223. Personal income in current dollars (M),—Source 1 (40,63) 224. Disposable personal income in current dollars (Q).— Source 1 (40,80) 225. Disposable personal income in 1972 dollars (Q).— Source 1 (40,80) 227. Per capita disposable personal income in 1972 dollars (Q).-Sources I and 2 (40,80) 230. Personal consumption expenditures, total, in current dollars (Q).-Source 1 (41,80) 231. Personal consumption expenditures, total, in 1972 dollars (Q).-Sour:e 1 (41,80) 232. Personal consumption expenditures, durable goods, in current dollars (Q),-Source 1 (41,80) 233. Personal consumption expenditures, durable goods, in 1972 dollars (Q).-Source 1 (41,80) 235. Personal consumption expenditures, total, as a percent of gross national product (Q).—Source 1 (47,83) 236. Personal consumption expenditures, nondurable goods, in current dollars (Q).-Source 1 (41,81) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (41,81) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 (42,81) 241. Gross private domestic investment, total, in 1972 dollars (Q).-Sour<:<! 1 (42,81) 242. Gross private domestic fixed investment, total, in current dollars (Q).-Source 1 (42,81) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q).--Source 1 (42,81) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (Q).— Source 1 (42,81) 116 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (47,83) 292. Personal saving (Q), -Source 1 248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).—Source 1 (47,83) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q). Source 1 (46,82) 249. Gross private domestic fixed investment, residential, as a percent of gross national product (Q).—Source 1 (47,83) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 251. Net exports of goods and services as a purcent of gross national product (Q).-Source 1 (47,83) 252. Exports of goods and services in current dollars; national income and product accounts (Q),-Source 1 (44,82) 253. Imports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 255. Net exports of goods and services in 1972 dollars; national income and product accounts (Q).—Source 1 (44,82) 256. Exports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 257. Imports of goods and services in 1972 dollars; national income and product accounts (Q).—Source 1 (44,82) 260. Government purchases of goods and services, total, in current dollars (Q).-Source 1 (43,81) 261. Government purchases of goods and ser/tces, total, in 1972 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 265. Federal Government purchases of goods and services as a percent of gross national product (Q),—Source 1 (47,83) 266. State and local government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 268. State and local government purchases of goods and services as a percent of gross national product (Q).Source 1 (47,83) 280. Compensation of employees (Q).-Source 1 (45,82) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 1 (45,82) 283. Proprietors' income with inventory valuatian and capital consumption adjustments as a percent] of national income (Q).-Source 1 (47,83) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).— Source 1 (47,83) 286. Corporate profits with inventory valuation and capital consumption adjustments (Q).—Source 1 (47,82) 287. Corporate profits with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 288. Net interest (Q).-Source 1 (45,82) 289. Net interest as a percent of national income (Q),Source 1 (47,83) 290. Gross saving—private saving plus government surplus or deficit (Q).-Source 1 (46,82) (46,82) 293. Personal saving rate—personal saving as a percent of disposable personal income (Q).—Source 1 (46,83) 298. Government surplus or deficit, total (Q).-Souras 1 (46,83) II-B. Prices, Wages, and Productivity 310. Implicit price deflator, gross national product (Q).Source 1 (48,84) 311. Fixed-weighted price index, gross business product (Q).-Source 1 (48,84) 320. Index of consumer prices, all items (M),-Source 3 (49,59,84,95) 322. Index of consumer prices, food (M).-Source 3(49,84) 330, Index of producer prices, all commodities (M),- -Source 3 (48,85) 331, Index of producer prices, crude materials for further processing (M).-Source 3 (48,85) 332, Index of producer prices, intermediate materials, supplies, and components (M) - Source 3 (48.86) 333, Index of producer prices, capital equipment (M).~ Source 3 (48,86) 334, Index of producer prices, finished consumer goods (M).-Source 3 (48,86) 335, Index of producer prices, industrial commodities (M).-Source 3 (48,85) 340. Index of average hourly earnings of production workers, private nonfarm economy—adjusted /or overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).- Source 3 (49 87) 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 (49,87) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q),-Source 3 (49,88) 348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source 3 (50,88) 349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).Source 3 (50,88) 358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3 (49,88) 370. Index of output per hour, all persons, private business sector (Q).-Source 3 (49,88) II-C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) 441. Total civilian labor force, labor force survey (M}.— Sources 2 and 3 (51,89) 442. Total civilian employment, labor force survey (M).~ Sources 2 and 3 (51,89) 444. Number unemployed, males 20 years and over, labor force survey (M).'-Sources 2 and 3 (51,89) TITLES AND SOURCES OF SERIES- Continued 445. Number unemployed, females 20 years and over, labor force survey (M).—Sources 2 and 3 (51,89) 565. National defense purchases as a percent of gross national product (Q).-Source 1 (55,91) 47. United States, index of industrial production, total 446. Number unemployed, both sexes 16-19 years of age, labor force survey (M).—Sources 2 and 3 (51,89) 570. Employment in defense products industries (M).— Source 3; seasonal adjustment by Bureau of Econimic Analysis (5! ,91) 320. United States, index of consumer prices, all items (M).-Source 3 (48,59,84,95) 447. Number unemployed, full-time workers, labor force survey (M)-Sources 2 and 3 (51,89) 448. Number employed, part-time workers for economic reasons, labor force survey (M).—Sources 2 and 3 (51,89) 451. Civilian labor force participation rate, males 20 years and over (M).-Sources 2 and 3 (51,89) 577. Defense Department personnel, military, active duty (EOM).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services (5!j,91) 578. Defense Department personnel, civilian, direct hire employment (EOM).—U.S. Department of Defense, 3SD, Comptroller, Washington Headquarters Services(5 ,91) 453. Civilian labor force participation rate, both sexes 16-19 years of age (M).-Sources 2 and 3 (51,89) 580. Defense Department net outlays, military function; and military assistance (M).—U.S. Department of Def snse, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,91) II-D. Government Activities 588. Value of manufacturers' shipments, defense products (M).-Source 2 (5^,91) 500. Federal Government surplus or deficit; national income and product accounts (Q).-Source 1 (52,90) II-E. U.S. International Transactions 501. Federal Government receipts; national income and product accounts (Q).-Source 1 (52,90) 602. Exports, excluding military aid shipments, total (M).Source 2 (5 1,92) 502. Federal Government expenditures; national income and product accounts (Q).-Source 1 (52,90) 604. Exports of agricultural products (M).—Sourc e 2; seasonal adjustment by Bureau of Econ jmic Analysis (5 i,92) 452. Civilian labor force participation rate, females 20 years and over (M).-Sources 2 and 3 (51,89) 510. State and local government surplus or deficit; national income and product accounts (Q).—Source 1 (52,90) 511. State and local government receipts; national income and product accounts (Q).-Source 1 (52,90) 512. State and local government expenditures; national income and product accounts (Q).—Source 1 (52,90) 517. Defense Department gross obligations incurred (M).— U,S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 525. Defense Department military prime contract awards for work performed in the United States (M).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services; seasonal adjustment by Bureau of Economic Analysis (53,90) 543. Defense Department gross unpaid obligations outstanding (EOM).-U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 548. Value of manufacturers' new orders, defense products (M).- Source 2 (53,90) 557. Output of defense and space equipment (M).— Source (55,92) 614. Imports of petroleum and petroleum products (tf).— Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 616. Imports of automobiles and parts (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military j rants (Q).-Source 1 (57,93) 620. Merchandise imports, adjusted, excluding m litary (Q).-Source 1 (57,93) 622. Balance on merchandise trade (Q).—Source 1 (57,93) 725. West Germany, index of industrial production (M).Deutsche Bundesbank (Frankfurt) (58,94) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (58,94) 728. Japan, index of industrial production (M).-Ministry of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M),— Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 733. Canada, index of consumer prices (M).—Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 735. West Germany, index of consumer prices (M).Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 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 (59,95) 737. Italy, index of consumer prices (M).—Instituto Centrale di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 738. Japan, index of consumer prices (M).—Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 743. Canada, index of stock prices (M). -Statistics Canada (Ottawa) (59,96) (Q).-Source 1 (57,93) 667. Balance on goods and services (Q).—Source 1(57,93) 669. Imports of goods and services, total (Q).-Source 1 (^7,93) 723. Canada, index of industrial production (M).—Statistics Canada (Ottawa) (58,94) 652. Income on foreign investments in the United States 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) 722. United Kingdom, index of industrial production (M).— Central Statistical Office (London) (58,94) 742. United Kingdom, index of stock prices (M).—The Financial Times (London) (59,96) (54,91) 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) 651. Income on U.S. investments abroad (Q).—Source 1 (57,93) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (17,93) 4 (14,20,39,58,63,78,94) 727. Italy, index of industrial production (M).-lnstituto Centrale di Statistica (Rome) (58,94) 606. Exports of nonelectrical machinery (M).—Soun e 2; seasonal adjustment by Bureau of Econ)mic Analysis (55,92) 612. General imports, total (M).-Source 2 (M).-Source4 II-F. International Comparisons 19. United States, index of stock prices, 500 common stocks (M).-Standard & Poor's Corporation (13,28,59.69,96) 745. West Germany, index of stock prices (M).- Statistisches Bundesamt (Wiesbaden) (59,96) 746. France, index of stock prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (59,96) 747. Italy, index of stock prices (M).—Instituto Centrale di Statistica (Rome) (59,96) 748. Japan, index of stock prices (M).—Tokyo Stock Exchange (Tokyo) (59,96) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Privato Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USDC WASHINGTON, D.C. PERMIT No. G-56