View original document

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




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)

V.

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS

(17 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)

IV.

(8 series)

Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)

(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)

Unit labor costs
and labor share
(4 series)

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

Commodity
prices
(1 series)
Profit share
(1 series)

Inventories on
hand and on
order
(4 series)

Business
Investment
commitments
<!• series)

Ml.

Inventory
Investment
(4 series)
Inventories on
hand and on
order
(1 series)

VII.

MONEY
AND CREDIT

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
stic
as either L,C, or Lg according to the probabil
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
Oct.

3dQ

4th Q

1981

1981

Oct.
1981

Nov.
1981

Dec.
1981

Nov.

to

to

Nov.
1981

Dec.
1981

ji
E

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

0.1
0.1

-0.2
-0.3

-2. a
-2.1

NA

-0 . 5
0,3
-0.3

0.5

-°3
0.

87.78
39.09
34.58

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

Oct.

2dQ
1980

1981

3dQ

4th Q

1981

1981

1981

(ct.
1)81

Nov.
1981

to

Dec.
1981

3dQ
to
4th Q

1981

to

Nov.
1981

Dec.
1981

2dQ
to
3dQ

Nov.

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

968
70.8
42.7

NA
178.4
159.2

903
60.1
39.5

0.8
NA
NA

1
9

3.6

3.0

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

NA
NA
NA
NA
NA
NA

2.4

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

1980

Oct.

?H n
1981

3dQ

1981

measure

1981

4lhQ
1981

Oct.
1981

Nov.

• Dee.

to

to

te'

1981

Nov.
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

...

. ..
...
...
...
...

HA
NA

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

Bil dol

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

ULg.Lg Bil.dol., EOP

Lg.Lg.Lg

386.26
2.57

1.4
NA

5.0

3.2
NA

72

0.3

2.0
1.4

310
320
320

14.14

. Percent

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. . . .

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

do
Percent

do. . . .
do. . . .

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

0.3
-0.2

5.7
7.2
3.7
3.9

-0.4
-0.8

5.1
10.9

2.7

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.
0.2
0.2

-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
1979

1980

Percent change

^,

3dQ
1980,

4th Q

IstQ

2dQ

3dQ

4th Q

1980

1981

1981

1981

1981

1981

IstQ
to
2dQ

2ttQ
to
3dQ

3dQ
to
4th Q

1981

Average

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 < o
nsumption 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

DigitizedNumbers entered on the chart indicate length
NOTE: for FRASER
Current data for these secies are
http://fraser.stlouisfed.org/ shown on page 60.
Federal Reserve Bank of St. Louis

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

DigitizedNumbers entered on the chart Indicate length
NOTE: for FRASER
Current data for these series are
http://fraser.stlouisfed.org/ shown on page 60.
Federal Reserve Bank of St. Louis

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 workers,
iwit 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

Digitized data FRASER are shown on pages 61,
Current for for these series


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 FRASER
Digitized for is a weighted 4-term moving average (with weights 1,2,2,1) placed
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^-

^//^^~^~/~'
'

li
ll

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 data for these series are shown on pages 62,


1/1

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 for for these series
Digitized data FRASER 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

P

(Nov.)

T

P

(Mar.)

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

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
JANUARY Louis

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.)

(Jan.)(July)

(Mar.)

P

T

T

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

Current data for these series are shown on

http://fraser.stlouisfed.org/
FederalKill Bank of St. Louis
Reserve 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|

Current data for these series are shown



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.)

(Jan.)(July)

(Mar.)

P

T

T

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 Louis
Federal Reserve Bank of St. 1982

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 1982
Bank of St. 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)

P
I

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
DigitizedCurrent data for these series are shown on page 69.
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

(Nov.)

P

T

(Jan.) (July)

(Mar.)

P

(Apr.)(Feb.)

T

T

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/
JANUARY 1982
Federal Reserve 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 1982
Bank of St. 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.
DigitizedCurrent data for these series are shown on page 75.
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.
Digitized data FRASER are shown on page 76.
for for these series
Current



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/
JANUARY Louis
Federal Reserve Bank of St. 1982

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 1982
Bank of St. Louis

ltd*

43

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
(Aug.) (Apr.)

P

(Nov.)

P

(Jan.) (July)

(Mar.)

P

(Apr.) (Feb.)

T

T

T

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
Federal Reserve Bank of St. Louis

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 data for these series are shown on page 82.
for FRASER


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/ 1982
JANUARY
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 ' ' V >i . if i ' •
: 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 for these series are shown on page 89.
Current FRASER


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/
JANUARY 1982
Federal Reserve Bank of St. 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\

"«"«*»

^ X^"
w

*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/ 1982
JANUARY
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

5. Average
weekly initial
claims, State
unemployment
insurancel

3. Layoff rate,
manufacturing

1

(Hours)

ployees)

L, Lg, U

L, L, L

4. Quit rate,
manufacturing

(Per 100 em-

(Per 100 em-

(Hours)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

ployees)

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)

(Per 100 em-

ployees)

L, Lg, U

Revised 2

1980

j|nuary
February
March

t

June

jily
Apgust
September

..

October
November
December

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

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

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

. . . .

3.1
2.9
3.0

40.1
39.8
39.9

l

40.1
40.0
39.7

39.7
39.8
39.9

. ..

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

Comprehensive Unemployment

Comprehensive Employment— Continued

Timing Class

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.)

Year
and
month

U,C, C

(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

Q PRODUCTION AND INCOME- Continued

Minor Economic
Process

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.)

U, Lg, U

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)

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

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.)

Year
and
month

C, Lg, Lg

(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

INVENTORIES ANC INVENTORY INVESTMENT

Inventory Investmerit

Inventories on Hand and on Order

L, L, L

L, L, L

L, 1, L

30. Change in
business inventories in 1972
dollars

Year
and
month

L, L L

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

-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

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

-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

October
November .
December .

-7,16
-6.94
-13.14

-s!6

July
August
September ,

-4.62
-24.04
-23.92

-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 .[

8.45

1.11

D1.55

H>1.90

July .|
August
September

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 . .'

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 79
-0.46
-0.58
0.30
0.63

|:

July
'
August '
September
i
October
November
December

1.07

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 indusl
tries (35 industries)

965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)

966. Index of industrial
production (24
industries)

967. index of spot
market piices, raw
industrials ©
(13 industrial materials)

17.1
37.1
45.7

45.7
62.9
37.1
45.7
62.9
82.9

71.4
57.1
58.6

. 85.7

45.7
42.9
52.9

85.3
70.6
73.5

65.7
50.0
50.0

52.9
44.1
29.4

41.2
35.3
44.1

r26.5
p29.4

Octobe'r
November
December
i

r52.9
p55.9

50.0
46.2
46.2

39.6
70.8
66.7

37.5
70.8
87.5

53.8
76.9
57.7

79,2
91.7
66.7

95.8
95.8
95.8

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

65

July
August1
September

11.5
15.4

50

April
May
June .

16.7
12.5
16.7

53

January
February
March

16.7
16.7
14.6

27

October
November
December

"58.3
"50.0

18

77.1
42.9
82.9

50.0
73.1
61.5

65

April,
May i
Junet
f
July
August
September

25.0
16.7
12.5

p52

22.9
22.9
42.9

70.8
20.8
41.7

*49

68.6
48.6
37.1

1 -month
span

*37

January
February
Marcjh

6-month
span

*41

9-month
span

1 -month
span

'41

1-month
span

1 -quarter
span

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

a. Actual
expenditures
(1*Q span)

b. Later
anticipations

Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(1-Q span)

973. Net sales, manufacturing
and trade 1 ©

Actual

Anticipated

Actual

c. Early
anticipations

(1-Q span)

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing ' ©

970. Business expenditures for new plant and
equipment (18 industries)

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

H
H 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

+

39.3

39.1

(62)

+
+

39.5

(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"

Novemberr

December P

-

Octoberr

-

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

-

-

January 1

December

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
permission; they may not be reproduced without written permission from
for June 1981, these series are based on copyrighted data used by
Commodity Research Bureau, Inc.

IICII

JANUARY 1982




79

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT

M
M 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 , D J 1 nU
JL fi^i i

Q/n 4
34 J . f

00 A Q

C, £ U . 3

1 A ^a AH1 'I .

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 .9c.
:?uu

£, 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

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

First quarter
Second quarter . . . .
Thir;d quarter
Fourth quarter . . . .
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

36.0
31.6
41.1
42.2

17.9
7.6

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

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

8,2

259,1
266.8
293.1
306.3

50.1
51.7
57.6
48.5

19.9

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

(Percent)

(Percent)

247. Change in
business inventories

251. Net exports of
goods and services

(Percent)

249. Residential
fixed investment

(Percent)

I
1979

First quarter
Secfmd quarter . . . .
Third quarter
Fourth quarter . . . .

5.3
5.6
5.4
4.7

11.3

4.4

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

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

13.9

62.1
62.2
62.6
63.4

4.9
6.2
6.1
5.1

18.1

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

Percent of national income

(Percent)

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

265. Federal Government purchases of
goods and services

(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

I
H 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

R PRICE MOVEMENTS-Cortinued
l

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

R WAGES AND PRODUCTIVITY
l
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

11.5

13&\8

pib.i

0.6
9.5

-1.2

0.0

-0.2
-0,8

r-2.2
r-1.5
p-1.6

92.0

-0.1
rO.4

(NA)

-1.5

92.2
92.7
92.1

142! 6

r92.4
p92.2

0.5
-0.6

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

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580, Defense
Department
net outlays

(1967-100)
1

557. Output of
defense and
space equipment

(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
Italy
Year
and
month

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
16...
94"'

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
-0' 3
1.

-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

Q.

-0, i
5. 3
3.1

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

2.4
2.3
2.U

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

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

-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

6.7
3.2

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

-1.3
1.0
b.O

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
Year

Jan.

Mar.

Feb.

Apr.

May

June

July

58. INDEX OF CONSUMER SENTIMENT
(FIRST QUARTER 1966=100}

Aug.

Sept.

Oct.

N

ov.

Dec.

IQ

II Q | III Q

IV Q

Annual

©
AVERAGE FOR PERIOD

1948. . .
1949, . .
1950. . .
1951.
i 1952. . .

> 2

1955. .

> 7

1957.

3,7
)8

...

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

L978...
1979...
1980...
1981...

4.4

92. 3

94.8
99.0

96. 2
100.2

103.2
91.2
96.5
92.9
86.4

102.2
95.7
94.9
92.4
91.6

60 9

72.9
78. b
68.4
56.5

84.3
73.9
66.9

83.7
72.1
67.0

81. fa
66.0
52.7

82.9
68.1
51.7

2.9
8. 3
2.9
2.1
9.7
2. 2
0.8
5 7
8. 4
5. 4

82.4
94. 0
71 8
64 5
75.8

81.6
89. 3

80.0
65.8
5b.7

82.4
60. 4
62.3

94.8
94.8
99.2

6.9
9. 4

78.4
64.5
67.3

y3. FREE RESERVES (MEMBER BANKS EXCESS RESERVES MINUS BORROWINGS)
(MILLIONS OF DOLLARS)

...

79.3
b2.1
75.0

80.4
66,7
73.7

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!

...

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

1963...
1964. . .

95.3

91.1

c«N)UHD-JhJwa a:oc<»u 4a.~J-J^i
\o--JEx;oHiO(-'aiiuio--J<y>vj^^--i

...

1959

1961. . .

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

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
1'
64
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

1 1

-

W U i - J « J i l - ' l - C Iv- ' * . | M ^ i O l - K J l
)

-

®
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

^.r i i

-16
144
-480
-799
-91
153
-823
-808
-454
130
433
-176
-69?
-999

K)(-iU>01N>-J*»'J-Jm

560
600
614
298
330
-672
339
270
-267
-126
324
-48
-365
517
434
301
89

106

iii;

938
669
900
613
723
-640
836
369
-255
116
122
-59
-375
696
555
375
175

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, ( 1
,6
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
1 6 . . .
9 4 . .

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

Annual

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

*42
76
76
*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

43
69
79
60
74
50
84
78
67
46
87
63
58
78
74
83

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

1965
4.966
1967
1968
J.969
JL970
1971
1972
J.973
1974
1975
1976
1977
,1978
1979
1980
i!981

AVERAGE
'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

*53
82
61
62
78
74
83

48
64
58

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

973, DIFFUSION IN DE4 OF NET SALES, MFG. AND TRADE —
ANTICIPATED ©
(P ER:ENT RISING OVER 4-QUARTER SPANS)

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

Year

AVERAGE

£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
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)

*52
62
56

i
)
,,.

*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

198U. . . a
.

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

196S
1966
1967
1968
1969.
1970
1971
1972
1973.....
1974
197§
1976
1977
1978
1979

41
92
50
53
44
SO
70
70
52
58
58
52
54
50
56

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

29
94
68

AVERAGE

*72
81

1965, . .
..
1966, * * . .
1967
1968
1969
1970
1971
1972
1971
1974
1975
197g
1977
1978
1979
1980
1981

*54
47
63
74

59
65
54
54
50
60
58

50
50
70
78
66
62
64
52
54
54
58
bO

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

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

85
76
52
56
44
66
72

AVERAGE
23
95
64

5&
62
56
57
54
58
60

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..

44
90
56

62
65
55
59
52
61

62
68
76
78
79
77
80
70
80
88
87
80
80
84
88
90

r

48
84
SO

50
54
70
74
62
66
68
55
58
55

30
92
68
56
53
51
71
72

45
56
68
66
54
64
60
S6
59
55
59
64
76
69
78
80
82
82
80
88
92
70
82
86

AVEKAmj

22
73
M>
bO
56
48
64
08
70
59
69
S6
56
54
§4
58
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

'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

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

196S
196g
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

*57
64
55
52
53
56
58

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

AVERACiH

bi
7S
3B
«7
Ub
Ut)
&0
74
83
93
71)
86
88
92
9©
90

42
88
44

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....

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

1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

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

3.7
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

s.y

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

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

I960

1961
1962
1963
1964

19:78
1979
1S80
1981

IQ

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

346-C. CHANGE FROM PRECEDING PERIOD IN REAL AVERAGE HOURLY
COMPENSATION, LMONFARM BUSINESS
(ANNUAL RATE, PERCENT)

1SJ76

AVERAGE

Year

345-C. CHANGE FROM P-RECEDING PERIOD IN AVERAGE HOURLY
COMPENSATION, NONFARM BUSINESS
( A N N . RATE, PERCENT)

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

I960

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975

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

. ,,

-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

112.6
115.1
117.4
119.7

qi Q..

IV Q . . .

115.4
118.7
121.5
124.4

122.9
126.3
128.8
131.9

I Q....
11 Q . . .

Implicit price deflator,
business
Q
(index: 1977 = 100)

127.4
131.8
133.6
136.8

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

6
7
8

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

47. 'Industrial production index

-1.0
-0.8
-0.6

-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

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

ryn

-7.2
IV/80
-1.4
1/81
10.8
11/81
14.9 111/81

+ 25
+20

T 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
-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

1471.9 111/80

1
2
3
4

+ 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

-6

0

+8

+12

3.6
2.2

1515.8
1495.6

+18

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1981 issue.




• 1475

1471.9 HI/80
1485.6 IV/80
1516.4
1/81
1510.4 11/81

Months from reference troughs

108

+5

SERIES 50
ANN. RATE
BIL. DOL.
0. T 1463.3 11/80

0.6
1.5
3.6
3.2

-12

0

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

6
7
8

+ 10

+5

• no

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

15
16

• 150

0.4
0.4
1.5

13
14

-1 +15

-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

7
8

-15

• no
-20

12/80
1/81

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

• 120

136.4
135.2

9
10
11
12

-10

10.9
9.9

4.7
4.6
5.2

128.8
128.6
129.4

10/81
11/81
12/81

6
7
8

+5

142.0
142.5
142.4

1/81
2/81
3/81

-2.7
-2.7
-2.5
-2.4

142.2
142.2
142.5
142.6

• 125

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

-6.5

136.6

920. Composite index of 4 coincident
indicators

4/81
5/81
6/81
7/81

17

• 155

-2.8
-2.5
-2.5

9
10
11
12

Percent

-t +10

• 130

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

12/81

• 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

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

H +5

1/81
2/81
3/81

12/81

+18 +24

Months from reference troughs

• 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

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

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

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.

91Qc

10
39

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

Tables

Series
Historical
data descriptions
(issue date)
{*)

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,

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

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

0

51
51

86
248
88
89
249
87
241
240

Diffusion index
New orders manufacturing 01 ..
Nonresidential fixed investment, GP01
Producers' durable equipment, constant dollars
Structures constant dollars
Total constant dollars
Total psrcentof GNP . .
,

27

23

66

9/81

26

24

23

66

9/81

26

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 . .

453
452
451

20
20
20

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

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

Retail trade 01
Wholesale trade Dl
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

l"/82
12/81

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

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

Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. iric. .

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

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

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

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

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

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

36*'

4/81

976
978
977
525
109

Price to unit labor cost nonfarm business
Prices, selling

p.

2/81
2/81
2/81

292
293
614

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

89
89
89

55
233
232
238
236
239
237
231
230
235

.

51
51
51

Series title s
(See complete titles in "Tit(sand Sources of
Series," following t f is index)

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
s
Crude materials, percent chang i
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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102