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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert 6. Dederick, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Associate Director for
National Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the ESureau of Economic
Analysis. Technical staff and their responsibilities for th^ publication are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
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 consisting of the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
John H. Auten, U.S. Department of the Treasury
Norman Frumkin, 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 Re$erve System
Adrian W. Throop, Council of Economic Advisers
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: $55.00 domestic,
$68.75 foreign. Single copy price: $5.50 domestic, $6.90 foreign. Foreign airmail rates are
available on request. Address correspondence

Most of the data contained in this report
also are published by their source agencies. A
series findingguide 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 bteen singled out as leaders, coinciders, or laggjsrs 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, ctt 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 Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendeni) of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

ItCII

iii

1
1
1
1
4
5
5
6

JANUARY 1983
Data Through December
Volume 23, Number 1

PART I.
CYCLICAL INDICATORS

"AT
•X4'

Bl"
B4"
HB5'
B7"

her

COMPOSITE INDEXES AND
THEIR COMPONENTS

Chart

Table

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Employmentand 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
AND RATES OFCHANGE
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
77
—

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



for printing this periodical has been approved
by the Director of the Office of Management
and Budget through April 1, 1985.




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT

~KT
A2
~A4"

EC
A7

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

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

89

, . 52
. 53

90
90

. 56
57

92
93

. 58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
1ST
B2

Price Movements
Wages and Productivity

j

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

,

U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements

;.

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III, APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue)
QCD and Related Measures of Variability (January 1981 issue}
B. Current Adjustment Factors (October 1982 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
*
F. Specific Peak and Trough Dates for Selected Indicators . . . . ;
G. Experimental Data and Analyses
,
Alphabetical Index—Series Finding Guide
,.
Titles and Sources of Series
,

97

103
104
105
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

Revised current and historical data for the composite
indexes of leading, coincident, and lagging indicators
are scheduled to be shown in the February 1983 issue
of BCD. Changes in some of the component series included in the leading and lagging indexes will be introduced. In addition, statistical revisions of the
component series in all of the indexes will be incorporated. These changes are the result of recommendations of the BCD Technical (Advisory) Committee and a
comprehensive review of the indexes by the Bureau of
Economic Analysis.

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment

Changes in this issue are as follows:

methods, benchmark
data, etc. Changes may

1.
civilian
444-448,
to date.
seasonal

The series on employment and unemployment in the
labor force (series 37, 42-44, 60, 90, 91, 441, 442,
and 451-453) have been revised for the period 1978
These revisions reflect the application of updated
adjustment factors by the source agency.

Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Employment and Unemployment Statistics,
Division of Employment and Unemployment Analysis.
2. The average weekly insured unemployment rate (series
45) has been revised for the period 1978 to date to reflect
the application of updated seasonal adjustment factors by the
source agency.
Further information concerning this revision may be
obtained from the U.S. Department of Labor, Employment and
Training Administration, Office of Financial Control and
Management Systems.
3. Appendix C contains historical data for series 11,
77, 97, 604, 606, 614, 616, 721-723, 725-728, 965, and the
series shown on page 105.
4. Appendix G contains recession comparisons for series
21, 29, 30, 47, 50, 90, 910, and 920.
The February issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on March 4.



result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

1983 U.S.
INDUSTRIAL
OUTLOOK

READY
An annual review and
forecast for 250 industries
with projections to 1987.
A useful reference in planning and forecasting for your business; an aid to judging your company's
performance and progress, and its potential.
The 580-page book is an inexpensive and convenient compilation of historical data, current
trends, near-term and long-term prospects, rates of growth, and other measures of industrial
expansion.
Special articles in the 1983 edition analyze the effect on certain industries of increased defense
spending; summarize the forecasts for the manufacturing sector; and examine economic
performance of U.S. industries for 1973 to 1981.

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METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections rolate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1956, but those for the composite
indexes and their components (part 1, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1971.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977

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

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
MCD Moving Averages
the cyclical indicators approach. This approach
Month-to-month changes in a series are often identifies certain economic time series as tending
dominated by erratic movements. MCD (months for to lead, coincide with or lag behind the broad
cyclical dominance) is an estimate of the appro- movements in aggregate economic activity. Such
priate span over which to observe cyclical indicators have been selected and analyzed by
movements in a monthly series. (See appendix A.) NBER in a series of studies published between
It is the smallest span of months for which the 1938 and 1967. During the 1972-75 period, a new
average change in the cyclical factor is greater than comprehensive review of cyclical indicators was
that in the irregular factor. The more erratic a carried out by the Bureau of Economic Analysis
series is, the larger the MCD will be; thus, MCD is 1 (BEA) with the cooperation of the NBER research
for the smoothest series and 6 for the most erratic. staff. The present format and content of part I of
MCD moving averages (that is, moving averages of BCD are based on the results of that study.
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a Section A. Composite Indexes and
5-term moving average of a series with an MCD of 5 Their Components
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
All cyclical indicators have been evaluated acMCD of 1.
cording to six major characteristics: Economic
The charts in this report generally include significance, statistical adequacy, consistency of
centered MCD moving averages for those series timing at business cycle peaks and troughs,
Handbook of Cyclical Indicators.
conformity to business expansions and
In addition to the charts and tables described with an MCD greater than 4. The seasonally contractions, smoothness, and prompt availability
adjusted data are also plotted to indicate their
above, each issue contains a summary table which
variation about the moving averages and to provide (currency). A formal, detailed weighting scheme
shows the current behavior of many of the series.
was developed and used to assess each series by all
Appendixes present seasonal adjustment factors, observations for the most recent months.
of the above criteria. (See articles in the May and
measures of variability, specific cycle turning
November 1975 issues of BCD.)
The resulting
Reference Turning Dates
dates, cyclical comparison charts, and other
scores relate to cyclical behavior of the series
information of analytical interest. An index appears
The historical business cycle turning dates used during the period 1947-70. This analysis produced
at the back of each issue. It should be noted that in this report are those designated by the National a new list of indicators classified by economic
the series numbers used are for identification Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
purposes only and do not reflect precise mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
relationships or order. However, all series NBER, aggregate economic activity reached its relating to section B.)
considered as cyclical indicators are numbered in cyclical high or low levels. As a matter of general
This information, particularly the scores relating
the range 1 to 199.
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
Seasonal Adjustments
the new reference trough bounding the shaded area series from many different economic-process
Adjustments for average seasonal fluctuations have been designated.
groups and combine those with similar timing
are often necessary to bring out the underlying
The historical reference turning dates are subject behavior, using their overall performance scores as
trends of time series. Such adjustments allow for to periodic review by NBER and on occasion are weights. Because they use series of historically
the effects of repetitive intrayear variations changed as a result of revisions in important tested usefulness and given timing characteristics
resulting primarily from normal differences in economic time series. The dates shown in this (for example, leading at both peaks and troughs),
weather conditions and from various institutional publication for the 1948-1970 time period are those with diversified economic coverage and a minimum
arrangements. Variations attributable to holidays determined by a 1974 review. Since then, NBER has of duplication, composite indexes give more
are usually accounted for by the seasonal designated turning points for the 1973-1975 reces- reliable signals over time than do any of the
adjustment process; however, a separate holiday sion and the 1980 recession.
individual indicators. Furthermore, much of the



1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
N. Economic
\Process
Cyclically
Timing
\.

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES. COSTS,
AND PROFITS
(17 series)

Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
( I series)
Comprehensive
unemployment
(3 series)

Capacity
utilization
(2 series)

New and
unfliied orders
and deliveries
(6 series)
Consumption
(2 series)

Formation of
business
enterprises
(2 series)
Business
Investment
commitments
(5 series)
Residential
construction
(3 series)

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

Stock prit**
(1 wrlas)
Commodity
prices
(1 sertet)
Profits and
profit
margin*
(7 sarkas)
Cash flows
(2 s*rt«*>

Comprehensive
employment
(1 series)

Comprehensive
output and
real Income
(4 series)
Industrial
production
(4 series)

Consumption
and trade
(4 series)

Backlog of
Investment
commitments
(1 series)
Business
Investment
expenditures
(5 series)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Duration of
unemployment
(2 series)

Business
Investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

8 series)

VII.
MONEY
AND CREDIT
(26 series)

m
Inventories on
hand and on
order
(4 series)

U nit labor costs
and labor shar»
(4 series)

CornmodKy
prices
(1 sarlOB)
Profit share
[1 9«rle$)

Business
investment
commitments
(1 series)

B. Timing at Business Cycle Troughs
N^ Economic
\Process
Cyclical^
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

EMPLOYMENT
AND
UNEMPL.OYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS
(17 series)

Inventory
Investment
(4 series)

Stock prices
(1 series)
Commodity
prices
(2 s*rtos)
Profits and
profit margins
(6 ssrlos)
Cash flows
(2 series)

Marginal
employment
adjustments
(? series)

Industrial
production
(1 series)

New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)

Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)

Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)

Consumption
and trade
(3 series)

Su sin ess
investment
commitments
(1 series)

Unfilled orders
(1 series)

Business
Investment
commitments
(2 series)
Business
investment
expenditures
(6 series)

Marginal
employment
adjustments
(1 series}
Job vacancies
LAGGING (Lg) ! (2 series)
INDICATORS ! Comprehensive
(40 series)
| employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




Profits
(2 series)

Inventories on
hand and on
order
(5 series)

Unit labor costs
and labor $ h w
(4 series)

VII.
MONEY
AND CREDIT
(26 series)

Vel»ootty!f

i

Ut*rf«*)
Ivtfetmit f#l#t

!

Out*tirvdiftg debt

( I *#H«*)

E&a n k r«$«r ves

(I

mtm)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
welt as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution, of
cyclical timing. (An analogous statement applies, to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than ait troughs of business cycles,, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads" (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)

indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period can
be determined by inspection of the charts, where the
1973-1975 recession and the 1980 recession are
shaded according to the dates of the N6ER reference
cycle chronology.

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
For purposes of constructing a composite index,
actual data but also from surveys of anticipations
each component series is standardized: The monthor intentions. Indexes based on responses of
to-month percent changes in a given series are
business executives about their plans and
divided by the long-run average (without regard to Section 6. Cyclical Indicators by Economic Process expectations for several operating variables are
sign) of those changes. Thus, the more volatile
presented, along with the corresponding indexes
series are prevented from dominating the index.
This section covers 111 individual time series, based on actual data, as the last set of diffusion
The coincident index is calculated so that its long- including the 22 indicators used in the series.
term trend (since 1948) equals the average of the construction of the composite indexes. The peak
This section also records rates of change for the
trends of its four components. This trend, which is and trough timing classifications are shown on the three composite indexes (leading, coincident, and
similar to that of GNP in constant dollars, can be charts in the same manner as described above, but lagging) and for four indicators of aggregate
viewed as a linear approximation to the secular this section includes series with different timing at economic activity: GNP in constant dollars
movement (at an average growth rate) in aggregate peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
economic activity. The indexes of leading and lag- timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
ging indicators have been adjusted so that both as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
their trends and their average month-to-month measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
percent changes (without regard to sign) are ap- are labeled U, i.e., unclassified as to timing at 1-quarter spans.
proximately equal to those of the coincident index. turning points of the given type. Eight series are
Although movements in diffusion indexes and in
(For a more detailed description of the method of
unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
constructing the composite indexes, see the 1977 series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
Handbook of Cyclical Indicators,)
different timing at peaks and at troughs). No series present information about two related but distinct
In addition to these principal composite indexes, that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
differentiated according to cyclical timing, there is included in the list of cyclical indicators.
measure the prevailing direction or scope of
are five indexes based on leading indicators which
The classification scheme which groups the change, while rates of change measure the degree
have been grouped by economic process. Taken indicators of this section by economic process and as well as the overall direction. As is the case for
together, these additional indexes include all 12 cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
component series of the overall leading index, plus tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
a few related series. Also shown in this section is based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
the ratio of the index of roughly coincident
business cycle peaks (November '48, July '53, at the business cycle turns as well.




Part II. OTHER IMPORTANT ECONOMIC
MEASURES

Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of thu civilian
in the physical volume of inventories held by
This part is divided into six sections which cover
private business. The former include all private labor force and its major components: Total
a wide range of quarterly and monthly time series
purchases of dwellings, whether purchased for numbers of employed and unemployed persons.
measuring various aspects of economic activity.
tenant or owner occupancy. Net purchases of used The number Of unemployed is subdivided into
Some of these series are very comprehensive,
selected categories defined by sex, age, and class
goods are also included.
pertaining to the U.S. economy as a whole, others
Government purchases of goods and services of worker. Also included are data on participation
have to do with particular sectors or markets, and
rates for a few principal segments of t i e labor
still others relate to U.S. international transactions (A4) is the compensation of government employees force.
and purchases from business and from abroad. It
or to selected foreign countries. The represented
variables include incomes, outputs, and excludes transfer payments, interest paid by Section D. Government Activities
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
Receipts, expenditures, and their balance (surlabor resources; government receipts, investment by government enterprises but excludes
their current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels:
expenditures, and defense related activities; exused goods and excludes sales and purchases of (1) Federal Government and (2) State and local
ports and imports; and selected indicators for a few
land and financial assets.
government. Also shown is a selection of series
key foreign countries.
Net exports of goods and services (A5) is exports from the discontinued Defense
Indicators,
less imports of goods and services. Exports are part These series measure defense activities which
Section A. National Income and Product
of the national production; imports are not, but are influence short-term changes in the national
The national income and product accounts,
included in the components of GNP and areeconomy. Included are series relating to
compiled by BEAf summarize both receipts and therefore deducted. More detail on U.S.
obligations, contracts, orders, production,
final expenditures for the personal, business,
international transactions is provided in section E. shipments, inventories, outlays, and employment.
foreign, and government sectors of the economy.
National income (A6) is the incomes that These series ark grouped according to the time at
Section Al shows the gross national product,
originate in the production of goods and services which the activities they measure occur in the
final sales, and personal and disposable personal
attributable to labor and property supplied by defense order-production-delivery process, Series
income. The four major components of the gross
residents of the United States. Thus, it measures measuring activities which usually precede pronational product—personal consumption
the factor costs of the goods and services pro- duction, such as contract awards and new orders,
expenditures, gross private domestic investment,
duced. It consists of the compensation of are classified as "advance measures of defense
government purchases of goods and services, and
employees, proprietors' income, rental income of activity." Series measuring activities which tend to
net exports of goods and services-are presented in persons, corporate profits, and net interest.
coincide with production, such as employment, and
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income activities which usually follow production, such as
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving, shipments, are classified as "intermediate and final
measures of defense activity."
series. The national income and product accounts,
business saving (mainly undistributed corporate
briefly defined below, are described more fully in
profits and capital consumption allowances), and Section L U.S. International Transactions
the Survey of Current Business, Part I,
government surplus or deficit.
January 1976.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market
major expenditure components of GNP (excluding military aid) and general imports, plus a
value of final goods and services produced by the (consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
labor and property supplied by residents of the percentages of GNP, and the major income shown are the balances between receipts and
United States, before deduction of allowances for
components of national income (compensation of expenditures for goods and services, merchandise,
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as and investment income.
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
Section F. International Comparisons
business inventories.
Personal income is the income received by
This section is designed to facilitate a quick
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
review of basic economic conditions in six of the
businesses, nonprofit institutions, private trust
nations with which we have important trade
funds, and private noninsured welfare funds) from
The important data on price movements include relationships. The U.S. business cycle shading has
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes been omitted from these charts. Data on industrial
disbursements, other labor income, proprietors' and their major components. Based largely on production, consumer prices, and stock prices for
income, rental income of persons, dividends, these series are the quarterly price indexes from Canada, the United Kingdom, France, West Gerpersonal interest income, and transfer payments, the national income and product accounts, notably many, Japan, and Italy are compared with the corless personal contributions for social insurance.
the GNP implicit price deflator (with weights responding U.S. series. Also included is an inDisposable personal income is the personal
reflecting the changing proportions of different dustrial production index for the European
income available for spending Dr saving. It consists expenditure categories in GNP) and the fixed- countries in the Organization for Economic
of personal income less personal taxes and nontax weighted price index tor the gross business prod- Cooperation and Development (OECD). The inuct. Data on both levels and percent changes are dustrial production series provide cyclically senpayments to government.
sitive output measures for large parts of the
Personal consumption expenditures (A2) is presented for the period since 1971.
The group of series on wages and productivity economies covered. Changes in consumer price ingoods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and dexes (plotted for the period since 1971) provide
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings important measures of the rates of inflation in the
and financial services received in kind by in- and other benefits) in current and constant dollars, major industrialized countries. Stock prices (also
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and shown beginning In 1971) tend to be significant as
leading indicators.
rates of change for most of these measures.
cluded.



HOW TO READ CHARTS
Basic Data

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

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Arabic number indicates latest
month for which data are
plotted. ("9" = September)

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

averages.)

Dotted line indicates anticipated data.

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

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

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

Various scales are used to
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.

Diffusion Indexes

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

Arabic number indicates latest
month for which data are
used in computing the indexes.

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

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

Solid line with plotting points
indicates quarterly data over
various spans.

Dotted line indicates anticipated quarterly data over
various spans.

Diffusion indexes and rates
of change are centered within
the spans they cover.
Solid line indicates percent
changes over 3- or 6-month
spans.

Rates of Change

>Li

Broken line indicates percent
changes over 1-month spans.

Arabic number indicates latest
month used in computing
the changes.

m^\W\

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

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

-

-§

Roman number indicates
latest quarter used in computing the changes.

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


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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data'
Sirins titlt

Timing
classification 3

Unit
of
measure

Average
2dQ
1982

1981

Percent chinim

3d Q
1982

4th Q
1982

Oct.
1982

Nov.
1982

Dec
1982

to
Dec
198,'

2cJ Q
to
3d Q
198?

3dQ
to
4th Q
1982

0»2
-0*2
-2.0

1.5
-0.1
-1.9

-2.0
-4.0

-2.4
-6.6

0.1
2,3
1.0
-0. 5

NA
3.0
-0.9
NA
-1.6

-0,3
0.
NA
-4.8
NA
NA

-0.3
-0.1
NA
-2.4
NA
NA

Oct.,
to
Nov.

I. C Y C L I C A L I N D I C A T O R S
A. Composite Indexes
910. Twelve leading indicators .
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments ..
914. Capital investment commitments . . ,
915. Inventory investment and purchasing
916. Profitability
917. Money Bnd financial flows

1967=100 .
L.L.L
do. ..
C,C,C
do. ..
Lg,Lg,Lg
L.L.L
L.L.L
L,L,L
L,L,L
L.L.L

do.
do.
do.
do.
do.

133.1
141.3
187.8

128.
132.2
177.4

127.4
134.1
184.1

129.8
131.4
176.7

131.4
128.3
165., 1

130.6
128.5
168.

130.8
128.3
165.0

132.3
128..?
161.

93.0
103.1
102.3
93.4
137.9

NA
99.9
97.8
NA
138.4

NA
99.3
97,1
88.
140.2

NA
99.4
99.3
89.3
139.5

NA
102.4
98.4
NA
137,3

NA
101.
99.1
92.9
136.9

NA
101.5
98.3
94.1
137.

104.1
97*9
NA
137.8

NA
-0.2
-O.fc
1.3
0.2

NA
2.6
-0.4
NA
0,4

39.8
2.8
3.
446
1.6
1.3

38.9
2.3
NA
579
NA
NA

39.1
2.
NA
567
NA
NA

39.0
2.4
NA
594
NA
NA

38.9
2.3
NA
608
NA
NA

38.8
2.3
NA
670
NA
NA

38.9
2.3
NA
615
NA
NA

38.
2.3
NA
538
NA
NA

0.3
0.
NA
8.2
NA
NA

0.
0.
HA
12,5

0.249

0.211
78

0.198
79

0.195
76

0.205
83

2.6

N/ 5

1.2

B. Cyclical Indicators by Economic Process
B 1 . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfi]. 2 .
2. Accession rate, per 100 employees, mfg.3 . . .
*5. Avg. weekly initial claims (inverted4}
3. Layoff rate, per 100 employ., mfg. (inv. 4 ! 1 .
4. Quit rate, per 100 employees, mfg. 2

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

Thousands.
Percent
do. ..

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46. Help-wanted advertising

L,Lg,U
ULg.U

Ratio
1967=100..

0.429

169.99
97,030
91,105
25,481

166.04
96,125
89,619
23,882

167.25
96,329
90,029
24,179

165.79
96,19
89,371
23,676

163.63
95,705
88,687
23,103

164.35
95,763
88,860
23,239

163.26
95,670
88,684
23,082

163.28
95,682
88,518
22,988

-0.7
-0.1
-0.2
-0.7

0.
0.
-0.2
-0.4

57.06

57.25

5 7.01

56.57

56,65

56.57

Hours
do. . .
Percent

NA
NA

0.010 -0.038 -0.013

Comprehensive Employment:
48. Employee hours in nonagri. establishments..
42. Persons engaged in nonagri. activities
M l . Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . .
90. Ratio, civilian employment to total population of working age2

U,C,C
U,C,C
C,C,C
LX,U

A.r., bil. hrs.
Thousands.
do. ..
do. ..

U,Lg,U

Percent

58.28

56.50

-0.08

-0.07

-0.24

- 0. 44

Comprehensive Unemployment:
37. Total unemployed (inverted4)
43. Unemployment rate, total {inverted 4 ) 2
45. Avg. weekly insured unemploy-rate (inv. 4 ) 2
*91. Avg. duration of unemployment (inverted4)
44. Unernploy. rate, 15 weeks and over (inv. 4 ) 2 .

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

Thousands.
Percent
do. ,.
Weeks
Percent

8,273 10,678 10,369 11,025 11,839 11,576 11,906 12,036
7.6
9.7
9.4
10 , 0 10.7
,
10.7
10.5
10.8
3.4
4.6
4.5
4.7
5.1
5.2
5.2
5.0
13.7
15.6
15.
16.1
17.5
17.3
17.1
18.0
2.1
3.
3.0
3.3
4.1
4.1
3.8
4.3

-2.9
-0.2
0.
-1.2
-0.3

-1.1
-0.1
0.2
-4.0
-0.2

-6.3
-0.6
-0 .2
-5.9
-0.3

-7.4
-0.7
-0.4
-8.7
-0.8

c,c,c
c,c,c
c,c,c

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

1502.6 1475.5 1478.4 1481.1 1471.7
1242.0 1247.5 1251.7 1248.2 1248.3 1243.6 1247.6 1253.8
1069.1 1065.8 1072.
1064.7 1059.3 1056.6 1057.9 1063.5

0.3
0.1

0.5
: 0.5

0.2
-0.3
-0.7

-0.6
0.
-3.5

0.1

-2.5

-2.4

-io.i
0.
- 0.1

-0.9
-1.0
0.6
0.3

-4.1
-0.6
-1.6

-0 . 9
-0.1
-0.7
-2.1

-1.3
-3.5
-0.8
-2.4

B2. Production and Income
Comprehensive Output and Income:
50. GNP in 1972 dollars
52. Personal income in 1972 dollars
*5V Pers. income less transfer pay., 1972 dollars .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA2
84. Capacity utilization rate, materials, FRB 2 .

c.c.c

..do. .

230.2

216.2

219.6

214.0

208.8

209.4

c.c.c
c,c,c

1967-100..
do. ...
do. ...
A.r., bil. dol.

151,0
140.5
164.8
689.5

138.6
124.7
156.1
661.1

139,4
126.1
155.5
663.2

138.2
124.8
156.4
665.1

135.1
119.7
155.4
654.5

135.8
120.5
156.0

70.3
71
69.6

69.7
69
68.1

67.6
NA
66.1

C.L.L

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

Percent. .
do.
do.

78.4
76
79.9

69.8
NA
69.0

208.
134.8
119.3
155.2

134.7
119.3
155.1

-0.7
-1.0
-0. 5

-0.6
-1.5

-;2. i
NA
-2.0

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars....
*8. New orders, cons, goods and mtls., 1972 dol.
25. Chg. in unfilled orders, durable goods2
£16. Mfrs.' unfilled orders, dureble goods5
*32. Vendor performance2 <§)
Consumption and Trade:
5E5. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars .
71i. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores, 1972 dollars
5E. Personal consumption expend., autos
58. Index of consumer sentiment ©

L,L,L
U.L
LLg.U
l,L,L

c.c.c
c.c.c

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

83.24 74.80 75.48 74.23 73.09 69.60 70.61 79.06
37.41 32.38 32.80 32.03 31.29 29.88 30.21 33.77
33.12 29.34 29.92 30.02 28.00 27.70 28.09 28.21
-0.14 -1.72 -3.03 -3.38
0.32 -2.75 -2.10
5.80
308.37 287.66 296.87 286.71 287.66 283.96 281.86 287.66
37
45
33
39
41
44
40
38

i'.i'x

350.52
Bil.dol. ...
NA 345.02
156.79
do. ..
NA 152.61
147.9 142.6 143.5
1967=100..
Mil. d o l . . . .
36,566 89,186 89,059
..do, ..
44,910 44,529 44,786
A.r., bil. dol.
67.2
70.9
67.8
IQ 1966-100
70.7
68.0
66.2

L,LL
L,L,L

1967=100...
Number. . . .

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

341.18
NA 332.54
150.38
NA 146.29
144.4 141.6 142.2
89,091 91,722 90,290
44,236 45,318 44,544
78.2
69.5
66.7
72.5
73.4

336.37
NA
148.26
NA
141.1 141.4
92,613 92,263
45,803 45,607
72.1

71.9

1.5
1.1
1.4
0.65
-0.7
-4

12.0
11,8
0i4
7.00

-2

1.2
1.3
-0.8
2.6
2.8

0.2
-0.4
-0.4

-1.8

-0.3

-1.7
-2 . 3
0.3
0.35
-3.4
6

-1.5
-2.3
-6.7
3. 70
0.3

-1.1
-1.5
0.6
0.
-1 .2
2.5
0.8

3.0
2.4
12. 5
8.7

NA
-2.0

NA
NA

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations




113.5
48,435

NA
46,602 45,686

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA:
NA

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

Timing
classification3

Unit
of
measure

Average

Oct.
Q
1982

1981

3d Q
1982

4th Q
1982

Oct.
1982

Nov.
1982

Dec.
1982

1982

Nov.

Nov.
1982

Dec.
1982

2dQ
to
3d Q
1982

3d Q
4th Q
1982

I CYCLICAL INDICATORS-Con.
.
B4. Fixed Capital Investment-Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment...
L,L,L
*20. Contr. and orders, plant and equip.,
L,L,L
1972dol
24. New orders, cap. goods indus,, nondefense . . . L,L,L
27. New orders, capital goods industries, nondeL,L,L
fensn, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
L,C,U
11, New capital appropriations, mfg
U,Lg,U
5
97. Backlog of capital appropriations, mfg.
CLg.Lg
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. fixed investment, total, 1972 dol.
Residential Construction Commitments and
Investment:
28. New private housing units started, total . . . . .
*29. New building permits, private housing
89. Fixsd investment, residential, 1972 dol

Bll. dol. .

28.10

24.14

23.39

24.61

26.65

1.2

12.3

-3.1

5.2

14.14
24.04

12.17
20.72

12.18
20.74

11.40
19.83

12,38
20.52

11.96
20.18

11.36
20.17

13.82
2.1.20

-5.0
0.

21.7
5.1

-6.4
-4.4

8.6
3.5

do. . . .

12.39

10.60

10.72

9.88

10.66

10.57

9.88

11.54

-6.5

16.8

-7.8

7.9

Mil.sq.ft. . .
Bil.dol
Bil. dol., EOP

77.72
26.42
92.74

59.01
19.33
82.82

56.96
18.71
73.82

52,20
NA
NA

54.75

50.17

51.68

-8.4

3.0

-3.5
-3.2
-10.9

-8.4
NA
NA

NA 309.21
146.4
145.0
159.6

311.58
144.6

NA
144.1

0.8
-1.2

NA
-0.3

-3.4
-4.6
-2.0

NA
-5.3
-2.3

1,404
96.3

1,229
105.4

24.7
1.7

-12.5
9.4

17.4
7.3
-1.5

12.1
24.3
5.6

7.8

-21.1

-7.13
-53.4
0.47

NA
NA
NA

6.74
10.0
1.00

NA
NA
NA

-1.1
-1.1
-1.5

NA
NA
NA

0.5
0.3
0.6

NA
NA
NA

NA

0.03

NA

-0.7

NA

-2.4

NA

0.47
227.4

0.11
-2.2

-0.23
-1.3

1.59
-1.8

-0.20
-2.7

139.37

4.1

0.9

..do.
do. . . .

C,lg,Lg A.r., bil. dol.

321.49

do. . . .
CLg,Lg
C,Lg,U 1967=* 100...
C,Lg,C A.r., bil. dol.

348.59
181.1
172.0

UL.L
L.L.L
L,L,L

A.r., thous. .
1967=100...
A.r., bil. dol.

57.42
NA
NA

319.99 323.22 315.79 315.21
NA 330.81 319.59
157.3
160.5
153.1
165.4
166.7
163.4

1,087
80.0
44.9

1,061
79.6
40.0

9.0

-8.5

3.42
36.8
0.10

NA
NA
NA

952
74.1
40.1

1,118
79.5
39.5

1,253
98.8
41.7

-2.3

1,126
94.7

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)2
'.,..*....
31. Chg. in book value, mfg. and trade invent.2 . ,
38. Chg. in mtl. stocks on hand and on order2 . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total s
*70. Mfg. and trade invent., total, 1972 dol. s
65. Mfrs.' inventories of finished goodss
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order5

do.

LL,L

L,L,L
L,L,L

do.
do.
Bil. dol. .

Lg,Lg,Lg Bit. dol., EOP
do. . . .
Lg.Lg.Lg
do. . . .
Lg,Lg,Lg

3.4
-8.87
9.7
-1.68

512.98 515.40
265.18 266.03

519.39
269.85

85.90

86.40

1.74

87,66
Lg.Lg.Lg Ratio

-4.4
-15.61
-0.3
-2.68

1.77

NA
1.70

L,Lg,Lg Bil.dol., EOP

NA
NA
NA

-6.11 -13.24
-14.1
-67.5
-1.90
-1.43

NA 514,22
NA 265.33
NA
86.37
NA
1.81

508.60
262.38
85.07
1.77

NA
207.39 202,36

223.13

200.46

199.04

0.59
235.5

0.70
230.4

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed6}2 .
23. Spot market prices, raw industrials © .

L,L,L
U,L,L

Percent
1967=100...

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

L,L,L

194143=10-

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

150.9
76.2
109.4
55.5
4.8
98.0

116.6
NA
NA
NA
NA
96.8

116.3
56.2
100.0
48
3.6
96.5

119.4
57.1
105
50.4
3.6
96.8

NA
NA
NA
NA
NA
97.3

2.7
1.6
5.3
3.9
0.
0,3

NA
NA
NA
NA
NA
0.5

275.2
134.7

NA
NA

263.5
123.3

272.6
128.6

NA
NA

3.5
4.3

NA
NA

Lg,Lg,Lg 1977=100,,.

143.1

153.0

152.9

153.8

154.5

Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100...

1.305
210.3

1.389
229.4

1.388
230,0

1.392
229.8

NA
231.4

Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars
.
79. Corp. profits after taxes with IVA and CCAdj . .
80
do
in 1972 dol..
15. Profits (after taxes) per dol. of sales, mfg.2 .
26. Ratio, price to unit labor cost, nonfarm bus . . .

IXX
IXX

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

Cash Hows:
. ..
34. Net cash flow, corporate
-.
35. Net cash flow, corporate, 1972 dollars

IXX
IXX

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

Unit Labor Costs and Labor Share:
63, Unit labor cost, private business sector
68, Labor cost (cur. dot.) 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

Lg,Lg,Lg Percent

1.27
283.4

242.5

241.7

128.04 119.71

237.4

113.82

231.4

231.0

0.3

-0.2

76.3

75.1

0.3
-0.1

NA
0.7

-0.2

B7. Money and Credit
Money:
85. Change in money supply (Ml ) 2
102. Change in money supply (M2)2
*104. Chg. in total liquid assets (smoothed6)2 . , .
105. Money supply (Ml), 1972 dollars
•106. Money supply (M2), 1972 dollars

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

Percent.
do.
do.
Bil. dol. .
do.

0.52
0.80
0.93
197.6
803.6

0.69
0.77
0.86
198.2
831.3

0,23
0.76
0.98
197.4
828.2

0.67
0.81
0.98
195,5
833.0

1.29
0.75
0.66
202.0
846.0

1.72
0.68
0.74
199.6
838.5

Velocity of Money:
107. Ratio, GNP to money supply (Ml) 2
108. Ratio, pers. income to money supply (M2)2

C,Lg,C

Ratio.
do.

6.839
1.383

6.686
1.340

6.740
1.347

6.777
1.335

6.543
1.322

1.327

-7.77
0.80
NA
22.64
18.34
45.22
NA
6.91
15.69
NA 298.08 258.50

NA
-11.07
NA
NA

Cndit
33.
112.
113.
1
10.

Flows:
Change in mortgage debt2 . ,
Change in business loans2
Change in consumer installment credit3
Total private borrowing




L,L,L
LL.L
L.L.L
LL.L

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

39.91
19.40
20.87
319.58

1.41
0,97
0.65
202.2
846.0

0.74
0,60
0.59
204.3
853,4

-0.31
0.29
-0.09
1.3
0.9

1.319 -0.008

-48.85
NA
-9.05
13.60 -24.73 -22.07
-3.89
NA
30.28

39,80
-38.33
34.17

-0.67
-0.37
-0.06
1.0
0.9

0.

NA
2.66
NA

0.44
0.05
0.
-1.0
0.6

0.62
-0.06
-0.32
3,3
1.6

0.037 -0.234
•0.012 -0.013

-8,57
26.88
-8,78
-13.3

NA
29.41
NA
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 1
Timing
classification3

Series title

Unit
of
measure

Parctnt change

Average
1981

1982

2dQ
1982

3d Q
1982

4th Q
1982

Oct,
1982

Nov.
1982

Dec.
1982

Octl
lo
Nov.
1982

Nov.
to
Dec.
1982

2dQ
to
3d C
J
1982

3d Q
to
4th Q
1982

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv 4 ) ©
39. Delinquency rate, instal. loans {inv. 4 ) 2 s

..

93. Free reserves (inverted 4 ) 2 ©
94. Borrowing from the Federal Reserve2 ( t f ) . . .
Interest Rates:
119. Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ©
115. Treasury bond yields 2 ©
116. Corporate bond yields 2 ©
117. Municipal bond yields 2 ©
118. Mortgage yields, residential 2 ©
67. Bank rates on short-term bus. loans 2 ©
*109. Average prime rate charged by b a n k s 2 ® . . .
Outstanding Debt:
66. Consumer installment credit3
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
*95. Ratio, consumer install, credit to pers. income2

L,L,L
L,L,L

Mil.dol
Percent, EOP

579.60
2.37

NA
NA

NA

NA

2.16

2.19

NA
NA

NA
NA

NA
NA

NA
NA

L,U,U
L,Lg,U

Mil.dol...
do.

-1,051
1,359

-666
1,052

-982
1,297

-390
718

-36
578

-51

455

-177
579

ULg.Lg
C,Lg,Lrj
C.Lg.Lg
Lg.Lg.Lg
U,lg,Lg
L L L
Lg,Lg,Lg
Lg.Lg.Lg

Percent. .
do.
do.
do.
do.
do.
do.

16.38
14.08
12.87
15.48
11.33
16.31
19.56
18.87

12.26
10.72
12.23
14.68
11,66
15.30
14.69
14.86

14.51
12.36
12.94
15.65
12.33
16.41
17.11
16.50

11.01
9.71
12.20
14.72
11.39
14.98
13.27
14.72

9.29
7.93
10.34
12.22
9.90
12.87
11.26
11.96

9.71
7.75
10.51
12.63
9.69
12.99
12.52

Lg.Lg.Lg

Bil.dol., EOP

327.08

Lg.Lg.Lg
Lg,Lg,Lg

Bil.dol
Percent

182.24 210.97 210.31 215.90 217.43 219.42 217.36 215.52
13.21
N
A 12.98 12.66
N
A
N
A 12.79 12.83

do.

NA 332.51 334.24

MA

NA
NA

-0.03

NA
NA

699

]. 26
124

-296
L20

-592
-579

-354
-140

9.20
8.04
10.18
11.89
10.06
12.82

8.95
8.01
10.33
12.15
9.96
12.80

-0.5,1
0.29
-0.33
-0.74
0.3?

-0,.25
-0..03
0.15
0,26
-0.10
-0.02

11.85

11.50

-0.67

-3.50
-2.6 5
-0 - 74
-0.93
-0.94
-1.43
-3.84
-1.78

-1.72
-1.78
-1.86
-2.50
-1.49
-2.11
-2.01
•-2.76

NA 333.91 336.44

NA

119

-o.it

-0.35

o.si

NA
T

NA

0.5

NA

0.04

-0.8
2.7
N
A -0.12

0.7
N
A

-0.4
--0.4
-0.1

1.9
-0.3
0.6

0.2
-0.3
0.5

0.1
-0.9
0.
1 0.6
I -0.1

0.5
-1.3
0.6
1.4
1.6

0.1
-1.6
0.2
0.7
1.1

-0.9]

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310.
320.
320c.
322.
330.
331.
332.
333.
334.

Implicit price deflator, GNP
Consumer prices (CPI), all i t e m s ©
Change in CPI, all items, S/A2
CPI, food
Producer prices (PPI), all commodities ©
PPI, crude materials
PPI. intermediate materials
PPI, capital equipment
PPI, finished consumer goods

1972=100..
1967-100...
Percent
1967=100...

195.5
272.4
0.7
274.6

207.2
289.1
0.3
285.7

206.0
287.3
0.7
285.2

208.5
292.8
0.4
286.9

210.7
293.4
0.1
288.2

294.1
0.5
288.2

293.6
0.1
288.4

292.4
-0.3
288.0

-0.2
-0.4
0.1

do. . . .

do. ..

293.4
329.0
306.0
264.3
271.3

299.3
319.5
310.4
279.6
280.9

298.6
324.8
308.9
277.8
278.0

300.0
320.6
310.6
281.7
282.4

300.3
315.6
311.3
283.8
285.6

299.9
314.7
310.3
282.7
284.2

300.4
317.4
311.7
283.5
286.4

300.6
314.6
311.8
285.1
286.2

0.2
0.9
0.5
0.3
0.8

1977 = 100..

138.9

148.3

147.4

149.6

151.3

150.8

151.1

151.9

0.2

0.5

1.5

t.l

do. ..

92.6
143.2
95.4
100.7

93.3
153.6
96.5
101.0

93.5
152.3
96.4
100. 3

93.1
154.7
96.1
101. 2

93.5
157.0
97.0
102 .2

93.2

93.3

94.0

0.1

0.8

-0.4
1.6
-0.3
0 .9

0.4
1 .5
0.9
1 .0

108.67 110.20 110.09 110.63 110.97 110.75 111.04 111.13
100.40 99.53 99.72 99.60 99.14 99.18 99.14 99.09
8,273 10,678 10,369 11,025 11,839 11,576 11,906 12,036
3,615 5,089 4,868 5,320 5,829 5,714 5,865 5,909
2,895 3,613 3,554 3,684 3,961 3,824 3,989 4,071
1,763 1,977 1,947 2,020 2,049 2,038 2,052 2,056

0.3
0.
2.9
2.6
4.3
0.7

0.1
-0.1
1.1
0.8
2.1
0.2

0.5
-0.1
(5.3
9.3
3.7
3.7

0.3
-0.5
7.4
9.6
7.5
1.4

0.
0.1
0.3

-0.2
0.2
-0.5

0.
0.3
-0.2

0.
-0.1
0.2

do. .,
do. . . .
do. . .

1.2

!
!

1.1

B2. Wages and Productivity
340. Average hourly earnings, production workeis,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm bus..
346. Real avg. hourly comp., nonfarm business ..
370. Output per hour, private business sector

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

C. Labor Force, Employment, and
Unemployment
441.
442.
37.
444.
445.
446.
Labor
451.
452.
453.

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of a g e . . . .
Force Participation Rates:
Males, .20 years and over2
Females, 20 years and over2
Both sexes, 16-19 years of age2

Millions . . .
do. . .
Thousands.
do. . .

do. ..
do. ..
Percent. . . .
do. . .
do. . .

79.0
52.1
55.4

78.7
52.7
54.1

78.8
52.7
54.1

78.8
53.0
53.9

78.8
52.9
54.1

628.2 614.7 617.0 613.7
688.2 762.6 736.6 769.7
-60.0 -147.9 -119.6 -156.0
416.8 437.3 434.3 440. 5
385.0 405.4 402.2 408.2
31.7
32.1
31.9
32.3

78.7
53.1
53.9

N
A
815.9

78.9
52.8
54.1

70.9
52.9
54.4

D. Government Activities
D 1 . Receipts and Expenditures
501.
502.
500.
511.
512.
510.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2 . . .
State and local government receipts
Stateand local government expenditures . .
State and local govt. surplus or deficit 2
D2.

517.
525.
548.
564.

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

-0. 5
4.5
-36»4
1 .4
1. 5

NA
NA

414. 9
NA

0.2

N
A
6.0
Nf*V
NA
NA

Defense Indicators

Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases . . . .

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

15,945
8,065
4,855
153.7

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

19,456
3,608
4,456
21,751
6,319
2,190

N
A
N
A
6,120
178.5

18,694 17,501
11,490 9,278
5,462 4,778
176. 2 182 .7

N 16,476 18,599
A
N
A
N
A
N
A 5,423
N
A
7,290 4,821 5,091 11,959
188. 9

12.9
N
A
5.6

N
A
-6.4
N -19.3
A
134.9 -12.5
3 .7

NA
NA
52.6
3.4

-3.6
-20.1
2.1
7.5
33.3
-0.7

HA
NA
NA
HA
!^A
NA

E. U.S. International Transactions
E1. Merchandise Trade
602.
604.
606.
612.
614.
616.

Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts




do. . . ,
.....do. ...
do. . . .
do. . . .

NA 18,294 17,637
3,420 2,733
NA
NA 4,033 4,119
NA 19,752 21,232
5,514
NA 4,137
2,613 2,595
NA

NA 16,698 15,693
2,681 2,783
NA
3,686
NA 3,829
NA 21,096 18,936
5,733 4,778
NA
2,551 2,081
NA

NA
NA
NA
NA
NA
NA

-6
3
-3
-10
-16
-18

0
8
7
2
7
4

jNA
NA
NA
iNA
iNA
'NA

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

Unit
of
measure

Percent change

Average

1st Q
3dQ
1981

1980

1982

4th Q
1981

1st Q
1982

2dQ
1982

36 Q
1982

4th Q
1982

2d Q
1982

2dQ
to
3d Q
1982

3d Q
4th Q
1982

II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651.
652.
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.

56,059
62,394
-6,334
18,171
10,694
85,526
83,451
2,074

593
778
185
727
198
259
316
943

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

1474.0 1502.6 1475.5 1510.4 1490.1
2633.1 2937.7 3057.5 2980.9 3003.2
1479.0 1493.7 1484.0 1493.9 1485.3
1824.1 2029.1 2172.5 2060.0 2101.4
1018.0 1043.1 1054
1048.8 1051.9
6,537
6,475
6,358 6,563
6,458
4,472
4,538
4,544
4,557
4,559

A x , bil.dol.
do..
.......do. .
do..
do. .
do. .
do..
do..

930.5
137.1
355.8
437.6
1667.2
214.3
670.4
782.5

947.6
140.0
362.4
445.2
1843.2
234.6
734.5
874.1

957.1
138.7
365.2
453.2
1972.0
242.7
762.7
966.6

, .do.
..do.
..do.
..do.
..do.

208
213
-5,
402.
412
-10.0

225.8
216.9
9.0
471.5
451.1
20.5

196.9
205.4
-8.5
421.9
443
-21.4

233.4
216.9
16.5
486.0
454.2
31.8

218.9
214.1
4.8
468.9
455.7
13.2

195.4
210.8
-15.4
414.8
450.4
-35.6

202.3
206.7
-4.4
431.5
447.7
-16.2

206.3
202.9
3.4
443.3
438.6
4.7

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

284.6
106.5
178.1
538.4
197.2
341.2

287.1
110.4
176.7
596.9
228.9
368.0

291.2
116.1
175.0
647.1
257.3
389.8

286.4
110.7
175.7
600.2
230.0
370.1

291.3
116.0
175.3
626.3
250.5
375.7

289.2
114.4
174.9
630.1
249.7
380.4

285.3
110.3
175.0
630.9
244.3
386.6

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

159.2
108.6
50.6
339.2
314.0
25.2

158.5
116.4
42.0
367.3
341
26.1

147.5
117.2
30.3
349.7
333.2
16.5

157.8
118.7
39.2
367.2
341.3
25.9

156.9
120,4
36.5
367.9
344.4
23.5

151.7
114.7
36.9
359.9
328.6
31.3

154.4
118.7
35.7
365.8
330.9
34.9

59,064
66,036
-6,972
21,486
13,227
93,223
90,454
2,770

57,694
65,539
-7,845
NA 22,048
NA 13,865
92,965
90,406
2,559

3,123

174
869
695
562
874
266
295
971

52,480
64,938
•12,458
21,880
14,462
88,058
90,632
-2,574

1470.7
2995.5
1486.1
2117.1
1046.9
6,360
4,527

1478.4
3045.2
1482.7
2151.5
1054.8
6,380
4,552

1481.1
3088.2
1477.8
2198.1
1058.3
6,375
4,555

029

-1.1
-4.9
-1.3
6.7
178 -6,763
8.0
-3.0
6.0
-2.8
1.2
-3.5
0.3
3.8
848 -6,545

NA
NA
NA
NA
NA
NA
NA
NA

618
620
622
651
652
668
669
667

A. National Income and Product
• A 1 . G N P a n d Personal Income
50.
200.
213.
224.
225.
217.
227.

GNPin 1972dollars
GNPin current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Peir capita disposable pers. income, 1972 dol..

1471
3101
1489
2223
1057.9
6,319
4,542

0.5
1.7
-0.2
1.6
0.8
0.3
0.6

0.2
1.4
-0.3
2.2
0.3
-0.1
0.1

-0.6
0.4
0.8
1.2
0.
-0.9
-0.3

50
200
213
224
225
217
227

955.0
956
968.0
138.3
136.4
142.8
364.5
365.9
368
452.2
454,0 45 7.0
1947.8 1986.3 2034.6
240.7
240.3
251
755.0
768.4
778
952.1
977 .6 1004.5

0.6
0.6
0.6
0.6
1.5
1.2
0.8
2.1

0.1
-1.4
0.4
0.4
2.0
-0.2
1.8
2.7

1.2
4.7
0.6
0.7
2.4
4.7
1.3
2.8

231
233
238
239
230
232
236
237

183.6
201.3
-17.7
397.9
436.4
-38.5

-1.9
11.0
4.0
-0.6
19.4

2.0
-1.8
7.8
2.7
-2.0
20.9

-11.0
-0.8
-21.1
-10.2
-0.5
-43.2

241
243
30
240
242
245

291.1
116.2
174.9
651.7
259.0
392.7

299.0
123.7
175.4
675.7
276.1
399.6

-1.3
-3.6
0.1
0.1
-2.2
1.6

2.0
5.3
-0.1
3.3
6.0
1.6

2.7
6.5
0.3
3.7
6.6
1.8

261
263
267
260
262
266

147.5
12 0.0
27.5
349.5
342.5
6.9

136.4
115.3
21.1
323,7
330.6
-6.9

1.8
3.5
-1.2
1.6
0.7
3.6

-4.5
1.1
-8.2
-4.5
3.5
-28.0

-7.5
-3.9
-6.4
-7.4
-3.5
-13.8

256
257
255
252
253
2 50

2387.3 2404.5 2396.9 2425.2 2455.6
NA
1789.1 1813.4 1830.8 1850.7 1868.3 1873.7
127.5
124.1
116.4
118.4
117.3
128.1
193.1
183.9
157.1
166.2
155.4
NA
33.6
33.6
33.9
34.6
34.2
33.9
244.0
258.7
249.5
268.1
267.5
267.0

1.2
1.1
0.8
-1.1
0.9
3.4

1.3
1.0
0.9
6.9
1.2
0.2

NA
0.3
8.2
NA
-2.0
-0.4

220
280
282
286
284
288

3.0
1.1
3.7
3.2
0.1

-4.3
2.5
5.3
-36.2
0.2

NA
NA
-15.2
NA
-1.1

290
295
292
298
293

A 2 . Personal Consumption Expenditures
231.
233.
238,
239.
230.
232.
236.
237.

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

951.4
943.4
949.
142.2
134.1
137.
363.0
363.1
362.
446.2
446.2
449.
1868.8 1884.5 1919.
241.2
229.6
237.
741.3
746.5
749,
886.3
908.3
932.

A 3 . Gross Private Domestic Investment
241.
243.
30.
240.
242.
245.

Total, 1972 dollars
Total fixed investment, 1972 dollars
Change in business inventories, 1972 dol. 1
Total, current dollars
Total fixed investment, current dollars . . .
Chg. in bus. inventories, current dol. 2
A 4 . Government Purchases
o f Goods and Services

261.
263.
267.
260.
262.
266.

Total, 1972 dollars
Federal Government, 1972 dollars
State and local governments, 1972 dollars...
Total, current dollars
Federal Government, current dollars
State and local governments, current dollars .
A 5 . Foreign Trade

256.
257.
255.
262.
253.
250.

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

A 6 . National Income and Its Components
220.
2110.
2132.
286.
284.
288.

National income
Compensation of employess
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj . .
Rental income of persons with CCAdj . .
Net interest

290.
295.
292.
298.
293.

Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate2

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

2117.1 2352.5 2436.
1598.6 1767.6 1855.
116.3
124.7
120.
181.6
190.6
161.
32.9
33.9
34.
187.7
235.7

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

406.2
332.1
106.2
-33.2
5.8

477.5
374.5
130.2
-28.2
6.4

413.9
NA
141.1
-116.1
6.5

490.0
379.1
134.4
-24.5
6.5

476.3
389.1
158.6
-72.5
7.5

428.8
380.3
139.1
-90.7
6.6

441.5
384.6
144.3
-87.5
6.7

422.4
394-2
152.0
-123.7
6.9

NA
NA
128.9
NA
5.8

NOTE: Series are wasoneily adjusted except tor those indicated by © , which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless, otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. 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 consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here heve been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
7
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the serial at peaks, at troughs, end at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
* Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
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, t ) placed at the terminal month of the span.




CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
(Nov.KOet.)

y-Hflpr.)
H

(

(Apr.)(Feb.)
P

(liii.l

T

Index: 1967 «10O
ISO"!
HO-

91Q|;index owehre leading indicators
S, 8,12,19, 20k 29^ 32, 36, 92, 1MH06)

nono-

^

1. 0"
U0-

1*1)1-

20. Index of four roughly coincided pilic a tors
f
(series 41, 47; 51; 57)
'
""'"

Ut •

Wf-

. '01,0-

[930. hufllof six UggULJoikitKi
(s<||$ 62, 70, 72, 91, 95, 109)

!

1948 49

S6 51 S2 53 54 BU Is© U

60

»

•

•

*

-

6 1 02 6 3 64 SB 66 @7

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

10



JANUARY 1983

ItCII

A

COMPOSITE! INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
<Nov.)(Oct.)
P T
_9

f* 1

FT

P T

P

(Mar.)
T

(Jsn.)Cluly)
P T

913. Marginal employment adjustments (series 1, 2, 3, 5)

914. Capital investment commitments (series 12, 20,

915. Inventory investment and purchasing (series 8, 32, 36, 92)

_3

-3 916. Profitability (series 19, 26,

917.

Money lind financial flows (series 104,106,110)

946.

so

-

Ratio, coincident index to lagging

§ $ 9? SS b© ( &1 §2 63 64 65 66 67 §S 6S ?O 71 72 73 74 75 76 77 7$ 7% 80 81 021983
(
^

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

ItCII

JANUARY 1983




11

A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components

1.

Average workweek, production workers,
manufacturing (hours)

5, Averj$ejveekly initial claims, State une
unemployment insurance
laims,
^e7 [77^

8. New orders for consumer goods and materials, 1972 dollars '

327^(18367 perfofmanceTTercerit "of companW receiving sRiir
liveries (pfercent)

12,

20,

Net business formation (index: 1 9 6 7 - 1 0 0 )

Contracts and orders for plant and equipment,

Current data for these series are shown on pai;es 6 1 , 64, 65, and 66.

12



JANUARY 1983

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued

189*-

100 «

36. N«t change in inventories on hand and on order, 1972 dollars, smoottitd1 (ann. rate, bi, dol.)

60*-

l

h strriilfi^cm^maFerTafs'prices,imbdtfieS1 (percenTf

104. Change in totaJ liquid assets, smoothed1 (percent)

19. Stock prices, 500 common stocks
(index: 1 9 4 1 - 4 3 * 10)

106. Money supply—M2—in 1972 dollars (bil. do].)

1

Thts is a weighted 4-term moving average {with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, and 7 1 .

BCII

JANUARY 1983




13

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR C O M P O N E N T S — C o n t i n u e d

C h a r t A3. C o i n c i d e n t Index C o m p o n e n t s
(Nnv.)(OeU
P T

on nonagricultural payrolls (miions)
C

51. Personal income less transfer payments,
1972 dollars (ami rate, bil.

47. Industrial pradu^ta, tot$l (indeii:
C,C

57. Manufacturing and trade sales,
1972

1948 49

UQ b l

B2 53 H4 ^S

S® B? ^S

B9

^ •• x? u.

m

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

14




JANUARY 1983

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4, Lagging Index Components
(Aig.) f Apr > i/\pr.)(F@b.;
P T
P T

(lulvHMa
P (

(Nov.") (Mar.)
P
T

(Jen.) (July)
PT

91, Average duration of unemployment (Weeks—inverted scale)

70. Manufacturing and trade inventories, 1972 dollars (bT3oL)
L

62. Labor cost per unit of output, manufacturing (index: 1967 = 100)
L

109. Average prime rate charged by banks (percent)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bil. dol.)

consumer installment credit topersonal income (percent)

y7 su rp ,^ ci

SI 821983

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

BCII

JANUARY 1983




1
5

CYCLICAL '.INDICATORS
C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S

Chart B l .

Employment and Unemployment

j j a i Employmsjti Adjustments |
1. Average workweek, production workers, maftQ^furkig (hours)

21. Average weekly overtime hours, woductfen workers, mamif^taiirtg (hours)

2. Accession rate, mamifactunng (per 101

5. Average weekly mitia! claims, State unemp^ient insurance (thousands—mverted scale)

3. Layoff rate, manufacturing (per lO^^ttiployees—tnverta^stde) [I,L,L|

4. Quit rate, manufacturing ( p ^ 100 employees)

Current data for these series are shown on page 61.

1
6




JANUARY 1983

KCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
(ten.) (July)
P T

n 60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)

46. Help-wanted advertising (index: 1 1 0 = 100)

48. Employee-hours in noaagricultural establi
(ann. rate, bii. j ^

42. Persons engaged rnf m§agricultural activities (mril

4l s ! fenployees on nonagrkultural payrolls (millions)

cm

manufacturing, commictiofi (miHiofis)

1056 W

S©

S9

6®

Gl

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

KCII

JANUARY 1983




17

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued

hi "

90»||3tio, civBian employment to total population of working age (percent)
SSi

-—•—-'

i . . "1"!

:

;

:

'

"

::

fc 1

J r " ™^~" "

—pfv

•1/

•

!i6 •

!tb •

ft4-

|ConjWiensive Unejjj|foment1

37. Number unemployed, total (milons—inverted scaln)

——I

43.

Unemployment rate, total (percent—inverted scale)

4'

,*

91011-

45. Average weekly insured unemployment rate (percent—ittvefUd scale)

12-

91. Average duration of unemployment (we^s—inverted scale)
10121416-

;

10S6 57

S8

S9

110

18-

44. Unemployment rate, persons unemployed I S weeks and over (pweat—inverted scale)

61

€ig

S3

64

Current data for these series are shown on paga 62.

18



JANUARY 1983

BCII

CYCUO^IL IW0fl
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
(Aug.) (Apr.)

(Apr.) (Feb.)

(Dec.) (Nov.)

T

(Nov.)

(Mar.)
T

T

(Jan.) (July)
P

T

|Comprehensive Output and Income!
50. GNP in 1972 dollars, Q (frnn. rate, b i

52. Personal income in l i l t dollars (ann

51. Personal i
(ann. rate, bill

transfer payments in 1972 dollars

OCX

53. Wages and atarfes in mining, manufacturmg, and
dollars (ann. rate, bil. dol.)
construct!

SI

82 1983

Current data for these series are shown on page 63.

ItCII JANUARY 1983




19

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued

[Indittjtifial Production]
47. Industrial production, total (i*idftic|rI967 = 100)
CXX

74. Industrial production, Mftfcrable manufacture!
(index: 1967 - 1 0 0 ) "
~~

;

73. Industrial p^uctkm, durable
(Nex: * 1 1 0 0 )

49. value ot
(ann

[Cajjly Utilizatioitt
Sisfei

"

•'

83. Rate of capaeif utilization, rnanufactumg (BEA), Q (Decent)

rmariutactuBpf"'|lii), g (percentfT^^

of capacity*f||plj6firmaterials, (|'pifcent>

5?

sg

59

HI

:

i» 1983

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

20



JANUARY 1983

BCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
(Aye.) (Apr.)
P 1

|Ortfciis

P

(Pee.) (Wow.)
P
T

I

(to.)
T

(Jan.) (July)
P T

SO-

and Oeliverifs

I

6. New orders, durable goods tedustries,
cuffmt dollars (bil. dol.)!'# 1

;|

j

(Nov.)
F

!

7060-

i
§0i
!
!
I1

I

•-

:

'

7. New orders, durable
1
(bil-dol.)
r r p -

:
:]

j

J;..•*...!•

goods and m a t e r ^

30«

+4+ 2«

-2-

380340.
300*
260.

96.

220«

Manufacturers' unfilled orders, dur

180 140-

60 «

32. Vendor performance, p
receiving slower deliv

of companies
!
art)

10075BOIS*

81

82 1903

Current data for these series are shown on page 64.

KCII

JANUARY 1983




21

CYCLICAL
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.)tApr.)
f

(Apr.Hhih.)

(Pec.) i.Nw.)

56. Manufacturing and trade sales m current doiars
(NLdoL)

57. Manufacturing and trade sates
in 1972 dollars (bil. dot.)

trial production, coflsumer goods'

54. Sales of retail stores k current dollars (ML dot)

|9. Sales of retai stores in 1972 dollars (bil. do).)

Up]

X

55"." 'Persoriaf coiisumptkm'expenditures,
automobiles, Q (ann. rate, bil. dol.)

58. Index of consumer sentiment (1st Q 1 9 6 6 - 1 0 0 )

1956 5?

98

5g)

60

61

(32

Current data for these serins are shown on page 65.

22



JANUARY 1983

B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
(Aw*.) (Apr.)
P

T

(Apr.) (Feb.)
P

(Dec.) (Nov.)

T

(ten.) (July)
P T

| Formation of Business! Enter prises
12.

Net business formation (index: 1967 = 100)

4S-

30-

Investment Commitments |

15-

20. Contracts and orders for plant and
in 1972 dollars (bil. dof.)

21-

10-

Manufacturers' new orders,

nondefense. in 1972 dollars

19S3
'This is £i 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.

ItCII

JANUARY 1983




23

B

C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d

C h a r t B 4 . Fixed C a p i t a l I n v e s t m e n t — C o n t i n u e d

|Burij»ss Investment Commitments—Con.

97. Backlog of capital appropriations, manufacturing, Q
(bil. dol.)

11. New capital appropriations, manufacturing,
Q <bH. dol.)

61. Business expenditures for new plant # l i f i p m e n t , Q
(ann, rate, L : | :juJA
-----

/
**

[ Bustmss Investmetf Expenditures

69. Machinery and equipment.sales mfi business
construction expenditures (aniW^ale, bit. dol.
C

76. Indmtrial production, bmbtss equipment

(Mli: 1967-100)

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

24



JANUARY 1983

BCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
•Aug.) (Apr.)
P T.

(Apr.) (Feb.)
P T

[Busirjjass Investment Expenditures-—Con.
Nooresidential fixed investment m 1972 dollars, Q (ann. rate, bil. doi.)
86. Total, Q

cjlc
. Producers' durable equipment, Q

cole
87. Structures, Q |Lg,Lg,L

p^ Commitments and Investment |
28. New private housing unth started, total (ann. rate, millions)

29. New building permits, private housing units (index: 1967 = 100)

89. Residential fixed investment, total, in 1972 dollars, Q
(ann. rate, bil dol.)

Current data for these series are shown on page 67.

BCD

JANUARY 1983




25

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
(Pee M ?;.}((:

P T
Inmiory fnvesti
30.

Change in business inventories. I f 7 2 dollars, Q (ann. rate, bil. dol.)

36.

Net change in inventories on j M § find on order, 1972 W a r s
(am. rate, bil. do!.; moving d p p - t e r m 1 )
.
"r

31. Change in book value, manufacturing and trade inventories
(aim. rate, bl. dol; MCO moving avf.—6-tffNB

38. Change in stocks of materials and supplies oni M and on order,
manufacturing (bil. dol.; MCD moving avg.—4*$tcin)

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

26




JANUARY 1983

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
(Aug.) (Apr.)
PI

(Dee.) (Nov.)
f
1

(Apr.) (Feb.)
P
T

(Nov.)
P

(ft/Jar)
I

(Jan.) (July)
P T

fJnvehtories on Hand

71. Book value, manufacturing and tracie inventories
current dollars (biL dol.^
^ S ^

70. Manufacturing and trade inventories, 1972 dollars (bit. dol.)

65. Book value of manufacturers' inventories
of finished goods (fail, dol)
*-—'\?
40-

1.9-

77. Ratio, deflated inventories to sales, manufacturing and trade
(ratio) \LgXgXgF™*T

78. Stocks of materials and supplies on tod and on order

82

1§@3

Current data for these series are shown on page 68.

I I C I I JANUARY 1983




2
7

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits

92.

J

Change rn sensitive crude
(pefcent; moving avg.—4-t

23. Spot market prices, raw industrials2 (tnde&!967

fuXtl ji

19.

Stock prices, 500 common s t $ « ( I n d e x : 1 9 4 1 4 3 ^ 1 1 )

[XT

m

)]

^

16. Corporate « t s after taxes, curf^t dollars,
(aim.
^itM)
>^

andProfit jjfcgins |

ate profits after taxes, 1972 dollars, Q
rate, M; do!.)
X

80.

79.

Corporate profits after t » with IVA and
1972 dollars, Q (ann. rM§>\\. dol.)

Corporate profits after taxes witMVA and CCAdj,
currtnt doiars, Q (ann. rate, bl. i$J.) r-—~
1
;:•
LX.L

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Etuieau, Inc.
Current data for these series are shown on page 69.

28




JANUARY 1983

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Da.) (Now.)
P
T

(Nov.)

(Mar.)

(Jan.) (July)
P T

Profits and Profit Margins—Con.]
22. Ratio, corporate profits (after taxes) to tola corporate domestic
income, Q (percent)

w

TTalfp, corporal^ profits (after taxes) with inventory Valuation ano*
capital consumption adjustments to total corporate domestic
income, Q (perjbent) rjj~[~n
15. Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents)

26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1977 = 100)

35. Net cash flow, corporate, in 1972 dollars, Q
"- (arin; rate; bit. dot.)
f

34. Net cash flow, corporate, in current
(ann. rate, bil. dol.)

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

BCII

JANUARY 1983




29

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
(Aug.) (Apr.)
P T

(Dec) (Nov.)
P
I

(Apr.) (Feb.)
P T

(Nov.)
P

(Mar.)
T

[Un|tobor Costs fjjUbor Share!

63.

Unit labor cost, private business sector, Q
(index: 1977 = 100)

Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinancial corporations, Q (doflars)

62.

64.

1956 97

58

59

Labor cost per unit of output, manufacturing (niaex: TSfb/

Compensation of employees as a percent of national income,
Q (percent)
flTT

60 61

Current data for these series are shown on page 70.

30




JANUARY 1983

BCD

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart 137. Money and Credit
(ALg.) (Apr.)
P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

(Jan.) (July)

T

P T

T

85. Change in money supply Ml
(percent; MCD moving; avg.—6-term)

V. JLJLLJ

J...JJ1.
102J Change in money supply M 2
(percent; MCD moving a v g . — 6 - t e r m ) h g y

— Stb
104.

Change in total liquid assets (percent; moving avg.—4-term1)
LLL

105.

Money supply—Ml—in 1972 dollars (bit. dol.)

106.

Money supply—M2~in 1972 dollars (bil. dol.)
L,L,L

107.

Ratio, GNP to money supply M l , Q (ratio)
CXX

V e r i t y of Money]

!
108.

Ratio, personal mcome to money su

81

82 1983

'This in 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 7 1 .

BCD

JANUARY 1983



31

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

33. Change in mortgage debt (ann. rate, bil. dol.)

112. Change in bank loans to businesses (ann. rate, bil. dol.; " 1 , ' " '
MCD moving avg.—6-term)

113. Change in consumer installment credit (ann. rate, bil. dol.)

ft

'

i mrA ,jL.
110. Total private borrowing, Q (ann; rats, bil. dol.)

I/A. .
I

in

• • -

—

Lli

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

32




JANUARY 1983

BCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug)(Apr.)
P
T

(Dec.) (Nov.)

(Apr.) (Feb.)
PI

(Nov.)
P

(Mar.)
I

(Jan.) (July)
F T

[Credit Difficulties]
14. Current liabilities of business failures (mil. dol.inverted scale; MCD moving avg,—6-term)

39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale)
, |L,L,L

93. Free reserves (bil. do!.—inverted scale)

fljJ

94. Member bank borrowing from
the Federal Reserve (bit dol.)

Current data for these series are shown on page 72.

I t C I ) JANUARY 1983



33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P

(Apr.) (Feb)

T

P

T

• 11
llntiit Rates I

" i n n —

! Ill
l
I

liiiL

119. Federal f u n i t rate (percent)

I,
1 -p

1- •)
114. Treasury bill rate

>•!

l ' -fi
1,

^

u|

116. Corporate boad fields (percent) - > .

iO--'Si : j
H-- •

IS ; :

IB-

115. Treasury bond yields (percent)

118. Secondary market yieBs on FHA mortgages (percent)
I H ••

i <

18-

9iH"
•/«

4*
3-

1956 '37

58

59

60

61

62

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

34




JANUARY 1983

\M\\

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P

T

(Apr.) (Feb.)
P

(Nov.)

(Dec.) (Nov.)

T

P

(Mar.)

T

(Jan.) (July)

T

T

[Interest Rates—Con,[•

67. Bank rates on short-term business loans.-Q (percent)

. Average prime M e charged by

Outstanding Debt |
66. Consumer installment

industrial loans
large commercia

72. Commerci
weekly r
banks

9$. Ratio, consume* installment credit to

" -

income (percent)*

,'jtJlJi

I95@ §7

58

68

69

70

71

72

73

74

7S

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 73.

BCD

JANUARY 1983




35

OYtSUCM, [ M I O T O ^ i
DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
(Agg.)(Apr.)

P

T

(Dec.) t
P

(Apr.) (Rib.)

FT

^ i

)

950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. span-—)

^Percent rtslnf

s: A

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

1 i; iisi! if!! i ij

si;? li

Ml.. PW1

- i JJ
it

to;:

*

952. Six lagging indicator components (6-mo. span—-, 1-mo. span-—)
1C i
3

9€L

Average workweek, production workers, manufacturing— 20 industries (9-mo. span-—, 1-mo. s p a n — )

100*

961, Initial claims, State unemployment insurance—51, areas (percent declining; 9-mo. span-—, 1-mo. s p a n — )

100*-

53- ^

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

Current data for these series are shown on page 74.

3
6




JANUARY 1983

KCII

DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
PI

(Dec.) (Nov.)
P
T

(Nov.)
P

(Jan.) (July)
P T

(Mar.)
T

j Percent rising |

durable gqojfcm^

WOn

M
965.

Newly approved capital appropriations, deflated—17 industries (4-Q

a v g . * ~ , 1-Q span--.-)

so-

t

4 4 j r

70-

966. Industrial production—^4 i n d u e s (6-mo. span-ir, ^^rio. span-—)
100 T

§0*

967.

Spot market prices, raw industrials—13 industriilNterials

968.

(9-mo. s p a n - * , 1-mo. span—-)

Stock prices, 500 common stocks—50-82fMMpstries (9-mo. s p a ^ i — t 1-mo. s p a n — )

960.

Net profits, manufacturing-atoit 600 companies

81

82 1983

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

JANUARY 1983




37

CYCLICAL 8N0ICAT0RS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

C h a r t C l . Diffusion I n d e x e s — C o n t i n u e d
(Nov.)

(Mar.)

(My,}

(Jan.)(July)
P

<

Actual
• • •
Anticipated •• • ••

Percent rising 1

(ftflar.)

P

T

T

| Percent rising |

Aclu4
**•*-*•
Anticipr^ed .-•••••

970. Business expenditures for new plant and
4§iipment--22 industries (1-Q span)
(a) Actual expenditures
974. Number of employees, manufacturing and fade (4-Q span)1

975, Level of inventories, manufacturing and tade (4-Q span)1

(aj-fetual expenditures

976. Selling prices, manufacturing (4-Q spaa)1

971. |te# orders, manufacturing (4-Q span)

70"

972. f#t ijrofits, rnariufacturing and trade (4-Q span)1

®

c

977. SeMnf pikes, wholesale tirade (4-Q
90-

70-

978. Selling prices, retail trade (4-Q span)1

973, fet sales, manufacturing and trade (4-Q span)'

ZWA,

90-

H
V

'y

V

1971

72

73

74

75

J(B

11

79

70
I

80

60

73

•/<

A ,«,

'This Is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreot diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series aro shown on page 76.

38



JANUARY 1983

BCI»

DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
(Aug.) (Apr.)
P

(Apr.) (Feb.)

(Dec.) (Wov.)

T

P

(Jan.) (July)

T

P

T

1 -month $pans<

Percent change at annual rate

l

910c. Composite index of twelve: leading indicators

(series 1, 5, 8, 12,19, 2Q, 29, 32, 36, 92,104,106)

920c. Composite index of four roughly coincident indicators
(series 4 1 , 47, 51, 57)

930c. Composite index of six lagging indicators
(series 62, 70, 72, 91, 9

50c. GNP in constant (1972)

47c. Index of industrial pr

48c. Employee-hours in nonagricultural

51c. Personal income less transfer
payments in 1972 dollars;

i
j _ |

LirLL
S9

(SO

§1

(S2

S3

6^

ii

©§

©7

i@

S9

70

'
71

72

JULJUIJL
73

74

7§

7%

11

7©

7§

80

SI

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.

KCII

JANUARY 1983




39

NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income
(Aug.) (Apr.)

(Apt) (Feb.)

FT

223. Personal income in current dollars
ann. rate, bil."dol75

personal incomo i
« Q (ann. rate, bil. dol,)

{personal income in 1972
(ann. rate, bH. dot.)

217. Per capita GNP in 1972 dollars, Q (ann. rate, thous. do!)

227. vPer capita disposaMI personal income in

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

40



JANUARY 1983

KCII

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
(Aug.) (Apr.)

FT

(Apr.) (Feb.)

P

T

(Dec.) (Nov.)
P T

(Jan.) (July)
T

Annual rate, billion dollars (current) [
2000-

Annual rate, billion dollars (1972) |

Current data for these series are shown on pages 8 0 and 8 1 .

JANUARY 1983




41

OTHER IMPORTANT ECONOMIC MEASURE!
NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
(Aug.) (Apr.)

FT

(Dec.) (Nov.)
T

(Apr.) (Feb.)

P T

[Anntial rate, billion dollars (current)

gross private domestic investment—

241. Total, Q -

242.

Total fixed investment, Q

245. Change in business inventories, Q

243.

T o t i fixedlnvestment t "§

30. Change in butfatss inventories, Q

6 57

Si

Currant data lot these series are shown on page 81

42




JANUARY 1983

KCII

m mmmmi

E©@W©MDO

NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P

T

(Apr.) (Feb.)
P

T

(Dec.) (Nov.)
.

P

T

(Nov.)

(Mar.)

P

(Jan.) July)

T

i | Annual rate, billion dollars (current) |
Government purchases of goods and services—

[Annual rate, billion dollars (1972)1

1983
Current data for these series are shown on page 8 1 .

BCII

JANUARY 1983




43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A 5 . Foreign Trade

| Annual rate, billion Mm

252. Exports of gop# md services

tlmports of goods abi itirvices, Q

250. Net exports of,f)ods and services, Q

Annual rate, billion dollar* (1972)1

256. Exports of goo#i md

19S6 57

58

B9

60

61

iVi

S3

S4

Current data for these series are shown on page 8 2 .

44




JANUARY 1983

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
(Aug.) (Apr.)

FT

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
T

(Nov.)

(Mar.)

(Jan.) (July)
P T

-~\r
1 Annual rate, billion dollars (current) [

220. National income, Q

280. Compensation

286, Corporate profits with inventory valuation and capital consumption adjustments, Q

288. Net interest, Q
r

"7BZ""Prop^ietrirs income wtfh inventory vacation arid
capital consumption adjustments, Q

284. Rental income of persons with capital
consumption adjustment, Q

Current data for these series are shown on page 82.

JANUARY 1983




45

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
(Aug.) (Apr.)
P

(Apr.) (Feb.)

T

P

Annual rate, billion dotiars j^urrent) |

290. Gross saving (private and government), Q

295. Business saving, Q

292. Personal saving, Q

298. Government surplus; or deficit, Q

293. Personal saving rate, Q

1936

57

§8

59

60

61

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

46



JANUARY 1983 I M J )

NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
ipr.)

(Apr.) (Feb.)
P T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

(Jan.) (July)
P T

if" ~f

1 Percent of GNP]

70-

235. Personal consumption expenditures, Q

268. State and local government purchases
of goods and services, Q
|
15-

26$. Federal Government purchases of goods and services, Q

10-

248. Nonresidentia! fixed investment, Q
249. Residential fixed investment, Q

' 247. Change in business inventories, Q

251. Net exports of goods and services, Q
:

H

If

ii

;
•

[Percent of National Income!
64. Compensation of employees, Q

4

75-

65-

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q

i

2 8 1 Corporate proTiTs with inventory valuation and
capital consumption adjustments, Q

151

10-

5-

285. Rental income of persons with capital consumption adjustment, Q
0-

79

SO

81

82 1983

Current data for these series are shown on page 83.

ItCII JANUARY 1983




47

PRICES, WAGES, AND PRODUCTIVITY
Chart B l . Price Movements
(Nov.)
P

Aiw.)

(Jan.) (July)
P T

(Cte.J
I

Index: 1972 = 100
S

(Mar.)

Percent change * t annual rat* |
310c. Implicit price deflator, ^ ^
GNP (1-Q span)

310. Implicit price deflator, GNP, Q
311c. Fixed weighted price index, gross business Sredoct (1-Q span)

311. Fixed-weighted price index,
gross business product, Q

Producer prices-

Producer1 prices—

330. Ml comrtibditFs""

335. Industrial commodities

335c. Industriaf commodKTes

331c. Crude materials

331. Crude materials
332c. Intermediate
: fnfermediife'nralerials

333c. Capital equipment
333. Capital equipment"

. Fmisfied consumer goods

W7l

72

7%

7%

334c. Finished consumer

7%

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

48




JANUARY 1983

BCII

PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
>pr.)

(Da.) (Nov.)
P T

(Apr.) (Feb.)

(Nov.) (Mm.)
P
T

(Jan.) (July)
P

T

Percent change at annual rate
320c. All items (6-month span)

Chart B2. Wages and Productivity
[Index: 1977= 1001
341.

340.
1

Real average hourly earnings of production
Workers, private nonfarm economy1

fl2

12® -

EH

Average hourly earnings of production workers,
private nonfarm economy (current dollars)1

346.

^^

Real average hourly compensation, all employees,
nonfarm business sector, Q
1

345.

AverageHdufly cbmperisafidhTaiirempioye^
nonfarm business sector, Q (current dollar)
40-

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pfiges 84, 8 7 , and 88.

BCII

JANUARY 1983




49

OTHER
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued

6-mbnth spans" (aim." rate)
e in average nouriy earnings of production
, private nonfarm economy1—"

340c. Current-dollar earnings

341c. Real earnings

compensation, ail employees,

6-month spans (ann. rate)

, 0Current-dollar compensation

.

Real compensation

iated wage and benefit decisions, all industriesFirst year average changes, Q (ann. r a t e ) —

f

Average changes over life of
contract, Q (ann. rate)

Index: MZZsMHU..

358.

O u t j « | p r hour, all persons,
nonfarm business sector, Q
. Output per hour, all persons,
private business sector, Q
370c. Change in output per hour, private business sector, Q
i-quarter spans tann. raiej

v
1956

57

58

59

60

61

6?

£.•

: -

-V.

'•••-

i-

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2One-month percent changes have been multiplied by a constant (12) to make them
comparable with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

50



JANUARY 1983

ItCII

C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components

441.

Civilian labor force, total (millions)

442.

Total employed (millions)

Labor force participation rates (percent)—

453.

Both sexes 16-19 vears of age

452.

Females 20 years and over

Number unemployed (millions)—

37.

Total unemployed

444.

446.

445.

Males 20 years
and over

Both sexes 16-19 years of age

Females 20 years
and over %

447. Number unemployed,
(millions)
448.

Number employed part-time for economic

79

80

81

82 1983

Current data for these series are shown on page 89.

ItCII

JANUARY 1983




51

mwr
GOVERNMEMT ACTIVITIES
Chart D l . Receipts and Expenditures
(Aug.) (Apr.)
P

T

(Apr.) (U b.)
P

T

Annual rate, billion dollars (current)

502. Federal Government expenditures, Q

501. Federal Government receipts, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

tocal government expenditures,

510. State and local government surplus or deficit, Q

Current data for these series are shown on page 90.

52




JANUARY £983

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
FT

(Dec.) (Nov.)
P
T

(Nov.)

(Mar.)
T

(Jan.) (July)
P T

[Advance Measures of Defense! Activity

517.

525.

543.

Defense Department gross obligations incurred
(bii. do!.; MCD moving avg,—6-term)

Defense Department military prime contract awards
(bil. doL; MCD moving a v g . — 6 - t e r m ) ; ^

Defense Department gross unpaid o b l i g a t e outstanding (bil.

548.
!
i!

Manufacturer!1 p w orders, defense products
(bil. doL; MOppoving avg.—6-term|
!i

i'

^'^\&'ii-

70

H

71

it!.'•:"' : ' i;

i:

72

73

74

75

76

77

78

79

Current data for these series are shown on page 90.

KCII

JANUARY 1983




53

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
(Aug.) (Apr.)

P

(Dec.) C^ov.)
P
I

(Apr.) (Feb.)

PI

T

QntAediate and fiw|

(Mow.)

{Mar.}

Measures of Defense Activity 1
557. Output of defense and space equipment (index: 1967=100)

,

.,,,.„ . j i j , ,

.,

,.

.;. i

;

. _ .

559, Manufacturers' inventories, defense products (bil. dol.)

561. Manufacturers1 p i l e d orders, defense products (bit. dol,)
4

580. Defense Department net outlays, mi
assistance ( b i j | M ; MCD moving

functions and military

588. Manufacturers' shipments, defense products
(bit. dol.; MCD moving avg,—4-term)

1956 57

58

59

SO

61

S:

Currant data for theio «rl«s are ihown on page 91

5
4




JANUARY 1983

BCII

( f ^ ' n f f i n rc^ro)

y U \n\\tm

ECONOMIC MEASURES

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
(Aug.) (Apr.)
T

(Apr.) (Feb.)
P

(Dec.) (Nov.)
P
T

(Nov.)

(Mar.)
T

'T

| Interjiediate and Final Measures of Defense Activity—Cpn.
570. Employment in defen e products industries
1.61.412"

Defense Department pers
i

I 577. Military
3.02.5-

2.0-

578. Civilian, d i r e c f l l employment
1.5-

1.0-

0.5 d

I Natidhal Defense Pur phases

220-j

•

200 -

^

'

-"if

180160140-

564. Federal Government p h a s e s of goods
defense, Q (ann.rat«dol.)

120100-

60-

565. National defense

ses as a percent olGNP, Q (percent)

(UIJL - :.J. '

69

70

71

, . JL'UUL

72

73

74

7§

7©

77

78

79

80

31

82 198*3

Currerit dat? for these series are shown on page 9 1 .

B U I

JANUARY 1983




55

OTHER
U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
(Aug.) (Apr.)
P T

(Dec.) (Kav.)
f
T

(Apr.) (Feb.)
P
T
1

;;i

602. Exports, excluding military
(bil. dol.; MCD moving avf

5-term)

agricuHaral products

606, Exports of nonelectrical machinery (bil. dol.)

612. General imports (bil. dol.; MCD moving avg,^44erm)

/

614. Imports of petroleyp and petroleum procte|$ (bil. dol.)

616. Imports of automobiles a

Current data for these series are shown on page 92.

56




JANUARY 1983

BCII

U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
(Aug.) (Apr.)
P

(Dec.) (Nov.)
P T

(Apr.) (Feb.)

T

P

T

(Jan.) (July)
P

T

Annual rate, billion doitars

Excess of receipts
ji

it

i,

Excess of payments
280-

200 i S

120 J

Goods and services—

i

l
^

j

667. Balance on goods and services, Q

_

...«r_

., ._*

^.

, Merchandise, adjusted-

622. Merchandise trade balance

618 Exports, 0 ^

Investment income
30*

6S1. Income on U.S. investments abroad, Q

^^^^tfe^come on fore%n~inve$lments1nlh'e u X l
It

19S6

7% 74

7% 7i

17

NOTE: Annual totals are shown for the Period prior to 1960.
Current data for these series are shown on page 93.

JANUARY 1983




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
(Aug.) (Apr.)
P
T

(Apr.) (Ft;b.)
P
"

(Nov.)

(Mar.)

P

(Dec.) (Nov.)
P
T

T

[index: 1967

72L OECD European countries

]' ) '

87

§8

S9

60

61

§2

§3

65

66 07

12

73

Current data for these series are shown on page 94.

58




JANUARY 1983

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices
(Nov.)

(Mar.)

P

T

Chart F3. Stock Prices
(Jan.) (July)
P

I Percent change at annual rate |

T

(Nov.)

(Mar.)

P

T

(Jan.) (July)
P

T

[Index: 1967 — 100 ]

|6-month spans |
Stock prices—

Consumer prices—
320c. United States

19. United States

160'
120'

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

JANUARY 1983




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Q |
920. Index of
4 roughly
coincident indicators (series
41, 47, 51, 57)

(1967 = 100)

Year
and
month

910. Index of
12 leading indicators (series
1, 5,8, 12, 19,
20, 29, 32, 36,
92, 104, 106)

(1967-100)

930. Index of
6 lagging indicators (series
62, 70, 72,
91, 95, 109)

(1967 = 100)

940. Ratio,
coincident
index to
lagging index1

(1967 = 100)

COMPOSITE INDEXES
Leading indicator subgroups
913. Marginal
employment
adjustments
(series 1, 2, 3,
5)

914. Capital
investment
commitments
(series 12, 20,
29) l

915. Inventory
investment
and purchasing

(1967 = 100)

(1967 = 100)

(1967-100)

916. Profitability (series
19, 26, 80)

(series S, 32, (36,
92)

917. Money
and financial
flows (series
104, 106, 110)

(1967-100)

(1967-100)

2

( )

1981
January
February
March

135.2
134.2
135.8

142.0
142.5
142.4

189.1
186.5
181.2

75.1
76.4
78.6

94.2
94.1
94.1

106.7
105.2
106.0

' 1024
103.1
103.7

93.9
94.4
B>94.5

139.4
137.5
139.0

0)137.3
136.0
135.2

142.2
142.2
142.7

179.4
189.6
191.4

79.3
75.0
74.6

94.9
94.2
94.5

106.3
105.1
103.6

13)104.3
103.7
103.5

94.4
93.7
93.8

140.4
140.7
140.1

July
August
September

134.8
134.1
130.7

0)142.8
142.5
141.8

192.6
193.5
1)194.1

74.1
73.6
73.1

0)95.0
93.6
91.4

102.5
102.4
101.5

103.8
102.8
101.9

93.5
93.8
92.3

139.1
138.5
136.4

October
November
December

128.3
128.2
127.1

139.9
138.5
136.5

189.5
184.9
181.7

73.8
74.9
75.1

90.5
90.3
89.3

99.0
99.7
99.2

100.6
99.6
98//

92.3
92.4
91.6

135.0
134.4
134.7

rl25.5
V125.1
V125.0

134.1
135.7
135.0

rl82.5
r 184.1
rl83.8

r73.5
r73.7
r73.4

<NA)

r98.6
r97.6
r99.0

97.2 ,
96.4 1
95.9

90.0
88.8
88.2

135.7
135.9
138.0

V126.5
V127 3 6
V128.2

134.0
134.9
133.3

184.5
rl84.1
rl83.8

72.6
r73.3
r72.5

r99.9
r99.1
r98,8

95.8 ,
97.2
98.3 1

88.7
83.5
rftft U
7 OO •ft

July
August
September

V129.9
V129.2
V130.2

132.5
rl31.3
rl30.5

182.5
rl75.2
rl72.4

72.6
r74.9
r75.7

r99.8
r98.2
rl00.3

99.1
99.3
99.6

r88.3
r88.6
91.0

139.7
140.1
138.8

October
November
December

V130.6
"130.8
=132.8

rl28.5
128.3
M28.2

rl68.4
165.0
'161.9

r76.3
r77.8
p79.2

rlO1.7
rlO1.5
plO4.1

r99.1
r98.3
p97u9

92.9
p94.1
(NA)

rl36.9
rl37.Z
P137.8

April
May
June

1982
3i)

January
February
March
April
May
June

....

'

140.0
($140.8
no Q

1983
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 (H); for serfes that mow; counter lo movements
in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The " r " indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
x
Series 940 reached its high value (84.5) in August 1980, and series 914 reached its high value (108.8) in September 1980.
2
See "New Features and Changes for This Issue" on page iii of the February 1982 issue.
3
Includes a substitute value for series 1. See "New Features and Changes for This Issue" on page iii of the March] 1982 issue.
''Excludes series 12, for which, data are not available. See "New Features and Changes for This Issue" on page iv of the July 1982 issue.
'Excludes series 12 and 36, for which data are not available.
6
Excludes series 57, for which data are not available.
'Excludes series 70 and 95, for which data are not available.

60




JANUARY 1983

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

EMPLOYMENT AND UNEMPLOYMENT

Marginal Employment Adjustments

Timing Class

L.L.L

1. Average
workweek of
production
workers,
manufacturing

21. Average
weekly overtime
hours, production workers,
manufacturing

(Hours)

Year
and
month

1, C, L

(Hours)

L, L,L

2. Accession
rate, manufacturing 1

(Per 100 employees)

L.C.L

5. Average
weekly initial
claims, State
unemployment
insurancez
(Thous.)

L, L, L

3. Layoff rate,
manufacturing

(Per 100 employees)

n

(3)

1981

Comprehensive
Employment

Job Vacancies
L, Lg, U

4. Quit rate,
manufacturing

(Per 100 employees)

U, C, C

L, Lg. U

I, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed1

46. Index of
help-wanted
advertising
in newspapers1

48. Employeehours in nonagricultural
establishments

(Ratio)

(1967 = 100)

(Ann. rate,
bil. hours)

Revised*1

(3)

H>40.4
39.7
39.9

3.0
2.8
2.8

3.5
3.5
3.4

424
410
413

1.4
1.3
1.3

1.4
1.4
1.3

0.474
0.478
0.467

128
129
125

0)171.34
170.20
170.77

April
May
June

40.1
40 ,,2
40 1

3.0
H>3.1
3 0

3.4
3.1
3 4

395
401
405

1.1
1.3
1 3

1.3
1.3
1 4

0.447
0.432
0 448

118
118
121

169.57
170.80
170 70

July
August
September

40.0
39.9
39.4

3.0
3.0
2.7

3.4
3.2
2.9

E>395
421
483

B>i.o
1.4
1.7

E>1.5
1.3
1.3

0.466
0.440
0.403

123
119
112

171.04
170.96
167.34

October...
November
December

39.5
39.3
39.1

2.7
2.5
2.4

2.9
3.1
2,7

517
539
551

2.2
2.3
2.2

1.2
1.1
1.1

0.378
0.366
0.346

110
111
109

169.73
168.76
168.66

January
February
March

37.6
39.4
39.0

2.3
2.4
2.3

(NA)

563
514
566

(NA)

(NA)

0.338
0.317
0.289

106
103
96

165.66
168.93
167.92

April
May
June .

39.0
39.1
39.2

2.4
2.3
2.4

566
585
551

0.255
0.249
0.242

88
87
85

167.23
167.99
166.52

July
August
September

39.2
39.0
38.8

2.4
2.4
2.3

515
597
671

0.228
0.212
0.192

83
78
73

166.16
165.61
165.60

October
November
December

38.8
38.9
p38.9

2.3
2.3
P2.3

670
615
538

0.195
0.195
p0.205

76
78
p83

January
February
March

1982

...

•

rl64.35
rl63,26
pl63.28

1983
January
February
March

(

April
May . .
June .
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
*The following series reached their high values before 1981: Series 2 (3.7) in October 1980, series 60 (0.497) in November 1980, and
3
series 46 (134) in November 1980. 2Data exclude Puerto Rico, which is included in figures published by the source agency.
See "New
Features and Changes for This Issue" (item 2) on page iii of the February 1982 issue.
''See "New Features and Changes for This Issue,"
page iii.

IMJI

JANUARY 1983




61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Employment—Continued

Timing Class

U, C,C

C, C, C

L, C, U

Comprehensive Unemployment
U, Lg, U

L, Lg. U

L. Lg, U

L, Lg. U

Lg, Lg. Lg

Lg, Lg, Lg

1981

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

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.)

Year
and
month

42. Persons
engaged in nonagricultural
activities, labor
force survey

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

Revised2

2

Revised

2

Revised

2

Revised

2

Revised

2

Revised

C2)

January .
February
March . .

96,544
96,803
97,148

90,909
90,913
91,014

25,588
25,501
25,588

58.38
58.43
58.58

8,048
8,032
7,967

7.5
7.4
7.3

3.5
3.4
3.4

14.3
14.0
13.9

2.2
r2.2
2.1

April . . .
May . . .
June . . .

97,487
©97,597
97,033

91,099
91,131
91,286

25,534
25,540
25,656

E>58.80
58.72
58.31

7,860
8,133
8,047

7.2
7.5
7.4

3.3
3.3
3.2

13.7
13.5
14.1

2.0
2.0
r2.1

July
August
September , . .

97,428
97,313
96,746

,396
91,322
91,363

E>25,718

58.44
58.36
57.94

E>7,854

25,637
25,583

8,053
8,271

H>7.2
7.4
7.6

E>3'.2
3.3

14.0
14.3
13.6

;B>2.0

October . .
November
December

96,981
96,840
96,458

91,224
90,996
90,642

25,393
25,176
24,908

58.02
57.88
57.51

8,673
9,025
9,389

8.0
8.3
8.6

3.5
3.8
4.1

13.5
13.2

2.1
2.2
2.2

January
February
March

96,309
96,328
96,230

90,460
90,459
90,304

24,684
24,631
24,450

57.46
57.41
57.29

9,346
9,669
9,881

8.6
8.8
9.0

4.1
4,1

13.4
14.0
13.9

2.2
2,5
2.7

April
May
June

96,128
96,548
96,310

90,083
90,166
89,839

24,289
24,255
23,994

57.17
57.40
57.17

10,256
10,384
10,466

9.3
9.4
9.5

4.5
4.5
4.5

14.3
14.9
16.3

r2.8
3.0
r3.2

July
August
September , . .

96,143
96,254
96,180

89,535
89,312
89,267

23,840
23,657
23,530

57.06
57.06
56.92

10,828
10,931
11,315

9.8
9.9
10.2

4.5
4.7
5.0

15,6
16.1
16.6

3.2
3.3
3.5

October
November . . .
December . . .

95,763
95,670
95,682

r88,860
r88,684
p88,518

r23,239
r23,082
p22,988

56.65
56.57
56.50

11,576
11,906
12,036

10.5
10.7
10.8

5.2
5.2
D5.0

17.1
17.3
18.0

3,8
4.1
4.3

2.0
2.1

1982

1983
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.
Hlata exclude Puerto Rico, which is included in figures published by the source agency.
See "New Features and Changes for This Issue," page iii.

62



JANUARY 1983

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

•

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME

Industrial Production

Comprehensive Output and ncome

C, C, C

C, C, C

50. Gross national product
in 1972 dollars

C.C.C

52. Constant
(1972) dollars

51. Personal
income, less
transfer payments, in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

53. Wages and
salaries in
mining, mfg,,
and construction in 1972
dollars
(Ann. rate,
bil. dol.)

Persona income

223. Current
dollars
(Ann. rate,
bil. dot.)

C C, C

(Ann. rate,
bil. dol.)

cf c, c

47. Index of
industrial
production,
total

(1967 = 100)

c, c,c

CL.L

73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967-100)

(1967-100)

C, C, C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)

1981

1,056.2
1,061.9
1,064.0

0)234.2
231.6
231.8

151.4
151.8
152.1

141.0
140.8
142.1

165.6
166.2
165.3

692.8

2,351.7

1,227.1
1,232.2
1,234.5

1,502*2

2,364.5
2,379.1
2,398.4

1,234.7
1,234.0
1,239.5

1,064.5
1,065.0
1,069.4

231.5
231.6
232.3

151.9
152.7
152.9

142.5
143.5
143.2

165.9
166.4
165.8

689." 8

0)1,510.4

2,436.3
2,459.6
2,478.6

1,248.1
1,253.6
1,253.1

1,071.8
0)1,078.3
1,077.9

232.0
231.4
228.9

0)153.9
153.6
151.6

0)143.6
143.4
140.9

167.1
0)167.3
165.9

1,490*1

2,487.2
2,499.0
2,497.6

1,251.1
1,250.1
1,245.7

1,076.5
1,074.3
1,069.3

228.1
226.0
223.1

149.1
146.3
143.4

137.8
134.4
131.3

162.8
160.3
157.4

678." 6

January
February
March .

1,470.7

2,499.1
2,513.8
2,518 6

1,236.0
1,243.8
1,245.0

1,061.7
1,068.8
1,068.3

222.2
223.3
221.7

140.7
142.9
141.7

127.1
129.3
128.2

155.1
157.8
157.3

661.8

April
May
June

1,478*4

2,535.5
2,556.2
2 566 3

1,249.6
1)1,256.7
1,248 8

1,070.3
1,077.4
1,070 3

220.9
220.3
217.5

140.2
139.2
138.7

126.7
126.1
125.5

156.1
155.0
155.3

663*2

July
August
September

1,481." 1

2,588.3
2,592.0
2,597.2

rl,251.0
rl»248.6
rl,245.1

rl,067.5
rl,065.4
rl,061.3

215.7
213.9
212.3

138.8
138.4
137.3

125.9
124.9
rl23.5

155.7
156.9
rl56.7

665*. i

pl s 471*7

r2,611.5
r2,621.3
E>p2,636.8

rl,243.6
rl,247.6
pi,253.8

rl,056.6
rl,057.9
pi,063.5

r209.4
r208.4 •
p208.7

rl35.8
rl34.8
P134.7

rl20.5
rll9.3
pll9.3

rl56.0
rl55.2
P155.1

p654.*5

January
February
March

1,507.8
....

April
May
June
July
August
September
October
November
December

2,308.1
2,330.1

0)697.2

1982

October
November
December
1983
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.

ItCII

JANUARY 1983




63

CYCLICAL INDICATORS
B

1

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Capacity Utilization

Timing Class . . . . . .

Year
and
month

Q j

PRODUCTION AND INCOME—Continued

L, C, U

83. Rate of
capacity
utilization,
manufacturing
(BEA)

(Percent)

82. Rate of
capacity
utilization,
manufacturing
(FRB)

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Orders and Deliveries

I, 0, U

84. Rate of
capacity
utilization,
materials

(Percent)

i, I, L

L, L, L

Value of manufacturers1 new
orders, durable goods industries
6. Current
dollars
(Bil. dol.)

L, L, L

7. Constant
(1972) dollars

8. New orders
for consumer
goods and
materials in
1972 dollars

(Bil. dol.)

(Bil. dol.)

\

L; L, L

!

L Lt L

L. Lg, U

25. Change in 1 96. Manufacunfilled orders,
turers' unfilled
orders, durable
durable goods
goods industries
industries

(Bil. dol.)

;

32. Vendor
performance,
companies re
ceiving slower
deliveries <g)
(Percent
reporting)

(Bil. dol.}

1981

H>82!2

82.53
82.70
83.86

38.23
38.15
38.49

33.05
34.38
33.92

1.10
0.52
0.35

311.15
311.67
312.02

46
50
52

79.8

81.*2

86.41
87.40
86.91

39.33
©39.51
39.06

34.59
©35.09
35.02

1.62
1.96
0.02

313.64
315.60
315.62

|H>56
52
48

79.3

si! i

E>87.58
84.82
84.46

39.15
37.73
37.42

34.65
33.12
32.81

1.84
-0.40
-0.22

H>317.46
" 317.06
316.84

46
48
43

74^8

75.*2

77.19
78.59
76.42

34.02
34.44
33.43

30.72
30.03
30.01

-4.07
-1;69
-2,71

312.77
311.08
308.37

38
32
30

7i!e

January
February
March

72!6

75.06
76.31
77.86

32.79
33.40
34.01

28.78
29.28
30.25

-0.49
-1.67

-0.26

307.88
306.21
305.96

32
36
35

76.19
75.71
74.55

33.27
32.87
32.26

29.14
30.54
30.07

305.00
301.19
296.87

31
30
38

76.45
72.98
73.27

33.04
r31.53
31.53

30.73
r29.67
29.66

-4.20
-3.30

294.27
290.01

37
40
/\r\
*+u

69.60
r70.61
p79.06

29.88
r30.21
p33.77

27.70
r28.09
p28.21

-2.75
r-2.10
[H)p5.8G

[H>79] 9

78

April
May . . .
June . ,
July
August
September
October
November
December

0)78

"76

*72

1982
January
February
March

72

April
May . . .
June , . .
July .
August ,
September
October
November
December

76I3

69^6

71
69.'7

r68.1

p69
p67.*6
(NA)

p6o!i

-O.d4
-3.61
-4,33
-2.59

OQC
£.00.

71
/ 1

283.96
,r281.86
ip287.66

44
40
38

1983
January
February
March . . .
Aoril
May
June . . . .
July
Aupust
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.

64




JANUARY 1983

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS . . . . . . . .

Q |

• •
111

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Continued

Minor Economic
Process

Formation of Business Enterprises

Consumption and Trade

Timing Class

C,C,C

c, c, c

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil. dot.)

57. Constant
(1972) dollars
(Mil. dot.)

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

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 ®

(1st Q
1966=100)

L, L,L

12. Index of
net business
formation*

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

2

C)

1981
347,858
348,653
350,281

158,662
10)159,555
159,019

146.9
147.8
148.3

84,104
85,201
86,128

44,903
45,199
45.426

71.6

71.4
66.9
66.5

118.1
117.1
117.7

46.039
48.588
47,972

352,855
353,698
jH>356,524

159,036
157,783
159,201

148.9
150.7
150.3

86,263
86,361
87,299

45,259
45.074
45,421

63l!6

72.4
76.3
73.1

118.0
115.4
114.6

49,413
48,997
49,172

355,236
354,520
353,725

158,268
156.707
156,711

H>150.7
149.6
147.8

87,292
87,961
87,823

45,135
45,317
44,945

7K5

74.1
E>77.2
73.1

113.1
113.6
111.5

49.038
48.631
48,450

346,605
344.943
341 330

152,649
152,494
151 360

146.5
144.0
142 0

86.413
86,733
86 572

44.088
44,161
43 990

62^8

70.3
62.5
64 3

107.6
108.8
106 2

47.947
E>49,413
47 556

334,579
340,571
342,121

147,362
151,304
151,814

139.6
141.8
141.5

85,320
87.418
87,242

43,026
44,173
44,128

68.'6

71.0
66.5
62.0

(NA)

43,330
47,234
46,899

April
May
June

339,835
349,096
346,126

150,549
154,914
152,371

142.1
143.6
144.8

88,294
90.841
88.042

44,638
45,764
43,955

67.8

65.5
67.5
65.7

46,876
46,995
45,936

July
August
September

344,603
339,464
339.470

151,927
149,721
rl49,509

145.8
144.1
rl43.4

89,445
88,502
89,326

44,478
43.965
44,265

69.5

65.4
65.4
69.3

44,525
46,981
p45,552

October
November
December

r332,537
p336,372
(NA)

rl46,289
pl48,257
(NA)

rl42.2
rl41.1
P141.4

r90,290
H>r92,613
p92,263

r44,544
[H>r45,803
P45.607

73.4
72.1
71.9

(NA)

JH>p7S\2

January
February
March
-

April
May
June
July
August
September

....

October
November
December

. .

... .

1982
January . . .
February
March

., .

1983
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, 14, 22, and 23.
x
Series 12 reached its high value (121.3) in December 1980.
2
See "New Features and Changes for This Issue" on page iv of the July 1982 issue.

JANUARY 1983




6
5

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

i

MAJOR ECONOMIC
PROCESS

J |

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

10. Current
dollars
(Bil. dol.)

20. Constant
(1972) dollars1
(Bil. dol.)

L, L, L

I, Lr L

Value of manufacturers' new orders,
capital goods industries, nondeftmse
24. Current
dollars
(Bil. dol.)

27. Constant
(1972) dollars1
(Bil. dol)

U, Lg, U

L, C, U

9. Construction contracts for commercial and industrial buildings12
Square feet of
floor space
(Millions)

Square meters of
floor space3
(Millions)

C Lg, Lg

11 { Newly
a op roved capital
appropriations,
l,Of)O manufacturing corporations

97 Backlog of
capital appropriations, 1,000
manufacturing
corporations

(Bil. dol.)

(Bi). dol.)

1981
29.13
25.57
28.17

15.10
12.69
14.17

25.06
21.86
24.46

13.32
11.06
12.56

83.72
83.86
83.79

7.78
7.79
7.78;

0)30.61
28.07
28.70

15.19
14.09
14.16

[H>25.69
24.49
24.04

13.05
12.53
12.14

79.64
84.75
81.01

7.40
7.87
7.53

July
August
September

28.25
27.86
28.00

13.49
14.12
14.32

24.66
24.87
24.31

11.94
12.83
12.75

73.46
78.67
68.12

6.82
7.31
6.33

26^94

October
November
December

26.94
27.85
r28.10

13.58
14.29
r!4.52

22.53
24.37
22.13

11.68
12,80
11.98

74.26
70.77
70.65

6.90
6.57
6.56 ;

22*. 99

January
February
March

26.32
24.90
25.67

13.27
11.95
12.98

21.72
21.56
22.17

11.32
10.54
11.49

56.29
65.10
63.17

5.23
6.05
5.87

25/77

April
May , . .
June . .

25.69
22.95
23.78

rl3.85
11.40
rl1.28

22.61
20.33
19.28

12.54
10.28
9.35

57.32
51.70
68.02

5.33
4.80
6.32

19^33

July . .
August
September

22.97
22.53
24.68

10.80
11.08
rl2.31

20.32
18.89
20.27

9.68
9.53
10.43

56.41
61.12
53.34

5.24
5.68
4.96

October
November
December

23.45
r23.74
p26.65

rll.96
rll.36
P13.82

20.18
r20.17
p21.20

10.57
r9.88
pll.54

54.75
50.17
51.68

5.09
4.66

January
February
March

.. .

April
May
June

...
27.70

93*44

96.' i8

[H>97*34

92/74

1982

9i'.ii

p73.*82

(NA)

4.80

(NA)

1983
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
The following series reached their high values before 1981: Series 20 (15.66) in December 1980, series 27 (14,12) in 'December 1980, and
series 9 (90.80 square feet and 8.44 square meters) in November 1980. 2This 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.
Converted to metric units by the
Bureau of Economic Analysis.

66



JANUARY 1983

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

B

Minor Economic
Process

F E CAPITAL
I D
X

INVESTMENT-Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

C Lg, Lg

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

(Ann. rate,
bil. dol.)

C, Lg, C

C, Lg, U

C Lg, Lg

Lg, Lg, Lg

C Lg, C

Nonresidential fixed investment ir 1972 dollars
86. Total

(1967 = 100)

(Ann. rate,
bit. dol.)

87. Structures
(Ann. rate,
bil. dol.)

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

L, L, 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.)

1981
January
February
March

. . .
312 ".24

332.78
331.57
344.52

177.7
177.5
179.3

169*7

49!5

126! i

0)1,585
1,294
1,318

99.8
96.6
94 7

0>49*6

316!73

344.36
345.78
353 20

181,0
182.0
183 6

17CU

si!6

119] i

1,301
1,172
1 046

95.8
95.2
79 6

47*3

July
August
September

0)328.25

348.42
357.31
0)360.38

0)184.8
184.4
182.7

173.9

52.5

0)121.4

1,040
946
899

76.0
70.9
67.4

42.9

October
November
December

327!83

349.27
358.67
356.78

180.5
179.0
179.0

0)174*2

53*3

120.9

854
860
882

59.6
60.0
64.4

39*9

327*72

330.07
342.57
343.72

172.2
171.6
169.0

172*6

53*5

118*5

885
945
931

64.9
64.0
68.7

38*9

April
May
June

323.22

325.51
335.59
331.34

164.9
159.9
156.7

166*7

0)53*7

113*6

882
1,066
908

71.0
76.3
75.0

46! i

July
August
September

315*79

323.71
314.09
r320.97

154.9
153.9
rl50.5

16314

53.6

I16I4

1,193
1,033
1,129

85.8
71.7
81.0

39*5

October
November
December

a315*21

r309.21
P311.58
(NA)

rl46.4
rl44.6
P144.1

pl59*6

p52*7

plO6.*9

rl,126
rl,404
pl.,229

94.7
96.3
105.4

p4i*7

April
May
June

1932
January
February
March

... .

1983
January
February
March

a316*40

April
May
June

a32o!66

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
S e r i e s 29 reached i t s high value (119.9) in September 1980.

JANUARY 1983



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

g j j

Minor Economic
Process
Timing Class

Year
and
month

INVENTORIES AND INVENTORY INVESTMENT

Inventories on Han^J and on Order

Inventory Investment

L, L, L

ILL

Lt L, L

I. L, L

30. Change in
business inventories in 1972
dollars

36. Change in inventories on
hand and on order! 1972 dollars

31. Change
in book value
of mfg. and
trade inventories, total

38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.2

(Ann. rate,
bit. dol.)

Monthly
data

Smoothed
data1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Bil. dol.)

.

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

(Bil. dol.)

70. Constant
(1972) dollars
(Bil. dol.)

Lg, Lg, |Lg

'65. Manufacturers' inventories of
finished
goods, book
value
(BiLdoU'

Lg, Lg, Lg

I

Lg, Lg

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade

78. Stocks of
materials and
supplies on
hand and on
order, mfg.

(Ratio)

(Bil. dol.)

1981
-15.50
16,34
-5.47

-6.28
-5.63
-1.61

33.9
58.7
25.3

0.58
0.77
-0.34

485.40
490.29
492.40

262.33
263.33
263,, 10

79.412
80.55
82.36

1.65
1.65
1.65

222.47
223.24
222.90

12.1

0.32
E>17.44
17.27

1.09
3.91
7.89

21.3
43.6
44.6

1.31
1.64
0.55

494.18
497.81
501.53

263.41
264.70
265.92

82.10
83.55
84,00

1.66
1.68
1.67

224.21
225.85
226.40

July
August
September

E>16.5

5.15
4.84
14.14

E>12.48
11.19
8.56

38.6
E>64.3
63.0

1.88
-1.09
1.12

504.74
510.10
515.35

266.53
267.56
269.42

84,22!
85.65:
86.86!

1.68
1.71
1.72

228.28
227.19
(B>228.32

October
November
December

4.£

-1.16
-2.51
-20.09

6.99
4.72
-2.22

34.7
40.0
-26.2

-2.71
-1.26
-1.22

518.24
B521.57
519.39

270.47
E>271.17
269.85

88.05 '
g>88.5Q
87.66

1.77
1.78
1.78

225.61
224.35
223.13

-15.4

-33.66
-25.61
-9.22

-13.34
-22.60
-24.64

-37.7
-28.2
-10.2

-2.96
-2.64
-2.11

516.26
513.91
513.05

267.69
266.41)
265.98

86.84
87.90
88,49

1.82
1.76
1.75

220.17
217.53
215.42

-4.4

-6.66
-28.09
-6.92

-18.33
-14.24
-14.27

24,
-54,
29.

-1.67
-2.33

515.07
510.52
512.98

266.54
264.54
265.18

87,39
86.56
85.90

1.77
1.71
1.74

213.75
211.42
207.39

3.4

0.62
r-13.01
rl.76

-12.68
r-8.95
r-4.99-

4.
14.
10.

-0.80
-2.211
-2.02

513.39
514.55
515.40

265.56
265.46
266.03

86.61
66.68
66.40

1.75
1.77
1.78

2C6.59
204.38
202.36

p-17.7

r-14.78
p-40.42
(NA)

r-6.11
p-13.24

r-1.90
p-1.43

r514.22
P508.60

r265.33

(NA)

rS6.37
85.07
(NA)

E>rl.81
pi. 77
(NA)

r200.46
pl99.04

(NA)

January
February
March
April
May
June

1982
January

February
March

April
May
June
July
August
September . .
October
November
December

(NA)

r-14.1
p-67.5
(NA)

P262.38
(NA)

1983
January
February
March
April
Vtay
June
July
August
September
October
November
December
Sea note on page 60.
Graphs of these series are shown on pages 13, 115, 26, and 27.

"This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Series 38 reached its high value (1.97) in July 1980.

2




JANUARY 1983

(NA)

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Qj]

Minor Economic
Process

Sensitive Commodity Prices

Timing Class

L, L, L

Year
and
month

23. Index of
spot market
prices, raw
industrials 2 3 ©

Smoothed
data 1

Monthly
data

(Percent)

Stock
Prices

• U, LF L

92. Change in sensitive crude
materials prices

(Percent)

PRICES, COSTS, AND PROFITS

(1967 = 100)

L, L, L

19. Index of
stock prices,
500 common
stocks (g)

(1941-43 = 10)

Profits and Profit Margins

U U L •

L, L, L

Corporate profits after taxes
16. Current
dollars
(Ann, rate,
bil. dol.)

18. Constant
(1972) dollars3
(Ann. rate,
bil. dol.)

L, C, L

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 income3

(Percent)

1981
2.74
H>6.64
-0.62

2.12
2.89
H>3.26

291.6
284.2
289.8

132.97
128.40
133.19

0)161.6

84.0

108.8

©56.8

9.8

1.71
2.25
0.23

2.75
1.84
1.26

293.0
288.9
282.9

134.43
131.73
132.28

146.2

74.2

105.9

54.1

8.8

July
August
September . . .

0.47
-0.63
0.79

1.19
0.50
0.12

286.6
289.5
283.0

129.13
129.63
118.27

150.8

75.4

110.7

55.6

October
November . . .
December . . .

-1.09
-0.51
0.16

-0.05
-0.29
-0.38

277.2
270.5
264.2

119.80
122.92
123.79

144.9

71.2

0)112.3

55.5

8.1

January
February
March

-1.13
-2.09
-2.21

-0.49
-0.76
-1.42

263.4
261.0
254.5

117.28
114.50
110.84

115.0

56.3

100.4

49.2

6.7

April
May
June

-0.42
1.77
0.78

-1.69
-0.93
0.21

247.4
245.5
232.2

116.31
116.35
109.70

116.3

56.2

rlOO.O

48.5

6.7

1.01

237.0
236.2
239.0

109.38
109.65
122.43

119.4

57.1

105.3

50.4

6.9

235.5
230.4
227.4

132.66
138.10
0)139.37

(NA)

(NA)

(NA)

(NA)

(NA)

January . . . . . .
February
March
April
May
June

1982

July
August
September . . .

r-0.24
rl.17

0.95
r0.85
r0.58

October
November . . .
December . . .

0.66
0.80
-1.27

0.59
0.70
0.47

1983
5

230.0

January
February
March

6

144.64

April
May
June
July
August
September . . ,
October
November . . ,
December . . ,
See note on page 60.
Graphs of these series are shewn on pages 13, 28, and 29.
1
See footnote 1 on page 68. 2Beginning with 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. 3The following series reached their high values before 1981: Series
23 (304.7) in November 1980, series 18 (84.2) in 3d quarter 1980, and series 22 (9.9) in 4th quarter 1980.
*IVA, inventory valuation ad5
6
justment; CCAdj, capital consumption adjustment.
Average for January 1-18, excluding weekends.
Average for January 5, 12, and 19.
JANUARY 1983




69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS EY ECONOMIC PROCESS—Continued
)

MAJOR ECONOMIC
PROCESS

fflj

Minor Economic
Process
Timing Class

Year
and
month

PRICES, COSTS, AND PROFITS-Continued

Lt L, L

U, I, L

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income'
(Percent)

Unit Labor Costs ^nd Labor Share

Cash Flows

Profits and Profit Margins—Continued

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

U, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

(1977 = 100)

(Dollars)

Lg, Lg, Lg

'(62. index of
labor cost per
iinit of output
(nanufacturing

(1967-100)

LK, Lg, Lg

64. Compensation 0* employees as a percent
of national
inccme

(Percent)

1981
January
February
March

6\6

(H>5!6

April
May
June

6!6

i!9

E)6.1
...

4.8
...

July
August
September
October
November
December

5\9

[H>141.2

9^9

267." 7

276.5

133.9

ni.8

202.6
203.6
204.4

1.289

206.1
207.4
208.9

75.*3

144.2

1.31.5

208.9
209.9
212.6

74.9

147 9

1.349

216.6
219.9
222.5

7SA

1.376;

227.9
226.0
225.8

8)715! 4

139!6

132!6

98.1

1.267

150 9

E>279!6

...
97~.7

27^5

25^9

!:!

'>•'

1982
January
February
March

5!7

':?

96\7

April
May
June

s!6

3\6

96\5

263 .'5

123^3

152! 9

1.388

228.0
230.7
231.3

76! 3

July
August
September

6.'6

r96\8

272!e

128! 6

rl53.*8

Bl.392

230.2
229.6
f229.7

76.! i

October
November
December

(NA)

(NA)

(NA)

(NA)

1-231.0
IHK231.8
0231.4

(NA)

(NA)

1983
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.
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

1

70



JANUARY 1983

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS . .

Q

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT

Money
L, L, L

85. Change in
money supply
(Ml)

L, C, U

102. Change
in money
supply (M2)

(Percent)

(Percent)

L.L.L

L, L, L

104. Change in total liquid assets
Smoothed

Monthly
data

(Percent)

Credit Flows

Velocity of Money

(Percent)

L, L,L

105. Money
supply (Ml)
in 1972
dollars 2

106. Money
supply (M2)
in 1972
dollars

(Bil. dol.)

(Bil. dol.)

C, C t C

107. Ratio,
gross national
product to
money supply
(Ml)

(Ratio)

C Lg, C

108. Ratio,
personal income
to money supply
(M2)

(Ratio)

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies2
(Ann. rate,
bil. dol.)

1981
0.82
0.36
1.19

0.57
0.75
0)1.36

1.13
0.87
0.82

0.94
0.97
0.93

200.3
199.1
200.4

798.4
796.8
803.1

6.811

1.386
1.389
1.383

55.82
60.60
46.93

E>2.10
-0.95
-0.19

1.30
0.53
0.49

0.72
1.12
0.95

0.87
0.84
0.91

203.7
200.2
198.4

810.1
808.1
806.1

6.744

372
373
1.378

54,62
42.05
47.48

July
August
September . . .

0.23
0.40
0.02

0.74
1.07
0.33

0.95
1.16
0.68

0.97
1.01
0.98

196.6
195.8
193.7

802.8
804.9
798.9

0)6.923

1.389
1.388

Dl.394

60.85
34.20
26.76

October . . . . .
November . . .
December . . .

0.39
0.81
1.03

0.63
1.14
0.71

0.88
1.13
0.51

0.92
0.90
0.87

193.7
194.2
195.5

800.5
805.6
808.1

6.877

1.390
1.381
1.370

22.79
21.66
5.14

January
February
March

1.75
-0.29
0.22

1.02
0.37
0.93

0.95
0.85
0.99

0.85
0.82
0.85

198.3
197.3
198.3

814.1
815.1
825.0

6.685

1.357
1.360
1.350

22.08
16.39
3.54

April
May
June

0.91
-0.20
-0.02

0.84
0.89
0.55

0.99
1.10
0.90

0.94
0.98
1.01

199.6
197.3
195.2

829.8
829.4
825.3

6.740

1.348
1.347
1.345

8.74
3.22
-9.55

July
August
September . . .

-0.02
0.86
1.16

0.82
1.20
K).42

0^93
e0.33

1.02
E)1.02
eO.90

194.1
195.2
197.1

827.2
834.8
836.9

6.777

1.345
1.331
1.328

-5.57
-7.24
r-10.49

October
November . , .
December . . .

1.72
rl.41
p0.74

r0.68
rO.97
p0.60

re0.76
reO.80
eO.10

re0.74
re0.65
e0.59

199.6
202.2
D204.3

838.5
r846.0
E>p853.4

1.327
1.319
pi.319

r-48.85

P6.543

January
February
March
April
May
June

1982

p-9.05
(NA)

1983
3

January
February
March

0.69

April
May
June
July
August
September . . .
October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1
This series is a weighted 4--term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
Series 105 reached its high value (204.9) in October 1980 and series 33 reached its high value (82.61) in October 1980.
3
Average for weeks ended January 5 and 12.

JANUARY 1983




71

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Credit Flows—Continued

Timing Class

Year
and
month.

L, Lf L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil. dol.)

L, L, L

113. Net
change in
consumer installment
credit
(Ann. rate,
bil. dol.)

MONEY AND CREDIT—Continued
Bank Reserves

Credit Difficulties
L,L, L

L, L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

14. Current
liabilities
of business
failures1®

(Mil. dol.)

L, L, L

39. Delinquency
rate, 30 days
and over, consumer installment loans

(Percent)

interest Rates

u u, u

U Lg, U

L, Lg, Lg

93. Free
reserves ©

94. Member
bank borrowing from the
Federal
Reserve (u)

,119. Federal
funds rate @

(Mil. dol.)

(Mil. dol.)

(Percent)

C Lg, Lg

114. Treasury
bill rate @

(Percent)

1981

6.31
-7.09
-18.96

14.47
22.14
35.65

320,608

341.36
789.20
485.34

2.42
2.51
2.53

-1,028
-1,023
-719

1,386
1,301
994

19.08
15.93
14.70

14.72
14.90
13,48

April
May
June

35.71
41.36
32.80

32.66
18.85
24.37

536.88
428.20
408.54

2.40
2.40
2.30

-1,136
H>-1.968
-1,700

1,338

0)392,040

15.72
18.52

2',039

i>19.10

13.63
1R)16.3O
14.56

July
August
September

41.10
28.34
22.93

18.61
29.14

0)35.70

318,il6

619.46
450.41
752.34

2.22
2.35
2.28

-1,335
-1,122
-1,035

1,679
1,417
1,451

19.04
17.82
15.87

14.70
15.61
14.95

October
November
December

13.62
13.32
23.36

12.02
7.20
-0.40

247,540

897.94
618.76
626.74

2.37
2.42
2.37

-871
-348
-330

1,149
695
642

15.08
13.31
12.37

13.87
31.27
10.93

46.64
E)58.09
9.40

5.32
0.90
11.88

(NA)
267,020

2.48
2.39
2.24

-1,101
-1,414
-1,254

1,526
1,713
1,611

13.22
14.78
14.68

12.41
13.78
12.49

April . . .
May
June

54.30
40.56
40.80

14.10
16.79
16.19

298,084

2.20
2.21

H>2.16

-1,307
-745
-895

1,581
1,105
1,205

14.94
14.45
14.15

12.82
12.15
12.11

July . . .
August
September

9.59
4.88
r40.56

6.84
0.79
13.10

p258,504

2.19
2.21
2.19

-378
-199
-592

669
510
976

12.59
10.12
10.31

11.91
9.01
8.20

rl3.60
r-24.73
p-22.07

-3.89
30.28
(NA)

(NA)
(NA)

-51
r-177

455
579
p699

January
February
March

1982
January
February
March

October
November . ,
December

pll9

1983
January
February
March

9.71
9.20 ,
8.95

7.75
8,04
8.01

2

50.40

3

39

3

699

3

9.04

"7.73

April
May
June
July . . . .
August
September
October . . , . . . . .
November
December
See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
'•Series 14 reached its high value (239.34) in November 1980.
2
Average for weeks ended January S and 12.
^Average for weeks ended January 5, 12, and 19.
*Average for weeks ended January 6, 13, and 20.

72




JANUARY 1983

nut

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

MONEY AND CREDIT—Continued

Interest Rates-Continued

Outstanding Debt

Lg, Lg. Lg

C, Lg, Lg

U, Lg, Lg

i-g, 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

(Percent)

(Percent)

(Percent)

(Percent)

(Percent)

and
month

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks (§)

66. Consumer
installment
credit

(Percent)

(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)

1981
January
February
March

14.01
14.60
14.49

11.65
12.23
12.15

9.68
10.10
10.16

14.23
14.79
15.04

19.91

20,16
19.43
18.05

307,415
309,260
312,231

174,009
173,418
171,838

13.32
13.27
13.28

April
May
June

15.00
15.68
14.97

12.62
12.96
12.39

10.62
10.78
10.67

15.91
16.33
16.31

19.99

17.15
19.61
20.03

314,953
316,524
318,555

174,814
178,261
180,994

13.32
13.30
13.28

15.67
16.34
E>16.97

13.05
13.61
H>14.14

11.14
12.26
12.92

16.76
17.96
D18.55

H)21.X1.

20.39
g>20.50
20.08

320,106
322,534
325,509

184,419
186,781
188,692

13.14
13.11
13.13

16.96
15,53
15.55

14.13
12.68
12.88

12.83
11.89
12.91

17.43
15.98
16,43

17.23

18.45
16.84
15.75

326,511
327,111
327,078

189,827
190,937
192,884

13.13
13.09
13.10

January
February
March

16.34
16.35
15.72

13.73
13.63
12.98

[H>13.28
12.97
12.82

17,38
17.10
16.41

17.13

15.75
16.56
16.50

327,521
327,596
328,586

196,771
201,612
202,395

13.11
13.03
13.OS

April
May
June

15.62
15.37
15.96

12.84
12.67
13.32

12.59
11.95
12.45

16.31
16.19
16.73

17.11

16.50
16.50
16.50

329,761
331,160
332,509

206,920
210,300
213,700

13.01
12.96
12.96

July . . . . . . .
August
September . . .

15.75
14.64
13.78

12.97
12.15
11.48

12.28
11.23
10.66

16.29
14.61
14.03

13.27

16.26
14.39
13.50

333,079
333,145
334,237

214,499
214,906
r218,286

12.87
12.85
12.87

October
November . . .
December . . .

12.63
11.89
12.15

10.51
10.18
10.33

9.69
10.06
9.96

12.99
12.82
12.80

11.26

12.52
11.85
11.50

333,913
E>336,436
(NA)

H>r219,419
r?17,358
p215,519

P12.83
(NA)

12.04

MO.27

July
August
September . . .

October
November . . .
December . . .

1982

12.79

1983
January . .
February .
March . . .

l

2

9.44

3

11.20

"219,719

April . . . .
May . . . .
June . . . .
July . . . .
August . .
September
October . .
November
December
See note on page 60.

Graphs of these series are shown on pages 15,
1
Average for weeks ended January
2
Average for weeks ended January
3
Average for January 1-25.
"Average for weeks ended January

M i l l JANUARY 1933




34, and 35.
7, 14, and 21.
6, 13, and 20.
5 and 12.

73

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE

Q |

Year
and
month

1-month
span

6-month
span

January
February
March

16.7
33.3
70.8

75.0
58.3
58.3

April
May
June

75.0

16.7
41.7

July
August
September
October
November
December

952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)

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

950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 92, 104,
106)

1-month
span

DIFFUSION INDEXES

6-month
span

1-month
span

6-month
span

961. Average workweek
of production workers,
manufacturing (20
industries)

963. Number of employees on pnvate
lonagricultural payrolls
(186 industries)

962. Initial clain^ for
State unemployment
insurance, week irleluding the 12th v
(51 areas)

1-month
span

9-month
span

1-month
span

9-month
span

I-month
span

64.8
65.9
67.2

6-rnonth
span

1981
100.0
100.0
75.0

100.0
75.0
100.0

33.3
41.7
41.7

50.0
66.7
50.0

90.0
7.5
60.0

95.0
87.5
77.5

86.3
39.2
31.4

76.5
8,1.4

7p.6

56.7
48.7
51.1

45.8
50.0
25.0

50.0
62.5
100.0

75.0
75.0
50.0

83.3
83.3
66.7

83.3
66.7
83.3

72.5
77.5
22.5

60.0
17.5
5.0

64.7
78.4
17.6

19.6
1^.6
9.9

68.3
65.3
54.0

67.7
67.2
67.5

25.0
50.0
8.3

16.7
25.0
8.3

75.0
25.0
37.5

50.0
25.0

83,3
66.7
66.7

35.0
35.0
15.0

15.0
12.5
5.0

68.6
58.8
9.8

r/,6

12.5

75.0
66.7
83.3

9|. 8
27'. 5

59.9
50.3
50.3

51.3
39.0
33.9

25.0
41.7
25.0

2

9,1
9.1
18.2

0.0
0.0
0.0

0.0
0.0
0.0

75.0
66.7
66.7

66.7
50,0
33.3

62.5
20.0
30 0

7.5
5.0
5 0

60.8
49.0
22 5

11,8

s;9
7 '8

34.7
28.2
31 2

30.1
27.7
?4 2

36.4
36.4
68.2

0.0

87.5
37.5

0.0
50.0
50.0

58.3
33.3
50.0

33.3
33.3
50.0

5.0
95.0
12.5

12.5
42.5
30.0

96.1
24.5
5.9

11.8
31.4
43 4

3?. 5
4?. 5
35.8

21.8
27 4
27.4

81.8
63.6
63.6

25.0
75.0
0.0

50.0
0.0
0.0

58.3
41.7
66.7

50.0
33.3
41.7

42.5
75.0
72.5

30.0
40.0
r77.5

62.7
68.6
19.6

:

15.)
234

•

9.6)

40.9
51.1
32.0

29.8
28.8
30.1

54.5
54,5
65.0

25.0
0.0
rO.O

0.0
0.0
"0.0

50.0
25.0
58.3

33.3
33.3
=37.5

45.0
25.0
35.0

r32.5
p42.5

67.6

pl9,,6!

9.8
17.6

(NA);

43,5
37..6
43.0

24.2
r20.7
p23.7

2

2

!

1982
2

2

2

2

31.8
45.5
2
45.5

January
February
March

2

a

63.6
63.6
45.5

2

July
August
September

2

68.2
50.0
2
r54.5

2

2

2

October
November
December

2

April
May
June

2
2

r59.1
2
63.6
3
65.0

a
2

3

0.0
50.0
"33.3

r33.3
33.3
5
0.0

52.5

r65.0
p45 0

r88.2
p60.8
(NA)

r26.1
r33.3
D41 1

1983
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, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the i2d month of the 3d quarter
Series are seasonally adjusted except for those, indicated by<u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series Relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.

figures are the
Excludes series
Excludes series
'•Excludes series
Excludes series
2

74

percent of components declining.
12, for which data are not available. See "New Features and Changes for This Issue" on page iv of the 1 July 1982 issue.
12 and 36, for which data are not available.
57, for which data are not available.
70 and 95, for which data are not available.




JANUARY 1983

CYCLICAL INDICATORS
C

I DIFFUSION INDEXES AND RATES OF CHANGE—Continued

D

| DIFFUSION NDEXES—Continued

964. Value of manufacturers' new orders,
durable goods industries (34 industries)

Year
and
month

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

966. Index of industrial
production (24
industries)

967. Index of spot
market prices, raw
industrials (u)
(13 industrial materials)

968. Index c stock
f
prices, 500 common
stocks' ®

960. Net profits,
manufacturing2 (u)
(about 600 companies)

64.7
52.9
50.0

50.0
47.1
35.3

47.1
26.5
47.1

32.4
20.6
20.6

26.5
58.8
32.4

29.4
20.6
14.7

23.5
20.6
41.2

48.5
67.6
35,3

20.6
38.2
35.3

50.0
32.4
58.8

r26.5
p38.2

p50

79.2
67.3
59.6

*60

56.2
62.5
45.8

54.2
58.3
45.8

69.2
26.9
38.5

46.2
46.2
53.8

81.1
30.2
67.3

59.6
44.2
42.3

59

87.5
52.1
12.5

31.3
20.8
16.7

61.5
61.5
42.3

61.5
42.3
23.1

19.2
40.4
0.0

46.2
32.7
9.6

*49

20.8
8.3
20.8

8.3
8.3
10.4

38.5
26.9
46.2

23.1
23.1
15.4

58.7
65.4
67.3

14.4
10.6
34.6

p48

33.3
75.0
31.3

0.0
12.5
33,3

42.3
34.6
38.5

15.4
30.8
26.9

10.6
34.6
28.8

34.6
42.3
38.5

50

20.8
41.7
54.2

41.7
37.5
33.3

30.8
34.6
23.1

26.9
19.2
19.2

88.5
54.8
11.5

18.0
56.0
79.6

(NA)

60.4
52.1
41.7

37.5
r25.0
p25.0

61.5
53.8
61.5

26.9
15.4
23.1

52.9
26.5
100.0

87.8
87.8

27

July
August
September

66.0
42.5
85.8

48

April
May
June

38.5
38.5
46.2

30

47.1
50.0
35.3

30.8
30.8
65.4

33

October
November
December

79.2
70.8
58.3

53

July
August
September

83.3
62.5
45.8

4-Q moving
average

56

April
May
June

9-month
span

(NA)

88.2
73.5
70.6

1-month
span

p39

41.2
52.9
58.8

9-month
span

*34

January
February
March

1-month
span

'ii

1-quarter
span

6-month
span

43

9-month
span

1-month
span

*49

1-month
span

(4-quarter span)

1981

1982
January
February
March

..
..

October
. .
November
December

41.2
64.7
P47.1

(NA)

46.2
30.8
46.2

29.2
r25.0
p41.7

3

98.0
85.7
51.0

1983
January
February
March

3

57.7

April
May
June
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 53 industries through May 1981, on 52 industries through August 1982, on 50 industries in September 1982, and on 49 industries
thereafter. Data for component industries are not shown in table C2 but are available from the source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
3
Based on average for January 4, 11, and 18.

JANUARY 1983



7
5

1 1
I C

CYCLICAL INDICATORS
I

DIFFUSION INDEXES AND RATES OF CHANGE—Continuod

a
a. Actual
expenditures

b. Later
anticipations

®

c. Early
anticipations

Anticipated

Actual

(4-Q span)

973. Net sales, manufacturing
and trade' ©

972. Net profits, manufacturing
and t r a d e 1 ©

971. New orders, manufacturing

970. Business xpenditures for new plant and
equipment (22 industries)

Year
and
quarter

DIFFUSION INDEXES—continued

(4-Q span)

(4-Q span)

Anticipated

Actual

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

(1-Q span)

(1-Q span)

(1-Q span)

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

72
80
63
67

....
....

72.7
63.6
72.7
36.4

72.7
40.9
54.5
59.1

70.5
68.2
77.3
68.2

68
70
62
62

74
74
76
76

60
66
60
60

70
69
74
72

70
74
71
63

78
76
80
80

59.1
22.7
27.3
50.0

59.1
59.1
65.9
59.1

52
50
52

60
68
64
60

53
52
52

61
66
66
60

63
58
57

....

54.5
34.1
27.3
(NA)

65
70
72
65

1980
First quarter
Second quarter
Third quarter
Fourth quarter

i

1981
First quarter
Second quarter
Third quarter
Fourth quarter
1982
First quarter
Second quarter
Third quarter
Fourth quarter

(NA)

(NA)

(NA)

1983
First quarter
Second quarter
Third quarter
Fourth quarter

66

45.5

68

64

....
....

1a
974. Number o employees,
manufacturing i nd trade' (§)

975. Level of inventories,
manufacturing and trade' <§)

Actual

year
and
quarter

Actual

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

DIFFUSION NDEXES—Continued

976. Selling prices, manu
facturing' ©
Anticipated

Actual

(4-Q span)

(4-Q span)

977. Selling prices, wholesale
trade
Actual

Anticipated

(4-Q span)

(4-Q span)

978. Selling prices, retail
trade' ®
i Actual

Anticipated

(4-Q span)

(4-Q span)

1980
First quarter
Second quarter
Third quarter
Fourth quarter

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
52

56
54
56
55

62
64
62
63

63
61
66
64

88
86
84
82

38
90
B9
B4

90
88
84
82

90
89
89
84

94
90
86
86

90
90
92
87

....

48
46
46

58
52
52

30
76
58
56

72
67
68

82
78
72
68

78
75
74

(NA)

54
56
56
50

72
68
63

....

50
51
51
48

82
81
76
72

....
....

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1982
f i r s t quarter
Second quarter
Third quarter
f o u r t h quarter

(NA)

(NA)

(NA)

(NA)

1983
First quarter
Second quarter
Third quarter
FDurth quarter

50

52

55

68

69

....
....

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

76



JANUARY 1983

Dun t,

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j

SELECTED DIFFUSION NDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1982
June

May

September

August

July

Novemberr

October

December^

961. AVERAGE WORKWEEK OF PRODUCTION WORKERS MANUFACTURING
(Average weekly hours)

+

All manufacturing industries

39.1

+

(75)

Percent rising of 20 components

39.2

0

39.2

-

(45)

(72)

39.0

-

38.8

o

(35)

(25)

38.8

+

(52)

38.9

o

38.9

(65)

(45)

+
+

38.7
37.6

38.5
37.4

0

40.2
38.2

39.6
38.0

o

38.9
39.2

+
+

39.0
39.3

39.2
40.8

+

39.3
40.2

39.3
38.6

+

40.1
38.4

Durable goods industries:
.

_

Stone, clay, and glass products
Primary metal industries

+
+

38.5
37.5

+
+

38.7
37.8

0

Lumber and wood products
Furniture and fixtures

40.2
38.5

+
+

40.4
38.9

0

40.6
38.9

39.4
39.6

+

39.5
39.8

_

39.5
39.8

0

39.4
41.1

+
+

39.5
41.6

40.2
38.7

o

40.2
38.6

39.4
37.2

+
+

39.5
38.4

37.9
34.8

+

37.8
35.1

41.8
36.8

+
+

42.0
37.1

-

41.0
44.1

o
o

41.0
44.1

-

39.9
35.6

+
+

40.1
35.7

+

Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Transportation equipment

+

Instruments and related products
Miscellaneous manufacturing

38.6
37.6

_

+
-

_

38.2
37.9

+
-

38.5
37.4

+

r38.0
37.5

40.3
38.8

-

40.2
37.8

o
+

40.2
38.0

38.8
39.0

+
+

38.9
r39.2

39.2
39.5

-

39.8
41.0

+

-

39.3
40.5

-

38.8
39.8

+
+

39.0
r40.1

40.1
38.7

0

40.1
38.6

-

39.8
38.3

+

r39.4
r38.6

0

:

0

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers

0

Textile mill products
Apparel and other textile products

:

Paper and allied products
Printing and publishing

-

Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics products
Leather and leather products

0

39.5
36.8

38.2
35.0

39.4
39.7

39.1
38.1

37.7
35.2

0

-

.

+

+

8,453
9,405

+

16,011
15,545

74,550

+

+

41.7
36.8

41.5
37.0

+

+

41.2
44.0

40.8
r43.3

39.6
35.7

r39.0
r35.2

73,266

69,598

(59)

6,943
8,297

-

40.9
43.3

0

40.9
43.9

-

39.7
36.0

+

8,617
9,389
13,015
11,705

+
-

16,347
15,477

-

-

+

_

8,660
9,368

+

12,876
12,396

+
+

17,515
15,631

72,982

+

(32)

(50)

_

7,983
8,668

_

13,091
11,572

+
+

13,978
12,025

-

-

16,084
15,160

+

14,828
15,784

-

+

41.7
36.9

39.5
38.0

39.2
37.5

38.5
35.0

o
o

38.5
35.0

41.7
37.1

+

41.4
37.2

40.6
44.2

+
+

40.8
45.4

• +

39.2
36.0

+

39.3
35.6

+

70,607

+

79,063

0
0

+

l :

8,178
8,897

_

-

(41)

41.9
37.0

76,446

r38.2
35.0

38.1
35.2

40.2
36.1

(35)

14,408
11,888

Machinery except electrical
Electrical machinery
Transportation equipment
Other durable goods industries

-

(68)

Percent rising of 34 components
Primary metals
Fabricated metal products

75,710

39.7
r39.0

I
;

964. VALUE OF MANUFACTURERS' NEWORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)
All durable goods industries

+

(65)
+

(47)

_

7,466
8,186

+

6,711
8,708

13,824
11,115

+

12,970
12,193

+
+

14,589
12,753

14,267
15,152

+

14,567
15,225

+
-

21,188
15,114

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling. The "r" indicates revised; " p " ,
preliminary; and "NA", not available.
l
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 1983




77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data ana1 Direction of Change-Continued

1982

Diffusion index components

June

May

August

July

September r'

November

October

December^

966. INDEX OF INDUSTRIAL PRODUCTION
(1967-100)

139.2

138.7

138.8

138.4

137.3

13$.8

134.8

134.7

(42)

(54)

(60)

(52)

(42)

(29)

(25)

(42)

Lumber and products
Furniture and fixtures

110.6
151.1

112.2
152.5

116.9
154.5

+
+

120.3
156.7

-

119.9
155.7

117^2
154.13

119.4
150.7

(NA)
(NA)

Clay, glass, and stone products.
Primary metals

125.0
75.2

126.1
• 72.8

126.9
72.9

+
o

128.8
72.9

+
+

130.4
73.2

128.11
70.P

126.5
67.1

(NA)
65.9

Fabricated metal products
Nonelectrical machinery...

115.8
150.0

115.0
147.4

115.5
147.1

+

114.3
147.2

-

112.3
144.9

108.4
140.5

107.4
138.0

-

106.5
135.8

Electrical machinery
Transportation equipment

170.9
110.0

170.8
111,6

170.3
112.7

-

169.7
107.0

-

167.0
105.3

165.7100.8,

164.9
100.0

*

164,5
103.7

Instruments
Miscellaneous manufactures ...

163.8
141.7

164.8
136.8

165.2
134.7

+
-

165.5
133.9

-

161.9
132.. 9

156.91
130.5'-

153.9
129.6

4
+

155.5
130.0

Foods
Tobacco products .

150.5
118.6

151.0
123.. 6

151.0
121.4

-

150.7
120.6

149.0
113.3

+
-

150.6
108.6

(NA)
(NA)

(NA)
(NA)

Textile mill products ..
Apparel products

123.5
(NA)

123.7
(NA)

124.3
(NA)

+

125.9
(NA)

126.1
(NA)

o

126.4
(NA)

123.8
(NA)

(NA)
(NA)

Paper and products
Printing and publishing ..

146.5
143.8

+
-

146.8
142.6

147.0
143.9

+
+

152.5
145.3

154.3
144.3

+
-

-155.0
142.6

153.9
142,6

152.9
144.0

Chemicals and products ...
Petroleum products

193.6
122.2

+

193.2
124.3

194.1
124.7

+

195.6
121.4

196.4
122.6

+

193.7
123.9

192,8
119.9

(NA)
118,2

Rubber and plastics products
Leather and products

257.0
61,1

258.9
62.3

256.8
62.9

+

261.1
60.8

262.0
60.9

-

256.4
59.5

253.7
58.8

(NA)
(NA)

Metal mining
Coal

90.0
149.2

71.8
144.4

58.1
140.3

-

53.4
135.8

55.4
127.9

+
+

65.1
143.2

68.4
134.1

(NA)
129.7

Oil and gas extraction
Stone and earth minerals ....

132.7
114.6

129.1
106.6

127.0
103.8

+

123.3
105.7

121.0
106.3

+

119.6
108.5

119.6
109.5

+ 123.0
(NA)

All industrial production
Percent rising of 24 components

J

Durable manufactures:

Nondurable manufactures:

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.
"Where actual data for separate industries are not available, estimates are used to compute the percent rising.

78




The "r" indicates revised; "p",

JANUARY 1983

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

m

1983

1982

Diffusion index components

May
967.
Raw industrials price index (1967 = 100) . . . .

-

August

245.5 -

232.2

237.0

(23)

(62)

-

236.2

October

September

INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS

(35)

Percent rising of 13 components

July

June

+

(54)

January 1

December

November

2

239.0

-

230.4

(46)

(62)

235.5

(31)

-

227.4 +
(46)

230.0
(58)

Dollars

0.530
1.168

-

0.427
0.941

0.150
0.331

-

0.142
0.313

+

0.146
0.322

-

70.000
77.161

-

57.800
63.713

+

59.000
65.036

+

(pound)
(kilogram)..

+

5.842
12.879

-

5.284
11.649

-

5.280
11.640

+

(pound)..
(kilogram)..

o

0.362
0.798

+

0.368
0.811

+

0.388
0.855

0.242
0.265

-

0.238
0.260

-

0.625 1.378

0.613
1.351

+

0.630
0.689

0.626
0.685

Copper scrap

(pound).,
(kilogram)..

Lead scrap..

..(pound).,
(kilogram)..

Steel scrap .

(U.S. t o n ) . ,
(metric t o n ) . .

-

Tin

Zinc

Burlap

(yard)
(meter)..

Cotton

(pound)..
(kilogram)..

Print cloth

+

(yard)
(meter)..

Wool tops ...

(pound).,
(kilogram)..

-

3.400
7.496

0

3.400
7.496

Hides

(pound)
(kilogram)..

+

0.558
1.230

-

0.526
1.160

Rosin

(100 pounds)
(100 kilograms)..

-

47.000
103.616

0

47.000
103.616

Rubber

(pound).,
(kilogram)..

Tallow

(pound)..
(kilogram)..

0.458
1.010
+

0.182
0.401

+

-

0.463
1.021
0.176
0.388

0.465
1.025

0.461
1.016

+

0.481
1.060

+

0.482 +
1.063

0.485 +
1.069

0.510 +
1.124

0.549
1.210

0.166
0.366

-

0.164
0.362

-

0.148 0.326

0.129 0.284

0.114 +
0.251

0.127
0.280

59.200
65.256

+

60.000
66.138

o

60.000 o 60.000 o
66.138
66.138

5.714
12.597

+

5.820

-

5.715 12.599

+

0.399
0.880

+

0.419
0.924

0.236
0.258

+

0.241
0.264

+

0.659
1.453

-

0.615
1.356

-

+

0.541
1.193

+

-

5.483
12.088

0

+

0.418
0.922

0.404
0.891

-

0.390 +
0.860

0.402
0.886

0.252 +
0.276

0.263 0.288

0.256 0.280

0.240 0.262

0.229
0.250

-

0.588 +
1.296

0.595
1.312

-

0.589 +
1.299

0.610 +
1.345

0.622
1.371

+

0.555 +
0.607

0.558 +
0.610

0.567 +
0.620

0.610 o
0.667

0.610
0.667

3.400
7.496

o

3.400 +
7.496

3.500 +
7.716

3.600 7.937

3.375 7.441

3.300
7.275

0.544
1.199

-

0.542 1.195

0.506
1.116

0.489 1.078

0.485 1.069

0.475
1.047

-

+

•

47.000
103.616

0

47.000
103.616

o

0.468
1.032

0

-

3.400
7.496

-

5.524 + 5.528
12.178
12.187

0.546
0.597

0.588
0.643
0

12.831

60.000 o 60.000
66.138
66.138

-

0.464
1.023

-

0.448 0.988

0.425 0.937

0.419 +
0.924

0.421 +
0.928

0.437
0.963

0.168
0.370

-

0.150
0.331

+

0..159
0.351

0.152
0.335

0.144
0.317

0.139 +
0.306

0.143
0.315

47.000 o 47.000 o 47.000 o 47.000
103.616
103.616
103.616
103.616

-

-

o 47.000
103.616

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) =• rising, (o) = unchanged, and ( —) = falling. The "r" indicates revised; "p",
preliminary; and "NA", not available.
1
Average for January 4, 11t and 18.
2
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.

JANUARY 1983



79

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT

Ei
Year
and
quarter

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

2J17. Per capita
qNP in 1972
dollars

50. Gross national product in 1972 dollars

200, Gross national product in current dollars
a. Total

G P \HD f'ERSONAL INCOME
N

c. Percent
change at
annual rate

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann . rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
dollars)

213 Final sales
in 1972 dollars

(Ann, rate,
bil. dol.)

1980
2,575.9
2,573.4
2,643.7
2,739.4

73.0
-2.5
70.3
95.7

12. 2
-0. 4
11.4
15. 3

1,494
1,457
1,463
1,479

.9
.8
.8
.4

5
-37
6
15

6
1
0
6

1 .5
-9 ,6
1 ,6
4 .3

6,593
6,413
6,421
6,472

1,497.5
1,460.3
1,472.3
1,485.7

2,864.9
2,901.8
2,980.9
3,003.2

125.5
36.9
79.1
22.3

19. 6
5. 3
11. 4
3. 0

1,507 .8
1,502.2
1,510 .4
1,490 . 1

28
-5
8
-20

4
6
2
3

7 .9
-1 • 5
2 .2
-5 .3

6,583
6,544
6,563
6,458

1,505.4
1,490.1
1,493.9
1,485.3

2,995.5
3,045.2
3,088.2
p3,101.3

First Quarter • • » • • *
Second Quarter
Third quarter
Fourth quarter . . . .
1 II J l l^UUI I V I

-7.7
49.7
43.0
pl3.1

-1. 0
6. 8
5. 8
pi. 7

1,470 .7
1,478 .4
1,481 .1
p i ,471 .7

-19
7
2
p-9

4
7
7
4

-5 .1
I .1
( .7
P-2.9

6,360
6,380
6,375
p6,319

1,486.1
1,482.7
1,477.8
pi,489.3

1981
First quarter
Second quarter . . . .
Third Quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q |
Year
and
quarter

i

GNP AND PERSONAL INCOME—Continued
230. Total in current
dollars

Disposable personal ncome
224. Current dollars
(Ann. rate,
bil. dol.)

225. Constant
(1972) dollars
(Ann. rate,
bil. dol.)

j | PERSONAL CONSUMPTION EXPENDITURES

231. Tota 1 in 1972
dollars

232. Durabl^ goods
in current dollars

233. Durable goods
in 1972 collars

(Ann. rate,
bil. dol.')

(Ann rate,
bil. dol)

227. Per capita in
1972 dollars
(Anrl. rate
dollars

(Ann rate,
bi dol.)

(Anr . rate,
bl dol.)

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

1,766.9
1,781.0
1,845.5
1,902*9

1,022.8
1,005.5
1,018.2
1,025.7

511
A 423
< 466
A 487

1 ,618.7
1 ,622.2
1 ,682.0
1 ,745.8

937
915
928
941

0
8
0
0

220.8
199,0
21?,7
22f.7

145.4
128.9
134.6
139.5

1,958.7
1,996.5
2,060.0
2,101.4

1,035.0
1,036.6
1,048.8
1,051.9

, 519
A9 516
A 557
A 559

1 ,799.9
1 ,819.4
1 ,868.8
1 ,884.5

951
944
951
943

1
6
4
4

23^.9
230.4
241.2
2216

145.3
138.6
142.2
134.1

2,117.1
2,151.5
2,198.1
p2,223.5

1,046.9
1,054.8
1,058.3
pi,057.9

527
552
555
542

1 ,919.4
1 ,947.8
1 ,986.3
P2 ,034.6

949
955
956
p968

1
0
3
0

237!. 9
240,. 7
240'. 3
p25ll7

137.5
138.3
136.4
P142.8

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

A
A
A
pA

1983
First quarter
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .
NOTE: Series are seasonally adjusted except for those, indicated by <u), that appear to contain no seasonal movement. Series numbers are for identification only and do not; reflect series relationship!; 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 1983

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

i

>ERSONAL CONSUMPTION EXPENDITURES—Continued

Q

236. Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bit. dol.)

Year
and
quarter

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT
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.)

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

650.6
656.7
673.7
700.fi

357.8
352.7
353.7
359.0

747.3
766.6
795.6
820.6

433.9
434.3
439,7
442.5

424.0
391.0
384.1
410.3

222.7
201.9
199.2
209.6

424.6
391.4
405.3
428.0

225.3
204.4
207.8
215.9

720.6
729.6
741.3
746.5

361.6
361.7
363.0
363.1

842.4
859.4
886.3
908.3

444.2
444.3
446.2
446.2

455.7
475.5
486.0
468.9

221.6
229.5
233.4
218.9

443.5
450.9
454.2
455.7

219.2
217.4
216.9
214.1

749.1
755.0
768.4
P778.3

362.2
364.5
365.9
p368.2

932.4
952.1
977.6
pi,004.5

449.5
452.2
454.0
p457.0

414.8
431.5
443.3
p397.9

195.4
202.3
206.3
P183.6

450.4
447.7
438.6
P436.4

210.8
206.7
202.9
p201.3

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1982
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1983
First quarter
Second quarter
Third quarter
Fourth quarter

....
....
• H
GROSS PRIVATE
I S l DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars

Tear
and
quarter

(Ann. rate,
bil. dol.)

30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)

j M
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF G O S AND SERVICES
OD
262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1980
First quarter
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .

-0.7
-0.4
-21.2
-17.7

-2.6
-2.5
-8.5
-6.2

519.2
536.0
538.5
559.8

284.7
286.9
283.4
283.2

189.6
198.8
193.3
207.0

106.4
109.1
105.5
104.8

329.6
337.2
345.2
352.8

178.3
177.8
177.9
178.4

12.2
24.6
31.8
13.2

2.4
12.1
16.5
4.8

578.1
583.2
600.2
626.3

286.8
283.9
286.4
291.3

217.0
218.2
230.0
250.5

107.9
107.0
110.7
116.0

361.1
365.0
370.1
375.7

179.0
176.9
175.7
175.3

-35.6
-16.2
4.7
p-38.5

-15.4
-4.4
3.4
p-17.7

630.1
630.9
651.7
P675.7

289.2
285.3
291.1
p299.0

249.7
244.3
259.0
p276.1

114.4
110.3
116.2
P123.7

380.4
386.6
392.7
p399.6

174.9
175.0
174.9
pl75.4

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1982
First quarter
Second quarter
Third quarter
Fourth quarter
1983

....
....

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

JANUARY 1983



81

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT-Continued

Q
Year
and
quarter

255. Constant
(1972) dollars
(Ann. rate,
bil. dol.)

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. doi.)

280. Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

2*20. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services
250. Current
dollars

• •
MM

FOREIGN TRADE

(Ann. rate,
, bil. dol.)

(Ann, rate,
bil. dot.)

(Ann. rate,
bil. dol.)

1980
14.0
24.2
39.0
23.5

50.5
53.2
53.1
45.6

335.7
337.3
337.2
346.7

164.4
151.2
155.9
155.1

321.7
313.1
298.2
323.2

113.9
108.0
102.8
109.6

2,079/7
2,067.2
2,122.3
2,199.2

1,555.2
1,571.7
1,604.9
1,662.8

31.2
23.7
25.9
23.5

48.2
44.2
39.2
36.5

365.4
368.9
367.2
367.9

159.3
159.7
157.8
156.9

334.2
345.1
341.3
344.4

111.1
115,5
118.7
120.4

2,293.7
2,324.4
2,387.3
2,404,6

1,718.0
1,750.0
1,789.1
1,813.4

31.3
34.9
6.9
p-6.9

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

36.9
35.7
27.5
p21.1

359.9
365.8
349.5
p323.7

151.7
154.4
147.5
P136.4

328.6
330.9
342.5
P330.6

114.7
118.7
120.0;
P115.3

2,396.9
2,425.2
2,455.6
(NA)

1,830.8
1,850.7
1,868.3
pi,873.7

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

i
Year
and
quarter

282. Proprietors'
income with inventory valuation and
capital consumption adjustments
(Ann. rate,
bil. dol.)

J

NATIONAL INCOME AND ITS COMPONENTS—Continued
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.)

MM

288. Net interest

(Ann. rate,
hi!, dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil. dol.)

SAV NG

'

295. Business;
saving

292. Personal
saving

(Ann. rate!,
bil. dol.);

(Ann, rate,
bil, dol.)

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

122.7
108.9
115.5
118.0

30.8
32.7
33.8
34.2

195.3
172.2
177.8
181.2

175.7
181.6
190.4
203.0

410.8
395.8
404.4
414.0

322.3
330.2
335.5
340.3

97.9
108.6
1:3.1
105,3

123.4
123.8
127.5
124.1

34.4
34.0
33.6
33.6

200.3
185.1
193.1
183.9

217.6
231.6
244.0
249.5

461.4
482.4
490.0
476.3

362.7
367.0
379', 1
389i. 1

105.9
122.0
134.4
158.6

116.4
117.3
118.4
P128.1

33.9
34.2
34.6
p33.9

157.1
155.4
166.2
(NA)

258.7
267.5
268.1
p267.0

. 428.8
441.5
422.4
(NA)

380 ' 3
384.16
394.12
(NA)

139.1
144.3
152.0
pl28,9

1981
first quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Tnird quarter
Fourth quarter . . . .

•

1983
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 1983

OTHER IMPORTANT ECONOMIC MEASURES
I A I NATIONAL INCOME AND PRODUCT—Continued

O f

SAVING—Continued

M

surplus or deficit,

293. Personal
saving rate

loiai

vperceni OT QIS-

298. Governrmmt

Year
and
quarter

SHARES OF GNP AND NATIONAL INCOME

Percent of gross national product

posable personal
income)

(Ann. rate,
bil. dot.)

(Percent)

235. Personal consumption expenditures, total
(Percent)

248. Nonresidential
fixed investment

247. Change in
business inventories

249. Residential
fixed investment
(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1980
First quarter
Second quarter
Third quarter
Fourth quarter

-10.6
-44.2
-45.9
-32.2

62.8
63.0
63.6
63.7

12.1
11.7
11.6
11.6

4.4
3.5
3.7
4.0

-0.8
-0.6

0.5
0.9
1.5
0.9

5.4
6.1
6.5
7.5

62.8
62,7
62.7
62.7

11.5
11.8
11.8

4.0
3.8
3.4
3.2

0.4
0.8
1.1
0.4

1.1
0.8
0.9
0.8

-90.7
-87.5
-123.7
(NA)

....

5.5
6.1
6.1
5.5

-8.3
-7.6
-24.5
-72.5

..
....

6.6
6.7
6.9

64.1
64.0
64.3
p65.6

11.9
11.6
11.1
pl0.9

3.1
3.1
3.1

-1.2
-0.5

P3.2

p-1.2

1.0
1.1
0.2
p-0.2

0.0
0.0

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

12.0

1982
f i r s t quarter
Second quarter
Third quarter
Fourth quarter

....
....

p5.8

0.2

1983
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

Q |

SHARES 0 "

GNP AND NATIONAL INCOME—Continued

Percent of GNP—Continued

Year

Percent of national income

and
quarter

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

265. Federal Government purchases of
goods and services

(Percent)

(Percent)

283. Proprietors'
income with IVA
and CCAdj'

285. Rental income
of persons with
CCAdj'
(Percent)

(Percent)

289. Net interest

287. Corporate
profits with IVA
and CCAdj»

(Percent)

(Percent)

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

7.4
7.7
7»3
7.6

12.8
13.1
13.1
12.9

74.8
76.0
75.6
75.6

5.9
5.3
5.4
5.4

1.5
1.6
1.6
1.6

9.4
8.3
8.4
8.2

8.4
8.8
9.0
9.2

7.6
7.5
7.7
8.3

12.6
12.6
12.4
12.5

74.9
75.3
74.9
75.4

5.4
5.3
5.3
5.2

1.5
1.5
1.4
1.4

8.7
8.0
8.1
7.6

9.5
10.0
10.2
10.4

76.4
76.3
76.1
(NA)

4.9
4.8
4.8

1.4
1.4
1.4

6.6
6.4
6.8

(NA)

(NA)

10.8
11.0
10.9
(NA)

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1982
Second quarter

. , . .

Third quarter
Fourth quarter

8.3
8.0
8.4

12.7
12.7
12.7

....

P8.9

pl2.9

First quarter

(NA) .

1983

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
l

IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

JANUARY 1983




83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

B
Implicit price deflator,
gross national product
Year
and
month

310. Index

(1972 = 100)

310c. Change
over 1 quarter
spans'

(Ann. rate,
percent)

Fixed-weighted price index,
gross business product
311. Index

(1972-100)

311c, Change
over 1-quarter
spans'

(Ann. rate,
percent)

P C MOVEMENTS
RE
I
Consumer prices, fcod

Consumer prices, all items
320. index (u)

320c. Change
over 1-month
spans'

320c. Change
over 6-month
spans'

(1967-100)

(Percent)

(Ann. rate,
percent)

322. Index

U967-1Q0)

322c. Change
over 1-month
spans

322c. Change
over 6-month
spansl

(Percent)

(Ann. rate,
percent)

1981
January
February
March

10,9

..

10.4

193^2

July
August
September

19^4

October
November
December

2oi!o"

0.8
1.0
0.6

10.0
9.3
8.8

269 J
271.0
271.7

0.4
0.6
0 3

6.6
4.6
3 8

8.6

266.8
269.0
271.3

0.4
0.8
0.7

9.6
9.3
10.4

272.3
272.6',
273.21

0.2
0.1
0.2

4.3
4.1
4.9

9.3

274.4
276.5
279.3

1.1
0.8
1.1

10.5
9.8
9.3

275.0'
276.5'
278 3 ',

0.7
0.5
0 7

5.0
5.0
4 7

7.4

279.9
280.7
281.5

0.4
0.5
0.4

7.2
6.0
3.2

279,0 I
279.3 279.5 '

0.3
0.1
0.1

4.8
4.9
2.8

4.4

282 ,,5
283,4
283.1

0.3
0.2
-0.3

2.8
3.7
5.1

281.5
283.2
282.2

0.7
0.6
-0.4

2.9
4.4
5.6

3.8

284.3
287.1
290 6

0.2
1.0
1 0

5.7
5.8
6 7

283.0
285.4
287 ?

0.3
0*8
n fi

3.9
2.1

5.9

292.2
292.8
293.3

0.6
0.3
0.2

7.2
5.4
2.6

287 ..0
286.2
287.6

-0.1
-0,3
0.5

3.7
2.1
0.6

p4.7

6.8

April
May
June

260.5
263.2
265.1

294.1
293.6
292.4

0.5
0.1
-0.3

288.2
288.4 i
288.0

0.2
0.1
-0.1

197.'i

190.6

201! 2
9.0
205^7
8.8
209! 4

1982
January
February
March

203.7

April
May
June

20616

July
August
September

208'.5

October
November
December

p2l6!7

4.3

2ii!s

4.6

213I8
5.0
216^8

p4.3

p219!i

1983
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 t ' 4th month, and
he
1-quarter changes are placed on the 1st month of the 2d quarter.

84



JANUARY 1983

0 Q

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

PRICE MOVEMENTS—Continued
Producer prices, industrial commodities

Producer prices, all commodities
Year
and
month

330. Index @

(1967 = 100)

330c. Change
over 6-month
spans' @

330c. Change
over 1-month
spans' @

(Ann. rate,
percent)

(Percent)

335. index ©

(1967 = 100)

335c. Change
over 1-month
spans l ®

(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)

1981
291.5
295.7
299.6

1.7
1.4
1.3

15.8
15.6
13.3

329.1
332.1
328.4

1.0
0.9
-1.1

4.8
2.9
7.0

8.2
6.2
3.8

303
304
305

1.3
0.4
0.1

10.3
7.9
5.3

333.2
333.7
336.9

1.5
0.2
1.0

5.2
1.4
0.0

0.5
0.1
-0.2

1.8
1.0
0.7

306
307
307

0.4
0.3
0.1

3.7
3.0
3.2

337.6
334,
328

0.2
-0.9
-1.8

-6.2
-9.1
-13.4

296.1
295.5
295.8

0.1
-0.2
0.1

1.4
1.5
1.6

309.0
309.3
310.0

0.5
0.1
0.2

3.7
2.9
2.4

322.7
318.1
313.6

-1.7
-1.4
-1.4

-10.5
-10.0
-8.2

January
February
March

298.3
298.6
298.0

0.8
0.1
-0.2

1.3
2.1
2.4

311.8
311.6
311.0

0.6
-0.1
-0.2

0.6
0.2
0.4

319.3
317.3
314.7

1.8
-0.6
-0.8

-1.6
5.9
8.7

April
May
June

298.0
298.6
299.3

0.0
0.2
0.2

1.4
rl.l
1.0

309.9
309.6
310.6

-0.4
-0.1
0.3

0.6
rl.O
1.2

320.1
327.4
327.0

1.7
2.3
-0.1

2.8
r2.5
1.5

0,
r-0,
r-0.2

1.3
1.2
0.9

312.8
r313.2
312.9

0.7
rO.l
r-0.1

2.9
3.6
2.9

323.7
r321.2
317.0

January
February
March

284.8
287.6
290.3

1.4
1.0
0.9

11.5
11.0
10.2

April
May
June

293.4
294.1
294.8

1.1
0.2
0.2

July
August
September . . .

296.2
296.4
295.7

October
November . . .
December . . .
1982

July
August
September . . .
October
November . , .
December , . .

300.
r3OO.
299.
299,
300.
300.6

0.1
0.2
0,1

314.4
315.1
315.0

0.5
0.2
0.0

314.7
317.4
314.6

-1.0
r-0.8
r-1.3

-3.3
-6.0
-7.4

-0.7
0.9
-0.9

1983
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 418.
Changes are centered within the spans:

I

ICO

JANUARY 1983




1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

8
5

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

^ H
Producer prices, intermediate materials
Year
and
month

332. Index

332c. Change
over 1-month
spans'

(1967 = 100)

Producer1, prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans'

(Ann. rate,
percent)

(Percent)

PRICE MOVEMENTS-Continued

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)

1981
297.1
298.4
301.5

1.3
0.4
1.0

11.6
10.8
9.4

253.8
256.0
257.9

1.2
0.9
0.7

10.2

10.8

262.7
264,6
267.8

304.1
305.7
306.9

0.9
0.5
0.4

7.5
7.7

260.2
262.0
264.1

0.9
0.7
0.8

9.5
9.1
7.8

July
August
September

308,1
309,7
309.8

0.4
0.5
0.0

3.7
3.2

2.8

265.6
267.4
267.8

0.6
0.7
0.1

October
November
December

309.7
310.6
311.1

0.0
0.3
0.2

2.5
0.9
0.2

270.5
272.5
274.1

January
February
March

312.0
311.1
310.1

0.3
-0.3
-0.3

-0.9
-1.2
-1.0

April
May .
June

308.3
308.8
309.6

-0.6
0.2
0.3

-0.8

July
August
September

310.7
r310.4
310.8

r-0.1
rO.l

October
November
December

310.3
311.7
311.8

-0.2
0.5
0.0

January
February
March

.. .

April
May .
June

...

9.9

1.2
0.7
1.2

10.8
9.4
9.8

270.4
270.6
272.0

1.0
0.1

7.9
6.7

0.5

4.6

8.1
8.2
7.7

272.9
•273.3
273.9

0.3
0.1

3.6
4.3

0.2

3.6

1.0
0.7
0.6

7.5
5.2
6.0

275.2
276.3
276.9

0.5
0.4
0.2

4.1
3.6
2.5

275.4
274.3
275.7

0.5
-0.4
0.5

4.5
3.7
4.0

278,5
278,2
277.3

0.6
-0.1
-0.3

1.5
0.4
2.1

276.5
277.5
279.5

0.3

r-0.4
0.5

0.4
0.7

3.7
r6.1
4.7

277.3
276.8
279.8

0,0
-0,2
1.1

2.1
r3.6
3.9

1.3
1.9
1.4

280.5
r282.5
282.1

0.4
rO.7
r-0.1

4.5
4.4
4.0

281.4
r283.1
282.7

0.6
0,6
-0.1

5.0
7.1
4,6

282.7
283.5
285.1

0.2
0.3
0.6

284.2
286.4
286.2

0.5
0.8
-0.1

5.6

1982

0.4

1983
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:

86




X-month changes are placed on the 2d month and 6~month changes are placed <) the 4th month.
jn

JANUARY 1983

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

f j j j WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,

Average hourly earnings, production workers, private nonfarm economy, adjustec
Year

Real earnings

Current-dollar earnings

and

nonfarm business sector

Current-dollar compensation

month

340. Index

(1977 = 100)

340c. Change
over 1-month
spans2
(Percent)

340c. Change
over 6-month
spans7
(Ann. rate,
percent)

341. Index

(1977 = 100)

341c. Change
over 1-month
spans2
(Percent)

341c. Change
over 6-month
spans2
(Ann. rate,
percent)

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spansz

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1981

0.2
-0.2
0.1

-0,6
-0.4
0.6

13912

8.9

92.8
92.7
92.7

0.7
0.8
0.6

8.1
8.7
8.7

93.0
93.0
92.9

0.3
0.0
-0.1

-1.3
-0.3
-1.3

141.6

139.1
140.5
141.4

0.5
1.1
0.6

8.1
8.0
7.6

92.2
92.5
92.1

-0.8
0.3
-0.4

142.0
143.0
143.5

0.4
0.7
0.3

8.6
6.4
5.7

92.1
92.3
92.3

-0.1
0.3
-0.1

1.6
0.5
2.6

147.*4

144.9
145.0
145.4

1.0
0.1
0.3

6.3
6.6
6.6

92.9
92.8
93.3

0.7
-0.2
0.6

3.7
3,0
1.7

15o!l

146.3
147.7
148.1

0.6
0.9
0.3

5.7
6.8
6.5

93.7
93.7
93.1

0.4
-0.1
-0.7

0.0
1.0
-0.2

152.3

August
September

148.9
149.9
150.1

0.5
0.6
0.1

r6.2
r4.7
p5.2

93.0
93.2
93.2

-0.1
0.2
0.0

r-1.2
r-0.8
P 2.1

154.7

October
November
December

150.8

rl51,l
pl51 9

r0.5
r0.2
pO 6

r93.2
r93.3
P94.0

-0.1
r0.2
p0.8

133.7
134.8
135.7

0.8
0.8
0.6

9.1
8.6

June

136.6
137.6
138.4

July
August
September
October

January
February
March
April
May

November
December

•

11.8

6.9
8.9
9.2

-2.0

-1.4
-1.4

9.*4

^8

144^7
7.5

Y.I

1982
January
February
March .
April
May
June
July

.

7.7
6^9
5.9
p6.6

6.5

p6.1

pl57*.6

1983
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

Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter.
2

JANUARY 1983




8
7

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY-Continued

WAGES AND PRODUCTIVITY—Continued
Negotiated wage and benefit
decisions, all industries (§)

Average hourly compensation, all employees,
nonfarm business sector-Continued
Year
and
month

348. First year
average changes

Real compensation
346. Index

(1977-100)

346c, Change
over 1-quarter
spans'

346c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

(Ann, rate,
percent)

(Ann. rate,
percent)

349. Average
changes over
life of
contract

(Ann. rate,
percent)

Output per hour, all persons, private
business ssctor
370. Index

(1977 = 100)

370c, Change
ovef 1-quarter
spans *

370c Change
over 4-quarter
spans *

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977-100)

1981
January
February
March

95.7

April .
May .
June .

95.7

July
August
September . . .

95.1

October
November . . .
December . . .

95.1

O.4

7.7

7.2

-1.2

-O.I

11.6

10.5

-0.7

100.0

-0.4

99.1

r0.2

99.2

p2.0

101.0
11.0

100.0

99.4

1.1

8.1

5.8

0.7

100.4

0.9

100.7

0.4
-0.3

2.2
0.0

10.8

-0.6
-2.5

5.6:

100.7

-2.9

100.2

1982
4.3

January
February . . . .
March

96.1

April . .
May . ,
June . .

96.4

July
August
September . . .

rpl.9

96.1

P2.1

p2.0
-1.0

-1.0

100.0
rp2.6

1.3

October . . ,
November .
December ,

pi.2

1.1

1.4

100.3
rp6.5

p4.9

r3.6

rlO1.2
p3.4

P97.0

<NA)

(NA)

rlOO.3
p4.1

P1O2.2

plOO.9

1983
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.
'Changes are centered within the spans:
on the middle month of the 3d quarter.




1-quarter changes are placed on the 1st month of the 2d quarter and 4-quart0r changes are placed

JANUARY 1983

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

D

1 CIVILIAN LABOR FORCE ANDMAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

Revised

Revised

1

452. Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Percent)

(Thous.)
1

Number unemployed

451. Males
20 years
and over

442. Employed

(Thous.)
1981

Labor force participation rates

(Percent)

(Percent)

Revised

1

Revised

1

Revised

444. Males
20 years
and over

37. Total

(Thous.)
1

Revised

1

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Thous.)

Revised

1

Revised

1

Revised

447. Fulltime
workers

(Thous.)
1

Revised

1

448. Number employed
part-time
for economic
reasons

(Thous.)
Revised 1

January
February
March

108,012
108,175
108,471

99,964
100,143
100,504

79.1
79.1
79.2

51.8
51,9
52.0

56.6
56.5
56.3

8,048
8,032
7,967

3,479
3,500
3,439

2,809
2,766
2,765

1,760
1,766
1,763

6,620
6,602
6,541

4,467
4,182
4,222

April
May
June

108,866
109,101
108,440

101,006
100,968
100,393

79.3
79.4
78.9

52.2
52.4
52.2

56.9
56.2
54.4

7,860
8,133
8,047

3,353
3,540
3,492

2,760
2,846
2,830

1,747
1,747
1,725

6,429
6,617
6,581

4,149
4,242
4,088

108,602
108,762
108,375

100,748
100,709
100,104

78.9
78.9
78.7

52.2
52.1
51.7

54.5
55.2
54.9

7,854
8,053
8,271

3,343
3,513
3,559

2,867
2,849
2,953

1,644
1,691
1,759

6,428
6,473
6,762

4,432
4,448
4,612

..

109,028
109,254
109,066

100,355
100,229
99,677

78.7
78.7
78.8

52.3
52.4
52.2

54.9
55.0
53.9

8,673
9,025
9,389

3,815
4,026
4,367

3,043
3,105
3,174

1,815
1,894
1,848

7,137
7,442
7 990

4,948
5,005
5 325

. .
..

109,034
109,364
109,478

99,688
99,695
99,597

78.6
78.7
78 6

52.2
52.3
52 5

54.2
54.5
53 8

9,346
9,669
9 881

4,362
4,451
4 607

3,109
3,286
3 402

1,875
1,932
1 872

7,822
8,000
8 346

5,066
5,489
5 611

109,740
110,378
110,147

99,484
99,681

78.7
78.9
78.8

52.5
52.8
52.9

54.2
55.2
53.0

10,256
10,384
10,466

4,770
4,818
5,016

3,528
3,568
3,565

1,958
1,998
1,885

8,575
8,689
8,878

5,750
5,731
5,561

July
August
September

110,416
110,614
110,858

99,588
99,683
99,543

78.8
78.7
79.0

53.0
53.0
52.9

53.2
54.2
54.3

10,828
10,931
11,315

5,150
5,232
5,578

3,672
3,671
3,710

2,006
2,028
2,027

9,036
9,209
9,622

5,577
5,820
6,495

October
November
December

110,752
111,042
111,129

99,176
99,136
99,093

78.9
78.9
78.7

52.8
52.9
53.1

54.1
54.4
53.9

11,576
11,906
12,036

5,714
5,865
5,909

3,824
3,989
4,071

2,038
2,052
2,056

9,942
10,127
10,285

6,403
6,411
6,425

....

July
August
September
October
November
December
1982
January
February
March
April
May
June

. .

99,994

1983
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.
See "New Features and Changes for This Issue," page iii.

1

JANUARY 1983



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q |

Federal Governmen
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

501.

Receipts

(Ann. rate,
bil. dot.)

ffl[

RECEIPTS AND EXPENDITURES

1

IAdvance measures of defense activity

State and local governments'
502. Expenditures

510. Surplus
or deficit

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

511.

Receipts

(Ann. rate,
bil. dol.)

DEFENSE INDICATORS

512. Expenditures

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil.

dol.)

543. Defense
Department
gross unpaid
obligations
outstanding

525. Defenste
Department!
military prime
contract '
awards
',

(Mil.

(Mil.

del.) '

1981

dol.)

548. Value of
manufacturers'
nt!W orders,
defense
products

(Mil.

dol.)

(

January
February
March

-39.'

7

620.6

659 Yl

31 .*3

410.6

3 78.'6

14,808
15,741
15,560

7,155'
7,514',
7 B90i

82,087
83,608
84 883

4,341
5,340
4 198

April
May
June

-4O.*5

627!6

667.' 5

32!9

4 1 5 ! 2

382! 2

15,210
15,699
15,156

8,505!
7,967<
7,041'

84,994
85,165
86 126

4,153
4,842
4,680

July
August
September

-56\6

640!

698! 2

33.5

420! 3

386! 9

16,836
17,374
16,584

8,8459,504
9,325 !

87,968
89,857
91,896

5,010
5,010
5,927

October
November
December

- 1 O K 7

625^7

7 2 7 ^ 4

29] i

4 2 U 5

392! 4

12,892
15,674
19,805

4,466 '
9,817 i
9,049 1

91,354
92,575
93,827

4,109
5,003
5,644

January
February
March

- 1 1 8 . 4

609.'

7 2 8 ,*3

27.7

424! 2

396 .*5

19,361
20,608
18,869

9,756 |
13,761
9,870

98,818
102,677
105,418

6,573
7,213
7,065

April
May
June

- 1 1 9 ^ 6

617!6

7 3 6 \ 6

32! i

43413

402! 2

20,793
17,786
17,503

10,518
9,657
14,296

108,428
108,841
109,654

6,174
4,775
5,437

July
August
September

- 1 5 6 ^ 0

613!"/

7 6 ^ 7

32^3

440 i s

408! 2

17,669
16,448
18,387

8,610
8,928
10,296

110,885
110,787
111,857

4,684
8,314
4,335

October
November
December

(NA)

16,476
pl8,599
(NA)

5,423
(NA)

111,866
113,647
(NA)

r5,091
pll,959

2

1982

9

(NA)

p815.*9

(NA)

(NA)

p414!9

1

!
1

!

1983
January , , .
February
March

,

April
May
June

..

July
August
September
October
November
December

.,

..

,

.,

See note on 1
Graphs of these series are shown on pages 52 and 53.
l

Based on national income and product accounts.

90




J A N U A R Y

1 9 8 3

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

DEFENSE INDICATORS-Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of
defense and
space equipment

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

(1967 = 100)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil. dol.)

(Thous.)

Defense Department
personnel
577. Military,
active duty @

578. Civilian,
direct hire
employment ®

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1981
January
February
March

100.9
100.5
100.7

10,918
11,154
11,406

63,458
65,143
65,468

12,639
12,932
12,619

3,427
3,655
3,873

1,391
1,388
1,390

2,056
2,061
2,062

973
972
974

143.1

5.0

April
May
June

101.5
102.0
101.7

11,627
11,760
12,155

65,852
66,940
67,758

12,833
13,433
13,264

3,768
3,754
3,863

1,393
1,393
1,394

2,060
2,064
2,070

980
990
1,008

150.5

5.2

July
August
September . . .

102.6
102.8
103.0

12,163
12,217
12,492

68,799
69,711
71,650

13,889
13,809
14,014

3,968
4,099
3,988

1,394
1,396
1,396

2,082
2,084
2,083

1,023
1,017
984

154.4

5.2

October
November . . .
December . . .

104.5
105.3
107.0

12,618
12,962
13,154

71,701
72,560
73,919

14,227
14,548
15,298

4,057
4,145
4,285

1,391
1,384
1,389

2,090
2,097
2,093

998
1,006
1,009

166.9

5.6

January
February
March

105.2
106.5
107.0

13,334
13,598
13,857

76,490
79,329
81,905

14,152
14,689
15,075

4,002
4,374
4,490

1,385
1,378
1,376

2,104
2,109
2,107

1,008
1,013
1,018

166.2

5.5

April
May
June

107,
107,
107,

13,946
14,029
14,227

83,808
83,914
84,530

15,670
15,379
15,334

4,271
4,669
4,821

1,373
1,369
1,367

2,106
2,104
2,108

1,022
1,028
1,045

176.2

5.8

July
August
September . . .

109,
109,
109.5

14,205
14,459
14,869

84,413
85,081
84,557

16,312
15,050
16,881

4,800
4,647
4,859

1,368
1,358
1,360

2,110
2,109
2,109

1,051
1,043
990

182.7

5.9

October
November . . .
December . . .

rill.8
rll3.6
P116.0

15,204
15,351
(NA)

84,452
r84,593
p91,388

15,972
rl7,087
pl6,679

4,925
r4,951
p5,163

1,356

pi,356
(NA)

2,108
2,114
p2,113

1,016
1,024
1,027

P188.9

p6.1

1982

1983
January
February
March
April
May
June
July
,
August
September . . .
October
November , . .
December . . .
See note on page 80.
Graphs of these series are shown on pages 54 and 55.

JANUARY 1983



91

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

Q |
602. Exports, excluding
military aid shipments,
total

Year
and
month

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

MERCHANDISE T A E
RD

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol,)

614. Imports of'
petroleum and
petroleum products

(Mil. dol.)

616. Imports of
automobiles and parts

(Mil. dol,)

1981
18,902
19,788
21,278

4,295
3,977
4,201

4,058
4,155
4,352

22,616
21,916
21,029

7,3$9
8,018
5,9^2

2,264
1,742
2,125

19,786
18,899
19,750

3,604
3,708
3,256

4,311
4,160
4,388

22,249
21,232
22,005

6,919
6,329
6,52^

2,042
2,299
2,257

July
August
September

19,289
19,031
19,551

3,089
3,202
3,563

4,567
6,207
4,559

20,114
23,242
21,274

5,406
6,33$
5,70$

2,108
2,635
1,943

October
November
December

19,163
19,153
18,885

3,735
3,442
3,220

4,338
4,366
4,005

23,077
22,508
19,746

6,123
6,483
4,636i

2,464
2,239
2,164

January
February
March

18,737
18,704
18,602

3,258
3,590
3,225

4,346
4,054
3,997

22,829
19,090
20,349

6 s 810
4,396
4,290

2,389
2,135
2,596

April
May
June

17,843
18,218
18,822

3,400
3,527
3,332

3,932
3,957
4,211

17,387
20,558
21,310

3,560
4,027
4,8?3

2,264
2,896
2,679

18.026
17,498
17,387

2,789
2,763
2,648

4,305
3,856
4,197

19,559
23,494
20,644

5,929
5,913
4,699

2,439
2,993
2,353

16,698
15,693
(NA)

2,681
2,783
(NA)

3,829
3,686
(NA)

21,096
18,936
(NA)

5,733
4,778
(NA)

2,551
2,081
(NA)

January
February
March
April
May
June

. ,

1982

July
...
August
September

.

October
November
December
1983
January
February
March
April
May .
June . . .".
July
August
September
October
November
December

.......

See note on page 80.
Graphs of these series are shown on page 56.

92




JANUARY 1983

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Year
and
month

667. Balance

668. Exports

(Mil. dol,)

(Mil. dol.)

Income on investments

Merchandise, adjusted *

Goods and services
669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652, Foreign
investments in
the United
States

(Mil. dol.)

1981
January
February
March

4,667

93,280

88,613

-4,312

60,683

64,995

20,528

12,405

April
May
June

2,909

94,389

91,480

-6,547

60,284

66,83i

21,642

13,441

July
August
September

2.559

92,965

90,406

-7,845

57,694

65,539

22,048

13,865

October
November
Oecember

943

92,259

91,316

-9,i85

57,593

66,778

21,727

13,198

January
February
March

3J23

90,193

87,070

-5,873

55,780

61,653

20,890

14,029

April
May
June

3,97i

91,266

87,295

-5,695

55,174

60,869

22,562

14,874

July
August
September

p-2,574

p88,058

p90,632

p-12,458

p52,480

p64,938

p21,880

pl4,462

October
November
December

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1982

1983
January
February
March . .
April
May
June . .
July
August .
September
October
November
Oecember
See note 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 Defense sales contracts (exports) and Department
of Defense purchases (imports).

JANUARY 1983



9
3

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

Q |

Year
and
month

47. United States,
index of industrial production

(1967-100)

INDUSTRIAL PRODUCTION

721. OECD1
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

727. Italy, index
of industrial
production

723. Canada,
index of industrial production

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967-100)

(1967 = 100)

(1967-100)

1981
January
February
March

151.4
151.8
152.1

154
159
158

237.2
237.0
237.7

156
164
1150

156
159
157

116
117
117

158.6
170.3
169.3

163.8
166.0
168.0

April
May
June

151.9
152.7
152.9

156
156
155

238.0
235.2
240.7

160
160
156

156
159
160

117
116
118

168.4
158.0
159.8

169.7
170.2
172.7

July
August
September

153.9
153.6
151.6

158
152
158

243.1
240.7
245.6

157
157
160

157
157
160

118
118
120

165.2
137.2
164.1

170.4
164.5
163.8

October
November
December

149.1
146.3
143.4

158
158
156

248.3
248.4
247.1

160
157
1515

160
160
163

121
120
118

160.2
170.8
160.3

161.3
158.4
157.2

January
February
March

140.7
142.9
141.7

156
159
158

245.8
244.0
247.1

157
161
161

156
156
157

118

rll8
120

161.7
173.4
168.5

156,, 1
154.8
152.4

April
May
June

140.2
139.2
138 7

158
156
154

242.6
238.3
?ta 1

160
157
154

156
159
159

120
rl20
118

167.5
161.8
1R^ ^

150.7
151.9
148 1

July
August
September

138.8
138.4
137.3

rl51
rl48
151

245.0
244.3
247.1

149
154
152

rl52
rl52
154

120
120
120

157.6
137.3
154.6

143.9
149.8

October
November
December

rl35.8
rl34.8
p!34.7

(NA)

p241.0
(NA)

pl50
(NA)

pl56
(NA)

pl2O
(NA)

i.151.4
(NA)

1982

rl44.7
rl39.5
P140.0
(NA)

1983
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.
l
Organization fox Economic Cooperation and Development.

94




JANUARY 1983

BCD

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

CONSUMER PRICES
Japan

United States
Year
and
month

320. Index ©

(1967 = 100)

320c. Change
over 6-month
spans l

(Ann. rate,
percent)

738. Index ®

(1967 = 100)

West Germany

738c. Change
over 6-month
spans*

(Ann. rate,
percent)

735. Index <g>

United Kingdom

France

735c. Change
over 6-month
spans'

736. Index <§)

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

736c. Change
over 6-month
spans'

(Ann. rate,
percent)

732.

Index ®

(1967 = 100)

732c. Change
over 6-month
spans *

(Ann. rate,
percent)

1981
January
February
March

260.5
263.2
265.1

10.0
9.3
8.8

291.1
290.8
292.2

4.4
3.1
3.8

180.9
182.3
183.5

6.6
6.2
5.7

312.7
315.6
318.8

13.2
13.0
13.0

445.5
449.5
456.2

13.0
12.1
11.6

April
May
June

266.8
269.0
271.3

9.6
9.3
10.4

294.5
297.0
297.3

2.6
2.9
3.2

184.7
185.4
186.3

6.3
6.7
6.9

323.1
326.0
329.2

13.8
14.3
15.3

469,
472,
475,

12.5
12.1
10.7

July
August
September . . .

274,
276,
279,

10.5
9.8
9.1

296.4
294.7
299.5

3.9
4.1
4.2

187.1
187.7
188.6

6.9
7.1
6.9

334.9
339.0
342.9

14.
15,
15.

477.3
480.8
483.5

10.4
11.8
12.5

October
November . . .
December . . .

279,9
280,7
281.5

7.2
6.0
3.2

300.7
299.8
299.8

4.0
3.3
2.4

189.2
190.1
190.7

6.3
4.8
3.5

347.1
350.3
352.4

13.9
13.6
13.0

487.9
493.0
496.1

11.5
9.9
10.0

January
February . . . .
March

282.5
283.4
283.1

2.8
3.7
5.1

300.7
299.8
300.4

1.9
0.5
0.1

192.3
192.8
193.1

3.0
3.5
4.9

356.0
359.6
363.8

13.0
12.0
12.0

499.0
499.1
503.5

8.4
7.3
6.0

April
May
June

284.3
287.1
290.6

5.7
5.8
6.7

302.9
303.8
303.8

-0.5
2.9
4.0

194.0
195,
197,

4.9
5.4
6.3

368.2
371.1
373.7

9.9
8.2
7.2

513.6
517.3
518.9

6.0
6.0
4.7

July
August
September . . .

292.2
292.8
293.3

7.2
5.4
2.6

301.5
303.8
309.1

4.4
4.1
(NA)

197.6
197.3
197.9

6.8
5.9
(NA)

374.7
375.9
377.5

5.8
6.9
(NA)

518.9
519.0
518.7

5.3
5.3
(NA)

October
November . . .
December . . .

294.1
293.6
292.4

1982

310.0
306.6
(NA)

198.5
198.9
(NA)

379.5
383.2
(NA)

521.3
523.9
(NA)

1983
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.
Changes over 6-month spans are centered on the 4th month.

1

JANUARY 1983




95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q
1 j CONSUMER PRICES—Continued

Q | STOCK PRICES

Italy
737, Index ® 737c. Change
over 6-month
spans'

Year
and
month

Canada
733. Index <§> 733c. Change
over 6-month
spans'

(Ann. rate,
percent)

19. United
States, index
of stock
prices, 500
common
stocks ®

748. Japan,
index of
stock
prices (g)

745. West
Germany,
index of
stock
prices @

746. France,
index of
stock
prices (g)

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

440.7
449.1
455.4

20.1
20.1
19.3

259.1
261.7
265.2

13.1
12.2
13.2

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
My
a
June

461.3
468.7
473.9

18.9
18.2
16.8

267.2
269.6
273.8

12.3
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
1.52.3

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
17.0

276.2
278.2
280.2

12.2
12.2
11.0

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
511.1

15.8
15.3
15.6

283.0
285.4
286.7

10.6
10.9
11.2

130.3
133.7
134.7

493.8
505.6
512.7

118.8
118.0
117.7

163.9
169.2
170.7

259.5
278.0
284.1

91.2
93.8
96.9

190.4
208.9
201.2

January
February
March

517.7
524.4
529.1

13.8
13.6
13.1

288.7
292.1
295.8

10.5
11.4
11.4

127.6
124.6
120.6

518.9
516.9
486.2

116.8
118.4
120.1

185.7
193.1
145.9

291.1
300.1
298.8

95.0
98.8
104.2

185.3
176.7
173.1

April
May
June

533.9
539.8
545.2

15.9
19.0
18.7

297.5
301.5
304.5

11.1
10.2
9.5

126.5
126.6
119.7

484.5
503.4
489.6

120.6
117.6
114.2

184.8
183.3
166.3

303.2
315.4
314.6

96.7
91.0
83.1

171,2
168.4
153.8

July . .
August
September

553.4
563.4
571.3

20.6
19.8
(NA)

306.1
307.6
309.2

9.4
8.2
(NA)

119.0
119.3
133.2

480.8
474.3
481.6

113.5
112.3
115.6

161.1
169.3
168.4

313.2
320.1
343.5

78 ,,4
86.1
85.8

156.8
177.4
177.3

October
November
December

582.7
590.3
(NA)

144.3
150.2
151.6

490.4
512.7
528.2

118.2
118.8
124.3

170.7
rpl74.2
rpl75.7

360.7
372.0
rp364.8

86.4
87.6
rp88.6

192.6
189.7
rpl93.1

P157.3

p<>36.4

P125.0

P180.5

P372.3

P103.2

P21G.3

(1967 = 100)

1981

1982

311.2
313.3
(NA)

1983
January
February
March
April
May
June

....

July
August
September
October
November
Deoember
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

1

96




JANUARY 1983

C.

Historical Data for Selected Series
Year

1Q

II Q

Ml Q

IV Q

Annual

11.
NEWLY APPROVED CAPITAL APPROPRIATIONS, 1,000
MANUFACTURING CORPORATIONS
(BILLIONS OF DOLLARS)
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....
1982

1.77
1 86
2 .69
4.04
3.61
1.95
2.69
2.87
2.39
2 .99
2.76
4.12
5.08
6.54
6 03
5 95
6.80
6.68
5 70
6 57
9 72
12.86
11.39
11 38
14 58
17 .06
21 .45
27.50
27.70

2.06
1 .84
3 .26
3.71
3.21
1.94
2.94
2.52
2.46
2.52
3 .27
4.66
5.54
6.77
5.98
5 72
7.75
6.48
5 52
7 09
10 92
14.98
10.98
12.22
15 00
15.06
21.03
25.81
28.06

2.29
1.87
3.90
3.38
2.43
2.20
3.13
2.27
2.72
2.82
3 .66
4.91
5.58
5.96
5.89
6 .35
7.60
6.32
5 .92
7 21
11.67
16,38
10,18
11.83
17 44
16.09
22.47
24.12
26.94

2.05
2.28
4.01
3 .43
2.33
2.23
3.13
2.71
2.70
3.15
3.94
4.34
6.15
6.02
5.95
6.64
7.44
5.86
5.94
8 .43
12.20
12.68
12.87
14.36
16. 89
18.67
23 .08
26.15
22.99

77
53
62
36
42
45
80

56
56
42
53
74
74
48
39
62
50

53
62
80

35
27
56
48
62
50
65
56

50
39
77
33
30
74
59
27

36
62
42
53
53
62
33
62

62
42
65
71
74
48
45
48
56
42
42
71
53
53
48
62
77
71
42
18
53

36
86
59
50
30
53
45

74
65
65
56

48
71
65
39

65
27
48
65
42
36

45
45
65
48
42
33

59

53

48
62

77
53

47
30
45
56
59

29
68
59
45
50

48
27
33

53
53
30

8.17
7 .85
13.86
14.56
11,58
8.32
11.89
10.37
10.27
11.48
13.63
18,03
22,35
25.29
23.85
24.66
29.59
25.34
23.08
29. 30
44.51
56.90
45.42
49.79
63.91
66.88
88.03
103.58
105.69

AVERAGE

48
67
45
44
53
56
42
60
58
59
55
64
48
52
50
50
40
55
62
61
41
43
56
56
50
48
41
43

BUSINESe PRODUCT'
(INDEX:
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
1982
NOTE:
2

38 5
39.6
39 2
42 5
43.3
44 .3
44 . 7
45.5
46 9
48 .9
49.5
50 .4
51 5
51 6
52.4
53.2
53 7
54,6
55.4
57.6
59.5
62.1
65.1
68.2
70.8
72 .5
77.6
88 .2
93.0
97.6
103.4
112.7
123.6
136.5

Unless o t h e r w i s e notec

Th1s




1977=100)
38 7
39.4
39 5
4? 7
43.2
44.4
45.0
45.7
47 . 2
49.1
49.5
50 ,8
51,5
51.9
52.6
53 .2
53 .8
54.6
56.2
57.7
60.2
62.9
66.1
69.1
71.1
73.4
80.5
89 .1
93.6
99.3
106.0
115.4
127.2
138,9

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
1982

39

7

39.3
41 . 2
43.1
44.2
44.3
45.3
46.6
48.3
49.5
50.0
51.2
51.7
52.0
53.0
53.6
54.1
55.0
57.2
58.8
61.4
64.4
67.6
70.1
72.1
76.0
85.5
92.1
96.6
102.1
110.5
119.8
132.7
145.5

43.5
44.4
45.0
46.0
47.6
49.2
49.7
50.8
51.6
51.9
52.7
53.3
53.9
54.8
56.3
58.1
60.4
63.3
66.3
69.3
71 .3
74.0
81.6
90.0
94.6
100.0
107.0
116.4
128.4
140.8

III Q

5,66
4.88
6,62
11.82
11.48
7.24
8.13
9.09
7.96
8.19
9,05
12.41
15.91
20.21
19.83
19.93
22.71
22.50
19.48
20.40
29.62
44.80
47.59
46.39
50.68
59.95
69.80
86.38
96.18

5.76
4.65
8.26
11.97
10.30
7.09
8.81
8.50
8.07
8.16
9.66
13.69
16.78
20.28
19.89
20.28
23.23
21.71
19.29
21.40
33.36
50.01
45.34
45.89
53.94
60.78
73.25
88.12
97.34

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
1982

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
1982

. .

'so
41
72
42
44
50
64
34

48
67
45
44
53
56
42

64
53
61
62

60
59
59
55

63
48
46
54
52
42

64
48
51
50
50
40

64

62

51
59

55
62

48
34
58
60
48

41
43
56
56
50

48
41
49

48
41
43

60
60
43
39
59
54
45
60
55
62
60
64
42
49
56
48
41
57
67
50
39
50
53
60
47
S2
39
41

END

5.61
4.82
9.85
11.92
9.13
7.07
9.41
8.41
8.07
8.54
10.48
13.96
17.92
20.21
19.86
20.85
23.44
20.86
18,89
23 .28
37,11
49.79
46.45
47.53
56.49
63.37
76,47
90.73
92,74

44
62
53
45
39
67
42
52

55
61
64
61
58
41
50
58
44
41

64
62
50

38
54
57
48
50
46
48
34

COST, ALL PERSONS. NONFARM BUSINESS SECTOR2
(INDEX: 1977=100)
38.3
39.2
38.5
40.9
42.3
43.9
45.4
44.7
46.7
48.9
50.5
49.9
51 .4
52.9
52.3
52.9
52 .8
53.1
53.8
56.7
58.3
61.5
66.8
68.8
71.4
72.9
80,2
90.7
92.9
98.0
105.1
114.7
127.(3
139.0

, these series contain nc revisions but are reprinted for the convenience of the user,
ns beginning with 1948. Current data for this series are shown on page 105.
ns beqinninq with 1949. Current data for this series are shown on oaa& 105.

38.1
39.0

38.5
41 .8
42.4
44.2
45.4
44.7
47.3
49.4
50.2
49.9
52.2
52.4
52.9
52.5
52.9
53,2
55.0
56.7
58.9
62.7
67.1
69.7
71.5
74.5
83.2
90. 1
94.0
99.1
106.4
118.0
132.5
141.9

39.1
38-5
38.7

41.5
42.9
44.5
45.0
45.1
48.0
49.7
50.2
51.0
52.5
52.3
52.6
52.5
53.1
53.3
55.4
57.1
59.4
63.9
67.5
69.9
71.7
76.1
86.1
90.1
95.8
100.3
108.9
121.4
134.7
145.1

Annual

IV Q

9 6 5 , DIFFUSION INDEX OF N W CAPITAL APPROPRIATIONS,
E
DEFLATED—17 INDUSTRIES
(PCT. RISING, 4 - 0 MOVING AVERAGE)

UNIT LABOR
39 . 1
39.4
40 . 1
42 . 8

HQ

5.81
5.25
5.46
11 .15
11.95
7.94
7.52
9.50
8.13
8.31
8.56
11.33
14.83
19.00
19 .98
20.03
21.40
23.13
20.20
19.42
26.03
39.84
49.10
46.07
49.28
59.71
67.52
82.36
93.44

AVERAGE

39 5
39.4
40 5
42 8
43.4
44.6
44.9
46.1
47 .8
49.5
49.7
51.0
51.7
52 .1
52.7
53.3
54 .1
54.9
56.4
58.3
60.6
63.7
66.4
69.7
71.3
74.2
82.9
90 .5
95.0
100.9
108.3
117 .9
129.9
142.3

IQ

9 7 . BACKLOG OF CAPITAL APPROPRIATIONS, 1,000
MANUFACTURING CORPORATIONS
(BILLIONS OF DOLLARS)

TOTAL

9 6 5 , DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS,
(PERCENT RISING OVER 1-Q SPANS)
DEFLATED—17 INDUSTRIES
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
1982

Year

38.9
39.0
39.5
41.7
43.6
45.1
45.0
45.8
48.5
50.0
49.8
51.3
52.9
52.0
52.5
53.0
53.4
53.2
55.9
57.4
60.6
65.2
68.9
70.3
72.1
77.7
88.5
92.2
97.7
102.4
111.3
124.1
136.8
149.0

OF PERIOD

5.61
4,82
9,85
11.92
9.13
7.07
9.41
8.41
8.07
8.54
10.48
13.96
17.92
20.21
19.86
20.85
23.44
20.86
18.09
23.28
37.11
49.79
46,45
47.53
56.49
63.37
76.47
90.73
92.74

AVERAGE

53
63
44
42
57
54
43
60
57
62
60
62
45
49
54
48
41
57
62
56
42
45
56
56
49
48
42
42

AVERAGE

38.6
38.9
38.8
41.5
42.8
44.4
45.2
45.1
47.6
49,5
50.2
50.5
52.2
52.4
52.6
52.7
53.0
53.2
55.0
57.0
59.3
63.3
67.6
69.7
71.7
75.3
84.5
90.8
95.1
100.0
107.9
119.6
133.0
143.8
{JANUARY 1983)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

77. RATIO, CONSTANT-DOLLAR
1948...
1949...
1950..,
1951...
1952.
..
1953...
1954.
..
1956. ..
1957.
. .
1958. ..
1959. ..
I960.. .
1961...
1962.. .
1963.. .
1964.. .
1965...
1966...
1967.
..
1968. ..
1969. . .
1970.. .
1971...
1972...
1973...
1974..,
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

1.49
1.56
1.53
1.44
1.69
1.60
1.70
1.52
1.50
1.55
1.64
1.53
1.52
1.63
1.53
1.55
1.52
1.50
1.48
1,60
1.60
1.61
1.67
1.69
1.61
1.50
1.57
1.74
1.66
1.62
1.65
1.63
1.64
1.65

1.50
X.57
1.49
1.49
1.67
1.58
1.67
1.51
1.53
1.54
1.66
1.51
1.54
1.63
1.53
1.54
1.53
1.50
1.49
1.62
1.61
1.62
1.67
1.68
1.62
1.50
1.58
1.72
1.65
1.61
1.62
1.64
1.65
1.65

1.50
1.57
1.48
1.54
1.69
1.57
1.67
1.49
1.53
1.55
1.S8
1.50
1.56
1.59
1.52
1.54
1.54
1.48
1.48
1.62
1.60
1.61
1.69
1.68
1.60
1.50
1.57
1.76
1.65
1.6C
1.63
1.61
1.70
1.65

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

INVENTORIES TO SALES, MANUFACTURING AND TRADE, TOTAL1
(RATIO)

HI Q

HQ

IV Q

Annual

AVI; >Mlt, FOR»BRIt)»

1.50
1.57
1.47
1.59
1.67
1.59
1.65

1.52
1 .59
1,45
1,60
1.64
1.60
1.67

1.52
1 .55
1 .41
1.63
1 .65
1.63
1.64

1.53
1.60
1.29
1.68
1.68
1.62
1.64

1.53
1.57
1.30
1.66
1.65
1.65
1.64

1.53
1.55
1.41
1.67
1.62
1.66
1.63

1.53
1.59
1.45
1.67
1.58
1.66
1.62

1.54
1.56
1.52
1.68
1,60
1.69
1.58

1.52
1.55
1,45
1 .71
1.57
1.71
1.54

1.50
1.57
1.50
1.49
1,68
1.58
1.68

1.51
1.57
1 .44
1.61
1,65
1,61
1.63

'1.53
'i .57
'1.33
H . 67

1.54
1.50
1.68
1.49
1.55
1.60
1.52
1.53
1,52
1.48
1.50
1.63
1.61
1.61
1.71
1.67
1.59
1.52
1.57
1.73
1.64
1.60
1.60
1.65
1.75
1 .66

1.55
1.58
1.66
1.49
1.58
1.58
1.53
1.54
1.50
1.50
1.52
1.63
1.61
1.62
1.69
1.67
1.59
1 .53
1.58
1.71
1.65
1.61
1.60
1.62
1.77
1.68

1.55
1.57
1.63
1.49
1.59
1.55
1.55
1.54
1 .52
1.51
1.52
1.62
1.60
1.63
1.69
1.65
1.59
1.54
1 .59
1.69
1.65
1.60
1.61
1 .65
1,76
1.67

1,63
1.58
1.61
1.51
1.60
1.58
1.55
1.52
1 .50
1.49
1.54
1.63
1.59
1.62
1.69
1.66
1.59
1.52
1.60
1.68
1.65
1.61
1.62
1.65
1.73
1.68

1.58
1.58
1.58
1.56
1.60
1.55
1.54
1.54
1.50
1.51
1.54
1.62
1.62
1.63
1,71
1.67
1.57
1.56
1.61
1.67
1.65
1.61
1.61
1.65
1.74
1.71

1.58
1.61
1.58
1.55
1.59
1.55
1.56
1.54
1.50
1.51
1.56
1.63
1.61
1.63
1.71
1.66
1.57
1.56
1.63
1.66
1.67
1.62
1.62
1.65
1.70
1.72

1.56
1.60
1.56
1.55
1.60
1.53
1.55
1.53
1.53
1,50
1.57
1.64
1.60
1.62
1.73
1.67
1.55
1,54
1.67
1.66
1.68
1.61
1.61
1.66
1.68
1.77

1.56
1.62
1.54
1.55
1.62
1.52
1.53
1.56
1.52
1.49
1.59
1.61
1.60
1.64
1.76
1.64
1.53
1.53
1.70
1.65
1.65
1.61
1.61
1.67
1.67
1.70

1.55
1.66
1.59
1.53
1.61
1.52
1.56
1.53
1.40
1.49
1.60
1.58
1.61
1.65
1.71
1.63
1.51
1.57
1.75
1.63
1.63
1.61
1.62
1.66
1.66
1.78

1. 52
1.55
1.66
1.51
1.54
1.62
1.53
1.154
1.53
1 .49
1.48
1.61
1 .60
1.61
1,68
1.68
1.61
1.50
1,57
1.74
1,65
1.61
1.63
1.63
1 .66
1.65

1.55
1.58
1.66
1.49
1.57
1.58
1.53
1.54
1.51
1 .50
1.51
1.63
1 .61
1.62
1.70
1.66
1.59
1.53
1.58
1.71
1.65

I. GO
\ . 39
J.39

1.6G
1.64
1.76
1.67

:..53

'1.6')
il. 6 4

; . 64
;

:. 52

: .57
.

.1.

] .47
1.6?
1.58
1.69
1.30

: .44
] .64
1 .63
XAIA
1.5fi
1.58
1,62
1.52
1. 5R
1.57
1.54
1..54
1.51
1.50
1.53
1.62
1.60
1.62
1.70

1.56
1.63
1..56
1.54
l.fil
1.52
1.55
1.54
1.51
1.49
1.59
1.31

1. ftO
1 , P6
l'.SS
1.53
l'.SO

I1.50
r.55
1L63
1161
1163
1J70

1 . t'O
-J
1 . Ci4
1 . '3
1. (»5

1J 6(i
1 j «J8
i ,!J 5
'
1 .i61
i.,67
i .ibti

3 .(56

1.S2
1 . »3
1 . *f I

I.70

j , t,g

1 . (>S
1 .t»7
1 . 1 ih

r,. JS 2
1.65
1 . ^2

1

1.65
1.65
1.61
1.61

,U2

. A. 4
'
l
. . 70
!
I .70

L.(>5
' . (<2
.

1

604.

EXPORTS 0 = DOMESTIC AGRICULTURAL PRODUCTS
•
(MILLIONS OF DOLLARS)

TOTAL FOli K*ERIOD
4"'

•>

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...
1982...

J974,..
1975..,
1976, .,
1977...
1979. . .
1980...
1381...
1382. . .

i

\ V i!
'.*, »7
4 , )4I

2,H4i
4 1 7n
4, Od
j 'V
i
E

. ,1 2 4

1

f.'.

i

228
547
569
579
186
541
680
766
1,111
1,774
2,369
1,917
1,762
1,818
2,531
3,442
4,295

349
554
542
573
246
569
633
703
1,142
1,829
1,830
1,630
2,004
2,058
2,444
3,484
3,977

662
594
526
518
490
533
658
606
1,268
1,869
1,703
1,668
2,112
2,363
2,609
3,325
4,201

550
550
526
528
609
565
636
628
1,251
1,978
1,723
1,892
2,142
2,428
2,540
3,329
3,604

538
552
542
491
576
566
623
722
1,412
1,882
1,575
1,950
2,360
2,861
2,597
3,326
3,708

550
572
539
475
526
612
624
771
1,442
1,006
1,480
1,948
2,077
2,904
2,828
3,085
3,256

595
531
512
503
541
614
632
754
1,370
1,842
1,735
2,039
1,976
2,392
2,954
3,286
3,089

500
624
513
544
494
610
636
796
1,731
1,698
1,872
2,058
1,801
2,774
3,019
3,557
3,202

515
601
523
509
518
639
066
837
1,726
1,654
1,932
2,160
2,064
2,512
3,032
3,596
3,563

562
595
507
441
612
694
447
882
1,706
1,691
2 „ 060
2,231
1,654
2,596
3,309
3,485
3,735

541
580
5.60
516
565
628
546
927
1, 769
1,978
1,821
1,750
1,755
2,533
3,459
3,464
3,442

591
580
522
569
551
689
768
1,007
1,785
1,922
1,776
1,860
2,111
2,555
3,311
3,838
3,220

L ,239
L,695
L,637
L,670
922
L,643
L,971
2,075
3,521
5,472
5,902
5,215
5,878
6,239
7,584
10,251
12,473

606. EXPORTS OF NONELECTRICAL MACHINERY
(MILLIONS OF DOLLARS)
1948,
. .
1949...
1950...
1951...
1952...
1953 . ..
1954...
1955
1956...
1957...
1958...
1959. . .
1960...
1961 ..
196 2..,
1963. . .
1964...
1965...
1966...
1967.,.
1968...
1969...
1970...
1971.
. .
:,972 . . .

i •'

; ,(>]

230
435
521
523
408
620
732
775
800
1,155
1,672
1,780
1,831
2,084
2,682
3,297
4,058

322
439
502
530
437
678
691
780
911
1,197
1,632
1,817
1,892
2,187
2,832
3,454
4,155

400
470
490
438
622
647
724
773
925
1,270
1,626
1,806
1,859
2,450
2,917
3,423
4,352

456
433
494
539
647
651
720
757
926
1, 288
1,760
1,818
1,808
2,415
2,706
3,571
4,311

432
448
508
519
622
680
600
767

435
468
498
515
594
718
700
783

426
484
485
526
608
755
686
776

1,338
1,720
1,836
1,835
2,472
2,859
3,620
4, 160

1,339
1, 772
1,871
1,868

1, 398
1, 770
1,952
1,862

3,034
3,943
4, 386

1 ,638
1 ,674
,607
,494
,711
,743
,883
2 ,121
4 ,105
5 ,666
4 ,778
5 ,790
6 ,579
8 ,193
7 ,965
9 ,740
10 , 568

557
652
706
663
814

472
491
458
512
678
705
582
78L

450
475
510
586
657
701
672
862

463
486
520
518
6 30
720
783
060

1,032
1,344
1,513
1,491
1,467
1,953
2,147
2,328

] ,323
1 ,349
1 ,500
1 ,573
1 ,863
2 ,049
2 ,100
2 , 307

1,509
1,752
1,675
1,732

1,401
1,750
1,883
2,133

1,552
1,814
1,021
1,556

1,624
1,770
1,814
1, 791

1,523
1,043
1,983
2,056

3,622
4,930
5,403
5, 502

3 ,965
5 ,252
5 ,525
5 511

3,241
3^022
4,230
3,985
4,567 , 6,207

3,153
4,027
4,559

3,251
4,117
4,338

3,172
3,968
4,366

3,'240
3,819
4,005

8,431
10,174
12,565

8 599
11 134
12 859

l

t

;i \ "

?,i
(

<»(.

t,4t'7

17, Mil
21,*)' )
21 ,ttt')
2?,<(> i
t
23,t ,>
29,3. \
s
34, 7 , 1

41,2'm
4 i,2(i.

1,273
1,414
1,458
1,656
1,876
2,179
2,220
2,408

,1,385
1,452
1,488
1,616
1,965
'2,206
'2,037
'2, 503

4,308
^,272
5,510
S,727
7,794
9,416
12,242
15,333

4,699
5,427
•5,618
p ,403
£,1117
11, W 4
12.7C9

5,013
5,5 59
6,336
7, 111
B.'MVf

6,504
9, Mf.
1 6 , 6 74
20,081
2 2,056
22,22;i
29,99*1
36, , 0 t
1f
45,4f>4
:33, 4UC

- J
NOTE:
Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
1
This series contains revisions beginning with 1959.




^

<) -.11
b,. .wl
{.,>• 'A
i , \ '0
(,• I
.;

TOTAL FOK PERIOD

414
473
497
573
616
718
871
810

433
457

476

1,694
1,610'
1,755
1,736'
1,589
1, 5<-8'
1,526
1,5361
1,728
l,553i
2,011
1,863 1
1,761
2,134 1
2,816
2,38? 1
5,260
4,827 ,
5,591
5 ,,194 ,
5,657
5,539 ,
3,841
6,2 57
5,520
5,S4;1
7,678
7,684
9,COB ' 10,079
10,439 ' 10,787
9,854 ' 10,397

(JANUARY

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

614. IMPORTS OF PETROLEUM AND PETROLEUM PRODUCTS
(MILLIONS OF DOLLARS)

II Q

III Q

IV Q

Annual

TOTAL FOR PERIOD

1948. .
1950,..
1951
1952
1953
1954...
1955
1956
1957...
1958
1959
I960...
1961
1962...
1963...
1965...
1966...
1967.
. .
1968...
1969. ..
1970...
1971.. .
1972.
..
1973...
1974...
1975...
1976.. .
1977..
1978..
1979..
1980..
1981..
1982..

162
162
185
192
208
226
219
332
462
1,167
3,080
2,475
3,217
3,000
3,580
5,614
7,359

165
174
172
187
206
252
220
334
456
1,512
1, 781
2,338
3,370
3,626
3,634
7,741
8,018

171
183
172
179
182
237
249
342
492
1,560
1, 211
2,361
4,191
3,094
3,667
6,991
5,992

188
162
183
182
235
237
250
324
487
2,299
2,387
2,494
3,611
3,162
3,832
5,185
6,919

166
179
206
180
215
203
270
331
550
2,117
1,746
2,118
3,192
3,038
4,000
7,191
6,329

209
187
167
194
203
229
276
346
508
2,063
1,354
2,563
3,734
3,229
4,199
6,611
6,521

170
201
155
182
211
234
293
352
703
2,274
2,008
2,860
3,266
3,257
4,949
6,018
6,335

150
191
162
228
215
200
288
350
520
2,306
1,990
2,887
3,415
3,194
4,692
5,153
5,400

176
178
160
213
218
221
314
387
700
2,200
2,515
2,716
3,436
3,307
5,662
4,982
5, 709

173
173
173
210
223
231
286
390
787
2,281
2,320
2,834
3,386
3,347
6,050
5,876
6,123

170
191
172
199
207
233
33S
406
942
2,308
2,140
2,968
3,410
3,489
5,351
6,051
6,483

192
154
179
198
238
256
335
416
972
2,335
2,360
3,051
3,233
3,580
6,502
6,254
4,636

498
519
529
558
596
715
683
1,008
1,410
4,239
6,072
7,174
10,778
9,720
10,081
20,346
21,369

616. IMPORTS OF AUTOMOBILES AND PARTS
(MILLIONS OF DOLLARS)

563
528
556
556
653
669
796
1,001
1,625
6,479
5,487
7,175
10,537
9,429
12,031
18,987
19,769

496
570
477
623
644
655
895
1,089
1,923
6,780
6,513
8,463
10,117
9,758
15,303
16,153
17,444

535
518
524
607
668
720
956
1,212
2,701
6,924
6,820
8,853
10,029
10,424
17,903
18,181
17,242

2,092
2,127
2,086
2,343
2,560
2,764
3,323
4,300
7,614
24,270
24,014
31,790
41,526
39,104
56,036
73,771
75,024

TOTAL FOR PERIOD

1948..,
1950...
1951
1952
1954

1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970..,
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982.
..

31
106
176
299
293
417
482
589
780
862
742
1,085
1,083
1,529
1,963
1,899
2,264

54
114
161
273
315
404
541
662
731
877
654
1,041
1,248
1,661
1,706
2,035
1,742

61
125
169
229
325
404
561
680
753
797
823
1,117
1,299
1,581
1,589
1,960
2,125

89
108
159
260
399
457
533
647
725
898
776
1,221
1,266
1,715
1,956
1,710
2,042

54
113
184
329
392
388
529
680
814
901
731
976
1,183
1,659
1,851
1,999
2,299

59
123
197
292
383
428
576
636
821
841
782
1,169
1,360
1,684
1,730
1,843
2,257

64
130
201
314
391
419
525
602
806
928
079
1,025
1,315
1,812
1,815
2,103
2,108

49
146
183
294
401
332
660
699
749
859
938
1,055
1,328
1,666
2,113
2,139
2,635

74
157
176
334
438
498
672
622
722
912
861
1,238
1,428
1,822
1,849
2,270
1,943

84
139
206
346
443
446
549
681
858
809
888
871
1,426
1,872
1,805
2,189
2,464

93
144
211
371
421
438
579
768
840
812
873
1,128
1,465
1,875
1,984
2,314
2,239

95
213
231
365
428
426
642
694
631
814
1,013
1,221
1,479
1,822
1,871
1,897
2,164

146
345
506
801
933
1,225
1,584
1,931
2,264
2,536
2,219
3,243
3,630
4,771
5,258
5,894
6,131

721. ORGANIZATION FOR ECONOMIC COOPERATION AN! DEVELOPMENT, EUROPEAN COUNTRIES—
INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

39

39

40

40

40

40

41

41

42

42

43

43

1955...
1956,..
1957...
1958.
..
1959...

47
59
63
64
65

47
57
63
64
65

48
59
63
65
65

48
60
63
64
67

48
60
63
64
68

51
60
64
64
68

50
62
64
64
68

51
62
64
65
69

52
62
64
64
69

51
62
64
64
72

52
62
64
65
72

52
62
64
65
72

1961...
1962...
1963...
1964...

75
79
82
90

76

eo
82

78
80

78
80
83
90

76
80
84
90

78
80
84
91

78
82
87
91

78
82
87
90

78
83
87
91

79
02
87
93

79
83
88
93

80
83
87
93

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

97
98
102
114
121
127
129
140
147
137
139
151
150
154
163
154

98
99
105
117
124
127
132
141
148
135
144
148
151
156
163
156

99
98
101
117
124
125
132
144
150
133
146
148
150
159
158
156

99
99
103
118
124
127
133
144
148
135
146
148
150
158
159
155

99
101
107
120
125
128
132
143
148
135
146
140
151
162
161
158

99
99
110
120
124
127
135
147
147
135
146
150
151
159
154
152

99
101
110
118
125
128
135
146
146
135
148
150
154
159
155
158

99
102
110
118
125
128
137
147
144
137
148
147
154
161
156
158

98
102
112
120
125
128
137
147
141
139
150
148
155
162
156
158

99
105
113
120
125
127
141
147
137
140
150
148
155
162
156
156

1981..
1982,.
MOTE:

90
98
98
103
I:L4

124
127
128
141
147
137
141
150
148
155
163
159

99
98
103
114
124
125
131
141
147
136
143
151
148
156
163
158

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




187
433
560
942
1,230
1,249
1,857
1,923
2,277
2,699
2,678
3,318
4,071
5,300
5,777
6,512
6,686

272
496
648
1,082
1,292
1,310
1,770
2,143
2,329
2,435
2,774
3,220
4,370
5,569
5,660
6,400
6,867

807
1,618
2,254
3,706
4,629
5,057
6,849
7,960
9,230
10,310
9,960
13,147
15,880
20,698
22,232
24,358
26,282

AVERAGE FOR PERIOD

1951...
1952...
1953. ..

eo
90

202
344
540
881
1,174
1,273
1,638
1,963
2,360
2,640
2,289
3,366
3,809
5,058
5,537
5,552
6,598

39
43
47
58
63
64
65

40
44
49
60
63
64
60

76
80
81
90
94
98
98
103
114
123
126
129
141
147
137
141
151
149
155
163
157

77
00
04
90
95
99
99
103
117
124
126
132
143
149
134
145
140
150
158
160
156

41
45
51
62
64
64
69
76
78
62
87
91
96
99
100
109
119
125
128
134
145
147
135
147
149
152
160
157
1S6

43
46
52
62
64
65
72
78
79
83
87
93
97
99
103
112
119
125
120
138
147
141
139
149
148
155
162
156
157

41
45
50
61
64
64
68
76
78
81
85
91
95
99
100
107
118
124
127
134
144
146
136
146
149
151
159
159
156
(JANUARY 1983)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

54
59
63
63
63
67
72
75
73
75
74
82
84
83
04
92
97
99
97
101
107
110
110
109
118
123
120
114
121
122
126
132
117
120

56
60
63
63
63
67
72
76
73
73

IQ

722. UNITED PCINGDOM—INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
1948...
1949...
1950. ..
1951...
1952. ..
1953. . .
1954...
1955...
1956...
1957...
1950...
1959...
1960...
1961...
1962. . .
1963...
1964.. .
1965...
1966...
1967...
1968. .,
1969. ..
1970...
1971.. .
1972...
1973...
1974...
1975. ..
1976..„
1977...
1978...
1979. .,
1980...
1931...
1982...

52
55
60
63
63
63
69
73
73
73
74
75
83
84
83
82
92
98
100
98
104
108
.108
112
108
122
114
118
113
123
125
122
130
116

52
55
60
64
63
63
68
73
73
75
75
75
83
84
84
84
93
98
100
99
105
109
110
109
99
121
114
117
114
123
124
132
128
117

54
56
60
65
64
64
69
75
73
73
76
74
84
84
84
85
93
96
100
99
106
109
112
108
109
122
117
115
115
123
123
133
125
117-

723.
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. ..
1982...

53
56
61
64
61
64
69
74
73
73
73
77
83
84
84
87
95
98
100
100
106
110
110
110
112
122
122
114
116
122
128
132
124
117

52
57
61
64
61
65
70
75
72
75
74
77
84
83
85
88
95
100
100
99
107
110
109
112
114
122
123
113
118
125
126
134
124
116

52
58
60
65
61
62
70
73
73
75
74
77
83
84
85
88
96
97
99
100
107
112
110
110
114
124
123
113
116
120
128
136
124
118

53
62
61
64
59
64
70
73
73
75
73
77
83
85
85
90
95
97
100
100
107
112
110
110
113
123
123
112
116
122
128
134
123
118

53
58
61
64
59
64
70
72
72
75

73
77
84
84
85
89
95
98
100
99
107
109
110
110
114
123
123
110
116
123
129
130
120
118

53
57
63
63
62
68
72
76
73
74
73
81
84
84
84
91
97
100
99
100
106
108
112
109
117
124
120
114
120
122
125
130
118
121

75
82
84
84
84
92
98
100
98
104
108
112
112
110
120
122
117
113
121
123
129
131
117
118

53
55
60
64

63
63
69
74
73
74
75
75
83
84
84
84
93
97
100
99
105
109
110
110
105
122
115
117
114
123
124
129
128
117

33,8
35.5
36.5
42.1
42.5

34.5
35.3
36.7
42.5
42.5

34.3
35,7
37.0
42.5
43.3

34.0
35.5
38.1
42,4
43,3

34.1
35.5
38.9
41,7
43.1

34.6
36.2
38.2
42 .3
44.4

34.9
35.8
39.8
41.6
44.7

35.1
35.9
40.3
41.5
45.4

46.6
49.0
54.8
58.3
56.7
60.2
65.9
64.8
69.5
73.0
80.8
87.7
96.0
99.4
101.6
109.9
114.7
115.3
125.1
137.3
149.5
138.8
141.9
151.3
151.2
164.4
166.2
163.8

47.2
49.2
54.8
59.3
S7.3
61.4
65.3
64.7
69.8
73.6
82.2
87.0
96.8
98.2
101.2
111.7
116.1
116.2
123.4
141.2
149.9
139.4
142.9
149.3
152.6
165.1
163.8
166.0

46.5
50.1
55.8
59,7
57.2
61,4
65.9
64.3
70.8
74.S
81.5
88.9
96.8
98.1
102.3
113.8
114.4
116.7
124.9
142.8
150.5
137.5
145.4
150.0
151.9
164.3
166.3
168.0

46.2
50.1
57.1
58.7
57.8
62.7
63.8
65.5
71.2
74.5
82.0
88,5
97.0
99,0
104.3
113.2
113.1
116.9
128.1
141.5
147.a
138.8
146.9
148.6
X55.3
163.3
163.0
169.7

46.0
51.3
56.5
58.7
58.3
62,4
64.3
65.9
72.0
75.6
82.1
88 ( 7
97.0
99.0
106.1
112.5
113.8
118.6
127.0
141.9
150.0
136.1
149.2
150.4
153.4
166.3
159.0
170.2

46.3
51,8
57.6
58.5
57.8
62.6
63.9
66.8
72.6
76.0
82.6
89.3
97.2
99.3
106.7
112.1
112.4
119.6
128.6
142.8
148.3
137.7
147.4
151.9
156.0
165.6
158.9
172.7

46.0
51.9
58.2
58.5
58.3
62.9
63.0
67.7
73.7
75 .5
82.2
90.9
96.8
100,2
106.9
113,6

46.9
53.1
57.8
58.8
58.2
62.9
63.5
67.3
72.6
75.5
82.8
89.5
95.3
101,8
107.6
112.0
113.6
123.1
128.7
141.8
147.8
138.6
148.7
151.1
154.8
167 .3
159.4
164. S

46.4
53.2
58.3
57.6
57.9
64.2
64.1
68.4
73.9
78.2
84.7
91.5
97.5
101.3
108.3
112.7
112.7
123.7
131.7
143.3
146.0
138.9
148.9
150.4
159.0
167.2
163.0
163.8

47.0
53.7
58.8
57.0
58.2
65.5
(54.3
68.7
73.3
78.4
£14.5
93.1
98.6
100,4
109.1
112.0
112.9
124.2
134.1
1415.2
146.2
137.4
145.3
150.7
159.0
166.6
163.5
161.3

19131. . .
19112...

13
22
26
34
37
38

14
23
26
35
36
39

5i
5<)
6I
6>
€E)
7^I

52
58
63
65
66

83
87
87
94
103
105
99
102
120
130
138
135
146

135
142
150
154
154
164
156

83
86
86
97
103
105
98
103
121
132
135
135
149

14
23
27
35
37
40
44
54
58
62
66
68
76
84
86
88
97
102
108
98
105
123
132
135
139
146

14
23
28
36
37
41
45
52
59
63
63
68
77
84
86
90
97
103
105
99
.106
:i23
134
135
139
148

135
146
150
149
154
167
164

135
143
152
148
157
164
160

135
146
149
150
157
164
160

74

14
24
29
35
37
41

16
24
30
36
37
42

17
25
31
35
38
42

18
25
32
35
38
43

54
61
63
65
70
76
81
90
94
102
105
97
108
124
134
134
139
149

55
59
63
66
69
77
81
87
90
98
102
106
99
109
126
132
135
139
148

57
61
63
65
69
80
84
87
91
99
102
105
102
109
126
134
135
138
142

57
62
63
68
72
77
83
90
92
98
103
103
101

58
61
65
65
72
79
84
90
91
99
105
103
102

19
25
33
36
39
43
40
58
61
65
65
74
81
83
80
92
101
103
103
103

128
132
132
139
150

134
146
149
149
161
161
160

134
148
150
152
163
160
156

132
146
148
153
164
161
157

135
148

127
132
135
139
149
143
135
149
152
156
161
157
160

130
134
135
141
148
142
138
148
149
154
163
160
160

150
154
163
157
157

35.2
35.8
40.7
41.3
45,7
45.8
47.1
54.0
59.1
5?.l
59.4
63.9
63.9
69.1
73.2
79.3
85.9
94.0
98.1
101.8
109.9
113.3
114.2
123.2
135.6
147.2
144.0
140.5
148.8
151.3
160.9
165.7
164.9
158.4

35.2
36.4
41.2
41.1
45.9
46.6
48.2
54.7
59.3
57.2
59.7
64.3
63,7
69.4
73.2
80.3
86.7
95,7
98.4
102.2
109.0
115.1
114.4
124.5
236.3
147.0
143.8
143.0
149.5
151.9
164.7
163-8
165.6
157.2

19
25
33
36
40

20
26
34
36
39
44
50
59
61
65
66
73
81
86
88
91
102
105
102
110
119
130
134
130
145
149
135
141
149
153
156
164
156
156

43
48
58
62
65
66
73
80
83
90
92
101
103
102
105
131
132
132
143

149
142
139
149
150
156
164
157
157

NOTE: Unless otherwise noted, these series contafn no revisions but are reprinted for the convenience of the user.
'This series contains revisions beginning with 1978.

100




117
122
127
134
124
117

i S3
' S9
i 61
i 64
i 59
i 64
i 70
' 73
i 73
i 75
i 73
17t)

54
59
63
63
63
67
72
76
73
74
74
82

!84

i)4

184
^86
'09
'95
198
1D0
1(00
107

(14
(14
22
97
100
98
102
107

mo

no

1310
114
133
122
1H2
1116
L23
126
..1
"3
120
119

109
11B
123
111)
114
12]
122
127
131
117
120

i|o

in

53
58
61
64
62
65
70
74
73
74
74
78
84
34
04
HO
95
<>8
99
100
1C6
110
110
110
113
123
120
114
117
123
127
131
:.2?

ne

33,7
35.4
36.3

41.9
42.1
46,8
46.6
49.4
55 ,1
59.1
57.1
61.0
65.7
64.6
70.0
73.7
81.5
87.9
96.S
98.6
101.7
111.8
115.1
116.1
124.5
140.4
150.0
138.6
143.4
150.2
151.9
164.6
165.4
165.9

34.4
3H.7
31 .3
41.9
43.7

34.3
35.5
37.3
42.5
43.0
47.1
46.2
51.1
57.1
58.6
58.0
62,6
64.0
66.1
71.9
75.4
82.2
88.8
97.1
99.1
105.7
112.6
113.1
118.4
127.9
142.1

34.3
35.0
39.0
41.9'
44,11
47«11
46.41
52.71
50.H
58.3'
5S.1
63.3
63.?
67.0
73.4
76.4
83.2
DO.ft
96.5
101.1
107,6
112.E

35.2
36.0
40.7
41.3
45 .7
46 .3
47,4
54.1
59.1
57.1
59.1
64.6
64.0
69.1
73.2
79.3
85.7
94.3
98.4
101.5
109.3
113.5

113.1
122.2
129,7
143.6

113.8
124.0
135.3
146.5

46,7
51.8
57.3
58.3
58.1
62,9
64 3
66.5
72.2
76.2
B3.2
<»0.4
<J7..l,
100.1
106.1
112.7
113.1?
120.2
129.3
143.2

137.5
147.8
150.3
154.9
165.2
160.3
170.9

139.1
140.3
150.8
156.1
167.3
160.7
166.2

140.3
147.9
151.3
161.5
165.4
164.7
1S9.0

138-9
146.5
150.6
156.1
165.6
162.8
165.5

46 « 8

AVERAGE FOE PERIOD

15
23
29
36
36
40

87

52
57
61
S4
61
64
70
74
73
74
74
77
83
84
85
88
95
98
100
100
107
111
110
111
113
123
123
113

AVERAGE F0& PERIOD

33.7
35.2
36,5
41.8
41.8

725. WEST G E R M A N Y — I N D E X OF INDUSTRIAL PRODUCTION
(1967=100)
1948. ..
1949. ..
1950...
1951.. .
1952...
1953. ..
1,954...
1955.. .
1956. ..
:.957. ..
1958. . .
J959...
1960...
1961...
1962. ..
1963...
1964...
1965. ..
1966., .
1367. ..
l'J68. . •
1969...
1970..,
1971...
1SI72. . .
1S'73. ..
19 74. .,
1975...
1976...
1977...
1978...
1979...
1930...

Annual

i

33.7
35.5
35.9
41.8
41.9

113.1

IV Q

III Q

AVERAGE*FOR PERIOD
54
57
62
64
60
65
71
74
73
75
73
80
84
83
87
88
96
99
100
100
107
109
110
109
116
123
121
113
117
123
128
129
118
120

C A N A D A — I N D E X OF INDUSTRIAL PRODUCTION 1
(1967=100)

119.8
128.6
145.8
147.8
139.7
147.4
150.8
154.6
167.5
159.7
170.4

II Q

14
23
26
35
37
39
53
58
62
65
67
75
33
06

87
96
103
106
90
103
121
131
136
136
147
147
135
144
151
150
155
165
160

14
23
29
36
37
41
46
54
60
63
65
69
77
82
87
90
96
102
105
98
124
133
135
139
148
148
134
147
149
150
160
162
159

17
25
31
35
3B
42
47
57
61
64
66
71
79
84
89
91
90
103
104
102
112
127
133
134
139
147
145
134
148
150
154
163
158
158

'

19
25
33
36
39
43
49
58
61
65
66
73
31
84
89
92
101
104
102
106
117
130
133
13
,2
143
149
140
139
149
151
155
164
158
158

16
24
30
35
38
41
46
56
60
64
65
70
70
83
88
90
98
103
104
101
110
126
133
134
239
148
136
147
150
153
160
161
159

(JANUARY 1983)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

III Q

IV Q

Annual

726. FRANCE—INDEX OF INDUSTRIAL PRODUCTION

(1967=100)
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.
. .
1982...

40
44
40
46
49
55
61
66
63
70
74
80
83
91
90
94
99
103
113
120
124
134
143
153
139
145
157
153
159
166
156

42
44
40
45
49
54
62
68
63
70
76
80
81
91
90
97
98
103
112
121
126
132
145
153
139
146
156
153
160
167
159

42
43

40
44
•

46
50
57
62
66
65
70
76
80
73
91
90
97
99
106
112
121
127
134
146
150
137
140
157
156
163
166
157

!

42
40

42
42

48
50
58
62
66
66
72
76
81
87
91
91
98
98
72
119
121
124
137
150
156
134
149
152
157
164
160
159

48
51
58
62
66
66
72
76
80
87
91
92
99
101
91
117
121
127
135
148
153
137
149
157
153
164
160
160

42

47
50
57
62
66
66
72
76
80
83
92
91
95
98
105
116
123
127
135
143
153
138
149
153
160
160
167
156

AVERAGE FOR PERIOD

44
42

44
43

43
43

43
40

41
44

42
42

42

49
51
59
65
65
68
74
77
83
88
91
94
99
102
106
116
123
131
139
148
149
137
157
154
157
167
156
160

48
52
61
63
65
69
74
77
83
88
91
95
90
101
112
120
124
131
141
150
149
139
152
150
159
164
159
160

49
54
61
65
65
69
74
77
83
88
91
95
99
102
114
117
123
132
142
150
143
138
156
154
160
164
157
160

49
53
61
66
63
69
74
80
83
90
90
95
99
103
113
117
124
132
145
146
142
145
154
150
161
166
163
163

46
49
55
62
67
64
70
75
80
79
91
90
96
99
104
112
121
126
133
145
152
130
146
157
154
161
166
157

48
50
.58
62
66
66
72
76
80
86
91
91
97
99
89
117
122
126
136
147
154
136
149
154
157
163
162
158

48
51
59
64
66
67
73
77
82
88
90
93
99
100
109
117
122
128
138
149
154
136
154
153
156
169
163
158

24.2
24.7
27.1
29,7
30.6
33.0
35.8
39.1
42.1
45.8
46.6
51.9

23.6
24.2
27.1
29.7
30.9
32.7
36.5
39.3
43.1
46.3
47.3
53.0

23.2
24.2
27.3
28.7
30.9
33.6
36.5
39.3
43.3
44.5
47.6
54.1

23.8
24.2
28.0
28.4
31.3
34.9
36.5
39.7
42.6
45.1
48.0
55.3

23.2
23.8
29.0
29.0
30.9
34.9
36.9
39.6
43 .5

20.3
22.8
24.7
29.3
29.3
31.5
34.8
37.7
39.7

48^0
56.0

66.8
73.0
79.8
74.9
83.5
95.8
100.5
106.0
113.2
115.2
117.5
123.6
139,2
139.8
126.3
141.1
142.8
143.7
150.1
141.5
137.2

67.4
71.7
81,3
79.1
64.6
96.1
100.0
109.1
107.0
118.8
118.1
117.3
137.3
142.3
126.1
146.7
144.5
146.2
159.4
160.8
164.1

68.7
72.7
81.5
79.1
85.0
94.9
101.1
109.9
102.2
116.0
116.2
128.3
141.5
135.5
129.2
145.1
140.9
154.3
166.8
163.2
160.2

69.5
74.2
81.1
79.4
87.2
95.4
101.8
106.0
99.9
117.5
119.7
127.3
141.1
128.2
130.6
150.4
142,0
154.7
167.3
169.5
170.8

70.1
75.9
80.5
79.7
86.8
97.5
101.6
110.7
104,2
117.9
124.0
129.9
141.8
126.3
129.1
155.1
137.9
151.9
164.7
159.4
160.3

45.6
49.2
57.1
62.8
71.1
75.4
81.4
79.7
89.3
98.3
102.5
111.7
117.7
116.5
120.2
122.4
143.0
127.8
135.4
150.7
145.3
156,3
173.2
166.1

21.5
23.9
26.0
29.9
30.0
31.6
34.8
38.5
41.0
45.0
45.5
49.9
59.3
64.7
71.3
78.4
79.5
82.6
91.1
100,1
105.2
113,1
115.6
114.3
119.5
132.8
144.5
123.6
141.4
143.1
144.2
151.2
168.6
162.1

6 .8
8.2
11.S
13.8
14.3
18.2
18,4
21.7
27.4
29.3
29.4
37.7
46.0
54.4
55.0
66.6
73.1
75.7
90.4
107,9
122.8

5 .3

5.9

152.7
157.9
176.0
19S.0
17a.6
166.0
188.9
193.4
207.6
228,1
232.6
248.4

7.1
8.6
11,8
14.0
14.3
18.5
18.7
22.1
27.6
28.9
30.2
39,0
46.4
54.9
54.7
67.1
74.9
75.7
92.2
108.8
122.3
144.0
156.0
157.2
180.2
197.7
169.8
169.6
190.1
194.9
210.1
228.4
236.4
247.1

8.4
12.1
13.8
15.3
18.6
19.5
23.0
27.9
28.0
31.4
40.4
48.2
55.6
57.2
68.7
73.9
77.7
93.2
109.7
125.2
147.0
155.7
160.1
186.9
196.7
161.6
176.3
190.5
197.6
212.4
235.6
237.3

9.3
13.3
13.9
16.6
18.4
19.7
24.3
30.0
28.1
33.5
42.1
50.2
55.9
60.2
70.5
73.3
81.7
97.1
113.0
131.2
151.7
154.1
163.7
190.8
188.6
164.0
182.4
190.4
201.3
217.0
236,1
238.0

43
43
40
47
52
59
63
66
66
73
77
81
88
90
92
99
99
110
117
121
127
138
150
157
135
152
153
156
170
166
157

44
42
43
48
51
58
63
66
66
73
77
81
88
90
92
99
99
L10
L17
L21
L27
L30
L50
L57
L35
;
L52
53
156
170
166
157

44

43
42
45
49
53
61
65
64
69
74
78
83
89
91
95
99
102
113
118
124
132
143
149
145
141
154
151
160
165
160
161

42
42
43
48
51
58
63
66
66
72
77
81
85
91
92
98
100
104
116
122
128
138
147
151
138
151
154
157
164
163
159

727, ITALY—INDEX OF INDUSTRIAL PRODUCTION

(1967=100)

AVERAGE FOR IPERIOD

1948.
..
1949...
1950...
1951.
. .
1952,
. .
1953.
..
1954..,
1955.
,.
1956. . .

19.6
23,2
24.2
28.7
29.3
31.3
34.7
37.3
40.0

20.6
23.2
24.7
29,3
29.3
31.3
34.9
37.7
38.7

20.e
22.1
25.1
30.0
29.3
31.9
34.9
38.2
40.4

20.8
22.4
25.8
30.0
29.7
31.9
35.3
37,9
41.5

22.4
24.2
25.8
30.0
30.4
30,9
34.9
38.3
42.0

21.3
25.1
26.4
29.7
30.0
31.9
34.3
39.3
42.0

1958.
..
1959. ..
1960.
..
1961.
..
1962.
. .
1963.
..
1964.
. .
1965.
. ,
1966.
. .
1967.
..
1968.. .
1969. ..
1970.
..
1971,
..
1972.
..
1973.. .
1974.
..
1975,. .
1976...
1977...
1978.
..
1979...
1980,..
1981.
..
1982.
..

46.2
48.1

45.3
49.7
57.4
63.3
71.4
74.1
79.9
80.3
88.5
9,9.4
102.5
109 ,.5
118.3
116.1
119.5
121.7
140,6
130.2
137.2
149.7
146.1
160.0
176.1
170.3

45.2
49.9

45,1
50.0

45.2
50.0

46.3
49.7

21.3
24.2
25.8
30.0
30.0
32.7
35.6
39.3
42.6
45.6
46.7
50.1

58.2
63.2
70.8
76.1
81.6
79.3
90 . 7
.
97.8
102.5
112.8
117.8
117.4
119.7
122.7
142.8
124.9
138.2
151.0
145.9
156.0
174,6
169.3

58.4
63.8
71.3
78.0
80.6
80.5
88.8
99.7
104.3
113.5
116.8
114.0
118.3
130.8
146.6
126.8
139.1
142.5
143.5
156.7
176.1
168.4

64.6
72.2
77.9
79.7
83.2
92.1
100.5
105.7
111.4
115.0
114.6
120.4
132.5
142.6
118.8
143.8
147.1
143.8
151.9
162.3
158.0

65.6
70.3
79.3
78.3
84,0
92.5
100.0
105.5
114.5
115.1
114.3
119.9
135.2
144.4
125.1
141.4
139.8
145.3
145.1
167.4
159.8

66.6
72.8
78.7
79.0
84.6
93.4
100.1
106.3
115.0
118.3
113 .8
117.5
138.8
142.1
127.5
143.7
141.1
144.4
150.4
165.2
165 .2

61.9
71.2
75.9
82.6
79.4
88.8
97.8
102.4
112.8
116.9
115.9
121.3
122.7
145.7
128.3
130.7
151.3
143.8
152,8
168.9
158.6

728.

.

5 .0
8.3
12.1
14.1
14.6
18.5
19.2
23.0
27.4
28.8
30.6
39.0
47.4
55.9
55.9
67.8

8.5
11.7
14.0
15.0
18.2
19.5
23.3
28,1
28.8
31.6
40.8
47.9
55.5
57.4
69.3

8.3
12.6
13.4
16.2
1.9.0
19.7
22.8
28.1
;»8.8
32.1
41.3
49.4
55.4
58.2
68.9

76.9
92.9
108.3

77.0
91.9
110.1
125.8
146.9
154,9
159.8
186,4
198.2
3161.0
.176.9
L88.8
197.2
213.4
241.0
237.0

79.3
94.9
110.6

NOTE:

145!e
155^7
150.0
184.8
198.3
163.3
172.6
191 .4
196.2
210.7
230.7
237.2

126.0
148.4
156.4
162.6
189.6
193.7
159.7
179,3
191.4
199.5
213.1
235.0
237.7

84.3
100.0
114.2

8.0
10.3
13.5
14.7
17.5
17.6
20.8
26,0
29.6
28.8
35.4
43.6
52.7
55.9
63.6
71.9
73.9
85.8
101.8
117.4

86.9
104.6
116.7

153.9
155.5
164.8
190.7
183.6
166.9
186.0
187 .9
201.8
221 .2
234.5
243.1

153.2
156.4
169.3
195.7
181.3
166.6
186.4
191.6
204.1
221.8
225.3
240,7

154.0
157.9
170.9
.193.1
179.3
168.6
186.3
191.2
206.0
220.5
233.4
245.6

154.2
156.0
172,7
196.4
175.4
168.8
186.0
190.1
206.9
225.0
235.7
240.3

9.3
13.4
14.0
16.5
18.2
19.7
24.3
30.6
27.9
33.6
42.0
50.4
56.4
60.5
70.4

9.6
13.5
14.0
16.8
18.2
19.7
25.0
30.4
27.8
34.4
42.5
51.1
55.5
60.2
71,6

7.9
9.9
13.7
14.6
17.0
18.1
20.3
25.5
30.6
28.6
34.9
43.0
51.9
54.7
62.3
71.9

80.5
95.2
111.2

81.7
97.2
114.7

82.8
99.0
113.1

149.8
155.5
161 .7
188.8
190.1
163.5

151.4
151.7
164.3
190.9
190,2
163.3
181.0
189.8
201.5
218.2
235.7
235.2

153.9
155.0
165.0
192.6
185,5
165.1
184.5
191.1
201.8
218.5
234.4
240.7

9.0
13.1
13.8
16.4
18.7
19.7
23.6
29.1
28.6
32.4
41 .8
49.1
55.,9
59,8
69.4

181.8
190.4
200.5
214.4
230.2
238.0

7.9
10.8
13.5
15.5
17.6
18.1
21.2
26.4
29.6
28.9
36.2
44.5
52.6
55.0
63.8
73.9

These series contain no revisions but are reprinted for the convenience of the user,




22.1
23.8
26.4
29.4
30.2
32.6
35.6
38.8
41.8
45.1
46.5
51.5

60. 7
69.4
74.3
81.0
79.4
86.3
95.9
101.5
108,9
102.1
117.1
120.0
128.5
141.5
130.0
129.6
150.2
140.3
153.6
166.3
164,0
163.8

59.5
66.0
72.3
78.7
79.6
83.2
92.9
100.0
105.9
109.7
117.0
116.8
121,9
133.8
139.7
126.9
142.7
144.2
147.0
156.8
165.4
161.8

AVERAGE FOR PERIOD
6 .8
8.0
11.4
13.1
14.7
18.1
18.2
21.3
27.1
29.3
29.6
37.0
45 .0
53.7
54.7
65.6
73.9
74.5
88.3
105.3
119.7

5.3

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...
1982..,

23.4
24.1
28.1
28.7
31.0
34.5
36.6
39.5
43.1
45.1
47.9
55.1

J A P A N — I N D E X OF INDUSTRIAL PRODUCTION

(1967=100)
1948. . .

23.0
24.4
26.7
29.8
30.5
32.0
36.0
39.2
42,6
45.9
46.9
51.7
60.7
66.9
72.5
79.9
77,9
84.2
95.1
100.2
107.1
111.7
117.4
116.5
119.5
138.4
141.4
126.6
143.8
142.8
144,8
153.3
155.8
155.5

6.6
7.9
10.3
13.6
14.9
17.4
17.9
20.8
26.0
29.9
20.8
35.5
43.7
52.4
55.2
63.2
72.6
85^7
102.1
116.1
135.0
153.7
156.6
160.3
193.2
181.4
167.4
106.2
190.2
204.0
221.2
231.1
243.1

6.9
8.3
11.7
13.6
14,4
18.3
18.4
21.7
27.4
29.2
29.7
37,9
45.8
54.3
54.8
66.4
74.0
75.3
90.3
107.3
121.6
142.1
154.3
157 .0
176.3
197.4
172,6
168.1
188.3
192.8
208.2
227.2
234.9
247,9

6.2
7 .8
9.9
13.2
14.3
16.9
18.3
20.4
25.2
29.2
28.8
34.6
43.0
51.3
55 .4
61.8
71.4
74.2
83,8
100.0
115.1
133,4
151.7
155,8
167.1
192.1
184.8
165.3
183.3
191.0
202.8
219.4
234.4
241.6
(JANUARY 1983)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

n\

Q

IV Q

Annual

i
AVERAGE FPR ?ERIOD

INVENTORY-SALES RATIO, MANUFACTURING, IN 1972 DOLLARS
(RATIO)

!

1954
. J .

1

|

1960
1963
1964
1966
1967...
1968. . .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976..,
1977...
1978...
1979. , .
1980. ..
1981...
1982...

1.86
1.84
1.87
1.99
2.08
1.90
1,74
1.80
2.10
1.95
1.88
1.88
1.82
1.90
1.98

1.88
1.87
1.88
2.01
2.05
1.90
1,74
1.83
2.11
1.93
1.87
1.84
1.84
1.91
1.97

1.87
1.86
1.88
2.04
2.02
1.88
1.75
1.83
2.15
1.91
1.83
1.84
1.79
1.98
1.98

1.89
1.87
1.89
2.08
2.02
1.86
1.76
1.84
2.08
1.91
1.84
1.78
1,88
2.07
1.97

1.89
1,86
1.92
2.05
2.01
1.86
1.76
1.83
2.11
1.90
1.86
L.81
1.80
2,11
1.99

1.90
1.86
1.91
2.04
1.98
1.85
1.77
1.85
2,07
1.90
1.84
1.81
1.86
2,11
1.95

1.91
1.84
1.89
2.06
1.99
1.86
1,76
1.86
2.03
1.90
1.86
1.83
1.85
2.06
1.98

1.91
1 .89
1.91
2.08
2.01
1.83
1.81
1.90
1.99
1.93
1.85
1.82
1.89
1.99
2.04

1.88
1.92
1.91
2.08
2.02
1.84
1.79
1.89
2.00
1.90
1.85
1.80
1.87
2.07
2.01

1.94
.86
. .90
2,16
2.01
L.81
1 .79
1.90
L.98
L.96
L.84
L.81
.89
L.95
2.12

1.89
.87
,94
a.22

1.98
1.77
1.76
1.96
1.99
L.91
L.85
L.80
.93
1.96
2.15

1.84
1.89
1.96
2.10
1.94
1.76
1.81
2.09
1.96
1.88
1.82
1.81
1.92
1.96
2.14

1.87
1.86
1.88
2.01
2,05
1.89
1.74
1,82
2.12
1.93
1.86
1.85
1.82
1.93
1.98

1.89
1.86
1.91
2.06'
2.00
1.86
1.76
1.84
2.09
1.90 '
1.85
1.80
L.85
2.10
1.97

1.89
1.87
1.93
2.16
1.98
1.78
1.79
1.98
1.98
1.92
1.84
1.81
1.91
1.96
2.14

1.90
.1.38
1.90
2.07
2.01.
1.84
JL.79,
l.m
2.D11
l.'H1
. .iiS'
1
1.152,
1.R7
2.04
2,01'
1

1.09
1.07
1.90
2.08
2,01
1..84
1.77
1.88
2.35
1.92
1.05
1.92
1.H6
2.U1
2.:i2

1

1NVEN rORY-SALES RATIO, MERCHANT WHOLESALERS, IN 1972 DOLLARS
(RATIO)

AVERAGE FQ!X '»KRIOD

1950...

1955
1956. . .
1957
1958...
I
1

1962...
1963
1964
1966
1967...
1968,..
1969...
1970..,
1971...
1972..,
1973.,.
1974...
1975. . .
1976...
1977...
1978...
1979...
1981...
1982...

(

.17
L.19
L.20
L.19
L.22
.18
.17
.15
.34
.39
.33
.38
L.42

1.19
1.20
1.22
1,19
1.23
1.23
1.17
1.16
1.32
1.38
1.33
1-39
1.44

1.20
1.20
1.19
1.20
1.23
1.20
1.16
1.15
1.36
1.38
1.35
1.41
1.40

1.19
1.21
1.17
1.22
1.23
1.21
1.16
1.15
1.37
1.38
1.34
1.39
1,41

1.19
1.22
1.18
1,21
1.21
1.21
1.17
1=18
1,36
1.41
1.34
1.37
1.41

1.19
1.20
..19
L.21
L .20
L.21
L.20
L.21
L.34
L.41
L.32
L.40
L.39

1.19
L.20
L.19
L.21
1.22
1.21
1.15
1.21
L.33
1.40
L.33
L.38
L.40

1.20
1.19
1.17
1.21
1.22
1.19
1.20
1.24
1.34
1.42
1.35
1.38
1.41

1.21
1.18
1.17
1.23
1.20
1.20
1.20
1.25
1.33
1.41
1.38
1.39
1.41

1 .,20
1.20
1.16

L.41

1.18
1.18
1.17
1.24
1.21
1.17
1 .14
1,33
1.31
.41
.37
.39
L.40

L.34

1.34

1.36

1.37

1.39

1.42

1.39

1.43

1,41

L.44

L.43

1.24
1.23
.18
L.16
.32
.32
.42
.38
.39

1.20
1.17
1.18
1.24
1.21
1,17
1.15
1.34
1.29
1.40
1.37
1.41
1.40
1 37
1.46

1.19
1.20
1.20
1.19
1.23
1.20
1.17
1.15
1.34
1.38
1.34
1.39
1.42

1.19
1.21
1.18
1.21
1.21
1.21
1.18
1.18
1.36
1.40
1.33
1.39
1.40

1.3S
1,30
1.41

1.35

1.39

'

1.10
1,18
1.17
1.24

1.41,

L,20
L.19
L.18
L.22
L.21
L.20
L .18
L,23
L, 33
L.41

i
I

IL.22
1.17

1

1

.15
.33
.31
.41

i

L.37
J .40

1

1

L.40
L 39
L .44

l.U
1 . 2C
l.ie

1.22
1.22
1.20
1.17
1.22
1.33
1.40
1.35
1.39
1.41
1 42
1.40

i
i

INVENTORY-SALES RATIO, RETAIL TRADE, IN 1972 DOLLARS
(RATIO)

AVERAQtt FOR

1948..,
L949. . .

">EiRIOD

1
1

* 952...
J 954
1
1956

'
1

j

1961...
,

. . .

1963...
1364. . .
1966...
1967...
1968...
1969...
H'70, , .
1S71...
.1972. . .
.1973. . .
1974. ..
1975. ..
1976...
1977...
i9?a...
1979. . .
1900...
19B1. ..
19B2...
NOTE:

102

1.43
.1.41
1.38
1.41
1.36
i.41
1.32
1.47
1 .44
1.34
1.48
1.40
1.45
1.37
1.36

L .46

: .40
.38
L.40

.37
.41
JL.32
L.47

.39
L.36
L.42

.39
J .45
.40
J .37

1.45
1.37
1.40
1 .41
1.39
1.39
1.33
1.46
1.41
1.37
1.40
1.39
1.43
1.42
1,36

1.43
1.3©
1 „ 39
1.41
1.39
1.38
1.36
1.44
1.39
1.36
1.37
1.39
1.44
1,45
1.38

L.43
..40
..38
]
JL.38
, .40
: .38
L.37
1.45
,.34
.38
L.36
.40
.45
] .45
.40

These series contain revisions beginning with 1977.




1.41
] .37
.40
] .39
]
.39
; .38
] .38
] .44
: .34
J .36
] .36
; .41
1.47
1.43
1.41

1.42
L.37
L.41
,40
.40
.36
.39
1.43
1.34
1.36
1.35
1.42
1.48
1.41
1.43

1.43
1.36
1.41
1.40
1.40
1.36
1.41
1.40
1.35
1.36
1.35
1.43
1.45
1.41
1.42

1.41
1.39
1.42
1.40
1.41
1.36
1.39
1.45
1.35
1.39
1.36
1.44
1.41
1.42
1.44

1.41
1.39
1 .43
1.38
1.40
1.35
1.40
1.49
1.37
1.37
1,32
1.43
1.43
1.41
1 .48

1.41
1.37
1 .43
1.40
1.38
1.37
1.43
1.51
1.34
1.36
1.33
1.43
1.42
1.40
1.48

Current data for these series are shown on page 105.

1.37
1.37
1.42
1.37
1.39
1.32
1.47
1.51
1.32
1.34
1.35
1.43
1.40
1.39
1.47

1.45
1.39
1.39
1.41
1.37
1.40
1.32
1.47
1.41
1.36
1.43
1.39
1.44
1.40
1.36

1.42
1,39
.39
L.39
L.39
.38
L.37
]
.44
L.36
L.37
Le36
.40
.45
.44
.40

1.42
1.37
1.41
1.40
1.40
1.36
1.40
1.43
1.35
1.37
1.35
1.43
1.45
1,41"
1.43

1,40
'l.38
'1.43
il.38
,1.39
1.35
'1.43
1.50
il.34
1.36
1.33
!
1.43
L.42
,1.40
|L. 4 8

L.42
L.38
.40
.40
.39
.37
.38
.46
.36
,3G
1.37
1.41
1.44
.1.41
1.42

[JANUARY 1983)

E. Business Cycle Expansions and Contractions in the United States

Duration in months

Business cycle reference dates

Trough

Cycle

Contraction
(trough from
previous
peak)

Expansion
(trough to
peak)

Peak from
previous
peak

Trough from
previous
trough

Peak

18

30
22
46
18
34

March 1882
March 1887
July 1890
January 1893
December 1895 .,

65
38
13
10
17

36
22
11
20
18

99
74
35
37
37

101
60
40
30
35

June 1899
September 1902 .
May 1907
January 1910
January 1913

18
18
23
13
24

24
21
33
19
12

36
42
44
46
43

42
39
56
32
36

December 1914
March 1919
July 1921
July 1924
November 1927

August 1918 ....
January 1920....
May 1923
October 1926 ...
August 1929 ....

23

ii

35
51
28
36
40

iZ

March 1933
June 1938
October 1945
October 1949
May 1954

May 1937
February 1945 ..
November 1948.
July 1953
August 1957 ....

43
13

April 1958
February 1961
Novemberl970
March 1975
July 1980

April 1960
December 1969 .
November 1973 .
January 1980....
July 1981

December 1854
December 1858
June 1861
December 1867
December 1870

June 1857
October 1860
April 1865
lune 1869
October 1873

March 1879
May 1885
April 1888
May 1891
June 1894
June 1897
December 1900
August 1904
June 1908
January 1912

:

18
8

21

1

10
22
27
21

18
14
13

50
80
37

1

i5

11
10
10

II
16
6

40

48
30

M

36

50
52

B.

17
40
41
34

64
63

93

31

i8
48

45
.56
49

39

24
106
36
58
12

47
34

iiZ

18
22
18
10

33
27
35
3
45

52
48
53
60

Average, peacetime cycles:
1854-1981 (24cycles) ...
1854-1919(14cycles) ...
1919-1945 (5 cycles)
1945-1981 (5 cycles)

19
22
20
10

4

47
46
46
49

6

27
24
26
34

47
74
18

52
64

Average, alt cycles:
1854-1981 (29 cycles),
1854-1919 (16 cycles) ,
1919-1945(6cycles)..
19454981 (7 cycles)..

!

32

Hi

2

3

51
49
53
55

46
47
45
6
44
5

NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and II, Korean war, and Vietnam war), the postwar contractions, and the full cycles
that include the wartime expansions.
1
4

30 cycles.
25 cycles.

2
5

15 cycles.
13 cycles.

3
6

8 cycles.
6 cycles.

Source: National Bureau of Economic Research, Inc.




13
0

F. Specific Peak and Trough Dates for Selected Cyclical Indicators
Specific trough dates corresponding to expansions beginning i n —
Series
July 1980
LEADING INDICATORS
1. Avg. workweek, production workers, mfg
5. Initial claims, unemploy. insurance (inverted).
8. New orders, consumer goods, 1972 dollars. . . ,
32. Vendor performance, slower deliveries . . . . .
12. Index of net business formation
20. Contracts and orders, 1972 dollars
,
29. New building permits, private housing
36. Change in inventories on hand and on order
in 1972 dollars (smoothed*)
„. . .
92. Change in sensitive prices (smoothed1). . . . .
19. Index of stock prices, 500 common stocks. . . ,
104. Change in total liquid assets (smoothed1) . . ,
106. Money supply (M2) in 1972 dollars . .
910. Composite index of 12 leading indicators. . . .
940. Ratio, coincident index to lagging index. . . .

7/80
5/80
6/80
6/80
6/80
5/80
4/80
8/80
5/80
NSC
1/80
5/80
5/80
4/80

Mar. 1975

Nov. 1970

(0) 9/70 (-2)
(0) 10/70 (-1)
(0) 10/70 (-1)
(-1) 12/70 (+1)
(-1)
(-1)
(-D 8/70 (-3)
(-2)
(+9) 10/70 ( 1
(-3)
(0) 1/70 (-10
3/70 (-8)
(0
( + 1) 3/75
9/70 (-2)
(-2) 2/75 (-1.
12/74 (-3) 6/70 (-5)
8/69 (-15)
(-6) 1/75 (-2'
4/70 (-7)
(-2) 1/75 (-2
7/70 (-4)
(-2) 2/75
1/75
-2 10/70 (-1)
(-3)
(0)

COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls . . . .
51. Personal income less transfers, 1972 dollars. .
47. Index of industrial production, total . . . . ,
57. Mfg. and trade sales in 1972 dollars
,
920. Composite index of 4 coincident indicators. . .

7/80 (0)
6/80 (-1)
7/80 (0)
5/80 (-2'
7/80 (0

LAGGING INDICATORS
91. Avg. duration of unemployment (inverted). . . ,
70. Mfg. and trade inventories in 1972 dollars. . .
62. Labor cost per unit of output, mfg
,
109. Avg. prime rate charged by banks
72. Commercial and industrial loans outstanding . ,
95. Ratio, consumer instal. credit to pers. income
930. Composite index of 6 lagging indicators . . . .

1/81
1/81
NSC
8/80
NSC
NA
8/80

3/75
3/75
3/75
2/75
2/75
12/75
3/75

4/75
3/75
3/75
3/75
3/75

f+1)
(0
(0
(0
(0

11/70
NSC
11/70
11/70
11/70

(+6) 1/76
(+6) 12/75
9/75
(+1) 4/77
8/76
10/75
(+1) 4/76

(+10)
(+9)
(+6
(+25
(+17
(+7
(+13)

6/72
NSC
NSC
3/72
7/71
6/71
2/72

(0)
(0)
(0)
(0)
(+19)
(+16)
(+8)
(+7)
(+15)

Feb. 1961

Apr. 1958

May 1954

Oct. 1949

4/54 (-1) 4/49 (-6)
12/60 ( 2
4/58 (0
9/54 (+4) 10/49 (0)
4/58 (0
2/61 (0
4/58 (0 10/53 (-7) 6/49 (-4)
1/61 ( 1
3/60 (-11) 12/57 (44) 12/53 (-5) 3/49 (-7)
1/61' (-1) 4/58 (0) 3/54 (-2) 7/49 (-3)
3/61 (+1) 3/58 (Jl) 3/54 (-2) 4/49 (-6)
12/60 (-2) 2/58 (-J2) 9/53 (-8) 1/49 (-9)
2/61
4/60
10/60
12/59
NSC
12/60
12/60

3/58
11/57
12/57
12/57
1/58
(-2) 1/58
(-2) 4/58

(0
(-10
(-4
(-14

2/61 (0)
12/60 (-2)
2/61 (0)
1/61 (--1)
2/61 (0)
7/61
3/61
12/61
11/65
NSC
11/61
11/61

5/58
4/58
4/58
4/58
4/58

(
( .
(-4)
(-4)
(-S)
(-1)
(0)

11/53
11/53
9/53
12/53
NSC
11/53
1/54

6/49
6/49
6/49
NA
3/48
(-6) 6/49
(-4) 10/49

(-6)
(-6)
(-8)
(-5)

(-4)
(-4)
(-4)
(-14)
(-4)
(0)

(+1) 8/54 (+3) 10/49 (0)
(fl) 4/54 (-1) 7/49 (-3)
(d) 4/54 (-1) 10/49 (0)
(0|) 12/53 (-5) 7/49 (-3)
(0i) 8/54 (+3) 10/49 (0)

(+5) 10/58 (+6
()
(+1) 8/58 (+4
(+10) 5/59 (+13
()
(+57) 8/58 (+4
8/58 (+4
(+9) 11/58 (+7)
(+9) 8/58 (+4)

5/55
10/54
5/55
7/55
10/54
11/54
10/54

(+12) 6/50 (+8)
(+5) 2/50 (+4)
(+12) 8/50 (+10)
NSC
(+14)
(+5) 12/49 (+2)
NSC
(+6)
(+5) 3/50 (+5)

Specific peak dates corresponding to contractions beginning 1 n —
Series
Jan. 1980

Nov. 1973

Dec. 1969

Apr. 1960

Aug. 1957 , July 1953

LEADING INDICATORS
1. Avg. workweek, production workers, mfg. . . . . 4/78 (-21) 4/73 (-7) 10/68 (-14) 5/59 (-11 11/55 (-21) 4/53 (-3
-11)
5. Initial claims, unemploy. insurance (inverted)
12) 9/55 (-23) 9/52 (-10.
9/78 (-16)
2/73 (-9) 1/69 (-11) 4/59 (-12
()
(-14
7/55 (-25), 4/53 (-3)
8. New orders, consumer goods, 1972 dollars. . . . 1/79 () () 3/73 (-8) 11/68 (-13) 2/59 (
(-12)
32. Vendor performance, slower deliveries
(-)
3/79 (-10) 5/73 (-6) 6/69 (-6) 10/59 ( 6 10/55 (-22), 7/52 (-12)
12. Index of net business formation
, 10/78 (-15) 3/73 (-8) 4/69 (-8) 3/59 (-13) 6/55 (-26) 9/52 (-10)
(
20. Contracts and orders, 1972 dollars
, 3/79 (-10) 11/73 (0) 4/69 (-8) 3/59 (-13) 11/56 (-9) 2/53 (-5
29. New building permits, private housing . . . .
6/78 (-19) 12/72 (-11) 2/69 (-10) 11/58 (-17) 2/55 (-30) 11/52 (-8
36. Change in inventories on hand and on order
in 1972 dollars (smoothed1)
9/56 (-11) 2/53 (-5)
5/78 (-20) 4/73 (-7) 12/68 (-12) 4/59 (-12)
92. Change in sensitive prices (smoothed1). . . .
9/55 (-23) 3/53 (-4)
9/69 (-3) 11/58 (-17)
7/79 (-6) 4/74 (+5
19. Index of stock prices, 500 common stocks. . . , NSC
1/73 (-10 12/68 (-12) 7/59 (-9) 7/56 (-13) 1/53 (-6)
104. Change in total liquid assets (smoothed1) . . , 6/79 (-7
1/73 (-10 10/68 (-14) 8/59 (-8) 4/57 (-4) 5/53 (-2)
106. Money supply (M2) in 1972 dollars
NSC
4/56 (-16)
7/73 (-4. 2/69 (-10)
3/78 (-22
NSC
910. Composite index of 12 leading indicators. . . , 10/78 (-15) 2/73 (-9) 1/69 (-11) 5/59
9/55 (-23) 3/53 -4)
5/55 (-27) 11/52 -8)
940. Ratio, coincident index to lagging index. . .
3/77 (-34) 12/72 (-11) 11/68 (-13) 5/59
COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls . . . .
3/80 (+2) 10/74 (+11) 3/70 (+3)
51. Personal income less transfers, 1972 dollars.
1/80 (0 11/73 (0)
NSC
47. Index of industrial production, total . . . . . 3/79 (-10
6/74 (+7) 10/69 (-2)
3/79 (-10 11/73 (0) 10/69 (-2)
57. Mfg. and trade sales in 1972 dollars
)
920. Composite index of 4 coincident indicators. . , 1/80 (0 11/73 () 10/69 (-2)
0)
LAGGING INDICATORS
91. Avg. duration of unemployment (inverted). . . , 7/79
70. Mfg. and trade inventories in 1972 dollars. . , 8/79
62. Labor cost per unit of output, mfg
,
NSC
109. Avg. prime rate charged by banks
4/80
72. Commercial and industrial loans outstanding . . NSC
95. Ratio, consumer instal. credit to pers. income 11/79
930. Composite index of 6 lagging indicators . . . . 4/80

(-6) 9/73
(-5) 12/74
3/75
(+3) 9/74
1/75
(-2) 2/74
(+3) 9/74

4/60
5/60
1/60
1/60
1/60

(0)
(-3)
(-3)
(-3)

3/57
8/57
3/57
2/57
2/57

(-5)
(0)
(-5)
(-6)
(-6)

6/53
6/53
7/53
3/53
5/53

Nov. 1948
12/47
1/47
6/48
10/48
*l/48
*4/48
10/47

(-11)
(-22)
-5)

*7/48
9/47
6/48
NA
*l/47
*l/48
*l/48

(-4)
(-14)
(-5)

. .
(-10)
(-7)
(-13)

(-22)
(-10)
(-10)

(-1) 9/48 (-2)
(-1) 10/48 (-1)
(0) 7/48 (-4)
(-4) 12/48 (+1)
(-2) 10/48 (-D

(-2) 10/69 (-2) 6/60 (+2) 9/57 (+1) ,9/53 (+2) 11/48 (0)
9/60 (+5) 9/57 (+1) i9/53 (+2) 9/49 (+10)
NSC
(+13)
2/61 (+10) 4/58 (+8) i3/54 (+8) 11/48 (0)
NSC
(+16)
NSC
(+10) 2/70 (+2) 7/60 (+3) 12/57 (+4) '2/54 (+7)
9/57 (+1) '8/53 ( + 1) 8/48 (-3)
NSC
(+14) 9/70 (+9)
NSC
(+3) 11/69 (-1) 12/60 (+8) 1/58 (+5) '4/54 (+9)
(+10) 2/70 (+2) 6/60 (+2) 9/57 (+1) ',9/53 (+2) 2/49 (+3)

NOTE: Specific peak and trough dates mark the cyclical turning points in individual series, whereas reference peak and trough dates indicate
the cyclical turning points in business activity as a whole. This table shows the specific peaks and troughs corresponding to post-World War II
ousiness cycles for the major composite indexes and their components. Numbers in parentheses indicate the leads (-) or lags (+) of the specific
dates in relation to the reference dates. The determination of specific peaks and troughs is not an entirely objective matter, and honest disagreement may exist among individual analysts. Therefore, the dates above should not be considered absolute. See MEASURING BUSINESS CYCLSS by
Burns and Mitchell (NBER: 1946) for further information on the selection of specific peaks and troughs.
,
NA, not available. This indicates that data necessary to determine a turning point are not available.
i
NSC, no specific cycle. This indicates that no specific turning point corresponding to the indicated reference date i$ discernible.
*This is not necessarily the peak but is the high point in the available data.
'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

104




G. Experimental Data and Analyses

Year

and
quarter

Implicit price
deflator, gross
nonfarm business
product1
(Index: 1977-100)

Unit labor cost,
all persons, nonfarm
business sector1
(Index: 1977=100)

1980

I Q....
II Q...
Ill Q..
IV Q...

123.6
127.2
129,9
132.7

127.8
132.5
134.7
136.8

136.5
138.9
142.3
145.5

139.0
141.9
145.1
149.0

146.6
148.1
149.8
pl51.7

Components of BCD series 2 6 -

in

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

151.6
153.5
rl54.7
pl55.9

1981

I Q....
II Q...
Ill Q..
IV Q...
1982
I Q....
II Q...
Ill Q..
IV Q...

Unit labor cost, ail persons, nonfarm
business sector, Q
(index: 1977 = 100)

ratios in 1972 dollars (ratio)
Inventory-sales ratios in 1972 dollars 2
Year

and

Manufacturing

month
(Ratio)

Merchant
wholesalers
(Ratio)

Retail trade

RSI
Manufacturing

(Ratio)

1981
Jan
Feb
Mar....
Apr
May....
June...

1.98
1.97
1.98
1.97
1.99
1.95

1.34
1.34
1.36
1.37
1.39
1.42

1.36
1.37
1.36
1.38
1.40
1.41

July...
Aug
Sept...
Oct....

1.98
2.01
2.04
2.12
2.15
2.14

1.39
1.43
1.41
1.44
1.43
1.46

1.43
1.42
1.44
1.48
1.48
1.47

Jan....
Feb....
Mar....
Apr
May....
June...

2.19
2.14
2.13
2.16
2.09
2.08

1.49
1.42
1.40
1.45
1.37
1.42

1.48
1.44
1.45
1.45
1.40
1.47

July...
Aug
Sept...
Oct....
Nov
Dec...

2.09
r2.12
r2.11
r2.20
p2.17
(NA)

1.45
1.45
1.49
rl.51
pi. 47
(NA)

1.46
1.49
1.49
rl.48
pi.43
(NA)

Nov....
Dec...

Merchant wholesalers

1982

111 til M l I I I II \Ut\
\ II 1111111 i n i n I t i l 111
1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982
NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics. Historical data are shown on page 97.
2
Source: U.S. Department of Commerce, fjureau of Economic Analysis. Historical data are shown on page 102.




105

G. Experimental Data and Analyses—Continued
(Aug.) (Apr.)
P
T

Apr.) (Feb.)
P
T

<
ii

Ill ni 11$ in

(D<€.) (Nov.)
P
T

in in ill

II III III III III

(n

(Nov.)
P

(Mar.)
T

(Jar ) (July
P T

III IF!: | J : | in III it II
i

II

)

w in III
vlv

i

Ik .Li

Changes in sensitive crtj ' d i t -

y
ifi 11
III
I •

i ann. rate, bil. c ol.; niovin[>avg.--4-t erm

1 Mi)nth-t o-mor lth differer ces

1

)

mm

i
;
:

•:•>:•>/]

I

1

ii V

pi

1

\

^

¥

>

J

• it/
!<*

s

i

j

\

hi

1r
ill

m

it in

V JU

\ J

w
III 111

>^

|u

80

* !1mI
• I

i1

1
il

1
11

L

J

120
100

1
jrr

i

140

m

1

i

i\
V

ll
ll

I1!

1

:

ki
i i ik SfTf \

m

*

it

:•: Month-to-month perceni changes [ann. rate, percent; nloving avg.—4-1 erm1)
I
It

ii

I

. >• I

p li 1 j

j

160

m
rlIIP
': ll 7 !|

A

i

Jan.

151.2
84.6
88.2

95.3
94.5
50.8

ii

||

HI III I I I III III III I I I HI 111

ill

III HI

il

III in

I

II

in III

II in

Feb.

Mar.

Apr.

May

June

July

Aug.

Nov1.

Dec.

104.6
44.1
r-65.7

94.0
42.7
(NA)

70.3
99.7
r0.3

89.4
76.8
r-19.6

94.5
54.6
(NA)

7.7
3.6
r-4.5

9.4i
3.7,
r-5.3,

8.4
3.5
(NA)

6.4
8.4
rO.O

8.1
6.4
r-1.6

8.5
4.6
(NA)

Oct.

Sept.

122.9
74.3
86.0

82.9
50.8
44.8

8.9
121.4
72.6

-43.2
132.8
73.4

22.9
102.3
23.1

0.9
115.9
-24.6

73.9
108.9
r22.8

94.1
110.7
rl8.2

84.9
43.1
r-55.5

112.1
89.4
65.3

120.8
77.1
72.7

95.3
76.0
70.4

43.9
91.9
65.7

6.2
110.2
60.0

-5.1
117.9
40.2

13.0
113.0
r!5.5

44.4
110.4
r6.3

Month-to-month percent changes in sensitive credit—monthly data (annual rate, percent)
198019811982-

14.2
7.5
7.3

11.4
6.5
7.0

7.6
4.4
3.6

0.8
10.6
5.9

-4.0
11.5
5.9

2.1
8.8
1.9

0.1
9.9
-2.0

6.8
9.2
rl.8

8.6
9.3
1.5

i

1
Month-to-month percent changes in sensitive credit—smoothed data (annual rate, percent)

198019811982-

9.1
8.5
4.2

10.6
8.0
5.4

11.3
6.8
6.0

8.8
6.6
5.7

4.0
8.0
5.3

0.6
9.6
4.9

-0.5
10.2
3.2

1.2
9.7
rl.3

4.1
9.4
r0.5

NOTE: See "New Features and Changes for This Issue" on page iii of the August 1982 issue.
i
SOURCE: These series are compiled by the Bureau of Economic Analysis from data supplied by the Board of Governors
of the Federal Reserve System and the Federal Home Loan Bank Board.
i
a
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

16
0

20
0
-20
20

10

-10

Month-to-month differences in sensitive credit—smoothed data 1 (annual rate, billions of dollars)
198019811982-

40

i

Month-to-month differences in sensitive credit--monthly data (annual rate, billions of dollars)
198019811982-

60

• 2

1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 |979 1980 1981 1982
Year

Arithmetic
scale




G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
5. Average weekly initial claims. State
unemployment insurance1 (thousands)
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: 1967=100)
36. Change in inventories on hand and on order in
1972 dol., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(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
3
indicators (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
( m i l l i o n dollars) . . . .
95. Ratio, consumer installment credit to
personal income (percent)
930. Composite index of 6 lagging indicators 3

(index: 1967-100)

Sept.
1982

Oct.
1982

Net contribution to index

Nov.
1982

Sept.
to
Oct.
1982

Dec.
1982

Oct.
to
Nov.
1982

Nov.
to
Dec.
1982

38.8

38.8

38.9

p38.9

0.00

0.09

0.00

671

670

615

538

0.00

0.27

0.46

29.66

27.70

r28.09

p28.21

-0.39

0.08

0.03

40

44

40

38

0.15

-0.15

-0.08

N
A

NA

NA

NA

rl2.31

rll.96

rll.36

pl3.82

-0.07

-0.13

0.54

81.0

94.7

96.3

105.4

0.50

0.05

0.32

r-4.99

r-6.11

p-13.24

-0.08

-0.49

NA

rO.58

0.59

0.70

0.47

0.00

0.05

-0.12

122.43

132.66

138.10

139.37

0.54

0.27

0.07

eo.90

reo.74

re0.65

e0.59

-0.56

-0.31

-0.23

836.9

838.5

r846.0

p853.4

0.08

0.37

0.40

rl3O.2

rl30.6

rl30.8

pl32.8

0.31

0.15

1.53

89,267

r88,860

r88,684

p88,518

-0.36

-0.16

-0.19

rl,061,3

rl,056.6

rl,057.9

pi,063.5

-0.22

0.06

0.34

137.3

rl35.8

rl34.8

pl34.7

-0.30

-0.20

-0.03

rl49,509

rl46,289

pl48,257

-0.47

0.29

rl30.5

rl28.5

rl28.3

p!28.2

-1.53

-0.16

-0.08

16.6

rl7.1

rl7.3

18.0

-0.18

-0.07

-0.37

266.03

r265.33

p262.38

NA

-0.12

-0.53

NA

r229.7

r231.O

r231.8

p231.4

0.18

0.11

-0.08

13.50

12.52

11.85

11.50

-1.91

-1.30

-1.02

r218,286

r219,419

r217,358

p215,519

0.11

-0.21

-0.28

12.87

12.79

pl2.83

-0.28

0.14

rl72.4

rl68.4

rl65.0

-2.32

-2.02

N
A

N
A

N
A
pl61.9

N
A

NA

N
A

N
A

N
A
-1.88

NOTE: The net contribution of an individual component i s that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change f o r the component by the sum of the weights f o r the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) f o r weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
L

This series i s inverted in computing the composite index; i . e . , a decrease i n this series i s considered an upward movement.
This series i s a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
Figures i n the net contribution columns are percent changes i n the index. The percent change i s equal (except f o r rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor f o r the leading index i s 0.099; f o r the coincident index, -0.164; f o r the lagging index, -0.170.
2

*See "New Features and Changes f o r This Issue," on page i v of the July 1982 issue.




17
0

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns
1 1 IT11111111111111 M IIiri 111111111111
1
1 M i
1

30. Change in business inventories,
1972 dollars

1 1 ^^^^^r 11111111 H rv Y n f T i i F i T i r i T V
11

QRTRS.
FROM
REF.
PEAK

Actual
data

-2
-1

CURRENT QRTR.
ACTUAL
AND
DATA
YEAR
SERIES 30
ANN. RATE
BIL. DOL.
2.4 1/81
12.1
11/81
16 .5

o

4 .8
IV/81
-15 .4
1/82
-4 .4
11/82
3 .4 111/82

5

+ 20

-17 .7

1980

t

Actuai

A

- t +0-5

+10

SERIES 21
HOU;RS
5
6
7
8

-0.6
-0.7
-0.6
-0.6

2.4
2.3
2.4
2.4

JEM

-0.6
-O.7
-O.7
-0.7

2.4
2.3
2.3
2.3

[

2.3 12/82

2.4 12/81
2.3
1/82
2.4
2/82
2.3
3/82

1 1t

/'
"

1

r

1

•

2.2

- -1.0
• 1.8

w

-5

-10

• 3 0

• 2.6

8/82
9/82
10/82
11/82

-0.7

0

05

4/82
5/82
6/82
7/82

13
14
15
16

0

-0.6
-0.7
-0.6
-0.7

9
10
11
12

+5

• 3.4

IV/82

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
7/81
DATA YEAR

+ 15

Actual
data
for
current
cycle

111/81

1
2
3
4

+ 25

Deviations
from
reference
peaks

21. Average weekly overtime hours,
product on workers, manufacturing

J -1.5

1973

-15

Deviations
from
reference
peaks

Actual
data
for
current
cycle

Percent

- I +10
• 1650

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
PEAK 111/81
DATA
YEAR

-2
-1

0. P 1510.4 111/81

1
2
3
4
• 1600

-1.3
-2.6
-2.1
-1.9

1490.1
IV/81
1470.7
1/82
1478.4
11/82
1481.1 111/82

5

-2.6

1471.7

IV/82

+5

• 1550

|u,u,u|

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA YEAR
7/81

•H

57.51
57.46
57.41
57.29

9
10
11
12

-1.27
-1.04
-1.27
-1.38

57.17
57.40
57.17
57.06

• 1450

-1.38
-1.52
-1.79
-1.87

5 7.06
56.92
56.65
56.57

- -0.5

1.0

M

V f
>

8/82
9/82
10/82
11/82

- -1-5

1973

i

56.SO 12/82

0

+6 +12

+18

Months from reference peaks

NOTE:

108

For an explanation of these charts, see "How to Read Charts" on p, 107 of the August 1982 issue.




.58.0

• 57.5

y

4/82
5/82
6/82
7/82

13
14
15
16

• 58.5

^

\r \! V'l •
1

12/81
1/82
2/82
3/82

• 1500

n
y

• 59.0

i

w /V

1981

-0.93
-0.98
-1.03
-1.15

-i + 0 5

•H

] • M W * f I F \m m
I / * mm / VLmT^X

SERIES 90
PERCENT

-5

Actial

m

SERIES 50
ANN. RATE
3 I L . DOL
-0.2
1507.8
1/81
-0.5
1502.2
11/81

0

90. Ratio, civilian employment to total
population of working age

-6

0

+6 +12

Months from reference peaks

+U

+24

2-0

• 57.0

• 56.5

#56.0

G. Experimental Data and Analyses—Continued

Recession Comparisons: Current and Selected Historical Patterns-Continued
DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA
YEAR
7/81
SERIES

5
6
7
8

-15.3
-14.6
-15.8
-9.6

9
10
11
12

-5.7

17

71.0
76.3
75.0
85.8

24.6
26.7

71.7
81.0
94.7
96.3

• 60

• 45

38.7

105.4

12/82

6.6

9
10
11
12

-6.2
-5.3
-4.9
-3.6

126.5
127.6
128.2
129.9

13
14
15
16

-4.2
-3.4
-3.1
-3.0

129.2
130.2
130.6
130.8

• 150

+10

+5

-1.5

132.8

• 140

8/82
9/82
10/82
11/82
12/82

MONTHS
FROM
REF.
PEAK

5

• 130

-5

-10
• 120

DEVIATIONS CURRENT MONTH
FROM ACTUAL
AND
7/81
DATA
YEAR

-15

47

1967=100
143.4 12/81
140.7
1/82
142.9
2/82
141.7
3/82

8

-6.8
-8.6
-7.1
-7.9

9
10
11
12

-8.9
-9.6
-9.9
-9.8

140.2
139.2
.138.7
138.8

4/82
5/82
6/82
7/82

13
14
16

-10.1
-10.8
-11.8
-12.4

138.4
137.3
135.8
134.8

8/82
9/82
10/82
11/82

17

-12.5

134.7

12/82

7

15

155

no
-20

920. Composite index of 4 coincident
indicators
Percent

+ 5 •150

• 145

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA
7/81
YEAR

0
• 140

• 150
SERIES

-

-5

-10
• 135

J

0

+6

+12

-15

130

5

920

967=100
136.5 12/81
134.1
1/82
135.7
2/82
135.0
3/82

6
7
8

-4.4
-6.1
-5.0
-5.5

9
10
11
12

-6.2
-5.5
-6.7
-7.2

134.0
134.9
133.3
132.5

4/82
5/82
6/82
7/82

13
14
15
16

-8.1
-8.6
-10.0
-10.2

131.3
130.5
128.5
128.3

8/82
9/82
10/82
11/82

17

-

• 145

for

+ 15

4/82
5/82
6/82
7/82

6

0

current
cycle

SERIES 910
1967=100
-5.7
127.1 12/81
-6.9
125.5
1/82
-7.2
125.1
2/82
-7.3
125.0
3/82

SERIES

• 160

from
reference
peaks

8/82
9/82
10/82
11/82

-1.3
12.9

17

75

Actual
data

Percent

4/82
5/82
6/82
7/82

0.4

DEVIMONTHS
FROM ATIONS CURRENT MONTH
FROM ACTUAL
REF.
AND
DATA
PEAK
7/81
YEAR

5
6
7
8

Deviations

1967=100
64.4 12/81
64.9
1/82
64.0
2/82
68.7
3/82

-6.6

13
14
15
16

29

T
T
T
910. Composite index of 12 leading
indicators

T

-10.2

128.2

12/82

+18 +24

Months from reference peaks

-5

• 135

• 130

-10
• 125

-15
-6

0

+6

+12 +18 +24

Months from reference peaks

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the August 1932 issue.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series/'following this index)

Accession rate, manufacturing
„
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment . . .
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
-.
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, 01
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
data
descriptions
(issue date]
(*)

2
604

16
56

61
92

8/81

18

• 1/83

64

61
970
58
974
975
971
976
978
977
972
973

24

6/82
6/82
. 12/82
1/82
1/82
7/82
1/82
7/82
7/82
1/82
1/82

34
34
31
48

38

67
76
65
76
76
76
76
76
76
76
76

55
616

22
56

65
92

9/82
1/83

50
64

38

22
38
38
38
38
38
38

38

48
48
48
49
48
48
48

B
Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, 01 .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FflB)
,
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
,
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars .•
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
,
Composite index, rate of change
„
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commorcial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes ,
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract.
. .
Wages and salaries, mining, manufacturing, anc<
construction
.

15,35
32

73
72

3/82
3/82

43
43

33
33

72
112

72
72

1/82
1/82

45
45

6/82
12/82
6/82
6/82
12/81
12/81
3/82

35
24

33
12 ,23
23

67
67
67
76
72
65
65

46

29
76
61
970
14
12
13

82

17/82

37

73 ,25
24
24
38

34
34
44
32
32

20
20
20

64
64
64

12/82
12/82
12/82

25
25
25

24
24
37

66
66
75

7/83
1/83
1/83

33
33
33

El 14
35
34

11
29
29

60
70
70

11/81
8/82
8/82

51
18
51
18,51

89
62
89
62,89

4/82
3/82
4/82
3/82

20
20
20
20

920
920c

10
39
36
71
23
15,35
32

60
74*'
60
66
73
72

77/81
11/81
2/82
11/81
3/82
3/82
3/82

15
15*
75
32
43
43

49

87

11/82

50
45

87
82

11/82
10/82

56
56

Composite indexes
Coincident indicators
Four coincides
Four coincides, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
:
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. .
Expenditures, plus machinery and equipment s a l e s . . .
Gross private domestic fixed investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding . ,
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items, index
:
All items, percent changes
-ood,index
Food, percent changes
Coisumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol.
Contracts and orders, plant and equipment, current d o l . .
Corporate bond yields
Corporate profits-See Profits.
Cos;ts-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing, total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change.,
Crude materials-See Wholesale prices.

Current isst.e
fpage numbers)

Series
number

(*)

920
920c
940

39

S30
930c

IOI

914
915
913
917
916
910
910c

1
71
111
11
111
11
10 i
39
I

110

11/37
11/31
11/31

39

15

•1/81
11/HI
11 /in
11 /HI
11 /(SI
71/B1
M/Bl

15
15
15
75
15
15

1
47
25'
25
47 '
25
25

67
66
67

II All
6/8?
3/82
9/82

35
32
28

83
67
67
83
67
67

10/82
9/82
9/82
10/82
9/82
3/82

51
51
51
51
57
35

22

64
65

8/82
7 2/82

26
24

66
113
95
39

35 ,
32 !
15,35
33

73
72
73
72

5/82
5/82
11/82
2/82

43
43
43
45

320
320c
322
322c
58

49 '
49,59
49
4S 1
It

84,95
84,95

5/82
5/82
5/82
5/82
12/82

59
59
59
59
31

8/82
8/82
2/82

32
32
46

32. ,
:J2
115,35

3/82
11/82 i
3/02

43

35 1
32
15,35
33
32 I

5/82
5/82
11/8?
2/82
3/B2

43
43
43
45
42

4/B2
11/82
12/82
7/«2

64
53
26

2/82
2/HZ

45
28

6/02
1/03
2/S2
1/B2
7/HZ
1/(12

34
33
15
48
15

Y/U

24

l/£2

18
48
15
15

13,25
23*
24

248
87
86
249
89
23

20
10
116

112
110
72

113
95

84
84

65

44
43

Oebt-See Credit.

951
940
9
72
112

345c
280
64

30,47

70,83

10/82

56

346

49

88

11/82

56

346c

50

88

11/82

56

340

49

87

6/82

15

340c

50

87

6/82

15

341

49

87

7/82

15

341c
348
349

50
50
50

87
88
88

7/82
8/81
8/87

15
62
62

19

63

9/82

Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diff jsion indexes
Business expenditures, new plant and equipment . .
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagrtcultural payrolls
—
Industrial materials prices
Industrial materials pricus, components
Industrial production
Industrial production, components
Initial claims, State unemployment insurance :
Inventories, manufacturing and trade
Legging indicators
Leading indicators
„
NEW orders, durable goods industries
NEIW orders, durable goods industries, components .
New orders, manufacturing
Prices, 500 common stocks
Prices, selling, manufacturing
Prices, selling, retail trade
Prices, selling, wholesale trade
Profits, manufacturing
Profits, net, manufacturing end trade
Saies, net, manufacturing and trade
Workweek, mfg. production workers
Workweek, mfg. production workers, components .
Disposable personal income-See Income.

525
564
548
517

39
32

33
12,21

970
965
951
974
963
967
37
962
975
952
950
964
971
968
976
978
977
360
972
973

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 INDICATORS (1977).




Serira
Historical
da:a
descriptions
(issue date)

15
37
37

442
90
441
37

Series titles
(See complete titles in "Titles and Sources of
Series/'following this index)

i/a?

2/H2
1W.
8/82

Ym
urn
1/82
1/82
1/82
12/82
1/82
1/82

i/m

36

26
48
36
48
49
48
48
48
15

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Earnings-See Compensation,
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of .change •
Employees in mining, mfg., and construction
Employees, manufacturing and trade, 01
.Employees on nonagricultural payrolls
Employees on private nonag. payrolls, Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-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, 1B-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
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, average 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.

Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, Cl
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NtPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
I mports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, constant dol.,, N3PA —
Imports of goods and services, current dol., NIPA
Imports of goods and services, total
Imports of petroleum and products
Net exports, goods and services, constant dol., NIPA . .
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves

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

Current issue
(page numbers)

Series
number

Charts

2
441

Tables

1

39
17
38
14,17
36
18
51
17
17
12,16
36
16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16

961

36**

963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
911
44
45
43
37

34

(*)

8/81
4/82

16
51

11/82

17
48c
40
974
41

Historic!
Series
data
descriptions
issue date)

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

72

15

11/82
7/82
1/82
7/82
7/82
3/82
4/82
7/82
3/82
2/82
1/82
8/81
11/81
7/8?
4/82
4/82
4/82
4/82
3/82
8/81
4/82
4/82
4/82
4/82
3/82
3/82
3/82
3/82
3/82
7/82

2/82

72
80
60

1/82
10/82
11/81

311
311c

48
48

84
84

11/82
n/82

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56

8/82
8/82
8/82
5/82
1/83
10/82
10/82
8/82
1/83
8/82
5/82
1/83
10/82
10/82
8/82
1/83

65
65
65
64
64
54
54
65

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

33

72

1/82

45

20

63

8/82

25

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90

9/82
9/82
9/82
9/82
9/82
9/82
11/82

62
62
62
62
62
62

263
262
265
564
267
266
268
261
260

43
43
47
55
43
43
47
43
43

81
81
83
91
81
81

11/82
11/82
11/82
11/82

53
53
53
53
53
53
53
53
53

90

90
90
90

83

83

81
81

n/82

11/82
11/82
11/82
11/82

48
48
30

84
84
70

11/82
11/82
9/82

58
59
39

19,40

63,80
80
80
80
80
80
71
63
84
84

8/82
8/82
8/82
8/82
8/82
8/82
8/82
8/82
11/82
n/82
10/82

49
49
49
49
49
49
40
25
49
49
49

17
17

61
61

7/82
3/82

19
19

16
12,16

7/82
7/82

15
15

36*

61
61
77
74

7/82

15*

249

25
13,25
25
47

67
67
67
83

3/82
6/82
9/82
10/82

35
35
51
51

310
310c

48
48

84
84

11/82
11/82

49

311
311c

50
50b
50c
200
200b
200c
107
49
310
310c
217

39"
40

I

7/82

10/82
10/82
10/82

Historical
Series
descriptions
data
[issue date)
(*)

H

40
11

57

Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes
Gross domestic product, labor cost per unit
Gross national product
G NP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest.-See Investment, capital.

Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment ..
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
I.......
Average workweek, components
Average workweek, Dl
Housing
Housing starts
Housing units authorized by local bldg. permits .
Residential GPD1, constant dollars
Residential GPDI, percent of GNP

94
213
917

33

Current issue
(page numbers)

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

64
65

64
64
54

54
65
64

58

Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income —
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income ..
Corporate profits with IVA and CCA
Corp. profits with 1VA and CCA, pet. of nat'l. income '.
Disposable personal income, constant dollars
Disposable personal income, current dollar:;
Disposable personal income, per capita, constant d o l . . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Income on foreign investment in the U.S.
Income on U.S. investments abroad . . ;
: —
Interest, net
Interest, net, percent of national income
National income
,
Personal income, constant dollars
Personal income, current dollars
......'.....
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors' income with.IVA and CCA, percent
of national income
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
:...:.:.
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction
Incorporations, new businesses
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, Dl
Industrial production -See also International comparisons.
Businessequipment
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, unemploy. insurance . . ; , . .
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate

49

87

11/82

345c
280
64

50
45
30,47

87
82
70,83

11/82
10/82
10/82

346

49

88

11/82

346c
95
286
287
225
224

50
15,35
45
47
40
40
40

73
82
83
80
80
80

11/82
11/82
10/82
10/82
10/82
10/82
10/82

227
340

87

340c
341
341c
652
651
288
269
220
52
223
5V
51c
108
282
283
284
285
348
349
53
13
23
967
76
75
73
74
47

6/82

49

87

7/82

50
57
57
45
47
45
19
40
14,19
39
31
45

87
93
93
82
83
82
63
63
63

7/82
8/82
8/82
10/82
10/82
10/82
9/82
9/82
9/82
9/82
8/82
10/82

15
65
65
57
57
55
22
22
22

47
45
47
50
50
19
23
28

83
82
83

10/82
10/82
10/82
8/81
8/81
9/82
3/82
1/82

56
57
57
62
62
22
32
36

37
24
22
20
20
14,20,58
37
39

5
962
45

6/82

49

12,16
36
18

63
65
69
79
75
67
65
63
63
63,94
78
75

61
74
62

40*
56

1/82
12/82
12/82
12/82
12/82
12/82

24
24
24
24
24

7/82
12/82

24*

2/82
1/32
3/82

18
18
18

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).




111

ALPHABETICAL INDEX- SERIES FINDING GUIDE-Continued
Series titles
{See complete titles in "Titles and Soufcesof
Series," following this index)

Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada, percent changes
France, index
France, percent changes
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 changes
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
Wost Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
„
Exports of goods and services, exc. military . ,
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, total
Imports of petroleum and products
Income on foreign investments in U.S
Income on U.S. investmsnts abroad
Inventories
Business inventories, change, constant dollars . .
Business inventories, change, current dollars
Business inventories, change, percent of 6NP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated)
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, chanrja
Manufacturing and trade, 01
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl . . . . . .
Capital investment commitments, Cl
Construction contracts, commercial and industrial . . . .
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, charts in-See Inventories.
Nonresidential, total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant do!, . .
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New ordEirs, capital goods, nondefense, current
dollars

Current issue
(page numbers}

Series
number

Tables

Historical
data
descriptions
(issue date)
(*)

28(1
289

10/82
10/82

67
116
119
118
117
109
114
115

12/82
2/82
2/82
2/82
2/82
2/82
2/82
2/82

Current issue
(page number^

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars.
Contracts and orders, current dollars..
Invastment, foreign
Income on foreign investments in U.S. . .
Income on U.S. investments abroad
Italy-See International comparisons.

Charts

61
970
20
10

112

descriptions

6/82
6/32
8/32
8/82

23

662
651

8/B2
8/82

Japan-See International comparisons.

723
726
727
728
721
722
47
725

96
59
96
95
59"
95
96
59"
96
95
59"
95
95
59
95
49
84,95
49,59
84,95
95
59*'
95
94
58
94
58
94
58
58
94
58
94
58
94
14,20*58 63,94
58
94

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

1/83
1/83
1/83
1/83
1/83
1/83
12/82
1/83
12/82
12/82
12/82
12/82
12/82
12/82
12/82

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

8/82
8/82
8/82
5/82
1/83
8/82
1/83
8/82
5/82
1/83
8/82
1/83
8/82
8/82

65
65
65
64
64
65
64
65
64
64
65
64
65
65

30
245
247
65
36
77
91S
70
71
31
97E
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

10/82
10/82
10/82
9/82
8/82
1/83
11/81
9/82
9/82
9/82
1/82
9/82

51
51
51
28
28
28
15
28
28
28
48
28

26

68

9/82

28

24
24
37
11
23

66
66
75
60
66

1/83
1/83
1/83
11/81
3/82

33
33
33
15
32
28

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

4/82
4/82
4/82
4/82
4/82
4/82
4/82
4/82
4/82
4/82
5/82
5/82
4/82
4/82

68
68
68
68
69
69
69
69
68
68
59
59
68
68
66
66
66
66
66
66
24
66
70
70
70
70
70
36
70

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, nemfarm business...,:..
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index, rate of change
:.;.;....:.
Diffusion index
Layoff rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
........
Loans-See Credit.

30

15,30
30

9/82
9/82
11/82
10/82

39
39
39

930
930c
952
3

10
39
36
16

11/31
11/31
2/82
8/H1

15

910
910c
950
14
104

10
39
36
33
13,31

11/81
11/ttl
2/82
12/B1
5/8K

15

t

15
18

i
s
44
40

M
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg.
Materials and supplies on hand and on order, mfg.
change
Materials, crude and inter mediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization . . . . : . .
Merchandise trade-See Foreign trade.
MiliUiry-See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Mcney supply Ml
Money supply M l , percent changes
Money supply M2
'....'..,..'.
Money supply M2, percent changes
:
Ratio, GNP to money supply Ml
Ra:io personal income to money supply M2 . . . ; . . . :
Mortgage debt, net change
:
Mortage yields secondary market
Municipal bond yields

913
78

11/81
9/8S>

2(5
12,21
20

68

28
8/82
12/82

917

11

11/01

104
105
85
1G6
102
107
108
33
118
117

13,3t
31
31
13,31.
31
31
31

5/82
5/82
5/82
5/82
5/82
8/82
8/82
3/82
2/82
2/82

27
24
6
20
10
548
7

23
23
12,21
12,23
23
53
21

34
34

N

97
11
965
914
9

24

67

9/82

243
242

42
42

81
81

10/82
10/82

86
248

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

9/82
10/82
9/82
9/82
10/82
9/82
10/82
10/82

249
87
241
240

23

66

8/82

23

66

8/82

National defense-See Defense.
National Government-See Government.
National income-SBe Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant d o t . , .
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol.
Contracts and orders, plant and equip., current dol. .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, 131
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of G NP

Obligations incurred, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant doflars
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, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing . .

8/82
8/82
8/8?
8/82
8/82
12/82
8/B2
8/82

2
(
26
26
32
32
26
26
26

964
971

8/82
1/82

26
48

87
86
248

9/82
9/82
9/82
10/82

51
51
5
1
51

517
721

7/82
1/83

66

8/82
9/82
12/82

25
39
6
1

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

NOTE: Cl, composite index; 01, 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).




Series
:ata
(issue date!

11/82
11/82
12/82
12/82
12/82
7/82

ALPHABETICAL INDEX-SERUES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Soufces of
Series," following this index)

Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
Person.il consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving . , :
Personal saving rate
Petroleum and products, imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Businessexpendituesfor, Dl . . . .
Contracts and orders for, constant dollars
Contracts and orders for, current dollars
Population, civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food,index
Food, percent changes
Diifiators, NIPA
;
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
;
Industrial materials, components
Industrial materials, Dl
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
Consumer 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
Producer finished goods, percent changes
.
Price to unit labor cost, nonfarm business
;
Prices, selling
Manufacturing, DI
Retail trade, Dl
Wholesale trade, 01
:.
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers'durable equipment, nonresid., GPDI
Product ion-See Industrial production and GNP.
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Output per hour, private business sector, pet., changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with I VA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income...
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income . . ;
:
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc...

Charts

Tables

Historical
Series
data
descriptions
(issue date)

(*)

453
452
451

51
51
51

4/82
4/82
4/82

20
20
20

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

9/82
10/82
10/82
10/82
10/82
10/82
10/82
10/82
10/82
10/82

50
50
50
50
50
50
50
50
50
50

292
293
614

46
46
56

11/82
11/82
1/83

58
58
64

61
970
20
10
EQ
I

24
38
12,23
23
18

6/82
6/82
8/82
8/82
3/82

34
34
32
32
20

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

5/82
5/82
5/82
5/82

59
59
59
59

311
311c
310
310c
23

48
48
48
48
28

11/82
11/82
11/82
11/82
1/82

58
59
49
49
36

967

37
29
13,28

84
84
84
84
69
79
75
70
69

1/82
10/82
3/82

60*

19

13,28
37

69
75

7/82
2/82

330
330c
334
334c
331
331c
332
332c
333
333c
26

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

5/82
5/82
6/82
6/82
5/82
5/82
6/82
6/82
6/82
6/82
10/82

59
59
60
60
60
60
60
60
60
60

976
978
977
52*

38
38
38
53
35

76
76
76
90
73

1/82
1/82
1/82
4/82
2/82

49
48
64
46

25

67

9/82

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)

(*)

1/82
9/82
10/82

Reserves, free
Residential fixed investment, constant dollars, GPDI
dential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars

36
36

92

50
50
50
1
1

12/82
11/82
11/82
11/81

61
61
61
15

1
8
1
6

28
28

9/82
9/82

37
37

80
79
286
27
8
972
960
1
5
916
22

28
28
45
47
38
37
29

9/82
9/82
10/82
10/82
1/82
12/82
6/82
11/81
9/82

37
37
37
37
48
38*
15
37

29
45
47

9/82
10/82
10/82

37
56
56

16

8/81

18

8
1
282
283

n
29

Salaries-See Compensation.
Sales
Final sales, constant dollars
'
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, mfg. and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dt
Stocks of materials and supplies on hand and on order .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

11/82
11/82

213

40

10/82

49

57
56
973
77
59
54

24
14,22
22
38
27
22
22

9/82
11/82
11/82
1/82
1/83
11/82
11/82

28
28
28
48
28
31
31

295
298
290
292
293

46
46
46
46
46

11/82
11/82
11/82
11/82
n/82

37
58
58
58
58

13,28

3/82

60

13,28
37
27

7/82
2/82
9/82

36
36
28

26

9/82

28

19
968
78

36'

358
370
370c
916

Quit rate, manufacturing .

Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

Current issue
(page numbers)

Series
number

284

10/82

57

285

10/82

57

2/82
2/82

114
115

Treasury bill rate
Treasury bond yields..

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio . . .
Inijtial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
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, change in
United Kingdom-See International comparisons.

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance

62
61
61
74
61

3/82
3/82
2/82
1/82
8/81

20
19
18
18
18

51
51
51
51
18,51
16

89
89
89
89

62,89
61

4/82
4/82
4/82
4/82
3/82
8/81

20
20
20
20
20
18

18
18
18

62
62
62

3/82
3/82
3/82

20
18
20

21
21

64
64

n/82
9/82

26
26

91
60
5
962
3

15,18
17

446
445
447
444
37
4
44
45
43

12,16
36
16

107
108
32

31
31
12,21

8/82
8/82
2/82

40
40
28

330
330c
334
334c
331
331c
332
332c
333
333c

48
48
48
48
48
48
48
48
48
48
13,28
12,16

5/82
5/82
6/82
6/82
5/82
5/82
6/82
6/82
6/82
6/82
3/82
7/82

59
59
60
60
60
60
60
60
60
60
60
15

36

7/82

W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
Consumer 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
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl .

92
1

NOTE: C l , composite index; D l , d i f f u s i o n 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 (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 Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies { M J . American Colincil of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association ot 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
i
(29,70)
35. Net cash flow^ corporate, in 1972 dollars (Q).—Source
1
i
(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'2and 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 1, 5, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q)—Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

39. Percent of consumer installment loans delinquent 30
days and qver (EOM). —American Bankers
Association i
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction! (M).-Source 3
(17,62)

913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
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
(11,60)
916. Composite index 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)
i

41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sourees 2 and 3(18,62)

19. tndex of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persona unemployed 15 weeks and
over (M).-Sourtes 2 and 3
(18,62)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)

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, State
programs (M).--U.S. Department of Labor, Employment
and Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 4 1 , 47, 5 1 , 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 poard
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 9 1 , 95, 109) (M).--Source
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).--Source
1
(11,60)

22. Ratio of profits (after taxes) to total corporate 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 doilars (M),-Source
2
(23,66)

48. Employee-hours ' in nonagricultural establishments
(M).-Source 3 |
(17,39,61)

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)

25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)

3. Layoff rate, manufacturing (M).-Source 3

(16,61)

4. Quit rate, manufacturing (M).-Source 3

(16,61)

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)

unemployment
Department of
Administration;
of Economic
(12,16,61)

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)

5. Average weekly initial claims for
insurance, State programs (M).-U.S,
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

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)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by

114




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
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)

49. Value of goods output in 1972 dollars (Q)-Source
1
'
(20,63)
i

50. Gross national product in 1972 dollars (Q).—Source
1
:
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source'l
(14,19,39,63)
52. Personal income, total, in 1972 dollars (M).-Source
1
i
(19,63)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
(
3
(19,63)
i

54. Sales of retail stores in current dollars (M).—Source
2
i
(22,65)
55. Personal consumption expenditures, automobiles (Q). Source 1
,
(22,65)
i

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),-Sources 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 ) . - S o u r c e s 1, 2, 3, and The Conference
Board
(17,61)

84.

Rate of capacity utilization, materials (Q).—Source
4
(20,64)

85.

Change in money supply Ml (M).-Source 4

119.

Federal funds rate (M).-Source 4

(34,72)

1-C. Diffusion Indexes
(31,71)
950.

61.

Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86.

Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

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, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

88.

Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars ( Q ) . Source 1
(25,67)

63.

Index of unit labor cost, private business sector ( Q ) . Source 3
(30,70)

89.

Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90.

Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

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
(15,18,62)

951.

Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)

952.

Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

960.

Diffusion index of net profits, manufacturing—about
600 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)

961.

Diffusion index of average 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
nonagricuttural payrolls-172-186 industries ( M ) . Source 3
(36,74)

Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1
(25,67)

64.

Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

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)

92.

Chance in sensitive crude materials prices (PPI of crude
materials less agricultural products) (smoothed) (M).—
Sources 1 and 3
(13,28,69)

93.

Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

67.

Bank rates on short-term business loans (Q).-Source
4
(35,73)

94.

Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68.

Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)

95.

Ratio, consumer installment credit to personal income

69.

Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

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

75.

Index of industrial production, consumer goods (M).—
Source 4
(22,65)

nondurable
(20,63)

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).—
Sources 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 adjustment*; to total corporate
domestic income (Q).—Source 1
(29,70)
82.

83.

Rate of capacity utilization, manufacturing (Q).-Source
4
(20,64)
Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)




(EOM).-Sources 1 and 4

(15,35,73)

96.

Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)

97.

102.

964. Diffusion index of value of manufacturers' new orders,
durable goods industries- 34-35 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)

Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board
(24,66)

966.

Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)

Change in money supply M2 (M).-Source 4 (31,71)

967.

Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).—Sources 1, 3, and
Commodity Research Bureau, Inc.
(35,75,79)

968.

Diffusion index of stock prices, 500 common stocks—
52-82 industries ( M ) . - S t a n d a r d & Poor's
Corporation
(37,75)

970.

Diffusion index of business expenditures for new plant
and equipment, t o t a l - 22 industries (Q).-Source
1
(38,76)

971.

Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

972.

Diffusion index of net profits, manufacturing and
trade-about 1,400 businessmen reporting (Q).-Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)

973.

Diffusion index of net sales, manufacturing and tradeabout 1,400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)

104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)
105.

Money supply Ml in 1972 dollars (M).-Sources 1,3,
and 4
(31,71)

106.

Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31r71)

107.

Ratio, gross national product to money supply Ml
(Q).-Sources 1 and 4
(31,71)

108.

Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)

109.

Average prime rate charged by banks (M).—Source
4
(35,73)

110.

Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)

112.

Net change in bank loans to businesses (M).-Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)

113.

Net change in consumer installment credit (M).-Source
4
'
(32,72)

114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115.

Yield on long-term Treasury
Department of the Treasury

bonds

(M).-U.S.
(34,73)

116.

Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the
Treasury
(34,73)

117.

Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)

118.

Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

974. Diffusion index of number of employees, manufacturing
and trade-about 1,400 businessmen reporting ( Q ) . ~
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975.

Diffusion index of level of inventories, manufacturing
and trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)

976.

Diffusion index of selling prices, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade-about
400 businessmen 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 400
businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

Il-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 2
(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 1 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).-Source 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)

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

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).-Source

1

(47,83)

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 percent of gross
national product (Q).~Source 1
(47,83)
252. Exports of goods and1 services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars ( Q ) . Source 1
(42,81)

116




1

,

(46,83)

Il-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).-SotTce, 1
(48,84)
320. Index of consumer prices, all items (M).-Source

3

(49,59,84,95)

(

331. Index of producer prices, crude materials for further
processing: (M).-Source 3
(48,85)

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 services, 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)

330. Index of producer prices, all commodities (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 for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source
1
(47,83)
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)

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)

268. State and local government purchases of goods and
services as a percent of igross national product (Q).—
Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).-Source

280. Compensation of employees (Q).-Source 1

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
i
(50,88)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q),—
Source 3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).-Source 1
(45,82)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

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)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

(46,82)

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)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

,

322. Index of consumer prices, food (M).-Source 3(49,84)

284. Rental income of persons with capital consumption
adjustment (Q).-Source II
(45,82)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

1

298. Government surplus or deficit, total (Q).—Source

253. Imports of goods and services in current dollars;
national income and product accounts (Q),—Source
1
(44,82)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source I (46,83)

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)

i

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)

3

'

(49,88)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(4W)
370. Index of output per hour, all persons, private business
sector (Q).--Source 3
(49,88)

Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources i 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)

U. S. GOVERNMENT PRINTING OFFICE ; 1983 380-993/110

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)

446.

Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570.

447.

Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)

Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

577.

Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)

578.

Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

580.

Defense Department net outlays, military functions and
military assistance (M).-U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

47. United States, index of industrial production, total
(W)-Source 4
(14,20,39,58,63,78,94)

3

(51,89)

452.

Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

453.

Il-D. Government Activities
500.

Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)

723.

Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(58,94)

725.

West Germany, index of industrial production ( M ) . Deutsche Bundesbank (Frankfurt)
(58,94)

726.

France, index of industrial production (M)—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
Italy, index of industrial production (M).—Instituto
Centrale di Statistica (Rome)
(58,94)
Japan, index of industrial production (M).-Ministry of
International Trade and Industry (Tokyo)
(58,94)
United Kingdom, index of consumer prices ( M ) . ~
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)

735.

588.

722.

733.

Civilian labor force participation rate, both sexes 16-19
years of age (M)-Sources 2 and 3
(51,89)

Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

732.

451. Civilian labor force participation rate, males 20 years
and over (JVI).—Sources 2 and 3
(51,89)

721.

728.

Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and

United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

727.

448.

320.

West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

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)

Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

Il-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602.

502.

Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

510.

State and local government surplus or deficit; national
income and product accounts (Q).-Source 1 (52,90)

604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
606.

Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

612.

General imports, total (M).-Source 2

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512.

517.

525.

543.

State and local government expenditures; national
income and product accounts (Q).-Source 1 (52,90)
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)
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)
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)

Exports, excluding military aid shipments, total (M) Source 2
(56,92)

(56,92)

614. Imports of petroleum and petroleum products ( M ) . 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 grants
(Q).-Source 1
(57,93)

620.

Merchandise imports,
(Q).-Source 1

(59,95)

adjusted,

excluding military
(57,93)

622.

Balance on merchandise trade (Q).-Source 1 (57,93)

651.

Income on U.S.
1

investments abroad (Q).—Source
(57,93)

742.

United Kingdom, index of stock prices
Financial Times (London)

652.

Income on foreign investments in the United States
(Q).-Source 1
(57,93)

743.

Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)

745.

West Germany, index of stock prices (IW).—Statistisches
Bundesamt (Wiesbaden)
(59,96)

746.

France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

747.

Italy, index of stock prices (M)-Instituto Centrale di
Statistica (Rome)
(59,96)

748.

Japan, index of stock
Exchange (Tokyo)

548.

Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)

667.

Balance on goods and services (Q).—Source 1(57,93)

557.

Output of defense and space equipment ( M ) . - Source

668.

Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559.

Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669.

Imports of goods and services, total (Q).-Source
1
(57,93)

4

(54,91)

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




(59,96)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(Ivi).—Standard & Poor's Corporation (13,28,59,69,96)

(M)-The
(59,96)

prices

(M).—Tokyo

Stock
(59,96)

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